Milton Friedman (July 31, 1912 – November 16, 2006) was an American Nobel Laureate economist and public intellectual. He made major contributions to the fields of macroeconomics, microeconomics, economic history, and statistics. In 1976, he was awarded the Nobel Prize in Economics for his achievements in the fields of consumption analysis, monetary history and theory, and for his demonstration of the complexity of stabilization policy. He was an advocate of economic freedom.
According to The Economist, Friedman "was the most influential economist of the second half of the 20th century…possibly of all of it". Alan Greenspan stated "There are very few people over the generations who have ideas that are sufficiently original to materially alter the direction of civilization. Milton is one of those very few people." In his 1962 book Capitalism and Freedom, Friedman advocated minimizing the role of government in a free market as a means of creating political and social freedom. In his 1980 television series Free to Choose, Friedman explained his view of how free markets work, emphasizing his conviction that free markets have been shown to solve social and political problems that other systems have failed to address adequately. His books and columns for Newsweek were widely read, and even circulated underground behind the Iron Curtain.
Earning a Ph.D. in economics from Columbia University in 1946, Friedman originally was a Keynesian supporter of the New Deal and advocate of high taxes. He moved away from the idea of central control in the 1950s, along with his close friend George Stigler. His political philosophy, which Friedman himself considered classically liberal and consequentialist libertarian, stressed the advantages of the marketplace and the disadvantages of government intervention, strongly influencing the outlook of American conservatives and libertarians. He adamantly argued that if capitalism, or economic freedom, is introduced into countries governed by totalitarian regimes, political freedom would tend to result. He lived to see some of his laissez-faire ideas embraced by the mainstream, especially during the 1980s, a watershed decade for the acceptance of Friedman's ideas in many countries. His views of monetary policy, taxation, privatization and deregulation informed the policy of governments around the globe, especially the administrations of Ronald Reagan in the U.S., Brian Mulroney in Canada, and Margaret Thatcher in Britain.
Credit card
A credit card is a system of payment named after the small plastic card issued to users of the system. A credit card is different from a debit card in that it does not remove money from the user's account after every transaction. In the case of credit cards, the issuer lends money to the consumer (or the user) to be paid to the merchant. It is different from a charge card (although this name is sometimes used to describe credit cards), which requires the balance to be paid in full each month. In contrast, a credit card allows the consumer to 'revolve' their balance, at the cost of having interest charged. Most credit cards are the same shape and size, as specified by the ISO 7810 standard. The most common credit card size, known as ID-1, is 85.60 × 53.98 mm.
Credit cards are issued after an account has been approved by the credit provider, after which cardholders can use it to make purchases at merchants accepting that card.
When a purchase is made, the credit card user agrees to pay the card issuer. The cardholder indicates his/her consent to pay, by signing a receipt with a record of the card details and indicating the amount to be paid or by entering a Personal identification number (PIN). Also, many merchants now accept verbal authorizations via telephone and electronic authorization using the Internet, known as a 'Card/Cardholder Not Present' (CNP) transaction.
Electronic verification systems allow merchants to verify that the card is valid and the credit card customer has sufficient credit to cover the purchase in a few seconds, allowing the verification to happen at time of purchase. The verification is performed using a credit card payment terminal or Point of Sale (POS) system with a communications link to the merchant's acquiring bank. Data from the card is obtained from a magnetic stripe or chip on the card; the latter system is in the United Kingdom and Ireland commonly known as Chip and PIN, but is more technically an EMV card.
Other variations of verification systems are used by eCommerce merchants to determine if the user's account is valid and able to accept the charge. These will typically involve the cardholder providing additional information, such as the security code printed on the back of the card, or the address of the cardholder.
Each month, the credit card user is sent a statement indicating the purchases undertaken with the card, any outstanding fees, and the total amount owed. After receiving the statement, the cardholder may dispute any charges that he or she thinks are incorrect (see Fair Credit Billing Act for details of the US regulations). Otherwise, the cardholder must pay a defined minimum proportion of the bill by a due date, or may choose to pay a higher amount up to the entire amount owed. The credit provider charges interest on the amount owed (typically at a much higher rate than most other forms of debt). Some financial institutions can arrange for automatic payments to be deducted from the user's bank accounts, thus avoiding late payment altogether as long as the cardholder has sufficient funds.
Credit cards are issued after an account has been approved by the credit provider, after which cardholders can use it to make purchases at merchants accepting that card.
When a purchase is made, the credit card user agrees to pay the card issuer. The cardholder indicates his/her consent to pay, by signing a receipt with a record of the card details and indicating the amount to be paid or by entering a Personal identification number (PIN). Also, many merchants now accept verbal authorizations via telephone and electronic authorization using the Internet, known as a 'Card/Cardholder Not Present' (CNP) transaction.
Electronic verification systems allow merchants to verify that the card is valid and the credit card customer has sufficient credit to cover the purchase in a few seconds, allowing the verification to happen at time of purchase. The verification is performed using a credit card payment terminal or Point of Sale (POS) system with a communications link to the merchant's acquiring bank. Data from the card is obtained from a magnetic stripe or chip on the card; the latter system is in the United Kingdom and Ireland commonly known as Chip and PIN, but is more technically an EMV card.
Other variations of verification systems are used by eCommerce merchants to determine if the user's account is valid and able to accept the charge. These will typically involve the cardholder providing additional information, such as the security code printed on the back of the card, or the address of the cardholder.
Each month, the credit card user is sent a statement indicating the purchases undertaken with the card, any outstanding fees, and the total amount owed. After receiving the statement, the cardholder may dispute any charges that he or she thinks are incorrect (see Fair Credit Billing Act for details of the US regulations). Otherwise, the cardholder must pay a defined minimum proportion of the bill by a due date, or may choose to pay a higher amount up to the entire amount owed. The credit provider charges interest on the amount owed (typically at a much higher rate than most other forms of debt). Some financial institutions can arrange for automatic payments to be deducted from the user's bank accounts, thus avoiding late payment altogether as long as the cardholder has sufficient funds.
Ending the SEOContest2008 Battle
Before the contest ends, I post this to show that I am still supporting the Team Philippines for the SEOContest2008.
Go! Go! Go!
Go! Go! Go!
Pacquiao Beats Marquez
Both men fought. Both men bled. Both men put it all on the line, and left every ounce of energy they had in the ring.
One man won, and one man lost. Whether or not I agree that Manny Pacquiao beat Juan Manuel Marquez last night (I scored it 114-113 for Marquez), the fact of the matter is that two of three ringside judges saw what was a tight, hotly-contested, and wonderful fight go the way of the Filipino superstar, Pacquiao.
Every time one seemed to have a definitive edge, his foe came storming back into the fight. The ebb and flow was amazing.
Manny is now 46-3-2, and Marquez is 48-4-1. That's the way it is.
Sadly, though, it rarely just ends that way. Yes, the Marquez camp has the right to say they won the fight in their own minds. And if Juan Manuel hadn't tasted canvas in the third round courtesy a monster shot from Pacquiao, they would've maybe won the fight, or at least had another draw.
If Juan Manuel hadn't so frequently eaten the power shots from Pacquiao, maybe they win.
But the fight was what it was -- a sensational series of momentum shifts, with scoring coming down, basically, to what you like in your fighter. Much of the fight saw Marquez dictate pace and counter-punch, and even totally control the offense in spurts. And much of it saw Pacquiao's raw power and speed make him look too damn good for Marquez.
It was such a good, memorable fight that were this a year with no Vazquez-Marquez III, we might be looking at, ultimately, a Fight of the Year, and at the least a very strong contender. It reminded in many ways of their first encounter four years ago, and in some ways of Marquez's win over Marco Antonio Barrera one year ago.
When the dust settled at Mandalay Bay, both men raised their arms, just like the first time around. And like that first time, scoring could've gone either way. There was no robbery. The cards even read similarly: one strongly in favor of Marquez (115-112), one for Pacquiao (115-112), and one very, very close. This time, that close one had a one-point difference rather than making it a draw.
It was a fight so good that you hated to see one guy have to lose. But someone loses, and that's the sport. Either someone wins or, really, no one wins.
Both Pacquiao and Marquez did their jobs to the absolute best of their abilities last night. Pacquiao hasn't looked so good since he creamed Erik Morales in November 2006. Marquez looked every bit as outstanding as he did in his two wins last year.
Neither man should be ashamed. And while Bob Arum, Pacquiao and Top Rank have no intention of making a third fight, that's just business. Sure, I'd love to see them square off again, but Pacquiao's headed to 135. The fact that he ballooned up 16 pounds between the weigh-in and fight time is a sign that he probably does need to.
The fight was great. Afterward? Well...
One man won, and one man lost. Whether or not I agree that Manny Pacquiao beat Juan Manuel Marquez last night (I scored it 114-113 for Marquez), the fact of the matter is that two of three ringside judges saw what was a tight, hotly-contested, and wonderful fight go the way of the Filipino superstar, Pacquiao.
Every time one seemed to have a definitive edge, his foe came storming back into the fight. The ebb and flow was amazing.
Manny is now 46-3-2, and Marquez is 48-4-1. That's the way it is.
Sadly, though, it rarely just ends that way. Yes, the Marquez camp has the right to say they won the fight in their own minds. And if Juan Manuel hadn't tasted canvas in the third round courtesy a monster shot from Pacquiao, they would've maybe won the fight, or at least had another draw.
If Juan Manuel hadn't so frequently eaten the power shots from Pacquiao, maybe they win.
But the fight was what it was -- a sensational series of momentum shifts, with scoring coming down, basically, to what you like in your fighter. Much of the fight saw Marquez dictate pace and counter-punch, and even totally control the offense in spurts. And much of it saw Pacquiao's raw power and speed make him look too damn good for Marquez.
It was such a good, memorable fight that were this a year with no Vazquez-Marquez III, we might be looking at, ultimately, a Fight of the Year, and at the least a very strong contender. It reminded in many ways of their first encounter four years ago, and in some ways of Marquez's win over Marco Antonio Barrera one year ago.
When the dust settled at Mandalay Bay, both men raised their arms, just like the first time around. And like that first time, scoring could've gone either way. There was no robbery. The cards even read similarly: one strongly in favor of Marquez (115-112), one for Pacquiao (115-112), and one very, very close. This time, that close one had a one-point difference rather than making it a draw.
It was a fight so good that you hated to see one guy have to lose. But someone loses, and that's the sport. Either someone wins or, really, no one wins.
Both Pacquiao and Marquez did their jobs to the absolute best of their abilities last night. Pacquiao hasn't looked so good since he creamed Erik Morales in November 2006. Marquez looked every bit as outstanding as he did in his two wins last year.
Neither man should be ashamed. And while Bob Arum, Pacquiao and Top Rank have no intention of making a third fight, that's just business. Sure, I'd love to see them square off again, but Pacquiao's headed to 135. The fact that he ballooned up 16 pounds between the weigh-in and fight time is a sign that he probably does need to.
The fight was great. Afterward? Well...
Pacquiao vs. Marquez - Unfinished Business
Hear what everyone had to say at the final press conference for the WBC 130 lb championship between Manny Pacquiao and Juan Manuel Marquez, set for Saturday night at the Mandalay Bay Resorts and Casino and HBO PPV!
“It will be a great fight on Saturday as I heard Marquez has trained very hard and doesn’t want to let his countrymen down. But I don’t either as I need to win this fight for my people as this is the key to the Filipino unity. Not only for myself but all the people who love boxing. I also pray that both Marquez and me will be safe and all fighters will not get hurt in the ring.” - Manny Pacquiao
“Thank you for being here. I am happy to be here for this fight, and everyone watching it (will witness) a war. I have prepared very hard for three months. I don’t really like to talk, I like to (show it) in the ring. This fight is for my country and my people… and I will win it with my heart.” - Juan Manuel Marquez
The final press conference was held for the World Boxing Council (WBC) super featherweight champion between JUAN MANUEL MARQUEZ vs MANNY PACQUIAO Saturday night at the Mandalay Bay Resorts and Casino and live on HBO Pay-Per-View. Promoted by Golden Boy Promotions and Top Rank, in association with Romanza Boxing Productions and MP Promotions and sponsored by Tecate Beer, Rock Star Energy Drink and Southwest Airlines, Marquez vs. Pacquiao II “Unfinished Business” will be for the WBC and vacant Ring Magazine Super Featherweight World Championship. The world title bout will take place at Mandalay Bay Resort & Casino in Las Vegas, and will be produced and distributed live on HBO Pay-Per-View, beginning at 9 p.m. EST/6 p.m. PST.
“It will be a great fight on Saturday as I heard Marquez has trained very hard and doesn’t want to let his countrymen down. But I don’t either as I need to win this fight for my people as this is the key to the Filipino unity. Not only for myself but all the people who love boxing. I also pray that both Marquez and me will be safe and all fighters will not get hurt in the ring.” - Manny Pacquiao
“Thank you for being here. I am happy to be here for this fight, and everyone watching it (will witness) a war. I have prepared very hard for three months. I don’t really like to talk, I like to (show it) in the ring. This fight is for my country and my people… and I will win it with my heart.” - Juan Manuel Marquez
The final press conference was held for the World Boxing Council (WBC) super featherweight champion between JUAN MANUEL MARQUEZ vs MANNY PACQUIAO Saturday night at the Mandalay Bay Resorts and Casino and live on HBO Pay-Per-View. Promoted by Golden Boy Promotions and Top Rank, in association with Romanza Boxing Productions and MP Promotions and sponsored by Tecate Beer, Rock Star Energy Drink and Southwest Airlines, Marquez vs. Pacquiao II “Unfinished Business” will be for the WBC and vacant Ring Magazine Super Featherweight World Championship. The world title bout will take place at Mandalay Bay Resort & Casino in Las Vegas, and will be produced and distributed live on HBO Pay-Per-View, beginning at 9 p.m. EST/6 p.m. PST.