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We like to think that when we deposit a dollar at the bank, it goes into a big vault and we can pull out that same dollar at any time. But that¿s not how the U.S. banking system works. Banks take that money and invest it to make money themselves, so cash gets spread around. This, naturally, leads to a big risk: What happens if those investments go sour? Well, you¿d be out of luck. You can¿t get your dollar back.
The Federal Reserve doesn¿t like that scenario, so it prohibits banks from putting all the cash it has on deposit on the line. In fact, the Fed forces banks to keep a portion of their assets at the Federal Reserve itself, to make sure that some of your assets won¿t get squandered if the bank¿s bets go south. These are called ¿reserves,¿ (hence, Federal Reserve. Got it? Good), and usually amount to 10% of the total cash kept in checking accounts.
These reserves are never exactly 10%, and banks like to keep a little extra in reserve ¿ not, as you might think, to make you more comfortable that they¿re in good financial shape, but rather so they can take that excess and lend it to other banks and make money off it. (They¿re banks, they can¿t help themselves.) The rate at which they make these loans is called the Federal Funds rate, which is set by the Federal Reserve¿s Federal Open Market Committee.
When you hear people chattering about how the Fed cut or hiked interest rates, this is what they¿re talking about: the interest rate banks can charge for lending money from their reserves. This begs the question: If these are essentially loans between banks, why is the Fed Funds rate so important for the rest of the economy?
Well, simply put, because loans make the financial world go round. Bank A lends Bank B $10,000 at a Fed Funds rate of 5%. Bank B then lends out $10,000 to a small business at 7%. The small business then takes that money and expands the business and hires new workers. Now someone is employed, Bank B has made interest off the loan, and Bank A is the richer for making it all happen. It¿s perhaps overly simplistic, but you get the idea. When you want the economy to thrive, you make lending cheaper.
Of course, sometimes you don¿t want the economy to thrive. In fact, you might want it to cool down, mostly to avoid money flooding the system and causing inflation. In that case, the Fed raises interest rates, making it difficult to lend or borrow.
Home / Markets / Industries / Industrials
Monday, May 05, 2008
Environmental Tectonics Corporation's Simulation Division Awarded Contract to Deliver Urban Disaster Area Scenario to Netherlands Institute for Safety
Comtex
SOUTHAMPTON, Pa., May 5, 2008 /PRNewswire-FirstCall via COMTEX News Network/ ----Environmental Tectonics Corporation's (Amex: ETC) ("ETC" or the "Company") Simulation Division today announced the signing of a contract with the Netherlands Institute for Safety (NIFV, formerly known as NIBRA), for the development of an urban disaster area scenario for their Advanced Disaster Management Simulator (ADMS).
The scenario presents the aftermath of an ammunition train explosion in the Netherland's city of Arnhem. The main training objective for this scenario is command and coordination of large-scale fire and rescue operations. This scenario will be used to enhance a proven case-study scenario that has been used by the Fire Academy for training senior fire officers. Previously, the case study included a classroom briefing after which students were required to actually drive through the city of Arnhem to imagine and assess the fictitious 'affected' area. The new ADMS scenario will visually and mathematically simulate the catastrophe to enhance the level of realism. ETC will model a part of the city including destroyed buildings, debris, widespread multiple fires and casualties.
NIFV is the Netherlands national center of expertise with four Academies: Fire Academy, Academy for Crisis Management, Emergency Medical Service Academy and Academy for Leadership, and also delivers ADMS-training to the Police Academy. NIFV has used ADMS for over six years for training, education and research. NIFV frequently upgrades and expands their ADMS systems to maintain and evolve their state-of-the-art training offerings. Since 2001 NIFV has trained thousands of trainees with their NIFV-ADMS team training systems, focusing on multi-agency command and control.
Simulation Division President, Marco van Wijngaarden, commented, "We are pleased to deliver this new large-scale exercise scenario to NIFV. I am looking forward to see the effect of ADMS improving the training value and level of immersion for the students. This is an ideal example how classroom instruction can be blended with simulation and live experience, producing well-rounded and properly prepared first responders. This order again confirms the value of ADMS simulation for NIFV, and the way it can fit into any curriculum. With this scenario, NIFV will now have over 30 scenarios available."
About ADMS, the Advanced Disaster Management Simulator
ADMS is a high fidelity interactive team training simulation platform that offers a proven methodology to provide operationally cost-effective synthetic incident and disaster management experience. Since 1995 it has been used to train emergency responders around the world to better prepare to respond to and mitigate incidents. By presenting engaging, real-world environments and stressful scenarios, ADMS enables response and rescue personnel to perform and enhance team and individual skill sets at all levels of response. ADMS bridges the gap between tabletop exercises and real world experience, and rapidly advances the effective coordinated response of multi- agency and multi- jurisdictional emergency responders during any type of disaster. ADMS is also used to test and validate emergency response and management plans. Training with ADMS helps to save lives and mitigate disaster's impact.
More Info on ADMS http://www.ADMSTraining.com
About the Netherlands Institute for Safety, NIFV
The Netherlands Institute for Safety, NIFV, develops expertise and contributes to the professional development of the fire service, medical assistance in accidents and disasters and crisis management, thereby enhancing physical safety.
More Info on NIFV http://www.nifv.nl
ETC designs, develops, installs and maintains aircrew training systems (aeromedical, tactical combat and general), disaster management training systems and services, entertainment products, sterilizers (steam and gas), environmental testing products, hyperbaric chambers and related products for domestic and international customers.
This press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended, and Section 21E of the Securities Exchange Act of 1934. We have based these forward- looking statements on our current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about the Company that may cause our actual results, levels of activity, performance or achievements to be materially different from any other future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements include statements with respect to ETC's vision, mission, strategies, goals, beliefs, plans, objectives, expectations, anticipations, estimates, intentions, financial condition, results of operations, future performance and business of ETC, including but not limited to, (i) the proposed acquisition by H. F. Lenfest, a member of ETC's Board of Directors and a significant shareholder of ETC (ii) projections of revenue, costs of raw materials, income or loss, earnings or loss per share, capital expenditures, growth prospects, dividends, capital structure, other financial items and the effects of currency fluctuations, (iii) statements of plans and objectives of ETC or its management or Board of Directors, including the introduction of new products, or estimates or predictions of actions of customers, suppliers, competitors or regulatory authorities, (iv) statements of future economic performance, (v) statements of assumptions and other statements about ETC or its business, (vi) statements made about the possible outcomes of litigation involving ETC, and (vii) statements preceded by, followed by or that include the words "may", "could", "should", "looking forward", "would", "believe", "expect", "anticipate", "estimate", "intend", "plan", or the negative of such terms or similar expressions. These forward-looking statements involve risks and uncertainties which are subject to change based on various important factors. Some of these risks and uncertainties, in whole or in part, are beyond ETC's control. Factors that might cause or contribute to such a material difference include, but are not limited to, those discussed in our Securities and Exchange Commission filings and other public documents, including, without limitation, our Annual Report on Form 10-K for the fiscal year ended February 23, 2007. Shareholders are urged to review these risks carefully prior to making an investment in the ETC's common stock.
The Company cautions that the foregoing list of important factors is not exclusive. ETC does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of ETC.
Contact: Duane D. Deaner, CFO Tel: 215-355-9100 (ext. 1203) Fax: 215-357-4000 ETC - Internet Home Page: http://www.etcusa.com
SOURCE Environmental Tectonics Corporation
http://www.etcusa.com
Copyright (C) 2008 PR Newswire. All rights reserved
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