A visible hand: the Fed's involvement in the check payments system

It is common knowledge that the Federal Reserve System was originally set up to provide the nation with a stable currency and a sound banking system. Less well known, however, is why the Fed was given an operating role in the nation's payments system. In this article, James N. Duprey and Clarence W. Nelson describe the problems of the check payments system before the Fed was created, suggest reasons why the private sector was unable to resolve them, and indicate how the framers of the Federal Reserve Act intended to have the Fed resolve them. Duprey and Nelson argue that while a unified national check-clearing system clearly would have been more efficient than the fragmented system that then existed, both private and Fed initiatives to reform the payments system met strong resistance from the banking community -- especially smaller nonpar banks. These banks were reluctant to give up their profitable practice of nonpar payment (paying less than the written amount of checks drawn on their accounts). Duprey and Nelson conclude that, despite the banking community's resistance, the Fed did improve the efficiency of the check payments system.Clearinghouses (Banking) ; Check collection systems ; Federal Reserve System - History ; Banks and banking - History

21st Century Engagement Among UCF Students: Exploring Metrics & Platforms

This research analyzes the political and social engagement of UCF College of Business students in order to grasp a better understanding of what youth engagement looks like in the 21st century. Through the implementation of a survey, data is collected on the level of students\u27 social involvement, political participation, and civic engagement – the three vital metrics of citizen engagement. These metrics are then split across the online and offline realm, as well as across key demographics of race, gender identity, political ideology, and party affiliation. Data is also collected about which social media platforms students engage most on, allowing us to understand what demographics of students are participating in society and where they are doing so

Confidence-sensitive funds and contingency planning

Balance of payments

Lower Rate of Restenosis and Reinterventions With Covered vs Bare Metal Stents Following Innominate Artery Stenting

PURPOSE: To determine any difference between bare metal stents (BMS) and balloon-expandable covered stents in the treatment of innominate artery atheromatous lesions. MATERIALS AND METHODS: A multicenter retrospective study involving 13 university hospitals in France collected 93 patients (mean age 63.2±11.1 years; 57 men) treated over a 10-year period. All patients had systolic blood pressure asymmetry >15 mm Hg and were either asymptomatic (39, 42%) or had carotid (20, 22%), vertebrobasilar (24, 26%), and/or brachial (20, 22%) symptoms. Innominate artery stenosis ranged from 50% to 70% in 4 (4%) symptomatic cases and between 70% and 90% in 52 (56%) cases; 28 (30%) lesions were preocclusive and 8 (9%) were occluded. One (1%) severely symptomatic patient had a <50% stenosis. Demographic characteristics, operative indications, and procedure details were compared between the covered (36, 39%) and BMS (57, 61%) groups. Multivariate analysis was performed to determine relative risks of restenosis and reinterventions [reported with 95% confidence intervals (CI)]. RESULTS: The endovascular procedures were performed mainly via retrograde carotid access (75, 81%). Perioperative strokes occurred in 4 (4.3%) patients. During the mean 34.5±31.2-month follow-up, 30 (32%) restenoses were detected and 13 (20%) reinterventions were performed. Relative risks were 6.9 (95% CI 2.2 to 22.2, p=0.001) for restenosis and 14.6 (95% CI 1.8 to 120.8, p=0.004) for reinterventions between BMS and covered stents. The severity of the treated lesions had no influence on the results. CONCLUSION: Patients treated with BMS for innominate artery stenosis have more frequent restenoses and reinterventions than patients treated with covered stents

North Flinders Reef (Coral Sea, Australia) Porites sp. corals as a candidate Global Boundary Stratotype Section and Point for the Anthropocene Series

Corals are unique in the suite of proposed Anthropocene Global Boundary Stratotype Section and Point (GSSP) archives, as living organisms that produce aragonite exoskeletons preserved in the geological record that contain highly accurate and precise (<±1 year) internal chronologies. The GSSP candidate site North Flinders Reef in the Coral Sea (Australia) is an offshore oceanic reef, and therefore less vulnerable to local human influences than those closer to the coast. Here, we present geochemical records from two Porites sp. corals sampled at an annual to pluri-annual (i.e. 3–5 years) resolution that shows clear global and regional human impacts. Atmospheric nuclear bomb testing by-products (14C,239+240Pu) show a clear increase in the Flinders Reef corals coincident with well-dated nuclear testing operations. By contrast, the radionuclides 241Am and 137Cs are present at low or undetectable levels, as are spheroidal carbonaceous fly-ash particles. Coral δ13C shows centennial variability likely influenced by growth effects in the 18th century and with a progression to lower values starting in 1880 and accelerating post-1970. The latter may be related to the Suess Effect resulting from 13C-depleted fossil fuel burning. Coral δ15N decreased between 1710 and 1954 with a reversal post-1954. Coral temperature proxies indicate prominent centennial variability with equally warm conditions in the 18th and end of 20th century. However, the exact mechanisms responsible for the mid-20th century changes in these parameters need to be scrutinised in further detail. Plain Language summary: This work proposes a candidate natural archive for the official marker of the Anthropocene that geologists will use to mark this important interval in time. Our candidate is a live coral from North Flinders Reef in the Coral Sea (Australia), located 150 km east of the Great Barrier Reef, a location that is remote from direct local human influences. Corals are a unique archive of tropical ocean change because they incorporate the geochemical signature from seawater into their limestone skeleton during their long life-spans. Here we investigated a number of geochemical markers in yearly growth layers of the corals to define several markers for the Anthropocene based on changes in temperature, water chemistry, chemicals from pollution and fertilisers, radioactive products from nuclear bomb testing, and by-products from burning fossil fuels. We have detected clear human influences in several of these markers

A two way process – Social capacity as a driver and outcome of equitable marine spatial planning

Although stakeholder engagement is one of the founding principles of marine spatial planning (MSP), meaningful representation of people and their connections to marine resources within marine governance is still lacking. A broad understanding of how concepts surrounding social capital and capacity is translated into MSP practice is missing. With this article, we describe detailed case studies in the United Kingdom, Brazil and South Africa to build a better understanding of the ways in which MSP and other ocean governance initiatives operationalise the concepts of social capital and capacity. Drawing on insights from the cases, we call for a rethinking of capacitation as a two-way process. In particular, trust-building, social learning and efforts to build social capacity should be elaborated without imposing a hierarchy between people ‘who know’ and people ‘who don’t’. Innovative approaches to relationship building, knowledge development, and collaboration highlighted in the case studies highlight ways to build social capacity both among stakeholders and planners, as is necessary for more equitable and sustainable MSP development and implementation