DOCSLIB.ORG

Half-Time 2016: Keep Calm and Look for Opportunity

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Half-Time 2016: Keep Calm and Look for Opportunity HALF-TIME 2016: KEEP CALM AND LOOK FOR OPPORTUNITY Moseley Investment Management, Inc. July 27, 2016 IMPORTANT INFORMATION The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing. All Important Information performance referenced is historical and is no guarantee of future results. All indices are unmanaged and cannot be invested into directly. RISK CONSIDERATIONS The economic forecasts set forth in this presentation may not develop as predicted and there can be no guarantee the strategies promoted will be successful. Stock investing involves risk including loss of principal. Bonds are subject to market and interest rate risk if sold prior to maturity. Bond values will decline as interest rates rise and bonds are subject to availability and change in price. International and emerging market investing involves special risks such as currency fluctuation and political instability and may not be suitable for all investors. WISDOM IN UNCERTAIN TIMES “The market is a pendulum that forever swings between unsustainable optimism (which makes stocks too expensive) and unjustified pessimism (which makes them too cheap). The intelligent investor is a realist who sells to optimists and buys from pessimists.” –Benjamin Graham, The Intelligent Investor WHAT’S GOING ON? What flag will a team of refugees compete under at the Olympic games in Rio de Janeiro? 1. The flag of Vatican City 2. The Olympic flag 3. The flag of the United States 4. The flag of Europe THE OLYMPIC FLAG "By welcoming the team of Refugee Olympic Athletes to the Olympic Games Rio 2016, we want to send a message of hope for all refugees in our world. Having no national team to belong to, having no flag to march behind, having no national anthem to be played, these refugee athletes will be welcomed to the Olympic Games with the Olympic flag and with the Olympic Anthem.” –IOC President Thomas Bach WITHOUT A CLEAR DIRECTION “The problem isn’t just that the S&P 500 finished flat but that it finished trendless, unable to break too far above 2100 on the upside or fall much below 2000 on the down. So as 2016 begins, it’s very easy to impose whatever narratives we want on the market.” –Barron’s, December 31, 2015 BEAR? BULL? Dow Jones Ind. Avg. S&P 500 Index NASDAQ Dow Jones Ind. Ave. S&P 500 Index NASDAQ Source: Yahoo! Finance WHAT DID INVESTORS THINK? BULLISH NEUTRAL BEARISH 0.60 0.45 0.30 Percent 0.15 0.00 12/31/15 1/14/16 1/28/16 2/11/16 2/25/16 3/10/16 3/24/16 4/7/16 4/21/16 5/5/16 5/19/16 6/2/16 6/16/15 6/30/16 Source: Quandl WHAT’S UP AT THE FED? (IT’S NOT INTEREST RATES.) Probability of a rate hike in June 22 17 11 6 0 Pre-May jobs report Source: CNBC, CME, Hedgeye.com CHANGING EXPECTATIONS June 21, 2016 Source: Bloomberg WILL THERE BE A RATE HIKE BY 2018? BOND RATES: TRENDING LOWER THROUGH JULY 1 7 5.25 3.5 Percent 1.75 0 12/1/15 1/4/16 2/1/16 3/1/16 4/1/16 5/2/16 6/1/16 7/1/16 10-year Treasury rate Fed funds rate Inflation (prior 12 mos) Historic average annual return 10-year Treasuries (1966-2015) Sources: Yahoo! Finance, Stern NYU, U.S. Inflation Calculator GDP LIMBO – ECONOMIC GROWTH HAS BEEN BELOW THREE PERCENT Sources: Bureau of labor Statistics, Bureau of Economic Analysis retrieved from FRED Economic Research – Federal Reserve Bank of St. Louis) , July 4, 2016. GERIATRIC GDP “The U.S. economy continues to heal in the aftermath of the Great Recession. Steadily recovering consumption, investment, and housing assist an improving economy, whereas structural factors, such as an aging population, limit the prospects for more rapid growth over the coming decade.” –Bureau of Labor Statistics, December 2015 Sources: Bureau of Labor Statistics, Bureau of Economic Analysis WHAT’S BEEN DRIVING GROWTH? 2015 Net exports of goods and services Gross private domestic investment Personal consumption expenditures Government consumption expenditures and gross investment GDP 2016 Q1 -0.75 0.00 0.75 1.50 2.25 3.00 Percent contribution to GDP Sources: Bureau of Economic Analysis, Mic.com GOVERNMENT SPENDING HELPS, BUT… IT HURTS WHEN SPENDING EXCEEDS REVENUES THE DEFICIT HAS BEEN IMPROVING BUT THE NATIONAL DEBT IS SIGNIFICANT HOW WOULD YOU BALANCE THE BUDGET? “The Fiscal Ship challenges you to put the federal budget on a sustainable course… America is looking at a permanent, growing mismatch between revenues and spending, and policymakers are faced with difficult decisions about how to reconcile important government priorities…To win the game, you need to find a combination of policies that match your values and priorities AND set the budget on a sustainable course.” Source: FiscalShip.org BUT ENOUGH ABOUT OUR COUNTRY… GDP growth (Q1, year-to-year) National stock market index (YTD) 30 22.5 15 7.5 0 -7.5 -15 -22.5 -30 Italy Japan China Germany Switzerland France U.S. India U.K. Phiippines Pakistan Brazil Russia Argentina Sources: Barron’s UNCERTAIN ABOUT CHINA China’s official statistics agency reported first quarter GDP grew by: 6.7% The nation’s official growth target is 6.5 to 7 percent. Source: The Economist EUROZONE: DEPENDENT ON EXPORTS “…dependence on foreign demand carries risks. It places a dangerous drag on recoveries elsewhere…And Europe’s addiction to exports leaves it vulnerable to any deceleration in global growth. Were China’s economy to slow more sharply, or America’s to return to recession, Europe, too, would see growth wane.” –The Economist, April 2, Source:2016 The Economist WHERE WE ARE TODAY: DOWN TO TWO How unpopular are Donald Trump and Hillary Clinton? Source: The Economist MARKET PERFORMANCE TO-DATE: 2016 1H 2015 (December 31, 2014 through June 30, 2015) 1H 2016 (December 31, 2015 through June 30, 2016) 2015 2016 18.00 25.00% 13.25 17.25% 8.50 9.50% 3.75 1.75% -1.00 Standard & Poor’s 500 Index Gold (per ounce) DJ Equity All REIT Total Return Index -6.00% Standard & Poor’s 500 Index Gold (per ounce) DJ Equity All REIT Total Return Index Source: Yahoo! Finance, Google Finance, London Bullion Market, Bloomberg OIL PRICES ARE TRENDING HIGHER “…when the price of oil rises, so do costs in most rich, industrialized economies; thus, a rising oil price acts as a brake on growth…The reverse is also true. An economic slowdown will likely produce a price drop, which can be a financial boon for governments and consumers alike.” –World Economic Forum, February 2016 WHO MAY BENEFIT FROM HIGHER OIL PRICES? Economically viable oil reserves (By price of Brent Crude) 300 Total reserves $40/barrel $60/barrel $80/barrel 225 150 Billions of barrels 75 0 Saudi Arabia Iran Iraq Russia United States Canada Brazil Venezuela China Source: The Economist U.S. DOLLAR SETTLES LOWER Sources: Board of Governors of the Federal Reserve System (U.S.), Trade Weighted U.S. Dollar Index: Broad, retrieved from FRED – Federal Reserve Bank of St. Louis; U.S. Energy Information Administration, Crude Oil Prices: West Texas Intermediate (WTI) – Cushing, Oklahoma, retrieved from FRED – Federal Reserve Bank of St. Louis, July 4, 2016. CHEERIO THEN! “It is now a week since voters narrowly opted for Brexit, and the country has seldom looked so wildly off the rails. The prime minister has handed in his notice. The leader of the opposition is struggling to survive a coup. The pound hit a 31-year low against the dollar and banks lost a third of their value, before stabilizing. Meanwhile, there is talk in Scotland and Northern Ireland of secession…It is time to snap out of the daze. The country needs a new leader, a coherent approach to negotiating with the EU, and a fair settlement with those nations within its own union that voted Remain.” –The Economist, July 2, 2016 Beware the ides (mid-month) to the calends (first of the next month) of August (as well as some dates in September and October) “We are currently in a very dangerous time zone between 2011 until 2018. This is an 84-year cycle [called the 'Time Cycle'] and the previous cycle appeared during 1928 until 1934 where the Great Depression took place.” –Sandy Jadeja, Technical Analyst • August 26 - August 30, 2016 • September 26, 2016 • October 20, 2016 Source: Business Insider Stocks will move higher on the back of government spending “…life is full of risk, but being in stocks when everyone is bearish is not one of them… Moreover, it's really the growth in social spending -- transfer payments, as they are called -- that will continue to support incomes and push the market up for years to come. I'm talking about Social Security, Medicare, and Medicaid. These non-discretionary payments will continue to grow for the next 15-20 years as the baby boomers reach retirement age.” –Mike Norman, Currency Trader and Economist STOCK MARKETS HAVE UPSIDE POTENTIAL “We know discontent among investors is elevated from talking to them around the country; but also by the continued outflow we are seeing in U.S. equity funds…The positive caveat is that there is likely a lot of liquidity on the sidelines which could be the fuel for another market advance. Investor sentiment continues to be one of the stand-out bright spots in an otherwise fairly gloomy environment… We have been accused at times of wearing rose-colored glasses, but we believe a default setting of optimism has been more rewarding for investors longer-term relative to one of doom… This isn’t a comfortable time for investors, which isn’t a bad thing from a contrarian sentiment perspective.
Load more

Recommended publications
  • Myth and Symbols of European Integration – Western and Eastern Perspectives
    Myth and Symbols of European Integration – Western and Eastern Perspectives Course Code: MK_016 Language of Instruction: English Course tutor(s) Dr Krzysztof Kowalski works as a Senior Lecturer at the Institute of European Studies at the Jagiellonian University. His interests cover the anthropology of Europe, anthropology of European institutions (institutional anthropology), processes of history, memory and heritage invention at a European, national, regional and local level. Description The aim of the course is to present an anthropological point of view on the integration of Europe with special attention put on a variety of different readings of European, institutional symbolism especially in the context of its Western and Eastern understandings. The category of myth and symbols as well as memory and history will be the crucial element of the course. Special emphasis will be placed on examining strategies of the social invention of these phenomena. The symbolization of time and space of Europe will be discussed in depth so as to present their role in the appearance of local, national and supranational identities. Type of course Additional (elective) course for all specializations and specialty (MA level) Year of Studies: 1 or 2 Number of ECTS points 4.5 Prerequisites (if applicable) There is no prerequisite. Intended Learning Outcomes Students will understand the process of invention of European symbolism, mythology heritage and history as a means providing the citizens of the EU with a conceptual framework owing to which the European (and civilian) identity takes its form. As special emphasis will be given to anthropological perspectives of analysis, students will be familiarized with the process of self and other in contemporary Europe; in other words how social, political and ethnic exclusion and inclusion are symbolically constructed.
    [Show full text]
  • The Occult Undercurrents of the European Union
    The Occult Undercurrents of the European Union The subject that has been headline news in all the papers and television in the UK for some time is – the European Referendum. Oh no! You cry, not more of that! It is, however, not just a political or economic issue, about massive immigration or European laws against our own, or even our sovereignty which is extremely important; for if we stay in Europe we can say goodbye to our democracy which has been our standard since the signing of the Magna Carta in 1215! Do we really want to be a small ‘one twenty-eighth’ of the EU and ‘in thrall’ to unelected European bureaucrats? Valid reasons to ponder on are below, and these are facts that will not emerge from the lips of any ‘Remain’ or ‘Brexit’ proponent because the real reason we ought to leave is not political or economic, but spiritual! Whilst the politicians are boring everyone rigid with their tales of gloom and doom and instilling fear into those susceptible, it seems that they have no idea whatsoever of the true nature of the European beast, and yet she has shown us her true colours since her inception. The European beast has a spiritual heart disguised by its policy making powers. The Treaty of Rome, an international agreement, which brought into being the European Union, was signed on 25 th of March 1957 by Belgium, France, Luxemburg, Italy, the Netherlands and West Germany. Notice that it was called the ‘Treaty of Rome’ this is important, for, in short, the European Union demonstrates rebellion against God in more than one way, and is a revival of the old Holy Roman Empire.
    [Show full text]
  • European Fire Service College's Association
    PORTUGAL Escola Nacional de Bombeiros of Portugal, Carcavelos Wednesday – 30 May 2018 For attendees please check the list of participants. 09.00 Registration of the guest 10.00 Welcoming at the hotel Raising the flag of Portugal Raising the flag of Europe Raising the flag of EFSCA and group photo 10:15 Welcome speeches by: At Rivera Hotel in Carcavelos Portugal Mr. José Ferreira welcomes all attendees of the EFSCA conference 2018. Mr. José Ferreira and Mrs. Sofia Loureiro will be guiding the members during the next two days of the conference. - President of the EFSCA: Mr. Wim Beckmann: Mr. Wim Beckmann: it is a great privilege to meet: • President of Portuguese Firefighters Confederation Commander Jaime Marta Soares, • President of National Authority for Civil Protection – represented by the National Director of Firefighters, Engº Pedro Lopes. • Secretary of State for Civil Protection –represented by his Head Office, Dr. Adelino Mendes The complete content this speech can be found in the attached link President of National Authority for Civil Protection – represented by the National Director of Firefighters, Engº Pedro Lopes Is welcoming all members and is proud to have EFSCA this year in Portugal. The complete content this speech can be found in the attached link President of Portuguese Firefighters Confederation Commander Jaime Marta Soares Mr. Jaime Marta Soares is very pleased to be here and welcomes all members. He explain why voluntary firefighters have an extremely important role in society. Volunteers are needed. 1 Volunteer firefighters are not the same as an professional firefighter. They have had a different kind of training.
    [Show full text]
  • ENJA08 (Read-Only)
    EUROPA NEWS JULY-AUGUST 2008 386-1 EUROPA NEWS APS - BULLETIN OF THE EUROPA STUDY UNIT - ATA JULY-AUGUST 2008 NUMBER 386 EUROPA STAMPS WHAT’S IN THIS ISSUE? EUROPA STAMPS ITEM PAGE NTSS 2008 & THE ESU MEETING IN PostEurop meets EU Environment Com- missioner at Green Week. Brussels, 10 KLAKAMAS - Only one non-member seek- New Issues 2-10 June 2008. PostEurop participated for the ing information showed up at the meeting. On Europa Briefs 11-20 Xth time in the European Commission’s a brighter note, Tony Van Loij won the bronze Norden Issues 21 Green Week, a week-long high-level envi- medal for the best Europa exhibit. Congratu- ronmental gathering bringing together rep- lations Tony. Postmarks 22 resentatives from the European institutions, New Issues List 22 CULTURAL CAPITAL OF EUROPE - NGO’s and industry from 3-6 June in the 14 Years of Montecatini - Terme 23 EU’s Charlemagne Building, Brussels. The Stavanger, Norway is the 2008 European Europa labels Capital of Culture. The Norwegian oil city event “Only one earth, Don’t waste it” fo- kicks off a cultural festival in an opening cere- Final Accounting, Auction #111 23 cused on the need for more sustainable con- mony with local and international artists alike. Pictures of Stavanger, Norway 23 sumption and production worldwide, as well as on waste management and the sustainable The project is under the Council of the Euro- Auction #112 - Illustrated Lots 24 + 27 pean Union. The overall goal is to bring the use of natural resources. In addition to par- European citizens closer together in an attempt Auction #112 - Lots 25-26 ticipating in key conferences on issues of to promote greater mutual acquaintance Auction Rules 26 importance to PostEurop such as transport and environment, PostEurop had one of the among the Europeans.
    [Show full text]
  • The Role of Music in European Integration Discourses on Intellectual Europe
    The Role of Music in European Integration Discourses on Intellectual Europe ALLEA ALLEuropean A cademies Published on behalf of ALLEA Series Editor: Günter Stock, President of ALLEA Volume 2 The Role of Music in European Integration Conciliating Eurocentrism and Multiculturalism Edited by Albrecht Riethmüller ISBN 978-3-11-047752-8 e-ISBN (PDF) 978-3-11-047959-1 e-ISBN (EPUB) 978-3-11-047755-9 ISSN 2364-1398 Library of Congress Cataloging-in-Publication Data A CIP catalog record for this book has been applied for at the Library of Congress. Bibliographic information published by the Deutsche Nationalbibliothek The Deutsche Nationalbibliothek lists this publication in the Deutsche Nationalbibliografie; detailed bibliographic data are available in the Internet at http://dnb.dnb.de. © 2017 Walter de Gruyter GmbH, Berlin/Boston Cover: www.tagul.com Typesetting: Konvertus, Haarlem Printing: CPI books GmbH, Leck ♾ Printed on acid free paper Printed in Germany www.degruyter.com Foreword by the Series Editor There is a debate on the future of Europe that is currently in progress, and with it comes a perceived scepticism and lack of commitment towards the idea of European integration that increasingly manifests itself in politics, the media, culture and society. The question, however, remains as to what extent this report- ed scepticism truly reflects people’s opinions and feelings about Europe. We all consider it normal to cross borders within Europe, often while using the same money, as well as to take part in exchange programmes, invest in enterprises across Europe and appeal to European institutions if national regulations, for example, do not meet our expectations.
    [Show full text]
  • European Heritage Label Panel Report on Monitoring, 2020
    European Heritage Label Panel Report on Monitoring December 2020 EUROPEAN COMMISSION Directorate-General for Education, Youth, Sport and Culture Directorate D — Culture, Creativity and Sport Unit D.2 — Creative Europe E-mail: [email protected] European Commission B-1049 Brussels EUROPEAN COMMISSION European Heritage Label Panel Report on Monitoring Report of the European Panel to the European Commission in application of Decision 1194/2011/EU of the European Parliament and of the Council of 16 November 2011 establishing a European Union action for the European Heritage Label 21 December 2020 Getting in touch with the EU Europe Direct is a service that answers your questions about the European Union. You can contact this service: by freephone: 00 800 6 7 8 9 10 11 (certain operators may charge for these calls), at the following standard number: +32 22999696 or by email via:https://europa.eu/european-union/contact_en Luxembourg: Publications Office of the European Union, 2020 © European Union, 2020 Reuse is authorised provided the source is acknowledged. The reuse policy of European Commission documents is regulated by Decision 2011/833/EU (OJ L 330, 14.12.2011, p. 39). This report has been edited by Gábor Sonkoly, Chairperson, and Svetlana Hristova, General Rapporteur, on behalf of the European Heritage Label Panel. Unless mentioned otherwise, all photographs illustrating this report are part of the touring exhibition (EU-DG EAC) or were included in the applications or monitoring forms submitted by the European Heritage Label sites. p. 107 photo courtesy: Vince Vasvári TABLE OF CONTENT TABLE OF CONTENT ............................................................................................... 5 EXECUTIVE SUMMARY ...........................................................................................
    [Show full text]
  • Open in PDF Format
    Carlo Curti Gialdino, The Symbols of the European Union: the choice of the flag Caption: In his book entitled The Symbols of the European Union, Carlo Curti Gialdino, Professor of International Law at the University of Rome ‘La Sapienza’ and Legal Secretary at the Court of Justice of the European Communities from 1982 to 2000, gives an account of the steps which led to the choice of the European flag. Source: CURTI GIALDINO, Carlo. I Simboli dell'Unione europea, Bandiera - Inno - Motto - Moneta - Giornata. Roma: Istituto Poligrafico e Zecca dello Stato S.p.A., 2005. 224 p. ISBN 88-240-2503-X. p. 41-71. Copyright: (c) Translation CVCE.EU by UNI.LU All rights of reproduction, of public communication, of adaptation, of distribution or of dissemination via Internet, internal network or any other means are strictly reserved in all countries. Consult the legal notice and the terms and conditions of use regarding this site. URL: http://www.cvce.eu/obj/carlo_curti_gialdino_the_symbols_of_the_european_union_ the_choice_of_the_flag-en-9f9b039a-d7f7-4cc2-b1fd-2842513a9153.html Last updated: 08/08/2016 1/21 Carlo Curti Gialdino, The symbols of the European Union [...] 3. The European Communities and the choice of the flag (1958-1986) 3.1. The first initiatives by the European executives: the ECSC and Euratom flags In accordance with the Consultative Assembly’s Recommendation (55)88 of 25 October 1955 and the Committee of Ministers Decision of 8 December 1955, the Secretary-General of the Council of Europe wrote on 20 December 1955 to the President of the ECSC High Authority, René Mayer, and to the Secretaries-General of the Organisation for European Economic Cooperation (OEEC) and the Western European Union (WEU), informing them of the choice of the emblem and the hope of the bodies of the Council of Europe that other European organisations would adopt similar emblems.
    [Show full text]
  • Institutions of the European Union
    EUROPE AND EUROPEANS FACTS AND FIGURES ABOUT THE EUROPEAN UNION Lycée Etienne Oehmichen, Châlons-en-Champagne http://www.lyc-oehmichen.ac-reims.fr/ CONTENT •Survey on Europe and being European •European Union landmarks European enlargement Institutions of the EU oEuropean Parliament oEuropean Council oCouncil of the EU oEuropean Commission oEuropean Central Bank oCourt of Justice Important dates •Symbols of the European Union The flag The anthem Europe Day EU motto Euro Comenius school partnerships SURVEY ON 80 PEOPLE AT OUR SCHOOL (young people and adults) I- What do you know about the European Union? Questions asked N° of correct answers N° of false answers No answers How many countries are part of the EU in 2012? 73 7 0 27 countries Which year was the Treaty of Maastricht signed ? 52 26 2 February 7th, 1992 Which year was the Euro officially launched ? 69 11 0 January 1st, 1999 How many stars are there on the European flag ? 41 38 1 12 stars Is Turkey part of the EU ?Turkey first applied to membership in 1987 but has not yet been awarded 68 12 0 the membership. II – Where have you travelled within the EU? Country Number of Country Number of people people Germany 36 Bulgaria 1 Spain 30 Cyprus 1 United Kingdom 23 CzechRepublic 1 Belgium 22 Denmark 1 Italy 13 Estonia 1 Luxembourg 11 Finland 1 Greece 5 Hungary 1 Malta 5 Latvia 1 The Netherlands 4 Lithuania 1 Portugal 4 Romania 1 Austria 3 Slovakia 1 Poland 3 Slovenia 1 Republic of Ireland 2 Sweden 1 Luxembourg Italy Belgium United Kingdom Spain Germany 0 10 20 30 40 III- According to you,
    [Show full text]
  • Free PDF Download
    DEVELOPMENT AND COOPERATION D+C ENTWICKLUNG UND ZUSAMMENARBEIT E+Z International Journal ISSN 2366-7257 D +C MONTHLY E-PAPER December 2019 RURBANOMICS HISTORY ISLAM Rural areas need better New book about Dag Blasphemy laws are infrastructure to become Hammarskjöld’s death incompatible with revitalised and his role in Africa universal human rights Why the world needs the EU Title: Flag of Europe in Brussels. Photo: picture-alliance/NurPhoto D+C December 2019 In German in E+Z Entwicklung und Zusammenarbeit. Both language versions FOCUS at www.DandC.eu Why the world needs the EU Monitor In humanitarian emergencies, communication is crucial | Pros and cons: technology to Investing in the future manipulate the climate system | How social entrepreneurs get access to sufficient Germany will assume the EU Council presidency capital | AfDB proposals for generating more – and more productive – employment in from July to December 2020 and intends to con- Africa | Nowadays: Burundi’s smallest ethnic group fights for a voice | Imprint 4 tribute to shaping foreign policy and invigorating international development efforts – with a special focus on Africa. Gerd Müller, the federal minister Debate for economic cooperation and development, spells out his policy. PAGE 20 Comments on current frustration with Twitter in India and the protest movements in the Middle East and North Africa 10 Ireland’s fragile peace Decolonisation often led to arbitrary borders that Tribune caused lasting grievances. Britain, a former impe- SHENGGEN FAN AND OUSMANE BADIANE rial power, is itself affected by such a border. Revitalising rural areas means improving infrastructure and boosting people’s Regional integration in the EU context allowed Irish peace to take root, however, and that opportunities 13 approach might, in theory, work elsewhere.
    [Show full text]
  • A Multimodal Study in Presence
    THE EURO: A MULTIMODAL STUDY IN PRESENCE A dissertation submitted to Kent State University in partial fulfillment of the requirements for the degree of Doctor of Philosophy by Kenneth R. Marunowski August 2006 Dissertation written by Kenneth R. Marunowski B.A., Kent State University, 1995 B.F.A., Kent State University, 1995 M.A., Kent State University, 2000 Ph.D., Kent State University, 2006 Approved by Christina Haas, Chair, Doctoral Dissertation Committee Raymond A. Craig, Member, Doctoral Dissertation Committee Patricia L. Dunmire, Member, Doctoral Dissertation Committee Sara Newman, Member, Doctoral Dissertation Committee Mark Rubin, Member, Doctoral Dissertation Committee Accepted by Ronald Corthell, Chair, Department of English John R. Stalvey, Dean, College of Arts and Sciences ii TABLE OF CONTENTS LIST OF FIGURES………………………………………………………………... iv, v ACKNOWLEDGEMENTS………………………………………………………... vi INTRODUCTION…………………………………………………………………. 1 THEORETICAL AND METHODOLOGICAL BACKGROUND………………...8 THE EMERGING CONTEXT OF EUROPEAN INTEGRATION………………. 30 THE EURO 2002 INFORMATION CAMPAIGN………………………………... 44 EURO BANKNOTES AND COINS………………………………………………. 105 CONCLUSION…………………………………………………………………….. 138 APPENDIX A: TIMELINE OF EUROPEAN INTEGRATION………………….. 143 APPENDIX B: PRINT CAMPAIGN IMAGES…………………………………… 146 APPENDIX C: DETAILED DESCRIPTIONS OF EURO BANKNOTES……….. 155 APPENDIX D: DETAILED DESCRIPTIONS OF THE NATIONAL SIDE OF EURO COINS…………………………………………………167 REFERENCES…………………………………………………………………….. 179 iii LIST OF FIGURES Fig. 1. Hill’s “comprehensive continuum of vividness”…………………………… 27 Fig. 2. Soccer Stadium……………………………………………………………... 82 Fig. 3. Front of a sample ten euro banknote……………………………………….. 110 Fig. 4. Back of sample ten euro banknote………………………………………….. 115 Fig. 5. Common side: 1, 2, and 5 euro cent coins………………………………….. 121 Fig. 6. Common side: 10, 20, and 50 euro cent coins……………………………… 123 Fig. 7. Common side: 1 and 2 euro coins………………………………………….. 123 Fig.
    [Show full text]
  • Carlo Curti Gialdino, the Symbols of the European Union: Origin of the Design for the European Flag
    Carlo Curti Gialdino, The Symbols of the European Union: origin of the design for the European flag Caption: In his book entitled The Symbols of the European Union, Carlo Curti Gialdino, Professor of International Law at the University of Rome ‘La Sapienza’ and Legal Secretary at the Court of Justice of the European Communities from 1982 to 2000, considers the authorship of the European flag. Source: CURTI GIALDINO, Carlo. I Simboli dell'Unione europea, Bandiera - Inno - Motto - Moneta - Giornata. Roma: Istituto Poligrafico e Zecca dello Stato S.p.A., 2005. 224 p. ISBN 88-240-2503-X. p. 80-85. Copyright: (c) Translation CVCE.EU by UNI.LU All rights of reproduction, of public communication, of adaptation, of distribution or of dissemination via Internet, internal network or any other means are strictly reserved in all countries. Consult the legal notice and the terms and conditions of use regarding this site. URL: http://www.cvce.eu/obj/carlo_curti_gialdino_the_symbols_of_the_european_union_ origin_of_the_design_for_the_european_flag-en-df9f9dde-98a3-461b-a8a8- 8f9c13012343.html Last updated: 29/07/2016 1/5 Carlo Curti Gialdino, The symbols of the European Union [...] 6. Origin of the design for the European flag Fifty years after its adoption by the Council of Europe, there is still some doubt about the exact origin of the design for the European flag. It would appear from two internal Council of Europe memos in late 1953 and January 1954 that the proposal for a circle of ‘fifteen’ gold stars on a blue background was made in September 1951 by Hanno F. Konopath from the Hamburg branch of the Europa-Union, and was placed fourth of the 12 designs selected(251).
    [Show full text]
  • Neighbours in Action
    EUROPEAN UNION Joint Technical Secretariat EUROPEAN REGIONAL DEVELOPMENT FUND Neighbours in action Dear project implementers, The Joint Technical Secretariat aiming that: the promotion material of all the projects of the Objective 3: European Territorial Cooperation Objective Cross-Border Cooperation Programme “Lithuania-Poland” would be similar in shape, the promotion of the projects would not bias from the requirements of the European Union, and, you could spare more time for creativity while promoting your projects, has prepared this COMMUNICATION GUIDE Instead of thinking how to put the European Union or the “Lithuania-Poland” programme logos or how to note the financing from the European Union in your articles, brochures, TV reports or internet, you will be able to just copy what you need from this guide. Good luck in informing the public about your dashing projects and the input of the European Union into the development of your region! Joint Technical Secretariat EUROPEAN UNION Joint Technical Secretariat EUROPEAN REGIONAL DEVELOPMENT FUND Neighbours in action CONTENT Information Basic requirements for project implementers Communication process Annexes Annex 1. Logos Annex 2. Stickers Annex 3. Constituent part of an article Annex 4. Event handout forms Recommendations Advice for the sake of efficient communication EUROPEAN UNION Joint Technical Secretariat EUROPEAN REGIONAL DEVELOPMENT FUND Neighbours in action Basic requirements for project implementers Every project of the Objective 3: European Territorial Cooperation Cross-Border Cooperation Programme “Lithuania-Poland” must communicate on the support it has received from the European Union (European Regional Development Fund). It must inform the public that it is being implemented under the Objective 3: European Territorial Cooperation Cross-Border Cooperation Programme “Lithuania-Poland”.
    [Show full text]