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    <entry>
        <title type="html"><![CDATA[Travelogue in France]]></title>
        <id>https://ThisIsWhatIHaveStudied.github.io/post/travelogue-in-france/</id>
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        <updated>2024-01-26T03:57:53.000Z</updated>
        <content type="html"><![CDATA[<h2 id="17-dec-2023">17 Dec 2023</h2>
<p><strong>Afternoon Visit to Palais Royal, Paris</strong></p>
<p>恰好圣诞前一周来到法国，自然对法国各地的节日活动难言拒绝，毕竟圣诞堪比中华文明的“年”。</p>
<p>原本计划通过 Airbnb 预定一次相关的 Cultural Experience，但自己稍加一番研究之后发现众一众 Guide 的路线安排均大同小异，不外乎是：从 Galerie Vivienne 出发、一路穿越皇宫及皇家花园、途经卢浮宫广场、再直奔 Tuileries 花园。既然如此直白，倒不如只身独游。</p>
<p>巴黎不到五点便已日落，黑暗中我也无暇顾及游览顺序、慌忙从后门步入了这条古老的 Passage；Galerie Vivienne 游客颇少，但恰逢一场解密游戏正在进行，使得其中拍照颇为不不便（因为总是有人群长时间驻足在某些吸睛的圣诞元素前观察线索）。</p>
<p>夜幕下的 Louvre 相较于夏天白日静谧了许多；宫殿高墙外有一老妪售卖烤栗子、鲜有人问津。匆匆穿越侧门，疾步跨过广场，杜乐丽花园便近在咫尺——巴黎最负盛名的圣诞集市也正在此处上演。</p>
<p>匆匆逛完热闹的集市，贫穷使我难以接受10欧一小杯的热红酒，甚至产生了些许感慨欧洲民生之多艰的情绪；好在花园里尚有其他有趣的景致可供观赏。斑斓的摩天轮下伫立着新古典主义美学的希腊人像，颇有一种时间的流淌交错之感。</p>
<h2 id="19-dec-2023">19 Dec 2023</h2>
<p><strong>A Day in Monaco</strong></p>
<p>此前规划尼斯的行程完全出于一时兴起，而从尼斯前往摩纳哥更是意外之外。这个地中海岸的欧洲小国与尼斯的火车车程仅有20min，比邻程度堪比上海之于与苏州。</p>
<p>纵然物理距离不慎遥远，但现代人仰仗的社交网络却可能因为国别的更替而失去信号链接。迈出火车站大门我才惊讶的发现法国的手机套餐并无法覆盖这个两公里狭长的小城。第一次脱离导航独立探索也是一种全新的体验。</p>
<p>或许是因为极度的富裕，摩纳哥的大街小巷较之于尼斯而言显得格外整洁。不仅令人感慨比较的神奇所在——离开巴黎前往尼斯后，我与友人皆感慨巴黎之乱象丛生以及尼斯的安全静谧。</p>
<p>第一站就近前往了 Palais Princier 王子宫殿进行参观。吃了功课未做足的亏，此地仅在夏日开放于公众，冬季只能于外延参观。不甚宏伟的大门看起来年年翻新，墙下严肃的卫兵队伍交接似乎是此次探访的最大看点。好在百米之外的观景台View还不错，可以俯瞰港口全貌，多少弥补了些遗憾。</p>
<p>不远处便是著名的摩纳哥海洋馆，珊瑚研究的先驱。我上一次来海洋馆可能还是小学生，如今25岁了看到背着海葵的寄居蟹时还是会激动不已。与海洋馆的游鱼虾蟹相比，游客疏疏朗朗，体验静谧而舒适。海洋馆的二层展示了摩纳哥王室为海洋学研究以及环境保护所作的努力，某种程度上也是一种易于接受的歌功颂德—毕竟摩纳哥人还有什么理由拒绝其他方面的福利呢。</p>
<p>赌场需要正装进入，也无很大兴趣。匆匆看过便离开返回尼斯。</p>
<h2 id="21-dec-2023">21 Dec 2023</h2>
<p><strong>A Day in Strasbourg</strong></p>
<p>从尼斯乘廉航慕名前来探访斯特拉斯堡的圣诞集市，踏出航站楼的刹那感受到了南法与东北的巨大气候差异：这里的冬日仿佛是北京与上海的合体、湿冷与大风并存。在这里补充能量的最好方式或许便是酸菜炖猪肉，我也难免入乡随俗。</p>
<p>圣诞集市散落在市中心 Grande Ile 各处、围绕不同的地标而设立。令人印象最为深刻的还是始建于公元十一世纪初的圣母院：高耸的塔尖可达140余米、斑驳的拱门雕满了神话与圣徒，可见虔诚至此。夜里游客人满为患，我便第二日清晨再敬仰了一番，结果却在与父母通话之后弄丢了一只 Airpods😢。</p>
<p>有关圣诞的故事也颇为有趣，其中一个是关于圣尼古拉斯：这位圣徒一直是儿童和弱势人群的赞助者支持者，难怪成为了圣诞老人的原型。此外还联想到了城市街头随处可见的糖果店Nicholas，想必源于此意。</p>
<h2 id="26-dec-2023">26 Dec 2023</h2>
<p><strong>Days in Amiens</strong></p>
<p>在巴黎休整两日后，突然开始焦虑圣诞该如何度过。一时兴起便买了去 Amiens 的 TER 车票（也是临近圣诞为数不多能买得到的站点之一），未曾料想抵达后仍旧大躺了三日。</p>
<p>初来乍到，这里给我的印象是一个颇为静谧的小城市。我所居住的区域大抵是上世纪六十年代所建的“新城”，斑驳的外墙边停满了法国特色的两厢小车。街上少见行人，于是抵达当天我决心先去较为商业化的老城探探人气。</p>
<p>去老城的另外一个目的便是 Monoprix ——毕竟圣诞将至，若不能提前备好充足的食物，只怕是要在万家寂寥的平安夜饿肚子。好在此前不慎购入的金黄会员购物袋还留着，带上它理直气壮便前往超市。人头攒动的圣诞集市还是老三样：vin chaud、chocolat、还有sapin的装饰，我对此兴致也不高。</p>
<p>第二日清晨（平安夜前），早已睡不住的我匆匆用烤箱热了切片面包后便开始了对城市的游览。这里除了有法国规模最大的Cathédrale之外，令我印象较为深刻的还有其北部密密麻麻的城市水道。Wikipedia称之为北方威尼斯，而我则觉得小桥流水更像是北方乌镇。索姆河静静淌过，节日的心态令路上的行人都步伐匆匆、似乎不愿在外多呆。</p>
<p>圣诞节当天上午一时兴起前往圣母院内部参观，不曾想恰好赶上了一场盛大的弥撒：推开门时里面已坐满了小城的居民，管风琴的演奏和着优美的颂词令人顿觉神圣。于我而言也是第一次在法国经历如此震撼的场景。</p>
<p>圣诞假日里的小城容许我我闲适地过了三日，算不上激动人心的旅程，但也惬意自在。</p>
<h2 id="28-dec-2023">28 Dec 2023</h2>
<p><strong>A Day in Lyon</strong></p>
<p>本次来法还尚未做过“特种兵”。经过头一晚的休整后，我决心在一天之内逛遍里昂老城。</p>
<p>清晨出发第一件事便是去Agence买一日通票。这票很方便，6.5欧即可在一日内不限次乘坐电车、地铁以及公交车。恰好旁边即是Part Dieu的电车站，快步迈上车，往Bellecour广场行去。该广场在众多Tour Guide中都被奉为出发点，虽然不清楚其中的缘由，但我也无脑跟随了。</p>
<p>匆匆游览了几个Place。早上雾气沉沉，依稀可见索恩河对岸的圣约瑟夫Cathedrale以及圣玛利 Basilica，显得仿佛遥在云端、神圣不可及。好在前者就在对岸的平缓带；但后者高耸再山巅。前往圣地的上坡颇为陡峭，一路上依稀有些旅人。</p>
<p>在前往Basilica前经过了一处古罗马时的剧场遗迹（<em>Théâtre antique de Lyon</em>），距今约2000年的历史。蜿蜒的残垣断壁分布在整个山坡，可见其当年容纳一万人的宏大气势。</p>
<p>又上一座小山，便到了神圣的Basilica。恰好时间又赶上了一场弥撒，我也怀着尊重的心旁观了许久。内部的各类圣母装潢的富丽堂皇自不必说，较为有趣的是地下供奉的来自各国的圣母形象：据我回忆包括不限于印度圣母、非洲圣母、中国圣母以及捷克圣母等等。之所以印象深刻，是因为他们都被赋予了当地人类的形象以及穿着。没忍住多看了几遍后，怀着虔诚的心我便离开了此处。</p>
<p>此后便是对一些零碎景点的探访——凭借着一日交通通票我可谓畅行无阻。有见到很赞的古早街头艺术（譬如在一整栋楼外立面的里昂名人壁画），也惊叹于现代设计的高超（譬如Confluence处的博物馆）。</p>
<p>最终做了回半日特种兵，行约16.5km、22000步。我很满意。</p>
<h2 id="30-dec-2023">30 Dec 2023</h2>
<p><strong>A Day in Annecy</strong></p>
<p>在里昂的第三日，经友人推荐于上午乘TER造访了这座法国边境小城。</p>
<p>这里可谓是依山傍水：毗邻瑞士可以看到不少雪峰；东南侧清澈见底的 Lac d’Annecy 以及不计其数的城市内河道也滋养着当地居民。此前带过的 Amiens 在维基百科上自称是北方威尼斯，但如今与 Annecy 一比，不禁显得有些相形见绌了。</p>
<p>参观了一些搜索引擎里颇为著名的景点，坦言只对 Palais d’Ile 有印象（毕竟修建于两河道交汇处，且正北侧便是湖泊与高山之境）。Lac d’Annecy 以及山峰组成的自然景观在这里远胜一切人工的雕饰。透亮清澈的湖水是青色的，肉眼可见的生物或许只有鸭子与海鸥；湖对岸的雪山连亘起伏，其后隐藏着又是怎样的秀丽风景，或许以后还有机会再见。</p>
<h2 id="2-jan-2024">2 Jan 2024</h2>
<p>离开里昂前往Avignon，心情略有些复杂。这一段行程意味着我又将一个人度过新旧的交割。</p>
<p>下榻民宿后心情更加复杂了：当时贪图便宜的后果便是拥有一床潮气逼人且颇为smelly的被褥。这家民宿在Avignon老城外，附近居住了不少摩洛哥裔的阿人，令初来乍到的我心情无比忐忑。</p>
<p>好在这里阳光充足的天气多少治愈了部分坏心情。穿过十五世纪的城门踏入老城区，古朴厚重的气息登时扑面而来。鹅卵石铺就的路面狭窄但并不阴郁，黄白色的墙面略有脱皮但并不残败。由于我未从正面沿着大路走入，一路上行人颇少、抱着法棍步履匆匆。我想在这种静谧中多停留片刻，也是在逃避民俗恶劣的surroundings。</p>
<p>这里主要的景点便是始建于十四世纪的教皇宫 Palais des Papes；由此我方才发现自己对教会在欧洲的势力只认识了皮毛，而对教会与国王间的纷争更是一无所知。此前自信满满不需要Audio Guide的我在游览过程中只觉得十分茫然——还需要多查多阅读才能少吃没文化的苦。</p>
<h2 id="3-jan-2024">3 Jan 2024</h2>
<p><strong>Day in Montpelier</strong></p>
<p>满心欢喜地离开 Avignon，本没有对 Montpellier 有过高的期望，然而不成想这里却成了我本次漫长旅途中最为高光的一站之一。</p>
<p>从双脚离开 Gare Saint Roch 的一瞬间就开始被这座城市的洁净与静谧所包围、格外有安全感。从火车站步行至民宿的途中恰好路过喜剧广场，心情十分舒畅。</p>
<p>下榻于 Stéphanie 家，她的儿子 Hugo 英法参半地为我介绍了房屋的格局。经历了在 Avignon 难受的住宿经历，这次我觉得惊喜万分。亚麻床单与被褥干净舒适、色调也与阳台外的蓝天颇为呼应。这为我两晚的睡眠打下了良好的基础。</p>
<p>第二天白日伊始便开始了对老城区的探索。步行至格外空旷的 Palais d’Eau 附近只觉得心旷神怡；也未曾想到这里也有一座古朴的 Arc de Triumph；庄严神圣的 Cathedrale Saint Pierre 设计颇为 Neo Classic，与其他我所见的哥特式教堂完全不同，更为大气磅礴。</p>
<p>许久未吃正餐的我终于没忍住在 Polygone 商场中庭的咖啡厅品尝了一道 L'Explosif：用刀切开煎蛋后的效果十足。</p>
<p>临行前热情的 Stéphanie 帮我做了很香的咖啡，用蹩脚的法语与她交流一些生活经历也不觉得尴尬。一次心满意足的旅程，can't ask for more.</p>
<h2 id="7-jan-2024">7 Jan 2024</h2>
<p><strong>4 Days in Barcelona</strong></p>
<p>2023年12月29日午后，在从 Paris 疾驰往 Avignon 的列车上，一封邮件让我暂时从难以午睡而感到烦躁的心情中暂时剥离。此前为了应付学校 Registrar 而草草了事的长居申请居然在新的一年开始前有了回音：所有材料需要翻译为法语后重新上传，但与此同时将我原有的居留证明延长至新一年的2月底。</p>
<p>对于此事我原本的态度很是消极，毕竟签证于12月24日已经过期；而“黑户”状态下的我不仅从未动过出国的念头，甚至连下一站在何处停留都十分小心。收到这封令人为之一振的邮件后，我当机立断、决定在新年后仓促去一趟邻国看看。</p>
<p>从 Montpellier 到 Barcelona 的车程仅有3小时。原本想着光速从 Barcelona Saint 火车站抵达酒店丢下行李后开始高强度城市漫游，不料刚出站在地铁站买票时就遇到了大问题—— 此处的 Vending Machine 暂时无法接受信用卡付款。我试着与工作人员交流，惊喜地他们可以听懂一部分法语，但痛苦之处在于他们只能听懂 ne fonctionne pas。热情的地铁大姐二话没说递给我一张单程票，让我以温情陪伴开启了在这座城市四日的生活。</p>
<p>抵达当天的另外之喜是在异国他乡遇到了本科时去光荣参军的同学。他心领神会地带我去了一家颇为不错的新疆餐厅、大快朵颐。聊聊生活与前程，阴霾之下也有不少光线穿过乌云。饭罢，百步外便是鼎鼎大名的 Sangrada Famillia，在夜色与工地的灯光里显得莫名阴森；不过夜晚湖泊倒是可以不受干扰地显现这座天主教堂的清晰倒影——开始有了些游客的感觉。</p>
<p>饮饱睡足，第二日上午便开始真正地作一位游客。慕名前往人头攒动的 La Rambla 大街，不料吸引眼球的第一站却是一家 Erotic Museum。这里公然播放了前西班牙国王阿方索的镜头感十足的自拍视频，更加令我对加泰罗尼亚独立这件事更加确信。或许是因为这里的内容过于劲爆，以至于参观后的几个小时我都觉得周边的其他事物都平平无奇。</p>
<p>Gaudi 的诸多设计大作无疑为这座城市增光了不少，但囿于本人的文化水平、在参观他亲自操刀的 Palau de Guel 时我困倦不堪、几近昏倒。或许欣赏外在之美便已足够，于是在后续探访高君的其他建筑时，我都双手交叉驻足于建筑外良久、显得颇为崇敬。在冯哥动身前往塞维利亚前我们终于有幸进入了此前提到的 Sangrada Famillia，其巨树丛生的内部外加精心设计的自然光影着实让人体会到了心灵之震撼、剧烈扭转了我对这位建筑师的单方面偏见。</p>
<p>临走前的白天我很幸运，风虽不和但日丽。在这样的天气下从 Arc de Triumf 漫游至 El Born 让我十足地领略了老城的风格与生活气息。瑰丽的海湾、深邃的巷尾、阳台的鲜花绿植、以及厚重的各家 Basilica 和 Cathedral，每一个都值得我购买 iCloud 储存扩容计划。</p>
<p>难以避免的西班牙语确实令人在点餐、购票以及买单时感到局促，不过好在西语与法语在很多词根的相似性允许我与店家互相糊弄、倒也还算过得去。无脑将英语或者法语的词末变为as或者dos，兴许这事儿就成了。</p>
<p>乘15个小时的 Flixbus 返回巴黎，此刻油头垢面蜗居在星巴克写下此文。</p>
]]></content>
    </entry>
    <entry>
        <title type="html"><![CDATA[Recent Vocabulary Collection from News Reports - 24 Jan 2024]]></title>
        <id>https://ThisIsWhatIHaveStudied.github.io/post/recent-vocabulary-collection-from-news-reports-24-jan-2024/</id>
        <link href="https://ThisIsWhatIHaveStudied.github.io/post/recent-vocabulary-collection-from-news-reports-24-jan-2024/">
        </link>
        <updated>2024-01-24T03:30:11.000Z</updated>
        <summary type="html"><![CDATA[<ul>
<li>The term structures in the major currencies show traders’ focus in the front-end given the upcoming central bank meetings, albeit amid low expectations for wide moves ahead.
<ul>
<li>Albeit
<ul>
<li>conjunction</li>
<li>though: he was making progress, albeit rather slowly.</li>
</ul>
</li>
</ul>
</li>
<li>The Bloomberg Dollar Spot Index slips 0.1% Friday and is poised to gain 1% this week, the most since the week ended Sept. 8
<ul>
<li>Be poised
<ul>
<li>be ready and prepared to do something: [with infinitive] : teachers are poised to resume their attack on government school tests.</li>
</ul>
</li>
</ul>
</li>
<li>Egypt’s credit outlook was cut to negative from stable by Moody’s Investors Service while the pound’s weakening on the black market accelerated, in a sign of the country’s worsening economic plight.
<ul>
<li>Plight
<ul>
<li>a dangerous, difficult, or otherwise unfortunate situation: we must direct our efforts towards relieving the plight of children living in poverty.</li>
</ul>
</li>
</ul>
</li>
<li>Taiwan’s central bank issued a rare statement this week to calm investors after global funds slashed their holdings of the island’s stocks and the local currency swooned.
<ul>
<li>Slash
<ul>
<li>informal</li>
<li>reduce (a price, quantity, etc.) greatly: the workforce has been slashed by 2,000.</li>
</ul>
</li>
<li>Swoon
<ul>
<li>literary</li>
<li>faint, especially from extreme emotion: Frankie's mother swooned and had to be helped to the headmaster's office.</li>
</ul>
</li>
</ul>
</li>
<li>Investors are dusting off intervention playbooks once again as a resurgent dollar raises the specter of fresh efforts from officials to protect their currencies.
<ul>
<li>Dust off
<ul>
<li>(remove dust from) 擦去…的灰尘 cāqù… de huīchén ‹furniture, surfaces›</li>
</ul>
</li>
<li>Resurgent
<ul>
<li>increasing or reviving after a period of little activity, popularity, or occurrence: the nation's resurgent economy.</li>
</ul>
</li>
<li>Playbook
<ul>
<li>a book containing a sports team's strategies and plays, especially in American football.</li>
</ul>
</li>
</ul>
</li>
<li>China’s $6.3 Trillion Stock Rout Getting Uglier by the Day
<ul>
<li>Rout
<ul>
<li>a disorderly retreat of defeated troops: the retreat degenerated into a rout.</li>
</ul>
</li>
</ul>
</li>
<li>China Swap Market Goes Into Overdrive as Traders Seek FX Bypass
<ul>
<li>Overdrive
<ul>
<li>a state of great or excessive activity: the city's worried public relations group went into overdrive.</li>
</ul>
</li>
</ul>
</li>
<li>Since Brexit made it harder for Europeans to work in the UK, British pubs and restaurants have come to rely on labor from further-flung parts of the world.
<ul>
<li>further-flung
<ul>
<li>The term &quot;further-flung&quot; is typically used to describe places that are distant or remote relative to a point of reference. It suggests locations that are spread out more widely or situated farther away, often involving greater effort or difficulty to reach.</li>
</ul>
</li>
</ul>
</li>
<li>A truck sloshes through the mud at the busy building site on the coast south of Lisbon.
<ul>
<li>Slosh
<ul>
<li>move through liquid with a splashing sound: they sloshed up the tracks in the dank woods.</li>
</ul>
</li>
</ul>
</li>
<li>The Federal Reserve’s internal watchdog cleared two former policymakers of legal wrongdoing in a years- long probe into their personal trading activity in 2020, but chastised them for undermining public confidence in the central bank.
<ul>
<li>Chastise
<ul>
<li>rebuke or reprimand severely: he chastised his colleagues for their laziness.</li>
</ul>
</li>
</ul>
</li>
<li>Orders to Taiwan’s exporters from overseas clients nosedived in December as plummeting demand from the US and Europe brought a brief rebound to an abrupt end.
<ul>
<li>Nosedive
<ul>
<li>deteriorate suddenly and dramatically: massive strikes caused the economy to nosedive.</li>
</ul>
</li>
<li>Plummet
<ul>
<li>decrease rapidly in value or amount: hardware sales plummeted.</li>
</ul>
</li>
</ul>
</li>
<li>Slowing inflation and wobbly demand suggest it needs to keep stimulus at full-bore.
<ul>
<li>Wobbly
<ul>
<li>tending to move unsteadily from side to side: the car had a wobbly wheel.</li>
</ul>
</li>
<li>Full-bore
<ul>
<li>full speed or maximum capacity: the real excitement comes from driving it at full bore | [as adverb] : the boat came full bore towards us.</li>
</ul>
</li>
</ul>
</li>
<li>This deflationary pattern (persisting for the third consecutive month) is a rare occurrence, last consistently seen in 2009.
<ul>
<li>Occurence
<ul>
<li>an incident or event: vandalism used to be a rare occurrence.</li>
</ul>
</li>
</ul>
</li>
<li>This trend of deflation in China suggests subdued demand coupled with an oversupply.
<ul>
<li>Subdued
<ul>
<li>(of a person or their manner) quiet and rather reflective or depressed: I felt strangely subdued as I drove home.</li>
</ul>
</li>
<li>Coupled with
<ul>
<li>The phrase “be coupled with” is used to describe something that is joined, connected or associated with another thing, typically in a way that the two elements complement or enhance each other.</li>
</ul>
</li>
</ul>
</li>
<li>China’s boldest plan yet to stem the current stock market rout is facing a wall of skepticism as disillusioned investors say any rebound will prove fleeting without a fundamental fix for its ailing economy.
<ul>
<li>Bold
<ul>
<li>(of a person, action, or idea) showing a willingness to take risks; confident and courageous: a bold attempt to solve the crisis | he was the only one bold enough to air his dislike.</li>
</ul>
</li>
<li>Stem
<ul>
<li>[with object] (of a boat) make headway against (the tide or current): if the wind will only freshen a little, we shall be able to stem the first of the flood.</li>
</ul>
</li>
<li>Disillusion
<ul>
<li>cause (someone) to realize that a belief they hold is false: if they think we have a magic formula to solve the problem, don't disillusion them.</li>
</ul>
</li>
<li>Fleeting
<ul>
<li>lasting for a very short time: for a fleeting moment I saw the face of a boy.</li>
</ul>
</li>
<li>Ailing
<ul>
<li>in poor health: I went to see my ailing mother | the ailing economy.</li>
</ul>
</li>
</ul>
</li>
<li>Bank of Japan Governor Kazuo Ueda kept investors in the dark over when he will scrap the world’s last negative interest rate while leaving little doubt that a move is in the pipeline.
<ul>
<li>Scrap
<ul>
<li>discard or remove from service (a redundant, old, or inoperative vehicle, vessel, or machine), especially so as to convert it to scrap metal: a bold decision was taken to scrap existing plant.</li>
</ul>
</li>
<li>In the pipeline
<ul>
<li>in the process of being planned or developed: the company has three new models in the pipeline.</li>
</ul>
</li>
</ul>
</li>
</ul>
]]></summary>
        <content type="html"><![CDATA[<ul>
<li>The term structures in the major currencies show traders’ focus in the front-end given the upcoming central bank meetings, albeit amid low expectations for wide moves ahead.
<ul>
<li>Albeit
<ul>
<li>conjunction</li>
<li>though: he was making progress, albeit rather slowly.</li>
</ul>
</li>
</ul>
</li>
<li>The Bloomberg Dollar Spot Index slips 0.1% Friday and is poised to gain 1% this week, the most since the week ended Sept. 8
<ul>
<li>Be poised
<ul>
<li>be ready and prepared to do something: [with infinitive] : teachers are poised to resume their attack on government school tests.</li>
</ul>
</li>
</ul>
</li>
<li>Egypt’s credit outlook was cut to negative from stable by Moody’s Investors Service while the pound’s weakening on the black market accelerated, in a sign of the country’s worsening economic plight.
<ul>
<li>Plight
<ul>
<li>a dangerous, difficult, or otherwise unfortunate situation: we must direct our efforts towards relieving the plight of children living in poverty.</li>
</ul>
</li>
</ul>
</li>
<li>Taiwan’s central bank issued a rare statement this week to calm investors after global funds slashed their holdings of the island’s stocks and the local currency swooned.
<ul>
<li>Slash
<ul>
<li>informal</li>
<li>reduce (a price, quantity, etc.) greatly: the workforce has been slashed by 2,000.</li>
</ul>
</li>
<li>Swoon
<ul>
<li>literary</li>
<li>faint, especially from extreme emotion: Frankie's mother swooned and had to be helped to the headmaster's office.</li>
</ul>
</li>
</ul>
</li>
<li>Investors are dusting off intervention playbooks once again as a resurgent dollar raises the specter of fresh efforts from officials to protect their currencies.
<ul>
<li>Dust off
<ul>
<li>(remove dust from) 擦去…的灰尘 cāqù… de huīchén ‹furniture, surfaces›</li>
</ul>
</li>
<li>Resurgent
<ul>
<li>increasing or reviving after a period of little activity, popularity, or occurrence: the nation's resurgent economy.</li>
</ul>
</li>
<li>Playbook
<ul>
<li>a book containing a sports team's strategies and plays, especially in American football.</li>
</ul>
</li>
</ul>
</li>
<li>China’s $6.3 Trillion Stock Rout Getting Uglier by the Day
<ul>
<li>Rout
<ul>
<li>a disorderly retreat of defeated troops: the retreat degenerated into a rout.</li>
</ul>
</li>
</ul>
</li>
<li>China Swap Market Goes Into Overdrive as Traders Seek FX Bypass
<ul>
<li>Overdrive
<ul>
<li>a state of great or excessive activity: the city's worried public relations group went into overdrive.</li>
</ul>
</li>
</ul>
</li>
<li>Since Brexit made it harder for Europeans to work in the UK, British pubs and restaurants have come to rely on labor from further-flung parts of the world.
<ul>
<li>further-flung
<ul>
<li>The term &quot;further-flung&quot; is typically used to describe places that are distant or remote relative to a point of reference. It suggests locations that are spread out more widely or situated farther away, often involving greater effort or difficulty to reach.</li>
</ul>
</li>
</ul>
</li>
<li>A truck sloshes through the mud at the busy building site on the coast south of Lisbon.
<ul>
<li>Slosh
<ul>
<li>move through liquid with a splashing sound: they sloshed up the tracks in the dank woods.</li>
</ul>
</li>
</ul>
</li>
<li>The Federal Reserve’s internal watchdog cleared two former policymakers of legal wrongdoing in a years- long probe into their personal trading activity in 2020, but chastised them for undermining public confidence in the central bank.
<ul>
<li>Chastise
<ul>
<li>rebuke or reprimand severely: he chastised his colleagues for their laziness.</li>
</ul>
</li>
</ul>
</li>
<li>Orders to Taiwan’s exporters from overseas clients nosedived in December as plummeting demand from the US and Europe brought a brief rebound to an abrupt end.
<ul>
<li>Nosedive
<ul>
<li>deteriorate suddenly and dramatically: massive strikes caused the economy to nosedive.</li>
</ul>
</li>
<li>Plummet
<ul>
<li>decrease rapidly in value or amount: hardware sales plummeted.</li>
</ul>
</li>
</ul>
</li>
<li>Slowing inflation and wobbly demand suggest it needs to keep stimulus at full-bore.
<ul>
<li>Wobbly
<ul>
<li>tending to move unsteadily from side to side: the car had a wobbly wheel.</li>
</ul>
</li>
<li>Full-bore
<ul>
<li>full speed or maximum capacity: the real excitement comes from driving it at full bore | [as adverb] : the boat came full bore towards us.</li>
</ul>
</li>
</ul>
</li>
<li>This deflationary pattern (persisting for the third consecutive month) is a rare occurrence, last consistently seen in 2009.
<ul>
<li>Occurence
<ul>
<li>an incident or event: vandalism used to be a rare occurrence.</li>
</ul>
</li>
</ul>
</li>
<li>This trend of deflation in China suggests subdued demand coupled with an oversupply.
<ul>
<li>Subdued
<ul>
<li>(of a person or their manner) quiet and rather reflective or depressed: I felt strangely subdued as I drove home.</li>
</ul>
</li>
<li>Coupled with
<ul>
<li>The phrase “be coupled with” is used to describe something that is joined, connected or associated with another thing, typically in a way that the two elements complement or enhance each other.</li>
</ul>
</li>
</ul>
</li>
<li>China’s boldest plan yet to stem the current stock market rout is facing a wall of skepticism as disillusioned investors say any rebound will prove fleeting without a fundamental fix for its ailing economy.
<ul>
<li>Bold
<ul>
<li>(of a person, action, or idea) showing a willingness to take risks; confident and courageous: a bold attempt to solve the crisis | he was the only one bold enough to air his dislike.</li>
</ul>
</li>
<li>Stem
<ul>
<li>[with object] (of a boat) make headway against (the tide or current): if the wind will only freshen a little, we shall be able to stem the first of the flood.</li>
</ul>
</li>
<li>Disillusion
<ul>
<li>cause (someone) to realize that a belief they hold is false: if they think we have a magic formula to solve the problem, don't disillusion them.</li>
</ul>
</li>
<li>Fleeting
<ul>
<li>lasting for a very short time: for a fleeting moment I saw the face of a boy.</li>
</ul>
</li>
<li>Ailing
<ul>
<li>in poor health: I went to see my ailing mother | the ailing economy.</li>
</ul>
</li>
</ul>
</li>
<li>Bank of Japan Governor Kazuo Ueda kept investors in the dark over when he will scrap the world’s last negative interest rate while leaving little doubt that a move is in the pipeline.
<ul>
<li>Scrap
<ul>
<li>discard or remove from service (a redundant, old, or inoperative vehicle, vessel, or machine), especially so as to convert it to scrap metal: a bold decision was taken to scrap existing plant.</li>
</ul>
</li>
<li>In the pipeline
<ul>
<li>in the process of being planned or developed: the company has three new models in the pipeline.</li>
</ul>
</li>
</ul>
</li>
</ul>
<!-- more -->
]]></content>
    </entry>
    <entry>
        <title type="html"><![CDATA[Vocabulary and Expressions - 23 Oct 2023]]></title>
        <id>https://ThisIsWhatIHaveStudied.github.io/post/vocabulary-and-expressions-23-oct-2023/</id>
        <link href="https://ThisIsWhatIHaveStudied.github.io/post/vocabulary-and-expressions-23-oct-2023/">
        </link>
        <updated>2023-10-23T02:43:49.000Z</updated>
        <content type="html"><![CDATA[<p>I have dedicated some effort to my father’s pharmacy business since my return home, and I have noticed that the sales role at the pharmacy shares several similarities with my prospective position at Global Markets.</p>
<ul>
<li>First, having a thorough understanding of the various OTC medicines is fundamental.</li>
<li>Secondly, gaining insights into customers' preferences and needs is crucial for recommending the most suitable medication.</li>
<li>Lastly, displaying confidence has a remarkable impact, even when customers possess some knowledge in this domain.</li>
</ul>
<p>Hopefully I could be a good sales, before I leave and embark on the next chapter of my career.</p>
<h2 id="what-did-i-read">What Did I Read</h2>
<p>“Israel’s Window of Legitimacy in Gaza Is Shrinking.” <em>Economist (London, England: 1843)</em>, The Economist, 22 Oct. 2023, https://www.economist.com/middle-east-and-africa/2023/10/22/israels-window-of-legitimacy-in-gaza-is-shrinking.</p>
<hr>
<blockquote>
<p>On israel’s northern border with Lebanon, in the Upper Galilee, the air is heavy with acrid smoke as shelling ignites forest fires. Civilians have been evacuated and soldiers in helmets guard the junctions. Every hour or so, <a href="https://www.economist.com/middle-east-and-africa/2023/10/13/israel-faces-the-danger-of-fighting-on-a-second-front">Hizbullah missiles</a> explode inside the border, and Israel launches a counter-barrage aimed at the Iran-backed militia.</p>
</blockquote>
<ul>
<li>Acrid: unpleasantly bitter or pungent
<ul>
<li><em>acrid smoke</em> | <em>an acrid smell</em>.</li>
</ul>
</li>
<li>Shell: bombard with shells
<ul>
<li><em>several villages north of the security zone were shelled</em>.</li>
</ul>
</li>
<li>Evacuate: remove (someone) from a place of danger to a safer place
<ul>
<li><em>several families were evacuated from their homes</em>.</li>
</ul>
</li>
</ul>
<blockquote>
<p>This is a country poised for war. To the east Israel is bombing Syrian airfields thought to be used to ship arms to militants. To the west an American aircraft-carrier strike group floats in the Mediterranean, with a second on its way to the region, to try to deter Iran and its proxies. In the south a vast Israeli invasion force awaits an order to enter the battle grounds of Gaza.</p>
</blockquote>
<ul>
<li>Poise
<ul>
<li>Be poised: be ready and prepared to do something
<ul>
<li><em>teachers are poised to resume their attack on government school tests</em>.</li>
</ul>
</li>
</ul>
</li>
</ul>
<blockquote>
<p>Fifteen days after Hamas’s attack on Israel, that ground invasion has yet to begin. One reason for the delay is a desperate flurry of last-minute diplomacy. On October 20th two American-Israeli hostages were released by Hamas after talks brokered by Qatar. A day later an international conference in Cairo called for a cease-fire. A limited amount of aid is now flowing across from Egypt into Gaza and negotiations over more hostage releases are ongoing.</p>
</blockquote>
<ul>
<li>Flurry: a number of things arriving or happening suddenly and during the same period
<ul>
<li><em>a *flurry of* editorials hostile to the government</em>.</li>
</ul>
</li>
<li>Hostage: a person seized or held as security for the fulfilment of a condition
<ul>
<li><em>three hostages were released but only after their families paid an estimated $200,000 to the guerrillas</em>.</li>
</ul>
</li>
</ul>
<blockquote>
<p>After seven hours, the meeting chaired by Binyamin Netanyahu, the prime minister, ended inconclusively. Strained relationships and stress may be impeding decision making. The impetuous defence minister, Yoav Gallant, supported by some generals, wants to rush into another short, sharp war. Mr Netanyahu is chronically hesitant.</p>
</blockquote>
<ul>
<li>Inconclusive: not leading to a firm conclusion or result; not ending doubt or dispute
<ul>
<li><em>three years of inconclusive negotiations</em> | <em>the medical evidence is inconclusive</em>.</li>
</ul>
</li>
<li>Strained: showing signs of nervous tension
<ul>
<li><em>Jean's pale, strained face</em></li>
</ul>
</li>
<li>Impetuous: acting or done quickly and without thought or care
<ul>
<li><em>she might live to rue this impetuous decision</em>.</li>
</ul>
</li>
<li>Chronically: in a long-lasting or habitual and problematic way
<ul>
<li><em>the office is chronically understaffed</em> | <em>a mission to create jobs for the chronically unemployed</em>.</li>
</ul>
</li>
</ul>
<blockquote>
<p>But Israel is also under pressure from allies to recalibrate its plans and move away from its customary approach of rapid shock-and-awe offensives to a more restrained, longer campaign.</p>
</blockquote>
<ul>
<li>Calibrate: carefully assess, set, or adjust (something abstract)
<ul>
<li><em>the regulators cannot properly calibrate the risks involved</em>.</li>
</ul>
</li>
<li>Customary: <em>[attributive]</em> according to a person's habitual practice
<ul>
<li><em>I put the kettle on for our customary cup of coffee</em>.</li>
</ul>
</li>
<li>Restrained: characterized by reserve or <a href="https://www.google.com/search?newwindow=1&amp;sca_esv=575673287&amp;sxsrf=AM9HkKnvbdnMhnUOAfHs9y6TT3uESQQRbg:1698027402915&amp;q=moderation&amp;si=ALGXSlbK6dNKc3P-z0hratVoTzWI1YVdDKG71jTxWoDrMQ3e8Sen1v0WmK2LTBDcSqRvgK8QL94k_14T0NrVuPohckhZGhMmSSxbTSHtQh6L_-dxgEmvXaQ%3D&amp;expnd=1">moderation</a>; unemotional or <a href="https://www.google.com/search?newwindow=1&amp;sca_esv=575673287&amp;sxsrf=AM9HkKnvbdnMhnUOAfHs9y6TT3uESQQRbg:1698027402915&amp;q=dispassionate&amp;si=ALGXSlasDpH6wngX24yaJ23IzSpEliqrIaGZgKwKi3UqhAJ-D78hq4Nw5C6u3zFzlv8-44ZX5DcJUs6YgIb08Pbp-KrSfYtrTJoxbDxUYXUbtvlllvMA8kM%3D&amp;expnd=1">dispassionate</a>.
<ul>
<li><em>his restrained, gentlemanly voice</em></li>
</ul>
</li>
</ul>
<blockquote>
<p>Every Israeli war is fought watching the clock, as international condemnation grows and eventually America qualifies its support.</p>
</blockquote>
<ul>
<li>Watch the clock: to pay close attention to the time remaining on the clock for a particular part of a game</li>
</ul>
<blockquote>
<p>America also appears to want a longer, more restrained campaign. Optically Mr Biden could not be more supportive of Mr Netanyahu’s government. “I am a Zionist,” he told the war cabinet on his visit to Israel.</p>
</blockquote>
<ul>
<li>Zionist: a supporter of Zionism; a person who believes in the development and protection of a Jewish nation in what is now Israel
<ul>
<li><em>the artist's parents were committed Zionists</em>.</li>
</ul>
</li>
</ul>
<blockquote>
<p>A very rapid further rise in civilian casualties in Gaza would be more likely to trigger a response from Hizbullah and Iran, and the second front that Israel dreads. On October 19th, the launch of missiles towards Israel from Iranian-backed militants in Yemen served as a reminder of the explosive potential of Iran’s various proxies (they were intercepted by the American navy). As importantly it would lead to a deeper estrangement with the Arab states with whom Israel had improving ties before the attacks on October 7th, including the United Arab Emirates and Saudi Arabia.</p>
</blockquote>
<ul>
<li>Casualty: a person killed or injured in a war or accident
<ul>
<li><em>the shelling caused thousands of civilian casualties</em>.</li>
</ul>
</li>
<li>Hizbullah: an extremist Shiite Muslim group which has close links with Iran, created after the Iranian revolution of 1979 and active especially in Lebanon.</li>
<li>Estrangement: the fact of no longer being on friendly terms or part of a social group
<ul>
<li><em>the artist's paintings from this period reflect his growing estrangement from his family</em>.</li>
</ul>
</li>
</ul>
<blockquote>
<p>A more controlled, longer campaign would still carry huge risks for Israel. Its forces could get bogged down: in 2014 soldiers got trapped in Shujaiyeh in northern Gaza and had to be protected by heavy artillery.</p>
</blockquote>
<ul>
<li>Bog down: to cause (something) to sink in wet ground
<ul>
<li>The mud <em>bogged down</em> the car.</li>
</ul>
</li>
</ul>
]]></content>
    </entry>
    <entry>
        <title type="html"><![CDATA[Vocabulary and Expressions - 14 Oct 2023]]></title>
        <id>https://ThisIsWhatIHaveStudied.github.io/post/vocabulary-and-expressions-14-oct-2023/</id>
        <link href="https://ThisIsWhatIHaveStudied.github.io/post/vocabulary-and-expressions-14-oct-2023/">
        </link>
        <updated>2023-10-14T03:35:22.000Z</updated>
        <content type="html"><![CDATA[<p>I have been contemplating the use of ChatGPT to analyse the articles for my digestion. After a few attempts, however, I found it far from being helpful given that the AI failed to identify crucial grammar points or expressions for me to grasp. As a result, I reverted to manually collecting this information on my own. A brand new week is approaching, and I'm optimistic that we will all make progress in the forthcoming bright days.</p>
<h2 id="what-did-i-read">What Did I Read?</h2>
<p>“How to Deal with the Global Anti-Climate Backlash.” <em>Economist (London, England: 1843)</em>, The Economist, 12 Oct. 2023, https://www.economist.com/leaders/2023/10/12/how-to-deal-with-the-global-anti-climate-backlash.</p>
<hr>
<blockquote>
<p>The shift to electric cars is “a transition to hell” that will destroy “your beautiful way of life”, says Donald Trump. He is far from the only politician to oppose greenery.</p>
</blockquote>
<ul>
<li>He is <mark>far from</mark> the only politician ...
<ul>
<li>If you say that something is far from a particular thing or far from being the case, you are emphasising that it is not that particular thing or not at all the case, especially when people expect or assume that it is.</li>
</ul>
</li>
</ul>
<blockquote>
<p>On October 8th voters in two big German states walloped the parties of the green-tinged ruling coalition.</p>
</blockquote>
<ul>
<li>Wallop: strike or hit very hard.
<ul>
<li>&quot;they walloped the back of his head with a stick&quot;</li>
</ul>
</li>
</ul>
<blockquote>
<p>It has many causes. Some voters deny that climate change is happening. Others accept that it is, but do not want to pay higher taxes or energy prices to tackle it. Many object to the hassle of installing new equipment. Some, especially the old, resist any kind of change. Others ask why they should make sacrifices when other countries, especially ones they dislike, are doing less.</p>
</blockquote>
<ul>
<li>To <mark>tackle</mark> climate change
<ul>
<li>Tackle**😗* to set about dealing with
<ul>
<li><em>tackle</em> the problem</li>
</ul>
</li>
</ul>
</li>
<li>Object to: to oppose something firmly and usually with words or arguments</li>
<li>Make sacrifices</li>
</ul>
<blockquote>
<p>Under this cauldron of grievances, populist politicians have heaped lighted coals. Many exaggerate the costs of going green, embellish the details (Britain’s opposition had no plans for a meat tax, whatever Mr Sunak says) and seek to turn climate into a culture-war battleground: the metropolitan elite will grab your car and make you eat tofu! Such tactics have proved potent.</p>
</blockquote>
<ul>
<li>Cauldron: A large pot or kettle, often used metaphorically here to describe a situation filled with intense emotions or issues.
<ul>
<li><mark>Under</mark> this cauldron of ...</li>
</ul>
</li>
<li>Grievance: Complaints or resentments about real or perceived injustices.
<ul>
<li>Resentment: a feeling of indignant displeasure or persistent ill will at something regarded as a wrong, insult, or injury</li>
</ul>
</li>
<li><mark>Heap lighted coals</mark>: This phrase suggests that populist politicians have added fuel to the fire or intensified existing grievances, possibly for their political benefit.</li>
<li>Such tactics have proved potent: This sentence indicates that these strategies have been effective and successful in achieving their goals.
<ul>
<li>Potent: chemically or medicinally effective</li>
</ul>
</li>
</ul>
<blockquote>
<p>Such polarisation means bigger flip-flops when power changes hands.</p>
</blockquote>
<ul>
<li>Bigger flip-flops: in this context suggests that the policy changes or shifts in direction are more substantial or noticeable. A &quot;flip-flop&quot; in politics refers to a change in a politician's stance or position on an issue.</li>
</ul>
<blockquote>
<p>Even voters who do not care about greenery like jobs and fear China, goes the calculation, and a future Republican president would shrink from scrapping subsidies that are popular with recipients in red and blue states alike. All true, but this approach has big drawbacks.</p>
</blockquote>
<ul>
<li>Goes the calculation</li>
<li>All true</li>
</ul>
<blockquote>
<p>First, framing green energy as a matter of industrial policy and national security opens the door to protectionism, which raises the cost of green technology by shutting out some of the best suppliers. Second, a subsidy-based approach will be far more expensive than one that makes more use of carbon pricing, which encourages the reduction of emissions throughout the economy.</p>
</blockquote>
<ul>
<li>Open the door to ...</li>
<li>the reduction of emissions <mark>throughout</mark> the economy</li>
</ul>
<blockquote>
<p>The downside of carbon taxes is that voters don’t like the sound of them, since they are, as the name implies, taxes. Governments have typically succeeded in putting a price on carbon only by stealth: using emissions-trading schemes that few voters understand.</p>
</blockquote>
<ul>
<li>Downside: A negative aspect or disadvantage of something.</li>
<li><mark>By stealth</mark>: This phrase indicates that governments have implemented carbon pricing discreetly, often without public awareness or understanding.</li>
</ul>
<blockquote>
<p>To curb carbon fast enough without generating too much resistance, climate policies should be designed to inflict as little hassle and cost on households as is practical.</p>
</blockquote>
<ul>
<li>Inflict: to cause (something unpleasant) to be endured</li>
</ul>
<blockquote>
<p>To curb costs, governments should create predictable incentives to reduce emissions efficiently, meaning far more use of carbon pricing. Workers in industries that will eventually be shut down, such as coal, should be offered help, including training for new jobs. Judicious regulation can also play a role. If car firms are given a deadline to stop selling new petrol cars, they will strain to bring down the price and extend the range of electric vehicles. If deadlines are realistic, cleaner tech may already be cheaper than the dirty sort before it is compulsory.</p>
</blockquote>
<ul>
<li>Judicious regulation: This expression indicates that well-considered and carefully crafted regulations can play a beneficial role in achieving policy goals.
<ul>
<li>Judicious: showing good judgment, careful consideration.</li>
</ul>
</li>
</ul>
<blockquote>
<p>Plenty of clean technologies are cheaper in the long run but have stiff upfront costs.</p>
</blockquote>
<ul>
<li>Stiff: Difficult or substantial, often referring to challenges.</li>
</ul>
]]></content>
    </entry>
    <entry>
        <title type="html"><![CDATA[Vocabulary and Expressions - 10 Oct 2023]]></title>
        <id>https://ThisIsWhatIHaveStudied.github.io/post/vocabulary-and-expressions-10-oct-2023/</id>
        <link href="https://ThisIsWhatIHaveStudied.github.io/post/vocabulary-and-expressions-10-oct-2023/">
        </link>
        <updated>2023-10-10T03:15:09.000Z</updated>
        <content type="html"><![CDATA[<p>Last night, I watched the video announcement for Noble Prize in Economics. Not only were Claudia Golding’s contributions in revealing the root causes of gender inequality in careers remarkable, but the presentation introducing her achievements by Swedish scholar Randi Hjalmarsson was also impressive.  Check it out here from 4:40: https://youtu.be/8ZJ_lQMltTs.</p>
<h2 id="what-did-i-read">What Did I Read?</h2>
<p>Baraniuk, Chris. “A Simple Solution for Keeping Microplastics out of the Water Supply.” <em>Atlantic Monthly (Boston, Mass.: 1993)</em>, Oct. 2023, https://www.theatlantic.com/science/archive/2023/10/microplastic-pollution-biodegradable-sponges/675572/.</p>
<hr>
<blockquote>
<p>Sponges. Is there anything they can’t do? <a href="https://onlinelibrary.wiley.com/doi/full/10.1111/j.1439-0485.2008.00235.x">For millennia</a>, humans have used dried natural sponges to clean up, to paint, and as vessels for drinking; we’ve even used them <a href="https://collection.sciencemuseumgroup.org.uk/objects/co96213/contraceptive-sponge-contraceptive-sponge">as contraceptive devices</a>. Whether synthetic or natural, sponges are great at ensnaring tiny particles in their many pores. And as scientists around the world are beginning to show, sponges’ cavity-filled forms could provide a solution to one of our era’s biggest scourges: microplastic pollution.</p>
</blockquote>
<ul>
<li>
<p>Contraceptive: (of a method or device) serving to prevent pregnancy</p>
<ul>
<li><em>the contraceptive pill</em>.</li>
</ul>
</li>
<li>
<p>Ensnare: catch in or as in a trap</p>
<ul>
<li><em>they were ensnared in city centre traffic</em>.</li>
</ul>
</li>
<li>
<p>Pore: a minute opening in a surface, especially the skin or integument of an organism, through which gases, liquids, or microscopic particles may pass</p>
<ul>
<li><em>it helps get rid of stubborn acne and can also prevent breakouts and clogged pores</em>.</li>
</ul>
</li>
<li>
<p>Scourge: a person or thing that causes great trouble or suffering</p>
<ul>
<li><em>the scourge of mass unemployment</em>.</li>
</ul>
</li>
</ul>
<blockquote>
<p>In August, researchers in China published a study describing their development of a synthetic sponge that makes short work of microscopic plastic debris.</p>
</blockquote>
<ul>
<li>Make short work of ...: to deal with someone or something quickly and effectively
<ul>
<li><em>we made short work of the food that was put in front of us. The team made short work of their biggest rival last night.</em></li>
</ul>
</li>
</ul>
<blockquote>
<p>They tried it with liquids as varied as tap water, seawater, and—why not—soup from a local takeout spot.</p>
</blockquote>
<ul>
<li>Takeout spot</li>
</ul>
<blockquote>
<p>The plastic-gobbling sponges are biodegradable and made mostly from starch and gelatin. Looking a bit like large white marshmallows, they are so light that balancing one atop a flower leaves the plant’s petals upright and unyielding, which the researchers suggest ought to make them cheap and easy to transport. Inside, the sponges’ structure appears less like lots of tiny bubble-like cavities and more like a jagged surface.</p>
</blockquote>
<ul>
<li>Gobble: eat (something) hurriedly and noisily
<ul>
<li><em>he gobbled up the rest of his sandwich</em>.</li>
</ul>
</li>
<li>Marshmallow: a soft, chewy item of confectionery made with sugar and gelatin
<ul>
<li><em>toasting marshmallows over a campfire</em></li>
</ul>
</li>
<li>Upright: (of a person) sitting or standing with the back straight
<ul>
<li><em>an upright posture</em>.</li>
</ul>
</li>
<li>Unyielding: (of a mass or structure) not giving way to pressure; hard or solid
<ul>
<li><em>the Atlantic hurled its waves at the unyielding rocks</em>.</li>
</ul>
</li>
</ul>
<blockquote>
<p>There are hiccups to the sponge’s potential adoption, though.</p>
</blockquote>
<ul>
<li>Hiccup: a temporary or minor problem or setback
<ul>
<li><em>just a little hiccup in our usual wonderful service</em>.</li>
</ul>
</li>
</ul>
]]></content>
    </entry>
    <entry>
        <title type="html"><![CDATA[Vocabulary and Expressions - 8 Oct 2023]]></title>
        <id>https://ThisIsWhatIHaveStudied.github.io/post/vocabulary-and-expressions-8-oct-2023/</id>
        <link href="https://ThisIsWhatIHaveStudied.github.io/post/vocabulary-and-expressions-8-oct-2023/">
        </link>
        <updated>2023-10-08T03:48:17.000Z</updated>
        <content type="html"><![CDATA[<h2 id="prey-for-peace">Prey for Peace</h2>
<p>This morning, I was astonished to learn about the outbreak of war between Israel and Hamas. It evoked a profound emotional response within me, triggering concerns about the potential acceleration of a turning point in our peaceful world. Hope this crisis can be resolved with minimal loss on human life.</p>
<h2 id="what-did-i-read">What Did I Read?</h2>
<p>McMillan, Greg, et al. “China Price Pressure Offers Hope of Christmas Cheer for Western Shoppers.” <em>Financial Times</em>, 8 Oct. 2023, https://www.ft.com/content/c1283697-d71b-4809-a03f-d5f3618d6138.</p>
<hr>
<blockquote>
<p>Slow economic activity and a downturn in the country’s heavily indebted property sector have depressed commodity prices and reduced input costs.</p>
</blockquote>
<ul>
<li><mark>Depress</mark> prices</li>
<li><mark>Downturn</mark> in the ... sector</li>
</ul>
<blockquote>
<p>Chinese producers have also regained some of the cost advantages they lost to cheaper locations over the past decade, thanks to a depreciation in the renminbi, which hit a 16-year low against the dollar in September.</p>
</blockquote>
<ul>
<li><mark>Hit</mark> a 16-year low</li>
</ul>
<blockquote>
<p>He added that reduced activity in the construction sector had pushed down prices of commodities, particularly steel, creating knock-on effects for manufacturers that consume large amounts of metal.</p>
</blockquote>
<ul>
<li><mark>Push down</mark> prices</li>
<li>Knock-on effects: a secondary, indirect, or <a href="https://www.google.com/search?newwindow=1&amp;sca_esv=571655468&amp;sxsrf=AM9HkKnz13frH-6E5Fs6XwsCigVrYAojhw:1696736531144&amp;q=cumulative&amp;si=ALGXSlbxwhdHKc0fpoiOcM6OGd45I5SLNSw7lWmXIcnsj1hMgTcm_-HAqZpsBMhFbRCS4is0fO0yjiF1av-oWto5O8OaTxYgig%3D%3D&amp;expnd=1">cumulative</a> effect.
<ul>
<li>&quot;a decline in butterflies would <strong>have a knock-on effect on</strong> other British species&quot;</li>
</ul>
</li>
</ul>
<blockquote>
<p>Concerns over rising costs of living in the US and Europe have dented demand for Chinese goods, leading some factories to cut prices or look to new markets elsewhere in Asia.</p>
</blockquote>
<ul>
<li><mark>Dent</mark> demand
<ul>
<li>Dent: have an adverse effect on; diminish.</li>
<li>&quot;this neither deterred him nor dented his enthusiasm&quot;</li>
</ul>
</li>
</ul>
<blockquote>
<p>The wider economy has also faltered, eking out quarter-on-quarter growth of 0.8 per cent in the three months to June, as factories underperformed and an anticipated services sector rebound fizzled.</p>
</blockquote>
<ul>
<li>Falter: lose strength or momentum.
<ul>
<li>&quot;the music faltered, stopped, and started up again&quot;</li>
</ul>
</li>
<li><mark>Eke out</mark>: to get by with difficulty or a struggle
<ul>
<li>When you just eke out a living, you live from check to check, barely managing to pay all your bills. You'll often find eke out followed by &quot;a living,&quot; or &quot;an existence,&quot; describing the process of working hard for every bit of money.</li>
</ul>
</li>
</ul>
<blockquote>
<p>“The global and domestic economy this year has been on a slowdown, so our business . . . has also seen a decline,” said Michael Lu, president of gift box producer Brothersbox, which employs 240 people at a factory in Dongguan and supplies brands including Nestlé and Marks and Spencer.</p>
</blockquote>
<ul>
<li>Our business has also <mark>seen a decline</mark></li>
</ul>
]]></content>
    </entry>
    <entry>
        <title type="html"><![CDATA[Vocabulary and Expressions - 7 Oct 2023]]></title>
        <id>https://ThisIsWhatIHaveStudied.github.io/post/vocabulary-and-expressions-7-oct-2023/</id>
        <link href="https://ThisIsWhatIHaveStudied.github.io/post/vocabulary-and-expressions-7-oct-2023/">
        </link>
        <updated>2023-10-07T03:35:47.000Z</updated>
        <content type="html"><![CDATA[<h1 id="vocabulary-and-expressions-7-oct-2023">Vocabulary and Expressions - 7 Oct 2023</h1>
<h2 id="something-else">Something Else</h2>
<p>The National-Day Vacation in China just concluded yesterday with record-high number of tourists but lower-than-expected total per-capita consumption. Honestly speaking, it is hard to find a tranquil tourist destination to truly get unwind for ordinary people, considering how much the price for accommodation and dining has been raised; Additionally, the overwhelming crowds only added to the frustration experienced by both locals and visitors. In this regard, the end of the vacation could be seen as a relief for those who endured the hassles of travel.</p>
<h2 id="what-did-i-read-today">What Did I Read Today?</h2>
<ul>
<li>Li, Shirley. “This Movie Plot Is the Stuff of HR Nightmares.” <em>Atlantic Monthly (Boston, Mass.: 1993)</em>, Oct. 2023, https://www.theatlantic.com/culture/archive/2023/10/fair-play-movie-review-netflix/675489/.</li>
</ul>
<hr>
<blockquote>
<p>Hollywood has long been seduced by the world of high finance. All that money! All that power! The glossy skyscrapers that house hedge funds and investment banks look too polished to contain American psychos and <a href="https://www.theatlantic.com/entertainment/archive/2013/12/the-vulgar-genius-of-em-the-wolf-of-wall-street-em/282611/">Wall Street wolves</a>. And yet, there they are—an assortment of memorable monsters, backstabbing and clawing their way to the top.</p>
</blockquote>
<ul>
<li>High finance: the activities of lending, investing, and borrowing very large amounts of money
<ul>
<li>Mr Erdman was an expert on high finance who once was the CEO of a Swiss bank</li>
</ul>
</li>
<li>Glossy: smooth and shiny</li>
<li>Assortment: a group of different types of something
<ul>
<li>an assortment of vegetables</li>
</ul>
</li>
<li>Backstabbing: the act of saying harmful or unpleasant things about a person when they are not present
<ul>
<li>He accused his boss of dirty tricks and backstabbing.</li>
</ul>
</li>
</ul>
<blockquote>
<p>In <em>Fair Play</em>, a Sundance hit Netflix acquired for $20 million that begins streaming tomorrow, the writer-director Chloe Domont contrasts the coldness of the conference room with the steaminess of the bedroom.</p>
</blockquote>
<ul>
<li>She contrast <em>the coldness of the conference room</em> with <em>the steaminess of the bedroom.</em></li>
</ul>
<blockquote>
<p>Their romance is against HR policy, and their effort to hide it—exchanging pleasantries in front of their colleagues, making sure they arrive separately at the office—is also a titillating game. At work, they’re the picture of buttoned-up efficiency. At home, they have sex on the floor. But when Emily gets promoted above Luke shortly after they get engaged, the tenuous line between their professional and personal lives blurs, threatening their forthcoming marriage.</p>
</blockquote>
<ul>
<li>Pleasantry: an inconsequential remark made as part of a polite conversation
<ul>
<li>An exchange of pleasantries</li>
<li><em>after an exchange of pleasantries, I proceeded to outline a plan</em>.</li>
</ul>
</li>
<li>Buttoned-up: formal or serious, and not willing to reveal your feelings or personal opinions
<ul>
<li><em>She was cast as a buttoned-up lawyer with a secret inner life.</em></li>
<li><em>He is less buttoned-up, more emotional than his rival.</em></li>
</ul>
</li>
<li>Tenuous: very weak or slight
<ul>
<li><em>the tenuous link between interest rates and investment</em>.</li>
</ul>
</li>
</ul>
<blockquote>
<p>That’s a tantalising setup, but not much about <em>Fair Play</em> works beyond it. Domont valiantly attempts to examine how gender affects power dynamics; her script deconstructs corporate culture through a female perspective, and doubles as a treatise on the turmoil of ambition for women. Yet the shaky character development, melodramatic dialogue, and mismanaged tone result in a sloppy misfire. <em>Fair Play</em> positions itself as a psychosexual thriller, but it’s neither truly provocative nor all that sexy.</p>
</blockquote>
<ul>
<li>Tantalise: to make someone feel excited or attracted by an offer or a suggestion of something that is, in fact, <strong>unlikely to happen</strong></li>
<li>Melodramatic: showing much stronger emotions than are necessary or usual for a situation</li>
<li>Sloppy: very wet or liquid, often in a way that is unpleasant</li>
<li>Provocative: causing thought about interesting subjects
<ul>
<li><em>The programme will take a detailed and provocative look at the problem of homelessness.</em></li>
</ul>
</li>
</ul>
]]></content>
    </entry>
    <entry>
        <title type="html"><![CDATA[Vocabulary and Expressions - 6 Oct 2023]]></title>
        <id>https://ThisIsWhatIHaveStudied.github.io/post/vocabulary-and-expressions-6-oct-2023/</id>
        <link href="https://ThisIsWhatIHaveStudied.github.io/post/vocabulary-and-expressions-6-oct-2023/">
        </link>
        <updated>2023-10-06T03:09:00.000Z</updated>
        <content type="html"><![CDATA[<h2 id="why-i-do-this">Why I Do This?</h2>
<p>Personally, I have a daily habit of reading financial reports, particularly those on FX and Economics. In the past, whenever I encountered unfamiliar jargon, I relied on educated guesses to continue reading smoothly. However, looking back, I regret not taking the time to check the meanings and learn from them.</p>
<p>Therefore, I believe it’s time for a change. I am committed to continue my daily reading of articles from strategists, but I also strongly feel the need to start actively learning those jargon and expressions. It’s never too late to learn for me as a non-native speaker.</p>
<h2 id="day-1">Day 1</h2>
<p>What I read today?</p>
<ul>
<li>Carnell, Robert, et al. “Key Risks to the Global Outlook.” <em>ING Think</em>, 5 Oct. 2023, https://think.ing.com/articles/monthly-key-risks-to-the-global-outlook-oct-2023/.</li>
</ul>
<hr>
<blockquote>
<p>Chinese real estate concerns, a ramping up of the ECB's quantitative tightening, and fresh instability in US commercial property and regional banks all pose risks to our current base case.</p>
</blockquote>
<ul>
<li>Ramp-up: it is a term used in economics and business to describe an increase in a firm's production ahead of anticipated increases in product demand.</li>
</ul>
<blockquote>
<p>A lack of transparency and a convoluted financing system have raised fears that the problems of China’s property development companies and the spillover to local government financing vehicles (LGFVs) could result in banking failures. We think the risk of a systemic crisis is low.</p>
</blockquote>
<ul>
<li>Convolute: make (an argument, story, etc.) complex and difficult to follow.</li>
<li><mark>Raise</mark> fears</li>
<li>Result <mark>in</mark> [noun]</li>
</ul>
<blockquote>
<p>LGFVs developed out of the limitations of tax revenue raising for local governments and have been a way for local governments to boost expenditure on infrastructure and invigorate the local economy.</p>
</blockquote>
<ul>
<li><mark>Boost</mark> expenditure</li>
<li>Invigorate: give strength or energy to
<ul>
<li><em>the shower had invigorated her</em>.</li>
<li><mark>invigorate</mark> the local economy</li>
</ul>
</li>
</ul>
<blockquote>
<p>Local governments are usually the sole or dominant shareholders of the LGFV, which issues debt that may be bought by banks and other financial institutions to pay for these projects – say, social housing or roads and bridges. The returns on these infrastructure projects are frequently insufficient to meet the debt service costs and repayment of loans, and so local government land sales to property development companies have traditionally made up the shortfall.</p>
</blockquote>
<ul>
<li>Debt service costs</li>
<li>Make up the <mark>shortfall</mark></li>
</ul>
<blockquote>
<p>The central government and the People's Bank of China (PBoC) are both committed to preventing a systemic crisis. The playbook for local governments that have run into difficulties with LGFV debt so far is debt restructuring. This will of course squeeze the returns that banks expected on their exposure to this sector and lower their profitability. As a result, some banks may need to raise capital to make up for any losses.</p>
</blockquote>
<ul>
<li>Playbook: a book containing a sports team's strategies and plays, especially in American football.</li>
<li><mark>Squeeze</mark> the returns</li>
<li><mark>Run into</mark> difficulties</li>
</ul>
<blockquote>
<p>As a result, financing difficulties are likely to be spread out over multiple years – this limits the risk of a systemic crisis but suggests that an extended period of adjustment and possibly constrained credit extension as well as weaker economic growth looks likely.</p>
</blockquote>
<ul>
<li>Financing difficulties are likely to be <mark>spread out over multiple years</mark></li>
</ul>
<blockquote>
<p>There seems to be a growing view within the European Central Bank (ECB) that in order to get inflation further under control, policy rate hikes might not be sufficient. In fact, the risk of worsening the current stagnation in the eurozone with additional rate hikes is high. In times of inverted yield curves, the ECB’s focus is likely to shift to non-interest rate tools again. Based on official comments since the September ECB meeting, an earlier end to reinvestments under the Pandemic Emergency Purchase Programme (PEPP) than the current “end of 2024” has become more likely.</p>
</blockquote>
<ul>
<li>There seems to be a growing view that ...
<ul>
<li>There seems to be</li>
<li>Growing view</li>
</ul>
</li>
<li>In times of inverted yield curves
<ul>
<li>In times of</li>
</ul>
</li>
</ul>
<blockquote>
<p>Consequently, an earlier unwinding of PEPP would return financial markets’ focus back to debt sustainability issues in the eurozone.</p>
</blockquote>
<ul>
<li>Unwind: relax after a period of work or tension
<ul>
<li><em>the Grand Hotel is a superb place to unwind</em>.</li>
</ul>
</li>
</ul>
<blockquote>
<p>No single crisis ever repeats identically, but an earlier unwinding of the PEPP reinvestments clearly bears the potential to bring back debt sustainability tensions.</p>
</blockquote>
<ul>
<li><mark>Bear</mark> the potential
<ul>
<li>You can use it when you want to describe something as having the capability to realise some kind of outcome or result.</li>
</ul>
</li>
</ul>
<blockquote>
<p>The plethora of risks to the US economy is highlighted by the wide range of views on where the Fed funds policy rate will end in 2024. On the positive side, we find that the Federal Reserve and a handful of other banks see little scope for any monetary policy easing in 2024.</p>
</blockquote>
<ul>
<li>Plethora: a large or excessive amount of something:
<ul>
<li>*<em>a plethora of* committees and subcommittees</em></li>
<li><em>Allen won a plethora of medals during his illustrious career</em>.</li>
</ul>
</li>
</ul>
<blockquote>
<p>On the other end of the spectrum, there are several prominent banks that see interest rates being slashed through the coming year. Here, the sense is that, after the most rapid and aggressive series of interest rate increases for forty years and banks rapidly tightening their lending standards, something will eventually “break”.</p>
</blockquote>
<ul>
<li>On the positive side, ... . On the other end of the spectrum, ...</li>
<li><mark>Tighten</mark> lending standards</li>
</ul>
<blockquote>
<p>Given that small and regional banks which account for around 70% of lending to CRE still remain stressed, such a situation could see confidence deteriorate with more deposit flight, thus creating instability in the financial system. Lending conditions would tighten across the economy, threatening to choke off credit flow to broad swathes of the economy. The Fed would inevitably respond with interest rate cuts likely being rapidly priced in by financial markets.</p>
</blockquote>
<ul>
<li>Confidence <mark>deteriorate</mark></li>
<li>Deposit flight: deposit flight, also known as capital flight or <mark>bank run</mark>, refers to the mass withdrawal of funds from a bank or financial institution by its depositors.</li>
<li>Lending conditions would <mark>tighten</mark></li>
<li>Choke off: to prevent or limit something.</li>
<li><mark>Broad swathes of</mark> the economy
<ul>
<li>Swathe: a broad strip or area of something
<ul>
<li><em>vast *swathes of* countryside</em> | *<em>a* significant *swathe of* popular opinion</em> <em>figurative</em>.</li>
</ul>
</li>
</ul>
</li>
</ul>
]]></content>
    </entry>
    <entry>
        <title type="html"><![CDATA[Book Review - The Righteous Mind: Why Good People Are Divided by Politics and Religion]]></title>
        <id>https://ThisIsWhatIHaveStudied.github.io/post/book-review-the-righteous-mind-why-good-people-are-divided-by-politics-and-religion/</id>
        <link href="https://ThisIsWhatIHaveStudied.github.io/post/book-review-the-righteous-mind-why-good-people-are-divided-by-politics-and-religion/">
        </link>
        <updated>2023-09-25T03:53:57.000Z</updated>
        <content type="html"><![CDATA[<h2 id="preface">Preface</h2>
<p>It has been a while since last time I updated my personal blog, making me question whether I should continue writing casually. I wondered about my purpose, the necessity of it, and whether I had the time to maintain a regular frequency. However, I quickly realised that these doubts were not obstacles for me because I genuinely enjoy expressing myself through words. Here I present this short book review as a new start.<br>
<img src="https://ThisIsWhatIHaveStudied.github.io/post-images/1695614066476.jpg" alt="" loading="lazy"></p>
<h2 id="stop-presenting-yourself-as-a-rationalist">Stop Presenting Yourself as a Rationalist</h2>
<blockquote>
<p>&quot;Conscious reasoning functions like a press secretary who automatically justifies any position taken by the president.&quot;</p>
</blockquote>
<p>To support this principle, the author and their colleagues conducted several experiments. For example, they presented volunteers with hypothetical situations and asked them to determine if those situations were morally acceptable or not. In most cases, the volunteers provided instant judgments but struggled to provide a well-justified reason for their decision; or they sometimes found supporting evidence long after making initial judgment.</p>
<p>Honestly speaking, I am not surprised by these findings as I have always been skeptical of so-called &quot;reasoning-driven conclusion&quot;; and this chapter reminds me of my internship at a management consulting company. Prior to joining the team, I believed the job mainly involved solving business problems using logic and commercial sense, with the aim of providing unbiased advice to clients. However, once I began my work, I gradually realised that consultants often find themselves tirelessly justifying their clients’ perspectives with fancy reasonings. That's also a vivid reflection of &quot;the elephant and the rider&quot; in real life.</p>
<p>While it is true that human beings have the ability to use reason and logic to achieve success (as great scientists have done), not everyone is good at reflecting on their inner “elephant’s” immediate decisions and inviting the rational “rider” to intervene. This is particularly evident in the financial industry, for instance. Whenever I click on and scroll through a research paper on a specific company or industry, it becomes challenging to disregard the subjective tone of the text and focus solely on the facts. As an ordinary reader, I often find myself forming opinions in agreement or disagreement with the strategists’ views based on that embedded tone alone.</p>
<p>Reasoning can take us to almost any conclusion we want to reach. Then is it critical to reason flawlessly for arguments to which we adhere? I would say sharp intuition matters more, and keeping practicing on logical reasoning may coincidentally be the way to develop such a strong intuition.</p>
<h2 id="wining-support-by-appealing-to-shared-moral-foundations">Wining Support by Appealing to Shared Moral Foundations</h2>
<blockquote>
<p>“There’s more to morality than harm and fairness”</p>
</blockquote>
<p>People often form instant judgments about an initiative or plan based on their inner moral foundations. It is important to understand that these foundations can vary between individuals and different political perspectives. While liberals tend to prioritise fairness and minimising harm, conservatives also place some weight on loyalty, authority, and sanctity in addition to fairness and harm considerations.</p>
<p>While it may be challenging to shake someone’s moral foundations, it is possible to engage in a process of sniffing out and recognising different perspectives. Next time when entering into negotiations with counterparties, it can be beneficial to consider their backgrounds and make an educated guess about their moral foundations. Understanding their underlying values and beliefs can help inform how you approach the negotiation process. In many cases, appealing to a person’s moral instincts can be more persuasive than relying solely on logical reasoning.</p>
<p>Take an extreme example: in Vietnam (from another parallel universe), propaganda machines are adept at manipulating individuals by appealing to their inner moralities, and the authority relies little on convincing citizens by letting them engage in open panels and engage in debates---which are totally unnecessary formalism to reach planned goals. Likewise, there is a Chinese proverb saying &quot;动之以情，晓之以理&quot; (Move others’ hearts with emotions, make others understand with reasoning). Most of people are inclined to act based on weak reasonings but strong emotions. If we are able to appeal to their moral values and strike the right emotional chords, we have a higher chance of gaining their preference.</p>
<blockquote>
<p>“We are deeply intuitive creatures whose gut feelings drive our strategic reasoning. This makes it difficult—but not impossible—to connect with those who live in other matrices, which are often built on different configurations of the available moral foundations.”</p>
</blockquote>
<h2 id="reference">Reference</h2>
<p>Haidt, J. (2012). <em>The righteous mind: Why good people are divided by politics and religion</em>. Vintage.</p>
]]></content>
    </entry>
    <entry>
        <title type="html"><![CDATA[Basics for Agricultural Commodities - Wheat]]></title>
        <id>https://ThisIsWhatIHaveStudied.github.io/post/basics-for-agricultural-commodities-wheat/</id>
        <link href="https://ThisIsWhatIHaveStudied.github.io/post/basics-for-agricultural-commodities-wheat/">
        </link>
        <updated>2023-02-20T05:44:00.000Z</updated>
        <content type="html"><![CDATA[<ul>
<li>This is my <strong>personal study notes</strong> for agricultural commodities.</li>
<li>Refence book: Dunsby, Adam, John Eckstein, Jess Gaspar, and Sarah Mulholland. Commodity investing: maximizing returns through fundamental analysis. John Wiley &amp; Sons, 2008.</li>
</ul>
<h2 id="overview">Overview</h2>
<ul>
<li>Wheat is the staple food of mankind; it's a cereal grain and globally the most important grain for human consumption.</li>
<li>Wheat is grouped into two categories based on its growing season
<ul>
<li><strong>Winter wheat</strong> is planted in the fall and becomes established before a period of dormancy during the winter. When spring comes, the winter wheat resumes its growth until an early summertime harvest.</li>
<li>In areas where the winter is harsh, <strong>spring wheat</strong> is planted during the spring. It then is harvested in the late summer or early fall.</li>
</ul>
</li>
</ul>
<h2 id="production">Production</h2>
<ul>
<li>The majority of the world’s wheat production is grown as <strong>winter wheat</strong> in the Northern Hemisphere.
<ul>
<li>Large <strong>spring wheat</strong> crops do occur in Canada, Russia, and the United States.</li>
<li>In the Southern Hemisphere wheat producers plant after the spring wheat crop in the Northern Hemisphere.
<ul>
<li>This creates a <strong>smooth supply of wheat</strong> year round.</li>
</ul>
</li>
</ul>
</li>
<li>Worldwide production of wheat has begun to take a back seat to production of corn and soybeans.
<ul>
<li>Wheat production has lost its luster as demand for corn and soybeans has increased at a faster pace than demand for wheat.</li>
<li>In addition, declining returns relative to other crops have helped entice farmers to switch away from planting wheat.</li>
</ul>
</li>
<li>The European Union (EU-25) leads the worldwide production of wheat with approximately 20 percent of the market during the 2005–2006 marketing year.
<ul>
<li>Other countries that produce a large quantity of wheat are China, the Former Soviet Union (FSU-12), India, the United States, and Russia.
<ul>
<li>Combined, they accounted for almost 80 percent of world wheat production in the 2005–2006 marketing year.</li>
</ul>
</li>
<li>Other countries, such as Australia and Canada, are also important with regard to their levels of wheat production.
<ul>
<li>The two countries are large <strong>exporters</strong> of wheat</li>
</ul>
</li>
<li>The production of wheat in the United States is extremely important to the worldwide market. This is because the United States is the largest exporter of wheat.
<ul>
<li>Approximately half of the country’s production is exported each year.</li>
</ul>
</li>
</ul>
</li>
<li>As with other agricultural crops, the weather is an important factor in the final crop yield for wheat.
<ul>
<li>Some damage can occur during the pollination stage, when high temperatures and severe drought will reduce the number of grains set.</li>
<li>With regard to winter wheat, the market is primarily concerned about winter kill.
<ul>
<li>Winter kill results when there is no snow to cover the winter wheat and to allow it to lie dormant and protected during the winter season.</li>
<li>When there is no snow cover to provide moisture and protection, the cold can have an adverse affect on exposed wheat.</li>
<li>In addition, repeated freezes and thaws during the winter can cause the soil to heave and lift the wheat plants out of the ground.</li>
</ul>
</li>
<li>Otherwise, of all the grains wheat is the best in making adjustments to adverse weather conditions.
<ul>
<li>It takes a lot to actually kill it.</li>
</ul>
</li>
</ul>
</li>
</ul>
<h2 id="consumption">Consumption</h2>
<ul>
<li>Wheat consumption per capita has been in decline for almost 20 years. This is in comparison with corn, where per capita consumption has been rising during the same period of time.
<ul>
<li>Why is this? One of the reasons is that as diets become more diversified and disposable income rises, demand for more expensive foods such as meats, fruits, and vegetables replaces demand for wheat.</li>
<li>On the other hand, corn is used in a variety of applications outside of food such as industrial uses and ethanol. The lack of additional uses for wheat results in slower growth in demand over time.</li>
</ul>
</li>
<li>Wheat is primarily consumed in the form of <strong>flour</strong> used to bake breads, cakes, crackers, pasta, and other edibles.
<ul>
<li>The flour is made by putting wheat kernels through the <strong>milling</strong> process.</li>
<li>The wheat milling <strong>byproducts</strong> bran, germ, middling, and shorts are also produced.
<ul>
<li>These milling byproducts are used by feed manufacturers in the production of livestock feeds.</li>
</ul>
</li>
</ul>
</li>
<li>Worldwide consumption of wheat is dominated by China.
<ul>
<li>Most of the wheat consumed in China is produced within the country.</li>
<li>China imports only a small amount of wheat.</li>
<li>Other large consumers of wheat include the EU-25, FSU-12, India, Russia, and the United States.
<ul>
<li>Together they constituted almost 70 percent of worldwide wheat consumption in the 2005–2006 marketing year</li>
<li>They are also some of the market’s largest exporters.</li>
</ul>
</li>
</ul>
</li>
<li>Unlike the corn export market, which is dominated by one player—the United States—the wheat market has a number of exporters.
<ul>
<li>The United States happens to be the largest wheat exporter, but it faces competition from the FSU-12, Canada, Russia, Argentina, and Australia.</li>
<li>This <strong>diversity</strong> of exporting countries provides <strong>stability</strong> to wheat trade and prices.
<ul>
<li>The result is lower price volatility for wheat than in the corn market, because the corn market relies on one country’s production for the majority of the world export market.</li>
</ul>
</li>
</ul>
</li>
<li>Since wheat is primarily consumed in the form of flour, other cereal grains and starchy food substances can be considered substitutes.
<ul>
<li>Besides wheat, flour can be made from many other crops such as corn, barley, rye, and rice.</li>
<li><strong>Wheat flour</strong> is considered <strong>superior</strong> because of its gluten content.
<ul>
<li>Rice flour is very important in Southeast Asian cuisine. Corn flour is widely used in Mexico in tamales and tortillas.</li>
</ul>
</li>
</ul>
</li>
</ul>
<h2 id="storage">Storage</h2>
<ul>
<li>
<p>Countries have different marketing years depending on <strong>when they begin to harvest the new crop</strong>.</p>
<ul>
<li>In the United States, the wheat marketing year runs from June through May.
<ul>
<li>In the United States, winter wheat is harvested starting in June.
<ul>
<li>Much of this harvest is put into storage to ensure supply throughout the marketing year.</li>
</ul>
</li>
</ul>
</li>
<li>In wheat, the international marketing year is from July through June.</li>
</ul>
</li>
<li>
<p>The normal market futures curve for wheat entices the farmer or storage operator to store grain for later by paying for some of the storage costs.</p>
<ul>
<li>This normal futures curve for wheat is also called contango, when the near future month is cheaper than the further out future.</li>
</ul>
</li>
<li>
<p>If the price of the near future is higher than the further out future, the curve is inverted, or backwardated.</p>
<ul>
<li>An inverted curve implies that the market wants the wheat now and is not willing to pay the cost to store it for later.</li>
</ul>
</li>
</ul>
<h3 id="futures">Futures</h3>
<ul>
<li>The benchmark wheat future is the Chicago Board of Trade (CBOT) wheat future.
<ul>
<li>The CBOT wheat future has a contract size of 5,000 bushels and trades in cents per bushel.</li>
<li>It has a tick size of $0.25, which means its minimum fluctuation can be a quarter of a cent.
<ul>
<li>Each tick has a tick value of $12.50.</li>
<li>This means that if you were long one contract of wheat at 460.00 cts/bu and you sold it at 460.25 cts/bu your profit before commission would be $12.50.</li>
</ul>
</li>
<li>The CBOT wheat contract trades future months July, September, December, March, and May of each marketing year.</li>
</ul>
</li>
<li>For smaller investors the CBOT has an <strong>E-mini wheat futures</strong> contract.
<ul>
<li>This contract is <strong>one-fifth</strong> of the size of the regular CBOT corn futures contract.</li>
<li>Each E-mini soybean future has a contract size of 1,000 bushel, a tick size of 0.125 cents/bushel, and a tick value of $1.25.\</li>
<li>The E-mini wheat future can be physically delivered.
<ul>
<li>The delivery specifications are the same as those of the full-size wheat future.</li>
</ul>
</li>
</ul>
</li>
<li>The rules regarding delivery of wheat futures are outlined in depth in the <em>CBOT Rules and Regulations Handbook</em>.</li>
<li>Worldwide there are additional wheat future contracts, but none are as liquid as the three in the United States.
<ul>
<li>The most liquid global wheat futures are listed on the Winnipeg Commodity Exchange in Canada, The Australian Stock Exchange, and the LIFFE exchange in Europe. Information regarding these future contracts can be found through the exchanges.</li>
</ul>
</li>
</ul>
<h2 id="price-history">Price History</h2>
<ul>
<li>As with corn, the price history for the CBOT wheat future is remarkably <strong>range bound</strong>.
<ul>
<li>The wheat price in a range of 200–400 cents per bushel most of the time since 1975.</li>
<li>Events
<ul>
<li>In 1980, unfavourable weather conditions resulted in low wheat crop yields.</li>
<li>In 1996, a combination of strong export demand during the 1995–1996 marketing year and concern over the winter wheat production resulted in low stocks for wheat.
<ul>
<li>Stocks usage is the expected ending stocks for a given marketing year divided by the total demand for the same marketing year.</li>
</ul>
</li>
<li>Not long after the low stocks usage situation in 1996 there occurred a long period of low prices and high stocks usage beginning with the 1997–1998 marketing year.
<ul>
<li>This occurred because farmers reacted to the high prices in 1996 and planted extra wheat accordingly as their profit margins increased.</li>
</ul>
</li>
</ul>
</li>
</ul>
</li>
<li>The future outlook for wheat prices is mixed.
<ul>
<li>Demand should remain steady, yet the <strong>supply side</strong> could have many changes.
<ul>
<li>The most likely change comes from <strong>increasing competition for acreage from other crops</strong> such as corn and soybeans.
<ul>
<li>Farmers that have the ability to plant multiple crops on their land will choose the crop with the highest profit margin.</li>
<li>This battle for acreage will result in more competition between products for land and the potential for higher price correlation among crops.</li>
<li>Overall wheat prices should <strong>lag gains</strong> in other crops as demand growth will be slower.</li>
</ul>
</li>
<li>As with other crops, the <strong>weather</strong> will play an important part in determining yields and thus production for each year’s harvest.
<ul>
<li>Poor weather will lead to price spikes similar to those seen in the past.</li>
</ul>
</li>
</ul>
</li>
</ul>
</li>
</ul>
<h2 id="market-reports">Market Reports</h2>
<ul>
<li>The monthly <em>World Agricultural Supply and Demand Estimates</em> (WASDE) published by the <em>USDA</em> is a great source of fundamental information on the wheat market.
<ul>
<li>In this report, the USDA publishes production, demand, and stock estimates for wheat as a whole and separated by classes.</li>
<li>In addition, supply and demand estimates for the world wheat market are made.</li>
</ul>
</li>
<li>Others
<ul>
<li>The Economic Research Service (ERS) section of the USDA has a variety of research reports along with a wheat briefing room on its website (www.ers.usda.gov).
<ul>
<li>This briefing room will give you an overview of the United States and world wheat markets in terms of supply and demand, trade, and policy.</li>
</ul>
</li>
<li>The National Agricultural Statistics Service (NASS) section of the USDA provides useful statistics with regard to both supply and demand.</li>
</ul>
</li>
</ul>
]]></content>
    </entry>
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