Emotions are in some respect the most subjective elements of consciousness, since it is only the person oneself who can tell whether one truly experiences love, shame, gratitude, or happiness. Yet an emotion is also the most objective content of the mind, because the “gut feeling” we experience when we are in love, or ashamed, or scared, or happy, is generally more real to us than what we observe in the World outside, or whatever we learn from science or logic. Thus we often find ourselves in the paradoxical position of being like behavioral psychologists when we look at other people, discounting what they say and trusting only what they do; whereas when we look at ourselves we are likely phenomenologists, taking our inner feelings more seriously than outside events or overt actions. Psychologists have identified up to nine basic emotions that can reliably be identified by facial expressions among people living in very different cultures; thus it seems that just as all humans can see and can speak, so they also share a common set of feeling states However, to simplify as much as possible, one can say that all emotions share in a basic duality: they are either positive and attractive, or they are negative and repulsive. It is because of this simple feature that emotions help us choose what should be good for us. A baby is attracted to a human face, and is happy when he or she see his or her mother, because it helps the baby bond with one’s caretaker. We feel pleasure when eating, or when with a member of the opposite gender, because the species would not survive otherwise. #RandolphHarris 1 of 22

We feel an instinctive revulsion at the sight of snakes, insects, rotten smells, darkness—all things that in the evolutionary past might have presented serious danger to survival. When trying to figure out survival methods for youthful offenders, we did interviews with thirty-one youthful, incarcerated automobile thieves to provide insight into the nature and dynamics of motor vehicle theft. California correctional officials were used to identify youths with a history of auto theft offending. Prison visits allowed for lengthy face-to-face interview with a broad array of youthful offenders. The respondents were described as active members of the lower-class street culture and were shown to have pronounced criminal histories that spanned a host of offense categories. Subjects’ self-reported involvements in automobile theft spanned a host of offense categories. Subjects’ self-reported involvements in automobile theft varied from three lifetime offenses to hundreds of offenses. Some offenders are described as “acting out joyriders” who stole fast cars in order to vent their anger and immaturity through high-risk and high-speed driving behavior. Other study participants were labelled “thrill-seekers.” These youth had pronounced substance abuse problems and used auto theft as a means of excitement or income to fee their drug habit. The remaining offenders were termed “instrumental offenders.” These youth were more calculating in their behaviors and sought to use persistent auto theft and resale as a means of steady income. #RandolphHarris 2 of 22

Level of perceived risk and reward were found to vary across these three subgroups of offenders. Instrumental offenders may have committed thefts with greater frequency than thrill-seekers or joyriders, but they did so in a more guarded and planful manner. The conversations revealed that all of the offenders were unconcerned about the potential sanctions that were attached to their criminal activities. In contrast to decade-long national trends in both the United States of America and Canada which have seen auto theft levels rise and fall with other property crimes. According to the National Insurance Crime Bureau’s (NICB) Hot Spots Report, vehicle thefts continue to skyrocket in many areas of the United States of America Nationwide, 932,329 vehicles were reported stolen to law enforcement in 2021, a 6 percent increase over 2020, and a 17 percent increase since 2019. In response to the first rapid increase in auto theft, authorities undertook a province-wide study intended to triangulate information about offenders, victims, and vehicle characteristics, the auto theft event, and the justice system’s response to the problem. These areas of interest were explored using multiple methods and data sources, including an examination of auto theft claims reported in order to provide comprehensive automobile insurance coverage to people with passenger vehicles. The availability of a very large sample of auto theft insurance claims information provided invaluable in the efforts to profile the nature of the auto theft problem. #RandolphHarris 3 of 22

Because of the kinds of policies one would pursue to reduce the incidence of organized professional car theft differ significantly from those undertaken to thwart thrill-seeking youth, useful policy hinges on accurately profiling the nature of the auto theft problem in a given jurisdiction. The sources of uncovered discovered in the United States of America: Profit motives—including thefts for resale, chopping, stripping, and/or fraud; transportation motives—temporary appropriation for short-term or extended use, including use in the commission of other crimes; and recreational motives—temporary appropriation of automobiles for thrill and status—seeking by young persons (exempli gratia, joyriding). It is commonly believed that profit motives drive more or less organized, adult, “professional” offenders; recreation motives characterize disorganized juvenile offenders; and transportation motives underlie both juveniles and adults. Stolen automobiles not recovered or those recovered minus a significant percentage of their parts are thought to have been stole because of the profit motive. Stolen automobiles that are recovered either intact, damaged, or vandalized are usually thought to have been stolen for recreation or out of need for temporary transportation. During the past decade, 90 percent of all passenger vehicles stolen have been recovered. This high recovery rate existed even during periods when annual auto theft frequency counts increased greatly. #RandolphHarris 4 of 22

Even among the small portion going unrecovered, very few have been the kinds of vehicles associated with professional auto thieves (exempli gratia, late-year model German imports like BMW, Mercedes Benz, or Porsche; high-end luxury models such as Jaguar, Lexus, or Infiniti; or expensive sport utility models such as Cadillac Escalade). Other analyses of auto theft insurance claims filed in recent years found that the vast majority of part replacement costs (other than door and ignition lock assemblies) stemmed from damage to vehicle body parts as opposed to systematic part stripping associated with organized offenders. Insurance data thus tend to point the finger at youth as the source of the rapid increase in auto theft. In the late 19980s, police began seeing a growing number of stolen vehicles being intentionally damaged by new forms of reckless joyriding. Teenager began stealing cars not merely to get to “bush” parties held in remote locations, but also for the expressed purpose of sideshows and trashing them to entertain other partygoers. Police began to recover groups of totaled automobiles stolen to use in impromptu demolition derbies. By all accounts, auto stealing was becoming more thrill-focused. The purpose of this study was to determine the motives and strategies underlying theft of automobiles by youthful offenders and to discover their perceptions of the deterrent effect of the criminal justice sanction. #RandolphHarris 5 of 22

Rational choice perspectives argue for analytical distinctions between criminal involvement which entails long-term, multistaged decision making processes concerning initial involvements, continuance, and desistance in crime, and criminal event decisions which involve shorter processes in response to immediate circumstances and situations. In an effort to put these criminal event decisions in context, I begin with a look at how these young repeat offenders described their lives. Ethnographic research on offender lifestyles has identified their involvement in crimes as a means to obtain money in order to fulfill largely expressive needs. The desire to live “life in the last lane” was likewise true for many in this sample. Due to their ages, most of the respondents had few job experiences. More than half of the sample reported having no legitimate source of income, yet the reported average figure for reported monthly spending was roughly $2,000(arrived at through itemizing weekly spending habits). Several offenders described spending sprees in the wake of obtaining money from crime in order to impress friends and show them a good time. Describing a three-day road trip where he put a group of friends up at an expensive hotel and took them all to an amusement park, a 17-year-old remarked: “I probably spent about $5,000, but it was worth it…easy come easy go. We partied hardy. That’s the kind of stuff memories are made of.” #RandolphHarris 6 of 22

Many expressed their disdain for the opposite of the fast life, the dullness of ordinary, unskilled work, what one subject referred to as being a “ham and egger”; I worked as a busboy for a week once. It was like being a pig in everyone else’s slop. Why should I put up with that sh*t?…Doing crime [referring to a smash and grab where he want a truck through the front window of a Safeway store in order to steal cigarettes] is a lot more fun and pays a lot better.” (17-year-old.) Similar to the findings of other studies concerning the lifestyles of persistent property offenders many in this sample described patterns of offending as extensions to social activities with drinking and psychoactive drug use at the core. The most prevalent “recreational” activity reported by offenders was “hanging-out” with friends, and using drugs and alcohol. Fifty-five percent of the respondents said they used hallucinogens at least ones a month; 23 percent said they did so between 12 and 20 times a month. Fifty-eight percent said they drank to intoxication at least twice a week; 20 percent did so five times a week. This latter 20 percent may well be on their way to severe adult drinking problems. On average, respondents used cocaine five times a month and marijuana almost daily. The majority of respondents indicated that they were motivated to steal cars when they were high on drugs and alcohol. Most of those interviewed said they spend a considerable amount of time hanging around shopping malls. A few were cognizant of the effect frequent exposure to consumer goods played in motivating them to commit crime. Said one 14-year-old: “I go to the mall almost every day and see stuff I want to buy. I do crime in order to buy nice stuff.” #RandolphHarris 7 of 22

To speak of competent personalities is not to refer to ingrained virtues or fixed traits. What is generally meant by personality trait is not some constantly evident attribute like blue eyes, but a standardized response to standardized situations. Nevertheless, as if it were a constant, it is usually described adjectivally the presence of which transcends or pervades the actor’s behavior in all situations. Actually, this is what competence does, and in that limited sense competence answers the notion of a trait better than what are usually called traits, exempli gratia, authoritarianism. The trait concept, as commonly formulated in psychological literature, is inadequate as a theory be behavior; to attempt directly to inculcate some desired trait concept, as commonly formulated in psychological literature, is inadequate as a theory of behavior; to attempt directly to inculcate some desired trait is therefore frequently unworkable in practice, and indoctrination is improper as an end. Any notion of molding personalities to fit preconceived standards is likely to construe human beings as things or objects, passively subject to manipulation by superior authorities who stand upon some detached pedestal. Behavior, however, is dynamic, episodic, situationally specific. #RandolphHarris 8 of 22

Traits, as descriptive categories for distinguishing recurrent aspects of behavior, are applied by some people to other people, and imply a relationship between observer and observed; it is thus that in social life they serve to regularize expectations though they can do so only roughly and incompletely, for the contingencies are too variable. Reciprocal attributions and imputations are subject to unceasing diversification and disagreement. They are stable bases for relivable prediction only to the extent that the representative situations which evoke them are stabilized through implicit commitments of all the parties involved. Every person repeatedly steps beyond the range of standard expectation in the course of one’s development; in a dynamic social World novel situation are pandemic. Outside those situations in which conventional responses are appropriate, trait psychology is as ineffectual in guiding the observer or experimenter as rigid iteration of previous responses would be frustrating to an actor. There is something to be said for the trait notion from the standpoint of an actor’s effort to create a harmonious style of life, but this conception—of a more or less self-conscious pattern of decision—is quite removed from what is normally meant by traits; style of life is a holistic notion, employing themes to relate items or events. One of the more plausible versions of trait psychology as applied to the study of the family is its incorporation in the idea of compatibility. #RandolphHarris 9 of 22

In its most common form, as applied to marital selection, the traits of one partner are seen as ideally fitting those of another, analogous to the way in which a key fits a lock. In their interpretation the relationships between two people are put either in terms of similarity or complementarity, and it is explained as the predicable product of matching or mismatching of attributes. This is the simplest and most static view which could be taken; actually theories based upon this original notion are women principally of qualifications and auxiliary hypothesis intended to account for the numerous negative cases. How, for example, do ostensibly compatible people become incompatible, and vice versa? And how do incompatible people marry to begin with? Contradictions particularly multiply when the matching notion is applied to children and parents. The latter have presumably instilled their own traits into their offspring, yet incompatibilities arise. The emphasis on matching is sometimes carried to extreme lengths in adoption cases, though this had no warrant from research. To suppose that happy marriage and successful parenthood depend upon felicitous concurrence of compatible traits, and that a wise selection can avert the hazards of family life, is neither a logical nor an empirical conclusions. Most of the important questions lie in areas that this approach cannot reach, or where it cannot be experimentally tested. #RandolphHarris 10 of 22

Out of the reaction against the atomistic and static approach of trait psychology, there has arisen a more holistic and dynamic concept—adjustment. This became, and for the present still remains, predominant in both research and practice. There are many measures of adjustment, differing so widely that proponents of each can no doubt with some validity deny that applicability of any general criticism of this concept. Nonetheless the various usages of adjustment can probably for present purposes be sufficiently distinguished from competence by point out certain of their most common meanings. One usage has the “contented cow” overtones of adjustment terminology; the implication is that human beings react only to disturbances which upset their putative equilibrium, and that the objective of all action is the restoration of tensionless rest. Another usage which has come in for increasing attack is the one that implies reliance upon others to provide instigations to action. If each lets oneself be directed by others, critics ask, who guides the whole, and, for that matter, who is responsible for each The so-called environment to which the individual is assumed to be adjusting is mainly a social environment; are the good adjusters to subordinate themselves to the poor adjusters? A third implication which is being currently challenged is the notion of immediate happiness and security as ultimate values, and the rejection of trial, sacrifice, and risk as evils. #RandolphHarris 11 of 22

One of the most recent standard textbooks on the family defines maladjustment as consisting of conflict, frustration, disapproval, and deprivation; by this view Romeo and Juliet were totally maladjusted. Logically, the concept gets into insuperable difficulties as soon as its users commence to speak of good adjustment and poor adjustment; all pretense of its being a value-neutral term vanishes at this point. The critics allege that adjustment as either an imputed or recommended end masks a conservative ethic; and this cannot be removed without abandoning the use of the term as a means of differentiating desire from undesired states of affairs, or else plainly adopting a value position other than defense of some given status quo. The man who is delivered from conduct disorder and freed from illusion, who is emancipated from the suffering for all time because the flesh can catch him no more, has entered the right to infinite rest in the eternal Void. However, one has also the power to choose otherwise. One may stop at its very threshold and renounce the reward it offers. Since the phenomenal World has nothing to offer one, the only reason for such a choice can be compassionate thought for the benighted creatures one is about to leave behind. There are some who use the word “surrender” and who think they are surrendered fully to carry out the will of the ultimate concern but are only so in sentiment and purpose, for actually they walk by the reason and judgement of the natural man, although they submit all their plans to the ultimate concern; and because of this submittal they sincerely believe they are carrying out its will. #RandolphHarris 12 of 22

However, those who are really “surrendered” give themselves up implicitly to obey, and carry out at all costs what is revealed to them sacredly as from the ultimate concern, and not what they themselves plan and reason out to be the will of the ultimate concern. Self-actualized who surrender their wills and all they are and have to the ultimate concern, yet who WALK BY THE USE OF THEIR NATURAL MINDS, are not the ones who are open to the “passivity” which gives ground to psychopathology—although they may, and do, give ground to them in other ways. The origin of the passivity which gives psychopathology the opportunity to deceive is generally a wrong interpretation of morals, ethics, virtues, and laws, or wrong thoughts or beliefs about sacred things. Some of these misinterpretations of the sacred, these wrong conceptions which cause men to give way to the passive condition, have already discussed. Such passivity may affect the whole man, in spirit, soul and body, when it has become very deep, and is of many years’ standing. However, the progress is generally very gradual and insidious in growth, and consequently the release from its gradual and slow. It is the very idea of religion which creates difficulty nowadays. The modern mind resists the idea of the supernatural, even in the very large sense of a personal intervention of the ultimate concern in the World. It is at this level, the level of the very meaning of religion, that many men today find the problem of faith. #RandolphHarris 13 of 22

In these conditions, more than as a simple intellectual adhesion to dogmas, faith appears as an attitude of every religious man who takes a position in relation to the Absolute. It seems, moreover, to require for its foundations something other than rational arguments, and one can understand why so many recent authors appeal to a certain immediate experience in which to ground it. If twenty-first century man resents divine intervention in the World, the ultimate concern is already here. If modern man is skeptical of a personal God, one must be confronted with the ground and power of being. And if one is weary of rational arguments, one is invited to open the depths of one’s being to the experience of the holy. Doubt itself is the disguised visage of faith. Many Christians as well as members of other religious groups, feel anxiety, guilt and despair about what they call “loss of faith.” However, serous doubt is confirmation of faith. It indicates the seriousness of the concern, it unconditional character. Therefore, the is a beneficial side of doubt, the fact that unextinguished faith smolders beneath it. Everything is also related to culture. The relation to the gods is not a necessary element. With ultimate concern as the constitutive factor, religion can be extended to take in non-theistic and even secular quasi religions in which the ultimate concern is directed towards objects like nation, science, a particular form or stage of society or a highest ideal of humanity, which are then considered divine. Thus the relation of religion to culture is erected upon a very broad basis indeed. #RandolphHarris 14 of 22

Religion in the narrow sense cannot determine the limits of the relationship so long as one can say, that the most important religious movements are developing outside of religion. The universality of the problematic flows from the relative simplicity to the operative factor: ultimate concern. Religion is wide in application because it is simple in constitution, being constituted by ultimate concern. The simplicity of the ultimate concern it is defined as total surrender, unconditional concern, infinite passion. We avoid using terms like intellect, will, and emotions, because we are afraid of being trapped into identifying it with one of these functions. This we speak of it inly in its totality, but, as in the case of the simplicity of the atom, this can render it all but impenetrable. Another obstacle to comprehending the ultimate concern is that faith has been twisted to such a degree that there is hardly a word in the religious language, both theological and popular, which is subject to more misunderstanding, distortions, and questionable definitions than the word “faith.” Tempted to drop the term altogether, we must content with the effort to reinterpret the word and remove the consuming and distorting connotations, some of which are the heritage of centuries. On this point, the only way to bring the ultimate concern into a better focus would be to specify it somehow from its object. Faith is the state of being ultimately concerned. The content matters infinitely for the life of the believer, but it does not matter for the formal definition of faith. #RandolphHarris 15 of 22

For decades, the Japanese have been journeying all over the United States of America, from the Silicon Valley to Washington and Wall Street, from Harvard and MIT to Stanford, visiting thousands of businesses, government officials, laboratories, schools, and homes, looking for another kind of faith. They are consciously learning as much as possible about what make America tick tock—not just commercially or politically, but culturally, psychologically, socially. This was not so much an exercise in business espionage (although some clearly took place) as an expression of Japan’s deeply ingrained curiosity about the outside World and its search for a role model. Following three hundred years of isolation from the rest of the planet, Japan, after the Meiji revolution, rushed to make up for its enforce privacy and has become the most avid newspaper-reading nation in the World, the most inquisitive about international attitudes, the most eager to travel. The intense curiosity has contrasted sharply with American provincialism. With the arrogance of the World’s dominant power, with a domestic market so large it could afford to treat exports as peripheral, with the condescension of a conqueror, and the unconscious preferences, the United States of America bothered to learn little about Japan beyond some technology. Food and culture came later. While 24,000 Japanese students hastened to study in the United States of America, few than 1,000 Americans bothered to make the reverse trip. #RandolphHarris 16 of 22

As of 2022, there are 13,449 students from Japan studying in America, and there are currently 3,406 Americans studying in Japan, which is a 62 percent decrease from 2020. Japan works very hard at expanding its general knowledge, and this helps explain why it has been so good at marketing its wares in the United States of America, and why U.S.A. firms would have double difficulty penetrating the Japanese market even if all trade barriers vanished overnight. Yet Japan’s overall knowledge base is still deficient in several dimensions. Reflecting its own preferences and values, it may unenlightened about ethnicity and may be more study to understand its significance in a global economy. Japan’s much vaunted-education system, which many U.S.A. educators and business leaders ingenuously hold up as a model, is itself savagely criticized at home for its overregimentation and creativity-crushing methods. At the lower levels, teachers’ unions and the educational bureaucracy snuff out any proposed innovation. Its higher education lacks the renowned quality of its manufactured goods. Japan makes superior Acuras, but some international CEOs would like to see their graduates exposed to more American culture. Japan leads the World in spreading extra-intelligent electronic behind both the United States of America and Europe in deregulating the media and following the full development or cable television and direct broadcast satellite, which would diversify the imagery and ideas so necessary in spurring innovation in a culture. #RandolphHarris 17 of 22

Where Japan needs more improvement, is in cultural exports. Japan today has great writers, artists, architects, choreographers, and film makers. However, few are known outside of Japan, and even they exercise little influence. In pursuit of balanced power, Japan has launched a major cultural offensive—beginning in fields directly linked to the economy, like fashion and industrial design. It is now moving on to the popular arts as well, including television, movies, music, and dance, and to literature and the fine arts. The recent creation of the Praemium Imperiale awards, intended to be the Japanese equivalent of the Nobel Prize and sponsored by the Japan Art Association, indicates Japan’s determination to play a significant role in World cultural affairs. Japan faces a tremendous obstacle, however, in spreading its ideas and culture abroad. This is its language. Some nationalist Japanese scholars insist there is something mystical and untranslatable about Japanese, the it has a unique “soul.” In truth, as poets and translators know, all languages are incompletely translatable, since the very categorization schemes and analogies embedded in them differ. However, the fact that only 125.6 million people on the face of the Earth speak Japanese is a significant drawback for Japan’s pursuit of balanced World power. This is why Japan, more perseveringly than any other nation, presses on with research into computerized translation. #RandolphHarris 18 of 22

During the COVID crisis of 2020, a dramatic rise in the volume of transactions with structured financial products caused an economic contraction. More and more, Western capitalism was turning into gambling capitalism. For investors, structured financial products provide a wide range of options regarding risks and returns. When you buy an ordinary bond, periodic coupons are attached to receive regular interest payments, and at the maturity date you are paid the final principle. When you buy a corporate stock, you are paid dividends. In both cases your payoffs are derived from the cash flow of the issuer itself. When you buy a structured product, it is not so: The payoffs are linked to the performance of one or more underlying assets the issuer has chosen. Investments in conventional stocks and bonds are based on the investors’ assessment of the present performance and future prospects of a particular business organization. Investments in structure financial instruments are, the more difficult it is to properly assess and predict the performance of all the assets involved and to calculate the risks associated with them. To win this game, you have to be somewhat like a gambler: shrewd, imaginative, but also lucky. In the good times, with a little bit of luck, you make enormous profits and feel like a king. When luck says good-bye, you are down on the ground. The structured product in the center of the financial crisis story were collateralized debt obligations (CDO) based on nonprime mortgages. #RandolphHarris 19 of 22

It is type of structured asset-based security whose value and payments are derived from a portfolio of fixed-income underlying assets. The first CDO is said to have been issued back in 1987 in Britain by bankers at the now-defunct Drexel Burnham Lambert. In 20 years the size of their market reached $2 trillion, but a real boom started in 2004 and ended in 2007. Issued by major investment banks and given high ratings by leading credit rating agencies, they were actively bought by banks, insurance companies, mutual funds, and other investors attracted by high returns. Contagion fears have been trigged by the speedy collapse of two regional banks in less than a week, back in March of 2023, which is rising the risk of a crisis in confidence in the U.S.A. banks, one in which government bonds would be the “toxic asset” at the center of it all. Under a best-case scenario, investors’ fear would be calmed as California’s Silicon Valley Bank and Signature Bank in New York are reorganized in a orderly fashion. The flip-side scenario is that the U.S.A. government’s efforts to ensure that the banks’ depositors are made whole may erode confidence even further with consumers starting to fear for the safety of their deposits. Financial-stability concerns continue to be exacerbated by fresh troubles at Swiss giant Credit Suisse CS, which undermined traders’ expectations for continued rate hikes by the Federal Reserve this year. #RandolphHarris 20 of 22

With investors continuing to assess the risks of further fallout from regional banks, there is a possibility that the start of the next financial crisis could already be underway. Inflation remains steady around 7 percent. The economic data confirms what the Fed, economists, bond market CEOs expect, which is a mild recession in July. The stock market is likely to fall 17 percent to 33 percent, possibly during the looming debt ceiling shutdown (June 1^st). During the low-interest period, the Fed did not make sure that banks—including medium sized banks-kept reasonable levels of leverage and adequate liquidity based on the types of deposits they attached. However, banks rebounded from the pandemic with strong revenue growth from higher margins and capital rations. Revenue grew globally by $345 billion. As the economy slows, the divergence between banks will widen further. The boost to profitability from higher margins may prove transitory, and all banks face a long-term growth slowdown. Banks in Asia—Pacific may gain from a stronger marcoeconomic outlook: in the event of a long recession, we estimate that banks’ return on equity globally could fall to 7 percent by 2026—and below 6 percent for European banks. The net impact will likely be a further concertation of growth in Emerging Asia, China, Latin America, and the United States of America. We expect that these regions will account for about 80 percent of the estimated $1.3 trillion in global banking revenue growth between 2021 and 2025. #RandolphHarris 21 of 22

Banking as a sector is valued substantially below other industries. Total global market capitalization peaked at 2021 at $16 trillion and dropped back to $14.5 trillion by May 2022. Lingering effects of COVID-19 and geopolitical tensions shook the global economy and are rolling the financial sector. The long-tail effects of the COVID-19 pandemic are still being felt, from the supply chain disruptions to people’s changing attitudes to employment. The Russian invasion of Ukraine in February of 2022 and heightened tensions over Taiwan marked the rude return of geopolitical as a disruptive force after decades of relatively stability—exacerbating pandemic-related effects and creating new shocks, notably including an emergency supply crisis in Europe. This combination of disease and armed conflict proved toxic for the global economy. Together, the create a highly uncertain environment. Soaring inflation and the likelihood of recession are sorely testing central banks, even as they seek to rein in their quantitative-easing policies started during the global financial crisis in 2008, which the IMF estimated that banks had $3.4 trillion in toxic assets. The shocks to asset values include steep declines in the Chinese property market and the sharp devaluation of fintechs and cryptocurrenies, including the bankruptcy of some high-profile crypto organizations. In addition, sanctions against Russia for the first time cut off a major economy from much of the global financial system. Disruptions to the energy and food supply, related to the war in Ukraine, are contributing to inflation and putting millions of livelihoods at risk, especially but not only in Europe. #RandolphHarris 22 of 22