February 2006 - cypherpunks-legacy

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by Eugen Leitl 06 Feb '06

06 Feb '06

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[Clips] Swiss Fight Against Tax Cheats Aids Singapore's Banking Quest
by R. A. Hettinga 06 Feb '06

06 Feb '06

--- begin forwarded text Delivered-To: clips(a)philodox.com Date: Mon, 6 Feb 2006 10:51:48 -0500 To: Philodox Clips List <clips(a)philodox.com> From: "R. A. Hettinga" <rah(a)shipwright.com> Subject: [Clips] Swiss Fight Against Tax Cheats Aids Singapore's Banking Quest Reply-To: rah(a)philodox.com Sender: clips-bounces(a)philodox.com <http://online.wsj.com/article_print/SB113919488042365741.html> The Wall Street Journal February 6, 2006 PAGE ONE New Haven Swiss Fight Against Tax Cheats Aids Singapore's Banking Quest Island Seeks Foreign Deposits To Diversify Its Economy; Denies Wanting 'Evaders' Mr. Widdeck's Dream House By EDWARD TAYLOR in Frankfurt and CRIS PRYSTAY in Singapore Staff Reporter of THE WALL STREET JOURNAL February 6, 2006; Page A1 For decades, the ultrarich looking for discreet banking services gravitated to Switzerland, where account secrecy was sacrosanct. But when Swiss authorities acceded to pressure from the European Union to discourage tax evasion, the door opened for a new challenger to woo the world's wealthy: Singapore. The tiny Asian nation has beefed up account secrecy protections, has changed trust laws and has begun allowing foreigners who meet minimum wealth requirements to purchase land and become residents. Now private-banking money is flooding in from at least three sources: Asians who have grown rich from the booming Asia-Pacific economy, foreigners seeking to invest and do business in Asia, and Europeans moving money from Switzerland for tax purposes. Swiss banks are expanding in Singapore to get in on the action. The money flow demonstrates how one nation, in the borderless world of international banking, can use banking regulation as an economic development tool -- and how complicated it is for tax authorities around the world to plug revenue leaks. "While tax authorities have increased surveillance and regulation in a bid to stem the flow of investment capital and profits to low-tax jurisdictions, it's easier to shift money around than it used to be thanks to technology," says Chris Edwards, director of tax policy at Cato Institute, a Washington think tank that favors free trade. "Both legal avoidance and illegal evasion techniques have become more accessible." In Singapore's asset-management business, which includes private-banking, total funds under management rose to more than $356 billion at the end of 2004, from $94 billion at the end of 1998, according to the Monetary Authority of Singapore, the nation's financial regulator. Roman Scott, a director of Boston Consulting Group in Singapore, estimates private-banking assets account for about $125 billion of the total. Singaporean officials involved in the private-banking push say the new foreign depositors are attracted by Singapore's sound legal system, lack of corruption and transparent financial systems. Some Swiss private bankers also have been billing Singapore as a way around new taxes in Switzerland, Luxembourg and tax havens such as Jersey in the English Channel. Under pressure from the EU to crack down on tax evasion, Switzerland imposed a withholding tax last July on some accounts held by EU citizens. "Singapore is one way of getting around the withholding tax," said Raymond J. Baer, chairman of Zurich private bank Julius Baer Holding Ltd., in a September interview following the announced purchase of Banco di Lugano, a small Swiss bank with private-banking operations in Singapore. Last week, Mr. Baer said that being in multiple jurisdictions enables the bank to serve an international clientele, and that the Singapore office was a platform for growth in Asia. "Singapore also offers a tax-friendly environment," he noted. A spokeswoman for the Monetary Authority says Singapore "does not seek to attract tax evaders." The number of private banks operating in Singapore jumped to 35 at the end of 2005, from 20 in 2000. International banks such as Swiss giants Credit Suisse Group and UBS AG have expanded private-banking operations in Singapore to cater to new demand from Asians and Europeans. Private banks typically provide customers holding at least $1 million of liquid assets with advice on investments, estate planning and taxes. They also often help the wealthy move assets abroad, which some use to avoid domestic taxes. Singapore has taken various steps to attract wealthy foreigners. Under legal changes made in 2004, foreigners with assets of at least $13 million now can apply for residency if they place $3.1 million in a financial institution in Singapore. Those applying for residency can use as much as $1.25 million of the $3.1 million to buy property in a government-backed resort-style residential development on Singapore's Sentosa Island. New residents are entitled to take advantage of Singapore's income-tax rate of about 20%. (Americans, however, face U.S. tax liability on their income regardless of where they live.) The incentives are prompting some private-banking customers to actually move there. Helmut Widdeck, an Austrian who owns a company in Hong Kong that makes leather shoe uppers, heard about the new policy from his private bankers at Goldman Sachs in Hong Kong and decided Singapore would be a good place to semiretire. After Singaporean authorities conducted an audit to verify the source of his wealth, he says, he transferred the required amount to an account in Singapore, then bought a 8,557-square-foot oceanfront property at Sentosa Cove. He and his wife are planning their dream home, which they expect to cost $3.8 million. "For me, it's an interesting plan. I can invest the money into a property I want, and with that I get residency in a place I'd like to live in," says Mr. Widdeck, who is 63 years old. He says he will gain no tax benefit from the move because taxes in Hong Kong, where he used to live for eight months each year, are even lower. Last summer, Gianpiero Fiorani, former chief executive of Banca Popolare Italiana Scarl, shifted some assets to Singapore from Jersey, an offshore banking center that also came under EU pressure. He had assets with various banks and used Banco di Lugano, the Swiss bank now called Banca Julius Baer (Lugano) SA, to move the assets. Mr. Fiorani was arrested in December in Milan and remains jailed pending an investigation into suspected market manipulation and misuse of corporate funds. When he was questioned by prosecutors, he told them he had shifted the funds "to better protect the money" and for "peace of mind," according to a person familiar with the matter. His lawyers declined to comment, as did the spokeswoman for the Monetary Authority of Singapore. A spokesman for Julius Baer said the bank is cooperating with investigators. Singapore's private-banking expansion is part of a broad effort to diversify its economy away from electronics manufacturing, which faces increasing competition from lower-cost countries such as China. The government is trying to foster growth in biotechnology, and in chemical and pharmaceutical manufacturing. In 1998, after the Asian financial crisis, it drew up a plan to turn Singapore into an investment-banking, mutual-fund and private-banking hub. Switzerland's private-banking industry, currently home to about 30% of offshore assets globally, was a model. Banking confidentiality has been a feature of Swiss law since 1934. For decades, foreigners could hold personal accounts recorded within the banks merely by numbers. Tax evasion is an administrative offense, not a crime. Swiss authorities refuse to cooperate with other countries' tax investigations, although they lift confidentiality in criminal matters. Stiffer Laws In 2001, Singapore stiffened laws against breaching the confidentiality of bank customers, making penalties for violators even tougher than in Switzerland. It imposed fines of $78,000, imprisonment for as long as three years, or both. In Switzerland, a similar breach could result in a prison term of six months or a fine of about $38,600. Singapore's private-banking initiative aimed to capture some of the new wealth created by Asia's economic boom. China's rapid economic growth has created fortunes throughout Asia. Liquid assets held by individuals in the Asia-Pacific region, excluding Japan, are projected to increase 8.9% annually from 2004 through 2008, according to UBS, far exceeding the global annual average of 5.5%. Credit Suisse customers domiciled in the Asia-Pacific region accounted for $47.8 billion in private-banking assets as of September, compared with $105 billion in such assets from customers domiciled in Switzerland. While Singapore was bidding for new private-banking business, the EU was pressuring authorities in Switzerland and other offshore banking centers to take a tougher line with EU citizens who move money to reduce the taxes they pay. In 2000, EU finance ministers proposed ending client confidentiality in tax havens in Europe, including Switzerland. The Organization for Economic Cooperation and Development, of Paris, also had pushed for an "exchange of information" on tax matters in an effort to suppress "harmful tax competition." Although Switzerland, Jersey and other offshore centers aren't EU members, they are dependent on EU nations for trade. Swiss authorities agreed to compromise. The new withholding tax compels Swiss banks to withhold a portion of interest earned on personal savings accounts held by EU citizens living outside of Switzerland, and to hand over some of that money to national tax authorities. The withholding tax applies to account holders who haven't reported all of their assets to their own tax authorities. Swiss bankers say the withholding tax and the continuing push to further restrict client confidentiality are discouraging wealthy Europeans from keeping money in Switzerland. Singapore isn't a member of either the EU or the OECD, so it hasn't faced the same pressure. By keeping money in Singapore, Europeans can avoid the new tax, some bankers say. Tax evasion in Singapore is a crime. But Singaporean authorities tend to respond to requests from other countries for information about tax evaders only when evasion of Singaporean taxes is at stake, says Jeffrey Owens, director at the center for tax policy and administration at the OECD. In a written response to questions about its policies, Singapore's Finance Ministry said requests for information from tax authorities in other nations are considered under the terms of international agreements designed to avoid double taxation. Singapore has such agreements with 50 countries, a Finance Ministry spokesman says. 'Open and Transparent' Singapore bills itself as being tough on crime and free of corruption. Like Switzerland, Singapore says it cooperates with foreign authorities investigating money laundering and terrorism financing. "Our banking and financial system is open and transparent, and our rules are strictly enforced," the Monetary Authority of Singapore said in a statement. Singaporean officials traveled repeatedly to Switzerland to describe Singapore's private-banking capabilities to wealthy customers of Swiss banks, to Swiss bankers themselves and to lawyers specializing in wealth management. In February 2002, for example, Alison Lim, an executive at the Monetary Authority of Singapore, appeared at a seminar in Geneva. According to written promotional materials, the program touted Singapore as a "jurisdiction that protects clients' interests." Ms. Lim says she spoke about Singapore's role as a financial center and some trends in Asian investments. To become better versed in private banking, Ms. Lim completed an internship at UBS in late 2003, according to UBS. Ms. Lim declines to comment on the internship, but says the Monetary Authority routinely places staffers with various types of banks for short-term stints so they can learn about the industry. Lee Hsien Loong, Singapore's prime minister and finance minister, has personally overseen the city-state's private-banking push. Before becoming prime minister last year, he served as deputy prime minister, finance minister and chairman of Singapore's Monetary Authority. Under Mr. Lee, the government set up working groups of bankers, consultants and ministry officials to drum up ideas for creating a global banking hub. In that capacity, Mr. Lee met regularly with Swiss and other international bankers to discuss how to structure a bank-friendly regulatory environment, according to some bankers who attended. One suggestion from the bankers: make Singapore's trust laws more attractive. Many European nations practice a concept known as "forced heirship," in which the state dictates the proportions of an estate that must pass to certain family members. These laws supersede wills and trusts. In December 2004, Singapore adopted new trust laws that let foreigners who set up trusts in Singapore avoid these limitations. Assets placed in trusts in Singapore have increased to almost $50 billion in 2004 from just under $25 billion in 2002, according to the Monetary Authority of Singapore. Singapore is now Credit Suisse's largest private-banking center after Switzerland. In 2005, the bank moved its head of international private banking to Singapore from Zurich and hired 150 additional staffers, bringing its total there to 450. By 2007, Credit Suisse aims to hire an extra 100 client advisers to serve the Asia-Pacific region. "Singapore is run like a company, and regulators want to help you win business," said Joachim Straehle, Credit Suisse's head of international private banking who relocated to Singapore from Zurich in April 2005. Credit Suisse runs a "eurodesk" in Singapore where bankers versed in English, French, German, Italian and Spanish work until almost midnight Singapore time to serve European clients. Credit Suisse now has at least $4.6 billion of European private-banking assets booked in Singapore, according to someone with knowledge of the figures. UBS has at least $3.1 billion of such assets, according to another person familiar with that bank. Representatives of both banks declined comment on those numbers. Clariden Bank, a Swiss private bank controlled by Credit Suisse, opened a Singapore office at the end of November. "Singapore will be the fastest growing offshore private-banking center in the next five years," says Roland Knecht, a member of Clariden's executive board of management. He estimates that within three years about 20% of private-banking assets booked at the bank in Singapore will come from Europe. Already Clariden has started assembling staff for a eurodesk, and a number of Clariden's clients, including some Russians, have flown to Singapore for a visit, he says. Several clients have inquired about becoming Singaporean residents. -- ----------------- R. A. Hettinga <mailto: rah(a)ibuc.com> The Internet Bearer Underwriting Corporation <http://www.ibuc.com/> 44 Farquhar Street, Boston, MA 02131 USA "... however it may deserve respect for its usefulness and antiquity, [predicting the end of the world] has not been found agreeable to experience." -- Edward Gibbon, 'Decline and Fall of the Roman Empire' _______________________________________________ Clips mailing list Clips(a)philodox.com http://www.philodox.com/mailman/listinfo/clips --- end forwarded text -- ----------------- R. A. Hettinga <mailto: rah(a)ibuc.com> The Internet Bearer Underwriting Corporation <http://www.ibuc.com/> 44 Farquhar Street, Boston, MA 02131 USA "... however it may deserve respect for its usefulness and antiquity, [predicting the end of the world] has not been found agreeable to experience." -- Edward Gibbon, 'Decline and Fall of the Roman Empire'

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[Clips] Specter: Administration broke law
by R. A. Hettinga 06 Feb '06

06 Feb '06

--- begin forwarded text Delivered-To: clips(a)philodox.com Date: Sun, 5 Feb 2006 20:54:49 -0500 To: Philodox Clips List <clips(a)philodox.com> From: "R. A. Hettinga" <rah(a)shipwright.com> Subject: [Clips] Specter: Administration broke law Reply-To: rah(a)philodox.com Sender: clips-bounces(a)philodox.com So. Same show. Two different headlines. Let's bleat some more about the law, shall we? Cypherpunks do what? ;-) Cheers, RAH ------- <http://upi.com/NewsTrack/view.php?StoryID=20060205-065029-9962r> United Press International Specter: Administration broke law WASHINGTON, Feb. 5 (UPI) -- Sen. Arlen Specter, R-Pa., chairman of the Senate Judiciary Committee, says President George W. Bush's warrantless surveillance program appears to be illegal. Appearing on NBC's "Meet the Press," Specter called the administration's legal reasoning "strained and unrealistic" and said the program appears to be "in flat violation" of the Foreign Intelligence Surveillance Act. Hearings into the surveillance program are scheduled to begin Monday on Capitol Hill. Air Force Gen. Michael Hayden, the former head of the National Security Agency, defended the surveillance on ABC's "This Week" and the Fox News Network, the International Herald Tribune reported. "It's about speed," General Hayden said in his ABC appearance. "It's about hot pursuit of al-Qaida communications." The Bush administration says the surveillance has been carefully monitored and targeted at individuals with known or strongly suspected terrorist ties. But officials have also given different estimates of the amount of monitoring. -- ----------------- R. A. Hettinga <mailto: rah(a)ibuc.com> The Internet Bearer Underwriting Corporation <http://www.ibuc.com/> 44 Farquhar Street, Boston, MA 02131 USA "... however it may deserve respect for its usefulness and antiquity, [predicting the end of the world] has not been found agreeable to experience." -- Edward Gibbon, 'Decline and Fall of the Roman Empire' _______________________________________________ Clips mailing list Clips(a)philodox.com http://www.philodox.com/mailman/listinfo/clips --- end forwarded text -- ----------------- R. A. Hettinga <mailto: rah(a)ibuc.com> The Internet Bearer Underwriting Corporation <http://www.ibuc.com/> 44 Farquhar Street, Boston, MA 02131 USA "... however it may deserve respect for its usefulness and antiquity, [predicting the end of the world] has not been found agreeable to experience." -- Edward Gibbon, 'Decline and Fall of the Roman Empire'

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06 Feb '06

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[Clips] Arlen Specter: FISA Law May be Unconstitutional
by R. A. Hettinga 05 Feb '06

05 Feb '06

--- begin forwarded text Delivered-To: clips(a)philodox.com Date: Sun, 5 Feb 2006 15:00:26 -0500 To: Philodox Clips List <clips(a)philodox.com> From: "R. A. Hettinga" <rah(a)shipwright.com> Subject: [Clips] Arlen Specter: FISA Law May be Unconstitutional Reply-To: rah(a)philodox.com Sender: clips-bounces(a)philodox.com <http://newsmax.com/scripts/printer_friendly.pl?s=pf&page=http://newsmax.com…> Reprinted from NewsMax.com Sunday, Feb. 5, 2006 2:27 p.m. EST Arlen Specter: FISA Law May be Unconstitutional Sen. Judiciary Committee Chairman Arlen Specter said Sunday that while President Bush's terrorist surveillance program is a "flat out violation" of the 1978 Foreign Intelligence Surveillance Act, it may be entirely legal because of powers granted the president by the Constitution. "There is an involved question here . . . as to whether the president's powers under Article 2, his inherent powers, supersede a statute." Specter told NBC's "Meet the Press." The Pennsylvania Republican said that if the FISA statute "is inconsistent with the Constitution, the Constitution governs and the constitutional powers predominate." Specter, whose committee is set to commence hearings Monday into the surveillance program, said that when the FISA law was signed by President Carter, he voluntarily surrendered his power to conduct independent domestic surveillance without a warrant. "But that's not the end of the discussion," the top Republican cautioned, promising that his hearings would explore the issue of presidential prerogatives and the FISA Act's constitutionality - or lack thereof. Specter said he may call Carter as a witness to explain his thinking on the FISA law. "I've been discussing that, and it's on the agenda for consideration," he explained. -- ----------------- R. A. Hettinga <mailto: rah(a)ibuc.com> The Internet Bearer Underwriting Corporation <http://www.ibuc.com/> 44 Farquhar Street, Boston, MA 02131 USA "... however it may deserve respect for its usefulness and antiquity, [predicting the end of the world] has not been found agreeable to experience." -- Edward Gibbon, 'Decline and Fall of the Roman Empire' _______________________________________________ Clips mailing list Clips(a)philodox.com http://www.philodox.com/mailman/listinfo/clips --- end forwarded text -- ----------------- R. A. Hettinga <mailto: rah(a)ibuc.com> The Internet Bearer Underwriting Corporation <http://www.ibuc.com/> 44 Farquhar Street, Boston, MA 02131 USA "... however it may deserve respect for its usefulness and antiquity, [predicting the end of the world] has not been found agreeable to experience." -- Edward Gibbon, 'Decline and Fall of the Roman Empire'

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[Clips] The Walt Within
by R. A. Hettinga 05 Feb '06

05 Feb '06

--- begin forwarded text Delivered-To: clips(a)philodox.com Date: Sun, 5 Feb 2006 12:29:39 -0500 To: Philodox Clips List <clips(a)philodox.com> From: "R. A. Hettinga" <rah(a)shipwright.com> Subject: [Clips] The Walt Within Reply-To: rah(a)philodox.com Sender: clips-bounces(a)philodox.com Read the last bit about traffic analysis and curve fitting. It's the most important. Cheers, RAH ------- <http://www.pbs.org/cringely/pulpit/pulpit20060202.html> PBS: I, Cringely -- The Pulpit February 2, 2006 The Walt Within: What If Disney's Prize Wasn't Pixar, but Jobs? By Robert X. Cringely I was wrong. No, not about phone and wire-tapping -- more on that below -- but on the Disney-Pixar merger. What if, instead of having to accept the board presence of Steve Jobs as a cost of getting Pixar's animation talent and film library, Disney actually views the transaction as buying Pixar TO GET Steve Jobs and then gaining the animation bits as a bonus? If Disney CEO Robert Iger is really an exceptional leader, he'll see it exactly that way. I am not a big Steve Jobs fan. No fawning here. I once called him a sociopath in a book that was translated into 18 languages, and I don't take it back now. But even a sociopath has his moments, and I am beginning to see that this moment belongs to Jobs. What made me come to this understanding was reading an op-ed piece this week in the New York Times written by film historian Neal Gabler, who is just finishing a monumental book about Walt Disney. You'll find the essay among this week's links. Assuming that Gabler knows what he is writing about, having spent several years getting inside the head of Walt Disney, then Disney and Jobs have a lot in common. Both were iconoclasts and loners, driven by creative visions and always a bit out of sync with their peers. Both were dreamers, but dreamers who for the most part realized their dreams. Both believed that the purpose of being in business was to create a unique product that came to define an experience for customers. Rod Canion and Michael Dell and Ted Waitt never talked about user experience, but Jobs and Disney did, right from the beginning of their careers. What Jobs created at Pixar by allowing it to be (this is his only company, remember, where he stayed out of the day-to-day operations) is an environment where technology might have run, Tron-like, over character and creative sensibilities but somehow that didn't happen. At Pixar, technology drives character rather than characters being spray-painted on technology. What Disney gets from Pixar is, of course, the cancellation of most animated films in development or production, but that's balanced by a separate slate of films that will gross two, three or four times as much with all that now going to Disney. In this trade, Disney loses nothing and gains everything. But Pixar and a trunkload of new theme park characters are the least of it. Disney is in the film, TV, sports, publishing, and hospitality industries, but none of its major competitors -- none -- are run by people who come to their positions with anything like an artistic drive or a real sense of what their customers want. Does Sumner Redstone understand MTV? Does GE have an artistic molecule in its "lop off the bottom 10 percent" corporate culture? Does Rupert Murdoch really understand his own success and its ultimate cost? Does ever-imploding Sony even know what to do with its music and movie empires? No, no, no, and no. If Robert Iger creates a miracle at Disney, which I think he will, that miracle is Steve Jobs. We're in a new century with new realities, but we haven't yet found a new archetype for enlightened corporate power. Bill Gates? Give me a break! What we have are people in power who have no muse and wouldn't recognize one if they could even hear her. Steve Jobs knows his muse. For the entertainment industries, the next 10 years will be the most revolutionary in a century. Broadcast TV as we knew it is going away, replaced by a Chinese entertainment menu of such complexity that even knowing what's "on" tonight will be beyond the abilities of most viewers. At some point, too, movies will be subsumed into television and recorded music will find its own new place with new rules. This will be Steve Jobs's world and we'll all just be visitors. It's obvious to me and, evidently, to Iger, too. The trick here is in knowing how to get the best product for the least money. Jobs is not opposed to spending money, but he is determined to get more for his money than anyone else. Look at the books of Apple and Pixar to understand this concept. Against a century-old tradition of corporate bloat, Jobs successfully preaches (and proves) that smaller is really better. How else can Apple compete with Microsoft AND Dell and HP, and still have $8 billion in the bank? Because smaller is better and cheaper, too, when it comes to creative development. I still don't like Steve Jobs. I've known too many people he has hurt. But this is clearly his time, maybe even his century. And what of Bill Gates? Bill Gates is a very successful philanthropist, but he's no Steve Jobs. Nobody is. Well, maybe Oprah. Bill once told me that there was no way that Steve could win, so he wondered why Jobs was even still in the game? Bill now knows why. Now for a final word on wiretapping, the NSA, and you, which were the primary topics of my last two columns. This last thought comes from an old friend of mine who is conservative in the very best sense and knows what he is writing about: "Traffic analysis, at the NSA? I'm tempted to be sarcastic, but I won't be. As you might know, I started a company a few years ago with a former NSA guy -- somebody who was a cryptographer and Russian linguist on those submarines that snuck into Soviet harbors to tap their phone lines -- and we applied traffic analysis to Internet discussion groups to identify opinion leaders, conversation trends and so forth. We used a lot of techniques that were developed or applied to law enforcement. And we didn't use anything that violated anybody's security clearances... really! "(My company) was acquired by a business intelligence company funded by the CIA venture capital outfit. Apparently the stuff I invented is now in the hands of a couple of intelligence agencies, including Homeland Security. "I'll tell you what I think the most troubling thing about all this is. It's easy to see whatever pattern you're looking for. It's like curve fitting in the stock market -- looks beautiful historically and maybe even in the short run, but it's a disaster in the making. So we have these guys running the country who saw a non-existent pattern in Iraq that justified a war ... and now we're going to give them software that will make it easy to create the illusion of patterns of conspiracy. "Your friend from the NSA was right, but it's worse than he suggests. It's not just that social network analysis casts a wide net. It's that without oversight by people who really grasp the mathematics and have some distance from the whole thing, they're going to see patterns where there aren't any. "They have a history of that." -- ----------------- R. A. Hettinga <mailto: rah(a)ibuc.com> The Internet Bearer Underwriting Corporation <http://www.ibuc.com/> 44 Farquhar Street, Boston, MA 02131 USA "... however it may deserve respect for its usefulness and antiquity, [predicting the end of the world] has not been found agreeable to experience." -- Edward Gibbon, 'Decline and Fall of the Roman Empire' _______________________________________________ Clips mailing list Clips(a)philodox.com http://www.philodox.com/mailman/listinfo/clips --- end forwarded text -- ----------------- R. A. Hettinga <mailto: rah(a)ibuc.com> The Internet Bearer Underwriting Corporation <http://www.ibuc.com/> 44 Farquhar Street, Boston, MA 02131 USA "... however it may deserve respect for its usefulness and antiquity, [predicting the end of the world] has not been found agreeable to experience." -- Edward Gibbon, 'Decline and Fall of the Roman Empire'

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05 Feb '06

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05 Feb '06

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