Is the Gold Standard Still the Gold Standard among Monetary Systems?

Critics have raised a number of theoretical and historical objections to the gold standard. Some have called the gold standard a "crazy" idea. The gold standard is not a flawless monetary system. Neither is the fiat money alternative. In light of historical evidence about the comparative magnitude of these flaws, however, the gold standard is a policy option that deserves serious consideration. In a study covering many decades in a large sample of countries, Federal Reserve Bank economists found that "money growth and inflation are higher" under fiat standards than under gold and silver standards. Nor is the gold standard a source of harmful deflation. Alan Greenspan has testified before Congress that "a central bank properly functioning will endeavor to, in many cases, replicate what a gold standard would itself generate." This study addresses the leading criticisms of the gold standard, relating to the costs of gold, the costs of transition, the dangers of speculation, and the need for a lender of last resort. One criticism is found to have some merit. The United States would not enjoy the benefits of being on an international gold standard if it were the first and only country whose currency was linked to gold.A gold standard does not guarantee perfect steadiness in the growth of the money supply, but historical comparison shows that it has provided more moderate and steadier money growth in practice than the present-day alternative, politically empowering a central banking committee to determine growth in the stock of fiat money. From the perspective of limiting money growth appropriately, the gold standard is far from a crazy idea

How Did We Get into This Financial Mess?

As policymakers confront the ongoing U.S. financial crisis, it is important to take a step back and understand its origins. Those who fault "deregulation," "unfettered capitalism," or "greed" would do well to look instead at flawed institutions and misguided policies. The expansion in risky mortgages to underqualified borrowers was encouraged by the federal government. The growth of "creative" nonprime lending followed Congress's strengthening of the Community Reinvestment Act, the Federal Housing Administration's loosening of down-payment standards, and the Department of Housing and Urban Development's pressuring lenders to extend mortgages to borrowers who previously would not have qualified. Meanwhile, Freddie Mac and Fannie Mae grew to own or guarantee about half of the United States' $12 trillion mortgage market. Congressional leaders pointedly refused to moderate the moral hazard problem of implicit guarantees or otherwise rein in their hyperexpansion, instead pushing them to promote "affordable housing" through expanded purchases of nonprime loans to low income applicants. The credit that fueled these risky mortgages was provided by the cheap money policy of the Federal Reserve. Following the 2001 recession, Fed chairman Alan Greenspan slashed the federal funds rate from 6.25 to 1.75 percent. It was reduced further in 2002 and 2003, reaching a record low of 1 percent in mid-2003 - where it stayed for a year. This set off what economist Steve Hanke called "the mother of all liquidity cycles and yet another massive demand bubble." The actual causes of our financial troubles were unusual monetary policy moves and novel federal regulatory interventions. These poorly chosen policies distorted interest rates and asset prices, diverted loanable funds into the wrong investments, and twisted normally robust financial institutions into unsustainable positions

Tensor Anisotropies in an Open Universe

We calculate the anisotropies in the cosmic microwave background induced by long-wavelength primordial gravitational waves in a universe with negative spatial curvature, such as are produced in the ``open inflation'' scenario. The impact of these results on the COBE normalization of open models is discussed.Comment: 5pgs, 2 figs.; also avalable at http://www.sns.ias.edu/~whu, revision reflects ApJL published version, model dependence clarifie

Enteral feeding pumps: efficacy, safety, and patient acceptability.

Enteral feeding is a long established practice across pediatric and adult populations, to enhance nutritional intake and prevent malnutrition. Despite recognition of the importance of nutrition within the modern health agenda, evaluation of the efficacy of how such feeds are delivered is more limited. The accuracy, safety, and consistency with which enteral feed pump systems dispense nutritional formulae are important determinants of their use and acceptability. Enteral feed pump safety has received increased interest in recent years as enteral pumps are used across hospital and home settings. Four areas of enteral feed pump safety have emerged: the consistent and accurate delivery of formula; the minimization of errors associated with tube misconnection; the impact of continuous feed delivery itself (via an enteral feed pump); and the chemical composition of the casing used in enteral feed pump manufacture. The daily use of pumps in delivery of enteral feeds in a home setting predominantly falls to the hands of parents and caregivers. Their understanding of the use and function of their pump is necessary to ensure appropriate, safe, and accurate delivery of enteral nutrition; their experience with this is important in informing clinicians and manufacturers of the emerging needs and requirements of this diverse patient population. The review highlights current practice and areas of concern and establishes our current knowledge in this field

Octave-tunable miniature RF resonators

The development and testing of a miniaturized, high-Q, broadly tunable resonator is described. An exemplary device, with a center frequency that is continuously tunable from 1.2 to 2.6 GHz, was tested in detail. Experimental results demonstrated a resonator Q of up to 380, and typical insertion loss of -1.9 dB for a 25 MHz 3-dB bandwidth. These resonators have been used to stabilize a broadly-tunable oscillator with phase noise of -132 dBc/Hz at 100-kHz offset, with a center frequency tunable from 1.2-2.6 GHz, and a tuning speed of 1 GHz/ms

RELEVANT RESEARCH AREAS AND ORGANIZATIONAL QUESTIONS RELATIVE TO FEDERAL-STATE RESEARCH PROGRAMS IN THE ECONOMICS OF AGRICULTURAL PRODUCTION

Production Economics,

Conditions implying the uniqueness of the weak*-topology on certain group algebras

We investigate possible preduals of the measure algebra M(G) of a locally compact group and the Fourier algebra A(G) of a separable compact group. Both of these algebras are canonically dual spaces and the canonical preduals make the multiplication separately weak*-continuous so that these algebras are dual Banach algebras. In this paper we find additional conditions under which the preduals C0(G) of M(G) and C*(G) of A(G) are uniquely determined. In both cases we consider a natural comultiplication and show that the canonical predual gives rise to the unique weak*-topology making both the multiplication separately weak*-continuous and the comultiplication weak*-continuous. In particular, dual cohomological properties of these algebras are well defined with this additional structure

Control System Design Philosophy for Effective Operations and Maintenance

A well-designed control system facilitates the functions of machine operation, maintenance and development. In addition, the overall effectiveness of the control system can be greatly enhanced by providing reliable mechanisms for coordination and communication, ensuring that these functions work in concert. For good operability, the information presented to operators should be consistent, easy to understand and customizable. A maintainable system is segmented appropriately, allowing a broken element to be quickly identified and repaired while leaving the balance of the system available. In a research and development environment, the control system must meet the frequently changing requirements of a variety of customers. This means the system must be flexible enough to allow for ongoing modifications with minimal disruptions to operations. Beyond the hardware and software elements of the control system, appropriate workflow processes must be in place to maximize system uptime and allow people to work efficiently. Processes that provide automatic electronic communication ensure that information is not lost and reaches its destination in a timely fashion. This paper discusses how these control system design and quality issues have been applied at the Thomas Jefferson National Accelerator Facility.Comment: ICALEPCS 200