Diagnosis and recommendation integrated system (DRIS) of soybean seed oil content

The Diagnosis and Recommendation Integrated System (DRIS) can improve interpretations of leaf analysis to determine the nutrient status. Diagnoses by this method require DRIS norms, which are however not known for oil content of soybean seeds. The aims of this study were to establish and test the DRIS method for oil content of soybean seed (maturity group II cultivars). Soybean leaves (207 samples) in the full flowering stage were analyzed for macro and micro-nutrients, and the DRIS was applied to assess the relationship between nutrient ratios and the seed oil content. Samples from experimental and farm field sites of the southernmost Brazilian state Rio Grande do Sul (28° - 29° southern latitude; 52° -53° western longitude) were assessed in two growing seasons (2007/2008 and 2008/2009). The DRIS norms related to seed oil content differed between the studied years. A unique DRIS norm was established for seed oil content higher than 18.68 % based on data of the 2007/2008 growing season. Higher DRIS indices of B, Ca, Mg and S were associated with a higher oil content, while the opposite was found for K, N and P. The DRIS can be used to evaluate the leaf nutrient status of soybean to improve the seed oil content of the crop.

Reexamination of the relationship of resting metabolic rate to fat-free mass and to the metabolically active components of fat-free mass in humans.

The ratio of resting metabolic rate (RMR) to fat-free mass (FFM) is often used to compare individuals of different body sizes. Because RMR has not been well described over the full range of FFM, a literature review was conducted among groups with a wide range of FFM. It included 31 data sets comprising a total of 1111 subjects: 118 infants and preschoolers, 323 adolescents, and 670 adults; FFM ranged from 2.8 to 106 kg. The relationship of RMR to FFM was found to be nonlinear and average slopes of the regression equations of the three groups differed significantly (P less than 0.0001). For only the youngest group did the intercept approach zero. The lower slopes of RMR on FFM, at higher measures of FFM, corresponded to relatively greater proportions of less metabolically active muscle mass and to lesser proportions of more metabolically active nonmuscle organ mass. Because the contribution of FFM to RMR is not constant, an arithmetic error is introduced when the ratio of RMR to FFM is used. Hence, alternative methods should be used to compare individuals with markedly different FFM.

Competitiveness of alexandergrass or Bengal dayflower with soybean

Weeds compete with field crops mainly for water, light and nutrients, and the degree of competition is affected by the weed density and the intrinsic competitive ability of each plant species in coexistence. The objective of this research was to compare the competitiveness of alexandergrass (Brachiaria plantaginea) or Bengal dayflower (Commelina benghalensis) in coexistence with soybean, cv. M-Soy 8045. A factorial experiment (2 x 5) with two weed species and five competition proportions was carried out in a completely randomized design with four replicates. Proportions were based on a replacement series competition design, always maintaining the total density of four plants per 10 L plastic pots, which corresponded to 60 plants m ². The weed-crop proportions were: 0:4; 1:3; 2:2; 3:1; 4:0; that corresponded to the proportion of 100, 75, 50, 25 and 0% of soybean plants and the opposite for weeds, B. plantaginea or C. benghalensis plants. Leaf area, shoot dry mass of the weeds and soybean and number of soybean trifoliate leaves were evaluated when the soybean reached the phenologic stage of full flowering. B. plantaginea was a better competitor than soybean plants. Otherwise, C. benghalensis revealed a similar competitive ability that of the soybean. In both cases, there were evidences that intraspecific competition was more important.

Effect of dietary fat saturation on lipid metabolism, arachidonic acid turnover and peritoneal macrophage oxidative stress in mice

We investigated the effects of a saturated fat diet on lipid metabolism and arachidonic acid (AA) turnover in mouse resident peritoneal macrophages. The pro-oxidative effect of this diet was also studied. Female C57BL/6 mice were weaned at 21 days of age and assigned to either the experimental diet containing coconut oil (COCO diet), or the control diet containing soybean oil as fat source (10 mice per group). The fat content of each diet was 15% (w/w). Mice were fed for 6 weeks and then sacrificed. The concentration of total lipids, triglycerides, (LDL + VLDL)-cholesterol, thiobarbituric acid-reactive substances (TBARS) and reduced glutathione were increased in the plasma of mice fed the COCO diet, without changes in phospholipid or total cholesterol concentrations compared to control. The concentrations of total cholesterol, free and esterified cholesterol, triglycerides, and TBARS were increased in the macrophages of COCO-fed mice, while the content of total phospholipids did not change. The phospholipid composition showed an increase of phosphatidylcholine and a decrease of phosphatidylethanolamine. The [³H]-AA distribution in the phospholipid classes showed an increase in phosphatidylcholine and phosphatidylethanolamine. Incorporation of [³H]-cholesterol into the macrophages of COCO-fed mice and into the cholesterol ester fraction was increased. The COCO diet did not affect [³H]-AA uptake but induced an increase in [³H]-AA release. The COCO diet also enhanced AA mobilization induced by lipopolysaccharide. These results indicate that the COCO diet, high in saturated fatty acids, alters the lipid metabolism and AA turnover of peritoneal macrophages in female mice and also produces a significant degree of oxidative stress.

Nutritional characteristics of amazonian fish fat (Colossoma macropomum) and its effect on lipid metabolism of rats fed hypercholesterolemic diets

The effects of fat from tambaqui (Colossoma macropomum), an Amazonian fish, on some nutritional and lipid parameters in rats were evaluated. Weaned Wistar rats were fed for 6 weeks with hypercholesterolemic diets containing 7.5% of soybean oil (SO), cod liver oil (CO), lard (LA), or tambaqui fat (TF). Food consumption, weight gain, and food conversion were measured weekly. Plasma triglycerides was determined at the beginning and on the 6th week of experiment. Plasma cholesterol was determined at 0, 2, 4 and 6 weeks. After the sacrifice, hepatic lipids (triglycerides and cholesterol) and plasma triglycerides, total cholesterol and HDL fractions were determined. Food consumption and weight gain were the same for all groups. There were no differences in plasma triglycerides among the four groups in the 1st and 6th weeks. Regarding the cholesterolemia, TF animals were similar to those fed SO diet, significantly lower than in LA group but higher compared to the CO group. The levels of very low density lipoprotein + low density lipoprotein (VLDL+LDL) were higher in the TF and LA groups compared to the CO and SO groups. However, TA fed animals had high-density lipoprotein (HDL) cholesterol levels higher than the CO group. The ratio (VLDL+LDL)/HDL was higher in the LA group when compared with the remaining groups. In the TA group, the triglycerides and cholesterol concentrations in the liver were similar to the SO group. It may be concluded that tambaqui fat is a good dietary source of lipids as a substitute for lard and similar to soybean oil, as far as atherosclerosis risks is concerned.

Effects of oil-water mixed frying and pure-oil frying on the quality characteristics of soybean oil and chicken chop

Abstract The effects of oil-water mixed frying (OWF) and pure-oil frying (POF) on changes in quality characteristics of soybean oil and chicken chop during six days of frying were comparatively investigated. The results showed that the changes in specific extinction coefficients, p-anisidine value, carbonyl value, viscosity and color of soybean oil were more pronounced in the case of POF, indicating that oil oxidative and polymeric degradation was retarded by OWF. Concerning fat content of chicken chop, lower (p<0.05) values were observed in the last three days in the case of OWF than POF. Meanwhile, OWF led to lower acrylamide formation in chops during the six days. Sensory evaluation showed that OWF provided chops with five attributes similar to those of chops fried by POF on the first day. As frying days increased, the decreases in scores for color, odor, flavor and overall acceptability were less in the case of OWF. In conclusion, OWF could be a worthwhile alternative for retarding oil deterioration and producing healthier and higher quality fried meat products.

Abomasal infusion of casein, starch and soybean oil differentially affect plasma concentrations of gut peptides and feed intake in lactating dairy cows

The effects of specific nutrients on secretion and plasma concentrations of gut peptides (glucagon-like peptide-1((7-36)) amide (GLP-1), glucose-dependent insulinotropic polypeptide (GIP), and cholecystokinin-8 (CCK)) differ across species, but are not reported for cattle. Our objective was to determine acute (hours) and chronic (1 week) effects of increased abomasal supply of protein, carbohydrate, or fat to the small intestine on dry matter intake (DMI) and plasma concentrations of GLP-1, GIP, CCK, and insulin. Four mid-lactation Holstein cows were used in a 4 x 4 Latin square design experiment. Treatments were 7-day abomasal infusions of water, soybean oil (500 g/d), corn starch (1100 g/d), or casein (800 g/d). Jugular vein plasma was obtained over 7 h at the end of the first and last day of infusions. Oil infusion decreased DMI on day 7, but total metabolizable energy (ME) supply (diet plus infusate) did not differ from water infusion. Casein and starch infusion had no effect on feed DMI; thus, ME supply increased. Decreased DMI on day 7 of oil infusion was accompanied by increased plasma GLP-1 concentration, but decreased plasma CCK concentration. Increased plasma GIP concentration was associated with increased ME supply on day 7 of casein and starch infusion. Casein infusion tended to increase plasma CCK concentration on both days of sampling, and increased plasma GLP-1 and insulin concentration on day 1 of infusion. The present data indicate a sustained elevation of plasma concentration of GLP-1, but not CCK, may contribute to the reduced DMI observed in dairy cows provided supplemental fat. (C) 2008 Elsevier Inc. All rights reserved.

Effects of forage source and soybean and marine algal oil supplementation on milk fatty acid composition in ewes

The objective of the present studies was to determine effects of basal dietary forage source on the response of milk fatty acid composition to an oil supplement based (2:1, respectively, w/w) on soybean oil and marine algae biomass oil high in cis-9, cis-12 C18:2n − 3 and C22:6n − 3, respectively. In Study 1, Hampshire × Dorset ewes (48) were randomly assigned to one of four treatments and 12 pens in a completely randomized design blocked on the basis of lambing date and number of lambs suckled. Control rations (60:40 forage:concentrate, dry matter (DM) basis) based on alfalfa pellets (AP) or corn silage (CS) were fed from lambing. Beginning at 22 days postpartum, three pens of ewes fed AP and three pens of ewes fed CS were supplemented with oil (30 g/kg of ration DM) in place of corn meal. Average ewe DM intake (DMI) and average daily gain (ADG) were measured weekly. Milk yield and composition were measured at 42 days postpartum. DMI was lower (P<0.02) for CS and for oil, but milk yield was not affected by forage source or oil supplementation. Milk fat content was higher for oil (P<0.10) and milk protein content was higher for AP (P<0.04). Total CLA concentration (g/100 g fatty acids) increased (P<0.01) with CS and oil, and the response to oil was greater for AP (P<0.04). Similarly, total trans-C18:1 and C22:6ω−3 concentrations were higher for CS and oil, but the response to oil was greater for CS (P<0.06 and P<0.01, respectively). In Study 2, the experiment was repeated using alfalfa haylage (AH) instead of AP. The DMI decreased (P<0.05) with oil feeding, but was not affected by forage source. Milk yield was decreased by feeding oil with AH, but not by feeding oil with CS (P<0.03). Milk fat content tended to be increased by feeding oil with AH, but tended to be decreased by feeding oil with CS (P<0.08). Total CLA concentration was increased (P<0.01) for AH versus CS and by oil, and the response to oil supplementation was greater for AH (P<0.01). In contrast, total trans-C18:1 concentration was higher for CS versus AH, with a greater response to oil for CS (P<0.05). Feeding marine oil increased the C22:6ω−3 (P<0.01) concentration, and the response was greater for AH (P<0.04). To further characterize the response of milk fat composition to dietary oil in ewes, a third study used six pens of three ewes each assigned to either the control CS diet used for Study 2 or the same diet supplemented with 45 g/kg (DM basis) of the oil mixture. Feeding oil had no effect on DMI, milk yield or milk fat concentration, but again increased (P<0.001) total trans-C18:1 and C22:6ω−3 concentrations and numerically increased (114%) total CLA concentration. Milk fatty acid composition responses to supplemental vegetable and marine oils were affected by forage source. Milk trans-C18:1 concentration was higher when CS was fed in Studies 1 and 2, but the effect of forage species on CLA concentration differed between studies, which may reflect differences in diet PUFA content and consumption, as well as amounts of dietary starch and fiber consumed. Despite large increases in trans-C18:1 concentration, milk fat content was not decreased by feeding unsaturated oils to ewes, even at diet levels of 45 g/kg of ration DM.

Plasma ghrelin and oxytomodulin concentrations in lactating dairy cows receiving abomasal soybean oil, corn starch, and casein infusions

The effects of increased postruminal supply of casein, corn starch, and soybean oil on plasma concentrations of the gastrointestinal hormones ghrelin and oxyntomodulin (OXM) were investigated. Four mid-lactation Holstein cows were used in a 4×4 Latin square. Treatments were continuous abomasal infusions (23h/d) for 7 d of water, soybean oil (500g/d), corn starch (1100g/d), or casein (800g/d). Jugular vein plasma was obtained every 30min for 7h on days 1 and 7. Soybean oil and casein infusion decreased preprandial plasma ghrelin concentration by approximately 20% on both d (time-by-treatment P<0.10); however, dry matter intake (DMI) was depressed only after 7 d of oil infusion. Infusion of soybean oil, corn starch, or casein did not change the plasma OXM concentration (P>0.20). The present data indicate that plasma ghrelin concentration is depressed immediately before feeding by the postruminal infusion of soybean oil and casein, but it is not affected during the postprandial period. Plasma ghrelin concentration was not altered (P>0.20), pre- or postfeeding, by increased postruminal supply of corn starch. In addition, plasma OXM concentration did not respond (P>0.20) to postruminal nutrient infusion. In conclusion, a decrease in DMI when fat is infused could be partially explained by the decrease in prefeeding plasma ghrelin concentration, but a decrease in prefeeding plasma ghrelin concentration is not always associated with a decrease in DMI, as observed for the infusion of casein. Plasma OXM concentration was not affected by postruminal infusion of macronutrients.

The pgip family in soybean and three other legume species: evidence for a birth-and-death model of evolution

Background Polygalacturonase-inhibiting proteins (PGIPs) are leucine-rich repeat (LRR) plant cell wall glycoproteins involved in plant immunity. They are typically encoded by gene families with a small number of gene copies whose evolutionary origin has been poorly investigated. Here we report the complete characterization of the full complement of the pgip family in soybean (Glycine max [L.] Merr.) and the characterization of the genomic region surrounding the pgip family in four legume species. Results BAC clone and genome sequence analyses showed that the soybean genome contains two pgip loci. Each locus is composed of three clustered genes that are induced following infection with the fungal pathogen Sclerotinia sclerotiorum (Lib.) de Bary, and remnant sequences of pgip genes. The analyzed homeologous soybean genomic regions (about 126 Kb) that include the pgip loci are strongly conserved and this conservation extends also to the genomes of the legume species Phaseolus vulgaris L., Medicago truncatula Gaertn. and Cicer arietinum L., each containing a single pgip locus. Maximum likelihood-based gene trees suggest that the genes within the pgip clusters have independently undergone tandem duplication in each species. Conclusions The paleopolyploid soybean genome contains two pgip loci comprised in large and highly conserved duplicated regions, which are also conserved in bean, M. truncatula and C. arietinum. The genomic features of these legume pgip families suggest that the forces driving the evolution of pgip genes follow the birth-and-death model, similar to that proposed for the evolution of resistance (R) genes of NBS-LRR-type.

Soybean and sunflower oil-induced insulin resistance correlates with impaired GLUT4 protein expression and translocation specifically in white adipose tissue

Free fatty acids are known for playing a crucial role in the development of insulin resistance. High fat intake is known for impairing insulin sensitivity; however, the effect of vegetable-oil injections have never been investigated. The present study investigated the effects of daily subcutaneous injections (100 mu L) of soybean (SB) and sunflower (SF) oils, during 7 days. Both treated groups developed insulin resistance as assessed by insulin tolerance test. The mechanism underlying the SB- and SF-induced insulin resistance was shown to involve GLUT4. In SB- and SF-treated animals, the GLUT4 protein expression was reduced similar to 20% and 10 min after an acute it? vivo stimulus with insulin, the plasma membrane GLUT4 content was similar to 60% lower in white adipose tissue (WAT). No effects were observed in skeletal muscle. Additionally, both oil treatments increased mainly the content of palmitic acid (similar to 150%) in WAT, which can contribute to explain the GLUT4 regulations. Altogether, the present study collects evidence that those oil treatments might generate insulin resistance by targeting GLUT4 expression and translocation specifically in WAT. These alterations are likely to be caused due to the specific local increase in saturated fatty acids that occurred as a consequence of oil daily injections. Copyright (C) 2010 John Wiley & Sons, Ltd.

Structure and Applications of a Rhamnolipid Surfactant Produced in Soybean Oil Waste

Soybean oil soapstock was utilized as an alternative carbon source for the production of rhamnolipids by Pseudomonas aeruginosa LBI strain. The chemical composition and properties of the rhamnolipid mixture obtained were determined to define its potential applications. The chemical characterization of the rhamnolipid has revealed the presence of ten different homologues. The monorhamnolipid RhaC(10)C(10) and the dirhamnolipid Rha(2)C(10)C(10) were the main components of the mixture that showed predominance of 44% and 29%, respectively, after 144-h of cultivation. The biosurfactant was able to form stable emulsions with several hydrocarbons and showed excellent emulsification for soybean oil and chicken fat (100%). The rhamnolipid removed 67% of crude oil present in sand samples and presented antimicrobial activity against Bacillus cereus and Mucor miehei at 64 mu g/mL and inhibition of Neurospora crassa, Staphylococcus aureus, and Micrococcus luteus at 256 mu g/mL. The results demonstrated that the rhamnolipid produced in soybean oil soapstock can be useful in environmental and food industry applications.

Competition of sicklepod, cassia obtusifolia l., densities on soybean, glycine max (l.) merr., at variable row distance

Competition studies with soybeans, Glycine max (L.) Merr. "Bragg." and sicklepod, Cassia obtusifolia L., were conducted at the Agricultural Research and Education Center of the University of Florida in Quincy, Florida. Two field experiments were established, one on May 22, 1975. and the other four weeks later, on June 19, 1975, to determine the competitive effects of various sicklepod densities and the influences of soybean row distances on weed dry matter, soybear plant characteristics, yield components and seed yield, and on soil nutrient content. Control, low, medium, and high sicklepod densities in the first experiment were O, 25,000, 53,000, and 77,000 p1ants/ha, respectively; while the second experiment presented control, low, medium, and high sicklepod densities of O, 36,000, 68,000, and 122,000 plants/ha, respectively. Three soybean row distance treatments were tested using a constant pattern of 90-, 60-, and 45-cm widths throughout the growing season. Three other treatments, evaluated in a variable patern, were initially seeded in 30-cm row widths. Five weeks after planting, an appropriate number of soybean rows were harvested from the 30"cm pattern to establish row distances of 90, 60, and 30-60 cm for the remainder of the season. ln the greenhouse a test was conducted to evaluate the effects af those variables on seed germination and seedling vigor for the next soybean generation. As a result of full-season sicklepod competition, soybean plants were less branched, set fewer leaves, and presented thinner stems as compared to the control. However, height of soybean plants was not affected by the presence of sicklepod. ln one of the two experiments, number of nodes decreased for soybeans under weed campetition. The yield components--number of pods; number of seeds, and seed yield per soybean plant--were all similarly reduced due to weed competition. Seeds per pod were decreased to a lesser extent. Soybean seed yields per unit area were significantly diminished by increasing levels af sicklepod ínfestation. While the control produced 3120 kg/ha, the sicklepod densities of 25,000, 53,000, and 77,000 plants/ha reduced seed yíelds 47, 65, and 73%, respectively. As soybean row distances decreased, number of branches, number of leaves, and stem diameter of soybeans decreased. However, the height of soybean plants increased with narrwing of row width. The components of seed yield--number of pods, number of seeds, and seed yield per soybean plant--diminished as row spacing was reduced. Maximum difference between row distances for these attributes was attained for soybean plants under weed-free conditions. Generally, as row width decreased, soybean seed yield per unit area increased. Specifically, soybear.s in 90-cm rows, either in constant or variable row pattern, yielded less than soybeans in 60- and 30-60-cm rows in the variable pattern. Soil contents of phosphorus, potassium, calcium, and magnesium were not affected by the various levels of sicklepod and soybean populalions. Neither the sicklepod densities nor the soybean row distances influenced seed germination and seedling vigor in the next soybean generation. Sicklepod was a strong competitor with soybeans at all density ranges investigated. Because sicklepod grows taller than soybeans during the reproductive stages of the crop, limited success can be reached by varying row spacing alone. However, this practice is considered an integral measure to complement other methods of sicklepod control. Compared to constant rows, the soybean cropping system using variable row spacings presents the choice of planting soybeans at close row spacings to provide early competition with weeds and the possibility of obtaining a forage crop after the first month of growth, without any decreases on the final seed yields.

How the full opening of the capital account to highly liquid financial markets led Latin America to two and a half cycles of ‘mania, panic and crash’

Latin America has recently experienced three cycles of capital inflows, the first two ending in major financial crises. The first took place between 1973 and the 1982 ‘debt-crisis’. The second took place between the 1989 ‘Brady bonds’ agreement (and the beginning of the economic reforms and financial liberalisation that followed) and the Argentinian 2001/2002 crisis, and ended up with four major crises (as well as the 1997 one in East Asia) — Mexico (1994), Brazil (1999), and two in Argentina (1995 and 2001/2). Finally, the third inflow-cycle began in 2003 as soon as international financial markets felt reassured by the surprisingly neo-liberal orientation of President Lula’s government; this cycle intensified in 2004 with the beginning of a (purely speculative) commodity price-boom, and actually strengthened after a brief interlude following the 2008 global financial crash — and at the time of writing (mid-2011) this cycle is still unfolding, although already showing considerable signs of distress. The main aim of this paper is to analyse the financial crises resulting from this second cycle (both in LA and in East Asia) from the perspective of Keynesian/ Minskyian/ Kindlebergian financial economics. I will attempt to show that no matter how diversely these newly financially liberalised Developing Countries tried to deal with the absorption problem created by the subsequent surges of inflow (and they did follow different routes), they invariably ended up in a major crisis. As a result (and despite the insistence of mainstream analysis), these financial crises took place mostly due to factors that were intrinsic (or inherent) to the workings of over-liquid and under-regulated financial markets — and as such, they were both fully deserved and fairly predictable. Furthermore, these crises point not just to major market failures, but to a systemic market failure: evidence suggests that these crises were the spontaneous outcome of actions by utility-maximising agents, freely operating in friendly (‘light-touch’) regulated, over-liquid financial markets. That is, these crises are clear examples that financial markets can be driven by buyers who take little notice of underlying values — i.e., by investors who have incentives to interpret information in a biased fashion in a systematic way. Thus, ‘fat tails’ also occurred because under these circumstances there is a high likelihood of self-made disastrous events. In other words, markets are not always right — indeed, in the case of financial markets they can be seriously wrong as a whole. Also, as the recent collapse of ‘MF Global’ indicates, the capacity of ‘utility-maximising’ agents operating in (excessively) ‘friendly-regulated’ and over-liquid financial market to learn from previous mistakes seems rather limited.

How the full opening of the capital account to highly liquid financial markets led Latin America to two and a half cycles of ‘mania, panic and crash’

Latin America has recently experienced three cycles of capital inflows, the first two ending in major financial crises. The first took place between 1973 and the 1982 ‘debt-crisis’. The second took place between the 1989 ‘Brady bonds’ agreement (and the beginning of the economic reforms and financial liberalisation that followed) and the Argentinian 2001/2002 crisis, and ended up with four major crises (as well as the 1997 one in East Asia) — Mexico (1994), Brazil (1999), and two in Argentina (1995 and 2001/2). Finally, the third inflow-cycle began in 2003 as soon as international financial markets felt reassured by the surprisingly neo-liberal orientation of President Lula’s government; this cycle intensified in 2004 with the beginning of a (purely speculative) commodity price-boom, and actually strengthened after a brief interlude following the 2008 global financial crash — and at the time of writing (mid-2011) this cycle is still unfolding, although already showing considerable signs of distress. The main aim of this paper is to analyse the financial crises resulting from this second cycle (both in LA and in East Asia) from the perspective of Keynesian/ Minskyian/ Kindlebergian financial economics. I will attempt to show that no matter how diversely these newly financially liberalised Developing Countries tried to deal with the absorption problem created by the subsequent surges of inflow (and they did follow different routes), they invariably ended up in a major crisis. As a result (and despite the insistence of mainstream analysis), these financial crises took place mostly due to factors that were intrinsic (or inherent) to the workings of over-liquid and under-regulated financial markets — and as such, they were both fully deserved and fairly predictable. Furthermore, these crises point not just to major market failures, but to a systemic market failure: evidence suggests that these crises were the spontaneous outcome of actions by utility-maximising agents, freely operating in friendly (light-touched) regulated, over-liquid financial markets. That is, these crises are clear examples that financial markets can be driven by buyers who take little notice of underlying values — investors have incentives to interpret information in a biased fashion in a systematic way. ‘Fat tails’ also occurred because under these circumstances there is a high likelihood of self-made disastrous events. In other words, markets are not always right — indeed, in the case of financial markets they can be seriously wrong as a whole. Also, as the recent collapse of ‘MF Global’ indicates, the capacity of ‘utility-maximising’ agents operating in unregulated and over-liquid financial market to learn from previous mistakes seems rather limited.