Translation Agency Quotes

You make plans and decisions assuming randomness and chaos are for chumps. The illusion of control is a peculiar thing because it often leads to high self-esteem and a belief your destiny is yours for the making more than it really is. This over-optimistic view can translate into actual action, rolling with the punches and moving ahead no matter what. Often, this attitude helps lead to success. Eventually, though, most people get punched in the stomach by life. Sometimes, the gut-punch doesn’t come until after a long chain of wins, until you’ve accumulated enough power to do some serious damage. This is when wars go awry, stock markets crash, and political scandals spill out into the media. Power breeds certainty, and certainty has no clout against the unpredictable, whether you are playing poker or running a country. Psychologists point out these findings do not suggest you should throw up your hands and give up. Those who are not grounded in reality, oddly enough, often achieve a lot in life simply because they believe they can and try harder than others. If you focus too long on your lack of power, you can slip into a state of learned helplessness that will whirl you into a negative feedback loop of depression. Some control is necessary or else you give up altogether. Langer proved this when studying nursing homes where some patients were allowed to arrange their furniture and water plants—they lived longer than those who had had those tasks performed by others. Knowing about the illusion of control shouldn’t discourage you from attempting to carve a space for yourself out of whatever field you want to tackle. After all, doing nothing guarantees no results. But as you do so, remember most of the future is unforeseeable. Learn to coexist with chaos. Factor it into your plans. Accept that failure is always a possibility, even if you are one of the good guys; those who believe failure is not an option never plan for it. Some things are predictable and manageable, but the farther away in time an event occurs, the less power you have over it. The farther away from your body and the more people involved, the less agency you wield. Like a billion rolls of a trillion dice, the factors at play are too complex, too random to truly manage. You can no more predict the course of your life than you could the shape of a cloud. So seek to control the small things, the things that matter, and let them pile up into a heap of happiness. In the bigger picture, control is an illusion anyway.

All distances in the East are measured by hours, not miles. A good horse will walk three miles an hour over nearly any kind of a road; therefore, an hour, here, always stands for three miles. This method of computation is bothersome and annoying; and until one gets thoroughly accustomed to it, it carries no intelligence to his mind until he has stopped and translated the pagan hours into Christian miles, just as people do with the spoken words of a foreign language they are acquainted with, but not familiarly enough to catch the meaning in a moment. Distances traveled by human feet are also estimated by hours and minutes, though I do not know what the base of the calculation is. In Constantinople you ask, "How far is it to the Consulate?" and they answer, "About ten minutes." "How far is it to the Lloyds' Agency?" "Quarter of an hour." "How far is it to the lower bridge?" "Four minutes." I can not be positive about it, but I think that there, when a man orders a pair of pantaloons, he says he wants them a quarter of a minute in the legs and nine seconds around the waist.

the group listed dangerous insufficiencies that DARPA had to shore up at once: “Inadequate nuclear, BW, CW [biological weapon, chemical weapon] detection; inadequate underground bunker detection; limited secure, real-time command and control to lower-echelon units [i.e., getting the information to soldiers on the ground]; limited ISR [intelligence, surveillance, and reconnaissance] and dissemination; inadequate mine, booby trap and explosive detection capabilities; inadequate non-lethal capabilities [i.e., incapacitating agents]; inadequate modeling/simulation for training, rehearsal and operations; no voice recognition or language translation; inadequate ability to deal with sniper attacks.

Asked what he would undertake first, Were he called upon to rule a nation, Confucius replied: 'To correct language . . . If language is not correct, Then what is said is not what is meant, Then what ought to be done remains undone; If this remains undone, morals and art will deteriorate; If morals and art deteriorate, justice "All go astray; If justice goes astray The people will stand about in helpless confusion. Hence there must be no arbitrariness in what is said. This mattars above everything.' Asked to surrender in World War Two, The Japanese employed the word 'mokusatsu' In replying to the Potsdam ultimatum. The word given out by the Domei news agency Was interpreted in Washington as 'treat with contempt' Rather than 'withholding comment' - pending a decision Its correct meaning. The Americans concluded that their ultimatum had been rejected; The boys in the back-room could play with their new toy A hundred and forty thousand people lay round in helpless confusion. Today 'peace' is mis-translated, and means a seething stalemate Instead of calm; 'Strength' is mis-translated, and means paranoid force Instead of right-minded confidence...

Art is two parts agency and one part inner heat. The artist loves going down rabbit holes, working toward and against something at the same time, translating sensory and extrasensory impressions that all have their own sovereignty or joy, each of them on a journey to bring something back from a personal underworld, to build a new body out of disparate parts and materials. In this way, art is something like an undoing of death.

The built environment is shaped not only by private sector development pratices, but also by the honored and fascinating field of planning. Planners in towns, counties, regional and state government, consulting firms and in economic development agencies translate ideas about human settlements into concrete designs. They can be generalists or specialize in transportation, urban centers, rural land use, economic development and more. At its best, the planning profession aims to mediate tensions between people, social groups, and the natural environment by creating an orderly process for determining common values, shared priorities and elegant principles for transcending conflicts. Therefore planners may find themselves caught in some of the most challenging political crossfire to be found. But they also have the opportunity to educate many sectors and communities.

The separation of thought and action in our society." We are living in a time when systematically — though without our wanting it so — action and thought are being separated. In our society, he who thinks can no longer act for himself; he must act through the agency of others, and in many cases he cannot act at all. He who acts cannot first think out his action, either because of lack of time and the burden of his personal problems, or because society's plan demands that he translate others' thoughts into action. And we see the same division within the individual himself. For he can use his mind only outside the area of his job — in order to find himself, to use his leisure to better himself, to discover what best suits hint, and thus to individualize himself, whereas in the context of his work he yield* to the common necessity, the common method, the need to incorporate his own work into the overall plan. Escape into dreams is suggested to him white he performs wholly mechanized actions.

Accounts of the genocide, whether academic or popular, suffer from three silences. The first concerns the history of genocide: many write as if genocide has no history and as if the Rwandan genocide had no precedent, even in this century replete with political violence. The Rwandan genocide thus appears as an anthropological oddity. For Africans, it turns into a Rwandan oddity; and for non-Africans, the aberration is Africa. For both, the temptation is to dismiss Rwanda as exceptional. The second silence concerns the agency of the genocide: academic writings, in particular, have highlighted the design from above in a one-sided manner. They hesitate to acknowledge, much less explain, the participation—even initiative—from below.5 When political analysis presents the genocide as exclusively a state project and ignores its subaltern and “popular” character, it tends to reduce the violence to a set of meaningless outbursts, ritualistic and bizarre, like some ancient primordial twitch come to life. The third silence concerns the geography of the genocide. Since the genocide happened within the boundaries of Rwanda, there is a widespread tendency to assume that it must also be an outcome of processes that unfolded within the same boundaries. A focus confined to Rwandan state boundaries inevitably translates into a silence about regional processes that fed the dynamic leading to the genocide.

In the Gentile world, Bible translators have been overwhelmingly white, as is our guild. This means that until very recently, the Bibles that hold authority in my religious and academic worlds were produced by scholars who do not look like me, do not share my culture, and are part of a culture that has been openly hostile to the scholastic capacity, literary achievements, and even moral agency of my people.

The Sayanim: Mossad’s International Volunteers by Michael Ellmer April 16, 2021 In the Hebrew language, Sayanim translates to mean “helpers” or “assistants”. In the Mossad, the Sayanim are a volunteer network of Jews across the world who are loyal to the nation of Israel and willing to help the agency in their global mission. According to a comparative study of HUMINT in counterterrorism between Israel and France, Amy Kirchheimer writes that Israel has “the challenge of collecting intelligence on a vast array of targets with a comparatively small number of intelligence officers, and the Sayanim network helped the Mossad Katsas (case officers) somewhat lessen this problem.” According to Gordon Thomas in his book Gideon’s Spies: Mossad’s Secret Warriors, the Sayanim were a creation of Mier Amit, the Chief Director of the Mossad from 1963-1968. Thomas writes, “Each Sayan was an example of historical cohesiveness of the world Jewish community. Regardless of allegiance to his or her country, in the final analysis, a Sayan would recognize a greater loyalty: the mystical one to Israel, and a need to help protect it from its enemies”. The loyalty of the Sayanim is what fuels their mission and none reside on a Mossad payroll. The flexibility and diversity in their roles give the Mossad a unique operational capability with increased protection from detection and a way to avoid budget restraints or accountability. Most Sayanim fulfil various roles that can themselves be used to support Mossad operations. For example, Thomas writes, “A car Sayan, running a rental agency, provided a Katsa with a vehicle without the usual documentation. A letting agency Sayan offered accommodation. A bank Sayan might unlock funds outside normal hours. A Sayan physician would give medical assistance – treating a bullet wound for example – without informing the authorities”.

Perhaps it was foolhardy to suppose that in real life we could undo what had been done, cancel our knowledge of evil, uninvent our weapons, stow away what remained in some safe hiding place. With the devastation of World War II still grimly visible, its stench hardly gone from the air, the community of nations started to fragment, its members splitting into factions, resorting to threats and, finally, to violence and to war. The certainty of peace had proved little more than a fragile dream. “And so the great democracies triumphed,” Sir Winston Churchill wrote later. “And so were able to resume the follies that had nearly cost them their life.” Prophetic as he was, Churchill did not foresee the awesome extremes to which these follies would extend: diplomacy negotiated within a balance of nuclear terror; resistance tactics translated into guidelines for fanatics and terrorists; intelligence agencies evolving technologically to a level where they could threaten the very principles of the nations they were created to defend. One way or another, such dragon’s teeth were sown in the secret activities of World War II. Questions of utmost gravity emerged: Were crucial events being maneuvered by elite secret power groups? Were self-aggrandizing careerists cynically displacing principle among those entrusted with the stewardship of intelligence? What had happened over three decades to an altruistic force that had played so pivotal a role in saving a free world from annihilation or slavery? In the name of sanity, the past now had to be seen clearly. The time had come to open the books.

move up into management levels, and their responsibilities and stress levels grow. Confident: They put in the extra time and energy needed to gain knowledge and experience, which translates into confidence and composure. Confidence is not to be confused with arrogance and entitlement, which are two of the most undesirable traits of an agency professional. Creative: They bring innovative approaches and thinking to projects. They have an innate ability to work within standard systems while efficiently integrating original ideas and strategies that strengthen the agency and client campaigns. Detail-oriented: They are incredibly organized and thorough in all communications and activities, which instills tremendous confidence in their clients, peers, and managers. They rarely make careless mistakes. Their attention to detail enables them to excel at time management and project management. Focused: They avoid multitasking in favor of concentrated effort. They know priorities at all times and work efficiently to deliver. They have the ability to shut off distractions, and are often the most productive and efficient workers.

When we do the work of translating and simplifying complex terminology, we allow people to see their agency in the process—to take responsibility for joining and shaping the conversation and for turning words into action.

There are of course several ways of looking at grace. We could, for instance, see it as a function of our own stock of good karma. According to the age-old teaching of karma—the moral law of causation—we reap what we sow. Thus our good thoughts, our positive emotions or dispositions, and our morally sound actions create good karma for us. In other words, we are our own source of grace. I believe that most of the experiences we attribute to “grace” are simply good karma manifesting for us, without the involvement of any other agent. However, I also believe that there are occasions when an apparently objective agency—residing in the subtle or even the transcendental dimensions of existence—favors us in some way. Tradition, moreover, speaks of the guru’s grace and reminds us that the true teacher (sad-guru) is never far from the ultimate Reality. In other words, his or her grace is divine grace. Sincere Yoga practitioners, especially those resorting to prayer, are likely to encounter graceful interventions more frequently than others. To quote Swami Niranjanananda again, “In order to be the recipient [of grace] one has to go through self effort.”3 This very recognition lies behind Patanjali’s recommendation to practice īshvara-pranidhāna, which broadly can be translated as a “positive regard for a higher principle.” More narrowly, we can understand it as devotion to the Lord (īshvara), whom Patanjali considers to be a special kind of purusha, or transcendental Spirit. However we may conceptualize the ultimate Being, there is always room in our practice for opening to grace. As part of this, Western Yoga practitioners, instead of relying exclusively on postures, breath control, and meditation, might also want to include the beneficial traditional practice of prayer (prārthanā).

When you are being victimized by your rivals or intelligence agencies who try to stop your truth, it can leave you trapped in your ways, whether it is in real life or on social media, and it can also lead to harmful conspiracies with social media websites’ teams who work for them. In these surroundings and barriers, there is a great substructure where angelic ones appear who support and protect you to overcome your obstacles caused by the evil-minded elements. I am delighted that I have such ones with a beautiful mindset and a fair and neutral character; you may visit my list of links on LinkedIn, in which many links and books by Universities, scholars, and websites credit me and quote my quotes besides this prose poem, translated into Russian. You are my great support and strong weapon to defeat all those who try to stop me from writing the truth. Empty Of Humanity --- Who takes care for whom In most of the hearts Reside the greed The crafty The capricious The cruelty The dishonesty Everyone kills The compassion The feeling The emotion Heart and mind Of those Who devote Their love and life To cure wounds Heart and soul Of sad and hopeless People under suppressed I often ask myself How and why We entitle To be a human Even we are empty of humanity. — — In Russian by Valery Chizhik ЛИШЕННЫЕ ЧЕЛОВЕЧНОСТИ Эхсан Сегал Кто заботится о других? В большинстве сердец Проживают: Жадность Хитрость Капризность Жестокость Нечестность. Все убивают: Сострадание Чувства Эмпатию Сердце и ум. Из вас Кто посвящает Свою любовь и жизнь Лечит раны Сердца и души Грусть, безнадежность И подавленность других? Я часто спрашиваю себя: Как и почему Мы считаем себя Людьми? Ведь мы лишены человечности.

In the world of haunted machines we’re determined to bring on, we need alchemists. People with feet in both worlds. People prepared to consider a world of ghosts and spirits with presence and agency. People like the cunning-folk, equipped to translate the high code of that world for the rest of us dung-stained villagers. People who know their history – which means also knowing their folklore, because that’s where the lessons are. Magic

Someday scientists will discover how man can live directly on solar energy. “Chlorophyll is the only substance known in nature that somehow possesses the power to act as a ‘sunlight trap,’ ” William L. Laurence writes in The New York Times. “It ‘catches’ the energy of sunlight and stores it in the plant. Without this no life could exist. We obtain the energy we need for living from the solar energy stored in the plant-food we eat or in the flesh of the animals that eat the plants. The energy we obtain from coal or oil is solar energy trapped by the chlorophyll in plant life millions of years ago. We live by the sun through the agency of chlorophyll.” 7 Potent vibratory chant. The literal translation

Originally published in Sweden as Män Som Hatar Kvinnor by Norstedts, Stockholm, in 2005. Published with agreement of Norstedts Agency. Copyright © 2005 by Norstedts Agency. This translation originally published in Great Britain by MacLehose Press, an imprint of Quercus, London.

VEBLEN HAD RISEN UP the ranks of the temp agency, and nowadays made eighteen dollars an hour, just enough for rent and food and a few small items of need. Keeping a low overhead was part of her mind-set. It made for an existence that was lean and challenging, like life on the frontier. She believed it was important to be fairly compensated for your time and work, but that it was also important not to earn a bunch of money just to play a predetermined role in the marketplace. When unforeseen expenses came up, such as when her 1982 Volvo 244 blew its head gasket, she discovered how vulnerable she was—and had to take a second job for a while, packing candles into boxes in a factory in Milpitas on the night shift. But for the most part, her life worked. She was getting better at Norwegian, and her translations came more easily. She’d accomplished things, hadn’t she? All kinds of things you couldn’t put on a résumé, such as deciphering the cryptic actions of family members, and taking care of them until the day they died.

In principle – and after Nehru – in practice, the choice came to be posed simply: either democracy had to be curtailed, and the intellectual, directive model of development pursued more vigorously (one of the supposed rationales offered for the Emergency of the mid-1970s); or democracy had to be maintained along with all its cumbersome constraints, and the ambition of a long-term developmental project abandoned. The striking point about the seventeen years of Nehru’s premiership was his determination to avoid this stark choice. Any swerve from democracy was ruled out; the intellectual arguments had, however, to be upheld. The claims of techne, the need for specialist perspectives on economic development, were lent authority by the creation in 1950 of an agency of economic policy formulation, insulated from the pressures of routine democratic politics: the Planning Commission. Discussions of national progress were by now being formulated in the technical vocabulary of economics, which made them wholly unintelligible to most Indians. The task of translation was entrusted to the civil service, and as the algebra of progress moved down the echelons, it was mangled and diluted. The civil service itself provoked deep ambivalence among nationalists: mistrusted because of its colonial paternity, but respected for its obvious competence and expertise. In the 1930s Nehru had called for a radical transformation of the Indian Civil Service in a free India, though by the time independence actually arrived he had become decidedly less belligerent towards it. It was Patel who had stood up for the civil servants after 1947, speaking thunderously in their favour in the Constituent Assembly. But by the early 1950s Nehru had himself turned more wholeheartedly towards them: he hoped now to use them against the obstructions raised by his own party. The colonial civil-service tradition of fiscal stringency was preserved during the Nehru period, but the bureaucracy was now also given explicitly developmental responsibilities.

One persistent attempt to find a thread in the history of mankind focuses on the notion of Reason. Human history, on this view, is the unfolding of rationality. Human thought, institutions, social organization, become progressively more rational. The idea that Reason is the goal or end-point of the development of mankind can fuse with the view that it also constitutes the principal agency which impels humanity along its path. It seems natural to suppose that changes in human life spring from growth of our ideas, our ways of thought. What is conduct if not implementation of ideas? If we improve, is it not because our ideas have improved? Though somewhat suspect as the fruit of vainglorious self-congratulation by nineteenth century Europeans, the role of thought and reason still deserves some consideration. The problems and difficulties facing a reason-centred view of history are considerable. No doubt the idea is far less popular now than it was in the heady days of rationalistic optimism, which stretched, in one form or another, from the late eighteenth to the early twentieth centuries. But, in a sober and not necessarily optimistic form, it remains necessary to attempt some kind of sketch of the cognitive transformation of mankind, from the days of hunting to those of computing. The nature of our cognitive activities has not remained constant: not only have things changed, but the change has also been deep and fundamental. It is not merely a matter of more of the same. The changes that have occurred have been changes in kind. A convenient baseline or starting point for the discussion of this problem is provided by the blatant absurdity of some at least of the beliefs of primitive man. Many of us like to think that the standards of what is acceptable in matters of belief have gone up, and that the advance of reason in history is manifest in this raising of standards. We have become fastidious and shrink from the beliefs of our distant ancestors, which strike us as absurd. Perhaps, so as not to prejudge an important issue, one ought to say - it is the translations frequently offered of some of the beliefs of some primitive men which now seem so absurd. It may be — and some have indeed argued this — that the absurdity is located not in the original belief itself but in its translation, inspired by a failure to understand the original context. On this view, it is the modern translator, and not the savage, who is guilty of absurdity.

One persistent attempt to find a thread in the history of mankind focuses on the notion of Reason. Human history, on this view, is the unfolding of rationality. Human thought, institutions, social organization, become progressively more rational. The idea that Reason is the goal or end-point of the development of mankind can fuse with the view that it also constitutes the principal agency which impels humanity along its path. It seems natural to suppose that changes in human life spring from growth of our ideas, our ways of thought. What is conduct if not implementation of ideas? If we improve, is it not because our ideas have improved? Though somewhat suspect as the fruit of vainglorious self-congratulation by nineteenth century Europeans, the role of thought and reason still deserves some consideration. The problems and difficulties facing a reason-centred view of history are considerable. No doubt the idea is far less popular now than it was in the heady days of rationalistic optimism, which stretched, in one form or another, from the late eighteenth to the early twentieth centuries. But, in a sober and not necessarily optimistic form, it remains necessary to attempt some kind of sketch of the cognitive transformation of mankind, from the days of hunting to those of computing. The nature of our cognitive activities has not remained constant: not only have things changed, but the change has also been deep and fundamental. It is not merely a matter of more of the same. The changes that have occurred have been changes in kind. A convenient baseline or starting point for the discussion of this problem is provided by the blatant absurdity of some at least of the beliefs of primitive man. Many of us like to think that the standards of what is acceptable in matters of belief have gone up, and that the advance of reason in history is manifest in this raising of standards. We have become fastidious and shrink from the beliefs of our distant ancestors, which strike us as absurd. Perhaps, so as not to prejudge an important issue, one ought to say-it is the translations frequently offered of some of the beliefs of some primitive men which now seem so absurd. It may be—and some have indeed argued this—that the absurdity is located not in the original belief itself but in its translation, inspired by a failure to understand the original context. On this view, it is the modern translator, and not the savage, who is guilty of absurdity.

One persistent attempt to find a thread in the history of mankind focuses on the notion of Reason. Human history, on this view, is the unfolding of rationality. Human thought, institutions, social organization, become progressively more rational. The idea that Reason is the goal or end-point of the development of mankind can fuse with the view that it also constitutes the principal agency which impels humanity along its path. It seems natural to suppose that changes in human life spring from growth of our ideas, our ways of thought. What is conduct if not implementation of ideas? If we improve, is it not because our ideas have improved? Though somewhat suspect as the fruit of vainglorious self-congratulation by nineteenth century Europeans, the role of thought and reason still deserves some consideration. The problems and difficulties facing a reason-centred view of history are considerable. No doubt the idea is far less popular now than it was in the heady days of rationalistic optimism, which stretched, in one form or another, from the late eighteenth to the early twentieth centuries. But, in a sober and not necessarily optimistic form, it remains necessary to attempt some kind of sketch of the cognitive transformation of mankind, from the days of hunting to those of computing. The nature of our cognitive activities has not remained constant: not only have things changed, but the change has also been deep and fundamental. It is not merely a matter of more of the same. The changes that have occurred have been changes in kind. A convenient baseline or starting point for the discussion of this problem is provided by the blatant absurdity of some at least of the beliefs of primitive man. Many of us like to think that the standards of what is acceptable in matters of belief have gone up, and that the advance of reason in history is manifest in this raising of standards. We have become fastidious and shrink from the beliefs of our distant ancestors, which strike us as absurd. Perhaps, so as not to prejudge an important issue, one ought to say-it is the translations frequently offered of some of the beliefs of some primitive men which now seem so absurd. It may be—and some have indeed argued this—that the absurdity is located not in the original belief itself but in its translation, inspired by a failure to understand the original context. On this view, it is the modern translator, and not the savage, who is guilty of absurdity.

In fact, it can be shown that energeisthai in antiquity is never middle, but only passive, and furthermore that Paul’s use of the term was uniformly taken as passive by the Church Fathers. So understood the meaning of energeisthai falls into place as correlative to energein, meaning either (depending on the context) “to be acted upon” or “to be made effective, to be energized.” That energeisthai is passive was already recognized around the turn of the last century by two eminent New Testament scholars, Joseph B. Mayor and J. Armitage Robinson.7 Unfortunately their work was ignored by most subsequent translators and lexicographers. I will not repeat here the evidence that energeisthai is passive, merely remarking that it seems to me about as solid as such a case could be.8 Once the true meaning of this word is recognized, Paul’s usage in the anomalous verses turns out to fit the predominant pattern, for the unexpressed agent in virtually every case is God or Satan. I have elsewhere reviewed all the relevant passages in detail.9 Here I will mention just a few that seem especially significant. One is Colossians 1:29, where Paul refers to himself as “striving according to Christ’s working (or energy, energeia), which is being made effective (or energized, energoumenēn) in me” (Col 1:29). This verse brings out well the synergistic tendency of Paul’s thought. On the one hand, the divine energy is at work within Paul, transforming him, so that from this standpoint he is the object of God’s activity; on the other, it finds expression in Paul’s own activity, so that Paul’s free agency and that of God coincide. Indeed, not only do the actions Paul alludes to in this passage exhibit full engagement and self-control, they do so more than did his actions prior to his conversion. As the story is told in Acts, Saul was trapped in self-deception until God set him free on the road to Damascus. Now the divine energy which works in him is also his own, more truly than anything he did was his own before he ceased to “kick against the pricks” (Acts 9:5).

Crews that fight forest fires in Oregon are now so heavily Hispanic that in 2003, the Oregon Department of Forestry required that crew chiefs be bilingual. In 2006, the department started forcing out veterans. Jaime Pickering, who used to run a squad of 20 firefighters, says the rule means “job losses for Americans—the white people.” Zita Wilensky, a 16-year veteran, was the only white employee of Miami-Dade County Domestic Violence Unit. Her co-workers made fun of her and called her gringa and Americana. Miss Wilensky says her boss gave her 60 days to learn Spanish, and fired her when she failed to do so. It is increasingly common, therefore, for Americans to be penalized because they cannot speak Spanish, but employers who insist that workers speak English are guilty of discrimination. In 2001, the Equal Employment Opportunity Commission forced a small Catholic college in San Antonio to pay $2.4 million to housekeepers who were required to speak English at work. There are now about 45 million Hispanics in the country. What will the status of Spanish be when there are 130 million Hispanics, as the Census Bureau projects for 2050? In 2000, President Bill Clinton decided that the prohibition against discrimination because of “national origin” in the Civil Rights Act of 1964 meant that if a foreigner cannot speak to a government agency in his own language he is a victim. Executive Order 13166 required all local governments that receive federal money (all of them, essentially) to translate official documents into any language spoken by at least 3,000 people in the area or 10 percent of the local population. It also required interpreters for non-English speakers. In 2002, the Office of Management and Budget estimated that hospitals alone would spend $268 million every year implementing Executive Order 13166, and state departments of motor vehicles would spend $8.5 million. OMB estimated that communicating with food stamp recipients who don’t speak English would cost $25.2 million per year.

It is to cover this default risk that lenders add a default spread to the riskless rate when they lend money to firms; the greater the perceived risk of default, the greater the default spread and the cost of debt. To estimate this default spread, you can use a bond rating for the company, if one exists, from an established ratings agency such as S&P or Moody's. If there is no published bond rating, you can estimate a synthetic rating for the firm, based on its ratio of operating income to interest expenses (interest coverage ratio); higher interest coverage ratios will yield higher ratings and lower interest coverage ratios. Once you have a bond rating, you can estimate a default spread by looking at publicly traded bonds with that rating. In July 2023, S&P gave KHC a BBB rating, and the default spread for BBB-rated bonds at the time was 1.89%, which when added to the risk-free rate of 3.80% yields a pretax cost of debt of 5.69%. Incidentally, if KHC had not had a rating, we could have computed an interest coverage ratio for the firm: With this coverage ratio, we would have obtained a synthetic rating of A–, translating into a default spread of 1.54% and a pretax cost of debt of 5.34%, in July 2023.