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New Year’s: One Country’s Times Square is Another’s Burnt Straw Dummy Outside Your Home

New Year's Eve in Times Square, New York City

New Year's Eve in Times Square, New York City

Fun Facts About New Year’s Traditions Around the World

Many New Year’s traditions are similar, but some are different. Here are some interesting customs, past and present, around the world.

New Year's in Sydney, Australia

New Year's in Sydney, Australia

Australia: New Year’s is celebrated on January 1. This is a public holiday and many people spend it having picnics and camping on the beach. Their parties start on December 31. At midnight they start to make noise with whistles, rattles, car horns, and church bells to ring in the New Year.

Austria:
 New Year’s Eve is called Sylverterabend, which is the Eve of Saint Sylvester. they make a spiced punch in honor of the saint. Decorations and champagne are part of the celebration. Evil spirits of the old year are chased away by the firing of moroars, called boller. Midnight mass is attended and trumpets are blown from church towers at midnight, when people kiss each other.

Belgium: New Year’s Eve is called Sint Sylvester Vooranvond, or Saint Sylvester Eve. People throw parties and at midnight everyone kisses and exchanges good luck greetings. New Year’s Day is call Nieuwjaarrsdag – children write letters on decorated paper to their parents and god parents, and read the letter to them.

Traditional First Footing offerings

Traditional First Footing offerings

Great Britain: the custom of first footing is practiced. the first male visitor to the house, after midnight, is supposed to bring good luck. The man brings a gift like money, bread, or coal, to ensure the family will have plenty of these in the year to come. The first person must not be blond, red-haired, or a woman, as these are supposed to be bad luck. In London, crowds gather in Trafalgar Square and Piccadilly circus to hear the chimes of London’s Big Ben as it announces the arrival of the New Year.

France: The French New Year is Jour des Etrennes, or Day of New Year’s Presents. Dinner parties are thrown for the entire family, where presents are exchanged.

Germany: People drop molten lead into cold water to tell the future from the shape it makes. A bit of food eaten on New Year’s Eve is left on their plate until after Midnight, as a way on ensuring a well stocked larder in the coming year.

Greece: January 1 is an important date in Greece because it is St. Basil’s Day, as well as the first day of the year. St. Basil was known for his kindness to children. Stories tell how he would come in the night and leave gifts for children in their shoes. People gather, have special meals and exchange gifts.

A Jack Straw scarecrow in Hungary

A Jack Straw scarecrow in Hungary

Hungary: In Hungary the people burn effigies, or a scapegoat known as “Jack Straw”. The scapegoat represents the evils and misfortunes of the past year. Burning the effigy is supposed to get rid of the bad luck.

India: The Indian New Year’s is started with a festival of lights called Diwali. Cards and gifts are exchanged and people finish off any uncompleted work.

Japan: Oshogatsu in an important time for foamy celebrations when all business are closed. To keep out evil spirits they hang a rope of straw across the front of their houses. The rope stands for happiness and good luck. When the New Year begins, the Japanese people begin to laugh, which is supposed to bring them good luck in the New Year.

Netherlands: People burn Christmas Trees in street bonfires and let fireworks ring in the New Year.

Pope Sylvester I

Pope Sylvester I

Poland: Known as St. Sylvester’s Eve., in honor of Pope Sylvester I. Legend is that Pope Sylvester foiled the plans of a dragon to devour the world in the year 1000.

Portugal: The Portuguese pick and eat twelve grapes from a bunch as the clock strikes twelve on New Year;s Eve. The twelve grapes ensure twelve happy months in the coming year.

Colorblind Santa? Nyet...it's Russia's Grandfather Frost

Colorblind Santa? Nyet...it's Russia's Grandfather Frost

Russia: Grandfather Frost, who wears a blue suit instead of Santa’s red, arrives on New year’s Eve with his bag of toys for the children.

Scotland: Night of the Candle. People prepare for New Year by cleaning their home and purifying it with a ritual or burning juniper branches carried through the home. The First Footer says that whoever the first person to set foot into your home on New Year’s Day decides the luck of the family for the coming year.

South Africa: The New Year is rung in with church bells ringing and gunshots being fired. On New year’s Day there is a carnival atmosphere.

South America: A dummy or straw person is ofter placed outside the home and burned at midnight

Eating twelve grapes in Spain, Portugal and Greece is said to ensure good luck for the coming year

Eating twelve grapes in Spain, Portugal and Greece is said to ensure good luck for the coming year

Spain: Everything, including theater productions and movies, is stopped at Midnight on New Year’s. The clock strikes midnight and everyone eats twelve grapes. They eat one grape for each toll to bring good luck for the next twelve months of the New Year. Sometimes the grapes are washed down with wine.

United States: The New Year is often rung in with festive dancing parties and meals. People kiss each other at midnight and wish each other a “Happy New Year”.

Wales: At around 3:00 to 4:00 am on New Year’s morning, the boys of the village go from house to house with an evergreen twig to sprinkle on the people and then each room of their house, to bring good luck. On New Year’s Day the children travel the neighborhood singing songs are are rewarded with coins and sweets.

Special thanks to AssociatedContent.com

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The U.S. Federal Reserve: Determining Monetary Policy Since 1914

Fun Facts About the U.S. Federal Reserve


  • The 12 Federal Reserve Banks

    The 12 Federal Reserve Banks

    The U.S. Federal Reserve System began on November 16th, 1914

  • The Federal Reserve is a private institution. It is owned by the 12 regional Federal Reserve banks, which are each in turn owned by a combination of regional banks, commercial banks, foreign banks, and miscellaneous individuals who have inherited pieces passed down through generations. (Rockefellers, Rothschilds, etc.)
  • The Federal Reserve holds a monopoly on the issuance of currency in the USA. In essence, this is the power to borrow an infinite amount of money at 0%. The dollar bill in your pocket is a 0% loan to the Federal Reserve. The Federal Reserve then uses these 0% loans to purchase income-producing assets. Before 2008, the assets purchased were primarily Treasury debt, which is backed by the taxation power of the US Government. In other words, we are exchanging the property rights to our valuable assets (land, labor, entrepreneurship) for little slips of green paper to buy trinkets with. The government can then tax these valuable assets to pay for our excess. The more we spend, the more the Fed owns.
  • If all money created is debt and counts as principal, where does the money come from to pay interest on this debt? It comes from the money that gets printed in the future. This is why inflation is a natural result of our current monetary system.
  • Prior the the Emergency Economic Stabilization Act/TARP Act of September 2008, commercial banks were required to hold 10% of deposits as reserves. This placed a limit on the potential amount of money creation at around 9x the original deposit. An obscure clause in the TARP Act changed the reserve requirement to 0%, immediately making the potential money supply infinite.
  • The reason for the credit spread blowups of October/November 2008 was because in the same TARP Act the Fed was allowed to pay interest on deposits without publicly stating the interest rate. Before the TARP Act, there was around $20 billion deposited by commercial banks at the Fed. After the TARP Act, deposits immediately jumped 50x to $1 TRILLION. This resulted in a disappearance of demand for risky assets, which led to blowouts in credit spreads.
  • As a result of various acts of Congress in 2008, the Federal Reserve now has the authority to buy all sorts of assets (commercial paper, corporate bonds, mortgage loans, etc.). A cynical person would say this essentially allows the Fed to seize all valuable assets in this country directly by exchanging fancy bits of green paper for them without having to go through the intermediate step of coercing the US Government into spending more money and taking on more debt.
  • Much of the Fed’s activity is not made public because of the use of off-balance sheet vehicles.
  • There is debate over the constitutionality of the Fed’s various awesome powers.

What does this all mean? This economic crisis will not become a depression. By employing the new tools of monetary policy that the Fed has created for itself (interest on reserves and direct asset purchases), the money supply can be jerked around as if on a string. Initially, this means we will soon experience another period of easy credit and unsustainable economic growth.

However, the end result of current policies is that the Fed will be powerless to stop the next economic crisis. Assuming no outside shocks (another big war, nuclear attack, etc.), the dollar will over time lose its status as the reserve currency, and we will experience a currency crisis followed by rampant inflation at some point down the road.

Special thanks to www.seekingalpha.com 

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