But it was a bubble and a highly leveraged one at that. While periodic bubbles may be unavoidable, and no bubble is without consequences, a highly leveraged bubble tends to cause far more damage, owing to its impact on the real economy and the duration of the deleveraging process.

The partnerships have leveraged additional funding from the Government of the Netherlands.

We leveraged that 10,000 seed grant more than 300 times into a 3 million park.

The Bank's contribution of 60 million to these projects leveraged more than 115 million from other donors.

These leading, innovative, nonprofit folks, who are using business skills in a very leveraged way to solve social problems.

This memorandum of understanding has leveraged additional funding for water for Asian cities from the Government of the Netherlands.

The financial sector s inexcusable recklessness, given free rein by mindless deregulation, was the obvious precipitating factor of the crisis. The legacy of excess real estate capacity and over leveraged households makes recovery all the more difficult.

Similar reckless lending practices prevailed in the leveraged buyout market, where private equity firms take over public companies and finance the deals with high debt ratios the leveraged loan market, where banks provide financing to private equity firms and the asset backed commercial paper market, where banks use off balance sheet schemes to borrow very short term.

Within the United Nations system, many agencies have leveraged the events of the last year to start new, or to highlight existing, road safety activities.

On the contrary, doodling should be leveraged in precisely those situations where information density is very high and the need for processing that information is very high.

Gyourko s own 2013 study concludes that the FHA, now effectively leveraged 30 to one on guarantees of home mortgages that are themselves leveraged 30 to one, is underwater to the tune of tens of billions of dollars. He wants the FHA shut down and replaced with a subsidized saving program that does not attempt to compete with the private sector in evaluating mortgage risk.

Uncertainty about how, exactly, the liabilities of highly leveraged banks and over leveraged peripheral governments are to be guaranteed is shrinking the supply of safe savings vehicles at a time when macroeconomic rebalancing calls for it to be rising. And the rapid reductions in budget deficits that European governments are now pledged to undertake can only increase the likelihood of a full double dip recession.

Eastern Europe has its problems, which are likely to impact Western Europe s highly leveraged banks. In a globalized world, problems in one part of the system quickly reverberate elsewhere.

Many homebuilders are near bankrupt, as are some hedge funds and other highly leveraged institutions. Even in the US corporate sector, defaults will rise, owing to sharply higher corporate bond spreads.

For SMEs, a shortage of customers, not a shortage of credit, constrained borrowing, employment, and output. And the customers were absent because the pre crisis credit boom had left them over leveraged.

UNIFEM supported the participation of the Positive Women's Network in India in major national and international meetings, its joining of the Global Coalition on Women and AIDS, and leveraged support from donors.

UNDP has leveraged the pro bono services of an external independent firm to conduct a preliminary risk inventory and high level road map for the implementation of enterprise risk management in UNDP.

Because doodling is so universally accessible and it is not intimidating as an art form, it can be leveraged as a portal through which we move people into higher levels of visual literacy.

So, I am very interested, from the beginning, that how how our knowledge about everyday objects and gestures, and how we use these objects, can be leveraged to our interactions with the digital world.

In Europe, banks supply roughly 70 of the credit to European economies, compared to 30 in the US. But many European banks are over leveraged zombies, kept alive by emergency public infusions of liquidity.

Yes, companies have more hedging tools at their disposal. But the ability to manage downside risk comprehensively is still limited by incomplete longer term markets and public private partnerships that cannot be sufficiently leveraged.

Resources from Governments and development partners will be leveraged by providing procurement services that combine the global procurement and field office operational capabilities of UNICEF, ensuring effectiveness of in country logistics (see also chapter V).

There was also a commodity bubble and a private equity and hedge funds bubble. Indeed, we now see the demise of the shadow banking system, the complex of non bank financial institutions that looked like banks as they borrowed short term and in liquid ways, leveraged a lot, and invested in longer term and illiquid ways.

Similarly, any financial institution that bets on a sharp rise in long term interest rates over the next five years in a serious, leveraged way also puts its survival at risk. For where should they park their money?

In several countries, debt financed housing booms have left households and companies over leveraged and governments have reduced deficits to contain their own debt. As a result, there are likely to be too few investors and too many savers.

They can take on more risk running a more highly leveraged business with less shareholder capital. They get bigger returns when things go well and receive state support when fortune turns against them heads they win, tails we lose.

Indeed, at the peak of the global financial crisis in 2008 and 2009, gold prices fell sharply a few times. In an extreme credit crunch, leveraged purchases of gold cause forced sales, because any price correction triggers margin calls.

Operationally, UNDP has always leveraged and will continue to leverage the assistance of the Office of Legal Services in resolving issues relating to the exercise of privileges, immunities and facilities as articulated in the principle of most favoured treatment .

Highly leveraged local governments could not tolerate higher interest rates or an appreciating currency, and they were adamant about continuing land sales and opposing property taxes. They feared the financial burden of new requirements to provide social services to urban migrants.

Congress created the Fed, which means that Congress can un create it. By assuming away the damage that highly leveraged megabanks can do, the myth of a good crisis merely makes political pressure on central banks all the more likely.

Deleveraging by highly leveraged firms such as hedge funds will lead them to sell illiquid assets in illiquid markets. And some emerging market economies despite massive IMF support will experience a severe financial crisis with contagious effects on other economies.

The weakness of the Russian economy and its highly leveraged banks and corporations, in particular, which was masked in recent years by the windfall brought by spiking oil and gas prices, burst into full view as the global economy tumbled. Saddled with a rust belt infrastructure, Russia further disqualifies itself with dysfunctional and revanchist politics and a demographic trend in near terminal decline.

Another key challenge concerns China s slumping property sector, in which construction and prices dropped rapidly last year. If highly leveraged developers are under stress, they could produce non performing loans and thus considerable risk in both the traditional and shadow banking sectors.

Too many sectors of the US economy have not completed their balance sheet rehabilitation process. This is true for the banking system, which has not de leveraged to the satisfaction of either regulators or the markets, thus limiting the scope for credit growth.

Too many sectors of the US economy have not completed their balance sheet rehabilitation process. This is true for the banking system, which has not de leveraged to the satisfaction of either regulators or the markets, thus limiting the scope for credit growth.

As Carmen Reinhart and Kenneth Rogoff argue, recoveries from crises that result from over leveraged balance sheets are slow and typically resistant to traditional macroeconomic stimulus. Over levered households cannot spend, over levered banks cannot lend, and over levered governments cannot stimulate.

Meanwhile, the continuing problems at European banks are a stark reminder that operating highly leveraged, thinly capitalized firms is incredibly risky. And the regulatory failures in Europe consider the German Landesbanks, for example will become only more obvious in the coming months.

Bankers want to be so highly leveraged for a simple reason implicit government guarantees mean that they get the upside when things go well, while the downside is someone else s problem. Contrary to bankers claims, this is not a good arrangement for society.

In addition to the excessive focus on short term results, a second important source of incentives to take excessive risks has thus far received little attention. The payoffs of financial sector executives were tied to highly leveraged bets on the value of their firms capital.

We have seen similar patterns in the past, when the parties increased the tempo of their offensive operations on the eve of a new round of political negotiations with a view to gaining a tactical advantage that can be leveraged at the negotiating table.

Why were the risk controls at highly leveraged money center universal banks so lousy? Why weren t central banks and governments willing and able to step up and maintain the flow of aggregate demand as the financial crisis and its aftermath choked off private investment and consumption spending?

While the government has assembled considerable firepower to limit the unwinding of a spectacular bubble, the overhang of highly leveraged speculative demand is disconcerting. Indeed, in the 12 months ending in June, margin financing of stock purchases nearly tripled as a share of tradable domestic equity market capitalization.

Our livelihoods, not to mention those of future generations, should not be held hostage by our ongoing addiction to fossil fuels. Four decades ago, countries not only endured the immediate economic impact of the OPEC embargo they leveraged the potential of the resulting oil shortages to spur innovation.

When interest rates rise, as they surely will, the bubbles will burst, the prices of those securities will fall, and anyone holding them will be hurt. To the extent that banks and other highly leveraged financial institutions hold them, the bursting bubbles could cause bankruptcies and financial market breakdown.

There is thus a broader risk that many leveraged investors in both equity and credit markets will be forced to sell illiquid assets in illiquid markets, leading to a cascading fall in asset prices to below their fundamental values. The ensuing losses will aggravate the financial turmoil and economic contraction.