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The subprime and global credit crises also raise concerns over the US dollar, the world s dominant currency for more than six decades Currency exchange rates form the basis of comparative advantage and free trade, and the dollar s recent downward plunge raises serious questions about the United States and the global economy s future along with new systemic nancial risks During the nineteenth and early twentieth centuries, the gold standard helped anchor exchange rates between countries Up until World War I, the United Kingdom was one of the world s strongest economies, holding 40 percent of all overseas investment The British pound was equal to roughly $5 However, by accumulating a huge amount of war debt, the United Kingdom was forced to devalue several times between the wars to approximately $280 against the US dollar With the breakdown of Bretton Woods in 1971, the pound has free oated and has uctuated between $1 and $2 This is what happens when a nancial power incurs massive overseas debt We have seen similar patterns with economic catch-ups in the late twentieth century The Japanese yen lost much of its value during and after World War II, and was xed at 360 against the US dollar by Bretton Woods By 1971, the yen had become undervalued Japanese goods were incredibly cheap, and imports from abroad were costing the Japanese too much36 The Japanese current account balance rose from the de cits of the early 1960s to a surplus in 1971 The belief that the yen was undervalued motivated the United States and Europe to push the yen to 308 per $1 In 1971, the xed rate system was scrapped, and the major nations of the world allowed their currencies to oat In the 1970s, Japan grew concerned that a strong yen would hurt export growth The government intervened heavily in foreignexchange marketing (buying or selling dollars), even after the 1973 decision to allow the yen to oat Trade surpluses helped strengthen the yen to the mid 200s against the dollar by 1980 This continued in the 1980s, and in 1985, key nations signed the Plaza Accord to acknowledge that the yen was undervalued This agreement, coupled with shifting market supply and demand, led to a rapid rise in the value of the yen By 1995, the yen strengthened to less than 80 against the.



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These coherent states, as an overcomplete family of vectors in V , resolve the identity: d ( , ) |

U (r)/(U ( p) U (r p))





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David, H. (1990) The role of youth interrogator ,in Spencer,J. R., Nicolson, R. G., Flin, R. and Bull, R. (eds) Children s Evidence in Legal Proceedings: a n international perspective, Cambridge, University of Cambridge Faculty of Law. f Davies, G. M. and Noon, E. (1991) An Evaluation o the Live Link for Child Witnesses,London, Home Office. Davies, G. M., Wilson, C., Mitchell, R. and Milsom, J. (1995) Videotaping Children s Evidence: an evaluation, London, Home Office. Dent, H. R. and Stephenson, G. M. (1979) An experimental study of the effectiveness of different techniques of questioning child witnesses , British Journal of Social and Clinical Psychology, vol. 18, pp. 41-51. DCA (2001) Judicial Appointments Annual Repovt 2001-2002 [online] http ://www.dca .gov.uk/judicial/ja-arep2002/annex-e.html (accessed 28 June 2005). Eisen, M. L., Quas, J. A. and Goodman, G. S. (eds) (2002) Memory and Suggestibility in the Forensic Interview, Mahwah, NJ, Lawrence Erlbaum Associates. Esam, B. (2002) Young witnesses: still no justice , in Westcott, H. L., Davies, G. M. and Bull, R. H. C. (eds) Children s Testimony: a handbook ofpsychological research and forensic practice, pp. 309-23, Chichester, Wiley. Farrington, D. P. (1996) Understanding and Preventing Youth Crime, York, Joseph Rowntree Foundation. Flin, R. H., Boon, J., Knox, A. and Bull, R. (1992) The effect of a five-month delay on children s and adults eyewitness memory , British Journal o Psychology, f vol. 83, pp. 323-35. Freud, S. (1923) The ego and the id , in Strachey, J. (ed.) Standard Edition: vol. 19, pp. 1-66, London, The Hogarth Press. Freud, S. (1933) New introductory lectures on psycho-analysis , in Strachey,J. (ed.) Standard Edition: vol. 22, pp. 1-182, London, The Hogarth Press. Gillan, A. (1999) Fear and trauma in courtroom , 7be Guardian, December 17.

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This implies that any state | in the Hermitian space of fermionic levels can be expanded in terms of those states, | = d ( , ) ( ) |

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def ( ) = | = (N ( , )) 1/2 f ( )

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