What is the Law\u27s Role in a Recession?

In March 2020, the world faced not only a public health emergency but also one of the most profound shocks to the global economy in the modern era — a shock deeper and broader than any other in eighty years. Never before had virtually all of the world’s economies suffered a contraction at the same time (Tooze, p. 5). Global output decreased by nearly 3.4% in 2020, the largest contraction since the Second World War. The United States saw the largest recorded demand shock in its history (-32.9%), and the unemployment rate peaked around 15% during 2020, higher than at any point during the Great Recession

Money and the Public Debt: Treasury Market Liquidity as a Legal Phenomenon

The market for U.S. government debt (Treasuries) forms the bedrock of the global financial system. The ability of investors to sell Treasuries quickly, cheaply, and at scale has led to an assumption, in many places enshrined in law, that Treasuries are nearly equivalent to cash. Yet in recent years Treasury market liquidity has evaporated on several occasions and, in 2020, the market’s near collapse led to the most aggressive central bank intervention in history. This Article pieces together what went wrong and offers a new account of the relationship between money issue and debt issue as mechanisms of public finance. It argues that a high degree of convertibility between Treasuries and cash generally requires intermediaries that can augment the money supply, absorbing sales by expanding their balance sheets on both sides. The historical depth of the Treasury market was in large part the result of a concerted effort by policymakers to nurture and support such balance sheet capacity at a collection of nonbank broker-dealers. In 2008, the ability of these intermediaries to augment the money supply became impaired as investors lost confidence in their money-like liabilities (known as repos). Subsequent changes to market structure pushed substantial Treasury dealing further beyond the bank regulatory perimeter, leaving public finance increasingly dependent on high-frequency traders and hedge funds — “shadow dealers.” The near money issued by these intermediaries proved highly unstable in 2020. Policy makers are now focused on reforming Treasury market structure so that Treasuries remain the world’s most liquid asset class. Successful reform likely requires a legal framework that, among other things, supports elastic intermediation capacity through balance sheets that can expand and contract as needed to meet market needs

What is the Law’s Role in a Recession?

The last two years have seen astonishing changes to how fiscal and monetary authorities in the developed world manage the economy. In the face of the largest global economic contraction since World War II, governments embarked on massive campaigns of economic stimulus, far outpacing the response to the Global Financial Crisis. Central banks similarly engaged in financial intervention on a scale not seen in eighty years. Over roughly a year, the Federal Reserve alone doubled its asset holdings from around $4 trillion to$8 trillion, making for arguably the most aggressive expansion of the United States’ money supply since the Federal Reserve’s founding in 1913. The three largest central banks in the developed world - the Bank of Japan, the European Central Bank, and the Fed now hold almost $25 trillion in assets - more than the total assets of the United States’ commercial banking sector. In this Review Essay, we explore the idea of “expansionary legal policy” - the use of courts, administration, and regulation to stimulate overall demand for goods and services during recessions. The dramatic financial market events of 2020 and innovations in the practice of fiscal and monetary policy provide a fertile ground for exploring this idea in the context of the regulation of commercial banking. In particular, we argue that perhaps the single legal institution with the greatest ability to use discretion to stimulative effect are banking regulators. The most obvious way to do this is through the exercise of discretion to loosen capital requirements on banks, allowing them to grow in size and activity during recessions. This practice has a checkered history, however. As a result, we sketch an analytical framework for when banking regulators should use their administrative discretion to loosen capital requirements on banks during recessions and thus stimulate the economy. We suggest that both the nature of a crisis (as economic, rather than financial), and the nature of capital forbearance (based on riskless, rather than risk-sensitive assets) are essential preconditions for sound “expansionary banking policy.” We also highlight how developments in macroeconomic management should invite us to rethink basic issues of institutional design in central banking

A physical model for the origin of the diffuse cosmic infrared background and the opacity of the Universe to very high energy γ-rays

We present a physical model for origin of the cosmic diffuse infrared background (CDIRB). By utilizing the observed stellar mass function and its evolution as input to a semi-empirical model of galaxy formation, we isolate the physics driving diffuse IR emission. The model includes contributions from three primary sources of IR emission: steady-state star formation owing to isolated disc galaxies, interaction-driven bursts of star formation owing to close encounters and mergers, and obscured active galactic nuclei (AGNs). We find that most of the CDIRB is produced by equal contributions from objects at z∼ 0.5–1 and z≳ 1, as suggested by recent observations. Of those sources, the vast majority of the emission originates in systems with low to moderate IR luminosities (L_(IR) ≲ 10¹² L_⊙); the most luminous objects contribute significant flux only at high redshifts (z ≳ 2). All star formation in ongoing mergers accounts for ≲10 per cent of the total at all wavelengths and redshifts, while emission directly attributable to the interaction-driven burst itself accounts for ≲5 per cent. We furthermore find that obscured AGNs contribute ≲1–2 per cent of the CDIRB at all wavelengths and redshifts, with a strong upper limit of less than 4 per cent of the total emission. Finally, since electron–positron pair production interactions with the CDIRB represent the primary source of opacity to very high energy (VHE: E_γ ≳ 1 TeV) γ-rays, the model provides predictions for the optical depth of the Universe to the most energetic photons. We find that these predictions agree with observations of high-energy cut-offs at ∼ TeV energies in nearby blazars, and suggest that while the Universe is extremely optically thick at ≳10 TeV, the next generation of VHE γ-ray telescopes can reasonably expect detections from out to ∼50–150 Mpc

The Merger-Driven Evolution of Warm Infrared Luminous Galaxies

We present a merger-driven evolutionary model for the production of luminous (LIRGs) and ultraluminous infrared galaxies (ULIRGs) with warm infrared (IR) colours. Our results show that simulations of gas-rich major mergers including star formation, black hole growth and feedback can produce warm (U)LIRGs. We also find that while the warm evolutionary phase is associated with increased active galactic nucleus (AGN) activity, star formation alone may be sufficient to produce warm IR colours. However, the transition can be suppressed entirely – even when there is a significant AGN contribution – when we assume a single-phase interstellar medium, which maximizes the attenuation. Finally, our evolutionary models are consistent with the 25-to-60 µm flux density ratio versusLHX/LIR relation for local LIRGs and ULIRGs, and predict the observed scatter in IR colour at fixed LHX/LIR. Therefore, our models suggest a cautionary note in the interpretation of warm IR colours: while associated with periods of active black hole growth, they are probably produced by a complex mix of star formation and AGN activity intermediate between the cold star formation dominated phase and the birth of a bright, unobscured quasar

Intrathecal Fentanyl With a Paracervical Block Is Safe and Effective for Elective Termination of Pregnancy in a Patient With Primary Pulmonary Hypertension

Pulmonary hypertension (PH) in pregnancy, irrespective of etiology, is associated with significant maternal morbidity and mortality. This case describes a novel approach to providing anesthesia for a hemodynamically fragile patient. It demonstrates the careful planning and weighted decision-making that is required when approaching a parturient with severe pulmonary hypertension. The patient\u27s previous pulmonary artery catheterization showed right ventricular systolic pressure of 78 mmHg and pulmonary artery pressure of 78/20 mmHg. The patient presented with worsening dyspnea and a decision was made to proceed with the termination of pregnancy via dilatation and curettage (D&C). Anesthesia was conducted with combined intrathecal fentanyl with a paracervical block using lidocaine 2%. The patient had a complication of post-procedure hemorrhage secondary to uterine atony that required careful monitoring and judicious use of uterotonic medications. A decision was made to use oxytocin due to its favorable effect profile compared to other uterotonic medications. We hope this anesthesia technique will aid in the future management of these challenging cases

Placenta Percreta; A Report On Surviving Death From The Bleeding Disaster!

A 34 year old G6P5 diagnosed with placenta previa percreta (fig 1) in her 2nd trimester was reviewed by a multidisciplinary team. Baby delivery was planned at 34 weeks gestation by cesarean hysterectomy(CH) immediately preceded by bilateral ureteral stents for anticipated surgical complexity. Patient received combined spinal and epidural (not activated) for the ureteric stenting with an aim to use the epidural for post-operative analgesia followed by general anesthesia and establishment of invasive lines and monitoring prior to start of CH. Soon after baby delivery, patient became hypotensive from severe hemorrhage. Massive transfusion protocol was instituted. After completion of hysterectomy, patient continued to bleed from multiple intraabdominal sites. While surgical hemostasis remained a challenge, patient developed PEA arrest. CPR was started with return of spontaneous circulation (ROSC) after chest compression for 2 minutes and 1mg of epinephrine. Following this, abdomen was packed with a decision to close secondarily after interventional radiology (IR) assisted intervention if necessary and hemodynamic stabilization. Intraoperatively, patient received a total of 29pRBCs, 22FFP, 4platelet & 3Cryo units with 21 L of crystalloids, 3.25 L of 5% albumin and 1.8L of cell saver with an estimated blood loss of 25L. Tranexamic acid and prothrombin complex concentrate was given. Thromboelastogram (TEG) and lab based coagulation profile was used intraoperatively to guide blood component transfusion. Serial blood gas analyses guided volume and electrolyte correction. In the ICU patient improved with no neurological insult or DIC. On postop day 1 IR found no active extravasations and surgical abdominal closure was performed. Epidural catheter was used for postoperative pain control and was removed on day 4. Patient was discharged on postop day 10.https://scholarlycommons.henryford.com/merf2020caserpt/1124/thumbnail.jp

Placenta Percreta: A Report On Surviving Death From The Bleeding Disaster!

https://scholarlycommons.henryford.com/merf2020caserpt/1001/thumbnail.jp

Methylergometrine-Induced Myocardial Infarction in the Setting of a Cesarean Delivery

A 30-year-old female with no significant past medical history presented to our labor and delivery ward for induction of labor. Due to failure to progress, she was proceeded to cesarean delivery. Intraoperatively, it was noted that her uterus was hypotonic; she required supplemental methylergometrine to control the bleeding from the uterine atony. However, within three minutes of intramuscular (IM) administration, she complained of chest pain. She then subsequently developed pulmonary edema in the postoperative care unit, which required supplemental oxygen. She was found to have elevated troponin and brain natriuretic peptide (BNP), along with radiologic features of fluid overload suggestive of congestive cardiac failure, which all lead to the diagnosis of non-ST myocardial infarction. The patient had a normal computed tomography (CT) pulmonary angiogram, echocardiogram, and serial electrocardiograms (ECGs). She was successfully discharged from the hospital on postoperative day 4 with resolution of her symptoms and improving cardiac enzymes. Cardiology outpatient follow-up was arranged

Breaking Cosmological Degeneracies in Galaxy Cluster Surveys with a Physical Model of Cluster Structure

Forthcoming large galaxy cluster surveys will yield tight constraints on cosmological models. It has been shown that in an idealized survey, containing > 10,000 clusters, statistical errors on dark energy and other cosmological parameters will be at the percent level. It has also been shown that through "self-calibration", parameters describing the mass-observable relation and cosmology can be simultaneously determined, though at a loss in accuracy by about an order of magnitude. Here we examine the utility of an alternative approach of self-calibration, in which a parametrized ab-initio physical model is used to compute cluster structure and the resulting mass-observable relations. As an example, we use a modified-entropy ("pre-heating") model of the intracluster medium, with the history and magnitude of entropy injection as unknown input parameters. Using a Fisher matrix approach, we evaluate the expected simultaneous statistical errors on cosmological and cluster model parameters. We study two types of surveys, in which a comparable number of clusters are identified either through their X-ray emission or through their integrated Sunyaev-Zel'dovich (SZ) effect. We find that compared to a phenomenological parametrization of the mass-observable relation, using our physical model yields significantly tighter constraints in both surveys, and offers substantially improved synergy when the two surveys are combined. These results suggest that parametrized physical models of cluster structure will be useful when extracting cosmological constraints from SZ and X-ray cluster surveys. (abridged)Comment: 22 pages, 8 figures, accepted to Ap