Daily Archives: May 4, 2017

Quantum computing utilizes 3D crystals – Johns Hopkins News-Letter

Posted: May 4, 2017 at 3:56 pm

2D liquid crystals are commonly used in smart phone and television display screens.

Researchers at the Institute for Quantum Information and Matter at the California Institute of Technology (Caltech) recently discovered a new state of matter, the 3D quantum liquid crystal.

We have detected the existence of a fundamentally new state of matter that can be regarded as a quantum analog of a liquid crystal, David Hsieh, assistant professor of physics at Caltech, said in a press release.

Liquid crystals flow like a liquid but are structurally oriented like a solid. Quantum liquid crystals contain electrons that act nematic, or arrange themselves in a parallel manner.

Quantum liquid crystals are not a foreign concept. 2D quantum liquid crystals were first discovered in 1999 by a Caltech professor. As the name suggests, 2D quantum liquid crystals flow in a flat plane, moving in one particular direction. 2D quantum crystals can also be found in high-temperature superconductors.

Electrons living in this flatland collectively decide to flow preferentially along the x-axis rather than the y-axis even though theres nothing to distinguish one direction from the other, John Harter, a postdoctoral researcher at the Caltech lab, said in a press release.

3D quantum crystals have more states. They can move along three axes, in a forward or backward motion. If a current is run through the material, the motion of the electrons yields a different magnetic strength and magnetic orientation.

The 3D quantum liquid crystal was found, surprisingly, in the metallic pyrochlore Cd2Re2O7 using second harmonic optical anisotropy measurements. In fact, researchers were originally interested in studying the atomic structure of Cd2Re2O7 using second harmonic optical anisotropy and encountered results inexplicable using solely the concept of a 2D quantum liquid crystal.

Like liquid crystals, the new phase spontaneously breaks rotational symmetry. Their paper, which was published in Science, described how the researchers found that there was a spin-orbit coupling which suggested that the material had a 3D quantum nature.

According to Science Daily, Harter was at first surprised by their findings and questioned their results. They were able to connect the dots when they accounted for the concept of 3D quantum liquid crystals, which was developed by Liang Fu, a physics professor at the Massachusetts Institute of Technology.

Liquid crystals can be found in nature but they can also be created artificially. Liquid crystal displays are commonly found in smartphones, televisions and other display screens.

The researchers question whether the 3D quantum liquid crystals could be implemented in a computer chip.

The nature of the electrons in the 3D quantum liquid crystals may be suitable for advancement in quantum computing, which uses quantum states to increase operating speed. Researchers theoretical models show that 3D quantum liquid crystals can have topological superconducting phases.

3D quantum liquid crystals could be the precursors to topological superconductors weve been looking for, said Hsieh in a press release.

Topological superconductors can stabilize the uncertain nature of quantum computing. Creating topological superconductors using the 3D quantum liquid crystals can open a new field in quantum computing.

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Quantum computing utilizes 3D crystals - Johns Hopkins News-Letter

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A general election, like quantum physics, is a thing of waves and particles – The Tablet

Posted: at 3:56 pm

We are living through the most heavily freighted general election of modern times, with several weighty and overlapping questions bearing down upon it.

It will, of course, be remembered as the Euro election for the party competition about the nature of Brexit and the future relations of Britain with the European Union, all of which morphs into the wider Britains-place-in-the-world question.

The very configuration and make-up of the United Kingdom is also in play, with the Scottish question running through the pursuit of seats north of the border, even though the last referendum on independence is but two-and-a-half years behind us. By the time of the 2022 general, election we could be a much diminished nation, out of the European Union and shorn of Scotland.

In that event, a political nation consisting of England, Wales and Northern Ireland would be hard put to provide a plausible centre-Left alternative government, or to place a programme before the electorate, even if Labour could somehow emerge healed and growing in strength out of its current period of intense self-harm. For the survival of the standard model of UK politics is also in play in the 2017 general election it is a model that does not fly without the jostling between liberal capitalism and social democracy that, so far, has been the essential nature of all our general elections since 1945.

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A general election, like quantum physics, is a thing of waves and particles - The Tablet

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Donald Trump says he’s a big fan of history. But he doesn’t seem to trust historians. – Washington Post

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President Trump has made several history-related gaffes since taking office. (Thomas Johnson/The Washington Post)

PresidentTrump loves history.

He loves mentioning it, imagining his place in it, declaring someone (or something) to be the best or the worst init.

It's important, Trump has said, to learn from the past.

And why not? After all, as the Spanish philosopher George Santayana wrote: Those who cannot remember the past are condemned to repeat it.

But Trump's first few months as president have been peppered with signs that he and his inner circle may not have an in-depth understanding of historical events.

Trump, as our first president with no prior political or military experience, had more to learn than anyone before him, The Washington Post's James Hohmannwrote last month. Not only does he lack a lot of historical knowledge, he is also missing institutional memory.

In his Daily 202 newsletter, Hohmann offereda robust roundup of examples of Trump's history-related gaffes since taking office.

He mentioned Abraham Lincoln during a fundraising dinner for the National Republican Congressional Committee last month. Most people don't even know he was a Republican, Trump said. Does anyone know? Lot of people don't know that! (Most likely, every person in the ballroom knew and has attended at least one Lincoln Day dinner.)

On Lincolns birthday in February, Trump tweeted out an obviously fake quote from the 16th president: In the end, its not the years in your life that count, it's the life in your years. He later deleted it.

Frederick Douglass is an example of somebody whos done an amazing job and is getting recognized more and more, I notice, he said at a Black History Month event. (Douglass died in 1895.)

Have you heard of Susan B. Anthony? he asked at a Womens History Month reception in March.

In January, Trump said Rep. John Lewis (D-Ga.) who is best known for almost getting beaten to death as he marched on Bloody Sunday in Selma is all talk, talk, talk no action or results. There are things Lewis could be fairly criticized for, but no one who knows anything about the civil rights movement would agree that being all talk is one of them.

And so on.

[Trump is learning and sometimes mislearning the lessons of the presidency]

On Monday, questions about Trump's grasp of history resurfaced when he made head-scratching (and historically inaccurate) claims about Andrew Jackson's feelings toward the Civil War in an interview with the Washington Examiner's Salena Zito.

In that exchange, Trump seemed to suggest that the Civil War might have been prevented if Jackson had been involved.

I mean, had Andrew Jackson been a little later, you wouldn't have had the Civil War, Trump told Zito. He was a very tough person, but he had a big heart. He was really angry that he saw what was happening with regard to the Civil War. He said, 'There's no reason for this.' People don't realize, you know, the Civil War if you think about it, why? People don't ask that question, but why was there a Civil War? Why could that one not have been worked out?

As many pointed out,Jackson couldn't have prevented the Civil War or been angry about it because he wasn't alive then. Jackson diedin 1845, more than a decade before the Civil War began in 1861.

That didn't stop Trump from taking to Twitter to double down on his statement.

And Jackson biographerJon Meacham said on Morning Joe that Trump had once bragged to him that he could have done a deal to avoid the Civil War.

It wasn't the first time Trump has pushed back on historical record.

[Memo to Donald Trump: Thomas Jefferson invented hating the media]

In 2015, the New York Times reported on a curious plaque that had been erected between the 14th and 15th holes of Trump's newly renovated golf course in Virginia, with the following message inscribed:

Many great American soldiers, both of the North and South, died at this spot. The casualties were so great that the water would turn red and thus became known as The River of Blood. It is my great honor to have preserved this important section of the Potomac River! -Donald John Trump

After historians pointed out that there had been no such Civil War battles at that location, Trump pushed back.

How would they know that? Trump asked a Times reporter then. Were they there?

He finally told the same reporter: Write your story the way you want to write it. ... You dont have to talk to anybody. It doesnt make any difference. But many people were shot. It makes sense.

The Times noted: In a phone interview, Mr. Trump called himself a 'a big history fan' but deflected, played down and then simply disputed the local historians assertions of historical fact.

There have been all sorts of famous gaffes by presidents,said James Grossman, the executive director of the American Historical Association. In most cases, if the mistake was brought to their attention, there was some kind of an official statement saying yeah, this was wrong or whatever.

Trump has proved unique in that his almost dismissive attitude toward historical data and evidence goes against most people who have reached the high ranks of decision-makers, he said. Those in the military rely heavily on history, as do economists. Lawyers gather evidence and scientists conduct experiments to collect data.

Historians are no different, Grossman said, analyzing physical evidence, records, archives, memoirs, archaeological objects and letters.

We check things; that's what we do, Grossman said. Any time you see any kind of evidence, one of the things that you're doing is you're evaluating the quality of the evidence.

[Thomas Jefferson and the fascinating history of Founding Fathers defending Muslim rights]

Even an undergrad history student would have questioned the plaque at Trump's golf course, he added but at least that didn't have public policy implications.

The Jackson stuff on Monday is different, Grossman said. In that case, where he was wrong deeply, deeply matters for public policy and public culture. It's important that we know that the Civil War was fought over slavery. It's important to know that it wouldn't have been good to make a dealunless that deal had freed the slaves, which obviously wasn't going to happen.

For Trump, when his views don't align with historians' conclusions, it sometimes makes sense to side with his personal gut, even if that means going against the record.

And he has certainly expressed skepticism when it comes to experts before.

Experts can't see the forest for the trees, Trump told The Post's Marc Fisherlast summer, in a conversation that mostly focused on his reading habits, or lack thereof. Trump, on the other hand, said he relied on instinct. A lot of people said, Man, he was more accurate than guys who have studied it all the time, he told Fisher.

The then-presidential candidate also statedthat he doesn't read much nor does he feel the need to, because he makes decisions with very little knowledge other than the knowledge I had, plus the words common sense, because I have a lot of common sense and I have a lot of business ability.

(Fisher noted that as Trump was preparing to be named the Republican nominee for president, he had not read any biographies of presidents. But, Fisher wrote:He said he would like to someday.)

One telling example of Trump's cavalier botching of history came when the History Channel invited him to appear as an expert in a 2012 episode of The Men Who Built America, a series on the Industrial Revolution.

Though he was on the screen only briefly, Trump delivered his contribution to the segment with confidence.

Andrew Carnegie was somebody that I think in terms of because I do buildings, Trump said on the show. And he really came up with the mass production of steel. He was the first and the biggest by far, by a factor of 30 times. And what he built was unbelievable and just got bigger and bigger and bigger.

[Hunting down runaway slaves: The cruel ads of Andrew Jackson and the master class]

Even in those few lines, there were factual issues. It was Sir Henry Bessemer who invented the first process to mass-produced steel known as the Bessemer process in England in the 1800s. Carnegie adapted the process for his business needs and, in the process, became the richest man in America.

He did not invent a steelmaking process,the American Historical Association's Grossman said of Carnegie. Often, invents something, but the first person who actually figures out how to use it in business is actually the one who makes tons of money.

It's unclear whether Trump ever corrected or clarified his input on the History Channel show, or whether he would ever have any incentive to do such a thing.

If those who ignore the past are indeed doomed to repeat it, Trump only has to study his own personal history to realize where his murky handling of historical facts has gotten him so far: to the White House.

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Donald Trump says he's a big fan of history. But he doesn't seem to trust historians. - Washington Post

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Donald Trump Says Peace in the Middle East Is ‘Not as Difficult as People Have Thought’ – Newsweek

Posted: at 3:56 pm

Updated| U.S. President Donald Trump told Palestinian leaders visiting the White House Wednesday that he does not think achieving peace in the Middle East will be as difficult as previously thought.

Sitting down to lunch with Palestinian President Mahmoud Abbas and senior U.S. and Palestinian officials, Trump said securing a peace deal between Israelis and Palestinians after more than six decades of conflict was "frankly maybe not as difficult as people have thought over the years."

He added that he believed both parties were willing to negotiate. We need two willing parties. We believe Israel is willing, we believe you're willing, and if you both are willing, we're going to make a deal," he said, according to Reuters.

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Immediately after his meeting in the Oval Office with Abbasthe first time the two men have metTrump said he would "to do whatever is necessary" to broker a peace deal. He said he would act as mediator between Abbas and Israeli Prime Minister Benjamin Netanyahu.

Read More: Trump seriously considering moving U.S. Embassy To Jerusalem: Pence

"I'm committed to working with Israel and the Palestinians to reach an agreement," Trump said, in comments released by the White House. But any agreement cannot be imposed by the United States or by any other nation. The Palestinians and Israelis must work together to reach an agreement that allows both peoples to live, worship, and thrive and prosper in peace."

In his first reaction to the White House meeting, Israeli Prime Minister Benjamin Netanyahu said Thursday thatPalestinians name their schools after mass murderers of Israelis and they pay terrorists.

Netanyahu criticized Abbas for telling Trump that Palestinians sought to impart a culture of peace to their children, the Times of Israel reported. The Israeli prime minister remarked the statement was unfortunately not true.

Netanyahu, who met Trump in Washington in February, said Thursday he fervently shares the U.S. presidents commitment to advancing peace.

I hope that its possible to achieve a change and to pursue a genuine peace. This is something Israel is always ready for. Im always ready for genuine peace, Netanyahu said,before a sit-down with Romanian Prime Minister Sorin Grindeanu.

Of all the U.S. presidents that have tried and failed to solve the Middle Easts most intractable conflict, Bill Clinton was perhaps the most successful; he brought together Palestinian leader Yasser Arafat and Israeli Prime Minister Yitzhak Rabin in 1993 to sign the Oslo Accords.

In 1995, Rabin was assassinated by a radical right-wing Israeli for his role in the deal and by 2000 the Second Intifada'uprising in Englishled to open warfare between Israeli forces and Palestinian militants in the West Bank and Gaza. In November 2004, Yasser Arafat died in a Paris hospital after falling ill during a protracted siege of his compound in Ramallah by the Israeli Defense Forces (IDF).

U.S. President Donald Trump and Palestinian President Mahmoud Abbas arrive to deliver a statement at the White House in Washington D.C., U.S., May 3, 2017. Carlos Barria/REUTERS

In January 2008, George W. Bush called on Israel to end its occupation of the West Bank and predicted that a peace deal would be signed before he left office. But by the time Barack Obama took over the following year, talks had reached another stalemate.

As Secretary of State from 2013, John Kerry was optimistic about securing a deal until talks broke down in April 2014. The war in Gaza broke out just months later.

Trumps attitude to the Israeli-Palestinian conflict has been inconsistent since he took office in January.

In a February meeting with Netanyahu he appeared to drop Washingtons longstanding commitment to eventually reaching a two-state solutionunder which an independent Palestinian state would exist alongside Israel and angered Palestinians by threatening to move the U.S. embassy to Jerusalem.

But he also invited Abbas and his cabinet to Washington and has been outspoken in his criticism of Israel over its settlement building in the West Bank.

Following his meeting with Trump, Abbas reiterated his demands for a Palestinian state based on borders that existed before the 1967 Six Day War, with its capital in East Jerusalem.

This article has been updated to include comments made by Israeli Prime Minister Benjamin Netanyahu on Thursday.

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Amanda Knox: Donald Trump supported me when I was wrongly accused of murder. What do I owe him? – Los Angeles Times

Posted: at 3:56 pm

Donald Trump supported me during the worst crisis and most vulnerable moment in my life, defending my innocence when I was on trial in Italy for murder. He is now the president of the United States and reportedly very upset with me because I didnt vote for him.

Do I owe him my loyalty?

Trumps remarks were reported by the New York Times in a profile of his neighbor George Guido Lombardi. Yet I received negative backlash from his supporters even before Lombardis comments were published. They felt that I owed Trump my allegiance and were outraged at columns I wrote in which I criticized his policies and explained my reasons for endorsing Hillary Clinton. One person commented:

Im sorry I ever supported you. You have turned into a left wing lunatic. I see your experience in Italy has left you completely ungrateful to be an American. Donald Trump stood by you, but now you turn around and indirectly attack him? You should be ashamed of yourself.

Another wrote that, while I neednt endorse Trump, my criticism of him wasnt nice.

The message was clear: Trump defended me in the past; how dare I not defend him now? Never mind that Trump doesnt share my values. If I wont endorse him, at the very least I should keep my left-wing lunacies to myself.

This conviction is both undemocratic and dangerous. Just as a persons support of me should not be based upon my politics or identity, hinging instead on the fact of my innocence, so should my politics hinge on the merits of policy, not personal loyalty.

In The Righteous Mind, Jonathan Haidt describes loyalty as one of the moral foundations that conservatives feel more strongly than liberals. Its part of what makes morality a force that binds and blinds. Loyalty can bind people together under a common cause, but it can also blind people as to whether or not their cause is just.

I discovered just how blinding loyalty could be when, in December 2009, an Italian court convicted me of a murder I didnt commit. That judgment rested heavily on the courts bias in favor of the prosecution, which represented the Italian people and the Italian state, over the defense, which represented a foreigner.

This is loyalty taken too far. And it calls to mind the party-over-policy approach that currently plagues our own politics.

Yes, Trump donated to my defense. And yes, Trump defended my innocence, recognizing that coercive interrogations produce false testimony authored by the interrogators themselves, a well-studied and documented fact.

But Trump claimed the exact opposite in the Central Park Five case, calling for the death penalty even though the accused teens rape convictions rested solely on coerced false confessions. Even now he views them as guilty, years after they were exonerated based on DNA evidence.

Trump recognized me as a fellow American who deserved to be assumed innocent until proven guilty, but he condemned the Central Park Five as other guilty until proven innocent. Loyalty motivated Trump to call for all Americans to boycott Italy, even though, ironically, it only served to amplify anti-American sentiment in the courtroom, stacking the deck against me.

There is a kind of loyalty I wholeheartedly support: loyalty to our ideals of due process, equal protection under the law, the freedom to speak ones mind and to vote according to ones principles. Only in banana republics do political leaders dole out favors to citizens in exchange for their silence and their vote. By holding personal loyalty above all else, Trump and some of his supporters create a political environment where reason and justice hold little sway. He was probably right when he said he could stand in the middle of Fifth Avenue and shoot somebody and not lose voters thats what happens when personal loyalty is paramount.

I know many Republicans who recognized the danger of Trumps worldview, and broke party loyalty this past election. My dad was one of them. Its to their credit that they could be critical of their own party for the sake of the country.

And its to Italys credit that the Italian Supreme Court ruled against the popular opinion of the Italian people when they acquitted me. I owe my freedom to those people who saw reason beyond loyalty.

What do I owe Trump? A thank you for his well-intentioned, if undiplomatic, support. So for the record: Thank you, Mr. President.

But the more important question is, what do I owe my country? Civic engagement, careful consideration of issues that affect my fellow citizens, and support for policies that deserve support, even if it makes the president very upset.

Amanda Knox is the author of Waiting to be Heard: A Memoir.

Follow the Opinion section on Twitter @latimesopinion or Facebook

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Donald Trump May Have Exaggerated the Size of Something Else – Vanity Fair

Posted: at 3:56 pm

Donald Trump in his 5th Avenue living room in New York City, 2005.

By Alex Webb/Magnum Photos.

What subject was Donald Trump good at in elementary school, do we think? Hes proved weak on history and has betrayed an unconventional sense of syntax. He is very good at writing his name. Nowor once again, ratherits clear math is more of a creative activity than a precise one. Forbes took a moment to fact-check a claim that Trump made while he was still on the campaign trail in 2015 regarding his Trump Tower residence.

At the time, Trump claimed the apartment was 33,000 square feet total and was worth at least $200 million. He told Forbes, I own the top three floorsthe whole floor, times three! The publication found that following some expansion in the 90s, Trumps residence has maintained an underwhelming size of 10,996 square feet, which, much like his hands, is about a third of what he says it is.

The tower itself is 10 floors shorter than it actually is, due to some height fudging on Trumps part in the early 80s, according to a recent New York Times piece. The presidents proprietary take on math is here:

Though the tower was built with 58 floors, Mr. Trump later explained to The New York Times that because there was a soaring pink marble atrium and 19 commercial floors at the bottom, he could see no good reason not to list the first residential floor as the 30th floor. The pinnacle became the 68ththe height that appears in marketing materials, online search results and news articles to this day.

So the exact height of the presidents tall tales is 10 stories. This has become a sort of real-estate practice that the city, developers, and residence all buy into from then on, according to the Times. Yes, Trump once pioneered a mutually agreed upon delusion that is all smoke and no substance for an entire industry.

Vanity Fair has reached out to the presidents team for confirmation.

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Donald Trump May Have Exaggerated the Size of Something Else - Vanity Fair

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Stephen Colbert Defends Donald Trump Jokes After Controversy Erupted – NBCNews.com

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"The Late Show" host Stephen Colbert stood steadfast Wednesday during his opening monologue while addressing the controversy surrounding a joke he made about President Donald Trump.

Colbert had joked about Russian President Vladimir Putin and Trump engaging in oral sex, setting off a firestorm on Twitter.

The comments, which some interpreted as homophobic, birthed #FireColbert as a Twitter trend and a call from conservative viewers and Trump supporters to boycott Colbert's advertisers. The hashtag has been tweeted approximately 350,000 times since Tuesday.

As Wednesday night's show began, Colbert first had to double check that he was still, in fact, host of the comedy program.

"Welcome to The Late Show. I'm your host Stephen Colbert. Still? Am I still the host?" Colbert asked at the beginning of the monologue.

He then triumphantly announced, "I'm still the host!"

Colbert, tackled the accusations of homophobia, saying anyone who expresses authentic displays of love is an "American hero."

"Life is short, and anyone who expresses their love for another person in their own way is, to me, an American hero," Colbert said, adding he hoped that was the one thing he and the president could agree on.

Colbert made the controversial joke on Monday, saying that Trump had insulted a friend of his. Colbert was referring to CBS News' chief Washington correspondent John Dickerson. Trump had seemingly cut short an interview with Dickerson, which aired on Monday prior to the Late Show's taping.

Colbert frequently talks about and derides Trump in his opening monologues, criticizing the president's policies and statements, but for many, Colbert's remarks on Monday night were a step too far.

On Tuesday, Colbert, his Twitter account and representatives for the show made no remarks about the joke, according to the Washington Post, staying quiet as the backlash seeped through social media.

"This would be a fireable offense in better times. Worst thing about many Trump critics is they use him as an excuse to act as awful or worse," T. Becket Adams, a commentary writer for the Washington Examiner, tweeted.

Glenn Greenwald, of The Intercept, called Colbert's remarks "homophobic."

"Homophobia for the right cause, with the right targets, is good homophobia, apparently," Greenwald wrote.

As the #FireColbert hashtag spread, the website firecolbert.com and the Twitter account @FireColbert sprung up.

Although admitting he would have used a few different words, Colbert stood behind his Monday night remarks.

"I believe he can take care of himself. I have jokes; he has the launch codes. So, it's a fair fight," Colbert said.

CBS did not immediately respond to a request for comment and it is unclear if any of the Late Show's advertisers have been affected by the backlash.

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Why you can’t ignore Puerto Rico’s bankruptcy – USA TODAY

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People face off with police during the general strike against austerity measures, which coincides with the International Workers Day, in San Juan, Puerto Rico, on May 1.(Photo: THAIS LLORCA, EPA)

Puerto Rico's bankruptcy is poised to bludgeon investors,threaten the livelihood of American citizens who planned their retirement on the island's promises, andunderminestate governments.

The bankruptcy may also provide hope of fiscal sustainability and improvedservices for Puerto Rico, as the U.S. territory attempts to dig out of $74 billion in debt and $49 billion in pension promises.

But the ripple effects remain shrouded in uncertainty as the U.S. judicial system runs, for the first time, a debt-cutting legal process known as Title III of a 2016 law dubbed the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA).

"Nobody really knows exactly whats going to happen,"S&P Global Ratings credit analyst David Hitchcock said. "Its highly uncertain."

To be sure, the legal process is similar to the Chapter 9 municipal bankruptcies of Detroit in 2013 or Orange County, Calif., in 1994.

An oversight board governing Puerto Rico will aim to negotiate debt-cutting deals with creditors with the goal of achieving a viable "plan of adjustment" that a federal judge deems reasonable and fair.

But previous municipal bankruptcies have demonstrated that the clash between Wall Street creditors, mom-and-pop vendors, retirees, politicians, union officials and special interests is a recipe for inertia.

"I dont know that a dawn is coming, but its going to get darker,"Municipal Market Analytics analyst Matt Fabian said in an interview.

What's clear, however, is that in the absence of action Puerto Rico's downward spiral willcontinue, as the island's economy remains distressed and as thousands of people flee to the mainland.

To many Americans, Puerto Rico is a vacation spot and nothing more. But this bankruptcy could hit closer to home than they realize. Here's why.

Fellow American citizens could continue to suffer.

Puerto Ricans are American citizens. They are suffering under the weight of heavy debt, government bureaucracy, high taxes and poor access to economic opportunity.

This bankruptcy may lead to their pensions and health care insurance taking hits, while services could also suffer cuts. Fabian estimated that some pensioners may get cuts of up to 20%.

But that may be necessary to help stabilize the island. Puerto Rico has lost 20% of its jobs since 2007 and 10% of its population, sparking an economic crisis that worsens by the day.

Still, without actionto improve services such as public safety, health and education, the island's population loss could continue or even accelerate.

Your retirement investments may take a hit.

Since Congress voted 100 years ago to exempt Puerto Rican bonds from federal, state and local taxes, those investments have attracted many people seeking tax-free retirement income.

Despite years of trouble, more than 40% of U.S. municipal bond funds still have exposure to Puerto Rico debt, totaling $7.82 billion in holdings, according to Morningstar data provided to USA TODAY.

What's more, U.S. mutual funds hold about $8.38 billion in Puerto Rico debt, according to Morningstar.

Those bonds could be subject to steep cuts in bankruptcy, and while insurance may cover some of those losses, anyone who bet their portfolio on Puerto Rico should be nervous.

The bankruptcy "could have the advantage of a potentially global solution that might arrive more quickly and with lower legal costs, but it also strengthens Puerto Rico's protection against legal claims," Hitchcock said in a research bulletin.

It might be more expensive for your state to borrow.

Puerto Rico's crisis shows that large governments can reach a point of no return, endangering investment principal.

That may give investors pause before they acquire debt from cash-strapped states and cities, Fabian said. That could increase borrowing costs for state and local governments, which mustcut spending or raise taxes to make up the difference.

"I think it will make life more difficult in places like Illinois and New Jersey and Connecticut, where investors are already reluctant to loan the governmentmoney," Fabian said."Its going to increase investor trepidation."

The case could lead to a political eruption in Washington.

Although Washington's response to Puerto Rico's action was largely muted Wednesday it was, after all, not unexpected the unintended consequences of PROMESA may soon trigger a political firestorm.

If and when discussion of pension cuts heats up, expect angry missives from members of Congress perhaps even from lawmakers who voted to create this debt-cutting process in the first place. Others may be upset about bondholders taking cuts.

"Members of Congress have a variety of interests in what sacrifices are made in this restructuring," said Melissa Jacoby, a University of North Carolina professor and expert on municipal bankruptcy.

But don't expect a bailout anytime soon. President Trump has blasted the possibility of rescuing Puerto Rico, and it's highly unlikely Republicans on Capitol Hill will show any interest.

Follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey.

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Why you can't ignore Puerto Rico's bankruptcy - USA TODAY

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Morning Agenda: Puerto Rico Declares a Form of Bankruptcy – New York Times

Posted: at 3:55 pm


New York Times
Morning Agenda: Puerto Rico Declares a Form of Bankruptcy
New York Times
The island is petitioning for relief under a federal law for insolvent territories, called Promesa, which contains certain bankruptcy provisions but also recognizes that Puerto Rico, a commonwealth of the United States, is not part of any state and ...
Puerto Rico files for biggest ever US local government bankruptcyReuters
Puerto Rico declares bankruptcy. Here's how it's going to unfoldUSA TODAY
Puerto Rico les for bankruptcyChicago Tribune
Quartz -The American Lawyer
all 204 news articles »

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Morning Agenda: Puerto Rico Declares a Form of Bankruptcy - New York Times

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How Obamacare Helped Slash Personal Bankruptcy by 50% – Money Magazine

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As legislators and the executive branch renew their efforts to repeal and replace the Affordable Care Act this week, they might want to keep in mind a little-known financial consequence of the ACA: Since its adoption, far fewer Americans have taken the extreme step of filing for personal bankruptcy.

Filings have dropped about 50%, from 1,536,799 in 2010 to 770,846 in 2016 (see chart, below). Those years also represent the time frame when the ACA took effect. Although courts never ask people to declare why theyre filing, many bankruptcy and legal experts agree that medical bills had been a leading cause of personal bankruptcy before public healthcare coverage expanded under the ACA. Unlike other causes of debt, medical bills are often unexpected, involuntary, and large.

If youre uninsured or underinsured, you can run up a huge debt in a short period of time, says Lois Lupica, a bankruptcy expert and Maine Law Foundation Professor of Law at the University of Maine School of Law.

So did the rise of the ACAwhich helped some 20 million more Americans get health insurancecause the decline in bankruptcies?

The many experts we interviewed also pointed to two other contributing factors: an improving economy and changes to bankruptcy laws in 2005 that made it more difficult and costly to file. However, they almost all agreed that expanded health coverage played a major role in the marked, recent decline.

Some of the most important financial protections of the ACA apply to all consumers, whether they get their coverage through ACA exchanges or the private insurance marketplace. These provisions include mandated coverage for pre-existing conditions and, on most covered benefits, an end to annual and lifetime coverage caps. Aspects of the law, including provisions for young people to be covered by a family policy until age 26, went into effect in 2010 and 2011, before the full rollout of the ACA in 2014.

Its absolutely remarkable, says Jim Molleur, a Maine-based bankruptcy attorney with 20 years of experience. Were not getting people with big medical bills, chronically sick people who would hit those lifetime caps or be denied because of pre-existing conditions. They seemed to disappear almost overnight once ACA kicked in.

The first attempt to repeal and replace the ACA, in March, failed to gain enough Congressional support and never came to a vote.

Then in April, details of a new replacement plan were released. Although President Donald Trump has said that this new version, like the first bill that was pulled from consideration, will cover pre-existing conditions, the revised law gives states broad latitude to allow insurance companies to increase rates for consumers with an existing illness.

Since the start of the year, more than 2,000 consumers have answered an online questionnaire from Consumer Reports advocacy and mobilization team, sharing their experiences with the ACA. Katie Weber of Seattle was one of them.

In 2011, she had just landed her first job out of college, as a teacher with AmeriCorps, she explains in a phone interview. Thats when the unusual numbness in her hand began, which sheand her doctorat first mistook for a pinched nerve. Then came debilitating headaches and nausea and, ultimately, a diagnosis of medulloblastoma, a fast-growing cancerous brain tumor.

The treatment for her tumor was straightforward: surgery, radiation, then chemotherapy. Figuring out how to pay for it was much less clear. She worried that the insurance she had through AmeriCorps wouldnt cover enough of her bills.

My dad said to me, Your health is the most important thing. If you have to declare bankruptcy at age 23, its no big deal, Weber says.

Because of the ACA, she says, it never came to that. After her year with AmeriCorps, the new healthcare law enabled her to get coverage under her parents insurance plan.

The ACA provisions required that the familys insurance company cover her even though she had already been diagnosed with cancer. That would not have been the case before the ACA, which mandates the coverage of pre-existing conditions for all consumers.

Later, when she aged out of her parents insurance, Weber was able to enroll in Apple Health, Washington states version of Medicaid , a program that was expanded once the ACA was passed. That coverage, she says, has been crucial to her financial and medical well-being, especially once the cancer returned last fall.

Weber says she now spends more time discussing treatment options and less time worrying how shell pay for MRIs and drugs. These are covered in full under her Apple Health policy.

Cancer is really expensive, she says. My insurance saved my life.

If you want further testimony about how much personal bankruptcies have dropped over the past decade, talk to Susan Grossberg, a Springfield, Mass., attorney.

For more than 20 years she has helped consumers push the financial reset button when debt triggered by divorce, unemployment, or a costly illness or medical episode became too much to handle. Medical debt can get really big really quickly, Grossberg says. When youre in the emergency room theyre not checking your credit score while theyre caring for you.

With the advent of the ACAand before that, expanded state healthcare in Massachusettsshe says fewer clients with large medical debts walked through her door.

Grossberg adds that her bankruptcy business has slowed so much that she has been forced to take on other kinds of legal worklandlord-tenant and housing discrimination casesto cover her own bills.

The American Bankruptcy Institute suggested that veteran Chicago bankruptcy attorney and trustee David Leibowitz could also help parse the reasons for the decade-long decline.

First, he says, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 made it more difficult for consumers to file for bankruptcy. The law required credit counseling and income verification and forced many consumers to seek protection under Chapter 13, which restructures, but does not eliminate, most debt. The piles of paperwork also meant most filers needed a lawyer, which made bankruptcy more costly and therefore not an option for many poor consumers.

Then there was the economy. After a slow and steady recovery following the housing crisis of 2008, Leibowitz explains that American consumers generally had fewer problems with their mortgages, better employment prospects, and greater access to credit, which made them less likely to file.

The final factor, according to Leibowitz, has been the ACA, which afforded health coverage to many more consumers and expanded protections for all.

Of course, not everyone sees such a direct connection between the decline in bankruptcies and the emergence of the ACA.

Thomas P. Miller, resident fellow at the American Enterprise Institute and co-author of Why ObamaCare is Wrong for America (HarperCollins, 2011), cautioned against reaching broad conclusions because the subject is so complex.

Certainly there are fewer people declaring bankruptcy, and certainly fewer are declaring bankruptcy because of healthcare spending, he says. But his earlier research suggested that some studies exaggerated the degree to which high healthcare bills cause bankruptcies. They tended to reflect other problems with credit card balances well beyond healthcare, he says. It stems from multiple causes.

Over the past decade, determining the cause-and-effect relationship between medical debt and bankruptcy has become a political football, particularly during the years the Obama administration was trying to pass the ACA through Congress.

The truth is that its not that easy to determine how many bankruptcies are caused by medical debt. Examining the paperwork doesnt always offer insight because debtors often juggle their indebtedness, for example, using a credit card to pay an outstanding medical bill while leaving other debts unpaid.

But a 2014 study from Daniel Austin, a bankruptcy attorney and, at the time, a professor at the Northeastern University School of Law, offers some of the most in-depth research to date.

Austin and his team selected a nationwide group of 100 bankruptcy filers meant to represent a cross-section of the U.S. population, studied their paperwork, then followed up with a survey asking filers, basically, Why?

His teams research found that medical debt is the single largest factor in personal bankruptcy. First, Austin analyzed the paperwork of individual case files, which suggested that medical bills were a factor in 18% of filings. But when he directly asked the same filers, in a survey, the number was even higher, with 25% citing medical bills as a factor in their decision to file bankruptcy.

In addition to the nationwide group, Austin isolated a group of 100 bankruptcy filers from Massachusetts. Why Massachusetts? Because its citizens, starting in 2006, had been covered by a comprehensive state healthcare program similar to the ACA known as Romneycare, after the states former governor, Mitt Romney.

The differences between the two groups were striking. Even though the Massachusetts filers owed substantially more in unsecured debt (that is, debt not backed by a home, a car, or another asset) than their counterparts in other states, they reported less than half as much medical debt, which is also unsecured.

The average medical debt in Massachusetts in 2013 was relatively low at just $3,041 (6% of total unsecured debt) compared to $8,594 (20% of total unsecured debt) nationwide, Austin writes in his 2014 study, portions of which were published in the Maine Law Review.

Only about 9% of Massachusetts debtors felt their bankruptcy filing was a result of medical bills, Austin explains. This compares to 25% for debtors from [other] jurisdictions. Austins research found that comprehensive medical coverage in Massachusetts had all but eliminated medical bills as a cause for bankruptcy.

Not only in absolute numbersthey had much smaller medical debtbut psychologically, medical debt did not loom nearly as large for people in Massachusetts as it did for other people in other states. And in 2010, four years after Romneycare began, the state had a bankruptcy rate that was about 30% lower than that of other states.

At its most basic level, health insurance allows consumers to pay for the medical care they need. Each year, the Centers for Disease Control and Prevention determines how well the system is working by surveying Americans and asking a simple but powerful question: Did you have problems paying medical bills in the last 12 months?

The percentage of those reporting problems has dropped from 21.3% of households when they first asked the question in 2011 to 16.2% in 2016. Thats almost 13 million fewer Americans no longer facing collection notices from a doctor or hospital.

Its been happening across the board, by race, by age, by insurance status, by gender, says Robin Cohen, the studys lead author.

But insurance is also about peace of mind. And judging from the consumers who have shared their stories with Consumer Reports, that certainty is in short supply as the fate of the ACA is decided. People are wondering what comes next: Repeal? Replace? Improve? Retain and neglect? No one really knows the answer. Americans are concerned about how the future of healthcare will affect them and their families.

In CRs Consumer Voices survey in January 2017, 55% of consumers said they lacked confidence that they or their loved ones would be able to afford insurance to secure that care.

Don Shope of Ocean View, Del., said the availability of ACA coverage gave him the confidence to leave a corporate job and start his own consulting business. But now, with the ACAs future in limbo, he and his wife are watching the action in Washington and worrying that they might have to return to jobs with benefits.

Im not a liberal or a conservative, a Democrat or a Republican, Shope said in a phone interview. Our biggest concern is that with repeal and replace were going to be left high and dry.

He also believes in expanded health coverage for all. If any American is sick, we should be willing to take care of them, Shope says. Its the right thing to do. Economics and profit shouldnt be part of the healthcare equation.

And then theres Kristin Couch, who has channeled the uncertainty into her own brand of activism.

I was kind of anxious, Couch says about the day in March when Congress was set to vote on a less robust bill that would replace the ACA.

The 31-year-old public relations executive, of Gainesville, Ga., has started to follow health-care politics in the intense, almost obsessive way some people follow sports. The morning after Election Day, she called the offices of her local congressional representatives, urging them to preserve the protections the ACA offers.

Couch began caring about healthcare as a high school senior when she was diagnosed with lupus and since then has become something of a reluctant expert on how to manage not only her treatment but also the insurance that pays for it.

With friends and neighbors she talks about the law in simple but personal terms. I tell people, I have a pre-existing condition, and this has helped me, she says of the ACA. Couch follows the healthcare debate in Washington so closely because she knows firsthand what happens when you dont have adequate coverage.

Couch remembers the time, before the ACA, when a new immunosuppressive drug that wasnt covered by her policy became available. It was expensive, she explained in an interview, but it worked, and I knew I needed it. Every month Id just put it on a credit card. When your medication is thousands of dollars a month, thats the start of being in debt. She considered bankruptcy but ultimately worked her way out from under the pile of medical bills.

As a result of the ACA, her coverage shifted again when her employer no longer offered a traditional plan and she had to switch to one with a high $3,000 deductible. Initially she was stunned by her out-of-pocket costs, but she quickly realized that her total costs would be capped once shed met that threshold.

It seemed scary and it seemed different, she explains. But it actually saved me money. And now, she says, I dont have to worry about how much a new drug costs.

So on the March day the House of Representatives was supposed to vote on repealing the ACA, she worried that the insurance shed come to depend on was about to be yanked away. Only after emerging from a client meeting did she learn the vote had been canceled. I started crying I was so happy, Couch recalls. Its like a weight has lifted.

But Couchs relief was short-lived. Now shes back to paying close attention to the rhetoric and vote-counting deals in Washington, awaiting another possible vote on the newly revised plan. I'm still optimistic, she said this week. I think enough people will stand up and fight for the coverage.

Consumer Reports has no relationship with any advertisers on this website. This article originally appeared on Consumer Reports .

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How Obamacare Helped Slash Personal Bankruptcy by 50% - Money Magazine

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