#And with dfo it's just the levels of loss

[empty-blog-for-lurking]

It's been years since I was involved with bnha and even now I am not touching it beyond whatever spoilers come up on my dashboard, but there are opinions that I will stand by till my dying breath-

Toshinori Yagi is objectively the best character of the series

Natsuo Todoroki is the realest mf ever for sticking to his guns and never forgiving Enji. Fuck forgive and forget especially when it comes to abusive parents!

Dfo is great but I personally love it when it's a crack au with dadmight. Because then it's a tale about how thoroughly and ruthlessly All Might has demolished afo, a lot of it without even knowing

[redrobin-detective]

Random Quirkless Pro Hero Deku facts

- Pro Hero Izuku has a lot of weaponry on him at all times but he’s personally a big fan of knives. He’s usually got at least 5 or 6 on him at all times in all different sizes. He likes them because they’re multi-use, intimidating and, in the hands of a skilled wielder (like Izuku definitely is) can end fights without permanent damage. His favorite knife is the one he stole off of Stain to Iida’s dismay but its just a really good knife okay, Tenya, nothing personal.

-  Todoroki is rescue hero working at Froppy’s agency in Nara (kind of the middle of nowhere). He doesn’t really get involved in the big villain battles unless he’s caught up in them, does no marketing for himself, rarely takes interviews, does his best to just be another hero... and yet he’s #20 in the charts. He is the highest ranked rescue hero who goes out of his way to avoid the spotlight and he doesn’t know why he’s so highly ranked. This is because he doesn’t understand the overwhelming power of THIRSTY fans.

- Izuku and Katsuki have a very special relationship. They read each other so well, are a well-oiled, scarily efficient team in battle. Outside of that, they’re disasters. Due to past experiences with ‘friendly spars’ that have gotten out of control they need a minimum of 2 babysitters pro heroes to spot them and be in a qualified facility before they go at it (which they don’t always do). Most every time they meet up they’ve got to rough house a bit to everyone’s horror. Bakugou will get loud and indignant if you call them friends but then rant for 30 minutes on why Deku is one of the best damn heroes he’s ever known. 

- Speaking of which, on an operations level Izuku and Katsuki are much better separated than partnered. Kiri much more approachable and adds a sense of balance to Bakugou which is why he’s #1 not long after Izuku leaves. Izuku/Katsuki together were terrifying but a little bit too chaotic? They egged each other on where Kiri calms Bakugou down and Izuku forced to be “in charge” (as composed to constantly competing with Bakugou) of others also makes him less reckless. They’re still a brutally efficient combo but they’ve both agreed that separation really helped them grow.

- Gran Torino went senile not long after Izuku graduated Yuuei having fulfilled his promise to both Nana and Toshi and couldn’t fight any more. Izuku took care of him the best he can and put the old hero up in a luxurious old age home, he visited once a week watching more and more of his mentor slip away. He died when Izuku was still working at Two Hero with Bakugou and it was one of his incentives for leaving the agency and forming One For All. 

- Shinsou ended up in the Hero course during their second year, but he went to 1B. Still maintained a good relationship with Izuku and the 1C gang. After graduation, he was surprised when Yaoyorozu offered him a position at her agency. He works there mainly in intelligence gathering, interrogation and general agency management. He still does field work but not nearly to the extent of other heroes.

- Shinsou and Izuku are the lowest ranked in their grade, Shinsou being in the 90s while Izuku is in the high 70s. Izuku will never let his friend forget that he, quirkless and hated by the system, is higher ranked than Shinsou. Its really because Shinsou is kind of a reclusive hero only known because he works at such a prestigious agency. If and when Shinsou decides to make an effort at his popularity it’s all over for Izuku. Until then, Izuku will lord it over him. 

- As for the 1C gang, Patrick moved back to America right after graduation. He’s doing odds and ends, still trying to figure out what he wants to do. Does frequent calls/visits to Japan to visit his high school friends. Korudo did end up working his father’s company but on his own terms, donates a lot to Izuku’s AFO foundation. Izuku probably sees Taketsu the most, she’s a quirk lawyer and works with Izuku professionally in terms of quirk advocacy and advancement. 

- Hero Names: Bakugou - Kacchan, Todoroki - stays as Shouto, Aoyoma - Lumiere, Shinsou - Hypnos

- As soon as he graduated, Izuku moved into All Might’s old apartment because he couldn’t stand to sell it. He left it almost identical only converting the back study and pretty much living out of boxes the first few years. He’s very, very slowly taking down All Might’s things and putting up his own but each change involves a lot of struggle and crying, but it feels like healing. In addition, Toshi was able to change his will before dying so Izuku inherited an insane amount of money from All Might’s estate. He couldn’t spend it all in his lifetime if he tried. He mostly keeps it away but donates a lot of it to AFO and other charities. 

- Deku is a fan favorite as far submissive ships go. In every fan pairing he’s put in (and there are some wild one out there) he is the delicate, submissive quirkless partner. When asked on it, 1A just comments “have you ever actually seen Deku??” still the trope persists. Popular fan pairings are Bakudeku, Shoudeku, Iideku and Uradeku.

- The Class has varying ways of referring to one another, most of them feel comfortable calling each other by their first names but almost all continue to call Iida by his surname (except Ochako and Izuku when he’s feeling annoyed/sappy). Izuku and Katsuki have a whole language of names within the names they call each other, all you should know is that if you hear Izuku say “Bakugou” or Katsuki “Izu-chan” you better run like hell.

- Midoriya Hisashi was officially killed halfway through Izuku’s Third Year in a villian attack at his office in America. Inko was distraught but Izuku really couldn’t bring himself to mourn a man he never knew (and was already exhausted still grieving for All Might). Inko and Izuku got a sizable payout from it, ensuring Inko will be able to live comfortably for the rest of her life. Izuku never touched the money, relying first on All Might’s money then his own when he had to. ((Most people know I’m pretty ham for DFO so let me say this, on paper “Midoriya Hisashi” was killed it’s up to you if someone else is still around) 

- While OFA doesn’t have any permanent staff, it does have heroes who frequently work there. It started this way because Izuku couldn’t get any heroes to permanently attach and kept it up once he realized the versatility it gave him. Shouto and Uravity usually do at least one or two stints a year. Pretty much all of the unattached heroes of 1A have worked with Deku multiple times (even a few attached, Ingenium surprising everyone by leaving his agency for a month to work with his old friend). Lemillion does it when his schedule allows and a few veteran heroes like Present Mic and Cementoss have done work there as well. And while Number One Kacchan hasn’t officially worked at One For All, he and Red Riot partner do enough inter-agency work that they kind of have. 

- Over the years OFA acquired the respect of many heroes but there’s still assholes who refuse to take orders from a quirkless man. Now officially Deku has no problems with those who do not wish to work with him, it’s well within their rights. However, he’ll usually slyly make it known that people have turned down offers from him or spoke against him. And suddenly those bigoted heroes find they’re getting less support from those connected to Deku (a number that grows bigger by the year). There are less team-ups, less chance of being voted for hero titles, more whispers about how a hero being quirkist in this age is so old-fashioned and not cool. The heroes are like ??? how the hell did this happen while Deku sits there and smiles, not having lifted a finger. He’s a kind man but a vindictive one for sure.

- Izuku named his foundation after All For One, the villain who terrorized Japan and ultimately killed All Might, purely out of spite. While Izuku never confronted him in this universe, he knows the villain is still out there. The AFO Foundation took a name that was once feared and turned it into something that could bring people hope. He wanted to tell all the wannabe criminals who would recognize the name that Izuku knows and he’s not afraid. Also he still considers it his duty as AM’s successor to stop him so the Foundation is two middle fingers up to AFO as a challenge. 

- Rikimaru-shishou (Izuku and later Shinsou’s martial arts teacher in TLWA) has mostly retired from teaching, only taking a few students here and there. Izuku still keeps in contact when possible, meeting up for a friendly spar when he can squeeze it in. Most of the students Daiki takes these days are kids Izuku recommends with puppy dog eyes. 

-Mirio and Izuku end up developing a pretty good relationship. It starts when Izuku tries to intern with Nighteye in his first year and it’s pretty ugly. Nighteye refuses to take him but some, not all, of the Izuku/OFA/Mirio situation comes out. Mirio is very disturbed that his mentor was grooming him to be All Might 2 and kind of separates from Sir and takes Izuku’s side. Really excited by Deku’s vision for a better hero society and they have a big/lil brother relationship. Is super okay when Izuku takes the SoP title from him, like Izuku not bothered with rankings but he knows how important it is to his bro.

- So good news first, Mirio and Tamaki are long term partners and adopt a little girl, Koharu, who has a ‘villainous’ quirk and was abandoned by her family. Mirio being on paternity leave is one of the factors that allows Izuku to take the SoP away from him. So uh bad news, Eri was never recovered during TLWA version of the Overhaul arc. Don’t ask me exact details cause I don’t know lol but Izuku wasn’t really involved and Overhaul and few of his men managed to flee Japan with Eri and haven’t been found since. Mirio and Tamaki both took the loss to heart which is why they wanted to try and pay back that mistake. They’re both great dads though.

- Due to being so outrageously busy during their first year as Pros, Bakugou forgot to maintain a regular haircut schedule so it started to grow out. Izuku and some others commented that the longer hair looked good on him. It got to the point where it was getting in the way so he ties it back in a little tail that looks like a little explosion. That, and his permanent facial scruff, make him a very attractive hero but his personality still leaves a lot to be desired.

[singularityhacker]

Front-Running Defi Regulation

Last week was big for crypto. The Coinbase IPO happened and the whole world seemed to wake up in recognition of crypto as an asset class. While this is a major step in the legitimization of the space, some even calling it crypto’s 'Netscape moment’, I want to take the opportunity to highlight the dangers of crypto going mainstream. 

The United States is woefully behind in the crypto economy in every conceivable measure. For Bitcoin PoW blockchain, the U.S. represents a mere 7% of the global hash rate while China represents approx. 65%. This has lead thinkers like Peter Thiel to suggest that Bitcoin could in fact be a Chinese financial weapon against the U.S. and to unambiguously state that it specifically threatens the dollar.

Secondly, the U.S. government is frighteningly slow to even understand what crypto is or what it has produced in decentralized finance (Defi). This is clearly seen in the recent Bankless interview with SEC commission Hester Peirce when she talks about Defi barely being on the radar of her fellow commissioners and that they are just now waking up to Bitcoin. 

Lastly, the U.S. is behind the curve on crypto regulation. If you spent any time in the space you will be familiar with popups at every turn telling you that U.S. customers are not able to use this exchange or Defi product due to regulatory restrictions.

“BitMEX, Bybit, FTX and Binance are four of the top coveted exchanges that ban U.S. persons from their platform, as stated in their terms and conditions… Kraken even has a separate futures trading platform, which oddly, U.S. customers are barred from using.” - Crypto Exchanges Barring US Citizens Is Heartbreaking And Frustrating

Given this deficit in understanding and an anticipated growing sense of diminished control, I fear any major market downswing could trigger sweeping regulation. Many people are predicting crypto regulation on the horizon regardless of any downturn. The World Economic Forum’s head of blockchain and digital assets, Sheila Warren, just told Bloomberg that a “dramatic” round of regulation was about to befall Bitcoin and the wider cryptocurrency space.

“We’re going to see another round of pretty dramatic attempts at regulating this space. As there’s more and more activity in these spaces there’s more and more demand signal for regulators to get engaged and involved.” - Cointelegraph

The writing on the wall seems to be exceedingly clear and it indicates that the feds are coming for Defi. Combined with the US having printed 40% of its money supply just last year potentially conducting the scariest financial experiment in history, Defi has the potential to be an enticing scapegoat to any undesirable economic consequences. The heavy-handed regulation will be presented as being for our own good and motivated to "protect" citizens. 

This is what people need to fully understand and take in is that Defi is not merely an augmentation to traditional finance, it's a repudiation of it. It's a Wikipedia to Britannica, an Amazon to Borders, and a Netflix to Blockbuster. 

How does knowing any of this help you? As a blockchain developer/user, you can prioritize the following protocol characteristics to stay ahead of the idiocracy soon to flow from governments desperate to maintain control of your economic life:

Availability

If the front end of your application is hosted on AWS  and your domain is registered with GoDaddy then your decentralized and censorship-resistant submarine might as well have a screen door on it. To guarantee availability to end-users means employing censorship-resistant technologies like IPFS and ENS.

Governance

Make no mistake about it. when the regulatory guns come out, they will be squarely targeted at At those who are building and managing these products, and if you are in a position where you can update protocols then you will be legally compelled to do so. A trustless system is not trustless if the founders have to be trusted to not update the protocol at the behest of another. This means on-chain governance.

Anonymity

Even assuming that there is no attack vector at the protocol level, this does not mean that the blockchain creators are safe from attack by governments. If their identity is known, they are fully exposed to the threat of personal liability. This could mean their personal assets are confiscated or they're held criminally liable for building and releasing the product. Just ask Arthur Hayes. I believe anonymity will be shown to be as important for founders as it has been emphasized as a feature for users.

PoS Consensus

We need to move away from Proof of Work (PoW) to Proof of Stake (PoS) as soon as possible and it's not just about scalability and speed of transactions. Physical mining represents a very real physical vulnerability because governments can dramatically lower the cost of a 51% attack simply by seizing control of the mining physical infrastructure required to drive PoW. That dramatically changes in the move to PoS because there is no physical infrastructure per se. What's more, it also increases anonymity by removing miner IP addresses from the equation and provides greater resiliency in the face of power loss.

Building the decentralized trustless system requires a constant obsession with thinking about how users can be attacked and exploited. The same passion that exists behind decentralization will exist on the side of governments who wish to control and exploit it for power. This conflict is unprecedented for several reasons. Firstly, the servers running the code do not reside in any physical country and, secondly, all parties involved are involved voluntarily so it can’t be construed as an issue of theft or exploitation. These reasons alone will inevitably cause people to rightly question what grounds a government has to control this space but, I'm convinced, that will not deter them from claiming that right. The only way to front-run the impending clash of worldviews is with the same principles that have driven this entire movement, that being an absolute insistence on unmitigated trustlessness and decentralization. 

One of the very interesting projects I see taking the above characteristics extremely seriously is DFOhub. They advocate the use of decentralized flexible organizations (DFOs) and speak of startups without founders. I personally feel that they're extremely ahead of the curve and that time will show the great value of the thinkers and projects exploring and expanding the boundaries of this space. 

[atlanticcanada]

Mi'kmaq chiefs demand stop of alleged federal plans to seize lobster traps

A group of Nova Scotia Indigenous leaders has levelled harassment allegations at the federal government over an ongoing moderate livelihood fishery dispute, accusing the department responsible for fisheries of planning to seize gear from lobster trappers in the province.

The Assembly of Nova Scotia Mi'kmaq Chiefs issued a statement on Friday saying they'd learned of unspecified plans from the conservation and protection department of Fisheries and Oceans Canada, but did not disclose the source of their information.

The chiefs alleged department members may be planning to seize gear and traps belonging to fishers exercising what they describe as a protected right to earn a moderate livelihood from their efforts.

A departmental spokeswoman declined to comment on their specific allegations, but said federal officials are not necessarily aware of all actions taken by local staff.

"The Assembly condemns this action and demands all planned action related to seizure is aborted," the chiefs said in a statement. "The Supreme Court of Canada has recognized the Mi'kmaq Right to fish for a moderate livelihood."

A dispute over moderate livelihood fisheries has grown increasingly tense in recent weeks, with multiple violent clashes between Indigenous and non-Indigenous fishers taking place throughout October.

At the heart of the dispute lies a 1999 Supreme Court decision affirming that the Mi'kmaq have a treaty-protected right to earn a "moderate livelihood" by fishing, hunting and gathering when and where ever they want.

The federal government has confirmed it is committed to implementing the Mi'kmaq treaty right to pursue a moderate livelihood.

Many non-Indigenous people involved in the province's $1-billion lobster industry, however, have argued the court's decision also affirmed Ottawa's right

to regulate the industry to ensure conservation of the lobster stocks. And they have raised concerns that a growing "moderate livelihood" fishery could deplete the resource.

In the statement, the assembly accused Fisheries Minister Bernadette Jordan of "acting in bad faith" during recent consultations to end the dispute.

Departmental spokeswoman Jane Deeks said Jordan remains committed to working with the First Nations in Nova Scotia to implement their treaty rights.

"There are more than 600 DFO fishery officers working in communities across the country, and the compliance measures they take are based on numerous factors," she said.

The assembly also expressed concerns about the safety of Mi'kmaq fishers following a series of violent encounters and vandalism, including a fire that ravaged a lobster pound holding Sipekne'katik First Nations catch in Middle West Pubnico, N.S. earlier this month.

Yarmouth County RCMP released photos and videos in connection with the fire on Friday, asking the public for help in identifying two persons of interest.

Cpl. Lisa Croteau said in an interview the RCMP is currently working through the tips it's received as it continues to investigate the blaze.

Meanwhile, Sipekne'katik's commercial fishers contend it's "not worth the risk" to fish for lobster for fear of more violence and vandalism.

Band Chief Mike Sack said concerned emerged during an emergency meeting with commercial fishers held on Friday.

The fishers are concerned about going out in the water alongside non-Indigenous fishing boats once the season begins in November in the fishing area surrounding the southwestern shore of Nova Scotia, he said.

Currently, Sipekne'katik has nine commercial fishing licenses, he added.

"Nine-hundred-and-thirty-five commercial boats go to the area and they don't feel safe," Sack said. "It's just too much of a big loss compared to what they could benefit from it so none of them want to risk doing that."

"I don't feel like pressuring them into doing so if safety is a concern," he said, adding that the band had yet to lock down a buyer for its catch.

Sipekne'katik estimates financial losses from previous damage will come in at more than $3 million.

Sack said while the commercial fishers have expressed reluctance to get out on the water, those working for the band's livelihood fishery would continue to catch lobster.

He referred to a temporary injunction granted by the Supreme Court of Nova Scotia on Oct. 21 aimed at preventing people from interfering with the fishery.

The injunction said some of the opponents of the new fishery are using "criminal intimidation, threats, and property destruction."

This report by The Canadian Press was first published Oct. 31, 2020.

This story was produced with the financial assistance of the Facebook and Canadian Press News Fellowship.

from CTV News - Atlantic https://ift.tt/2HLo89b

[insulation4less]

Roof Insulation

Your Essential Guide to Roof Insulation

When it comes to insulation, your home’s roof is too often ignored. Roof insulation is the best way to reduce heat loss from your home. Having a well-insulated roof won’t only save you money on cooling and heating costs, but it also provides a more comfortable and efficient living environment.

The primary purpose of roof insulation board is to create a thermal barrier on the top level of the building – thus reducing the amount of heat loss in winter as well as decreasing the amount of heat entering your house in summer. You will need a different approach if you are dealing with a flat roof or a pitched roof, and then take a few more decisions such as decide if you are going to insulate at rafter level for a cold or warm roof.

Advantages of Roof Insulation

You probably didn’t know that your home’s roof is responsible for about 30-40% of heat loss. So, when you insulate the roof of your house, it is one of the best investments you can do to improve your home efficiency. So what is the best choice when you opt to insulate the roof? Well, there are two solutions such as cold and warm insulation. Before telling you about the benefits of roof insulation and roof insulation boards, let’s see the differences between cold and warm insulation for your pitched roof.

If you are looking for the cheapest option, then you should go for the cold roof insulation. This type of insulation is usually placed over and between the wooden joists. Also, you can install it above your home’ ceiling (top floor). It is an easy-to-do job just like any DIY project. However, it is vital to know that cold insulation only stops the amount of heat escaping through the roof – and the loft space will remain uninsulated and get even colder in winter.

Warm roof insulation is placed directly under the roof. Just like any other type of insulation, warm insulation has the ability to reduce the amount of heat loss from your home. This way, your house won’t be excessively cold in winter or hot in summer.

Quick Tip: You need to make sure there is enough ventilation in order to avoid condensation.

Now, let’s talk about the most important advantages of roofing insulation. As a homeowner, it is important that you get acquainted with these benefits.

Long-Term Prevention

Let’s say we have a “big freeze” next winter (a not so rare occurrence anymore). You could wake up to 5 inches of snow covering your house. And there lies the devil. When your roof is not insulated properly, you could enter a catch 22 situation where the increase in heat escaping from your roof will accelerate the melting of the snow on your house’s roof, thus causing risks of ice dams. Ice dams, moisture, and condensation can steadily cause damage to your home. Therefore, in order to prevent those damage, we generally always recommend you to insulate your roof in addition to the other areas of the house.

Energy and Cost Savings of Roof Insulation

With proper roofing insulation, you will definitely save a significant amount of money and energy. Roof insulation helps you keep the cold or heat in when you need to. There are various survey reports available online and all of them showing slightly different statistics. However, on average, homeowners have reported that their roof insulation savings are between 20% to 25%.

Environmental Sustainability

Roof insulation can be the most vital energy-saving project you can take on. When you implement such a project in your home, not only it is beneficial for you in terms of energy consumption and cost-saving but also for eco-friendliness reasons. You actually play your role in reducing the number of pollutants from the environment.

What is the best material for roof insulation?

Basically, there are two different types of roofing insulation materials. They are

 1). Reflective Insulation (Multifoil insulation) and

 2). Bulk Insulation. 

The latter type is in the form of sprayed foam, blown-in cellulose, rigid boards, and blankets.

In the UK, most houses, offices, and other commercial buildings unite both types to create a complete insulation system. Nonetheless, in both colder and hotter conditions, reflective insulation material for roof is quite enough to control undesirable gain or loss of temperature as well as penetration of moisture.

In addition, blanket insulation is considered the best choice for roof insulation if you have tiled, flat ceiling, and/or pitched metal roof. The range of blankets or batts, which might be suitable for roof insulation includes rock wool, glass wool, natural wool, and polyester.

How much does roof insulation cost?

There are various ways to insulate your roof – simply put, it depends on the condition of your home, the type of roof you have, and the material you want to use. In order to properly budget the cost of roof insulation, we will go through a few essentials that need to be kept in mind in order to avoid costly mistakes.

Flat Roof Insulation Costs

If you have a flat roof, then cold or warm deck insulation will cost around £35 per square meter, which is similar to the prices of other types of roof insulation. However, you must know that exterior insulation costs more, which is around £80 per square meter.

Pitched Roof Insulation Costs

If you have a pitched roof, materials commonly used are polystyrene insulation panels that are often back with foils. So, on average, the cost of insulation panels for roof insulation is £25 per square meter. Overall, the estimated cost of roof insulation in your house would be something between £400 to £500.

Quite often this is also an opportunity to replace or add new insulated windows to your roof, especially if you are converting it to a warm loft.

Should you insulate roof rafters?

It is preferable to insulate a cold attic from the outdoors in order to avoid the risks of freezing pipes. If only loft insulation is applied between the joists, your attic will be starved off warm air and will get considerably colder than before during winter. Thus increasing the risk of catastrophic pipe failure.https://www.youtube.com/embed/DFO-asmyrP8

In conclusion, insulation in the roof rafters allows warmth in the space and insulation between the joists is the best way to keep your living space warm and create a cold loft. Lastly, insulation not only lowers your heating bills but also reduce your house’s carbon footprint – enhancing its energy efficiency and value.

Looking for Roof Tiles?

Browse our sister site Build4Less and view our extensive range of Roof Tiles along with any other building materials you may need!

Originally published on https://insulation4less.co.uk/collections/roof-insulation.

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[billgsoto]

Despite Decreased Demand for Loans, FSA Credit Still Critical for Farmers

Farmer Blaine Bruner with his grandson. Photo credit: National Farmers Union.

Editor’s Note: This is the first post of a 3-part analysis of FSA loan program usage throughout FY 2017. Stay tuned for subsequent posts on lending trends for beginning and socially disadvantaged farmers and ranchers.

Access to loans and credit lines are critical for farmers looking to start up a new operation, expand their operation, or even sometimes to help maintain current production. In order to help producers cope with the high levels of risk and constant changes that are inherent to farming – including fluctuations in market demand, weather, and input costs – the U.S. Department of Agriculture’s (USDA) Farm Service Agency (FSA) offers American producers both direct and guaranteed loans to help start, manage, and grow their businesses.

Direct loans are those made and administered directly by USDA, while guaranteed loans are made by private agricultural lenders with an assurance from USDA that the agency will provide up to 95 percent of a loss if a farmer is unable to pay back their loan. FSA loans, both direct and guaranteed, are specifically targeted toward farmers unable to obtain credit elsewhere (e.g., small production operations and beginning, minority, women, and veteran farmers). The majority of farm loans are made by Farm Credit or commercial banks, and within the agricultural lending sector, FSA holds roughly 8 to 10 percent of all farm debt in the U.S.

In this post, the National Sustainable Agriculture Coalition (NSAC) has compiled a year’s worth of data and analysis on FSA loans in order to better understand demand and usage in fiscal year (FY) 2017, and make informed recommendations regarding program improvements going forward.. This post is the first of a three part series.

FSA Loan Overview for FY 2017

FSA loans include both operating loans, which go towards farm maintenance costs and a farmer’s annual living expenses, and farm ownership loans, which help farmers seeking to expand or purchase their first farm to acquire land. Within these categories, loans can either be direct or guaranteed (as described above). Additionally, smaller-scale, beginning, and socially disadvantaged farmers are able to access a more streamlined loan application process through the microloan program.

In 2017, roughly 38,400 individual farm loans, nearly $6 billion in farm expenses, were made or guaranteed by FSA, which is down slightly from 2016. The unexpected surge in demand for FSA farm loans seen the prior year was driven largely by the significant drop in commodity prices, as well as the subsequent decline in farm revenue that followed.

Last year, FSA and FSA guaranteed lenders decreased both the total number of loans made and the amount of financing provided to farmers across the country. More specifically, FSA made or guaranteed 3 percent fewer loans and provided roughly 6 percent less financing across all loan programs, as compared to 2016. The only FSA loan program that saw an increase in demand last year was the Direct Farm Ownership (DFO) loan program. In 2017, FSA provided 2 percent more loans to help farmers finance 3 percent more in total farm real estate purchases.

Although the farm economy has far from fully recovered, prices have at least stabilized, which have contributed to FSA loan levels falling last year to somewhat more normal levels. The fact that fewer farms started during the extended downturn in the farm economy likely also led to a decrease in demand, particularly for FSA operating loans.

Loan Caps – To Raise, or Not to Raise?

Across all FSA loan programs, the average loan was 3 percent smaller in 2017 than in 2016; Guaranteed Operating Loans (GOL) saw the largest decrease in average loan value (8 percent) during this period. The only loan program that saw an increase in the average loan size from 2016 to 2017 was DFO loans. Changes in average loan amounts by loan program are depicted in the chart below.

The maximum loan amount that FSA can finance or guarantee is set by Congress through the farm bill: $1.399 million (adjusted annually with inflation) for guaranteed loans and $300,000 for direct loans. The average actual loans made or guaranteed by FSA in 2017 fell far short of these maximum statutory loan limits (see table below). The only loan program for which the average amount was even close to approaching the statutory limit was DFO loans. These annual trends illustrate that most FSA loan programs (with the possible exception of DFO) are currently able to address the credit needs of the vast majority of FSA borrowers.

Average FSA Loan Size – FY 2017 Statutory Loan Cap Average Loan Amount Average as % of Cap DOL $ 300,000 $ 55,974 18.7 GOL $ 1,399,000 $ 276,644 29.8 DFO $ 300,000 $ 181,902 60.6 GFO $ 1,399,000 $ 488,656 34.9

With the 2018 Farm Bill fast approaching, there has been much debate about how USDA loan programs should be improved to ensure that farmers have an adequate safety net, especially in times of low commodity prices. One proposal that has received particular attention over the past year is the option of increasing the statutory limits on FSA loan amounts.

Proponents of raising the loan caps (mostly commercial banks who rely on FSA to guarantee their riskiest loans), argue that FSA loan limits are too low to keep up with the increased costs of modern production agriculture. In reality, however, there has been excess demand for almost all FSA loan programs at the current statutory loan caps over the last few years. Furthermore, the average loan size for both direct and guaranteed loans is still far below the current statutory loan caps – and rather than increasing, is actually decreasing. None of these trends suggest there is any need to increase loan limits – with the possible exception of DFO loans.

USDA loans are a critical part of the farm safety net, and often the first step toward access to credit in private markets. They have filled an important gap in financing and has been vital in providing access to credit for small and mid-size family farms, including new and beginning, socially disadvantaged, veteran farmers, and others not well served by commercial credit. However, if loan limits are increased across the board in the next farm bill, the largest, more established farms would be the primary beneficiaries. This type of change, therefore, would be in fundamental conflict with the primary purpose of FSA loans – to serve those with the least access to private sources of credit and capital with a specific priority on providing financing to new farmers.

NSAC’s farm bill platform includes several alternative approaches to raising the loan caps that NSAC will be urging Congress to consider in any farm bill negotiations regarding how to strengthen and improve FSA loan programs.

Operating Loans – National Snapshot

Following historic trends, the vast majority of FSA loans (73 percent) made or guaranteed last year were for farmers’ annual operating expenses (which must often be paid up front at the start of the season). The bulk of these loans were made directly by FSA.

Overall, FSA direct operating loans (DOL) have consistently represented the largest category of loans in terms of the number of loans made or guaranteed – 60 percent of loans in both FY 2016 and FY 2017. This is likely due to the nature of farming and seasonal cash flow and high demand for credit to cover annual farm operating costs. In terms of total loan funds, however, DOL only represent 21 percent of the total funding that FSA gets out the door each year. The majority of FSA loan funding actually goes not to DOL, but to larger farm real estate loans (discussed further below).

In 2017, farmers utilized FSA guaranteed operating loans (GOL) far less frequently, with only 4,941 loans made in FY 2017 compared to the 22,940 DOL loans made that same year. Both loan programs are down slightly from 2016, with 3 percent fewer direct and one percent fewer guaranteed operating loans.

On average, guaranteed loans are much larger than direct loans, due in part to the larger maximum loan amount set by Congress. The average GOL in 2017 was $276,644 (down 8 percent from last year) compared to $55,974 for direct FSA loans (down just one percent from last year).

Operating Loans – Regional Differences

The regional breakdown of operating loans corresponds with the top agricultural states across the Midwest and Great Plains, with a few notable exceptions. California, for example, made 25 percent more operating loans in 2017 (compared to a 6 percent decrease nationally) and also moved into the top ten states making the most direct operating loans that year (see graph below).

Aside from the U.S. territories and Alaska, the states with the fewest number of operating loans are centered primarily within the Northeast, where agriculture is a smaller part of the regional economy.

Nationwide, FSA direct operating loans have been more popular with farmers than guaranteed loans made by private banks; roughly 4.5 times as many direct loans were made nationally last year versus FSA guarantees. However, in some regions of the country there are very few lenders utilizing FSA loan guarantees and these regions are therefore more dependent on FSA lending directly.

These regions include the South (MS, AL), Southwest (AZ, NV, UT), Northeast (NJ, RI, ME), Appalachia (WV), and territories and states outside the continental U.S. Many of these states are more rural, less populated, less agriculturally dependent, or lack the financing infrastructure necessary to extend guaranteed operating loans to farmers in the region. It is also notable that FSA directly made significantly fewer operating loans in both Alabama (-33 percent) and Mississippi (-16 percent) in 2017, compared to a 4 percent decrease nationally.

Unsurprisingly, the regional distribution does not change much in regards to the amount of operating expenses financed by FSA loans in 2017.

Farm Ownership Loans – National Snapshot

In terms of real estate financing, DFO loans made up the second largest segment of FSA loans, with 5,740 loans made in FY 2017. However, since farmland purchase values are generally a larger expense than annual operating costs, DFO and guaranteed farm ownership (GFO) loans are typically larger on average than operating loans. In fact, GFO loans in FY 2017 comprised the single largest category of loan funding – totaling 38 percent of all FSA loan funding, or $2.3 billion, similar to historic trends.

In 2017, the demand for farm real estate loans fell for guaranteed loans by eight percent and increased by 2 percent for direct loans; an interesting trend that warrants further analysis. On the one hand, it could signal that fewer banks are requiring a federal guarantee in order to finance new farm purchases – which is a good sign. On the other hand, it could mean that fewer established farmers are choosing to expand their operations or purchase land – with the exception being new farmers taking advantage of FSA direct farm ownership loans.

Farm Ownership Loans – Regional Differences

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The map above represents the distribution of DFO loans made across the country in 2017. The largest concentration of DFO loans correlate to heavily agricultural states in the North Central and Southern Plains regions, and are being used to a lesser extent elsewhere. The under-utilization of loans is especially notable in the South (where predominantly minority farming populations are concentrated) and in the West (which includes many important specialty-crop producing states).

In the southern region, FSA financed just over 200 loans in total to help farmers buy farmland in Mississippi, Alabama, North Carolina, South Carolina, Georgia, and Florida. This compares to over 3,000 loans made to help farmers in the Great Plains and across the Midwest purchase farm and ranchland. This regional disparity highlights the inequitable access to credit that farmers of color in particular continue to face.

Guaranteed farm loans generally followed the trends of direct loans, but were more heavily concentrated in the North Central region, where more commercial agricultural lenders are also clustered.

Compared to other regions in the country, producers in the West (in California particularly) have experienced high barriers to accessing FSA farm real estate loans. Even though California leads the country in total agricultural sales, in FY 2017 only 51 direct and 63 guaranteed ownership loans were extended to farmers across the entire state. This total represents a 16 percent increase in FSA farm real estate loans over last year, but it is also important to note that even with the increase, these loans served less than a tenth of a percent of the state’s 81,500 farms (as of the Agricultural Census of 2012).

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There are likely many factors contributing to the unbalanced level of lending in the West and in California specifically, the most significant being the $300,000 limit on FSA real estate loans. Farmland in California is valued at roughly $8,700 per acre, one of the highest in the country, and over the last year land values have increased roughly 10 percent (USDA-NASS). This means that the average farm in California comes with a price tag of about $2 million, according to the most recent Census of Agriculture. Clearly, $300,000 doesn’t go a long way for farmers looking to buy land in California, or in other areas with high real estate values, like the Pacific Northwest.

In 2017, FSA made fewer than 75 ownership loans in the Pacific Northwest states of Washington and Oregon. It’s quite likely that DFOs were not successful here due to the production of high value orchards, which command a sales price that exceeds the $300,000 maximum DFO loan amount. For reference, the average farm in Washington comes with a price tag of just under $1 million (USDA-NASS). With high land prices and inadequate loan offerings from FSA, farmers (in particular beginning farmers, who on average have less capital and access to credit) are left with very few options for financing a new farm purchase if a private lender turns them down.

In the Northeast, low FSA loan usage trends (most states had below 50 DFOs in FY 2017) can largely be explained by land availability and affordability. The Northeast has a concentration of smaller states with predictably small farming communities. Because of the pressures of development and urban and suburban sprawl, these small-scale and typically diversified farmers are often unable to afford or access financing to afford agricultural land.

Final Takeaway

FSA loans have become an increasingly important tool for farmers – especially new and socially disadvantaged farmers – however, their availability and use patterns do not correspond with producers’ needs. Many farming communities are unaware of and/or unable to tap into these incredibly important financial resources, especially in the case of farm real estate loans. While the trends identified in this post can be troubling, the analysis will be incredibly useful as we seek to better understand USDA programs and craft thoughtful recommendations for reform.

In our next post in this series we will take a dive deeper into the availability and impact of FSA loans on socially disadvantaged and historically underserved farming communities, including beginning, female, and veteran farmers, and farmers of color.

The post Despite Decreased Demand for Loans, FSA Credit Still Critical for Farmers appeared first on National Sustainable Agriculture Coalition.

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[atlanticcanada]

Study shows economic benefits of patient approach to northern cod recovery

ST. JOHN'S, N.L. -- A slow and steady approach to rebuilding the northern cod stock could see employment in the crucial fishery skyrocket in just over a decade, according to a new study.

The report was released Thursday by advocacy group Oceana Canada as one of six case studies assessed by University of British Columbia fisheries economists in a larger report considering the social and economic benefits of rebuilding Canada's fisheries.

The economists project that within 11 years, under favourable environmental conditions and low fishing pressure, a rebuilt northern cod fishery could support 26,000 jobs -- 16 times more than today. Economic activity generated by the fishery could reach $233 million, up from its current level of $33 million.

"Our results suggest that bearing this short-term cost can lead to economic benefits, which in the long term are an improvement over maintaining the status quo," the full report reads.

The study spoke to the northern cod's status as an "iconic species" of huge importance to the coastal communities of northeastern Newfoundland and Labrador.

"It (northern cod) stands as a symbol of the bounty and prosperity that supported massive fisheries .... It also is a symbol of loss and the devastating consequences of overfishing," the study read.

"Signs of a fragile recovery of northern cod bring hope, and with it, opportunities to (correct) the wrongs of the past."

Researchers ran several scenarios, but even under the poorest environmental conditions, the study projected the value of northern cod, if allowed to rebuild to a healthy status with low fishing pressure, would exceed its value under current practices.

The northern cod projections were set against a "status quo" catch. The status quo was defined as 13,000 tonnes of fish landed annually while a low fishing catch was defined as 9,500 annual tonnes.

The commercial cod fishery, once the backbone of Newfoundland and Labrador's fishing industry, collapsed and was placed under a moratorium in 1992, throwing thousands out of work and sparking protests.

Federal fisheries officials reported this year that the stock has made significant gains over the last few years but warned that it is still in a critical zone.

Oceana Canada's projections are consistent with advice given by the federal Department of Fisheries and Oceans when it released its annual report last month. DFO advised keeping cod removal at the "lowest possible levels" until population numbers clear the critical zone.

The Fish, Food and Allied Workers Union responded to DFO's latest report by advocating for "modest increases in harvest rates" and arguing these increases would not significantly impact the stock's growth.

Federal Fisheries Minister Jonathan Wilkinson said in a statement Friday that protecting Canada's oceans, and the jobs that depend on them, is a "top priority" for the federal government.

"I welcome Oceana's report, and look forward to working with environmental organizations and fish harvesters to rebuild Canada's fisheries," Wilkinson said.

He said Bill C-68, still before the Senate, is a key part of the plan. The bill would amend the Fisheries Act and introduce stronger commitments to implementing rebuilding plans for depleted fish stocks.

Oceana Canada's science director Robert Rangeley said in an interview that northern cod was chosen as a case study because it has great potential. "It's been showing ... some evidence of kind of a fragile recovery. It's going in the right direction," Rangeley said.

"Should we be patient, or should we be rushing in and fishing it now? I think this adds little bit more evidence that a patient approach will reap benefits in the future."

Rangeley said rebuilding plans are a key but often missing piece to restoring the healthy status of Canadian stocks.

The cod study noted that just five of Canada's fish stocks assessed as "critically depleted" have rebuilding plans in place, and not all of these follow global best practices.

Rangeley said these plans should keep the needs of coastal communities in mind, but he said the biggest payoff will come if the stocks are able to rebuild to a healthy level because of reduced fishing pressure.

"We still have to rebuild these stocks, and that's where the value is going to come. That's the investment," Rangeley said.

from CTV News - Atlantic http://bit.ly/2VZ7nh3