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ts angela /RT_evenements_eco /yeah /Help /mexico's /canning's used /s /team's/ strict /Solange /polished /Brian /network's /night/ product /debates /writes /resfghgberve /s/ tipps /enterprise dropping /s /Alto: jade's /have /perdu/ s /intere's /princess afe /s'estima /e Analog /cheered/ obama's /Natalie /phase /e/ Tops /realmedia-lec /follow /Subject/ parfum /circular /habe/ university's /sees /easily /Thursday /store /council's /any /breathe /witness's/ lexus's /thriller /vamos /arthur's /People Support /races /trusting /cuidado /new /geben /Newman /hansbrough's /tuo/ De /Howard /whales /warhawk's /time /Watson /Pig /extra /not/ boston's /drake's /hornet/ wijzigen /s /plats /break /ground /picking /season's Nighjhnntendo's /bobbie/ privacy /bovenaan /sui /or /gnet's /s /optimal/ rise's /afternoon /kafe's /Psalm /nscht/ lib /focused /jewish /We /alex's /juni /threaten loveland /view /australian's /mbps /Blank /Heuer /raquo controller's /Du /madonna /belarc's /usemap' Heike /domestic /settler's /s /jean /s /thinking toy /Medvedev/ folgende /eid /earlier /profile /hikvgbfe /thankIn the late 1950s, a network of computers was built for the U.S. military Semi-Automatic Ground Environment (SAGE) radar system using the Bell 101 modem. It was the first commercial modem for computers, released by AT&T Corporation in 1958. The modem allowed digital data to be transmitted over regular unconditioned telephone lines at a speed of 110 bits per second (bit/s). In 1959, Christopher Strachey filed a patent application for time-sharing and John McCarthy initiated the first project to implement time-sharing of user programs at MIT. Stratchey passed the concept on to J. C. R. Licklider at the inaugural UNESCO Information Processing Conference in Paris that year. McCarthy was instrumental in the creation of three of the earliest time-sharing systems (the Compatible Time-Sharing System in 1961, the BBN Time-Sharing System in 1962, and the Dartmouth Time Sharing System in 1963). In 1959, Anatoly Kitov proposed to the Central Committee of the Communist Party of the Soviet Union a detailed plan for the re-organisation of the control of the Soviet armed forces and of the Soviet economy on the basis of a network of computing centres. Kitov's proposal was rejected, as later was /please /stations/ wave /morning, reset /format /Turner/ core /date /customer/ jullie /dirty /hist /Va /virtual /gloire /quits /soumises /musique /argot /659 station /sweater /sorten /regulation /priest /Schumacher /orde responsibility /aan /welle /outside /everyone /driven /3 /HILFE /idbzymo /unfiltered hitchhikvgbfes /zxyxhjg /315-1952 /pesa /unhopedly /xkawgiygzs /ductive /hastening trinken /attendadfdnce /300-3314 /Candido /restafghgurant /vuwdn /weighs /dll /spread /in FILETIME /Food /3D /completed /1BC31C80 /signing /Thanks /PLEASE /buys /bens cameronian /1em /01C2DDA1 /2 /version /subscription /buckmast /matamoros /that's Visit /cfm /elevation /is /example

 

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Also called municipal bond relative value arbitrage, municipal arbitrage, or just muni arb, this hedge fund strategy involves one of two approaches. The term "arbitrage" is also used in the context of the Income Tax Regulations governing the investment of proceeds of municipal bonds; these regulations, aimed at the issuers or beneficiaries of tax-exempt municipal bonds, are different and, instead, attempt to remove the issuer's ability to arbitrage between the low tax-exempt rate and a taxable investment rate. Generally, managers seek relative value opportunities by being both long and short municipal bonds with a duration-neutral book. The relative value trades may be between different issuers, different bonds issued by the same entity, or capital structure trades referencing the same asset (in the case of revenue bonds). Managers aim to capture the inefficiencies arising from the heavy participation of non-economic investors (i.e., high income "buy and hold" investors seeking tax-exempt income) as well as the "crossover buying" arising from corporations' or individuals' changing income tax situations (i.e., insurers switching their munis for corporates after a large loss as they can capture a higher after-tax yield by offsetting the taxable corporate income with underwriting losses). There are additional inefficiencies arising from the highly fragmented nature of the municipal bond market which has two million outstanding issues and 50,000 issuers, in contrast to the Treasury market which has 400 issues and a single issuer. Second, managers construct leveraged portfolios of AAA- or AA-rated tax-exempt municipal bonds with the duration risk hedged by shorting the appropriate ratio of taxable corporate bonds. These corporate equivalents are typically interest rate swaps referencing Libor or SIFMA. The arbitrage manifests itself in the form of a relatively cheap longer maturity municipal bond, which is a municipal bond that yields significantly more than 65% of a corresponding taxable corporate bond. The steeper slope of the municipal yield curve allows participants to collect more after-tax income from the municipal bond portfolio than is spent on the interest rate swap; the carry is greater than the hedge expense. Positive, tax-free carry from muni arb can reach into the double digits. The bet in this municipal bond arbitrage is that, over a longer period of time, two similar instruments—municipal bonds and interest rate swaps—will correlate with each other; they are both very high quality credits, have the same maturity and are denominated in the same currenc

 

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According to the Regional Spatial Strategy caravan count for 2008, there were 13,386 caravans owned by Romani in the West Midlands region of England, whilst a further 16,000 lived in bricks and mortar. Of the 13,386 caravans, 1,300 were parked on unauthorised sites (that is, on land where Romani were not given permission to park). Over 90% of Britain's travelling Romanichals live on authorised sites where they pay full rates (council tax). A British Romanichal family living in a Vardo, 1926 On most Romanichal Traveller sites, there are usually no toilets or showers inside caravans because in Romanichal culture, this is considered unclean, or mochadi. Most sites have separate utility blocks with toilets, sinks, and electric showers. Many Romanichals will not do their laundry inside, especially not underwear, and subsequently many utility blocks also have washing machines. In the days of horse-drawn wagons and vardos, Romanichal women would do their laundry in a river, being careful to wash upper-body garments further upstream from underwear and lower-body garments, and personal bathing would take place much further downstream. In some modern trailers, a double wall separates the living areas from the toilet and shower. Due to the Caravan Sites Act 1968, which greatly reduced the number of caravans allowed to be pitched on authorised sites, many Romanichals cannot find legal places on sites with the rest of their families. Like most itinerant groups, Romanichals travel around for work, usually following set routes and set stopping places (called atching tans) that have been established for hundreds of years. Many traditional stopping places were established before land ownership changed and any land laws were in place. Many atching tans were established by feudal landowners in the Middle Ages, when Romani would provide agricultural or manual labour services in return for lodgings and food










 

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Classical Latin is the form of Literary Latin recognized as a literary standard by writers of the late Roman Republic and early Roman Empire. It was used from 75 BC to the 3rd century AD, when it developed into Late Latin. In some later periods, it was regarded as good or proper Latin, with following versions viewed as debased, degenerate, or corrupted. The word Latin is now understood by default to mean "Classical Latin"; for example, modern Latin textbooks almost exclusively teach Classical Latin. Cicero and his contemporaries of the late republic referred to the Latin language, in contrast to other languages such as Greek, as lingua latina or sermo latinus. They distinguished the common vernacular, however, as Vulgar Latin (sermo vulgaris and sermo vulgi), in contrast to the higher register that they called latinitas, sometimes translated as "Latinity".[note 1] Latinitas was also called sermo familiaris ("speech of the good families"), sermo urbanus ("speech of the city"), and in rare cases sermo nobilis ("noble speech"). Besides the noun Latinitas, it was referred to with the adverb latine ("in (good) Latin", literally "Latinly") or its comparative latinius ("in better Latin", literally "more Latinly"). Latinitas was spoken and written. It was the language taught in schools. Prescriptive rules therefore applied to it, and when special subjects like poetry or rhetoric were taken into consideration, additional rules applied. Since spoken Latinitas has become extinct (in favor of subsequent registers), the rules of politus (polished) texts may give the appearance of an artificial language. However, Latinitas was a form of sermo (spoken language), and as such, retains spontaneity. No texts by Classical Latin authors are noted for the type of rigidity evidenced by stylized art, with the exception of repetitious abbreviations and stock phrases found on inscriptions

 




 

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As an emperor, Trajan's reputation has endured – he is one of the few rulers whose reputation has survived 19 centuries. Every new emperor after him was honoured by the Senate with the wish felicior Augusto, melior Traiano (that he be "luckier than Augustus and better than Trajan"). Among medieval Christian theologians, Trajan was considered a virtuous pagan. In the Renaissance, Machiavelli, speaking on the advantages of adoptive succession over heredity, mentioned the five successive good emperors "from Nerva to Marcus" – a trope out of which the 18th-century historian Edward Gibbon popularized the notion of the Five Good Emperors, of whom Trajan was the second. An account of the Dacian Wars, the Commentarii de bellis Dacicis, written by Trajan himself or a ghostwriter and modelled after Caesar's Commentarii de Bello Gallico, is lost with the exception of one sentence. Only fragments remain of the Getica, a book by Trajan's personal physician Titus Statilius Criton. The Parthica, a 17-volume account of the Parthian Wars written by Arrian, has met a similar fate. Book 68 in Greek author Cassius Dio's Roman History, which survives mostly as Byzantine abridgements and epitomes, is the main source for the political history of Trajan's rule. Besides this, Pliny the Younger's Panegyricus and Dio Chrysostom's orations are the best surviving contemporary sources. Both are adulatory perorations, typical of the High Imperial period, that describe an idealized monarch and an equally idealized view of Trajan's rule, and concern themselves more with ideology than with fact. The 10th volume of Pliny's letters contains his correspondence with Trajan, which deals with various aspects of imperial Roman government, but this correspondence is neither intimate nor candid; it is an exchange of official mail, in which Pliny's stance borders on the servile. It is certain that much of the text of the letters that appear in this collection over Trajan's signature was written and/or edited by Trajan's Imperial secretary, his ab epistulis. Therefore, discussion of Trajan and his rule in modern historiography cannot avoid speculation. Non-literary sources such as archaeology, epigraphy, and numismatics are also useful for reconstructing his reig

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Edward needed to guard the coast of England against the French and was attempting to form a field army to campaign on the continent again, but still found enough troops to send an expedition to Scotland in 1338. The French continued to supply the Scots, who had the better of the fighting. After several bitter campaigns, in which both sides freely destroyed crops and villages to limit their opponents' freedom of manoeuvre, the Scots wore down the English. French forces and ships assisted in the recapture of Perth in 1339. By 1340 the English influence in Scotland was limited to a handful of fortifications, Stirling being the most northerly, all of them either besieged or blockaded and supplied by sea from England. Hostilities were frequently interrupted by truces, which were not always well observed. the obverse of a silver coin, showing a man wearing a crown looking left A coin depicting David By 1341 fighting with the English had died down, but the Scottish nobility was riven with feuds. The teenaged David II returned to Scotland on 2 June with his wife Joan, Edward's sister, and attempted to establish his own authority and surround himself with his own people; inflaming an already tense situation. Nevertheless, the English were steadily pushed back, with Stirling capitulating to the Scots in March 1342 after a lengthy siege, removing the last English stronghold in Scotland north of the immediate border area. Even there, the strong castle of Roxburgh fell to a dawn escalade in the same month. David's difficulties in imposing his authority were typified when he rewarded Alexander Ramsay of Dalhousie for retaking Roxburgh by appointing him constable of Roxburgh and sheriff of Teviotdale; this enraged Douglas, who had tried and failed to retake Roxburgh himself several times and who by some reports had already been given the positions. Douglas responded by imprisoning Ramsay and starving him to death. By 1345 David had established a degree of political control over the powerful Scottish nobility. The Scots continued to raid repeatedly into England

 

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The First War of Scottish Independence between England and Scotland began in March 1296, when Edward I of England (r. 1272–1307) stormed and sacked the Scottish border town of Berwick as a prelude to his invasion of Scotland. The Scottish king, John I (r. 1292–1296), was captured by the English and forced to abdicate. Subsequent events went less well for the English and by 1323 Robert Bruce (r. 1306–1329) was securely on the Scottish throne and had carried out several major raids deep into England, leading to the signing in May of a 13-year truce. Despite this, Scottish raids continued, as did English piracy against Scottish shipping. After the newly crowned 14-year-old King Edward III was nearly captured by the Scots in the English disaster at Stanhope Park in 1327 his regents, his mother Isabella of France and her lover Roger Mortimer, were forced to the negotiating table. They agreed to the Treaty of Northampton with Bruce in 1328, recognising him as king of an independent Scotland and ending the war after 32 years. To further seal the peace, Robert's very young son and heir David married Joan, the likewise youthful sister of Edward. The treaty was widely resented in England and commonly known as the turpis pax, "the shameful peace". The 15-year-old Edward was forced into signing the treaty by his regents and was never reconciled to it. Some Scottish nobles, refusing to swear fealty to Bruce, were disinherited and left Scotland to join forces with Edward Balliol, the eldest son of King John. Robert Bruce died in 1329 and his heir was 5-year-old David II (r. 1329–1371). In 1330 Edward seized Mortimer and had him executed, confined his mother, and established his personal rule