This article contributes to a recent debate between Barnett and Block : 711–716, 2009), Bagus and Howden : 399–406, 2009), Barnett and Block, Cachanosky and Bagus and Howden regarding the conceptual distinction between demand deposits and time deposits. It is argued that from an economic perspective there is nothing inherently fraudulent or illegitimate about deposit accounts that are available ‘on demand’, but that this relies on certain contractual provisions. Particular attention is drawn to option clauses and (...) withdrawal clauses, which “solve” the problems raised by Barnett and Block, and Bagus and Howden. Previous authors have also neglected the asset side of banks balance sheets, and this is shown to further justify the legitimacy of fractional reserve banking. (shrink)

The deposit insurance makes the value of deposits independent from the behavior of other depositors or from the value of bank assets. Its existence induces a moral hazard which might threaten the stability of the banking system. The efficiency of the DI depends on the control of moral hazard, which means the agents’ responsibilisation, depositors included. There is a conflict between the DI principles and the present propositions improving this mechanism.The possible solutions in order to solve this paradox are (...) the restriction of the insurance coverage only for the demand deposits and the implementation of the double liability for the bank shareholders.The demand deposits insurance eliminates the incentive to bank runs caused by the fear of lack of liquidity, whereas the term deposits are exposed to losses which reduce the moral hazard induced by the demand deposit insurance.The double liability forces the shareholders of the defaulting banks to make supplementary payments limited to the nominal value of the owned shares. This combines the advantages of the limited liability and the unlimited liability.The efficiency of both propositions implies the enforcement of a closure rule of the banks whose net worth is close to zero.La garantie des dépôts rend la valeur des dépôts indépendante du comportement des autres déposa- nts ou de la valeur des actifs bancaires. Son instauration induit un aléa moral qui peut menacer la stabilité du système bancaire. L’efficacité de ce mécanisme dépend de la maîtrise de l’aléa moral. Cela suppose, entre autres, la responsabilisation des agents, y compris des déposants. Par conséquent, il existe un conflit entre le principe de la garantie des dépôts et les propositions courantes d’amélioration de ce dispositif.Les solutions envisagées dans cet article pour résoudre ce paradoxe sont la limitation de la garantie aux seuls dépôts à vue et l’instauration de la double responsabilité pour les actionnaires des banques.La garantie des dépôts à vue élimine l’incitation à la ruée due à la crainte de manque de liquidité, tandis que les dépôts à terme sont assortis d’une clause permettant à la banque de refuser tout retrait anticipé. Les titulaires des dépôts à terme s’exposent à des pertes, ce qui réduit l’aléa moral induit par la garantie des dépôts à vue.La double responsabilité oblige les actionnaires des banques défaillantes à effectuer des versements supplémentaires dans la limite de la valeur nominale des actions détenues. Cela réunit les avantages de la responsabilité limitée et de la responsabilité illimitée.L’efficacité des deux propositions suppose l’application d’une règle de fermeture des banques dont l’actif net avoisine zéro. (shrink)

We stipulate, arguendo, that fractional-reserve-demand deposit banking is per se fraudulent. We ask whether or not time deposit banking can also be illicit, and answer in the positive, if there is a mismatch between the time dimensions of deposits and loans. To wit, if an intermediary borrows short and lends long.

We stipulate, arguendo, that fractional-reserve-demand deposit banking is per se fraudulent. We ask whether or not time deposit banking can also be illicit, and answer in the positive, if there is a mismatch between the time dimensions of deposits and loans. To wit, if an intermediary borrows short and lends long.

All capitalist economies experience fluctuations in employment and economic activity around a long-term growth rate. How is this cyclical pattern of growth to be explained? Are the causes of fluctuations in output and employment to be found outside the system or are they intrinsic to the system? Will the long-term growth rate correspond to the growth of the labour force? It is the search for answers to these questions which motivates Peter Skott's analysis. The book develops a theory of dynamic (...) interaction between three types of agent: firms, households and banks. Firms are profit-maximisers operating under conditions of imperfect competition and their production and investment decisions are influenced by monetary and financial factors as well as by the state of the labour market. Households hold financial assets, supply labour and have a direct influence on nominal wage rates. Banks set interest rates on bank loans and deposits. No assumptions are made about nominal price rigidities and the capital-output ratio is determined endogenously. Using a framework of analysis which is rigorous and which does not exclude traditional neoclassical mechanisms, this book demonstrates the validity of important Marxian and Keynesian insights into the growth process. (shrink)

Eine Debatte ist ein öffentliches Streitgespräch, das gewissen Regeln folgt. Das Ziel einer Debatte ist nicht die Lösung eines Problems, wie in einer Diskussion, sondern Positionen zu markieren. In einer Debatte zählen nicht nur Argumente, sondern auch Polemik und der Mut zur These. Eine produktive Debatte bedarf neben von allen Teilnehmern akzeptierten Regeln auch einer sog. Debattenkultur. Christian Demand und Ekkehard Knörer führen eine Debatte zur Etablierung dieses Begriffs in den 1980er Jahren und entwickeln Thesen zu deren angeblichen Verschwinden (...) durch die Beschleunigung von Debatten unter den Bedingungen der »Neuen Medien«. A debate is a public dispute that follows certain rules. The goal of a debate is not the solution of a problem as in a discussion, but to point out positions. In a debate, not only arguments, but also polemics and the courage to take a stand are essential. Besides certain rules that are accepted by all participants, a debate needs a so-called debate culture in order to be productive. Christian Demand and Ekkehard Knörer lead a debate on the establishment of this concept in the 1980s and develop theses for its alleged disappearance caused by the acceleration of debates under the conditions of “new media.”. (shrink)

A debate is a public dispute that follows certain rules. The goal of a debate is not the solution of a problem as in a discussion, but to point out positions. In a debate, not only arguments, but also polemics and the courage to take a stand are essential. Besides certain rules that are accepted by all participants, a debate needs a so-called debate culture in order to be productive. Christian Demand and Ekkehard Knörer lead a debate on the (...) establishment of this concept in the 1980s and develop theses for its alleged disappearance caused by the acceleration of debates under the conditions of “new media.”. (shrink)

If fractional-reserve demand deposits are common, and illegitimate, an obvious flaw in the banking system is exposed. However, this article maintains that the only reason why demand deposits may be considered illegitimate is because of a way of defining them that renders them almost irrelevant. This article provides a response to Bagus et al., and identifies examples of how they misrepresent Evans. It also provides further considerations on the tradeoffs relating to the availability of a deposit; (...) methodological subjectivism; and the potential for hybrid contracts. Deposit and loan contracts may be hard to mix, but the actual results of doing so should not be ignored. (shrink)

What role do demand deposits serve in the financial system? The answer to this simple question has great implications in keeping the legal terms of the contract consistent with the demands of the financial system. Demand deposits are a perfect monetary substitute. Since money is only held to hedge against perceived uncertainty in both the timing and magnitude of future expenditures, demand deposits are demanded for the same reason. From this we derive three main (...) conclusions. First, a financial contract similar to a demand deposit cannot substitute for money. Second, full agreement to a financial contract does not create a perfect substitute for money unless it provides money’s two key characteristics: on demand and par value redemption. Finally, the demand for fractional-reserve demand deposits is fostered by an exogenous source and that demand for a good or service is not a sufficient condition to justify its legality or ethicality. (shrink)

The financial crisis has led to new interest in the ethics of financial markets. In this article, we further the debate on the nature of banking contracts by showing that the fundamental subjective purposes of loan and deposit contracts are irreconcilable. Any resultant mixture of the two contracts is a legal aberration. We consider a mutual fund as an important and legitimate alternative to the common demand deposit to provide high liquidity and some yield without offering full availability of (...) a nominal sum. Besides being a close substitute for how many deposit accounts function today, the mutual fund has the additional benefit of satisfying all legal and ethical requirements. Loan and investment contracts allow for the “bank” to make use of their clients’ funds while the intents of money owners are clearly classified without running into legal or ethical problems. (shrink)

Le propos est de comparer la dynamique concurrentielle à la gestion centralisée de l’industrie bancaire à partir de la mise en perspective de deux systèmes différents : l’expérience des banques libres du Massachusetts et celle de la monopolisation de l’émission de billets par la Banque de France.Nous montrons l’influence de la réglementation sur la structure du système bancaire, l’ accumulation du capital bancaire et la stabilité du crédit. Les banques peuvent financer leur politique de crédit à partir de fonds permanents (...) ou de fonds à vue. La mise en place de privilèges réglementaires sur les fonds à vue permettant aux banques de les utiliser sans les payer au prix de marché est à l’origine de l’instabilité cyclique.Our purpose is to compare the competitive dynamics and the centralized management of banking industry from the prospects of two different systems: the Free Banking experience in Massachusetts and the monopolization of issue by the Banque de France.We show the influence of regulation on the banking system structure, the hoarding of banking capital and credit stability. Banks may finance their loans either from investment funds or from demand deposit. The establishment of regulatory privileges on demand deposit allowing the banks to use them without paying the market price involves cyclical instability. (shrink)

Barnett and Block establish that not only are fractional reserve demand deposits fraudulent and create an Austrian Business Cycle , but that a certain type of mismatching between time deposits and the period for which the depository institution relends the deposited funds are also contrary to libertarian law. The question we address in the present paper is whether or not this type of disconnect between the period for which the ultimate lender committed funds and the ultimate borrower (...) gained possession thereof also necessarily start an Austrian Business Cycle. Even though this does not constitute an increase in the stock of money, we answer in the affirmative. (shrink)

In the wake of three high-profile judicial decisions concerning the use of human biological materials, the editors of this collection felt in 2011 that there was a need for detailed scholarly exploration of the ethical and legal implications of these decisions. For centuries, it seemed that in Australia and England and Wales, individuals did not have any proprietary interests in their excised tissue. Others might acquire such interests, but there had been no clear decision on the rights or otherwise of (...) the persons from whom the tissue was obtained. In 2009, however, the Court of Appeal of England and Wales recognised a limited exception to this position in Jonathan Yearworth and others v North Bristol NHS Trust . In that case, the Court held that the appellants, who had deposited semen samples for freezing before they undertook treatment for cancer, had “for the purposes of a claim in negligence … ownership of the sperm which they had ejaculated”. One year later, the Supreme Court of Queensland, Australia, took a similarly property-based approach to determining how a semen sample stored shortly before death should be dealt in Bazley v Wesley Monash IVF . According to that court, the co-executors of the estate had sufficient proprietary interests in the semen to legally demand its return from the laboratory where it was held. In 2011, the New South Wales Supreme Court similarly found that the widow of a recently deceased man had a right to possession of his semen in Joceyln Edwards; Re the estate of the late Mark Edwards .In the editors’ view, these decisions signalled a turning point in the Anglo-Australian jurisprudence in this area, taking the law a step beyond the decisions of the late 20th century such as R v Kelly , in which possessory rights were found …. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:494 HISTORY OF PHILOSOPHY in the Haller Zeitung; it will probably not appear at all--it has, among other short, comings, the fault to be too long." In a letter to Schtitz, Niethammer writes from Bamberg on 23 March 1807: "I repeat my urgent demand... to send the review of Salat's book submitted by Prof. Hegel as soon as possible to Jena to hand it in to Hofrat Voigt.... (...) " The volume contains almost 1,000 valuable notes which explain the philosophical and historical background of the newly edited material. HENRY WALTERBRANN Takoma Park, Maryland Peter Yakovlevich Chaadayev: Philosophical Letters and Apology of a Madman. Trans. with Intro. by Mary-Barbara Zeldin. (Knoxville: University of Tennessee Press, 1969. Pp. 203. $7.50) Mary-Barbara Zeldin's translation into English of the Philosophical Letters and the Apology of a Madman, by the enigmatic Russian intellectual leader of the early nineteenth century, Peter Yakovlevich Chaadayev makes available in English for the first time the thought of this figure whose small corpus of writings circulated mostly in manuscript during his own lifetime and waited over a hundred years after his death for their complete translation in their original French. Historically Chaadayev is important as a mediator between Westernizers and Slavophiles in this initial period of the nineteenth-century Russian intellectual awakening. Chaadayev himself remained aloof from either of these parties, was appealed to by both of them and became himself a kind of martyr to intellectual freedom. His own view of Russian-Western relationships incorporates this problem most remarkably into a theological vision of the "education of the human race." Philosophically Chaadayev stands as a unique and somewhat eccentric synthesizer of German idealism with the Christian concept of salvation history. Perhaps the most remarkable insight to be gained by reading these long-buried essays is the ease with which an Eastern Orthodox Christian versed in Patristic hellenism could fuse the ideas of a paedagogy of the human race in Lessing, Herder and Schiller and read this as an expression of an Irenaean doctrine of the progressive development of a mankind through the mediation of the primordial Logos; an Alexandrian idea of the paedagogy of Christ in history and a Eusebian doctrine of Christian universal empire. In so doing this Russian thinker also reveals to what an extent the German idealist movement itself was grounded on much older syntheses of Christian thought. In the process, however, Chaadayev also shows that nineteenth-century men could only appropriate this heritage anew by taking the great credal themes of revelation, Christi, the church and the Kingdom of God and reissuing them in a secularized, humanistic dress, as a philosophy of history. Chaadayev's basic thesis is that knowledge is a divinely-given deposit of certain fundamental primordial ideas, which man would not have arrived at through his own unaided powers, but rather possesses as an imprint upon the mind of the first man implanted by the Creator. Chaadayev weds the western philosophical concept of a fundamental a priori with a doctrine of primordial revelation, revealing the foundation of man himself in the divine Logos. This primordial deposit of ideas existed in BOOK REVIEWS 495 the first man only as a rudimentary 'image' of God. It is only through historical development that man grows to full stature in these truths whereby he attains to the completed 'likeness' of God. These truths, together with their historical development, are passed down by a historical succession, which is not an ecclesiastical succession, but a succession of the human family. These truths are periodically renewed by the advent of certain extraordinary individuals who exemplify them to a high degree, and by certain elect nations who are divinely designated as their culture-bearers. The Jews of the Old Testament were that culture-bearer in antiquity, and, since the time of Jesus Christ, it is Christendom which stands for and bears the development of this primordial truth as it has been renewed and set forth in archetypal perfection by Christ. Chaadayev sharply down grades the role of the Greeks in this development, but does so in a manner remarkably similar to the ancient Christian apologists who stole Greek fire in order to bathe the... (shrink)

Is it possible to explicate tolerant principles in the philosophy-political discourse of Kant? It seems the answer to this question is positive. And it is the philosophical project of Kant “Perpetual Peace”, which is the most representative in this respect, for it is based on the principles of tolerance. This project is included in ethic-legal (liberal) system and is connected with such notions as civil society, legal state, duty, moral law. Tolerance exists, on the one hand, as a result of (...) moral effort and choice, and on the other, as legal obligation. In Kantian conception tolerance appears as a multi-aspect phenomenon: firstly, as a natural deposit of the human race, developing as a result of the influence of antagonistic nature of the human society; secondly, as a demand of the moral law; thirdly, as a means of peace attaining; fourthly, as a principle of peaceful state, a universal civic alliance and eternal peace. The dynamic development of the world society, the acceleration of processes of globalization and intercultural communication dictate new strategies of the world development, make the problem of political responsibility the topic of today. According to Kant’s logic, it is necessary to be tolerant in the modern world. (shrink)

continent. 1.2 (2011): 136-140. In early 2011, Cow Heavy Books published The Official Catalog of the Library of Potential Literature , a compendium of catalog 'blurbs' for non-existent desired or ideal texts. Along with Erinrose Mager, I edited the project, in a process that was more like curation as it mainly entailed asking a range of contemporary writers, theorists, and text-makers to send us an entry. What resulted was a creative/critical hybrid anthology, a small book in which each page opens (...) to a new iteration of textual desire. These texts explore the material possibilities of the book. Somewhat parallel to the call of N. Katherine Hayles who, in her book Writing Machines , urges literary theorists to take up the practice of Medium Specific Analysis (to account for the way the medium in which it is presented conditions or at least bears on a literary text). I see in the imagined works of The Official Catalog a call for the innovative writers of today to become Medium-Responsive. This would mean thinking through the specific (materially constrained) possibilities offered by the media in which texts are presented, and in thinking of the literary text as a kind of art in the greater context of other arts and the book as a medium situated within the context of many other media. In doing so, the contemporary writer refutes the chorus of critics who lament the death of the book by consistently reinvigorating literary innovation. The following are selections from The Official Catalog of the Library of Potential Literature that show possible paths for (thinking about) new writing that engages with its medium. —Ben Segal, Editor THE CUBE Even the most radical non-linear texts have tended to exploit or subvert only the sequential possibilities of print—from the continuous loop of Joyce's Finnegans Wake to the shuffled cards of Marc Saporta's Composition No. 1 —but The Cube takes such multiplicities to an entirely new level. Set in a grid, the book's words can be read conventionally, across the page, as well as down each column—with either route making complete grammatical sense. But they can also be read as stacked strata and mined like lexical core samples through the layered pages of the book. Each path tells the same story from a different perspective (the narrative, naturally, hinges on the potential outcomes of a throw of cubed dice). By opening up the z-axis to reading in this way, The Cube recognizes the book as a three-dimensional sculptural space. Taking its lead from Armand Schwerner's (If Personal) and Raymond Queneau's Cent mille milliards de poèmes , The Cube reads like a experiment by Christian Bök precision printed by Emily McVarish. Craig Dworkin is the editor, most recently, of The Consequence of Innovation: 21st Century Poetics (Roof Books, 2008), The Sound of Poetry/The Poetry of Sound , with Marjorie Perloff (U. Chicago Press, 2009), and Against Expression: An Anthology of Conceptual Writing , with Kenneth Goldsmith (Northwestern UP, 2010). He teaches at the University of Utah. HE GOES In He Goes , we read notes, letters and e-mails from a scholar father to his novelist daughter. We read of the father's musings on Beckett, on Pinter, on Anne Frank; his description of a woman hanging laundry from a line. We read about his journey toward dying, followed by a brief, third person account of his death, and his obituary. Then a long series of blank pages that demand to be read in real time, non-sentence by non-sentence, blank page by blank page. Finally—and it is here that this peculiar little book begins to soar—the dead father writes to his as-of-yet-still-living daughter. He does not write from death. He does not write from life. The words unprint, unstamp, unkindle. Still, they require no translation. The father "writes" (for lack of a better word) about the serendipitous, the commonplace; he recommends another book. He jokes. He asks his daughter how her stomach is. He says forget about presence in absence, darling; screw words as memorial and the guys in garbage cans and loss as redemption and I can't go on I must go on. He goes, "Love, Fodder." He goes, "incidentally." He goes, "I thought you might like to know." Elizabeth Graver is the author of a story collection, Have You Seen Me? , and three novels: Unravelling ; The Honey Thief ; and Awake . Her work has been anthologized in Best American Short Stories , Best American Essays , and Prize Stories: the O. Henry Awards . She teaches at Boston College. THE PAPER ARCHIVIST A stunning package and a triumph of imagination, The Paper Archivist at times looks to be less a book than an abstract expressionist painting. Softly bound, its contents unfold to a single sheet of uneven thickness and texture—a canvas splattered with colored lines, stickers, broken sentences, and nonsense pictographs. But by following the directions to fold, dip, smell, rub, scratch, and tear the sheet according to the contingencies of the weather and using only the objects at hand, the reader slowly brings the forces hidden in the noise into a glorious sculptural convergence, processing a different story and shape each time. This is the rare book that continues to stir, whirl, and pop on every new reading. Sean Higgins blogs at BOMBlog where he is responsible for the column Volumes and Territories, as well as Ghost Island , a fledgling collaborative intellectual collective. THE SLOW BOOK The Slow Book , written by an anonymous author at the dawn of literacy, on a minor planet (otherwise notable only as the source of that exceptionally hardy, not very tasty grain called “shef” sowed on hostile planets as an early step to colonization), and encoded into a series of punctures on a strip of copper coiled inside a clever device, something between a player piano and an old-fashioned film projector, is being released into print, as was the author’s intention, at a rate of one word per century (local time). Each word is, across the Forty Galaxies, agreed to be uncannily apt for the century in which it appears—even “of,” in a century during which the highest value was attached to fidelity, whether to ideals, worlds, or romantic love; even “the,” which governed two centuries, one extraordinarily materialistic, during which advances in propulsion and navigation accelerated the exchange of exceptional objects between the remotest planets of the Forty, and one in which the central concern, both of philosophers and the common man, was whether, in an age of rapidly proliferating hypothetical worlds, anyone or anything concretely existed at all. Even those words published long before interstellar contact can be seen in retrospect to have transgalactic pertinence. As a result, attempts to abstract the machine from its publishers, Hobson & Hui, in order to “predict the future” for insight or gain by “fast- forwarding” the copper strip have been many and ingenious. While, in centuries of skepticism (“maybe”), or of unrest (“go”) the book has been nearly forgotten, in others it seems to haunt every thought, every deed, despite the fact that the subject of The Slow Book is still unclear. So far only a few sentences exist in print; everyone knows them, can quote them, offer the standard exegeses and assorted heresies; yet certainties are the stuff of adolescence; mature readers are forced to acknowledge that these sentences are probably only a preamble to the main argument. They contain no proper nouns, nor can we identify any definite theme. There is even disagreement about their tone, whether coolly ironic, as some insist, or ardent. The appearance of an unusual grammatical case, sometimes called the future pluperfect continuous, used to describe events that at some future point will have always been true (but are not yet)—hitherto known to appear only in the synthetic dogmas of the Thanatographical Society, and in certain highly circumscribed religious contexts—has suggested to some scholars that the Slow Book was originally intended for ritual use, but the proximity of the usage to a term designating a small hand plow that, as Pott and Mielcke have convincingly shown, would have borne a distinctly obscene double meaning in its culture of origin in the author’s time, argues otherwise. It is likewise unclear whether the situation that seems to be—with teasing incompleteness—sketched out in these few lines is intended as an illustration of general principles, a case study, a dramatic scene, or an extended metaphor. In short, we have no idea what The Slow Book is about. In our own time, we believe that it is almost certainly a work of fiction, but that may be because we live in the century of “if”. In each age, perhaps, we see the book we most need to read. Some have dared to suggest that the metal strip is blank until, with millennial fanfare, it advances into its new position, that no ur-text exists, that the book itself is brought into being—written—by our need. But that is exactly the sort of thing we would believe, in 7645. Shelley Jackson is the author of the story collection The Melancholy of Anatomy , the novel Half Life , and hypertexts including Patchwork Girl . The recipient of a Howard Foundation grant, a Pushcart Prize, and the 2006 James Tiptree Jr Award, she has also written and illustrated several children's books, including The Old Woman and the Wave ; Sophia, the Alchemist's Dog ; and Mimi's Dada Catifesto . Her stories and essays have appeared in Conjunctions , McSweeney's , The Paris Review , and Cabinet Magazine . In 2004 she launched her project SKIN , a story published in tattoos on 2095 volunteers. THE BOOK OF SOUNDS The Book of Sounds is just that: a book of sounds made when letters are construed in new ways to bring forth out of the alphabet new forms of speech. A book meant to be read out loud, The Book of Sounds is not unlike Laurie Anderson's O Superman or Brian Eno's Music for Airports in its attempt to make music out of the most primary and simplest of methods. It breaks language down to its barest bones and makes out of the page a drum that has never before been beaten upon. Peter Markus is the author of a novel, Bob, or Man on Boat (Dzanc Books) as well as two books of short fiction, Good, Brother and The Singing Fish , both of which were published by Calamari Press. A new collection of stories, We Make Mud , is now available from Dzanc Books. PARADISE OF THE BLIND by Celan Solen Although the reclusive Celan Solen published his first and only book in 1963—paying out-of-pocket for a limited edition of the slim collection No One May Have the Same Knowledge Again —he remained in American obscurity for almost three decades. In 1992 a micro-press in Istanbul brought out No One in Turkish. A German translation followed in 1995. Soon it became clear in literary circles Solen was a world-class (if highly unclassifiable) artist—lyrical, dense, enigmatic—who could undo the conventional short story in 397 words by inventing impossible worlds housed in impossible whirls (in “Small Sadnesses,” a single chartreuse tree frog in Borneo unknowingly holds time together by its very presence in the universe, while each letter of its tale refers, not to itself, but to the one preceding it in the alphabet). By his disappearance last year, Solen was considered master by a generation of writers and critics (except, alas, for those gentlemen in the Swedish Academy). Imagine, then, that generation’s delight at the discovery, locked away in the author’s safe-deposit box, of his second and final composition. Had Lynch’s Lost Highway been book instead of film, and had it been penned by Beckett at his least certain, revised by Barthelme at his most formally deranged, and typeset by Derrida at his most semiotically catastrophic, the result might have been something like Paradise of the Blind : interlacing narratives of a man composed of borrowed organs (whose most cheerless and difficult to locate, god, could only have been invented by an empty heart), a nonexistent medieval painting blamed for the ruin of future hope, and the spread of a philosophy that holds earth a mistake constantly recurring in the dream of a fish lying on the floor of the Atlantic (if the fish wakes, our world winks off)—all contained in a text packed with typed-over passages, torn postcards, poems that can be deciphered only when held up to a mirror, pages ornamented with trompe-l'œil paperclips and coffee stains and buzzing houseflies, some busy with illegible runes that dissolve when exposed to light, three that smell like roses or lemons (depending on whether a man or woman is reading), two that stain with the bloody fingerprints of the those who handle them, one that ignites when brushed with breath, thirteen sewn from baby skin, one that moans when touched, and one that screams—yet all without mass, unimaginable, and invisible. Lance Olsen is author of more than 20 books of and about innovative fiction, including, most recently, the novels Calendar of Regrets (2010) and Head in Flames (2009). He teaches experimental narrative theory and practice at the University of Utah. SUPERSTRUCTURE! by Barbara D'Albi As soon as I opened the third drawer of Barbara D'Albi's wooden novel, everything became hopeless. Now in Ithaca, there was no going back. And it wasn't just the intricate series of shelves, hinged doors and locked drawers which D'Albi layered into the book, no, lo, I was constructed anew by the story. Who else but D'Albi to imagine a God who becomes a carpenter and gets killed?! And makes it good! You want stories? D'Albi is a skyscraper, built with planes and levers. Momentarily I wondered where I could shelve this book, and then I thought: no matter; I couldn't put it down. Adam Robinson lives in Baltimore, where he runs Publishing Genius. He is the author of Adam Robison and Other Poems and Say, Poem. 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In his late writings Husserl emphasizes how the semiotic properties of writing, and of mathematical formulae and diagrams, are crucial for the historical, cross-generational survivability of meaning and specifically indispensable to the operation of scientific knowledge. However, the demand for objectivity, exactitude, and repeatability insidiously interferes with the meaning that such signs seek to express. This leads to a duality of objectivity encapsulated in the notion “the sedimentation of meaning”. On this view, the transmission of objectivity established in an (...) original sense-constituting act cannot survive unless being deposited in some external form, which at the same time risks the original sense being irrevocably lost in a web of signification that amounts to nothing more than empty and meaningless symbol manipulation. I discuss Husserl’s analysis and propose that it is limited by its one-sided focus on the negative impact of modernity. I compare Husserl’s account with Heidegger’s even more radical critique of modern society as one where a so-called “technological” mode of “revealing” reigns supreme at the expense of eradicating other, and more authentic ways to apprehend the world. I critically reconstruct the respective position of both thinkers and show how they point not only to a criticism of the instrumentalization and formalization of knowledge in modern society, but that they are just as importantly highlighting essential semiotic properties of signs. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:494 HISTORY OF PHILOSOPHY in the Haller Zeitung; it will probably not appear at all--it has, among other short, comings, the fault to be too long." In a letter to Schtitz, Niethammer writes from Bamberg on 23 March 1807: "I repeat my urgent demand... to send the review of Salat's book submitted by Prof. Hegel as soon as possible to Jena to hand it in to Hofrat Voigt.... (...) " The volume contains almost 1,000 valuable notes which explain the philosophical and historical background of the newly edited material. HENRY WALTERBRANN Takoma Park, Maryland Peter Yakovlevich Chaadayev: Philosophical Letters and Apology of a Madman. Trans. with Intro. by Mary-Barbara Zeldin. (Knoxville: University of Tennessee Press, 1969. Pp. 203. $7.50) Mary-Barbara Zeldin's translation into English of the Philosophical Letters and the Apology of a Madman, by the enigmatic Russian intellectual leader of the early nineteenth century, Peter Yakovlevich Chaadayev makes available in English for the first time the thought of this figure whose small corpus of writings circulated mostly in manuscript during his own lifetime and waited over a hundred years after his death for their complete translation in their original French. Historically Chaadayev is important as a mediator between Westernizers and Slavophiles in this initial period of the nineteenth-century Russian intellectual awakening. Chaadayev himself remained aloof from either of these parties, was appealed to by both of them and became himself a kind of martyr to intellectual freedom. His own view of Russian-Western relationships incorporates this problem most remarkably into a theological vision of the "education of the human race." Philosophically Chaadayev stands as a unique and somewhat eccentric synthesizer of German idealism with the Christian concept of salvation history. Perhaps the most remarkable insight to be gained by reading these long-buried essays is the ease with which an Eastern Orthodox Christian versed in Patristic hellenism could fuse the ideas of a paedagogy of the human race in Lessing, Herder and Schiller and read this as an expression of an Irenaean doctrine of the progressive development of a mankind through the mediation of the primordial Logos; an Alexandrian idea of the paedagogy of Christ in history and a Eusebian doctrine of Christian universal empire. In so doing this Russian thinker also reveals to what an extent the German idealist movement itself was grounded on much older syntheses of Christian thought. In the process, however, Chaadayev also shows that nineteenth-century men could only appropriate this heritage anew by taking the great credal themes of revelation, Christi, the church and the Kingdom of God and reissuing them in a secularized, humanistic dress, as a philosophy of history. Chaadayev's basic thesis is that knowledge is a divinely-given deposit of certain fundamental primordial ideas, which man would not have arrived at through his own unaided powers, but rather possesses as an imprint upon the mind of the first man implanted by the Creator. Chaadayev weds the western philosophical concept of a fundamental a priori with a doctrine of primordial revelation, revealing the foundation of man himself in the divine Logos. This primordial deposit of ideas existed in BOOK REVIEWS 495 the first man only as a rudimentary 'image' of God. It is only through historical development that man grows to full stature in these truths whereby he attains to the completed 'likeness' of God. These truths, together with their historical development, are passed down by a historical succession, which is not an ecclesiastical succession, but a succession of the human family. These truths are periodically renewed by the advent of certain extraordinary individuals who exemplify them to a high degree, and by certain elect nations who are divinely designated as their culture-bearers. The Jews of the Old Testament were that culture-bearer in antiquity, and, since the time of Jesus Christ, it is Christendom which stands for and bears the development of this primordial truth as it has been renewed and set forth in archetypal perfection by Christ. Chaadayev sharply down grades the role of the Greeks in this development, but does so in a manner remarkably similar to the ancient Christian apologists who stole Greek fire in order to bathe the... (shrink)

Les professeurs Macey et Miller analysent la relation entre l’assurance des dépôts et l’ inadé quation dans la structure des échéances des actifs et passifs des banques commerciales. Après avoir critiqué l’hypothèse traditionnelle concernant la réglementation, d’après laquelle les banques sont incitées à financer les actifs à long terme par des passifs à court terme parce que l’assurance des dépôts garantie par l’Etat stimule le crédit des banques et subventionne les passifs à court terme, ils utilisent l’analyse économique des décisions (...) publiques pour soutenir qu’une version modifiée de l’hypothèse de la réglementation est la meilleure explication de la déstructuration des échéances des actifs et passifs bancaires.Finalement, ils considèrent que soutenir l’hypothèse de la réglementation n’entraîne pas l’ acceptation du modèle d’assurance des dépôts garantie par l’Etat tel qu’il existe aux Etats-Unis aujourd’hui.Professors Macey and Miller explore the relationship between deposit insurance and the mismatch in the term structure of commercial banks’ assets and liabilities. After criticizing the traditional regulatory hypothesis, which posits that banks have incentives to fund long-term assets with short-term liabilities because government-sponsored deposit insurance enhances bank credit and subsidizes short-term liabilities, they use public choice theory to argue that a modified version of the regulatory hypothesis is the best explanation for the mismatch in the term structure of banks’ assets and liabilities. Finally, they argue that embracing the regulatory hypothesis does not imply acceptance of the government-sponsored deposit insurance scheme as it exists in the U.S. today. (shrink)

A wry and compassionate selection of essays reflecting on mortals and mortality, from the acclaimed author of The Undertaking. For nearly four decades, poet, essayist, and small- town funeral director Thomas Lynch has probed relations between the literary and mortuary arts. His life's work with the dead and the bereaved has informed four previous collections of nonfiction, each exploring identity and humanity with Lynch's signature blend of memoir, meditation, gallows humor, and poetic precision. The Depositions provides an essential selection from (...) these masterful collections, as well as new essays in which the space between Lynch's hyphenated identities-as an Irish American, undertaker-poet-is narrowed by the deaths of poets, the funerals of friends, the loss of neighbors, intimate estrangements, and the slow demise of a beloved dog. Meanwhile, the press of the author's own mortality sharpens a curiosity about where we come from, where we go, and what it means. In The Depositions, Lynch continues to illuminate not only how we die, but also how we live. (shrink)

Is there a limit to the legitimate demands of morality? In particular, is there a limit to people's responsibility to promote the well-being of others, either directly or via social institutions? Utilitarianism admits no such limit, and is for that reason often said to be an unacceptably demanding moral and political view. In this original new study, Murphy argues that the charge of excessive demands amounts to little more than an affirmation of the status quo. The real problem with utilitarianism (...) is that it makes unfair demands on people who comply with it in our world of nonideal compliance. Murphy shows that this unfairness does not arise on a collective understanding of our responsibility for others' well being. Thus, according to Murphy, while there is no general problem to be raised about the extent of moral demands, there is a pressing need to acknowledge the collective nature of the demands of beneficence. (shrink)

The idea that demands are a key constituent of any analysis of the negative reactive attitudes is rarely challenged, enjoying a freedom from scrutiny uncommon in philosophy. In this paper I press on this orthodox view, arguing that there are broadly speaking, three ways in which the term ‘demand’ is used in discussions of the negative reactive attitudes and that each is problematic.