The Crisis of Credit Visualized

I summarized this video for an English class:

The task was to condense this about 11-minute long video into 200 words, explaining the causes for the credit crisis logically without losing any relevant information.

And this is my first final version:

The video The Crisis of Credit Visualised explains the reasons for the big financial fiasco of 2007/2008, commonly known as the credit crisis. It starts with describing how the dot.com crash enabled banks to borrow money cheaply from the Federal Reserve. In order to receive even more money, banks had the idea to connect families and investors by buying mortgages.

For this, bankers used the principle of leverage, which means that they bought many mortgages, so as to gain money from the homeowners as well as from the investors. In the end, the bank paid back its debts to the investors and still owned a considerable amount of money.

The problem was that bankers craved for more. They started to buy subprime mortgages from homeowners who were likely to default; and they eventually did. The bank ended up with a large number of houses but no reliable people who would buy them. The house prices sank and therefore people who could afford the mortgages stopped paying as well.

In conclusion, the financial system froze. The entire line of brokers, lenders, banks and investors went bankrupt and was unable to keep the economy growing. The crisis of credit took its course.

[200 words]

Alright. You may have noticed that there are a few mistakes in there.

- I didn't mention the name of the creator of the video

- I left out some important information but wrote a lot of unnecessary words

- It's much too informal

I wrote this second version, trying to correct some of the mistakes. You have to be patient with me when it comes to formal English, though, I am slowly improving on it.

The video The Crisis of Credit Visualized by Jonathan Jarvis explains the reasons for the 2008 credit crisis. It starts by describing the dot.com bust, an economic downturn resulting in low interest rates that were undesirable for investors. Bankers solved the investors’ problem by connecting them with families through mortgages.

Brokers sold houses to reliable families, lenders provided the mortgages and banks purchased them. Bankers then divided the collection of mortgages called Collateralized Debt Obligation, abbreviated as CDO, into three slices; the safe, okay and risky slice. Investors bought the AAA rated safe slice that was additionally protected with a low-cost insurance, the Credit Default Swap, abbreviated as CDS. Bankers used this example of the principle of leverage to accumulate wealth.

Avarice that overcame bankers caused the system to collapse. They began to purchase subprime mortgages from homeowners whose default was foreseeable. As a result, the bank was left with many unwanted houses. The house prices sank and therefore people who could afford their mortgages stopped paying as well.

In conclusion, the financial system froze. The line of brokers, lenders, banks and investors went bankrupt and was unable to keep the economy growing. The crisis of credit took its course.

[200 words]

I hope you think that the text is actually better now. 

Thanks for reading and cheers!

 

Vocab Learning Strategies

As a student of languages, I am confronted with dozens of new words every week. My choices are: a. not study them, b. use my photographic memory or c. simply learn them. The first one doesn’t make sense because I would like to keep studying and eventually get a job as an interpreter or translator. The second one is impossible because I wasn’t born with such a memory. So, I’m left with only one option: I have to learn them.

uvocab

To be honest, I am a rather old-fashioned person when it comes to memorizing words. This is why I really like vocabulary books. I can fill in the blanks and thanks to different types of exercises, studying isn’t that monotonous.

The words that don’t stick in my head I write on flashcards, so that it’s easier for me to repeat them. However, we do live in the 21st century and as it is indeed much faster to use electronic devices, I am gradually adapting to my environment.

Describing exactly how I turn my flashcards may be a bit boring for you, so I decided to experiment with modern technology and tested a few, free of charge vocab-learning apps for Android. I actually found some good ones that I’d like to use in my future attempts to memorize huge amounts of vocabulary.

1.) uvocab: This one is my favorite because it provides so much information about every word in an extensive SAT list. As shown in the screenshot, you find its meaning, synonyms, antonyms, example sentences and even the etymology. You can listen to the pronunciation and there is a link that leads you to the monolingual learner’s dictionary of your choice. This app contains an extensive range of words that you can easily browse. Unfortunately, you can’t create your own list. After learning the given set of words, you can test yourself with multiple choice questions or word match exercises. Every word you fail to remember is automatically recorded and so you can review them again and again. Finally, yet importantly, it is also possible to create electronic flashcards.

ankidroid

2.) AnkiDroid is an app that allows the user to create their own flashcards. In contrast to the previous app, however, you have to write the flashcards without additional information. When testing yourself you see a screen that looks like the screenshot I provided. You have to type in your answer and can then check it. Simple to use, yet effective.

SuperCard

3.) SuperCard: With this one, you again have to write every flashcard yourself. There are four different ways to do that: 1) Typing the word in, 2) taking or 3) importing a photo and 4) writing it on the screen with either your finger or a stylus. Additionally, you can test yourself in three different ways. I recommend using this app as it is easy to use and very fast.

4.) Flashcards: This app lets you create your own flashcards or browse through all the flashcard sets that have been created by other users. You can either learn your cards by flipping through them or test yourself with multiple-choice questions. The definitions are provided by dictionary.com, which is, in my opinion, a disadvantage because this dictionary is not appropriate for English learners. There are only a few definition per word and dictionary.com, so it lacks exactness and that is what an English learner actually needs: Collocations, example sentences, all the different meanings of a word and the prepositions that go with them.

flashcards

I found many more apps for memorizing vocabulary, but these four are my favorites, as they are easy to use and actually help to remember new words. They are not filled with advertisements and have an appealing layout.


I hope I was able to give you a useful insight into the vocab app world and that you maybe consider using one of them.

Mindmapping

So, how to start a post after a few months of disappearance. Probably with good reasons for my absence. Fact is, I have none. Semester ended in July, this one started in October. I simply forgot about blogging.
Fortunately, my teachers reminded me and so this is my first blog in my 3rd semester of studying.

And what is it about?
Mindmaps! To be more precise, about one particular mindmap I created on a text about economics.

This is the simplified version of my massive mindmap that I won't even show to you, as it would exceed the capacity of this blog by far. ;)

Most importantly, I understand what is written in the source text "The economics of Robinson Crusoe". In order to become rich, you have to earn more than you spend, then invest money into something that helps you gaining more profit and in the end just keep on getting richer and richer. You have more options than before and as long as you have established an emergency fund, you have no financial problems when getting ill. Sometimes debt can help you to skip a few steps in getting rich, but it is very risky and going into debt has to be calculated precisely.

Of course, I also learned that economic principles can be applied to a single person who stranded on a desert island and has to pluck berries in order to survive. In case you got curious and would like read the mentioned text yourself, here is the link: http://earlyretirementextreme.com/the-economics-of-robinson-crusoe.html

Cheers!

Culture Days, June 16/17

A short explanation at the beginning: I study the English language as well as the culture that dominates English-speaking countries at the University of Graz, Austria. Our English teachers conceived a culture project and so every student had to prepare a presentation about a topic of his/her choice. The only restriction was to keep to your "home culture" which means to stick to the culture your teacher grew up in. As a result, I had to pick an issue concerning Ireland and decided to do research on Leprechauns. Eventually, I ended up with the topic "The popularised Leprechaun".
We all had to present the outcomes of our research on June 16 or 17, so just a few days ago. Every student additionally had to be present at seven other presentations of their home culture and only at three of a foreign culture. In the end, everyone had to choose five home culture topics on which we will be tested in the last big exam this semester: The KGP.
The two exhausting Culture Days are over now and so it's time to reflect on my impressions. All in all, I went to see thirteen presentations and I have to say that I was very impressed by the performances of many peers.

Sophie, for example, talked about great American entrepreneurs and, in my view, she did a really good job. Well prepared and motivated she stood, full of self-confidence, in front of her audience and informed us about elite universities in the USA and their influences on the foundings of huge businesses such as Microsoft, Google, Facebook, Apple, HP and so on.
Her presentation was followed by one about the TV series Homeland and its relation to reality. It was very interesting to see how fiction can be transferred into the real world and how similarities can actually be found easily.
The third and last presentation I watched about American culture dealt with same-sex marriage in the US, a topic that is up to date in many European countries, too. Miriam told her audience about differences of opinions between the fifty states, gave with LGBT (Lesbian Gay Bisexual Transgender) rights in California as well as in Alabama two disparate points of view and summarised the results of her research perfectly.

I was lucky and had time to go and watch the only presentation about Australian culture. "Chinese immigrants in Australia" is, at least for me, a quite boring topic but Carla presented it in a lively and likeable way, so it was a pleasure to listen to her.

C.S. Lewis' The Chronicles of Narnia

But now to the most important presentations - the Irish ones. The decision on which I want to be tested on the exam is harder than I thought but eventually I chose five of the nine topics I was introduced to.
1) I went to see Marlene's presentation on "Irish influences on C.S. Lewis' work" and was impressed by her sovereignty. She caught my interest in the topic, maybe because she was very passionate about it herself. Through her way of presenting, she even convinced me to learn more about Irish mythology and landscape, C.S. Lewis' biography and especially his relation to Ireland. I would say: KGP Topic 1!

Oliver Cromwell

2) Verena talked about the life and work of Oliver Cromwell, seen from two disparate perspectives, the Irish one and the British one. Is he a cruel slaughterer or one of England's greatest sons? She didn't really need to convince me to take this topic for my KGP, I was already curious about his doings before she started to talk. KGP Topic 2!

3) The next Irish culture presentation I visited was the one of Margarita. She described the gain of women's power throughout Irish history. As far as I can remember, she did a good job and presented interesting facts, nonetheless this topic didn't make it into my KGP list.

4) Alexandra presented a very extensive topic, namely "The conspiracies about the murder of Jean McConville". I really liked her presentation but the issue she was talking about is very complicated because of the time Jean was murdered in. There were a lot of bad things going on in Ireland during the Troubles, all of them somehow related to each other. I won't pick it as an exam topic, for me it's enough to know that the IRA murdered her.

5) Dolores dealt with the Irish language, how and why it became an official EU lanuage. Honestly, I wasn't exactly captivated by the presentation. There were much more interesting topics that I prefer to take over that one.

6) Kathi had an interesting topic concerning the LGBT rights and David Norris' contribution to them. As with same-sex marriage, these rights and the whole issue of tolerance are matters of present discussions in Europe and other parts of the world. I think I didn't take this topic because I just survived the "Wurst-hype". ;)

Gaeilge -"Irish" in Irish

7) Nina asked the question "Is Irish a dying language?" and answered it directly in her presentation. I will definitely answer that question, too, while talking about it in my exam: KGP topic 3! Simply because I love languages and want to expand my knowledge about as many of them as possible.

Vikings - ready to invade

8) Simone talked about the educational system in Austria and Ireland. Sounds boring but actually it's interesting to compare the way of teaching and the quantity of time spent in school and university in different countries. The opportunity to check through polls whether the pupils of the one or the other country make more profit from their educational system rewards the research on the topic. KGP topic 4!

9) Last but not least, KGP topic 5! Verena held a presentation about the Vikings in Ireland and as with Oliver Cromwell, I already was interested in the topic before. How and where did the Vikings live? What did they do in their free time? What did they look like? What was the women's role in the Viking society? When and how did they come to Irel...............

I'm sorry to ask but - who are you?

Can you imagine or have you already experienced the feeling when a close friend or a family member of yours doesn't recognize you anymore? After years of ups and downs with that person, I will never understand how they can simply forget people those who are closest to them.

The Alzheimer disease: What is it? How does it evolve? How does it end? How can I avoid getting this disease?

The illness commonly known as Alzheimer's is actually just one of many forms dementia can take, but it's the most spread one.
You start to forget things occasionally, misplace items, virtually lose your short-term memory and of course don't admit that you forgot to do something because you forgot about it. You are becoming more and more absent-minded, already forget important appointments and are often confused. That's  the advanced stage of the disease but not yet the final one.
You continue by having real difficulties remembering anything recently learned, speaking gets harder and harder and you repeat the same stories, sentences and words over and over again. You become either more aggressive or apathetic, depending on the character of the person, lose your self-awareness and forget about the existence of even your closest friends and family members.
Eventually, patients don't die because of the illness itself, but because of external factors they are prone to when confused and not being themselves actually.

But now to the most important question: How can I avoid getting this disease?
Doing sports, reading, learning languages, playing musical instruments, solving puzzles, regular social interaction and a balanced diet contribute to your mind's and body's well-being and therefore also help you to stay healthy. People who smoke tend to contract Alzheimer's more likely than those who don't. However, drinking alcohol in a moderate amount as well as beverages containing caffeine or cocoa is said to reduce the risk of getting this disease. High blood pressure and a high cholesterol level should be treated as soon as possible in order to avoid unwanted effects on the brain.

Unfortunately, there is no guarantee that avoiding Alzheimer's through keeping a healthy lifestyle works out. Therefore, scientists and medics currently work on a vaccination but unfortunately they are still far away from a breakthrough.

The main problem with Alzheimer's is that the patient's relatives and friends suffer when trying to look after him/her. That's why I hope that there is going to be a reliable way of avoiding the disease or at least alleviate Alzheimer's. 

Everyone who suffers this disease has "light moments", though. A relative of mine was already in the terminal stage, remembering nothing at all, not any person close to her, actually she just awaited death. But on Christmas Eve just one month before she eventually died, she suddenly started to sing "Silent Night, Holy Night", all three stanzas, word by word. You know, I am not a religious person at all, but that was pretty awesome, just thinking that her brain was actually totally destroyed but somehow the part where she saved the lyrics of this song remained healthy.

Sources: http://www.alz.org/
http://en.wikipedia.org/wiki/Alzheimer%27s_disease
my own

Correction: The best cook I know

ORIGINAL

The best cook I know

My brother Philipp is such an amazing cook that anyone who tries one of his dishes immediately falls in love with their taste. Eating one of his creations can be compared with a culinary roller coaster ride for two reasons. Firstly, once you have finished the plate you want to have the next one. Secondly, as Philipp combines the techniques and ingredients of diverse cuisines, your taste buds experience sensations they never met before. Impressing with exotic ingredients and enviable cooking skills, not even the most convinced meat lover would miss animal products in these vegan dishes. However, there is one secret ingredient that probably is most important: Fun. Philipp loves to prepare dishes and this, together with his know-how, is what makes him a superb, I dare to say the best cook I know.

[135 words]

CORRECTION

The best cook I know

My brother Philipp is such an amazing cook that anyone who tries one of his dishes immediately falls in love. Eating one of his creations can be compared with a culinary roller coaster ride for two reasons. Firstly, once you have finished the plate, you immediately want to have the next one. Secondly, as Philipp combines techniques and ingredients from different parts of the world, your taste buds experience sensations they have never encountered before. With such exotic ingredients and his enviable cooking skills, not even the most convinced meat lover would miss animal products in these vegan dishes. Apart from using unusual ingredients, there is a secret one that probably leads to success in cooking: Fun. Philipp loves to prepare dishes and this, together with his know-how, is what makes him a superb, I dare to say the best cook I know.

[143 words]

Correction: House Swap Letter

ORIGINAL

Dear Hamish¹,

Thank you for your letter with all the details about your home and life. By now, I do not have any more questions, so I would like to introduce you to my world.

Arrival

The first and probably most important step after your arrival is, of course, getting to my flat. That should not be that difficult because both the airport and Graz itself are fairly small. After disembarking, take bus number 630 to “Graz Jakominiplatz”. Regarding the bus fare, you are probably best taking a day ticket, in case you want to explore Graz by tram and bus on your first day here. However, at “Graz Jakominiplatz” change to tram number 6 and go on until “Plüddemanngasse”. Alight the bus and walk approximately fifty meters uphill, then turn left into the courtyard of a big housing complex. You cannot miss it. My/Your house is the second on the left. Ring the bell of apartment three and one of my flatmates will let you in.

Flatmates

There are two of them and their names are Benjamin and Bianca. I asked them to give you your keys by the time you arrive and as I know them, they will surely help you through the first days.

Apartment

I assume my flatmates will tell you everything that is not self-explanatory. In case they do not, there are only two things worth mentioning. Firstly, the oven is not working properly, so I would recommend using the microwave if you want to heat something. Secondly, the washing machine is a bit temperamental. I would keep an eye on it when doing your laundry.

What to do in Graz

As you already know, the tram stop is near our apartment but also the bus stop is just across the street. Additionally, almost every attraction Graz has to offer is within walking distance. You can also borrow my bike, if you want to. The only thing I should warn you about is that police is very strict here when it comes to riding the bicycle without the lights on.

As you are into sports, I would recommend going up the “Schlossberg” on a sunny day or for a run along the river “Mur”. If the weather gets the better of you, though, you may want to have a look at “Schloss Eggenberg” in the North-West of Graz. I will leave a few brochures on my desk that may give you inspiration on leisure time activities.

Shops

You will soon discover that our apartment is surrounded by various supermarkets and drugstores. You will not have any problems concerning shopping facilities.

Other than that, it seems everything is said. Obviously, if there is anything else you need to know, just get in touch.

Linda

1 What I know about Hamish: He is an athletic, young Scot who loves to explore new places. Living in a cottage located in a remote Scottish village, Graz is a nice change of scene for him. Hamish looks forward to absorbing and analyzing the Austrian culture.

CORRECTION

Dear Hamish¹,

Thank you for your letter with all the details about your home. By now, I think you've answered all my questions, so I would like to introduce you to my world.

Arrival

The first and probably most important step after your arrival is, of course, getting to my flat. That should not be too difficult because both the airport and Graz itself are fairly small.

After disembarking, take bus number 630 to Jakominiplatz. Regarding the bus fare, you are probably best buying a day ticket from the bus driver, in case you want to explore Graz by tram and bus on your first day here. However, at Jakominiplatz change to tram number 6 and go until “Plüddemanngasse”. Get off the bus and walk approximately fifty meters uphill, then walk towards the big housing complex that comes up on your left side. You cannot miss it. Once you enter the courtyard you will find my/your home is the second on the left. Ring the bell for apartment three and one of my flatmates will let you in.

Flatmates

There are two of them and their names are Benjamin and Bianca. I asked them to give you your keys when you arrive. I am sure that you will get on well with them.

Apartment

My flatmates will explain everything that is not self-explanatory. In case they do not, there is only one thing worth mentioning. The oven is not working properly, so I would recommend using the microwave if you want to heat something.

What to do in Graz

As you already know, the tram stop is near our apartment but there is also a bus stop just across the street. Additionally, almost every attraction Graz has to offer is within walking distance, or you can borrow my bike if you want to. The only thing I should warn you about is that police are very strict here when it comes to riding a bicycle at night without the lights on.

As you are into sports, I would recommend going up the “Schlossberg” on a sunny day or for a run along the river “Mur”. If the weather gets the better of you, though, you may want to have a look at “Eggenberg Palace” in the North-West of Graz. I will leave a few brochures on my desk to give you inspiration on leisure time activities.

You will soon discover that our apartment is surrounded by various supermarkets and drugstores, so you shouldn't have any problems concerning shopping facilities.

Other than that, it seems there is nothing left to say for me. Obviously, if there is anything else you need to know, just get in touch.

Linda

1 What I know about Hamish: He is an athletic, young Scot who loves to explore new places. Living in a cottage located in a remote Scottish village, Graz is a nice change of scene for him. Hamish looks forward to absorbing and analyzing the Austrian culture.