Capital 2.0 capital formation and legal risk in a new global economic order from fiat to exit: including case studies of the proposed transatlantic trade and investment partnership between the United States and the European Union and the financing relation between the United States and the People’s Republic of China

Following the intrinsically linked balance sheets in his Capital Formation Life Cycle, Lukas M. Stahl explains with his Triple A Model of Accounting, Allocation and Accountability the stages of the Capital Formation process from FIAT to EXIT. Based on the theoretical foundations of legal risk laid by the International Bar Association with the help of Roger McCormick and legal scholars such as Joanna Benjamin, Matthew Whalley and Tobias Mahler, and founded on the basis of Wesley Hohfeld’s category theory of jural relations, Stahl develops his mutually exclusive Four Determinants of Legal Risk of Law, Lack of Right, Liability and Limitation. Those Four Determinants of Legal Risk allow us to apply, assess, and precisely describe the respective legal risk at all stages of the Capital Formation Life Cycle as demonstrated in case studies of nine industry verticals of the proposed and currently negotiated Transatlantic Trade and Investment Partnership between the United States of America and the European Union, TTIP, as well as in the case of the often cited financing relation between the United States and the People’s Republic of China. Having established the Four Determinants of Legal Risk and its application to the Capital Formation Life Cycle, Stahl then explores the theoretical foundations of capital formation, their historical basis in classical and neo-classical economics and its forefathers such as The Austrians around Eugen von Boehm-Bawerk, Ludwig von Mises and Friedrich von Hayek and most notably and controversial, Karl Marx, and their impact on today’s exponential expansion of capital formation. Starting off with the first pillar of his Triple A Model, Accounting, Stahl then moves on to explain the Three Factors of Capital Formation, Man, Machines and Money and shows how “value-added” is created with respect to the non-monetary capital factors of human resources and industrial production. Followed by a detailed analysis discussing the roles of the Three Actors of Monetary Capital Formation, Central Banks, Commercial Banks and Citizens Stahl readily dismisses a number of myths regarding the creation of money providing in-depth insight into the workings of monetary policy makers, their institutions and ultimate beneficiaries, the corporate and consumer citizens. In his second pillar, Allocation, Stahl continues his analysis of the balance sheets of the Capital Formation Life Cycle by discussing the role of The Five Key Accounts of Monetary Capital Formation, the Sovereign, Financial, Corporate, Private and International account of Monetary Capital Formation and the associated legal risks in the allocation of capital pursuant to his Four Determinants of Legal Risk. In his third pillar, Accountability, Stahl discusses the ever recurring Crisis-Reaction-Acceleration-Sequence-History, in short: CRASH, since the beginning of the millennium starting with the dot-com crash at the turn of the millennium, followed seven years later by the financial crisis of 2008 and the dislocations in the global economy we are facing another seven years later today in 2015 with several sordid debt restructurings under way and hundred thousands of refugees on the way caused by war and increasing inequality. Together with the regulatory reactions they have caused in the form of so-called landmark legislation such as the Sarbanes-Oxley Act of 2002, the Dodd-Frank Act of 2010, the JOBS Act of 2012 or the introduction of the Basel Accords, Basel II in 2004 and III in 2010, the European Financial Stability Facility of 2010, the European Stability Mechanism of 2012 and the European Banking Union of 2013, Stahl analyses the acceleration in size and scope of crises that appears to find often seemingly helpless bureaucratic responses, the inherent legal risks and the complete lack of accountability on part of those responsible. Stahl argues that the order of the day requires to address the root cause of the problems in the form of two fundamental design defects of our Global Economic Order, namely our monetary and judicial order. Inspired by a 1933 plan of nine University of Chicago economists abolishing the fractional reserve system, he proposes the introduction of Sovereign Money as a prerequisite to void misallocations by way of judicial order in the course of domestic and transnational insolvency proceedings including the restructuring of sovereign debt throughout the entire monetary system back to its origin without causing domino effects of banking collapses and failed financial institutions. In recognizing Austrian-American economist Schumpeter’s Concept of Creative Destruction, as a process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one, Stahl responds to Schumpeter’s economic chemotherapy with his Concept of Equitable Default mimicking an immunotherapy that strengthens the corpus economicus own immune system by providing for the judicial authority to terminate precisely those misallocations that have proven malignant causing default perusing the century old common law concept of equity that allows for the equitable reformation, rescission or restitution of contract by way of judicial order. Following a review of the proposed mechanisms of transnational dispute resolution and current court systems with transnational jurisdiction, Stahl advocates as a first step in order to complete the Capital Formation Life Cycle from FIAT, the creation of money by way of credit, to EXIT, the termination of money by way of judicial order, the institution of a Transatlantic Trade and Investment Court constituted by a panel of judges from the U.S. Court of International Trade and the European Court of Justice by following the model of the EFTA Court of the European Free Trade Association. Since the first time his proposal has been made public in June of 2014 after being discussed in academic circles since 2011, his or similar proposals have found numerous public supporters. Most notably, the former Vice President of the European Parliament, David Martin, has tabled an amendment in June 2015 in the course of the negotiations on TTIP calling for an independent judicial body and the Member of the European Commission, Cecilia Malmström, has presented her proposal of an International Investment Court on September 16, 2015. Stahl concludes, that for the first time in the history of our generation it appears that there is a real opportunity for reform of our Global Economic Order by curing the two fundamental design defects of our monetary order and judicial order with the abolition of the fractional reserve system and the introduction of Sovereign Money and the institution of a democratically elected Transatlantic Trade and Investment Court that commensurate with its jurisdiction extending to cases concerning the Transatlantic Trade and Investment Partnership may complete the Capital Formation Life Cycle resolving cases of default with the transnational judicial authority for terminal resolution of misallocations in a New Global Economic Order without the ensuing dangers of systemic collapse from FIAT to EXIT.

Lobbying in a transatlantic comparison: opportunity structures and lobbying content in the US and the EU

Despite vast literatures on interest representation in the United States (US) and the European Union (EU), few studies have tried to compare lobbying across the two cases. Those who do are interested primarily in the existence of different lobbying styles and distinguish between an aggressive pressure group approach in the US and a more consensus oriented informational lobbying in the EU. However, the origins of these differences have received little attention and references most often point to different political “cultures” and lobbying traditions. This paper takes issue with this cultural explanation and links the observed lobbying styles with differences in the design of the political institutions that private actors have to interact with. It argues that divided policy authority in the US allows for interest group bargaining while shared policy competencies in the EU constrain not only policy-makers but also lobbyists to adopt a more consensus-oriented approach. The effect of political institutions on the form of lobbying, in turn, can have important implications for the comparison of different policy areas across countries, because the policy stances of private actors cannot always be assumed to be exogenous to the policy process in which they are active.

Airwaves: 100 years of radio

Music composition using prominent broadcast speeches across the whole twentieth century in commemoration of the centenary of Marconi's first transatlantic radio transmission. The work is based on creating music from the found objects of melody derived from spoken intonation. Recordings of the speeches are accompanied throughout by live instrumental music.

Unmanned Aerial Vehicles UAVs attitude, height, motion estimation and control using visual systems

This paper presents an implementation of an aircraft pose and motion estimator using visual systems as the principal sensor for controlling an Unmanned Aerial Vehicle (UAV) or as a redundant system for an Inertial Measure Unit (IMU) and gyros sensors. First, we explore the applications of the unified theory for central catadioptric cameras for attitude and heading estimation, explaining how the skyline is projected on the catadioptric image and how it is segmented and used to calculate the UAV’s attitude. Then we use appearance images to obtain a visual compass, and we calculate the relative rotation and heading of the aerial vehicle. Additionally, we show the use of a stereo system to calculate the aircraft height and to measure the UAV’s motion. Finally, we present a visual tracking system based on Fuzzy controllers working in both a UAV and a camera pan and tilt platform. Every part is tested using the UAV COLIBRI platform to validate the different approaches, which include comparison of the estimated data with the inertial values measured onboard the helicopter platform and the validation of the tracking schemes on real flights.

Benefit analysis of airborne GPS occultation approach : a case study for the Australian region

This paper aims to present a preliminary benefit analysis for airborne GPS occultation technique for the Australian region. The simulation studies are based on current domestic commercial flights between major Australian airports. With the knowledge of GPS satellite ephemeris data, occultation events for for any particular flight can be determined. Preliminary analysis shows a high resolution occultation observations can be achieved with this approach, for instance, about 15 occultation events for a Perth-to-Sydney flight. The simulation result agrees to the results published by other researchers for a different region. Of course, occultation observation during off-peak hours might be affected due to the limited flight activities. --------- High resolution occultation observations obtainable from airborne GPS occultation system provides an opportunity to improve the current global numerical weather prediction (NWP) models and ultimately improves the accuracy in weather forecasting. More intensive research efforts and experimental demonstrations are required in order to demonstrate the technical feasibility of the airborne GPS technology.

Computationally efficient numerical methods for time- and space-fractional Fokker–Planck equations

Fractional Fokker–Planck equations have been used to model several physical situations that present anomalous diffusion. In this paper, a class of time- and space-fractional Fokker–Planck equations (TSFFPE), which involve the Riemann–Liouville time-fractional derivative of order 1-α (α(0, 1)) and the Riesz space-fractional derivative (RSFD) of order μ(1, 2), are considered. The solution of TSFFPE is important for describing the competition between subdiffusion and Lévy flights. However, effective numerical methods for solving TSFFPE are still in their infancy. We present three computationally efficient numerical methods to deal with the RSFD, and approximate the Riemann–Liouville time-fractional derivative using the Grünwald method. The TSFFPE is then transformed into a system of ordinary differential equations (ODE), which is solved by the fractional implicit trapezoidal method (FITM). Finally, numerical results are given to demonstrate the effectiveness of these methods. These techniques can also be applied to solve other types of fractional partial differential equations.

Fixed-wing attitude estimation using temporal tracking of the horizon and optical flow

In this paper, a method has been developed for estimating pitch angle, roll angle and aircraft body rates based on horizon detection and temporal tracking using a forward-looking camera, without assistance from other sensors. Using an image processing front-end, we select several lines in an image that may or may not correspond to the true horizon. The optical flow at each candidate line is calculated, which may be used to measure the body rates of the aircraft. Using an Extended Kalman Filter (EKF), the aircraft state is propagated using a motion model and a candidate horizon line is associated using a statistical test based on the optical flow measurements and the location of the horizon. Once associated, the selected horizon line, along with the associated optical flow, is used as a measurement to the EKF. To test the accuracy of the algorithm, two flights were conducted, one using a highly dynamic Uninhabited Airborne Vehicle (UAV) in clear flight conditions and the other in a human-piloted Cessna 172 in conditions where the horizon was partially obscured by terrain, haze and smoke. The UAV flight resulted in pitch and roll error standard deviations of 0.42◦ and 0.71◦ respectively when compared with a truth attitude source. The Cessna flight resulted in pitch and roll error standard deviations of 1.79◦ and 1.75◦ respectively. The benefits of selecting and tracking the horizon using a motion model and optical flow rather than naively relying on the image processing front-end is also demonstrated.

Contexts, hybrids and network governance : a comparison of three case-studies in infrastructure governance

While hybrid governance arrangements have been a major element of organisational architecture for some time, the contemporary operating environment has brought to the fore new conditions and expectations for the governance of entities that span conventional public sector departments, private firms and community organisations or groups. These conditions have resulted in a broader array of mixed governance configurations including Public Private Partnerships, alliances, and formal and informal collaborations. In some such arrangements, market based or ‘complete’ contractual relationships have been introduced to replace or supplement existing traditional ‘hierarchical’ and/or newer relational ‘network-oriented’ institutional associations. While there has been a greater reliance on collaborative or relational contracts as an underpinning institutional model, other modes of hierarchy and market may remain in operation. The success of these emergent hybrid forms has been mixed. There are examples of hybrids that have been well adopted, achieving the desired goals of efficiency, effectiveness and financial accountability; while others have experienced implementation problems which have undermined their results. This paper postulates that the cultural and institutional context within which hybrids operate may contribute to the implementation processes employed and the level of success attained. The paper explores hybrid arrangements through three cases of the use of inter-organisational arrangements in three different national contexts. Distilling the various elements of hybrids and the impact of institutional context will provide important insights for those charged with the responsibility for the formation and key infrastructure and public value development.

Aerial object following using visual fuzzy servoing

This article presents a visual servoing system to follow a 3D moving object by a Micro Unmanned Aerial Vehicle (MUAV). The presented control strategy is based only on the visual information given by an adaptive tracking method based on the colour information. A visual fuzzy system has been developed for servoing the camera situated on a rotary wing MAUV, that also considers its own dynamics. This system is focused on continuously following of an aerial moving target object, maintaining it with a fixed safe distance and centred on the image plane. The algorithm is validated on real flights on outdoors scenarios, showing the robustness of the proposed systems against winds perturbations, illumination and weather changes among others. The obtained results indicate that the proposed algorithms is suitable for complex controls task, such object following and pursuit, flying in formation, as well as their use for indoor navigation

See-and-avoid quadcopter using fuzzy control optimized by cross-entropy

In this work we present an optimized fuzzy visual servoing system for obstacle avoidance using an unmanned aerial vehicle. The cross-entropy theory is used to optimise the gains of our controllers. The optimization process was made using the ROS-Gazebo 3D simulation with purposeful extensions developed for our experiments. Visual servoing is achieved through an image processing front-end that uses the Camshift algorithm to detect and track objects in the scene. Experimental flight trials using a small quadrotor were performed to validate the parameters estimated from simulation. The integration of cross- entropy methods is a straightforward way to estimate optimal gains achieving excellent results when tested in real flights.

Integrated vision-based attitude estimation

For many years, computer vision has lured researchers with promises of a low-cost, passive, lightweight and information-rich sensor suitable for navigation purposes. The prime difficulty in vision-based navigation is that the navigation solution will continually drift with time unless external information is available, whether it be cues from the appearance of the scene, a map of features (whether built online or known a priori), or from an externally-referenced sensor. It is not merely position that is of interest in the navigation problem. Attitude (i.e. the angular orientation of a body with respect to a reference frame) is integral to a visionbased navigation solution and is often of interest in its own right (e.g. flight control). This thesis examines vision-based attitude estimation in an aerospace environment, and two methods are proposed for constraining drift in the attitude solution; one through a novel integration of optical flow and the detection of the sky horizon, and the other through a loosely-coupled integration of Visual Odometry and GPS position measurements. In the first method, roll angle, pitch angle and the three aircraft body rates are recovered though a novel method of tracking the horizon over time and integrating the horizonderived attitude information with optical flow. An image processing front-end is used to select several candidate lines in a image that may or may not correspond to the true horizon, and the optical flow is calculated for each candidate line. Using an Extended Kalman Filter (EKF), the previously estimated aircraft state is propagated using a motion model and a candidate horizon line is associated using a statistical test based on the optical flow measurements and location of the horizon in the image. Once associated, the selected horizon line, along with the associated optical flow, is used as a measurement to the EKF. To evaluate the accuracy of the algorithm, two flights were conducted, one using a highly dynamic Uninhabited Airborne Vehicle (UAV) in clear flight conditions and the other in a human-piloted Cessna 172 in conditions where the horizon was partially obscured by terrain, haze and smoke. The UAV flight resulted in pitch and roll error standard deviations of 0.42° and 0.71° respectively when compared with a truth attitude source. The Cessna 172 flight resulted in pitch and roll error standard deviations of 1.79° and 1.75° respectively. In the second method for estimating attitude, a novel integrated GPS/Visual Odometry (GPS/VO) navigation filter is proposed, using a structure similar to a classic looselycoupled GPS/INS error-state navigation filter. Under such an arrangement, the error dynamics of the system are derived and a Kalman Filter is developed for estimating the errors in position and attitude. Through similar analysis to the GPS/INS problem, it is shown that the proposed filter is capable of recovering the complete attitude (i.e. pitch, roll and yaw) of the platform when subjected to acceleration not parallel to velocity for both the monocular and stereo variants of the filter. Furthermore, it is shown that under general straight line motion (e.g. constant velocity), only the component of attitude in the direction of motion is unobservable. Numerical simulations are performed to demonstrate the observability properties of the GPS/VO filter in both the monocular and stereo camera configurations. Furthermore, the proposed filter is tested on imagery collected using a Cessna 172 to demonstrate the observability properties on real-world data. The proposed GPS/VO filter does not require additional restrictions or assumptions such as platform-specific dynamics, map-matching, feature-tracking, visual loop-closing, gravity vector or additional sensors such as an IMU or magnetic compass. Since no platformspecific dynamics are required, the proposed filter is not limited to the aerospace domain and has the potential to be deployed in other platforms such as ground robots or mobile phones.

‘Wide Atlantic Ocean’ : acting methods and cultural translation in mainstream theatre

A recent production of Nicholson’s Shadowlands at the Brisbane Powerhouse could have included two advertising lines: “Outspoken American-Jewish poet meets conservative British Oxford scholar” and “Emotive American Method trained actor meets contained British trained actor.” While the fusion of acting methodologies in intercultural acting has been discussed at length, little discussion has focussed on the juxtaposition of diverse acting styles in production in mainstream theatre. This paper explores how the permutation of American Method acting and a more traditional British conservatory acting in Crossbow’s August 2010 production of Shadowlands worked to add extra layers of meaning to the performance text. This sometimes inimical relationship between two acting styles had its beginnings in the rehearsal room and continued onstage. Audience reception to the play in post-performance discussions revealed the audience’s acute awareness of the transatlantic cultural tensions on stage. On one occasion, this resulted in a heated debate on cultural expression, continuing well after the event, during which audience members became co-performers in the cultural discourses of the play.

Microbeam analyses of stratospheric particles

Collections of solid particles from the Earth's stratosphere by high-flying aircraft have been reported since 1965, with the initial primary objective of understanding the nature of the aerosol layer that occurs in the lower stratosphere. With the advent of efficient collection procedures and sophisticated electron- and ion-beam techniques, the primary aim of current stratospheric collections has been to study specific particle types that are extraterrestrial in origin and have survived atmospheric entry processes. The collection program provided by NASA at Johnson Space Center (JSC) has conducted many flights over the past 4 years and retrieved a total of 99 collection surfaces (flags) suitable for detailed study. Most of these collections are part of dedicated flights and have occurred during volcanically quiescent periods, although solid particles from the El Chichon eruptions have also been collected. Over 800 individual particles (or representative samples from larger aggregates) have been picked from these flags, examined in a preliminary fashion by SEM and EDS, and cataloged in a manner suitable for selection and study by the wider scientific community.

Targeted flight opportunities with large area collectors

A major factor in the stratospheric collection process is the relative density of particles at the collection altitude. With current aircraft-borne collector plate geometries, one potential extraterrestrial particle of about 10 micron diameter is collected approximately every hour. However, a new design for the collector plate, termed the Large Area Collector (LAC), allows a factor of 10 improvement in collection efficiency over current conventional geometry. The implementation of LAC design on future stratospheric collection flights will provide many opportunities for additional data on both terrestrial and extraterrestrial phenomena. With the improvement in collection efficiency, LAC's may provide a suitable number of potential extraterrestrial particles in one short flight of between 4 and 8 hours duration. Alternatively, total collection periods of approximately 40 hours enhance the probability that rare particles can be retrieved from the stratosphere. This latter approach is of great value for the cosmochemist who may wish to perform sophisticated analyses on interplanetary dust greater than a picogram. The former approach, involving short duration flights, may also provide invaluable data on the source of many extraterrestrial particles. The time dependence of particle entry to the collection altitude is an important parameter which may be correlated with specific global events (e.g., meteoroid streams) provided the collection time is known to an accuracy of 2 hours.

Vision based control for micro aerial vehicles : Application to sense and avoid

This work presents a collision avoidance approach based on omnidirectional cameras that does not require the estimation of range between two platforms to resolve a collision encounter. Our method achieves minimum separation between the two vehicles involved by maximising the view-angle given by the omnidirectional sensor. Only visual information is used to achieve avoidance under a bearing- only visual servoing approach. We provide theoretical problem formulation, as well as results from real flights using small quadrotors