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The Employment Situation Of Veterans: July 2025, Institute For Veterans And Military Families At Syracuse University Jul 2025

The Employment Situation Of Veterans: July 2025, Institute For Veterans And Military Families At Syracuse University

Institute for Veterans and Military Families

In July 2025, veteran unemployment dropped significantly to 3.0 percent, down from 3.7 percent in June, reflecting stronger labor outcomes compared to nonveterans. Post‑9/11 veteran unemployment also declined to 3.1 percent. Younger veterans experienced major improvements, with unemployment among those aged 18–24 falling from 6.2 percent to 1.8 percent. Most veteran age groups saw declines, except ages 35–44 and 55–64, which saw slight increases. Male veteran unemployment decreased to 2.7 percent, while female veteran unemployment held steady at 4.4 percent. Overall, veterans continued to maintain lower unemployment rates than nonveterans.


Student Imaginaries: The Role Of Universities In Addressing The Polycrisis, Susana Maria Ruiz Sors Jul 2025

Student Imaginaries: The Role Of Universities In Addressing The Polycrisis, Susana Maria Ruiz Sors

Theses and Dissertations

This thesis explores graduate student perceptions from the Public Affairs and Security Studies (PASS) program at the University of Texas Rio Grande Valley (UTRGV) regarding the role of universities in addressing interconnected environmental, economic, political, and social challenges, described here as a “polycrisis” (Lawrence et al., 2024). Using a mixed-methods approach, the study surveyed 42 students through Likert-scale questions and open-ended prompts. Results show students view economic inequality, political instability, and threats to democracy as the most pressing societal issues. While environmental issues were seen as important, they ranked lower in urgency. Students expect universities to address these challenges through …


Book Review: Origins Of The Just War: Military Ethics And Culture In The Ancient Near East, Pauline Shanks Kaurin Jul 2025

Book Review: Origins Of The Just War: Military Ethics And Culture In The Ancient Near East, Pauline Shanks Kaurin

Parameters Bookshelf – Online Book Reviews

Author: Rory Cox

Reviewed by Dr. Pauline Shanks Kaurin, Stockdale Chair in Professional Military Ethics and professor, College of Leadership and Ethics, US Naval War College

Origins of the Just War: Military Ethics and Culture in the Ancient Near East, by Rory Cox, explores three ancient cultures —Egyptian, Hittite and Israeli—and how they navigated their relationships between ethics and war. Factors central to these civilizations include political authority, divine leadership, justice, and putting down rebellion. The book offers various disciplinary perspectives including philosophy, religion, art, history, sociology, and international relations. The reviewer notes, “This book will be of interest …


Book Review: Into The Void: Special Operations Forces After The War On Terror, Eric Robinson Jul 2025

Book Review: Into The Void: Special Operations Forces After The War On Terror, Eric Robinson

Parameters Bookshelf – Online Book Reviews

Editors: James D. Kiras and Martijn Kitzen

Reviewed by Eric Robinson, special operations researcher, RAND Corporation

Edited by James D. Kiras and Martijn Kitzen, Into the Void: Special Operations Forces after the War on Terror, looks at what is unique about the special operations forces' enterprise, explores how the organization must evolve, as well as a range of new operational concepts that could benefit SOF. Contributors include academics and practitioners from several backgrounds and countries.


Energetic And Economic Aspects Of Rebound, Part Ii: Applications Of The Framework, Matthew Kuperus Heun, Gregor Semieniuk, Paul Brockway Jul 2025

Energetic And Economic Aspects Of Rebound, Part Ii: Applications Of The Framework, Matthew Kuperus Heun, Gregor Semieniuk, Paul Brockway

University Faculty Publications and Creative Works

Widespread implementation of energy efficiency is a key greenhouse gas emissions mitigation measure, but rebound can ‘‘take back’’ energy savings. However, the absence of solid analytical foundations hinders empirical determination of rebound magnitudes. In Part I, we developed foundations of a rigorous, analytical, consumer-sided rebound framework that is approachable for both energy analysts and economists. In this paper (Part II), we develop energy, expenditure, and consumption planes, a novel, mutually consistent, and numerically precise way to visualize and illustrate rebound. Further, we operationalize the macro factor (k) for macroeconomic rebound. Using the framework and rebound planes, we calculate and show …


Sequencing-Based Detection Of Measles In Wastewater: Texas, January 2025, Sara Javornik Cregeen, Michael J Tisza, Blake Hanson, Marissa Cook, Anil Surathu, Rebecca Schneider, Jingjing Wu, Kirstin Short, Kaavya Domakonda, Loren Hopkins, Matthew C Ross, Joseph F Petrosino, Jennifer Deegan, Lauren B Stadler, Eric Boerwinkle, Anthony Maresso Jul 2025

Sequencing-Based Detection Of Measles In Wastewater: Texas, January 2025, Sara Javornik Cregeen, Michael J Tisza, Blake Hanson, Marissa Cook, Anil Surathu, Rebecca Schneider, Jingjing Wu, Kirstin Short, Kaavya Domakonda, Loren Hopkins, Matthew C Ross, Joseph F Petrosino, Jennifer Deegan, Lauren B Stadler, Eric Boerwinkle, Anthony Maresso

Center for Medical Ethics and Health Policy Staff Publications

Measles is a potentially deadly viral infection spread via respiratory droplets from infected individuals. Outbreaks occur when vaccine coverage drops below the threshold of herd, or community, immunity. Using a sequencing-based approach, we report the prospective (January 7, 2025) detection of measles in nucleic acid extracts from 2 wastewater treatment plants in Houston, Texas, with a population of more than 218 000 residents. The sequencing data from 2 samples contained 53 unique reads mapping to 11 different regions of the measles virus genome with a 99.4% match to genotype B3. Importantly, no detections were observed from 821 previous samples from …


A Phase 2 Trial Of Short-Term Intravenous N-Acetylcysteine In Biliary Atresia After Kasai Portoenterostomy, Sanjiv Harpavat, Kristin A Borovsky, Michael E Scheurer, Laurel Cavallo, Franca E Erhiawarie, Sanjeev Vasudevan, Adam M Vogel, Dana Cerminara, Elizabeth M Tessier, Kalyani R Patel, Sridevi Devaraj, Benjamin L Shneider Jul 2025

A Phase 2 Trial Of Short-Term Intravenous N-Acetylcysteine In Biliary Atresia After Kasai Portoenterostomy, Sanjiv Harpavat, Kristin A Borovsky, Michael E Scheurer, Laurel Cavallo, Franca E Erhiawarie, Sanjeev Vasudevan, Adam M Vogel, Dana Cerminara, Elizabeth M Tessier, Kalyani R Patel, Sridevi Devaraj, Benjamin L Shneider

Center for Medical Ethics and Health Policy Staff Publications

Background: For infants with biliary atresia, the only treatment that can establish bile flow and delay need for liver transplant is the Kasai portoenterostomy (KP). Unfortunately, the KP has variable success. In this study, we hypothesized that intravenous N-acetylcysteine (IV NAC) treatment following KP would improve bile flow.

Methods: This was a phase 2 study following the two-stage "minimax" trial design. Participants received IV NAC (150 mg/kg/day) for 7 days after KP, and the primary endpoint was achieving total serum bile acids (TSBA) ≤10 μmol/L within 24 weeks of KP. Secondary endpoints were clinical markers and the occurrence of sentinel …


Against The Phrase "Aggressive Care", Trevor M Bibler Jul 2025

Against The Phrase "Aggressive Care", Trevor M Bibler

Center for Medical Ethics and Health Policy Staff Publications

Language is the primary technology clinical ethicists use as they offer guidance about norms. Like any other piece of technology, to use the technology well requires attention, intention, skill, and knowledge. Word choice becomes a matter of professional practice. The Brief Report offers clinical ethicists several reasons for rejecting the phrase "aggressive care." Instead, ethicists should consider replacing "aggressive care" with the adjacent concept of a "recovery-focused path." The virtues of this neologism include: the opportunity to set aside the emotion of "aggression," the phrase's accuracy when capturing the intention of the patient or their representative, and an unappreciated rhetorical …


An Ambient Nox Reduction Reactor System With And Without Forced Air, Hamid Rahai, Rylan Moffit, Komal Gada, Jeremy Bonifacio Jul 2025

An Ambient Nox Reduction Reactor System With And Without Forced Air, Hamid Rahai, Rylan Moffit, Komal Gada, Jeremy Bonifacio

Mineta Transportation Institute

Ambient nitrogen oxide (NOX) is one of the main ingredients involved in the formation of ground-level ozone (smog), which contributes to global warming and the formation of particulates in the atmosphere and causes respiratory illnesses, especially in children, older adults, and people with lung diseases. Investigations on adding titanium dioxide (TiO2) nanoparticles to the paint used on concrete surfaces such as buildings and its potential in reducing ambient NOX concentration have provided opportunities for the research and development of methods for passive control and filtration of the ambient NOX. The present research used numerical geometrical optimization to identify an optimized …


A New City For A New Era: Xiong'an As Showcase Of China's Evolving Urban Ideology, Andrew Stokols Jul 2025

A New City For A New Era: Xiong'an As Showcase Of China's Evolving Urban Ideology, Andrew Stokols

Research Collection College of Integrative Studies

Cities have long been expressions of political ideology in China and elsewhere. During China’s rapid urbanization over the past few decades, “new areas” became popular strategies to promote urban growth, following the success of Shenzhen, widely regarded as China’s first special economic zone. Today under Xi, Xiong’an New Area has become the latest “new area of national significance.” But unlike previous new areas in China, Xiong’an has become wedded to a distinct vision of the urban in Xi Jinping’s China, one in which the excesses of reform-era urbanization are controlled through new forms of affordable housing and finance, new ecological …


Hydrogen Fuel Cell Application For Port Drayage Truck: Integrated Transportation And Energy Modeling, Shams Tanvir, Emu Ghosh Jul 2025

Hydrogen Fuel Cell Application For Port Drayage Truck: Integrated Transportation And Energy Modeling, Shams Tanvir, Emu Ghosh

Mineta Transportation Institute

This report investigates the viability of hydrogen Fuel Cell Electric Vehicles (FCEVs) for port drayage applications, focusing on both energy modeling and economic feasibility. Port drayage—trucking operations that move goods a short distance to and from ports—is a key part of freight logistics and the critical movement of goods in American communities. This project developed a microscopic energy consumption model using second-by-second activity data from 38 Class 8 diesel drayage trucks operating in Southern California. The model emulated FCEV operations and determined an average hydrogen fuel consumption of 0.15 kg/mile across 749 trips. This data informed a levelized cost of …


The Enduring Legacy Of The Habsburg Islam Policy: Muslim Communities In Central And Southeast Europe, Sevgi Adak, Thomas Schmidinger Jun 2025

The Enduring Legacy Of The Habsburg Islam Policy: Muslim Communities In Central And Southeast Europe, Sevgi Adak, Thomas Schmidinger

Exploring Muslim Contexts

Examines contemporary legal and political structures governing Muslim communities in Central and Southeast Europe.

When Otto Habsburg – son of the last emperor of the Austria-Hungarian Empire Karl I – died in 2011, among those who prayed at the funeral was Mustafa Efendi Cerić, the Reis-ul-ulema of Bosnia and Herzegovina – the highest Islamic office in the country. This was to honour the long-lasting relationship between the bygone empire of the Catholic Habsburgs with Bosnian Muslims. The cornerstone of this relationship was the 1912 Islam Act (Islamgesetz) of the Habsburgs, which granted Islam legal recognition and incorporated it into …


The Concept Of Moderate Islam: Monarchy Tools For Legitimacy In United Arab Emirates (Uae), Sharifah Umairah Binti Syed Mustaffa Jun 2025

The Concept Of Moderate Islam: Monarchy Tools For Legitimacy In United Arab Emirates (Uae), Sharifah Umairah Binti Syed Mustaffa

Journal Of Middle East and Islamic Studies

The conceptualisation of religion from the perspective of power entails the state’s effort to utilise religious resources and symbols as proxy tools. In the aftermath of the Arab Spring in 2010, the state realised the threat of opposition from the independent Islamic movement to the survivability of the monarchical and autocratic regime. Hence, this study identifies the act of the UAE government in confronting the Islamic movement and its role in controlling a religious discourse based on the concept of Moderate Islam, employing a top-down approach to form a distinct religious identity that differs from that of rival countries. Qualitative …


Childcare Expense And Demand In The Mountain West, 2023, Lara Karaalp, Yashesvi Sharma, Caitlin J. Saladino, William E. Brown Jr., Kristian Thymianos, Olivia K. Cheche Jun 2025

Childcare Expense And Demand In The Mountain West, 2023, Lara Karaalp, Yashesvi Sharma, Caitlin J. Saladino, William E. Brown Jr., Kristian Thymianos, Olivia K. Cheche

Economic Development & Workforce

This fact sheet presents 2023 data on childcare expenses in the five Mountain West states of Arizona, Colorado, Nevada, New Mexico, and Utah. The data are sourced from The LendingTree article, “Families Who Pay for Childcare Spend Nearly a Fifth of Their Income on It.” The original report includes data on the states’ percentages of weekly income spent on childcare as well as the percentage of households using paid childcare.


Havana To Port-Au-Prince: Cuba’S Medical Internationalism Aid To Haiti, Wilner Saint Cyr Jun 2025

Havana To Port-Au-Prince: Cuba’S Medical Internationalism Aid To Haiti, Wilner Saint Cyr

Walden Dissertations and Doctoral Studies

Haiti ranks among the lowest in healthcare quality in the Americas, according to the health indicators used by the World Health Organization. Despite national and international efforts to improve health service delivery, access to primary medical care and preventive services is limited, especially in rural areas. In response to a request from the Haitian government following the devastating Hurricane Georges, the arrival of the first Cuban doctors to support ongoing public health needs commenced in December 1998. Recognizing an opportunity for international cooperation, the Haitian president sought assistance from Cuba by signing a bilateral cooperation agreement for initial and ongoing …


Government Information Clarity And Digital Engagement As Driving Forces Behind Digital Resilience On The Jepin Smart City Platform, Winda Chelsea Meisari, Muliawati -, Siti Fatimah Jun 2025

Government Information Clarity And Digital Engagement As Driving Forces Behind Digital Resilience On The Jepin Smart City Platform, Winda Chelsea Meisari, Muliawati -, Siti Fatimah

Jurnal Vokasi Indonesia

This study examines the influence of information clarity and government digital engagement on the digital resilience of urban communities, using the case study of the Jendela Pontianak Integrasi (JEPIN) platform. The research employs a quantitative approach using Partial Least Squares Structural Equation Modeling (PLS-SEM) with WarpPLS 7.0, involving 100 respondents from the city of Pontianak. The results indicate that information clarity (β = 0.49; p < 0.001) and government digital engagement (β = 0.37; p < 0.001) have a positive and significant effect on digital resilience. The model demonstrates strong reliability (Composite Reliability: 0.847–0.914; Cronbach’s Alpha: 0.772–0.882), good validity (factor loading > 0.5; AVE > 0.5), and a high level of model fit (GoF = 0.569). The R² value of 0.517 shows that the model explains 51.7% of the variance in digital resilience, while the Q² value of …


An Alternative To The Liberal World Order: China, Brics, And Middle East Diplomacy, Brice Tseen Fu Lee, Kotchaphop Kornphetcharat, Juan Pablo Sims Jun 2025

An Alternative To The Liberal World Order: China, Brics, And Middle East Diplomacy, Brice Tseen Fu Lee, Kotchaphop Kornphetcharat, Juan Pablo Sims

Journal Of Middle East and Islamic Studies

This paper explores how China and BRICS are emerging as strategic alternatives to the liberal international order, particularly in the realm of diplomacy and mediation for periphery states in the Middle East. Drawing on a realist theoretical framework, the study argues that these platforms offer pragmatic, interest-based avenues for engagement that contrast sharply with the conditionalities and normative expectations of Western-led institutions. Through case studies such as China’s mediation in the Iran–Saudi Arabia normalization and the expansion of BRICS+ to include Middle Eastern actors, the paper demonstrates how sovereignty, non-interference, and multipolarity have become central organizing principles for a new …


"Holy Cow, Where Do I Sign Up?" Attitudes Of Military Veterans Toward Epigenomic Biomarker Toxic Exposure Testing, Stacey Pereira, Calvin Apodaca, Kyle Slominski, Rachele K Lipsky, Cristian Coarfa, Cheryl L Walker, Amy L Mcguire, Lea Steele, Drew A Helmer Jun 2025

"Holy Cow, Where Do I Sign Up?" Attitudes Of Military Veterans Toward Epigenomic Biomarker Toxic Exposure Testing, Stacey Pereira, Calvin Apodaca, Kyle Slominski, Rachele K Lipsky, Cristian Coarfa, Cheryl L Walker, Amy L Mcguire, Lea Steele, Drew A Helmer

Center for Medical Ethics and Health Policy Staff Publications

Introduction: After the Sergeant First Class Heath Robinson Honoring Our Promise to Address Comprehensive Toxics Promise to Address Comprehensive Toxics (PACT) Act in 2022, there has been a great interest in studying toxic exposures encountered during military service. Development of epigenomic biomarkers for exposures could facilitate understanding of exposure-related health effects, but such testing could also provide unwanted information.

Materials and methods: We explored attitudes toward epigenomic biomarker research and the potential to test for past exposures using semistructured interviews with Veterans (n = 22) who experienced potentially harmful exposures.

Results: Twenty Veterans said they would hypothetically want to receive …


Transforming Care: An Academic And Community Symposium On Transgender Care And Experience, Alison Sutton-Ryan, Kimberly Van Vulpen Jun 2025

Transforming Care: An Academic And Community Symposium On Transgender Care And Experience, Alison Sutton-Ryan, Kimberly Van Vulpen

Transforming Communities

Background: Transgender experience is often excluded from education and training. An emphasis has been often placed on sexual identities instead of gender differences rendering transgender care invisible in the healthcare system (Gahagan & Colpitts 2017). Lack of education and training has created significant barriers to accessible gender-affirming care, contributing to disproportionately high levels of discrimination for transgender individuals seeking medical services (Redcay et al., 2021). Purpose: The Interprofessional Education Symposium on Transgender Care and Experience was an innovative initiative developed by the newly formed Transgender Interprofessional Care Team (TICT) at a medium-sized suburban university. This collaborative team, comprising key …


Lessons Learned: Luis Jácome, Mercedes Cardona Jun 2025

Lessons Learned: Luis Jácome, Mercedes Cardona

Journal of Financial Crises

Luis Jácome was appointed president of the board of Ecuador’s central bank in 1998 by newly elected President Jamil Mahuad. He and other members of the board resigned in 1999 in protest against a number of crisis-intervention measures they saw as threatening the bank’s independence to set monetary policy. Since the 1970s, Ecuador’s economy had experienced a period of growth fueled by oil exports, but by the mid-1990s the economy was reeling from a series of shocks, among them: a sharp drop in the price of oil, the effects of severe flooding on the country’s agricultural production, and the cost …


Lessons Learned: Vincenzo La Via, Mercedes Cardona Jun 2025

Lessons Learned: Vincenzo La Via, Mercedes Cardona

Journal of Financial Crises

Vincenzo La Via joined the World Bank Group in 2005 as chief financial officer, in charge of financial reporting, accounting, strategic planning and budgeting, credit risk, corporate finance, market risk, liquidity and asset management, and product development. During his tenure, La Via took part in the bank’s response to the Global Financial Crisis (GFC) and the subsequent European Sovereign Debt Crisis. He left the bank in 2012 to become director general of the Treasury in the Italian Ministry of Economy and Finance as the Italian government took on reform of the banking sector. He left the public sector in 2019 …


Lessons Learned: Miguel Carcaño, Mercedes Cardona Jun 2025

Lessons Learned: Miguel Carcaño, Mercedes Cardona

Journal of Financial Crises

During the Global Financial Crisis (GFC), Miguel Carcaño served as head of the Spanish Treasury’s Fund for Orderly Bank Restructuring, the authority in charge of managing the restructuring process of the country’s credit institutions. The fund, known today as the Spanish Executive Resolution Authority, is integrated into the European network led by the Single Resolution Board (SRB) of the European Union’s banking union. Carcaño has held a number of posts within the SRB and in 2022 became head of the Single Resolution Fund, the SRB’s emergency fund, which serves as backstop for institutions across the banking union’s 21 countries.


Lessons Learned: Benoît Cœuré, Mercedes Cardona Jun 2025

Lessons Learned: Benoît Cœuré, Mercedes Cardona

Journal of Financial Crises

Benoît Cœuré held several positions in the French Treasury in the years leading to the Global Financial Crisis (GFC). He was an economic adviser to the director general of the French Treasury from 1997–2002, deputy chief executive and chief executive of the French debt management office from 2002–2007, and assistant secretary for multilateral affairs, trade, and development from 2007–2009. He served as chief economist and deputy director general in 2009–2011. He joined the European Central Bank (ECB) during the European Sovereign debt Crisis and was responsible for market operations, market infrastructure supervision and European and international relations as a member …


Lessons Learned: Ignazio Angeloni, Mercedes Cardona Jun 2025

Lessons Learned: Ignazio Angeloni, Mercedes Cardona

Journal of Financial Crises

Ignazio Angeloni was an adviser on financial integration, financial stability, and monetary policy to the Executive Board of the European Central Bank during the European Sovereign Debt Crisis and later became director general of financial stability. He coordinated the preparations for establishing the Single Supervisory Mechanism (SSM), a component of the European banking union. The SSM was created to address macroprudential gaps identified during the Global Financial Crisis and the Sovereign Debt Crisis. Angeloni has advocated in his academic papers for completing the work of the SSM by establishing a regional deposit insurance scheme that would backstop the work of …


Lessons Learned: Mark Branson, Mercedes Cardona Jun 2025

Lessons Learned: Mark Branson, Mercedes Cardona

Journal of Financial Crises

Mark Branson joined the Swiss Financial Market Supervisory Authority (FINMA) as head of the banking division in 2010, during the European Sovereign Debt Crisis. He became deputy director of FINMA in 2013 and was named director a year later. Although Switzerland is not a member of the European Union (EU) or its banking union, the nation participates in bilateral agreements that govern trade with the EU, its largest trading partner. In the wake of the Global Financial Crisis (GFC), it enacted a number of regulations to improve oversight of the financial sector. Branson left FINMA in 2021 to become head …


How Us Bank Regulation Failed Svb And Its Supervisors, Greg Feldberg, Carey K. Mott, Jill Cetina Jun 2025

How Us Bank Regulation Failed Svb And Its Supervisors, Greg Feldberg, Carey K. Mott, Jill Cetina

Journal of Financial Crises

It is well known that Silicon Valley Bank (SVB) failed in March 2023 because of a toxic combination of uninsured deposits and underwater securities. This article argues that the bank’s failure could have been avoided if SVB had been subject to two global standards established by the Basel Committee on Banking Supervision. First, the interest-rate risk in the banking book (IRR-BB) standard, never fully implemented in the United States, would have identified the bank’s extremely risky asset-liability management strategy and required remedial action 10 quarters before it failed. Second, the liquidity coverage ratio (LCR), from which US regulators had exempted …


Emergency Liquidity Assistance And Monetary Financing In The European Union: A Case Study In Fiscal Cooperation?, Vincient Arnold Jun 2025

Emergency Liquidity Assistance And Monetary Financing In The European Union: A Case Study In Fiscal Cooperation?, Vincient Arnold

Journal of Financial Crises

In the European Union (EU), primary EU treaty law prohibits central banks from engaging in monetary financing, which includes lending to insolvent firms. This legal prohibition exists alongside, and in parallel to, various regulatory provisions of the Eurosystem. As a result, EU Member State central banks face unique legal limitations when acting in their roles as lenders of last resort, providing emergency liquidity assistance (ELA). In practice, European central banks—both members of the Eurosystem and not—lend to firms of questionable solvency with some frequency, often creatively employing fiscal guarantees to limit their balance sheet exposure and shift the lending risk …


United States: Rhode Island Limited Bank Holiday, 1991, Ayodeji George, Sophia Alden Jun 2025

United States: Rhode Island Limited Bank Holiday, 1991, Ayodeji George, Sophia Alden

Journal of Financial Crises

In 1990, the Rhode Island Share and Deposit Indemnity Corporation (RISDIC) was a private mutual deposit insurance corporation funded by member institutions. Late that year, after the failures of two of its insured institutions in July and October, other RISDIC member institutions faced large depositor withdrawals, as concerns began to focus on the financial health of RISDIC itself. RISDIC had maintained inadequate reserves, and on December 31, 1990, it found itself lacking the resources to cover depositor withdrawals from member institutions. RISDIC leadership requested a state-appointed conservator, which meant that all its member institutions no longer had the deposit insurance …


United States: Reserve Primary Fund Suspension, 2008, Anmol Makhija Jun 2025

United States: Reserve Primary Fund Suspension, 2008, Anmol Makhija

Journal of Financial Crises

In 2008, the Reserve Primary Fund was the world’s third-largest money market fund with $62.5 billion in assets. Following Lehman Brothers’ bankruptcy filing on September 15, the Primary Fund’s $785 million position in Lehman debt securities was underwater, and the fund faced severe redemption pressures from investors. In just two days, redemption requests surpassed $40 billion. Owing to the fund’s inability to liquidate assets at or above par value in the frozen markets and the inability of its sponsor, the Reserve Management Company, Inc. (RMCI), to support investors, the Reserve announced on September 16 that the Primary Fund had “broken …


United States: National Bank Holiday, 1933, Ayodeji George Jun 2025

United States: National Bank Holiday, 1933, Ayodeji George

Journal of Financial Crises

By mid-February 1933, the United States was in the depths of the Great Depression and the banking system faced sustained depositor runs and currency hoarding. On February 14, the governor of Michigan declared a holiday for all banks and trusts in the state. There followed a wave of declared bank holidays and bank runs across the country. The public withdrew $1.8 billion in gold and currency from banks in February and early March, with nearly two-thirds of those withdrawals occurring in the week ended Friday, March 3. By that date, 25 of 48 states had implemented bank holidays or restricted …