Friday, January 31, 2020

The Influence of Culture on Tuscan Families Essay Example for Free

The Influence of Culture on Tuscan Families Essay For many, the word Tuscany conjures up images of olive trees, vineyards, Chianti and remarkable works of art. It’s a romantic place with picture perfect landscapes and ancient churches and villages. Tourists from all over the world visit Tuscany each year to take in the sights, tastes and sounds of its glorious culture. Their visit is enhanced if they are familiar with the area’s colorful history, which reaches far into the past and continues throughout many, many cultural changes that make up its present. This essay employs political, religious, judicial and class stories from the region’s vivid history to help us form a picture of what family life in Tuscany may have been like from 1250 to 1500. It was, by all accounts, a great time to live in Tuscany. The region developed its own status after the Roman empire fell, when a series of rulers emerged to take control. By the twelfth century the Tuscan cities were gradually gaining their independence as republics and forcing the nobility to live in the cities (Van Helden 2). The land was fertile and the opportunity for various businesses was great. Most importantly, a class system developed that valued hard work over noble birth. Those high in the hierarchy lived within the same communities as the working class. The elite families that did control the power over the next few hundred years made decisions that would ultimately dictate everything from family tradition to fine art and literature. In the late Middle Ages, just around the fourteenth century, a simple political system was in place. In Italy, there was no political union, but the country was divided into many different town councils (www. greatdante. net, 2) As with many democratic societies of past and present, there were various political parties. Here in Italy, these were called the Guelfi and the Ghibellini. The Guelfi, a group held in favor of the Pope rather than the Emperor, held the majority of the power in the country. This party was especially popular in Florence, where it was separated into two subgroups: the whites (bianchi, in favor of the emperor) and the blacks (neri, in favor of the Pope). The years around 1300 were the ones in which political fights between whites and blacks became stronger and more dramatic (www. greatdante. net 4). At this time, Italy was not culturally or politically unified, which led to a variety of subcultures within Tuscany. There were many different Italian dialects to choose from. A family’s language might have been based on their geographic location, their religion and their political views. For the most part, this diversity did not lead to violence. Instead, it seemed to benefit the region. In addition to the renowned artwork of the time, some of the world’s best writers such as Dante, Petrarch, and Macchiavelli found inspiration in the conflicting viewpoints of the Tuscan communities. In a space of fifty years, during the lifetime of Dante, 1265-1321, Florence transformed itself from a political and economic backwaterscarcely keeping pace with its Tuscan neighborsto one of the richest and most influential places on the continent (Dameron 12). It was one of the world’s most prominent cities for two industries that were necessary for civilized societies: wool and banking. This was the beginning of the Florentine Renaissance that led to such legendary works by Michelangelo, Leonardo and Donatello, among others. We may be familiar with these names, but what about the cultural backdrop from which they prospered? What factors allowed them to flourish during this time period? Business people who were high in government made many decisions, but the Church was -2- also a major influence in the design of the times. In fact, religion, community and business often merged in the minds of Tuscans who placed emphasis in all three throughout their lives. As one author describes it: A busy grain market on a site where a church once stood, for instance, remained a sacred place where many gathered to sing and pray before a painted image of the Virgin Mary, as well as to conduct business. At the same time, religious communities contributed directly to the economic development of the diocese in the areas of food production, fiscal affairs, and urban development, while they also provided institutional leadership and spiritual guidance during a time of profound uncertainty (Dameron 75). Of course, diverse belief systems aren’t always the perfect utopia that history books make them out to be. There was some conflict throughout this age of historic prosperity. Many times community disputes over such things as property and status were settled in a court setting to help eliminate the use of violence. The court systems were relatively new to the Tuscan region in the twelfth century and procedures were quite experimental. Whereas early medieval placita had become largely formulaic by the tenth century, twelfth-century courts and arbitrations generated a variety of documents, including sworn testimony of witnesses, the claims and counter-claims of the litigants, and the judgment of the arbitrators (Radding 3). The documents that remain from some of these cases help paint a picture of what life was like inside courtroom and out. By studying these conflicts, we are able to gain a new vision for the strategies used by families and communities to assert and defend claims. Hearing their voices allows us -3- clues into their personalities, what was acceptable or offensive in that day and age. The documents sometimes provide enough direct speech to reveal how these often humble Tuscans saw the issues between them – the arguments offered by the opposing parties in support of their claims (Radding 4). While we must assume some of the holes in the story, one thing is for certain: the courtrooms of Tuscany were just as diverse as the beliefs of its people. The judicial process evolved over the years between 1250-1500. Private courts, which handled complex arbitrations between parties, spawned more efficient communal courts. Different cities in Tuscany had their own particular systems to handle disputes, as Radding summarizes here: Pisa, a neighbour and traditional rival of Lucca, was quicker to develop urban institutions (starting in the 1080s) and to adopt Roman law, which appears rather suddenly in 1159. Florence was smaller than either Lucca or Pisa in the twelfth century and its institutions were less developed, leaving disputes in the contado largely outside the control of the citys courts. Ecclesiastical institutions, finally, had the option of recourse to church courts, including the papal courts, even for cases whose legal substance was no different from those that secular courts routinely dealt with (8). Despite these distinctive variations, a series of uniformities grew to help define the character of the culture and the communities. Documents could be used a proof, but in societies where land was not surveyed or registered and social relations often were undocumented, public behaviors could be almost as important (Radding 10). Perhaps one -4- reason Tuscany prospered in the medieval times was because they had a civilized process in place to work out their disputes. Sometimes these conflicts were simpler than others; the reasoning by which a solution was reached was often much different than how we resolve conflict today. Such is the case of a boundary dispute with neighboring landowners Passavante di Sesto and Chianne di Ghiandoro. It mattered a great deal whether Passavante’s wife had cut down a certain tree secretly or openly: â€Å"Open, i. e. , public, direct action was a claim to rights; people could see you doing it, and would conclude that, if you were not challenged, you had right on your side. ’(Wickham 83) This example provides evidence that simple claims were considered, even if the reasoning was a bit skewed by today’s standards. The study of Tuscan judicial development is an important point in the exploration of family life, especially considering the marriage rituals. Due to the fact that religion and government played an important role in the culture, both of these components were represented in the marriage process. According to one author, weddings of the Italian Renaissance were different than those found in the rest of Western Europe (Thomas 4). This historian draws from her knowledge of fourteenth century Florence to describe each step of the tradition. If a Tuscan couple wanted to get married, they would first present the idea to both of their families. The first phase was the meeting of the men of both families to draw up the marriage contract (Thomas 5). At this meeting, members of the judicial system, guarantors and arbiters, would be present to help negotiate the dowry and other financial agreements. To make it official in the eyes of the law, a notary was on hand to write up -5- the final contract. The second place took place in the bride’s home, where the bride and groom and their relatives were present, along with a notary (Thomas 6). This is the point where the Church enters the picture. The notary’s job was to ask questions that had been dictated by the Church in order to receive the couple’s statement of mutual consent. Once the couple agreed to the stipulations of the Church, the man placed a ring on the woman’s finger and they were considered husband and wife. It is also worth noting that in Italy at this time the act of marrying was referred to as ‘giving someone the ring’ (Thomas 7). The bride’s family celebrated with a substantial banquet for all. Typically, the final phase of the ceremony concluded at the end of the ring day, when the bride joined her new husband at his home. Escorted by her husband’s friends and family, the bride rode a white palfrey through town to her new home, the way lit by torchlight. In Rome, the spouses met Sunday at church, where they attended Mass and received a blessing from the priest. In Florence, however, the entire ceremony remained secular (Thomas 8). This entire practice eventually succumbed to more pressure from the Church, which required the mutual consent phase to happen within its doors, similar to the way we conduct our traditional marriages today. The marriage ceremony was very much the same throughout all class systems of medieval Tuscany. Of course, the level of pomp and circumstance was the main distinguishing factor between them, but not much else. Social intercourse in its highest and most perfect form now ignored all distinctions of caste, and was based simply on the existence of an educated class as we now understand the word (Burckhardt 2). Due to a -6- flattened hierarchal structure, the birth and origin of a person did not influence their standing in society, with some exceptions. Members of truly elite families who inherited wealth and leisure through generations generally held decision making positions of power. These people worked in judicial systems, law or medicine but were just as respected as those who worked the fields. This was one of those rare times in history when classes were fused. It was a direct result of the dynamic built within city walls, where the nobles and burghlers dwelt together. Here, the interests and pleasures of both classes were thus identified and the feudal lord learned to look at society from another point of view than that of his mountain castle (Burckhardt 4). Families benefited from this in many ways, sons and daughters could marry into a more wealthy family without much disagreement or societal stigmas associated with it. Parents were optimistic for their children, since there were more options than ever to move up and around within the system. This approach differed from the rest of Europe, where English and French chivalry reigned supreme. Those who were knights and valiant warriors were placed on a pedestal and more valued than others, earning higher titles and more land with each adventure. To the Tuscans, the cultivation of the soil, as practiced by the ancients, would be much nobler than this senseless wandering through hills and woods, by which men make themselves like to the brutes than to the reasonable creatures (Burckhardt 8). These Italians respected hard work, family and community consciousness much more so than travel exploits and conquering. According to one early historian: And, as time went on, the greater the influence of humanism on the Italian mind, -7- the firmer and more widespread became the conviction that birth decides nothing as to the goodness or badness of a man. In the fifteenth century, this was the prevailing opinion. There is no other nobility than that of personal merit. The cultivation of the soil, as practiced by the ancients, would be much nobler than this senseless wandering through hills and woods, by which men make themselves like to the brutes than to the reasonable creatures (Burckhardt 12). This way of thinking was quite popular during the time of Dante, who addressed the culture in context with a more traditional hierarchy in some of his writings. Dante, for example, derives from Aristotle’s definition, ‘Nobility rests on excellence and inherited wealth,’ his own saying, ‘Nobility rests on personal excellence or on that of forefathers’ (Burckhardt 12). Even the rich families who prided themselves on wealth did not receive any special treatment in matters of law or politics due to such a strong cultural structure. The Church, in more traditional societies of the time was used as a means to provide for the younger sons of noble families. This was not the case in Tuscany. Bishoprics, abbacies and canonries were often given from the most unworthy motives, but still not according to the pedigrees of the applicants. If the bishops in Italy were more numerous, poorer, and, as a rule, destitute of all sovereign rights, they still lived in the cities where their cathedrals stood and formed, together with their chapters, an important element in the cultivated society of the place (Burckhardt 12). In the meantime, the government supported the humanistic movement. One leader, Cosimo, who lived during 1389-1464, ruled the city of Florence and spent much of his fortune on charitable acts. He fostered a climate of simple living while cultivating -8- literature and the arts. During his rule and that of his sons and grandson, Florence became the cultural center of Europe and the cradle of the new Humanism (galileo. rice. edu 3). This elite family enjoyed the support of the masses, who, for the most part, followed this example to work hard and become educated. But the Tuscan people did more than work. They enjoyed many entertainment options that served as welcome distractions from business and intellectual life. Lorenzo de Medici, Cosimos grandson who was known as The Magnificent, influenced the types of entertainment held and often sponsored the activities. Mystery plays, based on the theme of the Passion (the sufferings of Jesus), were regularly staged for the enjoyment and edification of the citizens (www. learner. org 5). Festivals also served as a way to bring communities together, in addition to celebrating religious holidays. Families brought children young and old to celebrate the feast day of Saint John, Florence’s patron saint. Horse races were held throughout the city and magnificent festivals were especially common in the late fifteenth century (www. learner. org 6). This allowed the populace to convene and relax in a fun setting. Contrary to much of the rest of the civilized world, some of Tuscany’s Church leaders applauded these efforts. The culture was very much steeped in a strong spiritual movement that veered from the traditional way of Christian thinking. A preacher named Savonarola helped to establish its roots among city citizens. His thinking ultimately spread beyond Florence and throughout Tuscan households to change the thinking of many. The idea was simplicity within a time of prosperity. Savonarola was concerned about what he considered abuses by the church and -9- about peoples excessive interest in material goods. He preached against the accumulation of worldly possessions and called for a bonfire of the vanities in which people were to burn immoral paintings, cosmetics, and such entertainment-related items as musical instruments and playing cards (www. learner. org 9). Although his philosophies found many avid listeners in Tuscany’s humanist culture, the Church ultimately condemned him for blasphemy against their beliefs. The Church, after all, was one of the most wealthy establishments in the country. Of course, all good things must come to an end. The Aragonese government, established by the middle of the fifteenth century, started in Naples what followed a hundred years later in the rest of Italy – a social transformation in obedience to Spanish ideas, of which the chief features were the contempt for work and the passion for titles (Burckhardt 15). The caste-focused culture made its way through even the smallest towns by 1500 and what was once considered noble work was quickly sacrificed as Tuscans made a mad dash to find higher places in society within categories such as law, medicine, officer or knight. It is no wonder that the splendor and richness of the area declined steadily after a caste-system was put into place. Families were now forced to live a life that they were born into. Lower class parents would grow their families as large as possible for the main purpose sustaining their own household economy with parents employing children as sharecroppers to increase yield. Some Marxist analyses assume that sharecropping is a form of surplus labor extraction based on increasing labor intensity, because of inherent tendencies of households to exploit the unpaid labor of its family members (Emigh 22). -10- In this way, parents were able to feed their children and participate in the local economy. The slow transition into a capitalist society affected families in different ways. The families who already had wealth in their bloodlines were typically more successful than others. This still required a fair amount of enterprising creativity, but richer and larger families had a better chance to benefit from the system. Once Florentines entered local markets, however, they completely dominated them, because Florentines were much wealthier than local inhabitants and could generally outbid them. Florentines bought land from local inhabitants, who generally still sold land for the same reasons but were rarely able to purchase land (Emigh 17). As a result, local market structures, which might have been successful if they were able to compete locally, were largely eliminated. A problematic economy meant many changes for households. A family who might have owned land for generations was suddenly forced to sell the land in marriage dowries that they couldn’t afford make with cash. Partible inheritance, dowries, and local markets were mutually reinforcing. These practices divided the land into relatively small pieces, which were frequently bought and sold to adjust for the size of a family, to recombine pieces of land split apart by inheritance, to dispose of land at inconvenient locations, and to pay off debts (Emigh 35). The land that was once owned by many was beginning to be bought up by an elite few. Poverty became more rampant and, with it, the decline of education and culture. The change in economy was due to a number of various variables. The onset of the â€Å"Black Death† in 1348 contributed to the reduction of labor supply and increased the need for human capital. A new social norm, that came to prevail in the marriage market -11- with the demise of the feudal system, both contributed to the increase in urban dowries from the 13th to the 15th centuries. In his famous Divina Commedia, the poet Dante Alighieri was the first to suggest that dowry values were increasing in Florence at the end of the thirteenth century and the beginning of the fourteenth century (Botticini 1). By the mid-1430s, the average dowry in the city was 820 lire – eight times its value in the thirteenth century. At the same time, the rural dowry stayed constant, perhaps as a result of less class influence. Rural communes, as they were known, were slow to follow trends of the city, and by the fifteenth century they were still enjoying some benefits of a flattened hierarchal society. Village living was still diverse and citizens depended on cooperative relationships between people to prosper, rather than clear-cut social levels. Families lived the simple life that Savonarola preached, not only because it strengthened their communities, but it also was a natural way of life. It’s interesting to note that, although there were more communes in Tuscany than urban cities, there has been little research done to analyze how these families were affected by urban changes. With the help of a humanistic culture and a flattened hierarchal structure, Tuscan families of all class levels flourished. It was a remarkable time for prosperity. The children of this era had numerous opportunities to flourish in a diverse culture that encouraged creativity in all forms of life, especially the arts. The judicial system worked hand in hand with the church to preserve a society that valued hard work and community over greed and power. Once the latter two elements entered the picture, however, lower class households adapted to form self-supporting farms in order to survive the introduction of capitalism. -12- WORKS CITED Botticini, Maristella. â€Å"Social Norms, Demographic Shocks, and Dowries in Florence, 1250-1450. † Society for Economic Dynamics Meeting Papers. (2004): 1. Burckhardt, Jacob. â€Å"The civilization of the Renaissance in Italy: Part 5, Society and festivals. † Athenaeum Reading Room web site. 7 Mar. 2005. http://evans-experientialism. freewebspace. com/burckhardt07. htm Dameron, George. Florence and Its Church In The Age of Dante: Middle Ages Series. Pennsylvania: University of Pennsylvania Press, 1994. â€Å"Dante Alighieri on the Web. † Dante Alighieri web site. 7 Mar. 2005 http://greatdante. net Emigh, Rebecca Jean. â€Å"Economic interests and sectoral relations: the undevelopment of capitalism in fifteenth-century Tuscany. † The American Journal of Sociology 108 (March 2003): 1075. Radding, Charles. â€Å"Review: Courts and Conflict in Twelfth-Century Tuscany. † Rev. of Courts and Conflict in Twelfth-Century Tuscany, by Chris Wickham. Institute of Historical Research web site. 7 Mar. 2005. http://www. history. ac. uk/reviews/paper/raddingC. html -13- â€Å"Renaissance: What inspired this age of balance and order? † Learner web site. 7 Mar. 2005. http://www. learner. org/exhibits/renaissance/florence_sub. html â€Å"The Medici Family. † The Galileo Project web site. 7. Mar. 2005. http://galileo. rice. edu/gal/medici. html Thomas, Kirsti. â€Å"Medieval and Renaissance Marrage: Theory and Customs. † Author web site. 7 March, 2005. http://www. drizzle. com/~celyn/mrwp/mrwed. html Van Helden, Albert. â€Å"Florence and Tuscany. † Connexions web site. 7 Mar. 2005 http://cnx. rice. edu/content/m11936/latest/ Wickham, Chris. Courts and Conflict in Twelfth-Century Tuscany. Oxford: Oxford University Press, 2003: 83. -14-

Thursday, January 23, 2020

Biography of Isaac Newton :: Sir Isaac Newton Essays

Newton was born on December 25,1642. He was an English mathematician and physicist, considered one of the greatest scientist in history, who made important contributions to many fields of science. His discoveries and theories laid the foundation for much of the progress in science since his time. Newton was one of the inventors of the branch of mathematics called Calculus. He also solved the mysteries of light and optics. Formulated the three laws of motions, and derived from them the law of universal gravitation. Newton's birth place was at Woolsthorpe, near Grantham in Linclonshire. Where he lived with his widowed mother, Until around his third birthday. At this time his mother remarried, leaving him in the care of his Grandmother and sent to grammar school in Grantham. Later, in the Summer of 1661, he was sent to Trinity Collage, at the University of Cambridge. Newton received his bachelors degree in 1665. After an intermission of nearly two years to avoid the plague, Newton returned to Trinity, Which elected him to a fellowship in 1667. He received his master degree in 1668. Newton ignored much of the established curriculum of the University to pursue his own interests: mathematics and natural philosophy.   Ã‚  Ã‚  Ã‚  Ã‚  By joining them in what he called the Fluxional method, Newton developed in the autumn of 1666 a kind of mathematics that is now known as calculus. Was a new and powerful method that carried modern mathematics above the level of Greek geometry. Although Newton was its inventor, he did not introduce calculus into European Mathematics.   Ã‚  Ã‚  Ã‚  Ã‚  Always Fearful of publication and Criticism. Newton kept his Discovery to himself. However, enough was known of his abilities to effect his appointment in 1669as a Luciasian Professor of Mathematics at the University of Cambbridge. Optics was another area of Newton's early interests. In trying at explain now colors occur, he arrived at the idea that sunlight is a heterogeneous blend of different rays each of, which represents a different color-and that reflections and refraction cause colors to appear by separating the blend into its components. Newton demonstrated his theory of colors by passing the beam of sunlight through a type of prism, which split the beam into separate colors.   Ã‚  Ã‚  Ã‚  Ã‚  In 1672 Newton sent a brief exposition of his theory of colors to the Royal Society in London. In 1704 however, Newton published appliquà ©s, which explained his theories in details. During the following two and a half years, Newton established the modern science of dynamics by formulating his three laws of motion. Newton applied there laws to Kempler's law of orbital motion-formulated by the German astronomer Johannes Kempler-and derived the law of Universal Gravitation. Newton is probably best

Wednesday, January 15, 2020

History of Life Insurance Essay

From the earliest days, Man has organized himself to control three main hazards, which confronted him, and still do. These hazards are: †¢ DYING TOO SOON †¢ LIVING TOO LONG †¢ BECOMING DISABLED Life Insurance originated and developed to reduce the impact of these hazards by grouping together with others and thus sharing the risk. The story of the origin of life insurance is very inspiring. The idea of guarding against risk is almost as old as mankind. We know that Joseph recommended storing grain during seven fat years in Egypt against the impending seven lean years. Centuries ago in England, little groups banded together into guilds and societies. Members of these guilds and societies by paying small sums were assured that a certain measure of relief would be given to their families if the breadwinner were taken away. In 1705, â€Å"The Amicable Society for a Perpetual Assistance Office† was founded and it became England’s first successful Life Insurance Company. One of the first records of life insurance was in Rome. The groups called Fratres (burial clubs) came together. These were set up by the poor to pay for the funerals of the members and to help the surviving family members financially. The middle ages had guilds for the various types of highly skilled labor. There are accounts that show that these guilds helped their members with various types of insurance including life insurance and disability insurance. Life insurance came into its own in England in the late1600’s and became popular from that time on. During this time period Lloyd’s of London was growing. Lloyd’s whose name came from Lloyd’s Coffee House where insurance was transacted by ship-owners with the underwriters (backers) who met to put together insurance contracts and other shipping and merchant related business. Some people think of insurance as gambling. It really isn’t gambling even though it has the similarities of probability and odds. Insurance serves a public good of sharing the financial risks of existence and life and death among many to serve those who have experienced a loss. The first life insurance company in the United States started in 1735. This company was started for the benefit of Presbyterian ministers’ families. The mutual life insurance companies originally dominated the life insurance. These are life insurance companies that are owned by the policyholders and thus those policy-owners receive their pro-rata share of the company’s profits. There are also stock life insurance companies where the profits are made for the benefit of the stockholders. Similar to the mutual life insurance companies are fraternal life insurance companies, which were started by the various fraternal orders to assist their members. Today the insurance business has evolved to a multi-faceted business with various programs and numerous distribution methods. The internet and the insurance industry is in its infancy with most insurance companies having a web site and now with web sites able to do life insurance. There are choices today that differ greatly from the choices of even a few years ago. The Internet has made information on life insurance accessible just as any subject. But you still need the right knowledge. That may come from a qualified insurance agent who knows their business or from a great life insurance or disability insurance web site that provides great information for you to study. Life Insurance as we know today, developed from these small beginnings into a gigantic industry, which gives people the security they need to maintain financial soundness, morale, and faith. Through war, inflation, deflation, depression, boom, panic, epidemic, and all kinds of catastrophes, life insurance gives the individual the solid financial footing needed to forge ahead as it is based on sound and scientific principles. Any other financial institution cannot approach its record of service. At the times when Banks failed by the hundreds and the investment companies went under, the Life Insurance Companies paid their dues in full and survived the turmoil. Life Insurance Companies have maintained an enviable record in the face of almost every conceivable trial. Life Insurance is truly INCOME INSURANCE; a new source of income replacing the earning power of the breadwinner if unfortunately he is taken away. It is in a sense, TIME, because it is money a person did not have time to accumulate; an estate that will complete the plans there was not time to finish. Life Insurance is sold not because someone may die, but because someone must live. If people die, the contracts, which the life insurance agent has sold, are LIFE for the survivors. If people live, the contracts are life for their old age. While people live, their contracts assure effective thrift and accumulation of funds and reserves for emergencies and for opportunities. It is an unsurpassed vehicle of savings; protection and growth, which has stood the test of time and given people the security they need to maintain financial soundness and peace of mind.

Monday, January 6, 2020

Monetary Policy of the U.S Free Essay Example, 1000 words

Inflation has seen an upward spike in the first half of 2006 as a result of the increase in crude oil prices which has resulted in an upward price spiral on a diverse range of goods and services. Even after this spike, inflation did remain within expected parameters. It seems the American economy is undergoing a transition which is visible in the delayed effect of monetary policy. During the end of the year growth in service, industries remained strong with the weakest growth in the automobile and housing sector yet housing demand continued to be considered strong in a limited number of markets. Wages managed to grow moderately with some regional exceptions. The rise in long-term interest rates contributed to an increase in borrowing costs. Inflation has been higher than expected with the increase reflecting on the prices of a range of non-energy goods and services. In addition, an increase in housing rents has contributed to higher inflation. This rise in inflation is of more conc ern to the Federal Reserve than any recession fears because the achievement of price stability is one of the core objectives of Congress's mandate to the Federal Reserve. We will write a custom essay sample on Monetary Policy of the U.S or any topic specifically for you Only $17.96 $11.86/page It is this lag between policy actions and their effects that the Federal Reserve analyzes and basis its policies upon. As Chairman Ben S. Bernanke said in his testimony to Congress (July 19th, 2006)