Finance is the study of how investors allocate their assets over time under conditions of certainty and uncertainty. A key point in finance, which affects decisions, is the time value of money, which states that a unit of currency today is worth more than a unit of currency tomorrow. Finance measures the risks vs. profits and gives an indication of whether the investment is good or not. Finance can be broken into three different sub categories: public finance, corporate finance and personal finance.

Areas of finance[link]

Personal finance[link]

Questions in personal finance revolve around

• How can people protect themselves against unforeseen personal events, as well as those in the external economy?
• How can family assets best be transferred across generations (bequests and inheritance)?
• How does tax policy (tax subsidies or penalties) affect personal financial decisions?
• How does credit affect an individual's financial standing?
• How can one plan for a secure financial future in an environment of economic instability?

Personal financial decisions may involve paying for education, financing durable goods such as real estate and cars, buying insurance, e.g. health and property insurance, investing and saving for retirement.

Personal financial decisions may also involve paying for a loan, or debt obligations. The six key areas of personal financial planning, as suggested by the Financial Planning Standards Board, are:^[1]

1. Financial position: is concerned with understanding the personal resources available by examining net worth and household cash flow. Net worth is a person's balance sheet, calculated by adding up all assets under that person's control, minus all liabilities of the household, at one point in time. Household cash flow totals up all the expected sources of income within a year, minus all expected expenses within the same year. From this analysis, the financial planner can determine to what degree and in what time the personal goals can be accomplished.
2. Adequate protection: the analysis of how to protect a household from unforeseen risks. These risks can be divided into liability, property, death, disability, health and long term care. Some of these risks may be self-insurable, while most will require the purchase of an insurance contract. Determining how much insurance to get, at the most cost effective terms requires knowledge of the market for personal insurance. Business owners, professionals, athletes and entertainers require specialized insurance professionals to adequately protect themselves. Since insurance also enjoys some tax benefits, utilizing insurance investment products may be a critical piece of the overall investment planning.
3. Tax planning: typically the income tax is the single largest expense in a household. Managing taxes is not a question of if you will pay taxes, but when and how much. Government gives many incentives in the form of tax deductions and credits, which can be used to reduce the lifetime tax burden. Most modern governments use a progressive tax. Typically, as one's income grows, a higher marginal rate of tax must be paid.^{[citation needed]} Understanding how to take advantage of the myriad tax breaks when planning one's personal finances can make a significant impact.
4. Investment and accumulation goals: planning how to accumulate enough money for large purchases, and life events is what most people consider to be financial planning. Major reasons to accumulate assets include, purchasing a house or car, starting a business, paying for education expenses, and saving for retirement.

   Achieving these goals requires projecting what they will cost, and when you need to withdraw funds. A major risk to the household in achieving their accumulation goal is the rate of price increases over time, or inflation. Using net present value calculators, the financial planner will suggest a combination of asset earmarking and regular savings to be invested in a variety of investments. In order to overcome the rate of inflation, the investment portfolio has to get a higher rate of return, which typically will subject the portfolio to a number of risks. Managing these portfolio risks is most often accomplished using asset allocation, which seeks to diversify investment risk and opportunity. This asset allocation will prescribe a percentage allocation to be invested in stocks, bonds, cash and alternative investments. The allocation should also take into consideration the personal risk profile of every investor, since risk attitudes vary from person to person.

5. Retirement planning is the process of understanding how much it costs to live at retirement, and coming up with a plan to distribute assets to meet any income shortfall. Methods for retirement plan include taking advantage of government allowed structures to manage tax liability including: individual (IRA) structures, or employer sponsored retirement plans.
6. Estate planning involves planning for the disposition of one's assets after death. Typically, there is a tax due to the state or federal government at your death. Avoiding these taxes means that more of your assets will be distributed to your heirs. You can leave your assets to family, friends or charitable groups.

Corporate finance[link]

Managerial or corporate finance is the task of providing the funds for a corporation's activities (for small business, this is referred to as SME finance). Corporate finance generally involves balancing risk and profitability, while attempting to maximize an entity's wealth and the value of its stock, and generically entails three interrelated decisions. In the first, "the investment decision", management must decide which "projects" (if any) to undertake. The discipline of capital budgeting is devoted to this question, and may employ standard business valuation techniques or even extend to real options valuation; see Financial modeling. The second, "the financing decision" relates to how these investments are to be funded: capital here is provided by shareholders, in the form of equity (privately or via an initial public offering), creditors, often in the form of bonds, and the firm's operations (cash flow). Short-term funding or working capital is mostly provided by banks extending a line of credit. The balance between these elements forms the company's capital structure. The third, "the dividend decision", requires management to determine whether any unappropriated profit is to be retained for future investment / operational requirements, or instead to be distributed to shareholders, and if so in what form. Short term financial management is often termed "working capital management", and relates to cash-, inventory- and debtors management. These areas often overlap with the firm's accounting function, however, financial accounting is more concerned with the reporting of historical financial information, while these financial decisions are directed toward the future of the firm.

Another business decision concerning finance is investment, or fund management. An investment is an acquisition of an asset in the hope that it will maintain or increase its value. In investment management – in choosing a portfolio – one has to decide what, how much and when to invest. To do this, a company must:

• Identify relevant objectives and constraints: institution or individual goals, time horizon, risk aversion and tax considerations;
• Identify the appropriate strategy: active versus passive hedging strategy
• Measure the portfolio performance

Financial management is duplicate with the financial function of the Accounting profession. However, financial accounting is more concerned with the reporting of historical financial information, while the financial decision is directed toward the future of the firm.

Financial risk management, an element of corporate finance, is the practice of creating and protecting economic value in a firm by using financial instruments to manage exposure to risk, particularly credit risk and market risk. (Other risk types include Foreign exchange, Shape, Volatility, Sector, Liquidity, Inflation risks, etc.) It focuses on when and how to hedge using financial instruments; in this sense it overlaps with financial engineering. Similar to general risk management, financial risk management requires identifying its sources, measuring it (see: Risk measure: Well known risk measures), and formulating plans to address these, and can be qualitative and quantitative. In the banking sector worldwide, the Basel Accords are generally adopted by internationally active banks for tracking, reporting and exposing operational, credit and market risks.

Financial services[link]

An entity whose income exceeds its expenditure can lend or invest the excess income. On the other hand, an entity whose income is less than its expenditure can raise capital by borrowing or selling equity claims, decreasing its expenses, or increasing its income. The lender can find a borrower, a financial intermediary such as a bank, or buy notes or bonds in the bond market. The lender receives interest, the borrower pays a higher interest than the lender receives, and the financial intermediary earns the difference for arranging the loan.

A bank aggregates the activities of many borrowers and lenders. A bank accepts deposits from lenders, on which it pays interest. The bank then lends these deposits to borrowers. Banks allow borrowers and lenders, of different sizes, to coordinate their activity.

Finance is used by individuals (personal finance), by governments (public finance), by businesses (corporate finance) and by a wide variety of other organizations, including schools and non-profit organizations. In general, the goals of each of the above activities are achieved through the use of appropriate financial instruments and methodologies, with consideration to their institutional setting.

Finance is one of the most important aspects of business management and includes decisions related to the use and acquisition of funds for the enterprise.

In corporate finance, a company's capital structure is the total mix of financing methods it uses to raise funds. One method is debt financing, which includes bank loans and bond sales. Another method is equity financing - the sale of stock by a company to investors, the original shareholders of a share. Ownership of a share gives the shareholder certain contractual rights and powers, which typically include the right to receive declared dividends and to vote the proxy on important matters (e.g., board elections). The owners of both bonds and stock, may be institutional investors - financial institutions such as investment banks and pension funds — or private individuals, called private investors or retail investors.

Public finance[link]

Public finance describes finance as related to sovereign states and sub-national entities (states/provinces, counties, municipalities, etc.) and related public entities (e.g. school districts) or agencies. It is concerned with:

• Identification of required expenditure of a public sector entity
• Source(s) of that entity's revenue
• The budgeting process
• Debt issuance (municipal bonds) for public works projects

Central banks, such as the Federal Reserve System banks in the United States and Bank of England in the United Kingdom, are strong players in public finance, acting as lenders of last resort as well as strong influences on monetary and credit conditions in the economy.^[2]

Capital[link]

Capital, in the financial sense, is the money that gives the business the power to buy goods to be used in the production of other goods or the offering of a service. (The capital has two types of resources Equity and Debt)

The deployment of capital is decided by the budget. This may include the objective of business, targets set, and results in financial terms, e.g., the target set for sale, resulting cost, growth, required investment to achieve the planned sales, and financing source for the investment.

A budget may be long term or short term. Long term budgets have a time horizon of 5–10 years giving a vision to the company; short term is an annual budget which is drawn to control and operate in that particular year.

Budgets will include proposed fixed asset requirements and how these expenditures will be financed. Capital budgets are often adjusted annually and should be part of a longer-term Capital Improvements Plan.

A cash budget is also required. The working capital requirements of a business are monitored at all times to ensure that there are sufficient funds available to meet short-term expenses.

The cash budget is basically a detailed plan that shows all expected sources and uses of cash. The cash budget has the following six main sections:

1. Beginning Cash Balance - contains the last period's closing cash balance.
2. Cash collections - includes all expected cash receipts (all sources of cash for the period considered, mainly sales)
3. Cash disbursements - lists all planned cash outflows for the period, excluding interest payments on short-term loans, which appear in the financing section. All expenses that do not affect cash flow are excluded from this list (e.g. depreciation, amortization, etc.)
4. Cash excess or deficiency - a function of the cash needs and cash available. Cash needs are determined by the total cash disbursements plus the minimum cash balance required by company policy. If total cash available is less than cash needs, a deficiency exists.
5. Financing - discloses the planned borrowings and repayments, including interest.
6. Ending Cash balance - simply reveals the planned ending cash balance.

Financial theory[link]

Financial economics[link]

Financial economics is the branch of economics studying the interrelation of financial variables, such as prices, interest rates and shares, as opposed to those concerning the real economy. Financial economics concentrates on influences of real economic variables on financial ones, in contrast to pure finance. It centres on decision making under uncertainty in the context of the financial markets, and the resultant economic and financial models. It essentially explores how rational investors would apply decision theory to the problem of investment. Here, the twin assumptions of rationality and market efficiency lead to modern portfolio theory (the CAPM), and to the Black Scholes theory for option valuation; it further studies phenomena and models where these assumptions do not hold, or are extended. "Financial economics", at least formally, also considers investment under "certainty" (Fisher separation theorem, "theory of investment value", Modigliani-Miller theorem) and hence also contributes to corporate finance theory. Financial Econometrics is the branch of Financial Economics that uses econometric techniques to parameterize the relationships suggested.

Although closely related, the disciplines of economics and finance are distinctive. The “economy” is a social institution that organizes a society’s production, distribution, and consumption of goods and services,” all of which must be financed.

Economists make a number of abstract assumptions for purposes of their analyses and predictions. They generally regard financial markets that function for the financial system as an efficient mechanism. Instead, financial markets are subject to human error and emotion.^[3] New research discloses the mischaracterization of investment safety and measures of financial products and markets so complex that their effects, especially under conditions of uncertainty, are impossible to predict. The study of finance is subsumed under economics as financial economics, but the scope, speed, power relations and practices of the financial system can uplift or cripple whole economies and the well-being of households, businesses and governing bodies within them—sometimes in a single day.

Financial mathematics[link]

Financial mathematics is a field of applied mathematics, concerned with financial markets. The subject has a close relationship with the discipline of financial economics, which is concerned with much of the underlying theory. Generally, mathematical finance will derive, and extend, the mathematical or numerical models suggested by financial economics. In terms of practice, mathematical finance also overlaps heavily with the field of computational finance (also known as financial engineering). Arguably, these are largely synonymous, although the latter focuses on application, while the former focuses on modeling and derivation (see: Quantitative analyst). The field is largely focused on the modelling of derivatives, although other important subfields include insurance mathematics and quantitative portfolio problems. See Outline of finance: Mathematical tools; Outline of finance: Derivatives pricing.

Experimental finance[link]

Experimental finance aims to establish different market settings and environments to observe experimentally and provide a lens through which science can analyze agents' behavior and the resulting characteristics of trading flows, information diffusion and aggregation, price setting mechanisms, and returns processes. Researchers in experimental finance can study to what extent existing financial economics theory makes valid predictions, and attempt to discover new principles on which such theory can be extended. Research may proceed by conducting trading simulations or by establishing and studying the behaviour of people in artificial competitive market-like settings.

Behavioral finance[link]

Behavioral Finance studies how the psychology of investors or managers affects financial decisions and markets. Behavioral finance has grown over the last few decades to become central to finance.

Behavioral finance includes such topics as:

1. Empirical studies that demonstrate significant deviations from classical theories.
2. Models of how psychology affects trading and prices
3. Forecasting based on these methods.
4. Studies of experimental asset markets and use of models to forecast experiments.

A strand of behavioral finance has been dubbed Quantitative Behavioral Finance, which uses mathematical and statistical methodology to understand behavioral biases in conjunction with valuation. Some of this endeavor has been led by Gunduz Caginalp (Professor of Mathematics and Editor of Journal of Behavioral Finance during 2001-2004) and collaborators including Vernon Smith (2002 Nobel Laureate in Economics), David Porter, Don Balenovich, Vladimira Ilieva, Ahmet Duran). Studies by Jeff Madura, Ray Sturm and others have demonstrated significant behavioral effects in stocks and exchange traded funds. Among other topics, quantitative behavioral finance studies behavioral effects together with the non-classical assumption of the finiteness of assets.

Intangible asset finance[link]

Intangible asset finance is the area of finance that deals with intangible assets such as patents, trademarks, goodwill, reputation, etc.

Professional qualifications[link]

There are several related professional qualifications, that can lead to the field:

• Generalist Finance qualifications:
  • Degrees: Masters degree in Finance (MSF), Master of Financial Economics, Master of Finance & Control (MFC), Master Financial Manager (MFM), Master of Financial Administration (MFA)
  • Certifications: Chartered Financial Analyst (CFA), Certified Treasury Professional (CTP), Certified Valuation Analyst (CVA), Certified International Investment Analyst (CIIA), Financial Risk Manager (FRM), Association of Corporate Treasurers (ACT), Certified Market Analyst (CMA/FAD) Dual Designation, Corporate Finance Qualification (CF), Chartered Alternative Investment Analyst (CAIA)
• Quantitative Finance qualifications: Master of Financial Engineering (MSFE), Master of Quantitative Finance (MQF), Master of Computational Finance (MCF), Master of Financial Mathematics (MFM), Certificate in Quantitative Finance (CQF).
• Accountancy qualifications:
  • Qualified accountant: Chartered Accountant (ACA - UK certification / CA - certification in Commonwealth countries), Chartered Certified Accountant (ACCA, UK certification), Certified Public Accountant (CPA, US certification), ACMA/FCMA ( Associate/Fellow Chartered Management Accountant) from Chartered Institute of Management Accountant(CIMA), UK.
  • Non-statutory qualifications: Chartered Cost Accountant CCA Designation from AAFM
• Business qualifications: Master of Business Administration (MBA), Master of Management (MM), Master of Commerce (M.Comm), Master of Science in Management (MSM), Doctor of Business Administration (DBA)

See also[link]

• Outline of finance
• Financial crisis of 2007–2010

	Book: Finance
Wikipedia books are collections of articles that can be downloaded or ordered in print.

References[link]

External links[link]

Look up finance in Wiktionary, the free dictionary.

Wikiversity has learning materials about Finance

Wikisource has the text of the 1921 Collier's Encyclopedia article Finance.

• OECD work on financial markets Observation of UK Finance Market
• Wharton Finance Knowledge Project - aimed to offer free access to finance knowledge for students, teachers, and self-learners.
• Professor Aswath Damodaran (New York University Stern School of Business) - provides resources covering three areas in finance: corporate finance, valuation and investment management and syndicate finance.

This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (March 2007)

The Crisis

First Issue of The Crisis: A Record of the Darker Races, November 1910. New York: NAACP, 1910
Editor	W.E.B. Du Bois
Staff writers	Oswald Garrison Villard, J. Max Barber, Charles Edward Russell, Kelly Miller, W.S. Braithwaite, M. D. Maclean
Monthly[1]
Publisher	NAACP
First issue	November 1910 (1910-November)
Company	The Crisis Publishing Company
Country	United States
Based in	New York, NY
Language	English
Website	www.thecrisismagazine.com
ISSN	1559-1573

The Crisis is the official magazine of the National Association for the Advancement of Colored People (NAACP), and was founded in 1910 by W. E. B. Du Bois (editor), Oswald Garrison Villard, J. Max Barber, Charles Edward Russell, Kelly Miller, W.S. Braithwaite, M. D. Maclean.^[2]

The original title of the journal was The Crisis: A Record of The Darker Races. From 1997 to 2003, it appeared as The New Crisis: The Magazine of Opportunities and Ideas, but the title has since reverted to The Crisis. The title derives from the poem "The Present Crisis" by James Russell Lowell.^[1] Published monthly, by 1920 its circulation had reached 100,000 copies. Du Bois proclaimed his intentions in his first editorial:

The object of this publication is to set forth those facts and arguments which show the danger of race prejudice, particularly as manifested today toward colored people. It takes its name from the fact that the editors believe that this is a critical time in the history of the advancement of men. …Finally, its editorial page will stand for the rights of men, irrespective of color or race, for the highest ideals of American democracy, and for reasonable but earnest and persistent attempts to gain these rights and realize these ideals.^[3]

Predominantly a current-affairs journal, The Crisis also included poems, reviews, and essays on culture and history. Du Bois' initial position as editor was in line with the NAACP's liberal programme of social reform and racial equality, but by the 1930s Du Bois was advocating a form of black separatism. This led to disputes between Du Bois and the NAACP resulting in his resignation as editor in 1934. He was replaced by Roy Wilkins.

Although The Crisis was officially an organ of the NAACP, Du Bois had a large degree of control over the periodicals expressed opinion. Du Bois wrote in Dusk of Dawn that he intended for The Crisis to represent his personal opinions:

I determine to make the opinion of the Crisis a personal opinion; because, as I argued, no organization can express definite and clear cut opinions… the Crisis would state openly the opinion of its editor, so long, of course, as that opinion was in general agreement with that of the organization.

Du Bois contends that the periodical suffered during the Great Depression as the "circulation dropped steadily until by 1933 it was scarcely more than ten thousand paid subscriptions." Du Bois left the magazine for both financial and ideological reasons.

Throughout the Du Bois years The Crisis published the work of many young African American writers associated with the Harlem Renaissance. Its greatest era as a literary journal was between 1919 and 1926, when Jessie Redmon Fauset was literary editor. Fauset encouraged such writers as Arna Bontemps, Langston Hughes, Countee Cullen and Jean Toomer.

Following the departure of Fauset and Du Bois, the influence of The Crisis declined. The magazine was unable to sustain the high literary standards it had achieved under Fauset, but it continued to have a powerful political voice.

References[link]

A 1911 copy of The Crisis depicting "Ra-Maat-Neb, one of the black kings of the Upper Nile", a copy of the relief of Nebmaatre I on Meroe pyramid 17.

Du Bois, WEB (1940), Dusk of Dawn, Library of America, ISBN [[Special:BookSources/97809400450332|97809400450332]] .

Partington, Paul, The Moon Illustrated Weekly: Black America's First Weekly Magazine, ISBN 978-0-9602538-2-1 .

External links[link]

• The Crisis, http://www.thecrisismagazine.com/ .
• History, NAACP, http://www.naacp.org/about/history/ .
• The Crisis, Footnote, January 1918, http://www.footnote.com/browsemore/179488128_Boom%20and%20Bust:%201920-1935/ .
• The Crisis, Books, Google, http://www.google.com/search?tbs=bks%3A1&tbo=1&q=The+Crisis+Magazine&btnG=Search+Books#q=The+Crisis+Magazine&hl=en&tbo=1&tbs=bks:1,bkt:m&source=lnt&sa=X&ei=TrrMTILMLJG4sQPMn9CPDg&ved=0CBMQpwU&fp=fd2e97bdff999388 .
• The Crisis, 1, 10–23, The Modernist Journals Project, Nov. 1910 – Apr. 1911, May 1915 – Apr. 1922, http://www.modjourn.org/render.php?view=mjp_object&id=crisiscollection .

James Howard Kunstler
James Howard Kunstler in December, 2007
Born	(1948-10-19) October 19, 1948 (age 63) New York, United States
Occupation	Author, social critic, blogger
Nationality	American
Influenced By Current Events
www.kunstler.com

James Howard Kunstler (born on October 19, 1954, New York City, New York) is an American author, social critic, public speaker, and blogger. He is best known for his books The Geography of Nowhere (1994), a history of American suburbia and urban development, and the more recent The Long Emergency (2005), where he argues that declining oil production is likely to result in the end of industrialized society as we know it and force Americans to live in smaller-scale, localized, agrarian (or semi-agrarian) communities. He has written a series of science fiction novels conjecturing such a culture in the future, starting with World Made by Hand in 2008. He also gives lectures on topics related to suburbia, urban development, and the challenges of what he calls "the global oil predicament" and a resultant change in the “American Way of Life.” He is also a leading supporter of the movement known as "New Urbanism."

Background[link]

Kunstler was born in New York City to Jewish parents,^[1] who divorced when he was eight.^[2] His family then moved to the suburbs in Long Island. His father was a middleman in the diamond trade.^[1] Kunstler spent most of his childhood with his mother and stepfather, a publicist for Broadway shows.^[1] While spending summers at a boys' camp in New Hampshire, he became acquainted with the small town ethos that would later permeate many of his works. In 1966 he graduated from New York City's High School of Music & Art, and attended the State University of New York at Brockport, where he majored in Theater.

He has lectured at Harvard, Yale, Columbia, Dartmouth, Cornell, MIT, RPI, the University of Virginia and many other colleges, and he has appeared before many professional organizations such as the AIA , the APA., and the National Trust for Historic Preservation.

After college, Kunstler worked as a reporter and feature writer for a number of newspapers, and finally as a staff writer for Rolling Stone. In 1975, he began writing books and lecturing full-time. He lives in Saratoga Springs, upsate New York and was formerly married to the children's author Jennifer Armstrong.

Writing[link]

Over the course of the first 14 years of his writing career (1979–1993) Kunstler wrote seven novels.

Since the mid-1990s, he has written four non-fiction books about suburban development and diminishing global oil supplies. According to the Columbia Journalism Review, his first work on the subject, The Geography of Nowhere, discussed the effects of "cartoon architecture, junked cities, and a ravaged countryside", as he put it.^[3] Described as a jeremiad by The Washington Post, Kunstler is critic of suburbia and urban development trends throughout the United States, and is a proponent of the New Urbanism movement. According to Scott Carlson, reporter for The Chronicle of Higher Education, Kunstler's books on the subject have become "standard reading in architecture and urban planning courses".^[4]

He describes America as a poorly planned and "tragic landscape of highway strips, parking lots, housing tracts, mega-malls, junked cities, and ravaged countryside that makes up the everyday environment where most Americans live and work."^[5] In a 2001 op-ed for Planetizen, he wrote that in the wake of 9/11 the "age of skyscrapers is at an end", that no new megatowers would be built, and that existing tall buildings are destined to be dismantled.^[6]

In his books that followed, such as Home From Nowhere, The City in Mind, and The Long Emergency (2005), he pushed hard on taboo topics like a post-oil America. James Howard Kunstler says he wrote The Geography of Nowhere, "Because I believe a lot of people share my feelings about the tragic landscape of highway strips, parking lots, housing tracts, mega-malls, junked cities, and ravaged countryside that makes up the everyday environment where most Americans live and work".(http://www.kunstler.com/bio.html) He was featured in the "peak oil" documentary, The End of Suburbia, widely circulated on the internet, as well as the Canadian documentary Radiant City (2006).

In his recent science fiction novel World Made by Hand (2008), he describes a future dependent on localized production and agriculture, with little reliance on imports. The Witch of Hebron, a sequel, was released in the autumn of 2010; two more sequels are under development.

In his writings and lectures, he makes a strong case that there is no other alternative energy source on the horizon that can replace relatively cheap oil. He therefore envisions a "low energy" world that will be radically different from today's. This has contributed to his becoming an outspoken advocate for one of his solutions, a more energy-efficient rail system, and writes "we have to get cracking on the revival of the railroad system if we expect to remain a united country."^[5][7]

Reactions and criticisms[link]

Bill Kauffman has called Kunstler the "scourge of suburbia," and a "slashingly witty Jeremiah."^[8] In a review of Kunstler's weekly audio podcast, the Columbia Journalism Review described he KunstlerCast as "a weekly podcast that offers some of the smartest, most honest urban commentary around—online or off."^[3] However, in critiquing The Long Emergency, journalist Chris Hayes claims that while Kunstler makes valid points about the consequences of peak oil, he undermines his credibility with rhetoric and perceived misanthropy;^[9] likewise, Kevin Drum, another peak oil theorist, considers Kunstler to be a "crank" who hurts his own cause with "crackpot arguments".^[10] Ezra Klein, writing for The American Prospect, notes that Kunstler lacks credentials as an oil expert, and claims that his work "definitely has a crazy-guy-on-Venice feel to it."^[11] Joseph Romm, a climate change expert and Senior Fellow at the Center for American Progress, has stated his belief that accelerating shifts toward renewable energy will maintain suburban lifestyles and that, contrary to Kunstler's arguments, "suburbia won’t be destroyed by peak oil."^[12]

Charles Bensinger, co-founder of Renewable Energy Partners of New Mexico, describes Kunstler's views as "fashionably fear-mongering" and uninformed regarding the potential of renewable energy, biofuels, energy efficiency and smart-growth policies to eliminate the need for fossil fuels.^[13] Contrarily, Paul Salopek of The Chicago Tribune finds that, "Kunstler has plotted energy starvation to its logical extremes" and points to the US Department of Energy Hirsch report as drawing similar conclusions.^[14] David Ehrenfeld, writing for American Scientist, sees Kunstler delivering a "powerful integration of science, technology, economics, finance, international politics and social change" with a "lengthy discussion of the alternatives to cheap oil."^[15]

In May 2008 oil reached $132 a barrel, lending credence to Kunstler's warnings about high energy prices.^[16] Kunstler commented on the price surge, saying "I'm not cheerleading for doom, you understand... merely asserting that we have a problem in the USA. Our behavior and our lifestyle are not consistent with reality. The markets are registering this for the moment."^[17]

Kunstler, who has no formal training in the fields in which he prognosticates,^[18] made similar dire predictions for Y2K as he makes for peak oil.^[19][20][21] Kunstler responds to this criticism by saying that a Y2K-related catastrophe was averted precisely because of the billions of dollars that were spent fixing the problem. As with programs to deal with acid rain and ozone depletion in the 1990s, a resoundingly successful, well-coordinated international response had the side effect of discrediting the very worst-case scenarios that inspired the efforts in the first place.^[22]

Kunstler has made several unsuccessful predictions regarding U.S. stock markets. In June 2005 and again in early 2006, Kunstler predicted that the Dow would crash to 4,000 by the end of the year.^[23][24] The Dow in fact reached a new peak of approximately 12,500 by the end of 2006. In his predictions for 2007, Kunstler admitted his mistake, ascribing the Dow's climb to "inertia combined with sheer luck".^[25] In January 2009, Kunstler again repeated with Dow 4000 prediction. The Dow, in fact, ended 2009 at more than twice that value.^[26]

The Albany Times Union reviewed World Made by Hand, opening with, "James Howard Kunstler is fiddling his way to the apocalypse, one jig at a time."^[27] The reviewer calls it "a grim scenario" with "an upside" or two.^[27]

Reihan Salam says James Howard Kunstler is very much a man of his time — a crankish autodidact with a deep and abiding distaste for all things newfangled, who also happens to be a blogger, and a very entertaining one at that. If you've ever felt plagued by the profound stupidity of others, you'll find a kindred spirit in Mr. Kunstler, who is one of the most gifted "haters" you'll ever have the good fortune to read. Mr. Kunstler's ur-subject is what he considers the essential despicableness of a civilization built on the promise of abundant cheap energy, and the soullessness and vulgarity of the chintzy pseudo-affluence that comes with it. You get the sense Mr. Kunstler would feel this way regardless of the long-term viability of an oil-driven economy, but conveniently enough he at some point fell under the sway of a cultish fringe of the Peak Oil movement, a group that claims the world's oil is running out fast and that, as a result, the modern world is going to come crashing down around our heads.

Kunstler has faced strong criticism for his pro-Israeli stance in the debate over the Israeli–Palestinian conflict.^[28]

Quotations[link]

This article contains too many or too-lengthy quotations for an encyclopedic entry. Please help improve the article by editing it to take facts from excessively quoted material and rewrite them as sourced original prose. Consider transferring direct quotations to Wikiquote. (July 2010)

Energy

"...we are in danger not just of oil prices going way back up again, but of losing access to our supplies from the exporting countries. In other words, we're just as likely to face shortages as high prices, and soon. Oil shortages are certain to produce a political freak-out here unless we get our heads screwed on right..."^[29]

"the truth is that no combination of solar, wind, nuclear power, ethanol, biodiesel, tar sands and used French-fry oil will allow us to power ... the interstate highway system – or even a fraction of these things – in the future...our quandary: the American public's narrow focus on keeping all our cars running at any cost."^[30]

"... we'll have to figure out how to make things in this country again. We will not be manufacturing things at the scale, or in the manner, we were used to in, say, 1962. We'll have to do it far more modestly, using much more meager amounts of energy than we did in the past."^[29]

"The idea that we can become "energy independent" and maintain our current lifestyle is absurd."^[30]

"The second law of thermodynamics never rests."

Society

"...the American public is deathly afraid of the kind of changes we actually face – such as, the end of consumer culture, the gross loss of value in suburban real estate (which forms the bulk of the middle class's private wealth), the prospect of food and fuel scarcities, the need to re-localize our lives, the need to physically shape up to stop the costly and unnecessary drain on our medical resources, to grow more of our own food, to work harder at things that actually matter, and to save whatever we can for a difficult future."^[29]

"... we're not going back to a "consumer" economy. We're heading into a hard work economy in which people derive their pleasures and gratification more traditionally – mainly through the company of their fellow human beings..."^[29]

"Please stop referring to yourselves as consumers. "Consumers" are different than citizens. Consumers do not have obligations, responsibilities, and duties to their fellow human beings. And as long as you are using that word “consumer,” you will be degrading the quality of the public discussion as we go into the very difficult future that we face."^[31]

Food

"... we'll have to dramatically reorganize the everyday activities of American life. We'll have to grow our food closer to home, in a manner that will require more human attention. In fact, agriculture needs to return to the center of economic life."^[30]

Commerce

"... we're going to have to make things again, and raise things out of the earth, locally, and trade these things for money of some kind that we earn through our own productive activities."^[29]

"We'll have to restore local economic networks – the very networks that the big-box stores systematically destroyed – made of fine-grained layers of wholesalers, middlemen and retailers."^[30]

Transportation

"...we have to move away from the private automobile and commercial trucking, and the airline industry is certain to contract dramatically. When are we going to start the discussion about rebuilding a US public transit system that was once the envy of the world? It no longer matters how much Americans love their cars, or even how much investment we've made in car infrastructure."^[29]

"Fixing the U.S. passenger railroad system is probably the one project we could undertake right away that would have the greatest impact on the country's oil consumption."^[30]

"California (and every other region of America) would benefit much more from normal-speed trains running every hour on the hour on tracks that already exist than from a mega-expensive, grandiose sci-fi program that might not get built for ten years. The dregs of the Big Three automakers can and should be reorganized to produce the rolling stock for a revived railroad system."^[29]

"The motoring era is coming to an end. Heroic investments in highway infrastructure to create jobs will be a tragic waste of our dwindling capital."^[29]

"[Economic] Stimulus aimed at perpetuating mass motoring will be a tragic waste of our dwindling resources. We'd be better off aiming it at fixing the railroads (especially electrifying them), refitting our harbors with piers and warehouses in preparation to move more stuff by boats, and in repairing the electric grid."^[29]

"The airline industry is disintegrating under the enormous pressure of fuel costs. Airlines cannot fire any more employees and have already offloaded their pension obligations and outsourced their repairs. At least five small airlines have filed for bankruptcy protection in the past two months. If we don't get the passenger trains running again, Americans will be going nowhere five years from now."^[30]

"One other implication of this is the necessity to use our waterways for moving things and people again. Has anybody noticed, for instance, that the once-bustling New York Harbor, possibly the biggest and best sheltered deepwater harbor in the world, has next-to-zero operating docks left along its massive perimeter?"^[29] (In 2008, New York Harbor was the third busiest in the US out of 149, as measured by tons of cargo handled, with over 150,000,000.^[32])

Bibliography[link]

See also[link]

• Peak oil
• Psychology of previous investment
• Survivalism
• [1]

References[link]

External links[link]

• James Howard Kunstler home page
• Comment on current events by Jim Kunstler
• Interviews with the author
  • Chaos in the City. Architecture, Modernism and Peak Oil Production—James Howard Kunstler in Interview
  • James Howard Kunstler Interview in MungBeing Magazine
  • James Howard Kunstler interview in The Chronicle of Higher Education
  • Orion Magazine 5-part video interview
  • World Made By Hand interview, The Jeff Farias Show, NovaM Radio / 1480 KPHX
• TED Talks: James Howard Kunstler dissects suburbia at TED in 2004

v t e Peak oil Core issues Peak oil Mitigation of peak oil Predicting the timing of peak oil Hubbert peak theory Olduvai theory Results/responses Hirsch report Rimini protocol Price of petroleum 2000s energy crisis Energy crisis Export Land Model Food vs. fuel Oil reserves Pickens Plan Simple living Swing producer Transition Towns People Albert Bartlett Colin J. Campbell David Goodstein John Michael Greer Richard Heinberg M. King Hubbert James Kunstler Jeremy Leggett Dale Allen Pfeiffer Richard Rainwater Matthew Simmons Richard C. Duncan Kenneth S. Deffeyes Books The End of Oil The Long Emergency Out of Gas The Party's Over Power Down Beyond Oil Films A Crude Awakening Collapse The End of Suburbia Oil Factor PetroApocalypse Now? How Cuba Survived Peak Oil What a Way to Go Gashole Organizations ASPO The Oil Drum Energy Watch Group ODAC OPEC OAPEC IEA Post Carbon Institute Other "peaks" Peak car Peak coal Peak copper Peak phosphorus Peak gas Peak uranium Peak water Peak wheat Peak wood

Jan Kees de Jager
Minister of Finance
Incumbent
Assumed office February 23, 2010
Prime Minister	Jan Peter Balkenende (2010) Mark Rutte (since 2010)
Preceded by	Wouter Bos
Member of the House of Representatives
In office June 17, 2010 – October 14, 2010
State Secretary for Finance
In office February 22, 2007 – February 23, 2010
Prime Minister	Jan Peter Balkenende
Preceded by	Joop Wijn
Succeeded by	Frans Weekers
Personal details
Born	Jan Cornelis de Jager (1969-02-10) February 10, 1969 (age 43) Kapelle, Netherlands
Nationality	Dutch
Political party	Christian Democratic Appeal
Residence	Rotterdam, Netherlands
Alma mater	Nyenrode Business University (BBA) Erasmus University Rotterdam (MSc, LL.M.)
Occupation	Politician Entrepreneur
Religion	Reformed Protestant
Website	Ministry of Finance

Jan Cornelis "Jan Kees" de Jager (born February 10, 1969) is a Dutch politician of the Christian Democratic Appeal (CDA). He is the Minister of Finance since February 23, 2010 in the Cabinet Rutte and in the Cabinet Balkenende IV.

He previously served as State Secretary for Finance from February 22, 2007 until February 23, 2010 in the Cabinet Balkenende IV and a Member of the House of Representatives from June 17, 2010 till October 14, 2010.

Biography[link]

Early life[link]

De Jager studied at the Nyenrode Business University where he received his BBA degree in 1990. Subsequently, he studied at the Erasmus University Rotterdam where he obtained an MSc degree in Economic sociology and Business economics in 1994. He also obtained an LL.M. degree at the same university in 1996.

In 1992, while still at university, De Jager founded IT company Spectra Vision. All business activities were handed over to ISM eCompany (Innovative Solutions in Media) in 1997, the company of which De Jager was CEO until his appointment to the cabinet on February 22, 2010.

Besides his work as managing partner of the Rotterdam internet ISM eCompany (which he co-founded in 1992), De Jager is socially involved in different activities. He was a member of the executive board of the Christian Democratic Appeal and organizations of various social and economic issues. For his contribution to the success of the company he worked and his efforts in various ICT and innovative ancillary, De Jager received the ICT Personality 2006 Award of interbranch ICT ~ Office.

Politics[link]

State Secretary for Finance[link]

Jan Kees de Jager at the 2008 G-20 Washington summit.

Jan Kees de Jager and author Harry Mulisch in 2010.

Jan Kees de Jager and Queen Beatrix of the Netherlands in 2011.

De Jager was from February 22, 2007 State Secretary for Finance in the Cabinet Balkenende IV. His portfolio was Fiscal Affairs, before his appointment Nova a late-evening current affairs programme made the news headlines when they found out that a company where De Jager was a shareholder that this company Codim appeared to have a delay in the payment of pension premiums to an insurance company. A real riot didn't happen; the premiums were still paid and De Jager was not a director of Codim when the gap was observed. He was director of Codim However, in the first half of 2006, a period in which the conscious premiums were not paid. In response to these reports; in Nova and the de Volkskrant, De Jager requested an investigation. The committee headed by Amandus Lundqvist reported its findings on June 28, 2007. There were "defects and teething problems" such as those in organizations may be present but not severe.

De Jager gave to his inauguration to want to specifically focus on the promotion of (innovative) entrepreneurship, greening the tax system and simplify the tax. In the two tax plans that De Jager presented to date, these themes still come back. According to De Jager social costs arising from environmental pollution in market prices should be reflected. This can be through taxes. The first tax plan that De Jager presented (Budget 2007) contained a lot of measures aimed at greening, such as the lower addition of 14% for highly efficient company cars, and the CO2 surcharge for very inefficient cars (slurptax). In steps the basis of the purchase tax on cars converted from list price to CO2 emissions. De Jager owered the tax burden in the corporate tax. The SME profit exemption and deduction starters were increased. De Jager has announced the SME profit exemption would further increase and the hours criterion for the SME profit exemption want to buy. This measure would also part-time and hybrid merchants have access to a portion of the business facilities. By increasing the limit on the quarterly return Tax entrepreneurs need to do less sales tax. The first-day notifications were abolished. De Jager has announced further significant simplifications to make the corporate tax, inheritance tax and the payroll tax. De Jager has made proposals for revision of the inheritance tax. The tariffs are reduced, exemptions for spouses and children go up and structures to circumvent the law to be addressed.

De Jager took (due to the sudden death of the father of Prime Minister Jan Peter Balkenende) unexpected part in the 2008 G-20 Washington summit on financial crisis in Washington on 15 and 16 november 2008. De Jager would actually participate as acting Minister of Finance in the program of the Finance ministers. After consultation with the White House was decided that De Jager (currently the highest representative of the government in Washington) could participate in the summit as head of government. De Jager advocated by the Dutch contribution to the need to improve monitoring in a more prominent role of the IMF and World Bank, countering perverse incentives such as bonuses based solely on short-term profits, and the need for global free trade

Minister of Finance[link]

On February 23, 2010 following the resignation of Wouter Bos, and with him all the Labour Party members from the Cabinet Balkenende IV, De Jager became Minister of Finance. He worked on the 2011 budget and on October 14, 2010 De Jager remaind as minister in the Cabinet Rutte; with Frans Weekers as State Secretary. On February 26, 2012 former Minister of Finance Onno Ruding, told in the program Eva Jinek on Sunday to have regular contact with De Jager on specific topics.

Personal[link]

In an interview with Dutch morning newspaper De Telegraaf, De Jager said that he is in a relationship with a man.^[1]

References[link]

External links[link]

• (Dutch) Mr.Drs. J.C. (Jan Kees) de Jager (Parlement & Politiek)

Wikimedia Commons has media related to: Jan Kees de Jager

Akshay Kumar
Akshay Kumar in 2009
Born	Rajiv Hari Om Bhatia (1967-09-09) 9 September 1967 (age 44) Amritsar, Punjab, India
Occupation	actor, producer, presenter
Years active	1991–present
Spouse	Twinkle Khanna (2001–present)

Akshay Kumar (born Rajiv Hari Om Bhatia^[1] on 9 September 1967^[1]) is an Indian film actor, producer, comedian and martial artist who has appeared in over a hundred Hindi films. He has nominated for Filmfare Award several times and won two times. When he began his acting career in the 1990s, he primarily starred in action films and was particularly known for his appearances in feature films commonly called the "Khiladi series", which included Khiladi (1992), Main Khiladi Tu Anari (1994), Sabse Bada Khiladi (1995), Khiladiyon Ka Khiladi (1996), Mr. and Mrs. Khiladi (1997), International Khiladi (1999), and Khiladi 420 (2000), as well as other action films such as Waqt Hamara Hai (1993), Mohra (1994), Elaan (1994) and Suhaag (1994).^[2]

Later he also gained fame for his drama, romance and comic roles.^[3] He started becoming known for his performances in romance films like Yeh Dillagi (1994) and Dhadkan (2000) as well as drama films such as Ek Rishtaa (2001). His comic performances in comedy films such as Hera Pheri (2000), Mujhse Shaadi Karogi (2004), and Garam Masala (2005) met with acclaim. His success further rose in 2007, when he starred in four consecutive commercial hits. He has thus established himself as one of the leading actors in Hindi cinema.

Apart from acting, Kumar worked as a stunt actor; he often performed many dangerous stunts in his films,^[4] which earned him a reputation as the "Indian Jackie Chan".^[2] 2008 marked his television debut as the host of the show Fear Factor – Khatron Ke Khiladi. In 2009, Kumar founded the Hari Om Entertainment production company.^[5] In 2008, the University of Windsor conferred an Honorary Doctorate of Law on Kumar in recognition of his contribution to Indian cinema. The following year he was awarded the Padma Shri by the Government of India. In 2011 Asian Film Awards honored Kumar for his outstanding achievement in Cinema.^[3]

Early life[link]

Akshay Kumar was born in Amritsar, Punjab.^[1] His father was an army officer. His mother's name is Aruna Bhatia. From a very young age, he was recognised as a performer, particularly as a dancer. Kumar was raised in Delhi's Chandni Chowk neighbourhood before moving to Mumbai.^[6] In Mumbai, he lived in Koliwada, which was another Punjabi dominated area.^[6] He studied at Don Bosco School and then Guru Nanak Khalsa College (King's Circle), where he participated in sports with Janpal Singh.^[6]

After having obtained a black belt in Taekwondo while in India,^[7] he studied martial arts in Bangkok, Thailand,^[6] where he learned Muay Thai^[7] and worked as a chef^[6] and waiter.^[7] He then came back to Mumbai, where he started teaching martial arts. One of his students happened to be a photographer and recommended him to do modelling. The student gave him a modelling assignment for a small company. For his two hours posing in front of the camera, Kumar got Rs. 5,000, compared to his previous monthly salary of Rs. 4,000. That was one of the main reasons why he chose to be a model. After a couple of months of modelling, Kumar was offered a lead role by producer Pramod Chakravarthy for the movie Deedar.^[6]

Career[link]

1990s[link]

Kumar made his Bollywood acting debut with the 1991 film Saugandh, which was followed by the 1992 thriller film Khiladi. In 1994, his action films Main Khiladi Tu Anari and Mohra were among the highest grossing films of the year.^[8] Later that year, Yash Chopra signed him for the romantic film Yeh Dillagi which was also a success.^[8] He received appreciation for his performance in this film, where he played a romantic role which was different compared to his action roles. He would consequently receive his first nominations for Best Actor award at the Filmfare and Star Screen ceremonies. During the same year, Kumar also had success with films like Suhaag and the low budget action film Elaan. All these achievements, promoted Kumar as one of the most successful actors of the year.^[9]

In 1995, along with his share of unsuccessful movies, he starred in the third film in his Khiladi series Sabse Bada Khiladi, which was a hit.^[10] He proved to have success with the Khiladi series, as in the next year he starred in the fourth successful film with Khiladi in the title, Khiladiyon Ka Khiladi opposite Rekha and Raveena Tandon. The film became one of the highest grossing films of the year.^[11]

In 1997, Kumar was seen in a supporting role in Yash Chopra's hit film Dil To Pagal Hai, co-starring Shahrukh Khan, Madhuri Dixit and Karisma Kapoor, for which he received a Filmfare Best Supporting Actor Award nomination. In the same year, he attempted a comedy role with the fifth film in the Khiladi series, Mr and Mrs Khiladi. Unlike his previous films with Khiladi in the title, the film failed commercially.^[12] In the same way as this film, his next Khiladi releases in the following years went on to fail at the box office. In 1999, Kumar received critical acclaim for his roles in the films Sangharsh and Jaanwar. Whilst the former did not make a profit at the box office, the latter turned out to be a success.^[13]

2000s[link]

Kumar on the sets of Heyy Babyy

In 2000, he starred in the comedy Hera Pheri (2000) which was a commercial success.^[14] He also starred in the romantic film Dhadkan later that same year which performed moderately at the box office.^[14] That same year, he performed some of his most dangerous stunts in Khiladi 420, where he climbed a running plane, stood on top of the plane flying a thousand feet in the air, and jumped from the plane onto a hot air balloon.^[4] In a later scene, he is also seen being chased by a car, dodging bullets, jumping off buildings, and climbing walls.^[15] In 2001, Kumar played a negative role in the film Ajnabee. The film won him much acclaim as well as his first Filmfare Award for Best Villain.^[1] Kumar played a role as role as a blind man in Aankhen.

Following Hera Pheri, Kumar starred in a number of comedy films, including Awara Paagal Deewana (2002) and Mujhse Shaadi Karogi (2004).^[16] and Garam Masala (2005). The films succeeded at the box office^[17][18] and his performance in the latter earned him his second Filmfare Award, for Best Comedian.^[1] Apart from his action, comedy and romantic roles, Kumar displayed a flair for dramatic roles in films such as Ek Rishtaa (2001), Aankhen (2002), Bewafaa (2005) and Waqt: The Race Against Time (2005).^[1] n

In 2004 he starred in Rajkumar Santoshi's Khakee alongside Amitabh Bachchan, Ajay Devgn and Aishwarya Rai. In 2006 he starred in a sequel to Hera Pheri titled Phir Hera Pheri. As was the former, the sequel became a huge success at the box office.^[19] Later that year he starred alongside Salman Khan in the romantic musical Jaan-E-Mann. The film was a well anticipated release, and despite receiving positive reviews from critics, did not do as well as expected at the box office.^[19] Though the film under-performed, his role as a shy, lovable nerd was praised.^[20] He ended the year with the comedy Bhagam Bhag, which was a success.^[19] In that same year, he led the Heat 2006 world tour along with fellow stars Saif Ali Khan, Preity Zinta, Sushmita Sen and Celina Jaitley.^[21]

2007 proved to be Kumar's most successful year during his career in the industry, and as described by box office analysts, "probably the best ever recorded by an actor, with four outright hits and no flops."^[22] His first release, Namastey London, was critically and commercially successful, and his performance earned him a Best Actor nomination at the Filmfare. Critic Taran Adarsh wrote of his performance in the film, "he's sure to win the hearts of millions of moviegoers with a terrific portrayal in this film."^[23] His next two releases, Heyy Babyy and Bhool Bhulaiyaa, were box office successes as well.^[24][25] Kumar's last release of the year, Welcome, did extremely well at the box office, receiving a blockbuster status and simultaneously becoming his fifth successive hit.^[26] All of Kumar's films which released that year did well in the overseas market as well.^[27]

Kumar's first film of 2008, Tashan, marked his comeback to the Yash Raj Films banner after 11 years. Although much anticipated by the public,^[28] the film was a critical and commercial failure. His second film, Singh Is Kinng was a huge success at the box office and broke the first-week worldwide record of Om Shanti Om, the previous highest figure.^[29] His next film was the animated film Jumbo. The year also saw Kumar making his small screen debut as the host of the successful show Fear Factor – Khatron Ke Khiladi. He later returned to host the show's second season in 2009.

In 2009, Kumar featured opposite Deepika Padukone in the Warner Bros.-Rohan Sippy production Chandni Chowk to China. Directed by Nikhil Advani, the film was a critical and commercial failure at the box office.^[30] Kumar's next release was 8 x 10 Tasveer. Directed by Nagesh Kukunoor, the film was a critical and commercial failure. His next release was Kambakkht Ishq. Kumar's film Blue was released on 16 October 2009. Blue collected about Rs. 42 crores at the box-office.^[31] His last release in 2009 was Priyadarshan's De Dana Dan.