As has been mentioned previously, my dear wife and her Parkinson’s means that we go to bed early and get up early the following morning. Thus a recent item on The Conversation fascinated me and it is shared with you now.
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Does the full moon make us sleepless? A neurologist explains the science behind sleep, mood and lunar myths
Have you ever tossed and turned under a full moon and wondered if its glow was keeping you awake? For generations, people have believed that the Moon has the power to stir up sleepless nights and strange behavior – even madness itself. The word “lunacy” comes directly from luna, Latin for Moon.
The answer is, of course, more nuanced than folklore suggests. Research shows a full moon can modestly affect sleep, but its influence on mental health is much less certain.
I’m a neurologist specializing in sleep medicine who studies how sleep affects brain health. I find it captivating that an ancient myth about moonlight and madness might trace back to something far more ordinary: our restless, moonlit sleep.
What the full moon really does to sleep
Several studies show that people really do sleep differently in the days leading up to the full moon, when moonlight shines brightest in the evening sky. During this period, people sleep about 20 minutes less, take longer to fall asleep and spend less time in deep, restorative sleep. Large population studies confirm the pattern, finding that people across different cultures tend to go to bed later and sleep for shorter periods in the nights before a full moon.
The changes are modest. Most people lose only 15 to 30 minutes of sleep, but the effect is measurable. It is strongest in places without artificial light, such as rural areas or while camping. Some research also suggests that men and women may be affected differently. For instance, men seem to lose more sleep during the waxing phase, while women experience slightly less deep and restful sleep around the full moon.
Modern science adds an important twist. Research is clear that sleep loss itself is a powerful driver of mental health problems. Even one rough night can heighten anxiety and drag down mood. Ongoing sleep disruption raises the risk of depression, suicidal thoughts and flare-ups of conditions like bipolar disorder and schizophrenia.
But here’s the catch: When researchers step back and look at large groups of people, the evidence that lunar phases trigger psychiatric crises is weak. No reliable pattern has been found between the Moon and hospital admissions, discharges or lengths of stay.
But a few other studies suggest there may be small effects. In India, psychiatric hospitals recorded more use of restraints during full moons, based on data collected between 2016 and 2017. In China, researchers noted a slight rise in schizophrenia admissions around the full moon, using hospital records from 2012 to 2017. Still, these findings are not consistent worldwide and may reflect cultural factors or local hospital practices as much as biology.
In the end, the Moon may shave a little time off our sleep, and sleep loss can certainly influence mental health, especially for people who are more vulnerable. That includes those with conditions like depression, bipolar disorder, schizophrenia or epilepsy, and teenagers who are especially sensitive to sleep disruption. But the idea that the full moon directly drives waves of psychiatric illness remains more myth than reality.
The sleep/wake cycle is synchronized with lunar phases.
The gravitational forces that move oceans are far too weak to affect human physiology, and studies of geomagnetic and atmospheric changes during lunar phases have yielded inconsistent or negligible results. This makes sleep disruption from nighttime light exposure the most plausible link between the Moon and human behavior.
Why the myth lingers
If the science is so inconclusive, why do so many people believe in the “full moon effect”? Psychologists point to a concept called illusory correlation. We notice and remember the unusual nights that coincide with a full moon but forget the many nights when nothing happened.
The Moon is also highly visible. Unlike hidden sleep disruptors such as stress, caffeine or scrolling on a phone, the Moon is right there in the sky, easy to blame.
Screen-time habits are far more likely to have detrimental effects on sleep than a full moon. FanPro/Moment via Getty Images
Lessons from the Moon for modern sleep
Even if the Moon does not drive us “mad,” its small influence on sleep highlights something important: Light at night matters.
Our bodies are designed to follow the natural cycle of light and dark. Extra light in the evening, whether from moonlight, streetlights or phone screens, can delay circadian rhythms, reduce melatonin and lead to lighter, more fragmented sleep.
In our modern world, artificial light has a much bigger impact on sleep than the Moon ever will. That is why many sleep experts argue for permanent standard time, which better matches our biological rhythms.
So if you find yourself restless on a full moon night, you may not be imagining things – the Moon can tug at your sleep. But if sleeplessness happens often, look closer to home. It is likely a culprit of the light in your hand rather than the one in the sky.
Ever since I have been an adult I have wondered what the purpose was of daylight time and standard time. The University of Colorado have the history of the time change and, as I suspect, it was brought about by the war; World War I.
Here’s part of that article:
It was first introduced in Germany in 1916 during World War I as an energy saving measure, according to CU Boulder sleep researcher Kenneth Wright. The U.S. followed suit, adopting DST in 1918. Initially implemented as a wartime measure, it was repealed a year later.
Daylight saving time was reinstituted in 1942 during World War II. The next couple decades were a free-for-all, when states and localities switched between DST and standard time (ST) at will. To put an end to the clock chaos, Congress finally passed the Uniform Time Act in 1966, which standardized daylight saving time and its start and end dates across the country — with the exception of Hawaii and Arizona, which opted to keep standard time year-round.
We live in a world that is rapidly becoming more and more digital. But we also live in a world where the criminals are becoming better at carrying out their crimes. So a recent article in The Conversation seemed appropriate to republish.
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Scams and frauds: Here are the tactics criminals use on you in the age of AI and cryptocurrencies
Scammers often direct victims to convert cash to untraceable cryptocurrency and send it to them. Joe Raedle/Getty Images
Scams are nothing new – fraud has existed as long as human greed. What changes are the tools.
Scammers thrive on exploiting vulnerable, uninformed users, and they adapt to whatever technologies or trends dominate the moment. In 2025, that means AI, cryptocurrencies and stolen personal data are their weapons of choice.
And, as always, the duty, fear and hope of their targets provide openings. Today, duty often means following instructions from bosses or co-workers, who scammers can impersonate. Fear is that a loved one, who scammers also can impersonate, is in danger. And hope is often for an investment scheme or job opportunity to pay off.
AI-powered scams and deepfakes
Artificial intelligence is no longer niche – it’s cheap, accessible and effective. While businesses use AI for advertising and customer support, scammers exploit the same tools to mimic reality, with disturbing precision.
Deepfake scams use high-tech tools and old-fashioned emotional manipulation.
Criminals are using AI-generated audio or video to impersonate CEOs, managers or even family members in distress. Employees have been tricked into transferring money or leaking sensitive data. Over 105,000 such deepfake attacks were recorded in the U.S. in 2024, costing more than US$200 million in the first quarter of 2025 alone. Victims often cannot distinguish synthetic voicesor faces from real ones.
Fraudsters are also using emotional manipulation. The scammers make phone calls or send convincing AI-written texts posing as relatives or friends in distress. Elderly victims in particular fall prey when they believe a grandchild or other family member is in urgent trouble. The Federal Trade Commission has outlined how scammers use fake emergencies to pose as relatives.
Cryptocurrency scams
Crypto remains the Wild West of finance — fast, unregulated and ripe for exploitation.
Pump-and-dump scammers artificially inflate the price of a cryptocurrency through hype on social media to lure investors with promises of huge returns – the pump – and then sell off their holdings – the dump – leaving victims with worthless tokens.
Pig butchering is a hybrid of romance scams and crypto fraud. Scammers build trust over weeks or months before persuading victims to invest in fake crypto platforms. Once the scammers have extracted enough money from the victim, they vanish.
Pig-butchering scams lure people into fake online relationships, often with devastating consequences.
Scammers also use cryptocurrencies as a means of extracting money from people in impersonation scams and other forms of fraud. For example, scammers direct victims to bitcoin ATMs to deposit large sums of cash and convert it to the untraceable cryptocurrency as payment for fictitious fines.
Phishing, smishing, tech support and jobs
Old scams don’t die; they evolve.
Phishing and smishing have been around for years. Victims are tricked into clicking links in emails or text messages, leading to malware downloads, credential theft or ransomware attacks. AI has made these lures eerily realistic, mimicking corporate tone, grammar and even video content.
Tech support scams often start with pop-ups on computer screens that warn of viruses or identity theft, urging users to call a number. Sometimes they begin with a direct cold call to the victim. Once the victim is on a call with the fake tech support, the scammers convince victims to grant remote access to their supposedly compromised computers. Once inside, scammers install malware, steal data, demand payment or all three.
Fake websites and listings are another current type of scam. Fraudulent sites impersonating universities or ticket sellers trick victims into paying for fake admissions, concerts or goods.
One example is when a website for “Southeastern Michigan University” came online and started offering details about admission. There is no such university. Eastern Michigan University filed a complaint that Southeastern Michigan University was copying its website and defrauding unsuspecting victims.
The rise of remote and gig work has opened new fraud avenues.
Victims are offered fake jobs with promises of high pay and flexible hours. In reality, scammers extract “placement fees” or harvest sensitive personal data such as Social Security numbers and bank details, which are later used for identity theft.
How you can protect yourself
Technology has changed, but the basic principles remain the same: Never click on suspicious links or download attachments from unknown senders, and enter personal information only if you are sure that the website is legitimate. Avoid using third-party apps or links. Legitimate businesses have apps or real websites of their own.
Enable two-factor authentication wherever possible. It provides security against stolen passwords. Keep software updated to patch security holes. Most software allows for automatic update or warns about applying a patch.
Remember that a legitimate business will never ask for personal information or a money transfer. Such requests are a red flag.
Relationships are a trickier matter. The state of California provides details on how people can avoid being victims of pig butchering.
Technology has supercharged age-old fraud. AI makes deception virtually indistinguishable from reality, crypto enables anonymous theft, and the remote-work era expands opportunities to trick people. The constant: Scammers prey on trust, urgency and ignorance. Awareness and skepticism remain your best defense.
The Sun will someday die. This will happen when it runs out of hydrogen fuel in its core and can no longer produce energy through nuclear fusion as it does now. The death of the Sun is often thought of as the end of the solar system. But in reality, it may be the beginning of a new phase of life for all the objects living in the solar system.
When stars like the Sun die, they go through a phase of rapid expansion called the Red Giant phase: The radius of the star gets bigger, and its color gets redder. Once the gravity on the star’s surface is no longer strong enough for it to hold on to its outer layers, a large fraction – up to about half – of its mass escapes into space, leaving behind a remnant called a white dwarf.
I am a professor of astronomy at the University of Wisconsin-Madison. In 2020, my colleagues and I discovered the first intact planet orbiting around a white dwarf. Since then, I’ve been fascinated by the prospect of life on planets around these, tiny, dense white dwarfs.
Researchers search for signs of life in the universe by waiting until a planet passes between a star and their telescope’s line of sight. With light from the star illuminating the planet from behind, they can use some simple physics principles to determine the types of molecules present in the planet’s atmosphere.
In 2020, researchers realized they could use this technique for planets orbiting white dwarfs. If such a planet had molecules created by living organisms in its atmosphere, the James Webb Space Telescope would probably be able to spot them when the planet passed in front of its star.
In June 2025, I published a paper answering a question that first started bothering me in 2021: Could an ocean – likely needed to sustain life – even survive on a planet orbiting close to a dead star?
Despite its relatively small size, a white dwarf – shown here as a bright dot to the right of our Sun – is quite dense. Kevin Gill/Flickr, CC BY
A universe full of white dwarfs
A white dwarf has about half the mass of the Sun, but that mass is compressed into a volume roughly the size of Earth, with its electrons pressed as close together as the laws of physics will allow. The Sun has a radius 109 times the size of Earth’s – this size difference means that an Earth-like planet orbiting a white dwarf could be about the same size as the star itself.
White dwarfs are extremely common: An estimated 10 billion of them exist in our galaxy. And since every low-mass star is destined to eventually become a white dwarf, countless more have yet to form. If it turns out that life can exist on planets orbiting white dwarfs, these stellar remnants could become promising and plentiful targets in the search for life beyond Earth.
But can life even exist on a planet orbiting a white dwarf? Astronomers have known since 2011 that the habitable zone is extremely close to the white dwarf. This zone is the location in a planetary system where liquid water could exist on a planet’s surface. It can’t be too close to the star that the water would boil, nor so far away that it would freeze.
Planets in the habitable zone aren’t so close that their surface water would boil, but also not so far that it would freeze. NASA
The habitable zone around a white dwarf would be 10 to 100 times closer to the white dwarf than our own habitable zone is to our Sun, since white dwarfs are so much fainter.
The challenge of tidal heating
Being so close to the surface of the white dwarf would bring new challenges to emerging life that more distant planets, like Earth, do not face. One of these is tidal heating.
Tidal forces – the differences in gravitational forces that objects in space exert on different parts of a nearby second object – deform a planet, and the friction causes the material being deformed to heat up. An example of this can be seen on Jupiter’s moon Io.
The forces of gravity exerted by Jupiter’s other moons tug on Io’s orbit, deforming its interior and heating it up, resulting in hundreds of volcanoes erupting constantly across its surface. As a result, no surface water can exist on Io because its surface is too hot.
Of the four major moons of Jupiter, Io is the innermost one. Gravity from Jupiter and the other three moons pulls Io in varying directions, which heats it up. Lsuanli/Wikimedia Commons, CC BY-SA
In contrast, the adjacent moon Europa is also subject to tidal heating, but to a lesser degree, since it’s farther from Jupiter. The heat generated from tidal forces has caused Europa’s ice shell to partially melt, resulting in a subsurface ocean.
Planets in the habitable zone of a white dwarf would have orbits close enough to the star to experience tidal heating, similar to how Io and Europa are heated from their proximity to Jupiter.
This proximity itself can pose a challenge to habitability. If a system has more than one planet, tidal forces from nearby planets could cause the planet’s atmosphere to trap heat until it becomes hotter and hotter, making the planet too hot to have liquid water.
Enduring the red giant phase
Even if there is only one planet in the system, it may not retain its water.
In the process of becoming a white dwarf, a star will expand to 10 to 100 times its original radius during the red giant phase. During that time, anything within that expanded radius will be engulfed and destroyed. In our own solar system, Mercury, Venus and Earth will be destroyed when the Sun eventually becomes a red giant before transitioning into a white dwarf.
For a planet to survive this process, it would have to start out much farther from the star — perhaps at the distance of Jupiter or even beyond.
If a planet starts out that far away, it would need to migrate inward after the white dwarf has formed in order to become habitable. Computer simulations show that this kind of migration is possible, but the process could cause extreme tidal heating that may boil off surface water – similar to how tidal heating causes Io’s volcanism. If the migration generates enough heat, then the planet could lose all its surface water by the time it finally reaches a habitable orbit.
However, if the migration occurs late enough in the white dwarf’s lifetime – after it has cooled and is no longer a hot, bright, newly formed white dwarf – then surface water may not evaporate away.
Under the right conditions, planets orbiting white dwarfs could sustain liquid water and potentially support life.
Search for life on planets orbiting white dwarfs
Astronomers haven’t yet found any Earth-like, habitable exoplanets around white dwarfs. But these planets are difficult to detect.
Traditional detection methods like the transit technique are less effective because white dwarfs are much smaller than typical planet-hosting stars. In the transit technique, astronomers watch for the dips in light that occur when a planet passes in front of its host star from our line of sight. Because white dwarfs are so small, you would have to be very lucky to see a planet passing in front of one.
The transit technique for detecting exoplanets requires watching for the dip in brightness when a planet passes in front of its host star.
If habitable planets are found to exist around white dwarfs, it would significantly broaden the range of environments where life might persist, demonstrating that planetary systems may remain viable hosts for life even long after the death of their host star.
Last Sunday morning I listened to a BBC Radio 4 programme The Dark Enlightenment. Here is a summary from the BBC website:
A radical political philosophy founded by a software engineer called Curtis Yarvin is gaining in influence, and said to be shaping Donald Trump’s second term in the White House.
It is on BBC Sounds. Here is the link: BBC Currently.
The plan was simple. It started by retiring all government employees by offering them incentives to leave and never return. To avoid anarchy and keep authority, the police and military would be retained.
Government funds would be seized and the money redirected to more worthwhile pursuits. Court orders pushing back against these measures as “unconstitutional” should be summarily ignored. The press should be massaged and censored as necessary. Finally, universities, scientific institutions, and NGOs should also be snapped off, their funding terminated.
These moves resemble many made (or attempted) in the first 100 days of the second Trump administration. But they were all laid out in 2012 by a single person: Curtis Yarvin.
In the past five years, Yarvin’s reactionary blueprints for governance have found powerful backers in both Silicon Valley and Washington circles.
His ideas have been taken up and repeated in various ways by Peter Thiel (PayPal), Elon Musk (X, Tesla), Alexander Karp (Palantir) and other founders, CEOs and thought-leaders within the broader tech industry. He was a guest at Trump’s Coronation Ball in January.
Yarvin’s current newsletter, Grey Room, now boasts 57,000 subscribers. “Curtis Yarvin’s Ideas Were Fringe,” cautioned a recent article, “Now They’re Coursing Through Trump’s Washington.”
JD Vance has praised Yarvin by name and echoed his ideas, calling for a ‘de-wokification programme’. Bonnie Cash/Pool/AAP
Rebooting the state
Yarvin, a 51-year old computer engineer, has been publishing his thoughts on politics for close to 20 years. His original blog, launched in 2007, introduced his potent blend of “the modern engineering mentality, and the great historical legacy of antique, classical and Victorian pre-democratic thought”. Last week, The Washington Post called it “required reading for the extremely online right”.
Democracy was dead and doomed from the beginning, Yarvin argued in his blog, in quippy, Reddit-style prose. Governance should look to other mechanisms (tech) and modes (monarchism) for inspiration.
The state needs a “hard reboot,” asserted Yarvin. “Democratic elections are entirely superfluous to the mechanism of government” he argued. “A vote for democratic or republican matters a little bit,” he admitted, but “basically if the whole electoral system disappeared, Washington would go on running in exactly the same ways”.
Curtis Yarvin. Wikipedia
For Yarvin, then, it is not just the government that must change – a superficial swap of parties and politicians – but something far more fundamental: the form of government. Democracy was beta tested and failed to deliver. The political operating system must be ripped out and replaced.
While elements (like the term “red pill”) travelled far beyond its pages, Yarvin’s ideas remained on the fringes until recently, with their growing popularity pushing him into the limelight. Last week he hit the headlines due to his debate at Harvard, a place that has become a “symbol of resistance to Trump”, with political theorist Danielle Allen, a democracy advocate.
Allen, who debated Yarvin to provide students with “help thinking about intellectual material”, wrote after the debate that he correctly diagnoses a problem, but not its causes or solutions:
He is right that our political institutions are failing. He is also right that their members have failed to see the depth of our governance problems and their own contributions to them through technocracy and political correctness. […] But Mr. Yarvin leads them astray with his vision of absolute monarchy and racial cleansing.
A technological republic
For Yarvin and others like him, democracy’s fatal flaw is the demos (or, people) itself. Trusting the agency and ability of citizens to govern through representation is naive, Yarvin believes. Alexander Karp, CEO of Palantir, a firm that provides military and intelligence agencies with big data “intelligence”, agrees.
“Why must we always defer to the wisdom of the crowd when it comes to allocating scarce capital in a market economy?” Karp asked in his recent bestseller, The Technological Republic.
For Yarvin, Karp, Thiel and the other elites that embrace these ideas, the people are idiots. A favourite quote (likely apocryphal) is from Churchill, stating the best argument against democracy is a five-minute conversation with the average voter.
If a legacy republic was one by the people and for the people, Karp argues a technological republic will “require the rebuilding of an ownership society, a founder culture that came from tech but has the potential to reshape government”.
In this vision, the state shapeshifts into something sleeker, more successful, more like a startup: the corporation. “A government is just a corporation that owns a country,” Yarvin stresses. Musk has echoed this line: “the government is simply the largest corporation”.
But if this is true, it is a pathetic one, according to its hyper-capitalist detractors: bloated with waste, saddled with debt and slowed by regulation. The state is a dinosaur which makes incremental change and must tread with caution, bending to the needs of its constituents. Founders dictate their commands and impose their will.
Dark enlightenment
“Once the universe of democratic corruption is converted into a (freely transferable) shareholding in gov-corp the owners of the state can initiate rational corporate governance, beginning with the appointment of a CEO,” explains philosopher Nick Land.
“As with any business, the interests of the state are now precisely formalized as the maximization of long-term shareholder value.” In this model, the president becomes the CEO king; the citizen becomes the customer or user.
Land, more than any other, has provided the philosophical cachet around this movement, taking Yarvin’s quippy but fuzzy prose and formalising it into the political and philosophical formation known as neoreaction or the “Dark Enlightenment”, with a sprawling 2014 essay that moves from the death of the west to racial terror, the limits of freedom and the next stage of human evolution.
Nick Land. GoodReads
Land, variously regarded as a cybernetic prophet or scientific racist, has long held anti-humanist and anti-democratic views. “Voice”, or representation – the key tenet of liberal democracy – has been tried and failed, Land argues. The only viable alternative is “exit”: flight from failed governance altogether, into a post-political and post-human future.
To simplify drastically: democracy’s naive belief in equality for all – propped up and policed by the array of humanitarian organisations, government agencies and woke culture warriors that Yarvin sneeringly dubs “The Cathedral” – has held capitalism back from its true potential.
Technological fascism
For Land, Yarvin and others, optimal rule would be both hypercapitalist and hyperconservative: a hybrid political order I’ve begun to research and conceptualise as technological fascism.
Technological fascism gazes to the future and past for inspiration. It couples, in the words of writer Jacob Siegel:
the classic anti-modern, anti-democratic worldview of 18th-century reactionaries to a post-libertarian ethos that embraced technological capitalism as the proper means for administering society.
In this vision, the best form of governance marries reaction and information, Machiavelli and machine learning, aristocracy and artificial intelligence, authoritarianism and technosolutionism.
To revive the glorious traditions of the past, its champions believe, we must leverage the bleeding-edge innovations of tomorrow.
Governing like a monarch
This culture is already infiltrating Washington. Trump is governing like a monarch, making unilateral decisions via hundreds of executive orders, bulldozing through opposition and legislation.
Musk and his DOGE minions stress they need to “delete entire agencies”, commandeering offices and allegedly stealing data under the pretext of eliminating “waste”.
A recent study of over 500 political scientists found “the vast majority think the US is moving swiftly away from liberal democracy toward some form of authoritarianism”.
In the vision laid out by Yarvin – and taken up more and more by a growing political vanguard – government is either a political inconvenience or a technical problem. Increasingly, the authoritarian imperative to impose absolute rule and the Silicon Valley mantra of “moving fast and breaking stuff” dovetail into a disturbing single directive.
To all people that live outside the US, and quite a few as well who don’t!
The Federal Reserve is the central banking system of the USA. I am going to republish most of the article that appears on WikiPedia. It is yet another example of how the United States set itself up taking the best from all around the world.
(And apologies for not posting a Picture Parade yesterday.)
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The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises.[list 1] Although an instrument of the U.S. government, the Federal Reserve System considers itself “an independent central bank because its monetary policy decisions do not have to be approved by the president or by anyone else in the executive or legislative branches of government, it does not receive funding appropriated by Congress, and the terms of the members of the board of governors span multiple presidential and congressional terms.”[11] Over the years, events such as the Great Depression in the 1930s and the Great Recessionduring the 2000s have led to the expansion of the roles and responsibilities of the Federal Reserve System.[6][12]
Congress established three key objectives for monetary policy in the Federal Reserve Act: maximizing employment, stabilizing prices, and moderating long-term interest rates.[13] The first two objectives are sometimes referred to as the Federal Reserve’s dual mandate.[14] Its duties have expanded over the years, and include supervising and regulating banks, maintaining the stability of the financial system, and providing financial services to depository institutions, the U.S. government, and foreign official institutions.[15] The Fed also conducts research into the economy and provides numerous publications, such as the Beige Book and the FRED database.[16]
The Federal Reserve System is composed of several layers. It is governed by the presidentially appointed board of governors or Federal Reserve Board (FRB). Twelve regional Federal Reserve Banks, located in cities throughout the nation, regulate and oversee privately owned commercial banks.[17] Nationally chartered commercial banks are required to hold stock in, and can elect some board members of, the Federal Reserve Bank of their region.
The Federal Open Market Committee (FOMC) sets monetary policy by adjusting the target for the federal funds rate, which generally influences market interest rates and, in turn, US economic activity via the monetary transmission mechanism. The FOMC consists of all seven members of the board of governors and the twelve regional Federal Reserve Bank presidents, though only five bank presidents vote at a time: the president of the New York Fed and four others who rotate through one-year voting terms. There are also various advisory councils.[list 2] It has a structure unique among central banks, and is also unusual in that the United States Department of the Treasury, an entity outside of the central bank, prints the currency used.[23]
The federal government sets the salaries of the board’s seven governors, and it receives all the system’s annual profits after dividends on member banks’ capital investments are paid, and an account surplus is maintained. In 2015, the Federal Reserve earned a net income of $100.2 billion and transferred $97.7 billion to the U.S. Treasury,[24] and 2020 earnings were approximately $88.6 billion with remittances to the U.S. Treasury of $86.9 billion.[25] The Federal Reserve has been criticized for its approach to managing inflation, perceived lack of transparency, and its role in economic downturns.[26][27][28]
Purpose
The primary declared motivation for creating the Federal Reserve System was to address banking panics.[6] Other purposes are stated in the Federal Reserve Act, such as “to furnish an elastic currency, to afford means of rediscounting commercial paper, to establish a more effective supervision of banking in the United States, and for other purposes”.[29] Before the founding of the Federal Reserve System, the United States underwent several financial crises. A particularly severe crisis in 1907 led Congress to enact the Federal Reserve Act in 1913. Today the Federal Reserve System has responsibilities in addition to stabilizing the financial system.[30]
Current functions of the Federal Reserve System include:[15][30]
stable prices, interpreted as an inflation rate of 2 percent per year on average[31]
moderate long-term interest rates
To maintain the stability of the financial system and contain systemic risk in financial markets
To provide financial services to depository institutions, the U.S. government, and foreign official institutions, including playing a major role in operating the nation’s payments system
To facilitate the exchange of payments among regions
Banking institutions in the United States are required to hold reserves—amounts of currency and deposits in other banks—equal to only a fraction of the amount of the bank’s deposit liabilities owed to customers. This practice is called fractional-reserve banking. As a result, banks usually invest the majority of the funds received from depositors. On rare occasions, too many of the bank’s customers will withdraw their savings and the bank will need help from another institution to continue operating; this is called a bank run. Bank runs can lead to a multitude of social and economic problems. The Federal Reserve System was designed as an attempt to prevent or minimize the occurrence of bank runs, and possibly act as a lender of last resort when a bank run does occur. Many economists, following Nobel laureate Milton Friedman, believe that the Federal Reserve inappropriately refused to lend money to small banks during the bank runs of 1929; Friedman argued that this contributed to the Great Depression.[32]
Check clearing system
Because some banks refused to clear checks from certain other banks during times of economic uncertainty, a check-clearing system was created in the Federal Reserve System. It is briefly described in The Federal Reserve System—Purposes and Functions as follows:[33]
By creating the Federal Reserve System, Congress intended to eliminate the severe financial crises that had periodically swept the nation, especially the sort of financial panic that occurred in 1907. During that episode, payments were disrupted throughout the country because many banks and clearinghouses refused to clear checks drawn on certain other banks, a practice that contributed to the failure of otherwise solvent banks. To address these problems, Congress gave the Federal Reserve System the authority to establish a nationwide check-clearing system. The System, then, was to provide not only an elastic currency—that is, a currency that would expand or shrink in amount as economic conditions warranted—but also an efficient and equitable check-collection system.
Lender of last resort
In the United States, the Federal Reserve serves as the lender of last resort to those institutions that cannot obtain credit elsewhere and the collapse of which would have serious implications for the economy. It took over this role from the private sector “clearing houses” which operated during the Free Banking Era; whether public or private, the availability of liquidity was intended to prevent bank runs.[34]
Fluctuations
Through its discount window and credit operations, Reserve Banks provide liquidity to banks to meet short-term needs stemming from seasonal fluctuations in deposits or unexpected withdrawals. Longer-term liquidity may also be provided in exceptional circumstances. The rate the Fed charges banks for these loans is called the discount rate (officially the primary credit rate).
By making these loans, the Fed serves as a buffer against unexpected day-to-day fluctuations in reserve demand and supply. This contributes to the effective functioning of the banking system, alleviates pressure in the reserves market and reduces the extent of unexpected movements in the interest rates.[35] For example, on September 16, 2008, the Federal Reserve Board authorized an $85 billion loan to stave off the bankruptcy of international insurance giant American International Group (AIG).[36]
Obverse of a Federal Reserve $1 note issued in 2009
In its role as the central bank of the United States, the Fed serves as a banker’s bank and as the government’s bank. As the banker’s bank, it helps to assure the safety and efficiency of the payments system. As the government’s bank or fiscal agent, the Fed processes a variety of financial transactions involving trillions of dollars. Just as an individual might keep an account at a bank, the U.S. Treasury keeps a checking account with the Federal Reserve, through which incoming federal tax deposits and outgoing government payments are handled. As part of this service relationship, the Fed sells and redeems U.S. government securitiessuch as savings bonds and Treasury bills, notes and bonds. It also issues the nation’s coinand paper currency. The U.S. Treasury, through its Bureau of the Mint and Bureau of Engraving and Printing, actually produces the nation’s cash supply and, in effect, sells the paper currency to the Federal Reserve Banks at manufacturing cost, and the coins at face value. The Federal Reserve Banks then distribute it to other financial institutions in various ways.[37] During the Fiscal Year 2020, the Bureau of Engraving and Printing delivered 57.95 billion notes at an average cost of 7.4 cents per note.[38][39]
Federal funds are the reserve balances (also called Federal Reserve Deposits) that private banks keep at their local Federal Reserve Bank.[40] These balances are the namesake reserves of the Federal Reserve System. The purpose of keeping funds at a Federal Reserve Bank is to have a mechanism for private banks to lend funds to one another. This market for funds plays an important role in the Federal Reserve System as it is the basis for its monetary policy work. Monetary policy is put into effect partly by influencing how much interest the private banks charge each other for the lending of these funds.
Federal reserve accounts contain federal reserve credit, which can be converted into federal reserve notes. Private banks maintain their bank reserves in federal reserve accounts.
Bank regulation
The Federal Reserve regulates private banks. The system was designed out of a compromise between the competing philosophies of privatization and government regulation. In 2006 Donald L. Kohn, vice chairman of the board of governors, summarized the history of this compromise:[41]
Agrarian and progressive interests, led by William Jennings Bryan, favored a central bank under public, rather than banker, control. However, the vast majority of the nation’s bankers, concerned about government intervention in the banking business, opposed a central bank structure directed by political appointees. The legislation that Congress ultimately adopted in 1913 reflected a hard-fought battle to balance these two competing views and created the hybrid public-private, centralized-decentralized structure that we have today.
The balance between private interests and government can also be seen in the structure of the system. Private banks elect members of the board of directors at their regional Federal Reserve Bank while the members of the board of governors are selected by the president of the United States and confirmed by the Senate.
The Federal Banking Agency Audit Act, enacted in 1978 as Public Law 95-320 and 31 U.S.C. section 714 establish that the board of governors of the Federal Reserve System and the Federal Reserve banks may be audited by the Government Accountability Office (GAO).[42]
The GAO has authority to audit check-processing, currency storage and shipments, and some regulatory and bank examination functions–though there are restrictions to what the GAO may audit. Under the Federal Banking Agency Audit Act, 31 U.S.C. section 714(b), audits of the Federal Reserve Board and Federal Reserve banks do not include (1) transactions for or with a foreign central bank or government or non-private international financing organization; (2) deliberations, decisions, or actions on monetary policy matters; (3) transactions made under the direction of the Federal Open Market Committee; or (4) a part of a discussion or communication among or between members of the board of governors and officers and employees of the Federal Reserve System related to items (1), (2), or (3). See Federal Reserve System Audits: Restrictions on GAO’s Access (GAO/T-GGD-94-44), statement of Charles A. Bowsher.[43]
The board of governors in the Federal Reserve System has a number of supervisory and regulatory responsibilities in the U.S. banking system, but not complete responsibility. A general description of the types of regulation and supervision involved in the U.S. banking system is given by the Federal Reserve:[44]
The Board also plays a major role in the supervision and regulation of the U.S. banking system. It has supervisory responsibilities for state-chartered banks[45] that are members of the Federal Reserve System, bank holding companies(companies that control banks), the foreign activities of member banks, the U.S. activities of foreign banks, and Edge Act and “agreement corporations” (limited-purpose institutions that engage in a foreign banking business). The Board and, under delegated authority, the Federal Reserve Banks, supervise approximately 900 state member banks and 5,000 bank holding companies. Other federal agencies also serve as the primary federal supervisors of commercial banks; the Office of the Comptroller of the Currency supervises national banks, and the Federal Deposit Insurance Corporation supervises state banks that are not members of the Federal Reserve System.
Some regulations issued by the Board apply to the entire banking industry, whereas others apply only to member banks, that is, state banks that have chosen to join the Federal Reserve System and national banks, which by law must be members of the System. The Board also issues regulations to carry out major federal laws governing consumer credit protection, such as the Truth in Lending, Equal Credit Opportunity, and Home Mortgage Disclosure Acts. Many of these consumer protection regulations apply to various lenders outside the banking industry as well as to banks.
The Board has regular contact with members of the President’s Council of Economic Advisers and other key economic officials. The Chair also meets from time to time with the President of the United States and has regular meetings with the Secretary of the Treasury. The Chair has formal responsibilities in the international arena as well.
Regulatory and oversight responsibilities
The board of directors of each Federal Reserve Bank District also has regulatory and supervisory responsibilities. If the board of directors of a district bank has judged that a member bank is performing or behaving poorly, it will report this to the board of governors. This policy is described in law:
Each Federal reserve bank shall keep itself informed of the general character and amount of the loans and investments of its member banks with a view to ascertaining whether undue use is being made of bank credit for the speculative carrying of or trading in securities, real estate, or commodities, or for any other purpose inconsistent with the maintenance of sound credit conditions; and, in determining whether to grant or refuse advances, rediscounts, or other credit accommodations, the Federal reserve bank shall give consideration to such information. The chairman of the Federal reserve bank shall report to the Board of Governors of the Federal Reserve System any such undue use of bank credit by any member bank, together with his recommendation. Whenever, in the judgment of the Board of Governors of the Federal Reserve System, any member bank is making such undue use of bank credit, the Board may, in its discretion, after reasonable notice and an opportunity for a hearing, suspend such bank from the use of the credit facilities of the Federal Reserve System and may terminate such suspension or may renew it from time to time.[46]
National payments system
The Federal Reserve plays a role in the U.S. payments system. The twelve Federal Reserve Banks provide banking services to depository institutions and to the federal government. For depository institutions, they maintain accounts and provide various payment services, including collecting checks, electronically transferring funds, and distributing and receiving currency and coin. For the federal government, the Reserve Banks act as fiscal agents, paying Treasury checks; processing electronic payments; and issuing, transferring, and redeeming U.S. government securities.[47]
In the Depository Institutions Deregulation and Monetary Control Act of 1980, Congress reaffirmed that the Federal Reserve should promote an efficient nationwide payments system. The act subjects all depository institutions, not just member commercial banks, to reserve requirements and grants them equal access to Reserve Bank payment services. The Federal Reserve plays a role in the nation’s retail and wholesale payments systems by providing financial services to depository institutions. Retail payments are generally for relatively small-dollar amounts and often involve a depository institution’s retail clients—individuals and smaller businesses. The Reserve Banks’ retail services include distributing currency and coin, collecting checks, electronically transferring funds through FedACH (the Federal Reserve’s automated clearing house system), and beginning in 2023, facilitating instant payments using the FedNow service. By contrast, wholesale payments are generally for large-dollar amounts and often involve a depository institution’s large corporate customers or counterparties, including other financial institutions. The Reserve Banks’ wholesale services include electronically transferring funds through the Fedwire Funds Service and transferring securities issued by the U.S. government, its agencies, and certain other entities through the Fedwire Securities Service.
ooOOoo
There is more in that article including Structure, Board of Governors, the Federal Reserve Banks (there are 12), and more subjects. So if you want to read these then, please, go here.
And I am bound to say that I have recently finished reading The FINANCIAL SYSTEM LIMIT by David Kauders. The sub-title of the book is The World’s Real Debt Burden. If you are at all interested in the subject then read the book.
Everything in space – from the Earth and Sun to black holes – accounts for just 15% of all matter in the universe. The rest of the cosmos seems to be made of an invisible material astronomers call dark matter.
Astronomers know dark matter exists because its gravity affects other things, such as light. But understanding what dark matter is remains an active area of research.
With the release of its first images this month, the Vera C. Rubin Observatory has begun a 10-year mission to help unravel the mystery of dark matter. The observatory will continue the legacy of its namesake, a trailblazing astronomer who advanced our understanding of the other 85% of the universe.
As a historian of astronomy, I’ve studied how Vera Rubin’s contributions have shaped astrophysics. The observatory’s name is fitting, given that its data will soon provide scientists with a way to build on her work and shed more light on dark matter.
Wide view of the universe
From its vantage point in the Chilean Andes mountains, the Rubin Observatory will document everything visible in the southern sky. Every three nights, the observatory and its 3,200 megapixel camera will make a record of the sky.
This camera, about the size of a small car, is the largest digital camera ever built. Images will capture an area of the sky roughly 45 times the size of the full Moon. With a big camera with a wide field of view, Rubin will produce about five petabytes of data every year. That’s roughly 5,000 years’ worth of MP3 songs.
After weeks, months and years of observations, astronomers will have a time-lapse record revealing anything that explodes, flashes or moves – such as supernovas, variable stars or asteroids. They’ll also have the largest survey of galaxies ever made. These galactic views are key to investigating dark matter.
Galaxies are the key
Deep field images from the Hubble Space Telescope, the James Webb Space Telescope and others have visually revealed the abundance of galaxies in the universe. These images are taken with a long exposure time to collect the most light, so that even very faint objects show up.
Researchers now know that those galaxies aren’t randomly distributed. Gravity and dark matter pull and guide them into a structure that resembles a spider’s web or a tub of bubbles. The Rubin Observatory will expand upon these previous galactic surveys, increasing the precision of the data and capturing billions more galaxies.
In addition to helping structure galaxies throughout the universe, dark matter also distorts the appearance of galaxies through an effect referred to as gravitational lensing.
Light travels through space in a straight line − unless it gets close to something massive. Gravity bends light’s path, which distorts the way we see it. This gravitational lensing effect provides clues that could help astronomers locate dark matter. The stronger the gravity, the bigger the bend in light’s path.
The white galaxies seen here are bound in a cluster. The gravity from the galaxies and the dark matter bends the light from the more distant galaxies, creating contorted and magnified images of them. NASA, ESA, CSA and STScI
Discovering dark matter
For centuries, astronomers tracked and measured the motion of planets in the solar system. They found that all the planets followed the path predicted by Newton’s laws of motion, except for Uranus. Astronomers and mathematicians reasoned that if Newton’s laws are true, there must be some missing matter – another massive object – out there tugging on Uranus. From this hypothesis, they discovered Neptune, confirming Newton’s laws.
With the ability to see fainter objects in the 1930s, astronomers began tracking the motions of galaxies.
California Institute of Technology astronomer Fritz Zwicky coined the term dark matter in 1933, after observing galaxies in the Coma Cluster. He calculated the mass of the galaxies based on their speeds, which did not match their mass based on the number of stars he observed.
He suspected that the cluster could contain an invisible, missing matter that kept the galaxies from flying apart. But for several decades he lacked enough observational evidence to support his theory.
In 1965, Vera Rubin became the first women hired onto the scientific staff at the Carnegie Institution’s Department of Terrestrial Magnetism in Washington, D.C.
She worked with Kent Ford, who had built an extremely sensitive spectrograph and was looking to apply it to a scientific research project. Rubin and Ford used the spectrograph to measure how fast stars orbit around the center of their galaxies.
In the solar system, where most of the mass is within the Sun at the center, the closest planet, Mercury, moves faster than the farthest planet, Neptune.
“We had expected that as stars got farther and farther from the center of their galaxy, they would orbit slower and slower,” Rubin said in 1992.
“And that really leads to only two possibilities,” Rubin explained. “Either Newton’s laws don’t hold, and physicists and astronomers are woefully afraid of that … (or) stars are responding to the gravitational field of matter which we don’t see.”
Data piled up as Rubin created plot after plot. Her colleagues didn’t doubt her observations, but the interpretation remained a debate. Many people were reluctant to accept that dark matter was necessary to account for the findings in Rubin’s data.
Rubin continued studying galaxies, measuring how fast stars moved within them. She wasn’t interested in investigating dark matter itself, but she carried on with documenting its effects on the motion of galaxies.
A U.S quarter honors Vera Rubin’s contributions to our understanding of dark matter. United States Mint, CC BY
Vera Rubin’s legacy
Today, more people are aware of Rubin’s observations and contributions to our understanding of dark matter. In 2019, a congressional bill was introduced to rename the former Large Synoptic Survey Telescope to the Vera C. Rubin Observatory. In June 2025, the U.S. Mint released a quarter featuring Vera Rubin.
Rubin continued to accumulate data about the motions of galaxies throughout her career. Others picked up where she left off and have helped advance dark matter research over the past 50 years.
In the 1970s, physicist James Peebles and astronomers Jeremiah Ostriker and Amos Yahil created computer simulations of individual galaxies. They concluded, similarly to Zwicky, that there was not enough visible matter in galaxies to keep them from flying apart.
They suggested that whatever dark matter is − be it cold stars, black holes or some unknown particle − there could be as much as 10 times the amount of dark matter than ordinary matter in galaxies.
Throughout its 10-year run, the Rubin Observatory should give even more researchers the opportunity to add to our understanding of dark matter.
As many of you know I was born exactly six months before VE Day on May 8th, 1945.
We soon moved from Acton to 16 Toley Avenue, in Preston Road, Wembley. A short distance down Toley Ave was Ledway Drive that led up to Barn Hill Pond.
A review of Barn Hill Pond by a dog walker, Tara Furlong, in 2020.
It’s a pond on top of a hill, which gets smaller depending on how hot and dry the summer is. It has been known to have sightings of its own grey heron, mallards on occasion, etc. Fish may lurk in its depths, and frogspawn in the spring. There are views of Wembley, and across to central London from the trig point nearby, and aspirations to open up the view to Harrow-on-the-Hill. Take a little wander and you may spy St Paul’s Cathedral. A small number of benches are available, and the bins overflow in fine weather. There’s nothing but green space and houses nearby. It’s accessible via a fairly short, steep uphill walk on uneven ground from the unserviced car park, which can get very busy; or from Wembley Park. Photos on a typical British day – i.e. a bit cloudy and soggy.
As a young boy I well remember looking out from Barn Hill and seeing the devastation of the property from the Nazi bombers.
There are twenty programmes on Radio 4 that are about this postwar period in Britain. I have listened to the first three and have found them deeply interesting. Anyone interested in British history is recommended to listen to them. That is the link.
To my mind, nothing beats the sights of the World’s oceans.
In the past, I spent four years living on a yacht, a Tradewind 33, out in Cyprus. During that time I cruised to Turkey, to Greece, to Algiers, and loved it.
Here’s an extract from World Oceans day website.
Why Earth’s oceans are so important
Earth’s oceans are critical to human survival. Indeed, more than half the oxygen in our atmosphere is generated via photosynthesis by phytoplankton and seaweed in oceans. In addition, millions of people depend on fish and other marine animals for food. Research on some marine organisms has led to the development of new medications. Moreover, ocean currents, known as global conveyor belts, help regulate Earth’s climate.
Sir David Attenborough has produced a film Ocean and the trailer follows:
There is so much more to view on the World Oceans Day website. Please go to it.
Learning from Dogs 
