Banking and financial crises in United States history: what guidance can history offer policymakers?

This paper assesses the validity of comparisons between the current financial crisis and past crises in the United States. We highlight aspects of two National Banking Era crises (the Panic of 1873 and the Panic of 1907) that are relevant for comparison with the Panic of 2008. In 1873, overinvestment in railroad debt and the default of railroad companies on that debt led to the failure of numerous brokerage houses, precursor to the modern investment bank. During the Panic of 1907, panic-related deposit withdrawals centered on the less regulated trust companies, which had only indirect access to the existing lender of last resort, similar to investment banks in 2008. The popular press has made numerous references to the banking crises of the Great Depression as relevant comparisons to the recent crisis. This paper argues that such an analogy is inaccurate. The previous banking crises in U.S. history reflected widespread depositor withdrawals whereas the recent panic arose from counterparty solvency fears and large counterparty exposures among large complex financial intermediaries. In historical incidents, monitoring counterparty exposures was standard banking practice and the exposures were smaller. From this perspective, the lessons from the past appear less directly relevant for the current crisis.Financial crises - United States ; Systemic risk

Ubic: Bridging the gap between digital cryptography and the physical world

Advances in computing technology increasingly blur the boundary between the digital domain and the physical world. Although the research community has developed a large number of cryptographic primitives and has demonstrated their usability in all-digital communication, many of them have not yet made their way into the real world due to usability aspects. We aim to make another step towards a tighter integration of digital cryptography into real world interactions. We describe Ubic, a framework that allows users to bridge the gap between digital cryptography and the physical world. Ubic relies on head-mounted displays, like Google Glass, resource-friendly computer vision techniques as well as mathematically sound cryptographic primitives to provide users with better security and privacy guarantees. The framework covers key cryptographic primitives, such as secure identification, document verification using a novel secure physical document format, as well as content hiding. To make a contribution of practical value, we focused on making Ubic as simple, easily deployable, and user friendly as possible.Comment: In ESORICS 2014, volume 8712 of Lecture Notes in Computer Science, pp. 56-75, Wroclaw, Poland, September 7-11, 2014. Springer, Berlin, German

Banking and Financial Crises in United States History: What Guidance can History Offer Policymakers?

This paper assesses the validity of comparisons of the current financial crisis with past crises in the United States. We highlight aspects of two National Banking Era crises (the Panic of 1873 and the Panic of 1907) that are relevant for comparison with the Panic of 2008. In 1873, overinvestment in railroad debt and the default of railroad companies on that debt led to the failure of numerous brokerage houses, an antecedent to the modern investment bank. For the Panic of 1907, panic-related deposit withdrawals centered on the less regulated trust companies, which were less directly linked to the existing lender of last resort, similar to investment banks in 2008. The popular press has made numerous references to the banking crises (there were three main ones) of the Great Depression as relevant comparisons to the present crisis. This paper argues that such an analogy is inaccurate in general.Systemic Risk, Financial Crises, Bank Failures

Eggplant and related species are promising genetic resources to dissect the plant immune response to Pseudomonas syringae and Xanthomonas euvesicatoria and to identify new resistance determinants

The apparent lack of durability of many resistance (R) genes highlights the need for the constant identification of new genetic sources of resistance for the breeding of new disease-resistant crop cultivars. To this end, we screened a collection of accessions of eggplant and close relatives for resistance against Pseudomonas syringae pv. tomato (Pto) and Xanthomonas euvesicatoria (Xeu), foliar plant pathogens of many solanaceous crops. Both pathogens caused substantial disease on most genotypes of eggplant and its relatives. Promisingly, however, some of the genotypes were fully or partially resistant to either of the pathogens, suggesting the presence of effective resistance determinants in these genotypes. Segregation of resistance to the growth of Xeu following infiltration in F2 progeny from a cross of a resistant and susceptible genotype suggests that resistance to Xeu is inherited as a multigenic trait. With regard to Pto, a mutant strain lacking all 28 functional type III secreted effectors, and a Pseudomonas fluorescens strain expressing a P. syringae type III secretion system (T3SS), both elicit a strong cell death response on most eggplant lines. Several genotypes thus appear to harbour a mechanism for the direct recognition of a component of the T3SS. Therefore, eggplant and its close relatives are promising resources to unravel novel aspects of plant immunity and to identify new candidate R genes that could be employed in other Solanace. (Résumé d'auteur

Extreme Magnetoresistance in Magnetic Rare Earth Monopnictides

The acute sensitivity of the electrical resistance of certain systems to magnetic fields known as extreme magnetoresistance (XMR) has recently been explored in a new materials context with topological semimetals. Exemplified by WTe$_{2}$ and rare earth monopnictide La(Sb,Bi), these systems tend to be non-magnetic, nearly compensated semimetals and represent a platform for large magnetoresistance driven by intrinsic electronic structure. Here we explore electronic transport in magnetic members of the latter family of semimetals and find that XMR is strongly modulated by magnetic order. In particular, CeSb exhibits XMR in excess of $1.6 \times 10^{6}$ % at fields of 9 T while the magnetoresistance itself is non-monotonic across the various magnetic phases and shows a transition from negative magnetoresistance to XMR with field above magnetic ordering temperature $T_{N}$. The magnitude of the XMR is larger than in other rare earth monopnictides including the non-magnetic members and follows an non-saturating power law to fields above 30 T. We show that the overall response can be understood as the modulation of conductivity by the Ce orbital state and for intermediate temperatures can be characterized by an effective medium model. Comparison to the orbitally quenched compound GdBi supports the correlation of XMR with the onset of magnetic ordering and compensation and highlights the unique combination of orbital inversion and type-I magnetic ordering in CeSb in determining its large response. These findings suggest a paradigm for magneto-orbital control of XMR and are relevant to the understanding of rare earth-based correlated topological materials.Comment: 21 pages, 6 figure

Nanotailoring Stereolithography Resins for Unique Applications using Carbon Nanotubes

Nanostructured materials and exploiting their properties in stereolithography (SL) may open new markets for unique rapidly manufactured functional devices. Controlled amounts of multiwalled carbon nanotubes (MWCNTs) were successfully dispersed in SL epoxy-based resins and complex three-dimensional (3D) parts were successfully fabricated by means of a multi-material SL setup. The effect of the nanosized filler was evaluated using mechanical testing. Small dispersions of MWCNTs resulted in significant effects on the physical properties of the polymerized resin. A MWCNT concentration of .05 wt% (w/v) in DSM Somos® WaterShed™ 11120 resin increased the ultimate tensile stress and fracture stress an average of 17% and 37%, respectively. Electron microscopy was used to examine the morphology of the nanocomposite and results showed affinity between the MWCNTs and SL resin and identified buckled nanotubes that illustrated strong interfacial bonding. These improved physical properties may provide opportunities for using nanocomposite SL resins in end-use applications. Varying types and concentrations of nanomaterials can be used to tailor existing SL resins for particular applications.Mechanical Engineerin

Formal Verification of Neural Network Controlled Autonomous Systems

In this paper, we consider the problem of formally verifying the safety of an autonomous robot equipped with a Neural Network (NN) controller that processes LiDAR images to produce control actions. Given a workspace that is characterized by a set of polytopic obstacles, our objective is to compute the set of safe initial conditions such that a robot trajectory starting from these initial conditions is guaranteed to avoid the obstacles. Our approach is to construct a finite state abstraction of the system and use standard reachability analysis over the finite state abstraction to compute the set of the safe initial states. The first technical problem in computing the finite state abstraction is to mathematically model the imaging function that maps the robot position to the LiDAR image. To that end, we introduce the notion of imaging-adapted sets as partitions of the workspace in which the imaging function is guaranteed to be affine. We develop a polynomial-time algorithm to partition the workspace into imaging-adapted sets along with computing the corresponding affine imaging functions. Given this workspace partitioning, a discrete-time linear dynamics of the robot, and a pre-trained NN controller with Rectified Linear Unit (ReLU) nonlinearity, the second technical challenge is to analyze the behavior of the neural network. To that end, we utilize a Satisfiability Modulo Convex (SMC) encoding to enumerate all the possible segments of different ReLUs. SMC solvers then use a Boolean satisfiability solver and a convex programming solver and decompose the problem into smaller subproblems. To accelerate this process, we develop a pre-processing algorithm that could rapidly prune the space feasible ReLU segments. Finally, we demonstrate the efficiency of the proposed algorithms using numerical simulations with increasing complexity of the neural network controller

Massive Dirac fermions in a ferromagnetic kagome metal

The kagome lattice is a two-dimensional network of corner-sharing triangles known as a platform for exotic quantum magnetic states. Theoretical work has predicted that the kagome lattice may also host Dirac electronic states that could lead to topological and Chern insulating phases, but these have evaded experimental detection to date. Here we study the d-electron kagome metal Fe$_3$Sn$_2$ designed to support bulk massive Dirac fermions in the presence of ferromagnetic order. We observe a temperature independent intrinsic anomalous Hall conductivity persisting above room temperature suggestive of prominent Berry curvature from the time-reversal breaking electronic bands of the kagome plane. Using angle-resolved photoemission, we discover a pair of quasi-2D Dirac cones near the Fermi level with a 30 meV mass gap that accounts for the Berry curvature-induced Hall conductivity. We show this behavior is a consequence of the underlying symmetry properties of the bilayer kagome lattice in the ferromagnetic state with atomic spin-orbit coupling. This report provides the first evidence for a ferromagnetic kagome metal and an example of emergent topological electronic properties in a correlated electron system. This offers insight into recent discoveries of exotic electronic behavior in kagome lattice antiferromagnets and may provide a stepping stone toward lattice model realizations of fractional topological quantum states.Comment: 19 pages, 4 figure

Xeroderma Pigmentosum Group C Deficiency Alters Cigarette Smoke DNA Damage Cell Fate and Accelerates Emphysema Development

Cigarette smoke (CS) exposure is a major risk factor for the development of emphysema, a common disease characterized by loss of cells comprising the lung parenchyma. The mechanisms of cell injury leading to emphysema are not completely understood but are thought to involve persistent cytotoxic or mutagenic DNA damage induced by CS. Using complementary cell culture and mouse models of CS exposure, we investigated the role of the DNA repair protein, xeroderma pigmentosum group C (XPC), on CS-induced DNA damage repair and emphysema. Expression of XPC was decreased in mouse lungs after chronic CS exposure and XPC knockdown in cultured human lung epithelial cells decreased their survival after CS exposure due to activation of the intrinsic apoptosis pathway. Similarly, cell autophagy and apoptosis were increased in XPC-deficient mouse lungs and were further increased by CS exposure. XPC deficiency was associated with structural and functional changes characteristic of emphysema, which were worsened by age, similar to levels observed with chronic CS exposure. Taken together, these findings suggest that repair of DNA damage by XPC plays an important and previously unrecognized role in the maintenance of alveolar structures. These findings support that loss of XPC, possibly due to chronic CS exposure, promotes emphysema development and further supports a link between DNA damage, impaired DNA repair, and development of emphysema