Misplaced Pages

#476523

134-545: The project, which began in 2005, faced years of suspension due to financial disputes between the owner and contractor, exacerbated by the 2007-2008 financial crisis , along with other incidents. Construction resumed in January 2023, and by May 2024, the external facades of the buildings were completed, with the tower cranes dismantled. In August 2024, a second phase began, focusing on interior finishings, electromechanical work, and site preparation for residential use. The project

268-509: A swimming pool , a 157-meter bicycle track, and both indoor and outdoor gyms . Due to the absence of any obstructing topography or surrounding buildings, the towers are visible from nearly all neighborhoods in Amman and many other Jordanian governorates . On clear days, they can even be seen from the West Bank , located tens of kilometers away. The land where the project currently stands

402-451: A " saving glut ". Anchor An anchor is a device, normally made of metal , used to secure a vessel to the bed of a body of water to prevent the craft from drifting due to wind or current . The word derives from Latin ancora , which itself comes from the Greek ἄγκυρα ( ankȳra ). Anchors can either be temporary or permanent. Permanent anchors are used in

536-545: A 1933 design patented in the UK by mathematician Geoffrey Ingram Taylor . Plough anchors stow conveniently in a roller at the bow, and have been popular with cruising sailors and private boaters. Ploughs can be moderately good in all types of seafloor, though not exceptional in any. Contrary to popular belief, the CQR's hinged shank is not to allow the anchor to turn with direction changes rather than breaking out, but actually to prevent

670-673: A 1989 US Naval Sea Systems Command (NAVSEA) test and in an August 2014 holding power test that was conducted in the soft mud bottoms of the Chesapeake Bay. This claw-shaped anchor was designed by Peter Bruce from Scotland in the 1970s. Bruce gained his early reputation from the production of large-scale commercial anchors for ships and fixed installations such as oil rigs. It was later scaled down for small boats, and copies of this popular design abound. The Bruce and its copies, known generically as "claw type anchors", have been adopted on smaller boats (partly because they stow easily on

804-560: A bow roller) but they are most effective in larger sizes. Claw anchors are quite popular on charter fleets as they have a high chance to set on the first try in many bottoms. They have the reputation of not breaking out with tide or wind changes, instead slowly turning in the bottom to align with the force. Bruce anchors can have difficulty penetrating weedy bottoms and grass. They offer a fairly low holding-power-to-weight ratio and generally have to be oversized to compete with newer types. Three time circumnavigator German Rolf Kaczirek invented

938-439: A concave fluke shaped like the blade of a shovel, with a shank attached parallel to the fluke, and the load applied toward the digging end. It is designed to dig into the bottom like a shovel, and dig deeper as more pressure is applied. The common challenge with all the scoop type anchors is that they set so well, they can be difficult to weigh. These are used where the vessel is permanently or semi-permanently sited, for example in

1072-662: A country (such as the US) running a current account deficit also have a capital account (investment) surplus of the same amount. Hence large and growing amounts of foreign funds (capital) flowed into the U.S. to finance its imports. All of this created demand for various types of financial assets, raising the prices of those assets while lowering interest rates. Foreign investors had these funds to lend either because they had very high personal savings rates (as high as 40% in China) or because of high oil prices. Ben Bernanke referred to this as

1206-486: A deadweight anchor over a mushroom is that if it does drag, it continues to provide its original holding force. The disadvantage of using deadweight anchors in conditions where a mushroom anchor could be used is that it needs to be around ten times the weight of the equivalent mushroom anchor. Auger anchors can be used to anchor permanent moorings, floating docks, fish farms, etc. These anchors, which have one or more slightly pitched self-drilling threads, must be screwed into

1340-404: A fluked anchor of this type, made of iron, which would have had a wooden stock mounted perpendicular to the shank and flukes to make the flukes contact the bottom at a suitable angle to hook or penetrate. The Admiralty Pattern anchor, or simply "Admiralty", also known as a "Fisherman", consists of a central shank with a ring or shackle for attaching the rode (the rope, chain, or cable connecting

1474-450: A further collapse, encourage lending, restore faith in the integral commercial paper markets, avoid the risk of a deflationary spiral , and provide banks with enough funds to allow customers to make withdrawals. In effect, the central banks went from being the " lender of last resort " to the "lender of only resort" for a significant portion of the economy. In some cases the Fed was considered

SECTION 10

#1732797494477

1608-495: A global economic shock, resulting in several bank failures . Economies worldwide slowed during this period since credit tightened and international trade declined. Housing markets suffered and unemployment soared, resulting in evictions and foreclosures . Several businesses failed. From its peak in the second quarter of 2007 at $ 61.4 trillion, household wealth in the United States fell $ 11 trillion, to $ 50.4 trillion by

1742-684: A hook. If there is much current, or if the vessel is moving while dropping the anchor, it may "kite" or "skate" over the bottom due to the large fluke area acting as a sail or wing. The FOB HP anchor designed in Brittany in the 1970s is a Danforth variant designed to give increased holding through its use of rounded flukes setting at a 30° angle. The Fortress is an American aluminum alloy Danforth variant that can be disassembled for storage and it features an adjustable 32° and 45° shank/fluke angle to improve holding capability in common sea bottoms such as hard sand and soft mud. This anchor performed well in

1876-483: A housing bubble to replace the Nasdaq bubble". Moreover, empirical studies using data from advanced countries show that excessive credit growth contributed greatly to the severity of the crisis. Additional downward pressure on interest rates was created by rising U.S. current account deficit, which peaked along with the housing bubble in 2006. Federal Reserve chairman Ben Bernanke explained how trade deficits required

2010-510: A large rock as the primary element of their design. However, using pure weight to resist the forces of a storm works well only as a permanent mooring; a large enough rock would be nearly impossible to move to a new location. The ancient Greeks used baskets of stones, large sacks filled with sand, and wooden logs filled with lead. According to Apollonius Rhodius and Stephen of Byzantium , anchors were formed of stone, and Athenaeus states that they were also sometimes made of wood. Such anchors held

2144-418: A lightweight anchor for seaplanes, this design consists of two plough-like blades mounted to a shank, with a folding stock crossing through the crown of the anchor. Many manufacturers produce a plough-type anchor, so-named after its resemblance to an agricultural plough . All such anchors are copied from the original CQR ( Coastal Quick Release , or Clyde Quick Release , later rebranded as 'secure' by Lewmar),

2278-470: A much higher fluke area to weight ratio than its predecessor. The designers also eliminated the sometimes troublesome hinge. It is a plough anchor with a rigid, arched shank. It is described as self-launching because it can be dropped from a bow roller simply by paying out the rode, without manual assistance. This is an oft copied design with the European Brake and Australian Sarca Excel being two of

2412-545: A really bad economy. In other words, the borrowers did not cause the loans to go bad-it was the economy. Between 1998 and 2006, the price of the typical American house increased by 124%. During the 1980s and 1990s, the national median home price ranged from 2.9 to 3.1 times median household income. By contrast, this ratio increased to 4.0 in 2004, and 4.6 in 2006. This housing bubble resulted in many homeowners refinancing their homes at lower interest rates, or financing consumer spending by taking out second mortgages secured by

2546-404: A significant increase in subprime lending . Subprime had not become less risky; Wall Street just accepted this higher risk. Due to competition between mortgage lenders for revenue and market share, and when the supply of creditworthy borrowers was limited, mortgage lenders relaxed underwriting standards and originated riskier mortgages to less creditworthy borrowers. In the view of some analysts,

2680-407: A significant portion of their holding power from their weight, while also hooking or embedding in the bottom. Modern anchors for smaller vessels have metal flukes that hook on to rocks on the bottom or bury themselves in soft seabed. The vessel is attached to the anchor by the rode (also called a cable or a warp ). It can be made of rope, chain or a combination of rope and chain. The ratio of

2814-413: A silt or mud bottom, since they rely upon suction and cohesion of the bottom material, which rocky or coarse sand bottoms lack. The holding power of this anchor is at best about twice its weight until it becomes buried, when it can be as much as ten times its weight. They are available in sizes from about 5 kg up to several tons. A deadweight is an anchor that relies solely on being a heavy weight. It

SECTION 20

#1732797494477

2948-489: A single pool from which specific securities draw in a specific sequence of priority. Those securities first in line received investment-grade ratings from rating agencies. Securities with lower priority had lower credit ratings but theoretically a higher rate of return on the amount invested. By September 2008, average U.S. housing prices had declined by over 20% from their mid-2006 peak. As prices declined, borrowers with adjustable-rate mortgages could not refinance to avoid

3082-487: A storm in a following or overtaking sea, or when crossing a bar in a breaking sea. Anchors achieve holding power either by "hooking" into the seabed , or weight, or a combination of the two. The weight of the anchor chain can be more than that of the anchor and is critical to proper holding. Permanent moorings use large masses (commonly a block or slab of concrete) resting on the seabed. Semi-permanent mooring anchors (such as mushroom anchors ) and large ship's anchors derive

3216-511: A support tug and pennant/pendant wire. Some examples are the Stevin range supplied by Vrijhof Ankers. Large plate anchors such as the Stevmanta are used for permanent moorings. The elements of anchoring gear include the anchor, the cable (also called a rode ), the method of attaching the two together, the method of attaching the cable to the ship, charts, and a method of learning the depth of

3350-402: A total area of 135,000 m² (1,450,000 sq ft). A three-story podium adds an additional 14,000 m² (150,000 sq ft) of space. Additionally, the development features five underground parking levels, spanning 71,000 m² (760,000 sq ft), with a capacity to accommodate 1,764 passenger vehicles . The project will feature 215 residential apartments , a three-story shopping mall with 72 retail brands ,

3484-460: A tower crane collapse: In the early morning hours of 25 August 2006, a huge fire broke out on the eighth storey of the North Tower. No injuries were reported. On 10 October 2007, due to an electrical surge that reached the wood of the scaffolding, a brief fire broke out at about 3 o'clock in the morning on the 35th storey of the North Tower. No injuries were reported. At around 8 o'clock in

3618-430: A trip line from the crown, it is impossible to retrieve. Designed by yacht designer L. Francis Herreshoff , this is essentially the same pattern as an admiralty anchor, albeit with small diamond-shaped flukes or palms. The novelty of the design lay in the means by which it could be broken down into three pieces for stowage. In use, it still presents all the issues of the admiralty pattern anchor. Originally designed as

3752-489: A variety of other non-mass means of getting a grip on the bottom. One method of building a mooring is to use three or more conventional anchors laid out with short lengths of chain attached to a swivel, so no matter which direction the vessel moves, one or more anchors are aligned to resist the force. The mushroom anchor is suitable where the seabed is composed of silt or fine sand. It was invented by Robert Stevenson , for use by an 82-ton converted fishing boat, Pharos , which

3886-457: A vast web of derivatives linked to those MBS, collapsed in value . Financial institutions worldwide suffered severe damage, reaching a climax with the bankruptcy of Lehman Brothers on September 15, 2008, and a subsequent international banking crisis . The prerequisites for the crisis were complex. During the 1990s, the U.S. Congress had passed legislation intended to expand affordable housing through looser financing. In 1999, parts of

4020-480: Is driven into the seabed. Permanent anchors come in a wide range of types and have no standard form. A slab of rock with an iron staple in it to attach a chain to would serve the purpose, as would any dense object of appropriate weight (for instance, an engine block ). Modern moorings may be anchored by augers , which look and act like oversized screws drilled into the seabed, or by barbed metal beams pounded in (or even driven in with explosives) like pilings, or by

4154-432: Is a great tendency of the rode to foul the anchor as the vessel swings due to wind or current shifts. When this happens, the anchor may be pulled out of the bottom, and in some cases may need to be hauled up to be re-set. In the mid-19th century, numerous modifications were attempted to alleviate these problems, as well as improve holding power, including one-armed mooring anchors. The most successful of these patent anchors ,

Jordan Gate - Misplaced Pages Continue

4288-408: Is generally not compact and it may be awkward to stow unless a collapsing model is used. Grapnels rarely have enough fluke area to develop much hold in sand, clay, or mud. It is not unknown for the anchor to foul on its own rode, or to foul the tines with refuse from the bottom, preventing it from digging in. On the other hand, it is quite possible for this anchor to find such a good hook that, without

4422-706: Is likely to remain weak for a time, the Committee continues to anticipate that policy actions to stabilize financial markets and institutions, fiscal and monetary stimulus, and market forces will contribute to a gradual resumption of sustainable economic growth in a context of price stability. In the table, the names of emerging and developing economies are shown in boldface type, while the names of developed economies are in Roman (regular) type. The twenty largest economies contributing to global GDP (PPP) growth (2007–2017) The expansion of central bank lending in response to

4556-508: Is not suited to rodes because it floats and is much weaker than nylon, being barely stronger than natural fibres. Some grades of polypropylene break down in sunlight and become hard, weak, and unpleasant to handle. Natural fibres such as manila or hemp are still used in developing nations but absorb a lot of water, are relatively weak, and rot, although they do give good handling grip and are often relatively cheap. Ropes that have little or no elasticity are not suitable as anchor rodes. Elasticity

4690-441: Is partly a function of the fibre material and partly of the rope structure. All anchors should have chain at least equal to the boat's length. Some skippers prefer an all chain warp for greater security on coral or sharp edged rock bottoms. The chain should be shackled to the warp through a steel eye or spliced to the chain using a chain splice. The shackle pin should be securely wired or moused. Either galvanized or stainless steel

4824-708: Is situated on an elevated site approximately 985 meters (3,232 ft) above mean sea level , in the Umm Uthainah Al-Gharbi neighborhood of West Amman, near the 6th Circle on Zahran Street. The total cost of the development is around $ 300 million. It was designed by the late Palestinian-Jordanian architect Ja'afar Tuqan and is owned by the Jordan Gate Company. The total building area is approximately 220,000 m² (2,400,000 sq ft) and includes 20,000 tonnes of steel reinforcement . It consists of two 43-storey high-rise towers, North and South, covering

4958-416: Is suitable for eyes and shackles, galvanised steel being the stronger of the two. Some skippers prefer to add a swivel to the rode. There is a school of thought that says these should not be connected to the anchor itself, but should be somewhere in the chain. However, most skippers connect the swivel directly to the anchor. Scope is the ratio of length of the rode to the depth of the water measured from

5092-402: Is usually just a large block of concrete or stone at the end of the chain. Its holding power is defined by its weight underwater (i.e., taking its buoyancy into account) regardless of the type of seabed, although suction can increase this if it becomes buried. Consequently, deadweight anchors are used where mushroom anchors are unsuitable, for example in rock, gravel or coarse sand. An advantage of

5226-582: The Dodd–Frank Wall Street Reform and Consumer Protection Act was passed, overhauling financial regulations. It was opposed by many Republicans , and it was weakened by the Economic Growth, Regulatory Relief, and Consumer Protection Act in 2018. The Basel III capital and liquidity standards were also adopted by countries around the world. The recession was a significant factor in the 2010s European debt crisis . The crisis sparked

5360-538: The Federal Reserve lowered the federal funds rate target from 6.5% to 1.0%. This was done to soften the effects of the collapse of the dot-com bubble and the September 11 attacks , as well as to combat a perceived risk of deflation . As early as 2002, it was apparent that credit was fueling housing instead of business investment as some economists went so far as to advocate that the Fed "needs to create

5494-604: The Glass–Steagall legislation (passed in 1933) were repealed , permitting institutions to mix low-risk operations, such as commercial banking and insurance , with higher-risk operations such as investment banking and proprietary trading . As the Federal Reserve ("Fed") lowered the federal funds rate from 2000 to 2003, institutions increasingly targeted low-income homebuyers, largely belonging to racial minorities , with high-risk loans; this development went unattended by regulators. As interest rates rose from 2004 to 2006,

Jordan Gate - Misplaced Pages Continue

5628-672: The Great Depression . This matters for credit decisions. A homeowner with equity in her home is very unlikely to default on a car loan or credit card debt. They will draw on this equity rather than lose their car and/or have a default placed on their credit record. On the other hand, a homeowner who has no equity is a serious default risk. In the case of businesses, their creditworthiness depends on their future profits. Profit prospects look much worse in November 2008 than they did in November 2007 ... While many banks are obviously at

5762-753: The Great Recession , which, at the time, was the most severe global recession since the Great Depression. It was also followed by the European debt crisis, which began with a deficit in Greece in late 2009, and the 2008–2011 Icelandic financial crisis , which involved the bank failure of all three of the major banks in Iceland and, relative to the size of its economy, was the largest economic collapse suffered by any country in history. It

5896-580: The Treasury Department to purchase troubled assets and bank stocks. The Fed began a program of quantitative easing by buying treasury bonds and other assets, such as MBS, and the February 2009 American Recovery and Reinvestment Act , signed by newly elected President Barack Obama , included a range of measures intended to preserve existing jobs and create new ones. Combined, the initiatives, coupled with actions taken in other countries, ended

6030-561: The United States House Committee on Financial Services held a hearing, at the urging of the administration, to assess safety and soundness issues and to review a recent report by the Office of Federal Housing Enterprise Oversight (OFHEO) that had uncovered accounting discrepancies within the two entities. The hearings never resulted in new legislation or formal investigation of Fannie Mae and Freddie Mac, as many of

6164-440: The contractor (Al-Hamad) and the owner (Al-Bayan Holding), largely as a result of the 2007-2008 financial crisis. Additionally, a crane collapse on the North Tower further stalled progress. In 2011, construction halted entirely due to financial hardship, leaving the site abandoned for years. The buildings began to deteriorate, with weathering and corrosion affecting the structures. In May 2016, after many failed negotiations,

6298-501: The mortgage-backed security and the collateralized debt obligation that were assigned safe ratings by the credit rating agencies . In effect, Wall Street connected this pool of money to the mortgage market in the US, with enormous fees accruing to those throughout the mortgage supply chain , from the mortgage broker selling the loans to small banks that funded the brokers and the large investment banks behind them. By approximately 2003,

6432-403: The "buyer of last resort". During the fourth quarter of 2008, these central banks purchased US$ 2.5 (~$ 3.47 trillion in 2023) trillion of government debt and troubled private assets from banks. This was the largest liquidity injection into the credit market, and the largest monetary policy action in world history. Following a model initiated by the 2008 United Kingdom bank rescue package ,

6566-764: The 2008 financial crisis, consumer regulators in America have more closely supervised sellers of credit cards and home mortgages in order to deter anticompetitive practices that led to the crisis. At least two major reports on the causes of the crisis were produced by the U.S. Congress: the Financial Crisis Inquiry Commission report, released January 2011, and a report by the United States Senate Homeland Security Permanent Subcommittee on Investigations entitled Wall Street and

6700-583: The Bügel Anker in the 1980s. Kaczirek wanted an anchor that was self-righting without necessitating a ballasted tip. Instead, he added a roll bar and switched out the plough share for a flat blade design. As none of the innovations of this anchor were patented, copies of it abound. Alain Poiraud of France introduced the scoop type anchor in 1996. Similar in design to the Bügel anchor, Poiraud's design features

6834-529: The CRA. They contend that there were two, connected causes to the crisis: the relaxation of underwriting standards in 1995 and the ultra-low interest rates initiated by the Federal Reserve after the terrorist attack on September 11, 2001. Both causes had to be in place before the crisis could take place. Critics also point out that publicly announced CRA loan commitments were massive, totaling $ 4.5 trillion in

SECTION 50

#1732797494477

6968-491: The Financial Crisis: Anatomy of a Financial Collapse , released April 2011. In total, 47 bankers served jail time as a result of the crisis, over half of which were from Iceland , where the crisis was the most severe and led to the collapse of all three major Icelandic banks. In April 2012, Geir Haarde of Iceland became the only politician to be convicted as a result of the crisis. Only one banker in

7102-486: The LMI borrowers targeted by the CRA, especially in the years 2005–2006 leading up to the crisis, nor did it find any evidence that lending under the CRA rules increased delinquency rates or that the CRA indirectly influenced independent mortgage lenders to ramp up sub-prime lending. To other analysts the delay between CRA rule changes in 1995 and the explosion of subprime lending is not surprising, and does not exonerate

7236-528: The North Tower collapsed after it was overloaded. An Egyptian worker was hospitalized, and 15 surrounding houses were evacuated to nearby hotels. The dismantling process started in June and took 3 days and required three additional cranes that were imported from abroad. It was a complex procedure due to the height of the crane, 220 meters, and because it was surrounded by a crowded neighbourhood. Bags of sand and polystyrene plates were put at ground level to absorb

7370-600: The SEC's December 2011 securities fraud case against six former executives of Fannie and Freddie, Peter Wallison and Edward Pinto estimated that, in 2008, Fannie and Freddie held 13 million substandard loans totaling over $ 2 trillion. In the early and mid-2000s, the Bush administration called numerous times for investigations into the safety and soundness of the GSEs and their swelling portfolio of subprime mortgages. On September 10, 2003,

7504-468: The Trotman Anchor, introduced a pivot at the centre of the crown where the arms join the shank, allowing the "idle" upper arm to fold against the shank. When deployed the lower arm may fold against the shank tilting the tip of the fluke upwards, so each fluke has a tripping palm at its base, to hook on the bottom as the folded arm drags along the seabed, which unfolds the downward oriented arm until

7638-474: The U.S. housing market, were on the verge of collapse; the Housing and Economic Recovery Act enabled the government to take over and cover their combined $ 1.6 trillion debt on September 7. In response to the growing crisis, governments around the world deployed massive bail-outs of financial institutions and other monetary and fiscal policies to prevent a collapse of the global financial system . After

7772-549: The U.S. to borrow money from abroad, in the process bidding up bond prices and lowering interest rates. Bernanke explained that between 1996 and 2004, the U.S. current account deficit increased by $ 650 billion, from 1.5% to 5.8% of GDP. Financing these deficits required the country to borrow large sums from abroad, much of it from countries running trade surpluses. These were mainly the emerging economies in Asia and oil-exporting nations. The balance of payments identity requires that

7906-409: The United States did not have wealth declines at all during the crisis because they generally did not own financial investments whose value can fluctuate. The Federal Reserve surveyed 4,000 households between 2007 and 2009, and found that the total wealth of 63% of all Americans declined in that period and 77% of the richest families had a decrease in total wealth, while only 50% of those on the bottom of

8040-487: The United States served jail time as a result of the crisis, Kareem Serageldin , a banker at Credit Suisse who was sentenced to 30 months in jail and returned $ 24.6 million in compensation for manipulating bond prices to hide $ 1 billion of losses. No individuals in the United Kingdom were convicted as a result of the crisis. Goldman Sachs paid $ 550 million to settle fraud charges after allegedly anticipating

8174-503: The anchor is a set of tripping palms, projections that drag on the bottom, forcing the main flukes to dig in. Until the mid-20th century, anchors for smaller vessels were either scaled-down versions of admiralty anchors, or simple grapnels . As new designs with greater holding-power-to-weight ratios were sought, a great variety of anchor designs have emerged. Many of these designs are still under patent, and other types are best known by their original trademarked names. A traditional design,

SECTION 60

#1732797494477

8308-442: The anchor to the vessel is usually made up of chain, rope, or a combination of those. Large ships use only chain rode. Smaller craft might use a rope/chain combination or an all chain rode. All rodes should have some chain; chain is heavy but it resists abrasion from coral, sharp rocks, or shellfish beds, whereas a rope warp is susceptible to abrasion and can fail in a short time when stretched against an abrasive surface. The weight of

8442-516: The anchor. Before dropping the anchor, the fishing process is reversed, and the anchor is dropped from the end of the cathead. The stockless anchor, patented in England in 1821, represented the first significant departure in anchor design in centuries. Although their holding- power-to-weight ratio is significantly lower than admiralty pattern anchors, their ease of handling and stowage aboard large ships led to almost universal adoption. In contrast to

8576-504: The bailout to Fannie Mae and Freddie Mac exceeds $ 300 billion (c. $ 401 billion in 2023 ) (calculated by adding the fair value deficits of the entities to the direct bailout funds at the time). Economist Paul Krugman argued in January 2010 that the simultaneous growth of the residential and commercial real estate pricing bubbles and the global nature of the crisis undermines the case made by those who argue that Fannie Mae, Freddie Mac, CRA, or predatory lending were primary causes of

8710-535: The bailouts, such as in the case of the AIG bonus payments controversy , leading to the development of a variety of "decision making frameworks", to help balance competing policy interests during times of financial crisis. Alistair Darling , the U.K.'s Chancellor of the Exchequer at the time of the crisis, stated in 2018 that Britain came within hours of "a breakdown of law and order" the day that Royal Bank of Scotland

8844-486: The bankruptcy of Lehman Brothers , the fourth largest U.S. investment bank, on September 15, the next day the Fed bailed out the American International Group (the largest U.S. insurance company), and on September 25 the government seized Washington Mutual (the largest savings and loan firm ). On October 3, Congress passed the $ 800 billion Emergency Economic Stabilization Act , which authorized

8978-447: The bottom type). Tripping palms at the crown act to tip the flukes into the seabed. The design is a burying variety, and once well set can develop high resistance. Its lightweight and compact flat design make it easy to retrieve and relatively easy to store; some anchor rollers and hawsepipes can accommodate a fluke-style anchor. A Danforth does not usually penetrate or hold in gravel or weeds. In boulders and coral it may hold by acting as

9112-400: The bottom, and this absorbs shock loads until the chain is straight, at which point the full load is taken by the anchor. Additional dissipation of shock loads can be achieved by fitting a snubber between the chain and a bollard or cleat on deck. This also reduces shock loads on the deck fittings, and the vessel usually lies more comfortably and quietly. Being strong and elastic, nylon rope is

9246-460: The bottom. The Admiralty Anchor is an entirely independent reinvention of a classical design, as seen in one of the Nemi ship anchors. This basic design remained unchanged for centuries, with the most significant changes being to the overall proportions, and a move from stocks made of wood to iron stocks in the late 1830s and early 1840s. Since one fluke always protrudes up from the set anchor, there

9380-726: The brink, consumers and businesses would be facing a much harder time getting credit right now even if the financial system were rock solid. The problem with the economy is the loss of close to $ 6 trillion in housing wealth and an even larger amount of stock wealth. ... the pace of economic contraction is slowing. Conditions in financial markets have generally improved in recent months. Household spending has shown further signs of stabilizing but remains constrained by ongoing job losses, lower housing wealth, and tight credit. Businesses are cutting back on fixed investment and staffing but appear to be making progress in bringing inventory stocks into better alignment with sales. Although economic activity

9514-696: The bubble burst, Australian economist John Quiggin wrote, "And, unlike the Great Depression, this crisis was entirely the product of financial markets. There was nothing like the postwar turmoil of the 1920s, the struggles over gold convertibility and reparations, or the Smoot-Hawley tariff , all of which have shared the blame for the Great Depression." Instead, Quiggin lays the blame for the 2008 near-meltdown on financial markets, on political decisions to lightly regulate them, and on rating agencies which had self-interested incentives to give good ratings. Lower interest rates encouraged borrowing. From 2000 to 2003,

9648-410: The case of lightvessels or channel marker buoys . The anchor needs to hold the vessel in all weathers, including the most severe storm , but needs to be lifted only occasionally, at most – for example, only if the vessel is to be towed into port for maintenance. An alternative to using an anchor under these circumstances, especially if the anchor need never be lifted at all, may be to use a pile that

9782-454: The chain also helps keep the direction of pull on the anchor closer to horizontal, which improves holding, and absorbs part of snubbing loads. Where weight is not an issue, a heavier chain provides better holding by forming a catenary curve through the water and resting as much of its length on the bottom as would not be lifted by tension of the mooring load. Any changes to the tension are accommodated by additional chain being lifted or settling on

9916-501: The committee members refused to accept the report and instead rebuked OFHEO for their attempt at regulation. Some, such as Wallison, believe this was an early warning to the systemic risk that the growing market in subprime mortgages posed to the U.S. financial system that went unheeded. A 2000 United States Department of the Treasury study of lending trends for 305 cities from 1993 to 1998 showed that $ 467 billion of mortgage lending

10050-508: The conflict between the owner and the contractor was settled. From March to September 2017, construction briefly resumed , including façade cleaning, bracing against seismic loads , steel jacketing, formwork and casting , scaffolding , coring and anchoring , and roof insulation . However, the contractor withdrew, leading to another halt in the project. In February 2022, the Greater Amman Municipality re-entered

10184-589: The cost of mortgages rose and the demand for housing fell, causing property values to decline. In early 2007, as more U.S. mortgage holders began defaulting on their repayments, subprime lenders went bankrupt, culminating in April with the bankruptcy of New Century Financial . As demand and prices continued to fall, the contagion spread to worldwide credit markets by August, and central banks began injecting liquidity . By July 2008, Fannie Mae and Freddie Mac , companies which together owned or guaranteed half of

10318-414: The creation of a mooring , and are rarely moved; a specialist service is normally needed to move or maintain them. Vessels carry one or more temporary anchors, which may be of different designs and weights. A sea anchor is a drag device, not in contact with the seabed, used to minimise drift of a vessel relative to the water. A drogue is a drag device used to slow or help steer a vessel running before

10452-403: The crisis and selling toxic investments to its clients. With fewer resources to risk in creative destruction, the number of patent applications was flat, compared to exponential increases in patent application in prior years. Typical American families did not fare well, nor did the "wealthy-but-not-wealthiest" families just beneath the pyramid's top. However, half of the poorest families in

10586-446: The crisis in commercial real estate and related lending took place after the crisis in residential real estate. Business journalist Kimberly Amadeo reported: "The first signs of decline in residential real estate occurred in 2006. Three years later, commercial real estate started feeling the effects." Denice A. Gierach, a real estate attorney and CPA, wrote: ... most of the commercial real estate loans were good loans destroyed by

10720-465: The crisis included predatory lending in the form of subprime mortgages to low-income homebuyers and a resulting housing bubble , excessive risk-taking by global financial institutions , and lack of regulatory oversight, which culminated in a " perfect storm " that triggered the Great Recession , which lasted from late 2007 to mid-2009. The financial crisis began in early 2007, as mortgage-backed securities (MBS) tied to U.S. real estate , as well as

10854-437: The crisis was not only confined to the Federal Reserve 's provision of aid to individual financial institutions. The Federal Reserve has also conducted a number of innovative lending programs with the goal of improving liquidity and strengthening different financial institutions and markets, such as Freddie Mac and Fannie Mae . In this case, the major problem among the market is the lack of free cash reserves and flows to secure

10988-591: The crisis. As part of national fiscal policy response to the Great Recession , governments and central banks, including the Federal Reserve , the European Central Bank and the Bank of England , provided then-unprecedented trillions of dollars in bailouts and stimulus , including expansive fiscal policy and monetary policy to offset the decline in consumption and lending capacity, avoid

11122-509: The crisis. In other words, bubbles in both markets developed even though only the residential market was affected by these potential causes. Countering Krugman, Wallison wrote: "It is not true that every bubble—even a large bubble—has the potential to cause a financial crisis when it deflates." Wallison notes that other developed countries had "large bubbles during the 1997–2007 period" but "the losses associated with mortgage delinquencies and defaults when these bubbles deflated were far lower than

11256-464: The elaborate stowage procedures for earlier anchors, stockless anchors are simply hauled up until they rest with the shank inside the hawsepipes, and the flukes against the hull (or inside a recess in the hull called the Anchor Box). While there are numerous variations, stockless anchors consist of a set of heavy flukes connected by a pivot or ball and socket joint to a shank. Cast into the crown of

11390-469: The end of the first quarter of 2009, resulting in a decline in consumption, then a decline in business investment. In the fourth quarter of 2008, the quarter-over-quarter decline in real GDP in the U.S. was 8.4%. The U.S. unemployment rate peaked at 11.0% in October 2009, the highest rate since 1983 and roughly twice the pre-crisis rate. The average hours per work week declined to 33, the lowest level since

11524-557: The end product." Essentially, investment banks and hedge funds used financial innovation to enable large wagers to be made, far beyond the actual value of the underlying mortgage loans, using derivatives called credit default swaps, collateralized debt obligations and synthetic CDOs . By March 2011, the FDIC had paid out $ 9 billion (c. $ 12 billion in 2023 ) to cover losses on bad loans at 165 failed financial institutions. The Congressional Budget Office estimated, in June 2011, that

11658-466: The evening on 12 September 2006, less than three weeks after the fire of August, part of the 3rd storey's slab of the South Tower collapsed due to a failure in the scaffolding, killing two Egyptian workers and injuring 25 others. Works on the project were halted for several months following a decision by Greater Amman Municipality, in order to gain a building license. On 16 May 2009, the crane of

11792-473: The federal funds rate to drop below where it was supposed to be. However, in October 2008, the Federal Reserve was granted the power to provide banks with interest payments on their surplus reserves. This created a motivation for banks to retain their reserves instead of disbursing them, so reducing the need for the Federal Reserve to hedge its increased lending by decreases in alternative assets. Money market funds also went through runs when people lost faith in

11926-426: The financial system and got banks to start lending again, both to each other and to people. Many homeowners who were trying to keep their homes from going into default got housing credits. A package of policies was passed that let borrowers refinance their loans even though the value of their homes was less than what they still owed on their mortgages . While the causes of the bubble and subsequent crash are disputed,

12060-457: The government began collecting the data in 1964. The economic crisis started in the U.S. but spread to the rest of the world. U.S. consumption accounted for more than a third of the growth in global consumption between 2000 and 2007 and the rest of the world depended on the U.S. consumer as a source of demand. Toxic securities were owned by corporate and institutional investors globally. Derivatives such as credit default swaps also increased

12194-506: The governments of European nations and the United States guaranteed the debt issued by their banks and raised the capital of their national banking systems, ultimately purchasing $ 1.5 trillion newly issued preferred stock in major banks. The Federal Reserve created then-significant amounts of new currency as a method to combat the liquidity trap . Bailouts came in the form of trillions of dollars of loans, asset purchases, guarantees, and direct spending. Significant controversy accompanied

12328-490: The grapnel is merely a shank (no stock) with four or more tines, also known as a drag . It has a benefit in that, no matter how it reaches the bottom, one or more tines are aimed to set. In coral, or rock, it is often able to set quickly by hooking into the structure, but may be more difficult to retrieve. A grapnel is often quite light, and may have additional uses as a tool to recover gear lost overboard. Its weight also makes it relatively easy to move and carry, however its shape

12462-421: The higher payments associated with rising interest rates and began to default. During 2007, lenders began foreclosure proceedings on nearly 1.3 million properties, a 79% increase over 2006. This increased to 2.3 million in 2008, an 81% increase vs. 2007. By August 2008, approximately 9% of all U.S. mortgages outstanding were either delinquent or in foreclosure. By September 2009, this had risen to 14.4%. After

12596-419: The highest point (usually the anchor roller or bow chock) to the seabed, making allowance for the highest expected tide. When making this ratio large enough, one can ensure that the pull on the anchor is as horizontal as possible. This will make it unlikely for the anchor to break out of the bottom and drag, if it was properly embedded in the seabed to begin with. When deploying chain, a large enough scope leads to

12730-410: The kinetic energy if the dismantled crane fell during the process. The project drew a lot of criticism since even before its construction, mainly due to: 2007%E2%80%932008 financial crisis The 2007–2008 financial crisis , or the global financial crisis ( GFC ), was the most severe worldwide economic crisis since the 1929 Wall Street crash that began the Great Depression . Causes of

12864-499: The length of rode to the water depth is known as the scope (see below). Holding ground is the area of sea floor that holds an anchor, and thus the attached ship or boat. Different types of anchor are designed to hold in different types of holding ground. Some bottom materials hold better than others; for instance, hard sand holds well, shell holds poorly. Holding ground may be fouled with obstacles. An anchorage location may be chosen for its holding ground. In poor holding ground, only

12998-578: The linkage between large financial institutions. The de-leveraging of financial institutions, as assets were sold to pay back obligations that could not be refinanced in frozen credit markets, further accelerated the solvency crisis and caused a decrease in international trade. Reductions in the growth rates of developing countries were due to falls in trade, commodity prices, investment and remittances sent from migrant workers (example: Armenia ). States with fragile political systems feared that investors from Western states would withdraw their money because of

13132-505: The loans. The Federal Reserve took a number of steps to deal with worries about liquidity in the financial markets. One of these steps was a credit line for major traders, who act as the Fed's partners in open market activities. Also, loan programs were set up to make the money market mutual funds and commercial paper market more flexible. Also, the Term Asset-Backed Securities Loan Facility (TALF)

13266-406: The location of potential dangers, as well as being useful in estimating the effects of weather and tide in the anchorage, is essential in choosing a good place to drop the hook. One can get by without referring to charts, but they are an important tool and a part of good anchoring gear, and a skilled mariner would not choose to anchor without them. The anchor rode (or "cable" or "warp") that connects

13400-428: The losses suffered in the United States when the 1997–2007 [bubble] deflated." According to Wallison, the reason the U.S. residential housing bubble (as opposed to other types of bubbles) led to financial crisis was that it was supported by a huge number of substandard loans—generally with low or no downpayments. Krugman's contention (that the growth of a commercial real estate bubble indicates that U.S. housing policy

13534-650: The majority report of the Financial Crisis Inquiry Commission, conservative American Enterprise Institute fellow Peter J. Wallison stated his belief that the roots of the financial crisis can be traced directly and primarily to affordable housing policies initiated by the United States Department of Housing and Urban Development (HUD) in the 1990s and to massive risky loan purchases by government-sponsored entities Fannie Mae and Freddie Mac. Based upon information in

13668-599: The market. To keep it from getting worse, the Fed said it would give money to mutual fund companies. Also, Department of Treasury said that it would briefly cover the assets of the fund. Both of these things helped get the fund market back to normal, which helped the commercial paper market, which most businesses use to run. The FDIC also did a number of things, like raise the insurance cap from $ 100,000 to $ 250,000, to boost customer trust. They engaged in Quantitative Easing , which added more than $ 4 trillion to

13802-496: The more notable ones. Although it is a plough type anchor, it sets and holds reasonably well in hard bottoms. American Richard Danforth invented the Danforth Anchor in the 1940s for use aboard landing craft . It uses a stock at the crown to which two large flat triangular flukes are attached. The stock is hinged so the flukes can orient toward the bottom (and on some designs may be adjusted for an optimal angle depending on

13936-448: The most suitable as an anchor rode. Polyester (terylene) is stronger but less elastic than nylon. Both materials sink, so they avoid fouling other craft in crowded anchorages and do not absorb much water. Neither breaks down quickly in sunlight. Elasticity helps absorb shock loading, but causes faster abrasive wear when the rope stretches over an abrasive surface, like a coral bottom or a poorly designed chock. Polypropylene ("polyprop")

14070-588: The precipitating factor for the Financial Crisis of 2007–2008 was the bursting of the United States housing bubble and the subsequent subprime mortgage crisis , which occurred due to a high default rate and resulting foreclosures of mortgage loans , particularly adjustable-rate mortgages . Some or all of the following factors contributed to the crisis: The relaxing of credit lending standards by investment banks and commercial banks allowed for

14204-501: The price appreciation. In a Peabody Award -winning program, NPR correspondents argued that a "Giant Pool of Money" (represented by $ 70 trillion in worldwide fixed income investments) sought higher yields than those offered by U.S. Treasury bonds early in the decade. This pool of money had roughly doubled in size from 2000 to 2007, yet the supply of relatively safe, income generating investments had not grown as fast. Investment banks on Wall Street answered this demand with products such as

14338-501: The project as a partner, acquiring 31% of the Jordan Gate Company’s capital (equivalent to 50 million Jordanian Dinars) in an effort to address the "investment failure" in the heart of the city. In December of the same year, bids were invited for the first phase of works related to the external façade. In January 2023, construction resumed once more. By December, glazing works on the North Tower were completed, and its tower crane

14472-451: The promotion of thousands of small mortgage brokers, and by their close relationship to subprime loan aggregators such as Countrywide . Depending on how "subprime" mortgages are defined, they remained below 10% of all mortgage originations until 2004, when they rose to nearly 20% and remained there through the 2005–2006 peak of the United States housing bubble . The majority report of the Financial Crisis Inquiry Commission , written by

14606-400: The pyramid suffered a decrease. The following is a timeline of the major events of the financial crisis, including government responses, and the subsequent economic recovery. There is a really good reason for tighter credit. Tens of millions of homeowners who had substantial equity in their homes two years ago have little or nothing today. Businesses are facing the worst downturn since

14740-416: The relatively conservative government-sponsored enterprises (GSEs) policed mortgage originators and maintained relatively high underwriting standards prior to 2003. However, as market power shifted from securitizers to originators, and as intense competition from private securitizers undermined GSE power, mortgage standards declined and risky loans proliferated. The riskiest loans were originated in 2004–2007,

14874-544: The seabed with the use of a tool, so require access to the bottom, either at low tide or by use of a diver. Hence they can be difficult to install in deep water without special equipment. Weight for weight, augers have a higher holding than other permanent designs, and so can be cheap and relatively easily installed, although difficult to set in extremely soft mud. There is a need in the oil-and-gas industry to resist large anchoring forces when laying pipelines and for drilling vessels. These anchors are installed and removed using

15008-410: The seafloor. By contrast, modern efficient anchors tend to be "scoop" types that dig ever deeper. The Delta anchor was derived from the CQR. It was patented by Philip McCarron, James Stewart, and Gordon Lyall of British marine manufacturer Simpson-Lawrence Ltd in 1992. It was designed as an advance over the anchors used for floating systems such as oil rigs. It retains the weighted tip of the CQR but has

15142-487: The shank's weight from disrupting the fluke's orientation while setting. The hinge can wear out and may trap a sailor's fingers. Some later plough anchors have a rigid shank, such as the Lewmar's "Delta". A plough anchor has a fundamental flaw: like its namesake, the agricultural plough, it digs in but then tends to break out back to the surface. Plough anchors sometimes have difficulty setting at all, and instead skip across

15276-403: The ship and the anchor). At the other end of the shank there are two arms, carrying the flukes, while the stock is mounted to the shackle end, at ninety degrees to the arms. When the anchor lands on the bottom, it generally falls over with the arms parallel to the seabed. As a strain comes onto the rope, the stock digs into the bottom, canting the anchor until one of the flukes catches and digs into

15410-610: The six Democratic appointees, the minority report, written by three of the four Republican appointees, studies by Federal Reserve economists, and the work of several independent scholars generally contend that government affordable housing policy was not the primary cause of the financial crisis. Although they concede that governmental policies had some role in causing the crisis, they contend that GSE loans performed better than loans securitized by private investment banks, and performed better than some loans originated by institutions that held loans in their own portfolios. In his dissent to

15544-405: The structures rising above ground. However, two major incidents disrupted progress: a fire on 25 August and a storey collapse on 12 September. By January 2007, the Greater Amman Municipality held a 10% share in the project’s capital but decided to sell it as the project had yet to secure a building license. The Jordan Gate Company compensated the municipality with $ 40 million, of which $ 25 million

15678-464: The supply of mortgages originated at traditional lending standards had been exhausted, and continued strong demand began to drive down lending standards. The collateralized debt obligation in particular enabled financial institutions to obtain investor funds to finance subprime and other lending, extending or increasing the housing bubble and generating large fees. This essentially places cash payments from multiple mortgages or other debt obligations into

15812-420: The tip of the fluke can engage the bottom. Handling and storage of these anchors requires special equipment and procedures. Once the anchor is hauled up to the hawsepipe , the ring end is hoisted up to the end of a timber projecting from the bow known as the cathead . The crown of the anchor is then hauled up with a heavy tackle until one fluke can be hooked over the rail. This is known as "catting and fishing"

15946-469: The vessel merely by their weight and by their friction along the bottom. Iron was afterwards introduced for the construction of anchors, and an improvement was made by forming them with teeth, or "flukes", to fasten themselves into the bottom. This is the iconic anchor shape most familiar to non-sailors. This form has been used since antiquity. The Roman Nemi ships of the 1st century AD used this form. The Viking Ladby ship (probably 10th century) used

16080-641: The water. Vessels may carry a number of anchors: bower anchors are the main anchors used by a vessel and normally carried at the bow of the vessel. A kedge anchor is a light anchor used for warping an anchor , also known as kedging , or more commonly on yachts for mooring quickly or in benign conditions. A stream anchor , which is usually heavier than a kedge anchor , can be used for kedging or warping in addition to temporary mooring and restraining stern movement in tidal conditions or in waters where vessel movement needs to be restricted, such as rivers and channels. Charts are vital to good anchoring. Knowing

16214-533: The weight of an anchor and chain matters; in good holding ground, it is able to dig in, and the holding power can be significantly higher. The word "anchor" is sometimes used as British slang for the brakes on a car. The earliest anchors were probably rocks, and many rock anchors have been found dating from at least the Bronze Age . Pre-European Māori waka (canoes) used one or more hollowed stones, tied with flax ropes, as anchors. Many modern moorings still rely on

16348-545: The worst of the Great Recession by mid-2009. Assessments of the crisis's impact in the U.S. vary, but suggest that some 8.7 million jobs were lost, causing unemployment to rise from 5 percent in 2007 to a high of 10 percent in October 2009. The percentage of citizens living in poverty rose from 12.5 percent in 2007 to 15.1 percent in 2010. The Dow Jones Industrial Average fell by 53 percent between October 2007 and March 2009, and some estimates suggest that one in four households lost 75 percent or more of their net worth . In 2010,

16482-622: The years between 1994 and 2007. They also argue that the Federal Reserve's classification of CRA loans as "prime" is based on the faulty and self-serving assumption that high-interest-rate loans (3 percentage points over average) equal "subprime" loans. Others have pointed out that there were not enough of these loans made to cause a crisis of this magnitude. In an article in Portfolio magazine, Michael Lewis spoke with one trader who noted that "There weren't enough Americans with [bad] credit taking out [bad loans] to satisfy investors' appetite for

16616-464: The years of the most intense competition between securitizers and the lowest market share for the GSEs. The GSEs eventually relaxed their standards to try to catch up with the private banks. A contrarian view is that Fannie Mae and Freddie Mac led the way to relaxed underwriting standards, starting in 1995, by advocating the use of easy-to-qualify automated underwriting and appraisal systems, by designing no-down-payment products issued by lenders, by

16750-561: Was allocated for traffic and infrastructure improvements around the site, while $ 15 million covered the municipality's share. Construction momentum increased, and by mid-2007, the towers were rising rapidly, one storey per week, using the slip-forming method. In August, the structures became the tallest buildings in Amman (until Rotana Amman surpassed them in 2013). By 2008, the project had reached 80% completion. The towers had topped out, and glazing works had begun. Between 2009 and 2010, construction slowed due to financial difficulties between

16884-524: Was among the five worst financial crises the world had experienced and led to a loss of more than $ 2 trillion from the global economy. U.S. home mortgage debt relative to GDP increased from an average of 46% during the 1990s to 73% during 2008, reaching $ 10.5 (~$ 14.6 trillion in 2023) trillion. The increase in cash out refinancings , as home values rose, fueled an increase in consumption that could no longer be sustained when home prices declined. Many financial institutions owned investments whose value

17018-450: Was bailed-out. Instead of financing more domestic loans, some banks instead spent some of the stimulus money in more profitable areas such as investing in emerging markets and foreign currencies. In July 2010, the Dodd–Frank Wall Street Reform and Consumer Protection Act was enacted in the United States to "promote the financial stability of the United States". The Basel III capital and liquidity standards were adopted worldwide. Since

17152-542: Was based on home mortgages such as mortgage-backed securities , or credit derivatives used to insure them against failure, which declined in value significantly. The International Monetary Fund estimated that large U.S. and European banks lost more than $ 1 trillion on toxic assets and from bad loans from January 2007 to September 2009. Lack of investor confidence in bank solvency and declines in credit availability led to plummeting stock and commodity prices in late 2008 and early 2009. The crisis rapidly spread into

17286-411: Was dismantled. In May 2024, glazing works on the South Tower were also finished, and its tower crane was removed. In August 2024, a tender was launched for the second phase of the project, covering finishing, electromechanical work, and preparations for residential use. There were four major incidents during the project's construction between 2006 and 2009, including two fires, a storey collapse, and

17420-550: Was made by Community Reinvestment Act (CRA)-covered lenders into low and mid-level income (LMI) borrowers and neighborhoods, representing 10% of all U.S. mortgage lending during the period. The majority of these were prime loans. Sub-prime loans made by CRA-covered institutions constituted a 3% market share of LMI loans in 1998, but in the run-up to the crisis, fully 25% of all subprime lending occurred at CRA-covered institutions and another 25% of subprime loans had some connection with CRA. However, most sub-prime loans were not made to

17554-517: Was not the cause of the crisis) is challenged by additional analysis. After researching the default of commercial loans during the financial crisis, Xudong An and Anthony B. Sanders reported (in December 2010): "We find limited evidence that substantial deterioration in CMBS [commercial mortgage-backed securities] loan underwriting occurred prior to the crisis." Other analysts support the contention that

17688-559: Was originally private property , sold to the Greater Amman Municipality in 1959. By 2005, the site had become a public park called "Amrah," covering an area of 28,500 m² (307,000 sq ft). That year, the park was sold to GFH Financial House for 5.9 million Jordanian Dinars . On 29 May 2005, King Abdullah II laid the foundation stone for the Jordan Gate project, and excavation works began shortly thereafter. By November, foundation works were underway. In 2006, construction advanced, with

17822-522: Was put in place thanks to a joint effort with the US Department of the Treasury. This plan was meant to make it easier for consumers and businesses to get credit by giving Americans who owned high-quality asset-backed securities more credit. Before the crisis, the Federal Reserve's stocks of Treasury securities were sold to pay for the increase in credit. This method was meant to keep banks from trying to give out their extra savings, which could cause

17956-539: Was used as a lightvessel between 1807 and 1810 near to Bell Rock whilst the lighthouse was being constructed. It was equipped with a 1.5-ton example. It is shaped like an inverted mushroom, the head becoming buried in the silt. A counterweight is often provided at the other end of the shank to lay it down before it becomes buried. A mushroom anchor normally sinks in the silt to the point where it has displaced its own weight in bottom material, thus greatly increasing its holding power. These anchors are suitable only for

#476523