Payments and financial market infrastructures are vital components of modern economies, yet they have often been overlooked by economists. However, any economic exchange, including financial market transactions, is matched by a payment leg, and the safety, efficiency, and immediacy of the payment, and the problem of linking the two legs of the transaction (“delivery-vs-payment”), remain universal challenges. The consequences of inefficiencies or interruptions in payment and settlement systems have immediate and significant impacts on the real economy. Moreover, payments and financial market infrastructures are also a matter of strategic importance for nation-states, and being excessively dependent on foreign providers has been proven to be a significant risk, as they can be “weaponized." This book provides a concise yet thorough introduction to payments and financial market infrastructures, exploring various types of risks, retail payments, payment systems, cross-border payments, central counterparties, FX operations, and central securities depositories. The final chapter investigates payment innovations, including unbacked crypto-assets (e.g. Bitcoin), stablecoins, and central bank digital currencies. The text outlines key activities and risk management frameworks, as well as examining the operational mechanics of different payment systems. The book emphasizes the importance of understanding the nature of transfer of financial claims and liabilities through the process of payment and settlement, providing financial account representations of payments wherever useful. The book concludes that the payment and financial market infrastructure space has been shaken by recent innovations, which are expected to lead to seismic shifts in payment technology, practices, and market structures.
Payments and financial market infrastructures are vital components of modern economies, yet they have often been overlooked by economists. However, any economic exchange, including financial market transactions, is matched by a payment leg, and the safety, efficiency, and immediacy of the payment, and the problem of linking the two legs of the transaction (“delivery-vs-payment”), remain universal challenges. The consequences of inefficiencies or interruptions in payment and settlement systems have immediate and significant impacts on the real economy. Moreover, payments and financial market infrastructures are also a matter of strategic importance for nation-states, and being excessively dependent on foreign providers has been proven to be a significant risk, as they can be “weaponized." This book provides a concise yet thorough introduction to payments and financial market infrastructures, exploring various types of risks, retail payments, payment systems, cross-border payments, central counterparties, FX operations, and central securities depositories. The final chapter investigates payment innovations, including unbacked crypto-assets (e.g. Bitcoin), stablecoins, and central bank digital currencies. The text outlines key activities and risk management frameworks, as well as examining the operational mechanics of different payment systems. The book emphasizes the importance of understanding the nature of transfer of financial claims and liabilities through the process of payment and settlement, providing financial account representations of payments wherever useful. The book concludes that the payment and financial market infrastructure space has been shaken by recent innovations, which are expected to lead to seismic shifts in payment technology, practices, and market structures.
The term Greek philosophy, to begin with is a misnomer, for there is no such philosophy in existence. The ancient Egyptians had developed a very complex religious system, called the Mysteries, which was also the first system of salvation. As such, it regarded the human body as a prison house of the soul, which could be liberated from its bodily impediments, through the disciplines of the Arts and Sciences, and advanced from the level of a mortal to that of a God. This was the notion of the summum bonum or greatest good, to which all men must aspire, and it also became the basis of all ethical concepts. The Egyptian Mystery System was also a Secret Order, and membership was gained by initiation and a pledge to secrecy. The teaching was graded and delivered orally to the Neophyte; and under these circumstances of secrecy, the Egyptians developed secret systems of writing and teaching, and forbade their Initiates from writing what they had learnt. After nearly five thousand years of prohibition against the Greeks, they were permitted to enter Egypt for the purpose of their education. First through the Persian invasion and secondly through the invasion of Alexander the Great. From the sixth century B.C. therefore to the death of Aristotle (322 B.C.) the Greeks made the best of their chance to learn all they could about Egyptian culture; most students received instructions directly from the Egyptian Priests, but after the invasion by Alexander the Great, the Royal temples and libraries were plundered and pillaged, and Aristotle's school converted the library at Alexandria into a research centre. There is no wonder then, that the production of the unusually large number of books ascribed to Aristotle has proved a physical impossibility, for any single man within a life time. The history of Aristotle's life, has done him far more harm than good, since it carefully avoids any statement relating to his visit to Egypt, either on his own account or in company with Alexander the Great, when he invaded Egypt. This silence of history at once throws doubt upon the life and achievements of Aristotle. He is said to have spent twenty years under the tutorship of Plato, who is regarded as a Philosopher, yet he graduated as the greatest of Scientists of Antiquity. Two questions might be asked (a) How could Plato teach Aristotle what he himself did not know? (b) Why should Aristotle spend twenty years under a teacher from whom he could learn nothing? This bit of history sounds incredible. Again, in order to avoid suspicion over the extraordinary number of books ascribed to Aristotle, history tells us that Alexander the Great, gave him a large sum of money to get the books. Here again the history sounds incredible, and three statements must here be made.
George James was a professor at a small black college in Arkansas during the 1950s when he wrote this book. Originally from Guyana, he was an intellectual who studied African and European classics. He soon realized something was wrong with the way the history of philosophy had been documented by Western scholars. Their biggest mistake, according to James, was they had assumed philosophy had started with the Greeks. James had found that philosophy was almost entirely from ancient Egypt and that the records of this had not only been distorted but, in many cases, deliberately falsified. His conclusion was that there was no such thing as Greek philosophy because it was stolen from the Egyptians. As a result, this was one of the first books to be banned from colleges and universities throughout North America. Although opponents have eventually found some flaws, it remains a groundbreaking book to this day. Even the famous Greek historian from the 5th century, Herodotus, admitted that the Greeks had borrowed many important ideas and concepts from the Egyptians. These ideas covered not just philosophy, but also medicine, architecture, politics and more. The purpose of this book is to restore the truth about African contributions to higher thought and culture.
Winthropos, the title of George Kalogeris’s new poetry collection, comes from the “Greek-ified” name his father, an immigrant from Greece, gave to the blue-collar New England town where the family lived. Following in the spirit of his acclaimed Guide to Greece, Kalogeris conjures Winthrop, Massachusetts, as a central locus of lyric and elegiac memory. While the poems in Winthropos reach back into the Hellenic past for imagery and inspiration, they often reside in the American present of their conception, forging childhood memory and local custom into a work of meditative power and evocative beauty.
The book describes the period of Mr. Horton's services as a US Consul in the Kingdom of Greece. His service spans 31 years from 1893 to 1924 and describes these years representing the United States in Athens, Smyrna, Thessaloniki, Smyrna, and Budapest. Inside the pages of this book you can read about his love towards Hellenism starting with his first view of the Parthenon, from on board his arriving steamer. The Hellenic Electronic Center (HEC) re-published this book in 2007. The publication was funded by AHEPA-Athens HJ-1
Even though ancient Greece is the birthplace of democracy, the history of modern Greece has been characterized by political instability and misfortune. In Modern Greek Democracy, George S. Kaloudis documents the many forms of dictatorship and democracy that Greece has witnessed since its war for independence against the Ottomans. He begins his study with a discussion of the factors that have contributed to Greece's political instability since the early 19th century. After examining the military dictatorship of 1967-1974 that was a critical transitional period in modern Greek politics, Kaloudis considers international and domestic changes since 1974 that have contributed to the consolidation of democracy. Comprehensive in scope, this study will be of value to scholars of Greek history as well as those seeking to understand the current political struggles and independence movements in Eastern Europe.
Greeks arrived in America with the expectation that freedom would permit their families to thrive and be successful. With hard work, belief in the Orthodox faith, and commitment to education, Greeks ascended in Chicago, and America, to positions of responsibility and success. Today Greek Americans are among the wealthiest and most successful of immigrant groups. Greeks recognized a historical imperative that they meet the challenges and aspirations of a classical Hellenic heritage. Greeks in Chicago celebrates the rich history of the Greek community through copious pictorial documentation.
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