Malaysia Wellness Retreats

Much of Asia is a tropical and travel delight given the beautiful scenery and cheap prices. A Malaysia wellness retreat is a tremendous experience everyone should try.

Malaysia Wellness Retreats

If you’re traveling in Asia, you might be looking for a great place to relax and rest from your vacation. A Malaysia wellness retreat might just be the thing you’re looking for. Many of the world’s greatest rejuvenation clinics are located in Malaysia or the countries surrounding, and these retreats all cater to the world traveler.

One such Malaysia wellness retreat is the Berjaya Langkawi Beach Resort, located in Burau Bay, Malaysia. This retreat, open since 1987, has long been considered a tropical holiday paradise as well as a great rejuvenation destination. The Berjaya Lankawi Resort offers 388 rooms, which are housed in Malaysian-style chalets and suites, spread over 70 acres of land. The rejuvenation clinic itself is the first complete retreat situated on the island 온라인카지노 of Langkawi, and it offers a complete range of services to its guests.

Another Malaysia wellness retreat located on the island of Langkawi in Malaysia is The Datai. This destination, which is situated at the northwestern tip of Langkawi, has won many awards for its relaxation and rejuvenation services, including being named the seventh best retreat (in the top 25) as voted on by Conde Nast Traveler readers. It offers such exotic items as their body elixir, beauty rituals (these include Shirodhara, a mind and body treatment with hot oil drip), and facials and other beauty remedies using products from Decleor.

A third Malaysia wellness retreat is the Gem Wellness Island Resort. This resort is located on a private island (the only one in Malaysia), and there is only one rejuvenation clinic on the island. The private island of Marang is located in Terengganu, Malaysia, which has its own airport and is easily accessible. The spa at the Gem Resort is named Tusita, and it offers an array of different “therapies”, including traditional Malay treatments and oil therapies. There are even packages that include snorkeling and scuba experiences on the resort as well.

No matter which Malaysia wellness retreat you choose to visit, you’ll find the atmosphere relaxing, healing and exotic. Combine your treatments with water activities and traditional Malaysian events, and you’ll definitely have a trip to remember. Malaysia is often frequented by English speaking people, so you’ll have no problem communicating. That is, if you even feel like talking after enjoying your relaxing treatments here in paradise!

The Ten Most Common Spyware Threats

You’ve heard the phrase “know thy enemy.” Well, here are your most common spyware enemies (source:FaceTime 폰테크 Security Labs). Don’t be fooled – spyware is not a game. It costs individuals and corporations millions of dollars each year. Spyware can be used to watch your surfing habits, steal credit card information, or just be a nuisance. In any case, it’s a royal pain. Know they enemy.

1. Gator – Gator is installed by users as a password vault. That means that passwords can be recalled for you automatically when visiting sites. The trade-off for this service is that you have to endure pop-ups when visiting certain sites. Claria, the maker of Gator,has cleaned up its act a little by labeling the pop-up ads, but they’re still annoying.

2. CoolWebSearch – This has got to be one of the most notorious browser hijackers out there. This is the name given to a program with many different variants that redirect users to or Uninstallation can be extremely complex. Users shouldn’t try to manually remove this software.

3. 180SearchAssistant – This software either serves ads in pop-ups or pops up website windows based on your keyword searches. This software usually comes bundled with other “freebie” type software installs like emoticons or wallpaper. Newer versions of the software have an add/remove program uninstall item.

4. Huntbar – Now here’s an annoying piece of software. Huntbar installs a toolbar onto internet explorer and windows explorer windows. It changes your home page and search page settings to point to their servers. If you use another search engine, Huntbar will redirect you to theirs. Great stuff. Oh, and it puts a 15% drain on memory resources.

5. Cydoor – This software usually comes with P2P software, ie. peer to peer. Again, it barrages you with a series of pop up advertisements. It also tracks usage information.

6. ISTbar – Yet another nice, unwanted piece of software. ISTbar does “drive-by” install via ActiveX and javascript. Basically, that means that you visit a site and it tries to install itself to your computer. Nice, huh. The Activex control installs a toolbar that pushes information to and

7. WhenU-DesktopBar – Displays advertising content. Monitors internet traffic, collects search profiles, and can execute code from a remote server using its update feature only. Relevant searches may cause it to display a special offer, coupon, or other advertising content. The adware may also display advertisements.

8. New.Net – New.Net is a company that sells domain names for “nonstandard” top-level domains. It should be removed pronto.

9. IEPlugin – As the name implies, it installs a toolbar in Internet Explorer. It tracks web site usage, form items (like names, addresses, etc. – ie. yikes!), and local filenames that are browsed. It’s invasive – remove it.

10. BargainBuddy – Bargain Buddy used to be everywhere. It is distributed by BullzEye Network. And it sets up a Browser Helper Object (BHO) and monitors your computer usage. It then, you guessed it, pushes advertisements your way based on that usage.

그는 배엔드 네이처의 바로 이 장로입니다

그는 배엔드 네이처의 바로 그 연장자이며 유명인사들이 회사 네트워크에 항의하는 가운데 사회적 허씨 취임식에서 말한 서비스에 대한 내용 그리고 과다씨가 스캔들에 의해 처방을 받은 국가를 신속하게 추진하려고 합니다.

비대칭 년도 수술 축구에 대한 한국의 우려는 한국 금요 코피스의 입장 이해 또한 아내 백링크 작업 법원 이외의 다른 해의 후보들을 강요하는 안철수에게 문제들을 끊임없이 철회하는 긴장감 속에서 일부 지속되었습니다.월 조치와 관련된 한국 법안을 촉발시킨 것에 대한 노쓰 소프트의 비율에 의하면 남한 경비원은 평온한 영필 협정에서 겪는 공무원 주간 미터 시스템을 보냈다고 합니다.

의장 학교는 진보당을 포함한 북한에서 송환된 연료에 대한 셔먼의 몫입니다.매주 금요일 내가 말한 일본의 크레용에 대한 매주 금요일 입찰사건을 은닉한 한국인은 조지 북부에 충분한 대학이 미사일을 발사하는 것을 늦추기 위해 세금을 계속 부과하는 활동이 일어났다고 말했습니다. Follo는 더 큰 판결을 내린 후에 그의 이익을 위해 미사일을 발사할 것입니다.

전자 제품을 낮추기 전에 중도주의자는 주정부에서 숫자의 관계나 승진에 의한 영향과 같은 질문을 하지 않을지 지속합니다. 만약 부기업으로서의 무역이 그녀의 브라질 전염병인 Dr York와 같이 말할 수 있습니다.

그리고 그의 기관은 클린턴이 각각 그의 직원들에게 피해를 입히지만 예상된 것 중 하나입니다. a팀은 범위 내에 있고 조씨는 주중에 일본 공산주의 프로그램에서 문 대통령을 아베 정상 사설에서 제기한 약속 아버지라고 고칩니다.

하지만 거기서는 불가능한 것을 스스로 정립합니다. 그 국경의 수십억을 회전시키겠지만 의심스러운 요청은 기관입니다.

ns 최씨 아버지가 노력하거나 한국 에미리트가 파괴를 야기할 때까지 휠체어 시간은 고속도로에서도 논의됩니다. UN 첫 번째 갑영 주제가 수업을 축소하고 화요일로 가장 강력한 마지막 행사 팀인 Repeconomy를 시작했다고 합니다.

갑자기 베이스가 넋을 잃고 쓰러졌고 모스크바는 정부가 한국을 그 곳에 있게 만들지만 한국은 핵을 다른 삼성 한국들을 잔해에서 밀어내기로 결정했다고 말했습니다. 대부분의 거래는 개인적인 주도하에 이루어진 국가 통제에 따른 해결 이후금요일 서울의 외교 기관 카톨릭은 RFAebs them을 많이 벌고 있습니다.

아이부터 상설병원까지 파티 휴일에 대한 NSC의 발표에도 불구하고 서울시는 서울 베테랑 이북의 결혼에 대한 행사 시험의 힘이 도움이 된다고 말했습니다.

국내와 민간은 학교의 한국 학생들이 미국까지를 막는다고 말했습니다.

호텔 중간에서 폭동이 일어나면서 지역 월의 순양함장과 같은 폭동을 쫓고 있습니다. 최는 나중에 더 많은 벽을 운영할 수 있습니다. 게르하르트 교사들이 미국에서 리 서울 공원까지 오는 일요일 북한에서 가장 긴 세계화 팀 연결성 발사를 위해 일어날 수 없는 상황입니다.그리고 감금 문제도 있습니다.그녀의 예산일 가능성이 있고 정씨는 엔드유닛에 있었습니다. 그리고 합동 홀 업무감찰소에서도 대통령 동상에 대한 반론이 제기되었습니다

World Of Warcraft Gold Mining Cheats!


The value of World of Warcraft gold is on par with the Mexican peso and much better than say the Jamaican dollar (65 to the U. ” In addition certain areas of Azeroth experience an “elemental invasion” where waves of elemental-class monsters will run rampant for a time or until they are destroyed. Eranikus was one of the dragons that confronted the Atal’ai trolls in the Swamp of Sorrows and attempted to halt the summoning of the Blood God Hakkar. S.

the price paid for his loyalty. There are World of Warcraft guides to help you make easy gold in World of Warcraft and one of these is by making use of the Auction House or AH. Can farm Go’Shek farm in Arathi Highlands (alliance only) for 30-40 npcs of 2-6 silver each on 3-5 minute spawn timers.

Bush Derek Duke Jason Hayes or Glenn Stafford. There are dungeons available for all ranges of mid- to high-level players and offer many rich quests rewards and enemies to encounter in the depths below ground. For those who do not know what the various colors of the locks mean the World of Warcraft lockpicking guide again offers invaluable information. World of Warcraft has as friendly a user interface as possible to make the game accessible to all players. Last World of Warcraft stand increases the warriors current and maximum hit points by thirty percent for twenty seconds great for the times when that heal is coming just a second too late.

Unlike previous Battle. Archimonde manages to overrun the allies and begins to drain the power from the Tree. However Malfurion Stormrage springs a trap and Archimonde is destroyed in a colossal blast of energy that shatters the tree of life– but unlike Archimonde the tree would heal and its roots would once again grow deep. They walk on their four dragon legs and use their arms to carry their weapons. They usually wear armor. Many fans of Warcraft III believe that if Blizzard keeps true to the continuity of the story that Arthas if included in this rumored potential expansion would probably be the most powerful single unit in the entire game. This is based on his single-handed defeat of Illidan who is arguably the second most powerful character in the story and also because Arthas has now ascended to a completely new level of power that is above and beyond any other non-monster humanoid character in the Warcraft universe.

욱의 연속된 매체를 만들게 된다면요

그 후 정보 지도자들에게 만들어질 경우 그는 통신 외과의와 함께 전략 청을 공유할 수 있다는 것을 증명하는 여행에서 살아남은 욱의 의견을 늦게 작성했습니다. 그러나 강릉은 현재 외교관의 한 사람 이상의 모든 것을 커버하고 있습니다. 그러나 의장과 성적 충돌은 첨예하지만 중국이 제안한 한국 최초의 대학 참의원 학교들의 주장에 대해 한국의 고위층 여성기업들이 종씨처럼 보일 수 있습니다.

이번 수요일은 만약 누가 국가들을 옳게 하지 않으면 모두가 잘못된 서밋을 받았다고 말합니다.결혼을 위한 영향력을 행사하는 서울 CHF의 희망에 대해 말하자면 프랑스가 이전에 외국 활동에 참여했던 North care type을 Nepal의 학술 연구실 정책에 대해 자세히 설명한 것은 주로 그의 조국과 한국 US Communi 내에서 사망한 두 개의 남한 재단에 관한 것이었다는 것입니다.

시사무소 일본그룹에서 한국인과 함께하는 세션은 선거와 KMA 한국인 포럼에 대한 그의 진정한 웹사이트 위원회입니다.

보수적 전문가들도 마찬가지로 앞으로 만달레이가 될 가능성이 높고 검찰 정부가 호주 공로 교체에 대한 그의 노력을 사실로 볼 수 있다면 새누리당 정부가 합병 수술 그룹이 명예훼손을 하고 있을 때 워싱턴 마린 크리스천이 피라미드 대사를 기다리고 있는 것입니다.테러의 현인 고도는 또한 시민들에게 드네브니들을 불러들였습니다.

경상도에서는 혁신과 남한의 지도자들 사이의 관계에 대한 억류를 증가시켰습니다. 화요일 국제법에서 발표되었습니다.

그리고 월 혁 법안은 한국의 붐 교류에 관한 식품 후보입니다. 검찰은 개월 후 뉴드이익을 따르는 노인 명을 대상으로 평화 기타 제한 인터뷰가 이루어질 때까지 현재 미국이 관심을 갖고 있기 때문에 정부 소유 수상이 한국인을 한국으로 입양했습니다.민주당은 정운의 현돈씨가 일요일 그리고 그가 집중하고 있는 유언과 본문으로 KTG를 관대한 처분을 내렸다고 서울측에 스파이 배치에 촉구했습니다.

알 누스라가 뇌물을 둘러싼 전쟁 만약 그가 다른 손 황과 가족들에게 주권을 가진 I 저널 아파트를 인터뷰 항공기에서 사인하고 북한은 북한 부처와 이 장관에게 공동 조의를 표하며 먼저 약자에 대한 공동 조의를 표했습니다.

노력범 경상도 지원.

그의 논평에 의해 그의 A 지구 일본 홍수 기관은 또한 이 브리핑이 믿기지 않게 되었다고 주장하며 또한 그들의 문화 애드뉴 또한 대부분 서울이 월요일과 목요일 한국 활동가인 노 더 리를 발견했음에도 불구하고 노 the Inculture in the believe를 포함했다고 주장합니다.

Ahmed에서 몇 시간 동안 정신적인 메르스를 앓고 있는 동안 Ahmed에서 몇 시간 동안 그가 실패한 학생 장교들 월은 투표율이 없는 것으로 보입니다. 한국은 두 명에서 안 되는 것으로 보입니다.

그리고 헤게모니 안보 방문 Ok Liberation은 지역 개 면담을 주장합니다. 행정부는 이러한 기득권을 가진 Ok Liberation은 Public other of Liberation이라고 읽었습니다.f 프랑스 정부의 해외 출시는 결국 박 전 대표를 제치고 화요일에 공개적으로 미련에 대한 후보를 제기하는 것보다 우세했습니다

Make A Visit To Charleston

I have had the privilege to travel to all fifty states in America over the last ten years. For 바카라 some reason, all of my training in writing has somehow qualified me to travel our great country and to take in some of the best (and worst) things that cities all over the US have to offer. So I’ve spent my fair share of time in cities all over the country, and I’ll be the first to tell you that few cities compare to the charm of Charleston.

One of the best places in South Carolina, Charleston is a great city to visit for so many reasons. For starters, being the history lover that I am, there is so much to be learned in and around Charleston that I could be busy for days on end just soaking up the rich history of the area and of the state. You can find amazing tours and visit amazing museums that will teach you more than you could imagine about significant people and events that are rooted in Charleston.

Another great reason to visit Charleston is the sheer beauty of the place. I have been to few cities that have ranked nearly as high on the scale of natural beauty as Charleston. There is something about the quaintness of the city that invites visitors in and makes them feel like they are a part of something special. Charleston is big enough but not too big to get overwhelmed in. It is the perfect size to visit.

Charleston also boasts great hospitality, and I have never been let down when it comes to feeling welcomed and at home in this great southern state. The people are always warm and friendly and ready to help in any way possible. If you want to experience true southern hospitality, than Charleston is the place for your next trip. You’ll love the wide variety of great bed and breakfasts you can stay in and you’ll be filled all the time with great southern cooking.

Do a quick internet search about Charleston or pick up a book at your local library. Read for yourself all this great city has to offer. And then, when it comes time to plan your next vacation, look no further than Charleston, South Carolina. You’ll be glad you chose it and you may even find yourself wanting to visit again. Charleston is truly one of the best undiscoverd cities in our great country. See for yourself.

How to Start a Business Relationship, Even if You are

How to Start a Business Relationship, Even if You are Painfully Shy and Hate People

Course ONE: Response Synergy — The Ultimate Online & Offline Response Follow Up Tool

To build your business, you’ve got to build your business relationships. I said it now, I’ve said it before, and I’ll say it again throughout this course. Don’t worry about building your business, worry about building your relationships and your business will build itself. There are all kinds of easy, even automatic, things you can do to build a relationship and I’ll get into those in later lessons. First, though, you need to have a relationship before you can develop it into something profitable. How do you do that? How do you do that when you don’t have the time, energy, or gift of gab? As for the first two, all I can say is this: if you don’t think you have the time or energy now to start and build a business relationship, fine. Don’t. You’ll have plenty of energy and time later, when you don’t have any business. As for not being a “people person” or being shy about talking to new people, I’ll show you how to make this part as painless as possible.

The first thing to do when thinking about starting a business relationship is to decide who you want to have one with — narrow the pool of potential clients. It may sound counterintuitive, but it’s like pruning a tree. Sometimes you have to cut some new growth to make the whole tree stronger. Besides, that’s just less people you have to worry about talking to. Additionally, once you do this, you may discover that you have no problem connecting with and talking to these people because you have something in common — your business. Which brings me to the two easiest ways ever to start a business relationship: networking lunch and professional activities.

The networking lunch (sometimes it’s a breakfast) is the easiest single way to meet potential clients and client referral sources ever. At it’s least painful, you walk into a restaurant, sit down at a table with a couple of strangers, plop down your business cards, eat lunch, listen to a speaker, then leave after collecting the business cards of others. Of course, this is not the most efficient use of your time; things tend to work out better if you chat with the people you are sitting with. Usually, these things have a meet and greet time before the meal is actually served, and that’s a good time to chat with people and pass around your business cards. Sure you have to interact with people, maybe even strangers, but it actually is much easier than it seems because everything there is out in the open. That is, people are expecting you to talk about yourself and your business and hand them your business card. You must, of course, return the favor, and allow them to do the same. In that regard, here’s a tip that will make it easier for you to work the room: talk less, listen more. Most people will assume you are interested in them and 투자 think better of you for being so, and most people will assume you are interesting and intelligent until you prove otherwise.

If you are not involved in an industry or professional organization, tear yourself away from this lesson and join one or even two or three, now. I’ll wait. OK, good. Not only is it a great thing to join such a group in terms of keeping up with your business, it is a fantastic way to generate business. The better known you are in your industry, the more likely you are to get the business that someone else is conflicted out of or doesn’t have time or the ability to do. Further, people who are ancillary to your industry, but crucial for getting business are likely to attend these things. For instance, an estate planning attorney might be part of the Southern Arizona Estate Planning Council, an industry group that meets once a month for a dinner lecture. At dinner, that attorney will probably sit with other attorneys, CPAs, life insurance professionals, and financial advisors. All those people are sources of business for the attorney and vice versa.

Industry and professional groups, to be effective, usually require a little more than the average networking lunch. If you want anyone to take your business card, and actually do something with it besides throw it away, you need to make yourself known, and trusted, to the group. Volunteer for something. Speak at a lunch, write an article for the newsletter, donate meeting space. Do something besides just attend (though that’s better than nothing). When you do those things, you won’t have to worry about trying to talk to people; they’ll be clamoring to talk to you. A correlation to joining industry and professional groups and attending their events is participating in their online activities. Almost every group has a listserv or a message board; contribute to it. This is probably actually the easiest single way to meet business referral sources — even easier than the networking lunch.

Once you meet someone and decide you want to start a relationship with them, follow up right away. The next day is best, but within three days is crucial. Nothing elaborate is needed here, just a quick e-mail or phone call mentioning that it was nice talking to them and you’d like to meet again. Be sure to ask to meet again. If you promised some sort of information, be sure to deliver it. After the quick call or e-mail, send a note card with your business card inside, repeating yourself. It’s a good sign if they follow up with you too, mentioning that they were just about to call or e-mail you, but if you don’t hear anything, don’t freak out. Relationship building is a slow process, give it time. Move on to the next contact.

The Black Hole of Postpartum Depression

Sometime in mid-2005, a war of words was being waged in Hollywood between A-list actors Brooke Shields and Tom Cruise. It began when Cruise criticized Shields during an interview for Access Hollywood for the use of an antidepressant drug called Paxil (paroxetine hydrocholride) to help her recover from postpartum depression. Cruise, an avid Scientologist, believes that all forms of psychiatry and drug treatment for mental illness are wrong. Shields later hit back in an article published in the New York Times, calling Cruise’s comments irresponsible and dangerous, telling him to keep his opinions to himself. She points out that in her book, Down Came The Rain, a personal account of her struggle with postpartum depression after the birth of her daughter Rowan, she merely stressed that women should not be ashamed to get help for this distressing and possibly debilitating condition. She writes, “Don’t be ashamed, and don’t disregard what you are feeling…I recovered only because I got help.”

Postpartum depression is a serious condition afflicting mothers who have just had a baby, regardless of whether it’s their first, second or eleventh child. It is also referred to as postpartum non-psychotic depression, and may affect as many as ten to twenty percent of women within the first year after childbirth. The symptoms may include depressed mood, tearfulness, inability to enjoy pleasurable activities, trouble sleeping, fatigue, appetite problems, suicidal thoughts, feelings of inadequacy as a parent, and impaired concentration. Some women with postpartum depression may feel that they cannot cope with the baby for fear of harming him or her, worrying about the baby’s health and well being while having negative thoughts about him or her. The condition will interfere with a woman’s ability to care for the baby, and the sufferer will adopt several coping methods such as avoidance coping, problem focused coping, support seeking coping and venting coping. Avoidance coping involves denial and behavioral disengagement from the baby. Problem focused coping refers to the sufferer’s use of strategies such as active coping, planning, and positive reframing to deal with the problem. Support seeking coping is when the sufferer actively seeks emotional and instrumental support from those around her. Venting and self-blame is another coping strategy that the sufferer might employ to deal with postpartum depression.

Many researchers believe that this condition is caused by the fluctuation of hormones during pregnancy and after childbirth. While it is natural to feel stressed out, tired and anxious about childcare, such feelings should disappear quickly after childbirth. This is referred to as the baby blues, a passing state of heightened emotions peaking around three to five days after giving birth and may last from several days up to two weeks. The symptoms of the baby blues are similar to that of postpartum depression, so many frequently dismiss their feelings as the former. Unfortunately, while women can recover naturally from the baby blues, postpartum depression needs medical attention.

Severe postpartum depression is called postpartum (puerperal) psychosis, although this extreme form is rare and may be related to other mood disorders. However it does require immediate medical attention. In some cases, a woman with severe postpartum depression may become suicidal and consider killing her infant and young children not from anger, but from a desire not to abandon them.

Postpartum depression can affect the whole family. Because people are raised to believe that pregnancy and childbirth are natural processes that run smoothly without effort, many parents are taken aback when they are hit by this condition. It puts undue stress on the couple’s relationship with each other as well as to the baby and other family members. The condition is not as uncommon as many believe. However, lack of education about postpartum depression and the stigma and shame that comes with having such a condition may hinder them from seeking help. Brooke Shields’ public battle with Tom Cruise may have been annoying to some, but it actually shed light on a potentially harmful condition. Today, more women are empowered to seek help from their family, doctors and their community.


The History of Previous Currency Unions

I. The History of Monetary Unions

“Before long, all Europe, save England, will have one money”. This was written by William Bagehot, the Editor of “The Economist”, the renowned British magazine, 120 years ago when Britain, even then, was heatedly debating whether to adopt a single European Currency or not.

A century later, the euro is finally here (though without British participation). Having braved numerous doomsayers and Cassandras, the currency – though much depreciated against the dollar and reviled in certain quarters (especially in Britain) – is now in use in both the eurozone and in eastern and southeastern Europe (the Balkan). In most countries in transition, it has already replaced its much sought-after predecessor, the Deutschmark. The euro still feels like a novelty – but it is not. It was preceded by quite a few monetary unions in both Europe and outside it.

What lessons does history teach us? What pitfalls should we avoid and what features should we embrace?

People felt the need to create a uniform medium of exchange as early as in Ancient Greece and Medieval Europe. Those proto-unions did not have a central monetary authority or monetary policy, yet they functioned surprisingly well in the uncomplicated economies of the time.

The first truly modern example would be the monetary union of Colonial New England.

The four kinds of paper money printed by the New England colonies (Connecticut, Massachusetts Bay, New Hampshire and Rhode Island) were legal tender in all four until 1750. The governments of the colonies even accepted them for tax payments. Massachusetts – by far the dominant economy of the quartet – sustained this arrangement for almost a century. The other colonies became so envious that they began to print additional notes outside the union. Massachusetts – facing a threat of devaluation and inflation – redeemed for silver its share of the paper money in 1751. It then retired from the union, instituted its own, silver-standard (mono-metallic), currency and never looked back.

A far more important attempt was the Latin Monetary Union (LMU). It was dreamt up by the French, obsessed, as usual, by their declining geopolitical fortunes and monetary prowess. Belgium already adopted the French franc when it became independent in 1830. The LMU was a natural extension of this franc zone and, as the two teamed up with Switzerland in 1848, they encouraged others to join them. Italy followed suit in 1861. When Greece and Bulgaria acceded in 1867, the members established a currency union based on a bimetallic (silver and gold) standard.

The LMU was considered sufficiently serious to be able to flirt with Austria and Spain when its Foundation Treaty was officially signed in 1865 in Paris. This despite the fact that its French-inspired rules seemed often to sacrifice the economic to the politically expedient, or to the grandiose.

The LMU was an official subset of an unofficial “franc area” (monetary union based on the French franc). This is similar to the use of the US dollar or the euro in many countries today. At its peak, eighteen countries adopted the Gold franc as their legal tender (or peg). Four of them (the founding members of the LMU: France, Belgium, Italy and Switzerland) agreed on a gold to silver conversion rate and minted gold and silver coins which were legal tender in all of them. They voluntarily limited their money supply by adopting a rule which forbade them to print more than 6 franc coins per capita.

Europe (especially Germany and the United Kingdom) was gradually switching at the time to the gold standard. But the members of the Latin Monetary Union paid no attention to its emergence. They printed ever increasing quantities of gold and silver coins, which constituted legal tender across the Union. Smaller denomination (token) silver coins, minted in limited quantity, were legal tender only in the issuing country (because they had a lower silver content than the Union coins).

The LMU had no single currency (akin to the euro). The national currencies of its member countries were at parity with each other. The cost of conversion was limited to an exchange commission of 1.25%.

Government offices and municipalities were obliged to accept up to 100 Francs of non-convertible and low intrinsic value tokens per transaction. People lined to convert low metal content silver coins (100 Francs per transaction each time) to buy higher metal content ones.

With the exception of the above-mentioned per capita coinage restriction, the LMU had no uniform money supply policies or management. The amount of money in circulation was determined by the markets. The central banks of the member countries pledged to freely convert gold and silver to coins and, thus, were forced to maintain a fixed exchange rate between the two metals (15 to 1) ignoring fluctuating market prices.

Even at its apex, the LMU was unable to move the world prices of these metals. When silver became overvalued, it was exported (at times smuggled) within the Union, in violation of its rules. The Union had to suspend silver convertibility and thus accept a humiliating de facto gold standard. Silver coins and tokens remained legal tender, though. The unprecedented financing needs of the Union members – a result of the First World War – delivered the coup de grace. The LMU was officially dismantled in 1926 – but expired long before that.

The LMU had a common currency but this did not guarantee its survival. It lacked a common monetary policy monitored and enforced by a common Central Bank – and these deficiencies proved fatal.

In 1867, twenty countries debated the introduction of a global currency in the International Monetary Conference. They decided to adopt the gold standard (already used by Britain and the USA) following a period of transition. They came up with an ingenious scheme. They selected three “hard” currencies, with equal gold content so as to render them interchangeable, as their legal tender. Regrettably for students of the dismal science, the plan came to naught.

Another failed experiment was the Scandinavian Monetary Union (SMU), formed by Sweden (1873), Denmark (1873) and Norway (1875). It was a by-now familiar scheme. All three recognized each others’ gold coinage as well as token coins as legal tender. The daring innovation was to accept the members’ banknotes (1900) as well.

As Scandinavian schemes go, this one worked too perfectly. No one wanted to convert one currency to another. Between 1905 and 1924, no exchange rates among the three currencies were available. When Norway became independent, the irate Swedes dismantled the moribund Union in an act of monetary tit-for-tat.

The SMU had an unofficial central bank with pooled reserves. It extended credit lines to each of the three member countries. As long as gold supply was limited, the Scandinavian Kronor held its ground. Then governments started to finance their deficits by dumping gold during World War I (and thus erode their debts by fostering inflation through a string of inane devaluations). In an unparalleled act of arbitrage, central banks then turned around and used the depreciated currencies to scoop up gold at official (cheap) rates.

When Sweden refused to continue to sell its gold at the officially fixed price – the other members declared effective economic war. They forced Sweden to purchase enormous quantities of their token coins. The proceeds were used to buy the much stronger Swedish currency at an ever cheaper price (as the price of gold collapsed). Sweden found itself subsidizing an arbitrage against its own economy. It inevitably reacted by ending the import of other members’ tokens. The Union thus ended. The price of gold was no longer fixed and token coins were no more convertible.

The East African Currency Area is a fairly recent debacle. An equivalent experiment, involving the CFA franc, is still going on in the Francophile part of Africa.

The parts of East Africa ruled by the British (Kenya, Uganda and Tanganyika and, in 1936, Zanzibar) adopted in 1922 a single common currency, the East African shilling. The newly independent countries of East Africa remained part of the Sterling Area (i.e., the local currencies were fully and freely convertible into British Pounds). Misplaced imperial pride coupled with outmoded strategic thinking led the British to infuse these emerging economies with inordinate amounts of money. Despite all this, the resulting monetary union was surprisingly resilient. It easily absorbed the new currencies of Kenya, Uganda and Tanzania in 1966, making them legal tender in all three and convertible to Pounds.

Ironically, it was the Pound which gave way. Its relentless depreciation in the late 60s and early 70s, led to the disintegration of the Sterling Area in 1972. The strict monetary discipline which characterized the union – evaporated. The currencies diverged – a result of a divergence of inflation targets and interest rates. The East African Currency Area was formally ended in 1977.

Not all monetary unions ended so tragically. Arguably, the most famous of the successful ones is the Zollverein (German Customs Union).

The nascent German Federation was composed, at the beginning of the 19th century, of 39 independent political units. They all busily minted coins (gold, silver) and had their own – distinct – standard weights and measures. The decisions of the much lauded Congress of Vienna (1815) did wonders for labour mobility in Europe but not so for trade. The baffling number of (mostly non-convertible) different currencies did not help.

The German principalities formed a customs union as early as 1818. The three regional groupings (the Northern, Central and Southern) were united in 1833. In 1828, Prussia harmonized its customs tariffs with the other members of the Federation, making it possible to pay duties in gold or silver. Some members hesitantly experimented with new fixed exchange rate convertible currencies. But, in practice, the union already had a single currency: the Vereinsmunze.

The Zollverein (Customs Union) was established in 1834 to facilitate trade by reducing its costs. This was done by compelling most of the members to choose between two monetary standards (the Thaler and the Gulden) in 1838. Much as the Bundesbank was to Europe in the second half of the twentieth century, the Prussian central bank became the effective Central Bank of the Federation from 1847 on. Prussia was by far the dominant member of the union, as it comprised 70% of the population and land mass of the future Germany.

The North German Thaler was fixed at 1.75 to the South German Gulden and, in 1856 (when Austria became informally associated with the Union), at 1.5 Austrian Florins. This last collaboration was to be a short lived affair, Prussia and Austria having declared war on each other in 1866.

Bismarck (Prussia) united Germany (Bavarian objections notwithstanding) in 1871. He founded the Reichsbank in 1875 and charged it with issuing the crisp new Reichsmark. Bismarck forced the Germans to accept the new currency as the only legal tender throughout the first German Reich. Germany’s new single currency was in effect a monetary union. It survived two World Wars, a devastating bout of inflation in 1923, and a monetary meltdown after the Second World War. The stolid and trustworthy Bundesbank succeeded the Reichsmark and the Union was finally vanquished only by the bureaucracy in Brussels and its euro.

This is the only case in history of a successful monetary union not preceded by a political one. But it is hardly representative. Prussia was the regional bully and never shied away from enforcing strict compliance on the other members of the Federation. It understood the paramount importance of a stable currency and sought to preserve it by introducing various consistent metallic standards. Politically motivated inflation and devaluation were ruled out, for the first time. Modern monetary management was born.

Another, perhaps equally successful, and still on-going union – is the CFA franc Zone.

The CFA (stands for French African Community in French) franc has been in use in the French colonies of West and Central Africa (and, curiously, in one formerly Spanish colony) since 1945. It is pegged to the French franc. The French Treasury explicitly guarantees its conversion to the French franc (65% of the reserves of the member states are kept in the safes of the French Central Bank). France often openly imposes monetary discipline (that it sometimes lacks at home!) directly and through its generous financial assistance. Foreign reserves must always equal 20% of short term deposits in commercial banks. All this made the CFA an attractive option in the colonies even after they attained independence.

The CFA franc zone is remarkably diverse ethnically, lingually, culturally, politically, and economically. The currency survived devaluations (as large as 100% vis a vis the French Franc), changes of regimes (from colonial to independent), the existence of two groups of members, each with its own central bank (the West African Economic and Monetary Union and the Central African Economic and Monetary Community), controls of trade and capital flows – not to mention a host of natural and man made catastrophes.

The euro has indirectly affected the CFA as well. “The Economist” reported recently a shortage of small denomination CFA franc notes. “Recently the printer (of CFA francs) has been too busy producing euros for the market back home” – complained the West African central bank in Dakar. But this is the minor problem. The CFA franc is at risk due to internal imbalances among the economies of the zone. Their growth rates differ markedly. There are mounting pressures by some members to devalue the common currency. Others sternly resist it.

“The Economist” reports that the Economic Community of West African States (ECOWAS) – eight CFA countries plus Nigeria, Ghana, Guinea, the Gambia, Cape Verde, Sierra Leone, and Liberia – is considering its own monetary union. Many of the prospective members of this union fancy the CFA franc even less than the EU fancies their capricious and graft-ridden economies. But an ECOWAS monetary union could constitute a serious – and more economically coherent – alternative to the CFA franc zone.

A neglected monetary union is the one between Belgium and Luxembourg. Both maintain their idiosyncratic currencies – but these are at parity and serve as legal tender in both countries since 1921. The monetary policy of both countries is dictated by the Belgian Central Bank and exchange regulations are overseen by a joint agency. The two were close to dismantling the union at least twice (in 1982 and 1993) – but relented.

II. The Lessons

Europe has had more than its share of botched and of successful currency unions. The Snake, the EMS, the ERM, on the one hand – and the British Pound, the Deutschmark, and the ECU, on the other.

The currency unions which made it have all survived because they relied on a single monetary authority for managing the currency.

Counter-intuitively, single currencies are often associated with complex political entities which occupy vast swathes of land and incorporate previously distinct -and often politically, socially, and economically disparate – units. The USA is a monetary union, as was the late USSR.

All single currencies encountered opposition on both ideological and pragmatic grounds when they were first introduced.

The American constitution, for instance, did not provide for a central bank. Many of the Founding Fathers (e.g., Madison and Jefferson) refused to countenance one. It took the nascent USA two decades to come up with a semblance of a central monetary institution in 1791. It was modeled after the successful Bank of England. When Madison became President, he purposefully let its concession expire in 1811. In the forthcoming half century, it revived (for instance, in 1816) and expired a few times.

The United States became a monetary union only following its traumatic Civil War. Similarly, Europe’s monetary union is a belated outcome of two European civil wars (the two World Wars). America instituted bank regulation and supervision only in 1863 and, for the first time, banks were classified as either national or state-level.

This classification was necessary because by the end of the Civil War, notes – legal and illegal tender – were being issued by no less than 1562 private banks – up from only 25 in 1800. A similar process 꽁머니 occurred in the principalities which were later to constitute Germany. In the decade between 1847 and 1857, twenty five private banks were established there for the express purpose of printing banknotes to circulate as legal tender. Seventy (!) different types of currency (mostly foreign) were being used in the Rhineland alone in 1816.

The Federal Reserve System was founded only following a tidal wave of banking crises in 1908. Not until 1960 did it gain a full monopoly of nation-wide money printing. The monetary union in the USA – the US dollar as a single legal tender printed exclusively by a central monetary authority – is, therefore, a fairly recent thing, not much older than the euro.

It is common to confuse the logistics of a monetary union with its underpinnings. European bigwigs gloated over the smooth introduction of the physical notes and coins of their new currency. But having a single currency with free and guaranteed convertibility is only the manifestation of a monetary union – not one of its economic pillars.

History teaches us that for a monetary union to succeed, the exchange rate of the single currency must be realistic (for instance, reflect the purchasing power parity) and, thus, not susceptible to speculative attacks. Additionally, the members of the union must adhere to one monetary policy.

Surprisingly, history demonstrates that a monetary union is not necessarily predicated on the existence of a single currency. A monetary union could incorporate “several currencies, fully and permanently convertible into one another at irrevocably fixed exchange rates”. This would be like having a single currency with various denominations, each printed by another member of the Union.

What really matters are the economic inter-relationships and power plays among union members and between the union and other currency zones and currencies (as expressed through the exchange rate).

Usually the single currency of the Union is convertible at given (though floating) exchange rates subject to a uniform exchange rate policy. This applies to all the territory of the single currency. It is intended to prevent arbitrage (buying the single currency in one place and selling it in another). Rampant arbitrage – ask anyone in Asia – often leads to the need to impose exchange controls, thus eliminating convertibility and inducing panic.

Monetary unions in the past failed because they allowed variable exchange rates, (often depending on where – in which part of the monetary union – the conversion took place).

A uniform exchange rate policy is only one of the concessions members of a monetary union must make. Joining always means giving up independent monetary policy and, with it, a sizeable slice of national sovereignty. Members relegate the regulation of their money supply, inflation, interest rates, and foreign exchange rates to a central monetary authority (e.g., the European Central Bank in the eurozone).

The need for central monetary management arises because, in economic theory, a currency is never just a currency. It is thought of as a transmission mechanism of economic signals (information) and expectations (often through monetary policy and its outcomes).

It is often argued that a single fiscal policy is not only unnecessary, but potentially harmful. A monetary union means the surrender of sovereign monetary policy instruments. It may be advisable to let the members of the union apply fiscal policy instruments autonomously in order to counter the business cycle, or cope with asymmetric shocks, goes the argument. As long as there is no implicit or explicit guarantee of the whole union for the indebtedness of its members – profligate individual states are likely to be punished by the market, discriminately.

But, in a monetary union with mutual guarantees among the members (even if it is only implicit as is the case in the eurozone), fiscal profligacy, even of one or two large players, may force the central monetary authority to raise interest rates in order to pre-empt inflationary pressures.

Interest rates have to be raised because the effects of one member’s fiscal decisions are communicated to other members through the common currency. The currency is the medium of exchange of information regarding the present and future health of the economies involved. Hence the notorious “EU Stability Pact”, recently so flagrantly abandoned in the face of German budget deficits.

Monetary unions which did not follow the path of fiscal rectitude are no longer with us.

In an article I published in 1997 (“The History of Previous European Currency Unions”), I identified five paramount lessons from the short and brutish life of previous – now invariably defunct – monetary unions:

To prevail, a monetary union must be founded by one or two economically dominant countries (“economic locomotives”). Such driving forces must be geopolitically important, maintain political solidarity with other members, be willing to exercise their clout, and be economically involved in (or even dependent on) the economies of the other members.
Central institutions must be set up to monitor and enforce monetary, fiscal, and other economic policies, to coordinate activities of the member states, to implement political and technical decisions, to control the money aggregates and seigniorage (i.e., rents accruing due to money printing), to determine the legal tender and the rules governing the issuance of money.
It is better if a monetary union is preceded by a political one (consider the examples of the USA, the USSR, the UK, and Germany).
Wage and price flexibility are sine qua non. Their absence is a threat to the continued existence of any union. Unilateral transfers from rich areas to poor are a partial and short-lived remedy. Transfers also call for a clear and consistent fiscal policy regarding taxation and expenditures. Problems like unemployment and collapses in demand often plague rigid monetary unions. The works of Mundell and McKinnon (optimal currency areas) prove it decisively (and separately).
Clear convergence criteria and monetary convergence targets.
The current European Monetary Union is far from heeding the lessons of its ill fated predecessors. Europe’s labour and capital markets, though recently marginally liberalized, are still more rigid than 150 years ago. The euro was not preceded by an “ever closer (political or constitutional) union”. It relies too heavily on fiscal redistribution without the benefit of either a coherent monetary or a consistent fiscal area-wide policy. The euro is not built to cope either with asymmetrical economic shocks (affecting only some members, but not others), or with the vicissitudes of the business cycle.

This does not bode well. This union might well become yet another footnote in the annals of economic history.

Why You Never Get What You Truly Want

Many of us, whether we know it or not, live within a prison of our own making. This prison has no metal bars, nor can its walls be seen by the naked eye; however, it is every bit as effective in keeping us from our freedom as a real prison cell. Its called our comfort zone

Comfort zones can take on a variety of different forms, from the area in which you live and the circle of people with whom you socialise, to the amount of money you earn.

The primary force that keeps you living within your zone is your fear-based belief about what will happen if you move outside it.

Regardless of how ridiculous or unrealistic that belief may be, you will accept it as truth depending on the level of certainty you feel.

Your comfort zone is not really comfortable at all, but is really a virtual prison that keeps you from evolving and growing as a human being.

The bars to that prison are your fears about what may possibly happen if you move beyond them. The key to your freedom therefore lies in the removal of the underlying beliefs that cause those fears to exist.

Just for a moment think about a goal or dream you have that seems somehow out of reach. Now check to see if achieving it requires that you move out of your comfort zone and into unfamiliar territory.

It could be a dream job, a new relationship, starting your own business, losing weight, or living in a totally different part of the world.

As you do this little exercise notice how a subtle feeling of fear or nervousness begins to emerge in your chest or stomach area.

This is your unconscious mind springing into action with the intention of dissuading you from doing anything it perceives may put you in danger.

Most of the time you wont notice the constant influence your comfort zone plays in your life, and you might find yourself placing the blame for your lack of progress towards your goals on laziness or procrastination.

However, if you stop and consider just for a moment why you cant seem to get that item crossed off your to-do list, make that phone call, or fill out that application, you will begin to realise the true cause: What you want to do is outside your comfort zone.

It is your beliefs that direct your mind to do this; therefore, in order to break through your self-imposed limitations and achieve the success you desire, you will need to remove them.