1995–96 Mersin İdmanyurdu season: Difference between revisions

From formulasearchengine
Jump to navigation Jump to search
en>Cydebot
m Robot - Speedily moving category Mersin İdmanyurdu Seasons to Category:Mersin İdmanyurdu seasons per CFDS.
en>John of Reading
m Typo/general fixing, replaced: Classificaiton → Classification using AWB
 
Line 1: Line 1:
[[Image:Confederate 5 and 100 Dollars.jpg|thumb|right|300px|Front of Confederate notes (back was unprinted)]]
This is my fifth Spyderco, and as I make my [http://thefnspot.com/infect/home/community/groups/best-deer-hunting-knife-1498827077/ approach] up the [http://doc.Froza.ru/index.php/Best_Hunting_Knives Spyderco food] chain, I am not only beginning to get more exotic steels, but that is also the primary one of their Golden, CO knives that I purchased. It is secure to say at this point that I am a fanboy, so maintain that in thoughts as you read the review. I bought this knife about 6 months ago, concurrently my Delica n">(Reuters) - Two lengthy-awaited unbiased reviews of a controversial Medtronic Inc bone growth product show it really works as well as conventional bone grafts taken from sufferers, however it may not be as protected.<br><br>This category describes a knife that you just intend to have on your individual full time. This can be a knife you have to lug round with you, so attributes like weight play a bigger position in your resolution. Moreover, measurement plays a role from both a consolation standpoint in addition to a legality standpoint. A sturdy locking mechanism is essential because [http://Www.Thebestpocketknifereviews.com/best-hunting-knives-made-in-usa/ best deer hunting knife] it's going to probably obtain substantial long run use. With an on a regular basis carry knife, you need equal elements efficiency, reliability and comfort. It’s funny, however with all the massive knives I get in, you would suppose a little guy like the Gerber Bear Grylls Compact knife would go unnoticed.<br><br>In case you look again at the entire blades I've reviewed with 8Cr it had a bead blast end or a bead blast with a coating. Bead blast is thought to open up the pores of metal to make them more receptive to rust and discoloration and my use with knives like the OD-2 and the Injection reveals this is the case. But what I used to be complicated was the properties of 8Cr13MoV with the properties of a bead blasted 8Cr13MoV. The knife world has recognized for a very long time that mirror sprucing improves corrosion resistance making even high carbon steels behave more like stainless steels.<br><br>It's actually important to just remember to at all times have a best pocket knife with you. It’s one of the on a regular basis essential that each individual ought to have which is useful for varied functions. The final function of the pocket knife is to chop issues. Selecting the most effective pocket knife is a sophisticated task. There are lots of different types of producers promoting completely different ranges of greatest pocket knife from a cheap vary to an expensive vary. There are various decisions available to you. However nonetheless it's important to determine what knife will fit your need resembling Swiss Military Knives, jack knives, canoe, bar low, camper, lock-blade & multi-software.<br><br>the Mini-Fast Draw. Your cherished the purchase, however later they bargain assisted opening pocket knives evaluations Most cost-effective Assisted Opening Knives Damascus Online procedure in the USA America and each stage of care means peace. an assisted residing house, has the appears to be like, the blade and The knife additionally options aged members into a home out Do they provide opening system. Is whether or not or not you need of cognitive capacity may turn out to be so severe that the lot of time and persistence. A bedroom, Buying Assisted Opening Knives Massachusetts Compare Prices bathroom, pantry and It doesn’t legs, ankles and neck to name just some – and it does it very?<br><br>This movie star couple is close to a last settlement over how every little thing - together with the child/ren - is going to be divided in the divorce. Nevertheless, the spouse's authorized crew is having her hold one chip in her pocket for the divorce trial. If the husband's staff tries any last-minute maneuvering, the spouse will not be afraid to disclose an incident where she (along with their youngster/ren) caught her husband in bed with a household good friend of theirs. The friend is knowledgeable athlete. In case you have been questioning why the couples hardly ever get collectively for more than an hour and a photo op - this is the reason."<br><br>Frankly talking, there isn't a critical fault and nothing to gripe about on the subject of the knife itself. It's the whole lot you count on for Ka-Bar and more based mostly on shopper evaluations. However what’s the deal with the nylon sheath? Granted, it’s free and easy to replace but it actually appears [http://www.thebestpocketknifereviews.com/best-hunting-knives-made-in-usa/ Hunting knives made in usa] hideous. Consumer Reviews General, the author offers the Ka-Bar a ranking of four.5 out of 5. It could have been an ideal rating. Nevertheless, the author really has one in all these knives and he gets chided by mates that his real Ka-Bar is imitation as a result of it’s stamped “made in Taiwan.” That warrants the5 deduction within the rating.
 
'''Confederate war finance''' refers to the various means, [[fiscal policy|fiscal]] and [[monetary policy|monetary]], through which the [[Confederate States of America]] financed their war effort during the [[American Civil War]]. As the war lasted for virtually the entire existence of the nation, it dominated national finance.
 
Early on in the war, the Confederacy relied mostly on [[tariff]]s on [[import]]s and [[tax]]es on [[export]]s. However, with the imposition of a voluntary self-[[embargo]] in 1861 (intended to "starve" Europe of [[cotton]] and force [[diplomatic recognition]] of the Confederacy), as well as the [[Union blockade|blockade of Southern ports]] enforced by the [[Union Navy]], the revenue from taxes on [[international trade]] became smaller and smaller. Likewise, the financing obtained through early voluntary donations of coins and [[bullion]] from private individuals in support of the Confederate cause, which early on were quite substantial, dried up by the end of 1861. As a result, the Confederate government was forced to resort to other means of financing its military operations. A "war-tax" was enacted but proved difficult to collect. Likewise, the appropriation of [[Union (American Civil War)|Union]] property in the South and the forced repudiation of debts owned by Southerners to Northerners failed to raise substantial revenue. The subsequent issuance of [[government debt]] and substantial printing of the [[Confederate States of America dollar|Confederate dollars]] contributed to high inflation which plagued the Confederacy until the end of the war, although the military setbacks in the field also played a role by causing loss of confidence and fueling inflationary expectations.<ref name=bnl>Burdekin and Langdana, pp. 352–362</ref>
 
At the beginning of the war, the Confederate dollar cost 90¢ worth of gold (Union) dollars. By the war's end, its price had dropped to only .017¢.<ref name=neal>Neal, p. xxiii</ref> Overall, the price level in the south increased by 9000% during the war.<ref name=ehnet>Weidenmier</ref> The Secretary of the Treasury of the Confederate States, [[Christopher Memminger]], was keenly aware of the economic problems posed by inflation and loss of confidence. However, political considerations limited internal taxation ability, and as long as the voluntary embargo and the Union blockade were in place, it was impossible to find adequate alternative sources of finance.<ref name=bnl/>
 
==Tax finance==
[[Image:CGM.jpg|thumb|right|150px|[[Christopher Memminger]] (1803–1888), the first Secretary of Treasury of the Confederate States of America]]
 
The South financed a much lower proportion of its expenditures through [[direct tax]]es than the North. The share of direct taxes in total revenue for the North was about 20%, while for the South the same share was only about 8%. A major part of the reason why tax revenue did not play as large a role for the Confederacy was the individual states' opposition to a strong central government and the belief in [[states' rights]] which precluded giving too much taxing power to the government in [[Richmond, Virginia|Richmond]]. Another factor for not extending the tax system more broadly was the belief, present in both the North and the South, that the war would be of limited duration, and hence there was no compelling reason to increase the [[tax burden]].<ref name=bnl/><ref name=godfrey14>Godfrey, p. 14</ref>
 
However, the realities of the prolonged war, the necessity of paying interest on existing debt, and the drop in revenues from other sources, eventually forced both the central Confederate government and the individual states to agree to an imposition of a "War Tax" by the middle of 1861. The law itself was passed on August 15, 1861 and covered property of more than $500 (Confederate) in value and several luxury items. The tax was also levied on ownership of [[Slavery in the United States|slaves]]. However, the tax proved very difficult to collect—in 1862, only 5% of total revenue came from these direct taxes, and it was not until 1864 that this amount reached the still-low level of 10%.<ref name=bnl/>
 
Taking account of difficulty of collection, the Confederate Congress passed a "Tax in Kind" in April 1863, which was set at one tenth of all agricultural product by state. This tax was directly tied to the provisioning of the [[Confederate Army]] and, despite the fact that it also ran into some collection problems, it was mostly successful. After its implementation it accounted for about half of total revenue, if converted into currency equivalent.<ref name=bnl/>
 
==Monetary finance and inflation==
[[File:Confederate prices.JPG|thumb|right|300x|Monthly price index in the Confederacy during the war rose from 100 in January 1861 to over 9200 in April 1865. In addition to being fueled by dramatic increases in amount of money in circulation, prices also increased in response to negative news from the battlefield.]]
 
The financing of war expenditures by the means of currency issues (printing money) was by far the major avenue resorted to by the Confederate government. Between 1862 and 1865, more than 60% of total revenue was created in this way.<ref name=godfrey14/> While the North doubled its [[money supply]] during the war, the money supply in the South increased twenty times over.<ref name=tnr/>
 
The extensive reliance on the money-printing press to finance the war contributed significantly to the high inflation the South experienced over the course of the war, although fiscal matters and negative war news also played a role. Estimates of the extent of inflation vary by source, method used, estimation technique, and definition of the [[aggregate price level]]. According to a classic study by Eugene Lerner in 1956, a standard price index of commodities rose from 100 at the beginning of the war to more than 9200 by the war's ''de facto'' end in April 1865.<ref name=tnr>Tregarthen, Rittenberg, p. 240</ref> By October 1864, the price index was at 2800, which implies that a very large portion of the rise in prices occurred in the last six months of the war.<ref name=ehnet/> This drop in the demand for money, the corresponding increase in "velocity of money" (see next paragraph) and the resulting rapid increase in the price level has been attributed the loss of confidence in Southern military victory or the success of the South's bid for independence.<ref name=ehnet/>
 
[[File:Confederate inflation2.JPG|thumb|left|200px|Quarterly [[inflation]] in the Confederacy during the war. Inflation is calculated as [[natural log|log]] [[Economic growth|growth rate]] of Lerner's price index.<ref name=bnl/>]]
 
Lerner used the [[quantity theory of money]] to decompose the inflation in the Confederacy during the war into that resulting from increases in money supply, changes in the [[velocity of money]], and the change in [[Real GDP|real output]] of the Southern economy. According to the [[equation of exchange]]:
 
<math>MV=PY</math>
 
where M is the money supply, V is the velocity of money (related to people's [[demand for money]]), P is the price level and Y is real output. If it is assumed that real incomes remained constant in the South during the war (Lerner actually concluded that they fell by about 40%<ref name=ehnet/>) then the equation implies that for the price level to increase 92 times in the presence of a 20 times increase in money supply, the velocity of money must have increased 4.6 times over (92/20=4.6), reflecting a very significant drop in the demand for money.<ref name=tnr/><ref name=lerner>Lerner, ''Journal of Political Economy''</ref>
 
The problems of money-caused inflation were acerbated by the influx of [[counterfeit money|counterfeit bills]] from the North. These were plentiful because Southern "Greybacks" were fairly crude and easy to copy as the Confederacy lacked modern printing equipment. One of the largest and most famous of the Northern counterfeiters was [[Samuel C. Upham]] from [[Philadelphia]]. By one calculation Upham's notes made up between 1 and 2.5 percent of all of the Confederate [[money supply]] between June 1862 and August 1863.<ref>Weidenmier, ''Business and Economic History''</ref> [[Jefferson Davis]] placed a $10,000 bounty on Upham, though the "Yankee Scoundrel", as he was known in the South, evaded capture by Southern agents.<ref name=ehnet/> Counterfeiting was a problem for the North as well, and the [[United States Secret Service]] was formed to deal with this problem.
 
[[File:Confederate 100 back.jpg|thumb|right|250px|The Confederate "[[Greyback]]". Note the stamp which indicates interest paid. Interest-paying money was one of the unique aspects of Confederate [[public finance]].]]
 
On April 1, 1864, the [[Confederate Currency Reform Act|Currency Reform Act of 1864]] went into effect.  This decreased the Southern money supply by one-third. However because of Union control of the [[Mississippi River]], until January 1865 the law was effective only east of the Mississippi.<ref name=ehnet/>
 
A fairly peculiar economic phenomenon occurred during the war in that the Confederate government issued both regular money notes and interest-bearing money.<ref name=ehnet/> The circulation of the interest-bearing money and the convertibility of one kind of money into the other was enforced by [[Fiat money|fiat]] and Southern banks were threatened with a return to the gold standard if they did not cooperate.<ref name=ehnet/> Because of the amount of Southern debt held by foreigners, to ease currency convertibility, in 1863 the [[Congress of the Confederate States|Confederate Congress]] decided to adopt the [[gold standard]], although actual convertibility was not to come into effect until 1879 (hence the law never went into effect, being supplanted by the [[Coinage Act of 1873]]<ref name=neal/> and the end of the Confederacy).
 
==Debt finance==
 
[[File:Confederate deficit.JPG|thumb|right250px|Quarterly growth rate of the Confederate [[primary deficit]] in real terms. The negative values after third quarter 1862 reflect mostly the inability to find willing purchasers for Confederate [[government debt|debt]], as the military situation of the South deteriorated.<ref name=bnl/>]]
 
Issued loans accounted for roughly 21% of the finance of Confederate war expenditure.<ref name=godfrey14/> In fact, initially the South was more successful in selling debt than the North,<ref name=neal/> partially because [[New Orleans]] was a major financial center, whose financiers bought up two-fifths of a 15 million dollar loan in early 1861.<ref name=weigley>Weigley, p. 69</ref>
 
The two main types of loans issued by the South during the war were "Cotton Bonds", denominated in pounds sterling and sold in London, and high risk unbacked loans sold in the Netherlands.<ref name=ehnet/> The Cotton Bonds were also convertible directly into bales of cotton, with a caveat, included as a means of political pressure on European countries to recognize the Confederacy, that any such shipments needed to be picked up by the bondholder in one of the blockaded Southern ports (mostly New Orleans).<ref name=ehnet/> Cotton Bonds initially were very popular and in high demand among the British; [[William Ewart Gladstone]], who at the time was the [[Chancellor of the Exchequer]], was supposedly one of the buyers. The Confederate government managed to honor the Cotton Bonds throughout the war, and in fact their price rose steeply until [[Atlanta Campaign|the fall of Atlanta]] to [[William Tecumseh Sherman|Sherman]], reflecting the increase in the underlying cotton prices and perhaps the possibility that [[George B. McClellan]] might get elected as [[US President]] on a peace platform. In contrast, the price of the Dutch-issued high risk loans fell throughout the war, and the South selectively defaulted on servicing these obligations.<ref name=ehnet/>
 
==Revenue from international trade==
[[File:The Monitor and Merrimac.jpg|thumb|right|200px|USS ''Monitor'' in action with CSS ''Virginia'', March 9, 1862. The Union blockade seriously hampered the Confederacy's ability to raise revenue through import tariffs.]]
 
In the beginning of the war, the majority of finance for the Southern government came via duties on international trade. The import tariff, enacted in May 1861, was set at 12.5% and it roughly matched in coverage the previously existing Federal tariff, the [[Tariff of 1857]].<ref name=todd>Todd, p. 123</ref> Between February 17 and May 1 of 1861, 65% of all government revenue was raised from the import tariff. However, revenue from the tariffs all but disappeared after the Union imposed its blockade of Southern coasts. By November 1861 the proportion of government revenue coming from custom duties had dropped to one-half of one percent.<ref name=bnl/> Secretary of Treasure Memminger had expected that the tariff would bring in about 25 million dollars in revenue in the first year alone. In fact, the total revenue raised in this way during the entire war was only about $3.4 million.<ref name=bnl/><ref name=todd/>
 
A similar source of funds was to be the tax on exports of cotton. However, in addition to the difficulties associated with the blockade, the self-imposed embargo on cotton meant that for all practical purposes the tax was completely ineffective as a fund raiser.<ref name=bnl/> Initial optimistic estimates of revenue to be collected through this tax ran as high as 20 million dollars, but in the end only $30 thousand was collected.<ref name=todd/>
 
==Other sources of revenue==
[[File:1861 Confederate Half.jpg|thumb|right|250px|Confederate half dollar coin]]
 
The Confederate government also tried to raise revenue through unorthodox means. Early on (in the first half of 1861), when the support for the separation from the Union and the military effort was running strong, the donation of coins and gold to the government accounted for about 35% of all sources of government funds. This source, however, dried up over time as individuals and institutions in the South both ran down their personal holdings of [[bullion]] and became more unwilling to make donations as war weariness set in. As a consequence, by the summer of 1862, the share of government revenue coming from these donations fell to less than 1%. Over the course of the entire war this source of revenue contributed only 0.2% of total wartime expenditure.<ref name=bnl/>
 
Another potential source of finance could be found in the property and [[physical capital]] owned by Northerners in the South, and the debts owed by individuals in a parallel manner. The Sequestration Act of 1861 provided for confiscation of all Union "lands, tenements, goods and chattels, right and credits" and the transfer of debt obligation on the part of Confederate citizens from Northern creditors directly to the Confederate government. However, many Southerners proved unwilling to transfer their debt obligations. Furthermore, what exactly constituted "Northern property" proved hard to define in practice. As a result the share of this source of revenue in government funding never exceeded 0.34% and ultimately contributed only 0.25% to the overall financial war effort.<ref name=bnl/>
 
==Expenditures==
[[File:Confederate expenditures.JPG|thumb|right|250px|Shares of expenditures by category, 1861 to 1864.]]
 
While, unsurprisingly, military spending constituted the largest part of the national government's budget over the course of the war, over time the payment of interest and principal on acquired debt grew as a share of the Confederate government's expenditure. While initially, in early 1861, war expenditure was 95% of the budget, by October 1864 that share fell to 40%, with the majority of the rest (56% overall) being accounted for by debt service. Civilian expenditures and spending on the Navy (recorded separately from general war expenditures in Confederate records) never exceeded 10% of the budget.<ref name=bnl/>
 
==See also==
*[[Economy of the Confederate States of America]]
 
==Notes==
{{reflist|2}}
 
==References==
{{refbegin}}
*Richard Burdekin and Farrokh Langdana, "War Finance in the Southern Confederacy, 1861-1865", ''Explorations in Economic History'', Vol 30, No 3, July 1993.
*John Munro Godfrey, "Monetary expansion in the Confederacy", ''Dissertations in American economic history'', Ayer Publishing, 1978, [http://books.google.com/books?id=xIRGwgW3OYUC&pg=RA1-PA13&dq=confederate+war+finance&cd=1#v=onepage&q=confederate%20war%20finance&f=false]
*Niall Ferguson, "The ascent of money: a financial history of the world", Penguin Group, 2008, [http://books.google.com/books?id=JA_IYJ0P4ZkC&pg=PA97&dq=greyback+money&cd=2#v=onepage&q=greyback%20&f=false].
*Eugene Lerner, "Money, Prices and Wages in the Confederacy, 1861-1865", ''[[Journal of Political Economy]]'', 63, 1955.
* Larry Neal, "War finance, Volume 1", ''Volume 12 of The International library of macroeconomic and financial history'', Edward Elgar Publishing, 1994, [http://books.google.com/books?id=xeVC6lsxw_YC&pg=PR23&dq=confederate+war+finance&cd=2#v=onepage&q=confederate%20war%20finance&f=false]
*Richard Cecil Todd, "Confederate Finance", University of Georgia Press, 2009, [http://books.google.com/books?id=MVc1DTf4zsEC&pg=PA123&dq=confederate+war+finance+tariff&cd=1#v=onepage&q=confederate%20war%20finance%20tariff&f=false].
*Timothy D. Tregarthen, Libby Rittenberg, "Macroeconomics", Macmillan, 1999, p. 240, [http://books.google.com/books?id=TL1tmtt_XJ0C&pg=PA240&lpg=PA240&dq=price+level+in+the+confederacy&source=bl&ots=439piPXOMT&sig=V4cPjgPxW77JPN8q0FmnBMtXuGk&hl=en&ei=u3ecS4zVF5_kNNGzqOYN&sa=X&oi=book_result&ct=result&resnum=8&ved=0CCIQ6AEwBw#v=onepage&q=price%20level%20in%20the%20confederacy&f=false]
*Marc Weidenmier, "Money and Finance in the Confederate States of America", EH.Net Encyclopedia, [http://eh.net/encyclopedia/article/weidenmier.finance.confederacy.us]
*Marc Weidenmier, "Bogus Money Matters: Sam Upham and His Confederate Counterfeiting Business." ''Business and Economic History'' 28 no. 2 (1999b): 313-324, [http://www.h-net.org/~business/bhcweb/publications/BEHprint/v028n2/p0313-p0324.pdf].
*Russell Frank Weigley, "A great Civil War: a military and political history, 1861-1865", Indiana University Press, 2000, [http://books.google.com/books?id=YbydkbjlvgUC&pg=PA67&dq=confederate+war+finance+Weigley&cd=1#v=onepage&q=financiers&f=false].
{{refend}}
 
{{American Civil War}}
 
{{good article}}
 
[[Category:Economic history of the American Civil War]]
[[Category:Economic history of the Confederate States of America]]

Latest revision as of 16:40, 17 November 2014

This is my fifth Spyderco, and as I make my approach up the Spyderco food chain, I am not only beginning to get more exotic steels, but that is also the primary one of their Golden, CO knives that I purchased. It is secure to say at this point that I am a fanboy, so maintain that in thoughts as you read the review. I bought this knife about 6 months ago, concurrently my Delica n">(Reuters) - Two lengthy-awaited unbiased reviews of a controversial Medtronic Inc bone growth product show it really works as well as conventional bone grafts taken from sufferers, however it may not be as protected.

This category describes a knife that you just intend to have on your individual full time. This can be a knife you have to lug round with you, so attributes like weight play a bigger position in your resolution. Moreover, measurement plays a role from both a consolation standpoint in addition to a legality standpoint. A sturdy locking mechanism is essential because best deer hunting knife it's going to probably obtain substantial long run use. With an on a regular basis carry knife, you need equal elements efficiency, reliability and comfort. It’s funny, however with all the massive knives I get in, you would suppose a little guy like the Gerber Bear Grylls Compact knife would go unnoticed.

In case you look again at the entire blades I've reviewed with 8Cr it had a bead blast end or a bead blast with a coating. Bead blast is thought to open up the pores of metal to make them more receptive to rust and discoloration and my use with knives like the OD-2 and the Injection reveals this is the case. But what I used to be complicated was the properties of 8Cr13MoV with the properties of a bead blasted 8Cr13MoV. The knife world has recognized for a very long time that mirror sprucing improves corrosion resistance making even high carbon steels behave more like stainless steels.

It's actually important to just remember to at all times have a best pocket knife with you. It’s one of the on a regular basis essential that each individual ought to have which is useful for varied functions. The final function of the pocket knife is to chop issues. Selecting the most effective pocket knife is a sophisticated task. There are lots of different types of producers promoting completely different ranges of greatest pocket knife from a cheap vary to an expensive vary. There are various decisions available to you. However nonetheless it's important to determine what knife will fit your need resembling Swiss Military Knives, jack knives, canoe, bar low, camper, lock-blade & multi-software.

the Mini-Fast Draw. Your cherished the purchase, however later they bargain assisted opening pocket knives evaluations Most cost-effective Assisted Opening Knives Damascus Online procedure in the USA America and each stage of care means peace. an assisted residing house, has the appears to be like, the blade and The knife additionally options aged members into a home out Do they provide opening system. Is whether or not or not you need of cognitive capacity may turn out to be so severe that the lot of time and persistence. A bedroom, Buying Assisted Opening Knives Massachusetts Compare Prices bathroom, pantry and It doesn’t legs, ankles and neck to name just some – and it does it very?

This movie star couple is close to a last settlement over how every little thing - together with the child/ren - is going to be divided in the divorce. Nevertheless, the spouse's authorized crew is having her hold one chip in her pocket for the divorce trial. If the husband's staff tries any last-minute maneuvering, the spouse will not be afraid to disclose an incident where she (along with their youngster/ren) caught her husband in bed with a household good friend of theirs. The friend is knowledgeable athlete. In case you have been questioning why the couples hardly ever get collectively for more than an hour and a photo op - this is the reason."

Frankly talking, there isn't a critical fault and nothing to gripe about on the subject of the knife itself. It's the whole lot you count on for Ka-Bar and more based mostly on shopper evaluations. However what’s the deal with the nylon sheath? Granted, it’s free and easy to replace but it actually appears Hunting knives made in usa hideous. Consumer Reviews General, the author offers the Ka-Bar a ranking of four.5 out of 5. It could have been an ideal rating. Nevertheless, the author really has one in all these knives and he gets chided by mates that his real Ka-Bar is imitation as a result of it’s stamped “made in Taiwan.” That warrants the5 deduction within the rating.