The fatal flaw: the revived Bretton-woods system, liquidity creation, and commodity-price bubbles

Dooley, Folkerts-Landau and Garber (DFG) argue that the present constellation of global exchange-rate arrangements constitutes a revived Bretton-Woods system. DFG ALSO argue that the revived system will be sustainable, despite its large global imbalances. We argue that, to the extent that the present system constitutes a revived Bretton-Woods system, it is vulnerable to the same set of destabilizing forces - - including asset price bubbles and global financial crises - - that led to the breakdown of the earlier regime.Bretton-Woods system;international liquidity;price bubbles;Markov switching model

The Global Implications of Regional Exchange Rate Regines

We examine the implications of a regional, fixed exchange rate regime for global exchange rate volatility. The concept of the optimum currency area turns out to play an important role. The formation of a regional regime tends to decrease global volatility when countries are symmetric. The effects tend to be ambiguous in the case of asymmetries. The reduction in global volatility is larger when the rest of the world has more rigid labor markets than the peggers. When the exchange rate management is done mostly by countries with relatively more flexible labor markets. And in the presence of a negative correlation in productivity shocks across countries.Regional exchange rate systems, global exchange rate volatility, optimum currency area

Area-throughput trade-offs for SHA-1 and SHA-256 hash functions’ pipelined designs

High-throughput designs of hash functions are strongly demanded due to the need for security in every transmitted packet of worldwide e-transactions. Thus, optimized and non-optimized pipelined architectures have been proposed raising, however, important questions. Which is the optimum number of the pipeline stages? Is it worth to develop optimized designs or could the same results be achieved by increasing only the pipeline stages of the non-optimized designs? The paper answers the above questions studying extensively many pipelined architectures of SHA-1 and SHA-256 hashes, implemented in FPGAs, in terms of throughput/area (T/A) factor. Also, guides for developing efficient security schemes designs are provided. Read More: https://www.worldscientific.com/doi/abs/10.1142/S021812661650032

Ienversionless gain in an optically-dense resonant Doppler-broadened medium

Resonant nonlinear-optical interference processes in four-level Doppler-broadened media are studied. Specific features of amplification and optical switching of short-wavelength radiation in a strongly-absorbing resonant gas under coherent quantum control with two longer wavelength radiations, are investigated. The major outcomes are illustrated with virtual experiments aimed at inversionless short-wavelength amplification, which also address deficiencies in this regard in recent experiments. With numerical simulations related to the proposed experiment in optically-dense sodium dimer vapor, we show optimal condition for optical switching and the expected gain of the probe radiation, which is above the oscillation threshold.Comment: 7 pages, 12 eps figures. Video/audio clips of the related virtual experiments are available on http://kirensky.krasn.ru/popov/opa/opa.ht

Ultra-Slow Light and Enhanced Nonlinear Optical Effects in a Coherently Driven Hot Atomic Gas

We report the observation of small group velocities of order 90 meters per second, and large group delays of greater than 0.26 ms, in an optically dense hot rubidium gas (~360 K). Media of this kind yield strong nonlinear interactions between very weak optical fields, and very sharp spectral features. The result is in agreement with previous studies on nonlinear spectroscopy of dense coherent media

High Consequence Scenarios for North Korean Atmospheric Nuclear Tests with Policy Recommendations for the U.S. Government

The government of North Korea has declared high-altitude EMP-capability to be a “strategic goal” and has also threatened an atmospheric test of a hydrogen bomb. Atmospheric nuclear tests have the potential to cripple satellites and the undersea cable networks critical to communication, and navigation necessary for trans-Pacific trade among the U.S., China, and other nations. When a nuclear warhead is detonated at high altitude, a series of electromagnetic pulses radiate downward within the line of sight of the blast. These pulses can disable equipment with miniature electronics and long conductors. Electric grid controls and transmission systems are especially vulnerable. Intense X-rays and free electrons caused by high-altitude nuclear tests can also disable satellites over large regions of space. After the 1962 Starfish Prime test of EMP effects by the U.S, numerous satellites failed. Based on past missile tests, calculated delivery ranges, EMP coverage areas, and geography, Resilient Societies developed five scenarios for North Korean atmospheric tests. Possible sites for EMP tests include the South Pacific Ocean northeast of French Polynesia, Johnson Atoll southwest of Hawaii, and vicinity of the U.S. territory of Guam. Missile trajectories for all three of these EMP test scenarios overfly populated areas. Missile navigation or nuclear device fuzing errors could place the populations of Japan, Guam, and Hawaii are at risk. All potential EMP test locations could cause disruption to international satellite and undersea cable communications networks. North Korea should not be permitted to conduct an atmospheric nuclear tests since EMP effects on large networks necessary for electric power and international data sharing could have serious worldwide consequences due to the importance of Asia and the Pacific region to the global economy. In the regrettable event that North Korea chooses to conduct atmospheric nuclear tests, U.S. and allied monitoring of EMP effects will be helpful

Removal of ecotoxicity of 17α-ethinylestradiol using TAML/peroxide water treatment

17α -ethinylestradiol (EE2), a synthetic oestrogen in oral contraceptives, is one of many pharmaceuticals found in inland waterways worldwide as a result of human consumption and excretion into wastewater treatment systems. At low parts per trillion (ppt), EE2 induces feminisation of male fish, diminishing reproductive success and causing fish population collapse. Intended water quality standards for EE2 set a much needed global precedent. Ozone and activated carbon provide effective wastewater treatments, but their energy intensities and capital/operating costs are formidable barriers to adoption. Here we describe the technical and environmental performance of a fast- developing contender for mitigation of EE2 contamination of wastewater based upon smallmolecule, full-functional peroxidase enzyme replicas called “TAML activators”. From neutral to basic pH, TAML activators with H2O2 efficiently degrade EE2 in pure lab water, municipal effluents and EE2-spiked synthetic urine. TAML/H2O2 treatment curtails estrogenicity in vitro and substantially diminishes fish feminization in vivo. Our results provide a starting point for a future process in which tens of thousands of tonnes of wastewater could be treated per kilogram of catalyst. We suggest TAML/H2O2 is a worthy candidate for exploration as an environmentally compatible, versatile, method for removing EE2 and other pharmaceuticals from municipal wastewaters.Heinz Endowments, the Swiss National Science Foundation, the Steinbrenner Institute for a Steinbrenner Doctoral Fellowship. NMR instrumentation at CMU was partially supported by NSF (CHE-0130903 and CHE-1039870)

On the Exploitation of a High-throughput SHA-256 FPGA Design for HMAC

High-throughput and area-efficient designs of hash functions and corresponding mechanisms for Message Authentication Codes (MACs) are in high demand due to new security protocols that have arisen and call for security services in every transmitted data packet. For instance, IPv6 incorporates the IPSec protocol for secure data transmission. However, the IPSec's performance bottleneck is the HMAC mechanism which is responsible for authenticating the transmitted data. HMAC's performance bottleneck in its turn is the underlying hash function. In this article a high-throughput and small-size SHA-256 hash function FPGA design and the corresponding HMAC FPGA design is presented. Advanced optimization techniques have been deployed leading to a SHA-256 hashing core which performs more than 30% better, compared to the next better design. This improvement is achieved both in terms of throughput as well as in terms of throughput/area cost factor. It is the first reported SHA-256 hashing core that exceeds 11Gbps (after place and route in Xilinx Virtex 6 board)