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Silver (1880-1940): Art Nouveau and Art Deco

For many thousands of years, silver has been a fascinating metal. This book presents outstanding objects from a Dutch private collection dating from the by now internationally acclaimed Jugendstil and Art Deco periods and the years to 1940. Designers from many countries have worked with this material, and the publication documents the great riches in ideas for new shapes and ornamentation made possible after defeat of historicism. A panorama of European masterpieces from England, France, Belgium, Germany, the Netherlands, Austria and Norway. Together with excellent illustrations of each object, a scholarly text provides background information and descriptions of every item. What is especially important for the collector is that the book boasts illustrations of more than 50 designer's and maker's marks. Artists and manufacturers include: Charles Robert Ashbee, Bruckmann & Sohne, Hans Christiansen, Christofle, Jean Despres, Christopher Dresser, Jan Eisenloeffel, Bernhard Hoetgar, Josef Hoffmann, Patriz Huber, Georg Jensen, Archibald Knox, Liberty & co., Charles Rennie Mackintosh, Henry van de Velde, Wilhelm Wagenfeld, Wiener Werkstatte Wolfers Freres and others.

Speech by Roberto Azevedo, Brazilian Permanent Representative at the World Trade Organization, in Geneva, for the Working Group on Trade, Debt, and Finances.
“I - Introduction
Mr. Chairman,
I must say that we are very pleased with the number of delegations and Permanent Representatives present here today. I would hope that this is an indication of the importance we all attach to the issues under discussion today, including this item of the agenda.
I will beg your multilateral indulgence for my longer than usual statement this morning, but I will cover two points in one go. First I’ll address the Note by the Secretariat, contained in document W/57, of 27 September 2011. Second, I’ll present the Submission by Brazil , circulated in document W/56, of 20 September 2011, when I’ll make a few explanatory remarks about a workshop we are proposing for the 1st quarter of 2012.
II - Note by the Secretariat: The Relationship Between Exchange Rates and International Trade; A Review of the Economic Literature (WT/WGTDF/W/57)
The Note by the Secretariat – document W/57 – is the first activity of the work program we approved last May. It is part of the first pillar of the Brazilian submission contained in document W/53, of 13 April.
My first remark is about the comprehensiveness of W/57. The literature that has been reviewed includes, in addition to relevant material selected by the Secretariat itself, approximately thirty papers, articles and books recommended directly by member countries. A sincere word of thanks should therefore go to Marc Auboin and his team for having spared no efforts in covering as much territory as possible and for having provided us with such a thorough and well-structured survey.
From the outset, let me say that we agree with the approach taken by the secretariat in the sense that our focus should not be the factors behind the determination of exchange rates, such as the choice of exchange rate arrangements or regimes or the enactment/impact of policies that ultimately determine exchange rate levels in each particular country. This type of analysis is better suited for other institutions, such as the IMF. Our focus should take exchange rate levels as a given, and then focus on the relationship with trade.
The secretariat explains in the review that there has been a shift in the focus of the debate on the relationship between exchange rates and international trade over the past few years.
Early focus on volatility x trade
Until the 2008 crisis, most studies were centred on the impact of exchange rate fluctuations on foreign trade, that is to say, whether aggregate trade flows would either decrease or increase in reaction to the uncertainty provoked by the greater level of volatility in exchange rates since the end, in the 70’s, of the gold exchange standard. On this topic, the secretariat concludes that the literature “remains somewhat ambiguous”. Nonetheless, from the wealth of information contained in the secretariat’s review, a few observations are of particular interest:
i. There is no question that exchange rate shifts affect international trade both in direct and indirect ways (para.7);
ii. Real exchange rates have a potentially strong impact on the incentive to allocate resources (para.8);
iii. Firms that also have a large domestic market react differently from those that rely solely- or mostly - on exports (para.14);
iv. Situations of“currency crisis” have required “painful adjustment in output and consumption” (para.27);
v. Least developed countries experience a negative relationship between exchange rate volatility and exports both in the short and in the long run (other economies have mostly no impact in the long run) (para.59);
vi. Sensitivity to volatility of exchange rates is reduced by the existence of factors such as: financial hedging; presence of imported inputs; presence of firms in global markets; possibility of invoicing in local currency; capacity to absorb losses; etc. (para.75) (let’s note that none of these elements are present in the smaller and less developed economies); and
vii. The impact is more clearly observed when one examines trade in a less aggregate way: bilateral instead of multi-country; firm or sector specific rather than all exports (para.60-62).
Recent focus on“misalignments”
More recently, especially after the 2008 financial crisis, the emphasis of the debate has shifted towards the trade impact of the so-called “misalignment” of exchange rates in particular countries. As the secretariat puts it, this “meant emphasis fell less on the variability and more on the real level of exchange rate”(unquote). This is more precisely directed to the type of apprehension that made Brazil suggest the work program. Our key concern is the impact, in the short-run, that a particular “misalignment” may cause, not on aggregate values, but on individual firms and sectors. However, as the secretariat concluded,“[i]n this area research is still in its infancy” (para.31).
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Fashion can also be good for the world! These stunning African Trade Beads from Nigeria are the gorgeous focal point of this gunmetal chain necklace.

Trade Beads were made in Europe in the 1800's, sold and traded in Africa, and are now being bought all over the world at Fair Trade prices. Because these were worn and used, some wear might be visible, but that's what adds to the beauty of this piece!

I love a piece that has history, and this one's got it! It is truly one-of-a-kind.

Everyone knows it's more fun to hit a ball than chase after it. This complete Golf Training Center lets kids get hit after hit. It sets up five balls in a row before it's time to reload. Kid-size driver, putter and five balls all store inside portable bag. Measures approximately 22"H.

Fore! Fisher-Price bring you the Grow-to-Pro Golf set--perfect for any Tiger Woods in training. Set includes a snap-together golf bag, driver, putter, tee, and five golf balls--all in sturdy, easy-to-clean plastic. When your little putter (and the future Masters champion) pushes down the lever on the bottom of the bag with the end of the club, one golf ball rolls into position on the tee. Next stop--peewee tour! Adult assembly required; no special tools or batteries needed. --Margaret Quinn END