Financial education: only weapon of survival

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Financial education: only weapon of survival

"An ignorant people do not reason, obeys." To this basic ignorance, induced, it also adds the weapon of "mass distraction" in a war that winds and of which we are more and more victims.
"An ignorant people do not reason, obeys." Word of Francesco De Sanctis. It was 1860 and Italy was at the dawn of its controversial existence. Today, 150 years later, the policy has yet easy game, out of a population that besides being deliberately kept in ignorance (with cuts to the school and without any competitive offer from teaching methods arrears in both the teaching staff in the very structures) is also stressed the most pressing problems and currently present.
The fusion of the disciplines

Humanists are the last aristocratic culture and the sublime pleasure that allows you to appreciate a hexameter Homer is undoubtedly invaluable, but we all live in a world that is governed by the finance and finance ignores the Greek meter as well as the beauty of 'oratory of Cicero or the construct Tacitus. But paradoxically, as the only gift is just the classical culture to warn us that Mother Logic can come to our rescue and makes us understand how the first weapon to sharpen both knowledge of the language spoken by the "enemy". Yes, the enemy, because civil society, today, without even knowing it, is in fact in the middle of a war. Fought well with other weapons, most notably that of "mass distraction" that welcomes provide myriad input useless tidbits seasoned easy sensationalism, or a subculture also imposed on banks of the school, in a dilapidated structure (budget cuts ) in turn run by professors equally resigned to a career often precarious, without stimuli or the other opposite, lying lazily in the certainties of a permanent contract. For those who have.
War, it was said. Parallelism too simple if you think that our economy, with its numbers can easily be compared to that of the Second World War on the consumer side: every day in many in Europe are forced to make ends meet making choices increasingly selective, dictated by a crisis that continues to persist, so much so that 80% of women to return to the value of the self-made, English-speaking term that could easily be translated with the classic homemade ".
Return to the wisdom of DIY

Food especially, also benefit health in some cases, but also clothes, thanks to the knowledge capacity maybe learn from a grandmother (luckily Italy has a population particularly long-lived and wisdom is always a bastion safe during storms, of all kinds), but also the discovery of the Internet as a place to exchange tips, create purchasing groups, have the possibility of barter, recycle or exploit ideas for recycling. A war with the work, to find it, to keep it, to be able to understand why there is not, but above all to understand why we are asking sacrifices people, politicians, who often do not have to sacrifice ever made. And is bitterly mocking the scene starring this "sacrifice" the unemployed in their early twenties who have no salary, much less no subsidies, just fired their fifties, too young to retire, too old for a new hire, but with a lot of family dependents and mortgage to close. A people who, as said earlier, often bears too. The reasons? So many, so many will not even be found more in one quadrant.

Ignorance financial
Everything could be one of the financial ignorance: according to a recent OECD study that involved 18 nations, Italy was second last for the knowledge of the subject. No wonder, then, that today no one be offended if he reads the news of an exposure to derivatives by Deutsche Bank amounting to 75 trillion dollars virtually the same amount of global GDP and 5 times that of Europe, or that in the US the major 5 the banks are for 40 trillion. Maybe because we ourselves are not even accustomed to thinking in trillions, or because, quite rightly, concerned about many other emergencies daily, with a slalom between taxes and tax deadlines that by the next day will bring into the coffers of the state 44 billion. How many of these will then be returned as services to citizens? And how, instead used to plug the hole from potential exposure to derivatives in June saw those on the public debt of the Italian Republic with a deficit of 34.4 billion euro? In the real possibility of not being able to honor our, deadlines, we find hardly desire to understand those of the Italian state. As well as to go and look up the meaning and dynamics that govern a derivative. Financial education and economic latita is a serious handicap.

The hidden benefits in daily life
Have it would be useful not only to understand what is really happening to the nation, what often unknown even to the politicians in office, but also for the understanding of reality and especially to be able to offer an alternative to the system. Easy to complain, propose plans reasoned, however, is very different. Financial education that would also be useful to be aware of our possibilities: extricate the financial jargon to understand the voices of your bank statement and find out the hidden costs imposed (and silenced) by banks, understand that the TAN (pure interest rate applied to a financing) or the APR (the indicator of interest rate financing operation) at the bottom of a loan within the customary range, improve the ability of criticism at the time of purchase, because every time you put your wallet at the supermarket, or you change even the rate of the telephone bill, it means that it has concluded a contract, or an exchange of goods / offer / rate, which has been taken note of and which are accepted as the intrinsic characteristics also the price. And perhaps avoiding some little surprise at the end of the month ...
"The quality of education given to the lower classes must be the poor and mediocre as possible so that the distance of ignorance that plans among the lower classes and upper classes is and remains impossible to fill the lower classes." This recently wrote Noam Chomsky, without being wrong.

The banking speculation in commodities and food

Through its trading activities, banks are the main speculators in the markets of direct recruitment and term of raw materials and agricultural products, since they have distinctly larger than the other actors involved financial means. A short visit to the website of the Commodity business awards | 1 | can find a list of banks and brokers who have a leading role in the commodities market | 2 |-is the market where commodities are bought and physically or that of derivatives whose underlying commodities sell. Among these banks, we find almost always BNP Paribas, Morgan Stanley, Credit Suisse, Deutsche Bank and Societe General. Some go even further and provided with instruments to directly influence the stocks of raw materials. This is the case of Credit Suisse, which is associated with Glencore-Xstrata, the world's largest brokerage commodity | 3 |. Among European banks, BNP Paribas, along with Deutsche Bank, one of the most influential people in the commodities market, and plays a key role in the field of commodity derivatives.

 Several U.S. banks have strategies that reach farther than those of Europeans in controlling market share of commodities . This is JP Morgan, Morgan Stanley and Goldman Sachs. For example, in the U.S., JP Morgan imported 31 million barrels of oil during the first four months of 2013. U.S. banks are owners of oil refineries, power plants, power distribution networks, storage companies metals, stock farm products, companies operating shale gas ... How did you come to this? The Fed authorized in 2003 to universal bank Citigroup buying the brokerage firm Phibro, claiming that it was normal to complete the bank's activity in the derivatives market commodities with physical possession of a stock of raw materials (oil, grains, gas , minerals, etc.). As for Morgan Stanley and Goldman Sachs, which until 2008 | 5 | had status business bank since 1999 and thanks to the banking reform law that completed the abolition of the Glass Steagall Act , they could acquire power plants, oil tankers and other infrastructure. And so Morgan Stanley owns barges, tankers, pipelines, oil terminals and gas! Meanwhile, JP Morgan bought the division commodities RBS in 2010 by 1,700 million dollars, which enabled him to acquire 74 ships to store metals in both the United States and the United States, while Goldman Sachs has 112 of these. Both banks together hold more metal storage sheds that Glencore (who has 179). Warehouses have storage is essential: especially in the case of a company or a cartel of several companies (eg banks) who want to speculate on the price of holding it as long as possible to upload your product price and then dispose of it and make it go down. That is exactly what is happening in the aluminum market since 2008. According to research conducted by The New York Times , following the acquisition by Goldman Sachs in 2010 aluminum warehouses Detroit, the time it should wait to rid themselves aluminum bars went from 6-16 weeks. Prices rose (despite the offer and the stock of this metal in the world market had increased), which provoked strong reactions in companies like Coca Cola and Miller Brewing, are major consumers of aluminum for the manufacture of its cans ... Only revenues aluminum storage in Detroit, Goldman pocketed $ 220 million | 6 |.

After achieving huge profits by manipulating prices, most notably banks in the physical market of commodities have adopted an exit strategy. There are three reasons that have pushed in that direction. First, the supervisory authorities realized manipulations were carried out several banks. JP Morgan, Barclays and Deutsche Bank had to pay fines for various issues related to the handling of the electricity market in California. JP Morgan agreed to pay a fine of 410 million dollars in the process, which is not over yet | 7 |. U.S. officials, under pressure from companies competing with banks and given the unpopularity of bankers to the public, thought seriously limit the activities of banks in the market for physical commodities . Second, the benefits to the banks operating in this market started to decline from 2011-2012, as the prices of raw materials tend to decrease. Thirdly, the core capital (Core Tier 1) required for investment brokerage firms is higher than in other investments (for example, sovereign debt). Suddenly, the banks have to increase their ratio of capital / risk-weighted assets funds to continue in that business, they calculated that it was better to leave all or part of their investment in the physical market of commodities  | 8 |. One issue that we must be vigilant. Of course, banks will be active in derivatives markets commodities and segments of financial markets related to commodities. Their ability to harm is and will remain very significant if radical measures are not taken.
These banks are prime actors in the development of the speculative bubble that has formed in the market for commodities  | 9 |. When explode, the boomerang effect will cause new havoc on the health of the banks. It should also take into account the actual disaster, and more serious, which populations suffer the South commodity exporters. All the peoples of the planet will be affected in one way or another.
Consider again the fundamental role of speculation in the escalation of food prices and oil prices in 2007-2008
Speculation in major U.S. markets, where global commodity prices (agricultural products and commodities) are traded was instrumental in the brutal escalation of food prices in 2001-2008 | 10 |. This price increase caused a dramatic increase in the number of people with poor nutrition: more than 140 million in a year. And more than one million people (one in seven) are hungry. Who generate this hunger are not snipers, but are institutional investors (called zinzins : banks | 11 |, pension funds, investment funds, insurance companies), large marketing companies like Cargill. The hedge funds were also involved, although his weight was well below that of institutional investors | 12 |.
Michael W. Masters, who ran for twelve years, a hedge fund on Wall Street, clearly explained the harmful role of these institutional investors in testimony, filed May 20, 2008, before a congressional committee in Washington, to investigate the possible role of speculation in driving up commodity prices | 13 |. On the occasion of this hearing stated: " You have it raised the question: institutional contributed to the inflation of food prices and energy investors? My answer, inequívocament, YES "| 14 |. In this testimony, sitting chair, explained that the increase in prices of food and energy is not due to an insufficient supply, but a brutal increase in demand from new players in forward markets of primary goods ( commodities ), which traded the "future". In that market, also called contracts, the speakers I buy future production: for example, the next crop of wheat, oil to be produced in 6 months or 5 years view, etc.. In the past, the main participants in this market were companies who had a specific interest related to its activity with respect to one of those commodities. It could be, for example, an airline buying the oil needs or food that cereal is sought. Michael W. Masters notes that in the United States, capital allocated by segment institutional investors' trading index 'of primary commodity forward markets went from 13,000 million at the end of 2003 to 260,000 million in March 2008 | 15 |. The prices of 25 commodities traded in these markets rose 183% during the same period. It also explains that this is a limited market, which is enough that institutional investors-such as pension funds or banks-allocate 2% of their assets to alter its operation. In 2004, the total value of futures contracts concerning 25 commodities rose only 180,000 million. And this can be compared with the global stock market was 44 billion dollars, or 240 times more. Michael W. Masters that year indicates that institutional investors invested 25,000 million in the futures market, which represents 14% of that market. It shows that during the first quarter of 2008, institutional investors increased significantly their investments in this market: 55.000 billion in 52 working days. Enough for a brutal escalation of prices!
The prices of commodities in the futures market immediately affect the current prices of these goods. Thus, when institutional investors bought huge quantities of corn and wheat in 2007-2008, was immediate gouging prices of these products.
Let us note that in 2008, the controlling body of the futures markets, the Commodity Futures Trading Commission (CFTC) estimated that institutional investors could not be considered speculators. The CFTC zinzins defined as the commercial market participants (" commercial market participants "). This enabled him to say to this committee that speculation had no significant role in the escalation of prices. Masters is sharply critical of the CFTC, but especially Michael Greenberger, a law professor at the University of Maryland and director of a department of the CFTC from 1997 to 1999 who, with his testimony before the Senate committee June 3 2008, criticized the laxity of their leaders who turn a blind eye to the manipulation of energy prices by institutional investors. He cites a number of statements of these leaders worthy of inclusion in an anthology of hypocrisy and human stupidity. According to Michael Greenberger, between 80% and 90% of transactions in the stock in the energy sector of the U.S. stock markets are speculative | 16 |. His experience and ability on the subject is clear.
The September 22, 2008, during the financial turmoil in the U.S., while President Bush announced a rescue plan for banks consisting of injecting 700,000 million (without the massive liquidity it had already been made available) The price of soybeans suffered a speculative increase of 61.5%.
Jacques Berthelot also points to the crucial role of the banking speculation escalating global agricultural prices | 17 |. Cites the Belgian bank KBC, who conducted an advertising campaign to sell a new commercial product: an investment for savers in six agricultural commodities. The investment fund 'KBC-Life MI Food Security Prices 3 "captures customers with a cynical slogan:" Bring out the rise in prices of food products! ». This ad appears as a ' chance 'the' shortage of exploitable water and agricultural land , "which results in" a shortage of food and rising food prices "| 18 |.
The U.S. justice speculators think is their right. Paul Jorion, in a review published in Le Monde , questions the decision of a court of Washington, which invalidated the September 29, 2012 the measures taken by the CFTC "that were designed to limit the size of positions that a participant can take in the forward market commodity, whose aim is to prevent a single intervener it can unbalance | 19 |.
Jean Ziegler, former UN Rapporteur for the Right to Food, expressed without euphemisms: " The financial crisis of 2007-2008 caused by the banking banditry had two main consequences. First, hedge funds (hedge funds) and large banks moved after 2008 to the commodity markets, especially those of agricultural commodities, leaving some sectors of the financial markets. The prices of the three staple foods (maize, rice and wheat), covering 75% of world consumption, exploded. In 18 months, the price of maize increased by 93% per ton of rice went from $ 105 to $ 1,100 per ton of bread wheat doubled in price since September 2012, up from 271 euros. This escalation is generated astronomical profits to speculators, but kills in the slums to hundreds of thousands of women, children, men. The second consequence is the fever of hedge funds and other speculators for agricultural land in the southern hemisphere. According to the World Bank , in 2011, 41 million hectares of arable land were monopolized by multinationals and investment funds only in Africa. And the result was the expulsion of the peasants '|. 20 |
In February 2013, in a report entitled "Those banks that speculate hunger 'Oxfam France said that the four major banks BNP Paribas, Gauls, Société Générale, Crédit Agricole and Natixis (BPCE) - managed for clients in November 2012, at least 18 funds speculating in commodities. " There are two ways to speculate - explains Clara Jamart, head of food safety at Oxfam France-one, taking positions in the derivatives markets of agricultural commodities, or by those funds rate, which follow the prices of agricultural commodities and pushing up. "| 21 |. Most of these funds were created after the start of the food crisis of 2008, with the objective of making profits by speculating on food and other manifest commodities .
In Brussels, the Alternative Financing Network ( Réseau Financement Alternatif ) in 2013 also reported the involvement of 6 active banks in Belgium on speculation in world hunger. Close to 950 million euros from clients served Belgian banks to speculate on food commodities | 22 |.
It should end this vein, and offer 22 proposals for an alternative to the food crisis | 23 |:
Prohibit food speculation: it is a crime to speculate with people's lives and, therefore, governments and international institutions should prohibit speculative investments with agricultural products.
Prohibit derivatives on commodities.

• Prohibit banks and other private financial companies involved in the market for commodities .

• Socialize banking under citizen control, giving mission primarily finance agricultural projects that promote food sovereignty and to give priority to small family farms, cooperatives and public agricultural sector.

• Establish or restore international organizations for market regulation and production of major export products (cartels producing countries, for example, in the coffee, cocoa, bananas, tea, etc..) And thereby ensuring stable prices internationally.

• Ending structural adjustment plans (SAPs), which require states to give up their food sovereignty.

• Outlaw land grabbing.

• Undertake comprehensive land reforms (of course on the ground, but also on water and seed) to ensure the farmers who produce the food for the population have access to agricultural resources, not large firms producing for export.

• Enter in international law, mainly the International Covenant on Economic, Social and Cultural Rights (ICESCR) - the right to food sovereignty, to be recognized the right of all countries to develop their own agricultural policies and protect their agriculture without prejudice to other countries

• Stop enslaving mechanisms of internal or external public debt, dominated by private banks, and end the subjugation experienced by rural families by private lenders.

• Establish a moratorium on industrial agrofuels; ban GMOs.

• Reforming the Common Agricultural Policy of the European Union and the Farm Bill in the United States, which have devastating effects on the balance of agricultural markets.

• No sign, and if that is not possible, denounce free trade agreements, multilateral and bilateral (TLC and APC), which are opposed to food sovereignty.

• Establish or reestablish customs protection against agricultural imports.

• Reconstitute public food reserves of all countries.

• Reset assurance mechanisms in agricultural prices.

• Develop policies to control production to stabilize agricultural prices.

• Check the margin of intermediaries.

Food safety of everyone depends on stable farm prices that cover production costs and ensure decent pay producers. The model of low agricultural prices, promoted by governments to increase mass consumption of manufactured goods and services (tourism, entertainment, telecommunications, etc..) Is not durable, or socially or environmental level. This model essentially benefits companies large agribusiness , private banks and by diverting democratic expectations of populations towards mass consumption, and economic policies of the countries, which seized power elites.
Faced with the current food and environmental crises are indispensable and urgent radical changes. The proposals offer clues exposed to agricultural and trade policies based on food sovereignty and allow stabilization of agricultural prices at levels capable of ensuring sustainable food production in most countries of the world.
At the local level, should be added:

• Holding local agricultural production, especially agriculture supporting and facilitating credit facilities for small farmers, men and women.

• Sustain and develop direct circuits / short trading between producers and consumers in order to ensure fair prices for farmers and affordable prices for consumers.

• Encourage people to use local products.

• To support more autonomous modes of production with respect to chemical inputs, and thus less subject to variations in production costs (an upbringing based on grass rather than corn or soybeans).

Notes:
| 1 | http://www. commoditybusinessawards.com / winners/winners-2013.html
| 2 | The term commodities refers to market commodities (agricultural products, minerals, metals and precious metals, oil, gas ...). The commodities , like other assets, are the subject of negotiations that allow the determination of its price and its trade in spot markets, but also in the derivatives market.
| 3 | Xsrata Glencore is a leading business and commodities brokerage, founded by trader Marc Rich. Its headquarters are in Switzerland, Baar, Canton of Zug. A well-known tax haven for fraudsters high flying. Marc Rich (died 2013) was repeatedly prosecuted for corruption and tax evasion. He was pardoned by President Bill Clinton on the last day of his presidency, which caused a considerable scandal. Glencore has Xsrata either in full or in part, 150 mines and metallurgical sites. According to available data, before merging with Xsrata, which took place in 2013, Glencore controlled nearly 60% of world zinc, 50% copper, 30% aluminum, 25% coal, 10% of cereals and 3% oil. This controversial company was awarded the Public Eye Awards for the most responsible multinational in 2008. Glencore-Xsrata is present in 50 countries and employs 190,000 people The pattern and principal owner of Glencore-Xsarata (owns 16% of shares), Ivan Galsenberg, would have received a payment of about $ 60 million in 2013 Crédit Suisse and Glencore-Xsrata collaborate closely in the Chinese market. The other large companies specializing in brokerage (business) of commodities (other than banks, which are very active) are: Vitol (Netherlands), Cargill (USA), Trafigura (Netherlands), Noble Group (Hong Kong / Singapore), Making (Singapore), Lois Dreyfus Commodities (France), Mitsui (Japan), Mitsubishi (Japan), ADM (USA). Accrued income and Glencore these nine companies rises to a whopping $ 1.2 trillion in 2012. See Financial Times 'Tougher times for the trading titans ", April 15, 2013.
| 4 | See his web especializada: http://cib.bnpparibas.com/ Products-services/Managing- your-risks-and-assets/ Commodity-Derivatives/page. aspx/100
| 5 | Morgan Stanley and Goldman Sachs each license obtained universal bank in a crisis, in order to benefit from increased state support and avoid the fate of investment bank Lehman Brothers.
| 6 | L'Echo , "Des banques accusées américaines les premières of manipuler matière ', 24 July 2013, http://www.lecho.be/actualite/ entreprises_finance/Des_ banques_americaines_accusees_ de_manipuler_les_matieres_ premieres.9379357-3027.art
| 7 | Financial Times 'nears JPMorgan commodities goes, "February 6, 2014. Meanwhile, Barclays paid the fine of $ 470 million, in the same case.
| 8 | JP Morgan announced in early 2014 its intention to sell its physical activity commodities . The Deutsche Bank did the same. Morgan Stanley signed an agreement with the Russian oil company Rosneft to cede part of their business.
| 9 | Of course, among the powerful players in the market of raw materials and food products to be added to large companies specializing in the extraction, production and marketing of commodities : for minerals, Rio Tinto, BHP Billiton, Vale do Rio Doce, for oil, ExxonMobil, BP, Shell, Chevron, Total, for food, in addition to the aforementioned Cargill in the field of brokerage are Nestlé, Monsanto and many others that are part of several Chinese companies.
| 10 | I analyze the causes of the food crisis of 2007-2008 by Éric Toussaint "Let's talk about the causes of the food crisis" published on October 28, 2008, http://cadtm.org/Volvamos-a- talk -of-the-causes-of . See also Damien Millet and Eric Toussaint, "Pourquoi une faim galloping XXIe au siècle et l'éradiquer comment?» Posted on April 24, 2009, http:// http://cadtm.org/Pourquoi-une- faim-galloping au
| 11 | Especially BNP Paribas, JP Morgan, Goldman Sachs and Morgan Stanley and, until its disappearance or purchase, Bear Stearns, Lehman Brothers and Merrill Lynch.
| 12 | At the global level, in early 2008, institutional investors possessed 130 trillion, sovereign funds of $ 3 billion and hedge funds of $ 1 trillion.
| 13 | Testimony of Michael W. Masters, Managing Member / Portfolio Manager Masters Capital Management, LLC, before the Homeland Security Committee and the Senate Governmental Asutos U.S. http://hsgac.senate.gov/ public/_files/052008Masters . pdf
| 14 | "You have asked the question"? Are Institutional Investors Contributing to food and energy price inflation "And my answer is" YES "."
| 15 | "Assets Allocated to commodity index trading strategies Have Risen from $ 13 billion at the end of 2003 to $ 260 billion as of March 2008."
| 16 | See: Testimony of Michael Greenberger, Law School Professor, University of Maryland, before the U.S. Senate Committee Regarding "Energy Market Manipulation and Federal Enforcement Regimes", June 3, 2008, p. 22.
| 17 | Jacques Berthelot, "le vrai du faux Demeler dans la tarte des prix agricoles mondiaux" July 15, 2008, p. 51 to 56. On the Web: .. www.cadtm.org/spip.php?artic .
| 18 | . http://www.lalibre.be/index php view = article & art_id = 419336
| 19  | Paul Jorion, "Le suicide of finance», Le Monde, October 9, 2012
| 20 | Jean Ziegler, "La faim est faite de main d'homme et peut être éliminée par les hommes" by Éric Toussaint interview, published on February 11, 2012 http://cadtm.org/La-faim-est - faite de main-d-homme . Jean Ziegler is the author of Mass Destruction, Peninsula Ediciones, Barcelona 2012.
| 21 | See Le Monde , "Four bankers accused of" speculate hunger "," 11 February Oxfam's international campaign, see Financial Times , "Food price peculation taken off the menu", March 4, 2013. See also in the Oxfam website: EU deal on curbing food speculation comes none too soon, 15 January
| 22 | Véase: http://blogs.lecho.be/ argentcontent/2013/06/des- centaines-de-millions-deuros- belges-pour-sp%C3%A9culer-sur- la-faim.html
| 23 | As proposed, the author is indebted to the discussions in which he participated as a speaker in organized Canary seminar from 21 to 24 July 2008, for food sovereignty commission organization La Via Campesina. Obviously, the content of this study and the proposals contained therein are the sole responsibility of the author and do not assume the people and organizations listed.

article info
URL: http://www.cadtm.org Éric Toussaint, professor at the University of Liege, Belgium chairs the CADTM. Author, among others, the book The Trial exemplaire d'un homme , Editions Al Dante, Marseille, 2013, A look at the mirror: neoliberalism from its origins to the present, Editorial Icaria, Barcelona, ​​2010. He is also co-author with Damien Millet Book AAA, Audit, Annulation, Autre politique , Le Seuil, Paris, 2012; debt or life, Editorial Icaria, Barcelona, ​​2011. The latter received the Award granted by the political book political book Fair Liege http://www.cadtm.org/Le-CADTM- recoit le livre du prix .
Next book, to be published in April 2014: Bancocratie ., in Aden, Brussels http://www.chapitre.com/ CHAPITRE/fr/BOOK/toussaint- eric / bancocratie, 58547448.aspx
This study is an extension of the 'Banks against peoples: the intricacies of a rigged game' series, published in 2012-2013 in Web CADTM: www.cadtm.org and in another version: Et si on arrêtait of BANKER ? http://cadtm.org/Et-si-on- arretait-de-BANKER