Protecting the Sovereign\u27s Money Monopoly

Sovereign states have had a monopoly over the production of circulating currencies for well over a century. Governments, not private entities, issue circulating currencies. Indeed, in 1986, Milton Friedman and Anna Schwartz declared that “[t]he question of government monopoly of hand-to-hand currency is likely to remain a largely dead issue.” The advent of stablecoins—privately issued digital money that are pegged to fiat currencies like the U.S. dollar or the Euro—raises the question of the money monopoly from the grave. Why did sovereign money monopolies come into existence in the 19th and 20th centuries? Should circulating private money coexist once again with sovereign money in the 21st century? This essay explores these fundamental questions of legal and financial architecture by revisiting the original legislative debates that led to the sovereign’s money monopoly in England, the United States, Canada, and Sweden. In every case, privately issued monies first circulated because of a limited money supply—a shortage of specie (i.e., metallic coins)—and then were ultimately banned to improve financial stability, gain greater control over monetary policy, or strengthen the sovereign’s fiscal position. Today, lawmakers and regulators assume that coexistence between privately issued (digital) money and sovereign (digital) money is the optimal path forward and are crafting legal guardrails under that assumption. It is a very strong assumption—one that should be challenged since the upside is unclear and the costs remain similar. We argue that, if anything, the sovereign’s monopoly on circulating currencies should be protected

The Orkney Slew and Central Bank Digital Currencies

This Article on central bank digital currencies is motivated by a parable, The Orkney Slew, which is set in an archipelago. Based on the parable, we point out a significant economic market failure that exists in the cross-border payments realm. The analysis then focuses on real-world examples and the national security concerns, including for Anti-Money Laundering/Combatting the Financing of Terrorism (AML/CFT) and the continued efficacy of U.S. sanctions, associated with the rapidly evolving digital payments landscape. Many central banks around the world are now cooperatively experimenting with cross-border interoperability of digital currencies. These efforts are driven by the idea of building a global network—an infrastructure—to improve global supply chains and large value cross-border payments, as well as to mitigate national security concerns. While we do not believe that such an infrastructure is necessary at this moment, we do argue that cross-border experimentation is necessary

The Effect of General Deterrence Variables on Oversight of Florida’s Driver and Vehicle Information Database (DAVID)

The Driver and Vehicle Information Database, known as DAVID, is a database operated by the Florida Highway Safety and Motor Vehicles and is used by many law enforcement agencies as an important investigative tool due to the information contained within. One important function of the agencies that allow their employees access to DAVID is to ensure the information is secured and not misused in violation of federal and state law, under a provision known as the Driver Privacy and Protection Act codified in 18 U.S.C. § 2721 (1994). Literature on general deterrence suggests that methods can be taken from an oversight standpoint that would allow for better control and deter users from misusing the data contained within DAVID. This study hypothesized that, if provided, standard operating procedures, ethics training, acceptable use policies, and consistent disciplinary procedures would act to improve oversight and be effective general deterrents against such misuse. The study tested the hypotheses using (n = 86) DAVID points of contact from various police agencies in Florida by way of an online survey. The results indicated a statistically significant relationship between standard operating procedures and acceptable use policies on oversight and deterrence. The null hypothesis could not be rejected regarding ethics training and disciplinary procedures on oversight and deterrence. The results supported two of the four hypotheses, and they may serve as a pathway to develop better administrative policies and procedures to improve the oversight process and help deter users from misusing DAVID in violation of law. Keywords: D.A.V.I.D., DPPA, FLHSMV, driver license, point of contactChapter I: INTRODUCTION 1 -- Driver and Vehicle Information Database 1 -- Driver Privacy Protection Act 2 -- DAVID Point of Contact 4 -- History of Abuse 6 -- Statement of the Problem 8 -- Objectives of the Research 9 -- Research Questions 10 -- Summary 12 -- Chapter II: REVIEW OF LITERATURE 14 -- General Deterrence Theory 14 -- Fourth Amendment and Government Databases 18 -- Standard Operating Procedures 20 -- Ethics Training 22 -- Acceptable Use Policy 25 -- Disciplinary Procedures and Enforcement 28 -- Chapter III: METHODOLOGY 34 -- Introduction 34 -- Hypothesis 34 -- Survey Instrument 36 -- Study Participants and Data Collection 38 -- Study Measures 41 -- Agency Demographics 41 -- POC Demographics 43 -- Study Procedure 44 -- Summary 44 -- Chapter IV: RESULTS 46 -- Introduction 46 -- Descriptive Statistics 46 -- Hypothesis 1 52 -- Hypothesis 2 53 -- Hypothesis 3 54 -- Hypothesis 4 55 -- Summary 57 -- Chapter V: DISCUSSION 59 -- POC and Agency Demographics 60 -- Historical Context of Descriptive Statistics 62 -- Research Question 1 63 -- Research Question 2 65 -- Research Question 3 67 -- Research Question 4 68 -- Implication of the Findings 71 -- Limitations of the Study 72 -- Future of DAVID and Other Databases 74 -- Recommendations 77 -- Conclusion 79 -- REFERENCES 82Glen, Carol M.Song, MinsunMurillo, Albert G.D.P.A.Public Administratio

A strategy for cancer prevention: stimulation of the Nrf2-ARE signaling pathway,”

Abstract Many genes, with products involved in the protection of cells against carcinogens, oxidants, and other toxic chemicals, are under the transcriptional control of a simple DNA regulatory element [i.e., the antioxidant response element (ARE)]. One or more functional AREs have been confirmed or are believed to exist in the upstream region of many anticarcinogenic/antioxidant genes and have been shown to mediate the coordinate transcriptional up-regulation of these genes by many chemical agents [i.e., the ARE-mediated inducers]. There is strong evidence that increased expression of ARE-regulated genes inhibits cancer development. The signaling system leading to ARE activation has been partly elucidated, and nuclear factor erythroid 2 -related factor 2 (Nrf2) has been identified as the key transcriptional factor that serves to transmit the inducer signal to ARE. It is now known that nuclear factor erythroid 2 -related factor 2, which is normally sequestered in the cytoplasm by Kelch-like ECH-associated protein 1, dissociates from Kelch-like ECH-associated protein 1 on exposure to ARE-mediated inducers, translocates to the nucleus, complexes with other nuclear factors, and binds to ARE. Rapid and simple assays have been devised to identify chemical agents that can stimulate this signaling pathway. Moreover, many AREmediated inducers have been identified, and several of them have shown promising cancer preventive activity

Adrenal Function in Women with Idiopathic Acne

The adrenal secretion of androgens was examined in 9 women (ages 19–39 yr) with postadolescent idiopathic acne and compared to age and sex-matched normal controls. Plasma dehydroepiandrosterone (DHA), dehydroepiandrosterone sulfate (DHAS), androstenedione (Δ4-A), cortisol, 17-hydroxyprogesterone, 11-deoxycortisol, and testosterone were measured by radioimmunoassay in the basal state and during a 48hr ACTH infusion. The mean plasma and time-integrated plasma levels of the 3 adrenal androgens in patients with acne were 15–25% higher than normal controls, but the groups were not significantly different (p > .05). The plasma testosterone values, on the other hand, were similar in both groups. In addition, cortisol, 11-deoxycortisol and 17-hydroxyprogesterone basal plasma values and responses to ACTH in patients with acne were similar to the normal control values. These findings suggest that adrenal androgen secretion is at most mildly elevated in patients with idiopathic acne and is unlikely to be the sole cause of acne since many patients without acne have similar hormone levels. Increased sensitivity of the sebaceous gland to androgens or increased local metabolism of androgen hormones in the skin to potent androgen metabolites may offer alternative mechanisms for the pathogenesis of this disorder

Distensibility Differs Between Sall Arteries and Veins in the Newborn Piglet Lung

BACKGROUND: We previously used micro-CT techniques to measure pulmonary artery distensibility in 3 week old piglets. Pressure/diameter relationships were measured for each artery and the slope (a) was then plotted against its diameter intercept at 0 pressure (Do). The resultant diameter independent distensibility parameter, a, was estimated by linear regression to be 1.6% per mmHg for arteries between 0.2 and 3.0 mm Do. OBJECTIVE: This study sought to determine whether; 1) distensibility of smaller arteries was similar to that of arteries with Do\u3e 0.2 mm; and 2) whether small vein and artery distensibility was similar. DESIGN/METHODS: Lower lobes were isolated and perfused with papaverine/saline to remove blood and tone. Lobar bronchi were cannulated and lobes inflated to 3 mmHg. Lobar arteries (n=13) or veins (n=12) were cannulated and perfluoroctyl bromide instilled. Small arteries (0.033 to 0.34 mm Do) and veins (0.024 to 0.33 mm Do) were imaged by planar X-ray at static pressures ranging from 21 to 3 mmHg in 3 mmHg increments. The slope of the pressure/diameter curve was estimated by linear regression (0 = Do + ~P ) for 4·8 arteries or veins per lobe. The linear relationship of all ~ vs their respective Do was plotted (0/00 = 1 + oP) to estimate distensibility. RESULTS: In small arteries, a determined by linear regression was 1.5 ± 0.1% per mmHg as previously described in larger arteries. a estimated in the same way in small veins was significantly lower at 0.9 ± 0.1% per mmHg (p \u3c 0.05). However, the X-ray images suggested that venous diameter increased more at lower than higher pressures. a estimated over the 3-9 mmHg pressure range was 1.4 ± 0.23% per mmHg. while over the 12-21 mmHg pressure range ~ was significantly lower at 0.9% ± 0.13%. CONCLUSIONS: Distensibility of the entire arterial tree over a wide range of pressures seems well described by a single, diameter independent parameter. In contrast, distensibility of small veins appears to be higher at low versus high pressures. Future studies must further examine distensibility of large and small veins at various pressures and relate the findings to pulmonary vascular hemodynamics

The effect of Mg location on Co-Mg-Ru/gamma-Al2O3 Fischer-Tropsch catalysts

The effectiveness of Mg as a promoter of Co-Ru/γ-Al(2)O(3) Fischer–Tropsch catalysts depends on how and when the Mg is added. When the Mg is impregnated into the support before the Co and Ru addition, some Mg is incorporated into the support in the form of Mg(x)Al(2)O(3+x) if the material is calcined at 550°C or 800°C after the impregnation, while the remainder is present as amorphous MgO/MgCO(3) phases. After subsequent Co-Ru impregnation Mg(x)Co(3−x)O(4) is formed which decomposes on reduction, leading to Co(0) particles intimately mixed with Mg, as shown by high-resolution transmission electron microscopy. The process of impregnating Co into an Mg-modified support results in dissolution of the amorphous Mg, and it is this Mg which is then incorporated into Mg(x)Co(3−x)O(4). Acid washing or higher temperature calcination after Mg impregnation can remove most of this amorphous Mg, resulting in lower values of x in Mg(x)Co(3−x)O(4). Catalytic testing of these materials reveals that Mg incorporation into the Co oxide phase is severely detrimental to the site-time yield, while Mg incorporation into the support may provide some enhancement of activity at high temperature

Relationship of age, gender, race, and body size to infrarenal aortic diameter

AbstractPurpose: To assess the effects of age, gender, race, and body size on infrarenal aortic diameter (IAD) and to determine expected values for IAD on the basis of these factors.Methods: Veterans aged 50 to 79 years at 15 Department of Veterans Affairs medical centers were invited to undergo ultrasound measurement of IAD and complete a prescreening questionnaire. We report here on 69,905 subjects who had no previous history of abdominal aortic aneurysm (AAA) and no ultrasound evidence of AAA (defined as IAD ≥ 3.0 cm).Results: Although age, gender, black race, height, weight, body mass index, and body surface area were associated with IAD by multivariate linear regression (all p < 0.001), the effects were small. Female sex was associated with a 0.14 cm reduction in IAD and black race with a 0.01 cm increase in IAD. A 0.1 cm change in IAD was associated with large changes in the independent variables: 29 years in age, 19 cm or 40 cm in height, 35 kg in weight, 11 kg/m2 in body mass index, and 0.35 m2 in body surface area. Nearly all height-weight groups were within 0.1 cm of the gender means, and the unadjusted gender means differed by only 0.23 cm. The variation among medical centers had more influence on IAD than did the combination of age, gender, race, and body size.Conclusions: Age, gender, race, and body size have statistically significant but small effects on IAD. Use of these parameters to define AAA may not offer sufficient advantage over simpler definitions (such as an IAD ≥3.0 cm) to be warranted. (J Vasc Surg 1997;26:595-601.