Treasure

Treasure (pronounced trezh-er)

(1) Wealth or riches stored or accumulated, especially in the form of precious metals, money, jewels, or plate; wealth, rich materials, or valuable things.

(2) A thing, beast or person greatly valued or highly prized.

(3) As the verbs treasured & treasuring, carefully to retain or keep in store, as in the mind; to regard or treat as precious; cherish; to put away for security or future use, as money.

(4) A term of endearment in the sense of “cherish” (archaic).

1125–1175: From the Middle English tresor, (displacing the native schat) from the Old French tresor (treasury, hoard, treasure (trésor in Modern French)), from the Gallo-Roman tresaurus, from the Latin thēsaurus (storehouse, hoard; anything hoarded (source also of Spanish & Italian tesoro)), from the Ancient Greek θησαυρός thēsauros (store, treasure, treasure house) (related to tithenai (to put, to place), from a reduplicated form of the primitive Indo-European root dhe- (to set, put).  In Middle English there was also the spelling thresur, the modern spelling is from the sixteenth century.  It replaced the Old English goldhord & maðm and the meaning extended from hoards of precious metals etc to a general sense of "anything valued" from circa 1200.  The verb emerged in late fourteenth century Middle English, a derivative of the noun.  It meant literally "to amass treasure; to store up for the future" but was used also in the figurative sense as "regard as precious, retain carefully in the mind" from treasure.  The first recorded treasure hunt happened in 1913 a relatively modern alternative spelling was the now almost extinct treasuer.  Treasure is a noun & verb, treasurable & treasureless are adjectives, treasury, treasurership, treasuress & treasurer are nouns, treasuring is a verb and treasured is a verb & adjective; the noun plural is treaures.

The noun treasurer was from the late thirteenth century, from the Old North French & Anglo-French tresorer & and the Old French tresorier, from tresor.  The noun treasury (a room or vault in which to store and safeguard treasure) dates from circa 1300, from the eleventh century Old French tresorie (treasury), from tresor.  The meaning "department of state that controls public revenue" was recorded from late the late fourteenth century and the first treasury bill was issued in 1797.  An Old English word for "room for treasure" was maðm-hus and for "treasury", it was feo-hus (connected to the modern fee).  There is a connection with the noun hoard, from the Old English hord (a treasure, valuable stock or store, an accumulation of something for preservation or future use and hence "any mass of things preserved by being deposited together," from the Proto-Germanic huzdam (source also of Old Saxon hord (treasure, hidden or inmost place)).  It was cognate with the Old Norse hodd, the German Hort and the Gothic huzd (treasure; literally "hidden treasure"), from the primitive Indo-European root (s)keu- (to cover, conceal).

T-Paper

US Treasury Building, Washington DC.

T-paper (Treasury-paper) is the collective term for securities issued by United States Treasury.  The US Treasury Department sells bills, notes, and bonds at auction with a fixed interest rate.  When demand is high, bidders pay higher than face value to receive the interest rate.  When demand is low, they pay less, thus the yield declines as the price rises; at times of crisis, yield drops as investors seek security at the expense of income.  T-paper gained the name from being once issued on physical paper or cardboard) but are exist in now digital form and are also referred to as “Treasurys”.

1864 US $100 three-year treasury note (6% annual interest rate, compounded semi-annually, payable at maturity); a bearer-bond, paid over-the-counter, to whomever held the physical paper.  

Although physical paper is no longer much associated with T-paper, a linguistic legacy persists in the “coupon stripping” market.  There’s long been a secondary market for T-paper, one flavor of which is where the interest and principal components have been separated, or "stripped" so they may be re-sold as separate products.  The name is derived from the days of paper and cardboard when traders literally would separate the paper interest coupons from the paper securities.  In the secondary market, the two pieces of paper than became independent retail items, one yielding interest, the principal re-sold as a zero-coupon bond.  The correct name in the digital age is Separate Trading of Registered Interest and Principal Securities (STRIPS).  STRIPS, more than some other products, reflects the dual role of the Treasury as both regulator and participant in the financial gambling market, not itself an issuer of STRIPS (that part of the market reserved for brokers and the non-retail arms of banks), instead the maintaining the transaction and ownership register.

1976 US $5000 ten-year treasury note with 8% rate.

The difference in types of T-Paper are defined by the length of the term: the time until the bond the matures at which point it is repaid.  All T-paper are really bonds, the nomenclature just part of the jargon of the industry.  Treasury Bills are issued for less than a year, Treasury Notes for 2, 3, 5, and 10 years and Treasury Bonds for 30 years.  Still unconfirmed is whether recent discussions by Treasury about longer-term bonds will be pursued although demand seemingly exists, fifty and even hundred-year bonds mentioned.  There has been speculation about the demand which, given the amount of money said now to be “sloshing around” the system, wasn’t unexpected and the large holdings of various sovereign wealth funds may also find the longer terms attractive, for reasons political as well as fiscal.  It anyway represents one school of thought on what to do about the money supply. 

A more recent creation is the Treasury Inflation-Protected Security (TIPS), bond, the principal of which is indexed against inflation using the Consumer Price Index (CPI).  As the CPI rises, the principal is adjusted upward; if the index falls, the principal is adjusted downwards, the coupon rate remaining constant, but generating a different amount of interest when multiplied by the inflation-adjusted principal.  This has the effect of protecting the holder against the inflation rate as measured by the CPI.  The current version of TIPS was created in 1997 and is offered with five, ten and thirty year maturities.

Spikes and waves:  US T-Note yield against inflation projections and outcomes with events noted, 2000-2020.

Inflation-indexed bonds became common in government bond markets in the late twentieth century, many emerging in the inflationary environment which followed (1) the distortions in US government spending the 1960s, (2) the structural changes to the Bretton-Woods system in the 1970s  and (3) the consequences of the oil shocks in the same decade; they’re essentially a form of hedging.  In the orthodox bond market, even those issued for long terms promise the holder a fixed dollar (or whatever currency) income flow for the term of issue.  That contrasts with the outgoings of an individual or corporation because prices tend quickly to adjust to external changes and unexpected changes can increase the general level of prices, altering the real purchasing power of money which is a risk to both holders and issuers of orthodox bonds.  The indexed bond substantially reduces this risk in that the lender’s receipts and the borrower’s payments become linked to movements in the general price level.

Lindsay Lohan attending the LA premiere of Treasure Planet, Cenerama Dome, Hollywood, California, November 2002.

Again, while used as a hedge, it is still a gambling market, the incentive for governments, beyond the political attractions of being able to offer the product, being the ability substantially to reduce borrowing costs  The UK government first issued indexed bonds in 1981 as a part of an attempt to reduce (it was actually an attempt to kill) inflation.  The markets however had noted the post-war performance of successive governments and were sceptical, holders of orthodox bonds, in effect, charging the government on the basis of an inflation rate substantially higher than the government intended the outcome to be.  This is how gambling works.  In issuing indexed bonds, simultaneously the government flagged a new seriousness in monetary policy and an intent to reduce funding costs by promising to compensate investors for high inflation only if inflation did not fall.  Unexpectedly, the government’s strategy proved successful and substantial savings in borrowing costs were realised.  The effect of the increase in the money supply induced by the COVID-19 responses will ultimately produce higher inflation because, unlike the restorative measures in the wake of the global financial crisis (2008-2011) which essentially gave money only to the rich, greater disposable income was gained more widely.  If the inflation is sustained or (in response to new, unexpected events) spikes, New Zealand's approach (which included products actually marketed as "inflation-proof bonds") might be re-visited.   

The New Zealand experience was different but the small size of the market, while making it an interesting and manageable thing for modelers and analysts, does mean caution must be taken if attempting to apply that experience at scale.  The NZ government issued inflation-adjusted government securities between 1977-1985 and, in a period of historically high inflation, they were popular, eventually accounting for some 15% of domestic debt on issue.  Post-war NZ had evolved into what is possibly the West’s most extreme example of an open political system being combined with a highly regulated economy and that did tend to work until the convulsions of the 1970s to which the NZ hybrid proved unable to adjust.  The adjustments were made after a change of government in 1984 and the inflation adjusted bonds offered by tender in 1983-1984 entered a market where the official inflation target was considerably lower than the buyer’s expectation.

New Zealand Consumer Price Index (CPI) 1970-2015.

Almost immediately, the new government ceased issuing indexed debt.  Perhaps paradoxically, the same credibility gap confronted the government in its own use of more orthodox methods to cut inflation.  Because it was expected the costs of selling long-term nominal bonds would be high, in 1986, issues longer than five years were suspended, the government making clear that would prevail until their inflation target had been met or exceeded.  The approach, while textbook correct, wasn’t without risk because, although shortening the term of a government’s nominal debt can be an appropriate response where inflation outcomes are uncertain, it does heighten the risk of higher costs when rolling-over maturing debt.  As it turned out, for one reason and another, some fairly brutal, inflation was tamed and in 1995, the government returned to the index-linked market.  Many countries created markets, Finland and some of the Nordic zone as early as 1945 and Israel ten year later.  A cluster of Latin American countries issued between 1964-1972 and a number of OECD nations followed the New Zealand and UK in the 1980s although the US Treasury wasn’t active until 1997.

Pit

Pit (pronounced pit)

(1) A naturally formed or excavated hole or cavity in the ground.

(2) A covered or concealed excavation in the ground, serving as a trap for animals.

(3) In extractive mining, an excavation made in exploring for or removing a mineral deposit (also known (at scale) as “open-cut” as opposed to “underground” (although in casual use sometime used also of the mineshafts used in underground operations.  It can in mining slang also refer to an entire mine site, regardless of the mode of extraction.

(4) The stone of a fruit (cherry, peach, plum etc) and technically, the hard, inner layer (the endocarp) of certain drupes.

(5) The abode of evil spirits and lost souls; hell; the depths of Hades.

(6) In slang (as “the pits”) an extremely unpleasant, boring, or depressing place, condition, person, etc; the absolute worst (used also as a clipping of armpits).

(7) A hollow or indentation in a surface (in substances like glass or when referring to surfaces (paint, varnish etc), treated usually as an imperfection).

(8) In physiology, natural hollow or depression in the body, organ, structure or part; fossa (used most often of the small of the back).

(9) In medicine, a small, indented scar, as one of at the site of a former pustule after smallpox, chicken pox or similar diseases; a pockmark.

(10) In music, a section of the marching band containing mallet percussion instruments and other large percussion instruments too large to march, such as the tam tam; the area on the side-lines where these instruments are placed.

(11) In botany, any of various small areas in a plant cell wall that remain un-thickened when the rest of the cell becomes lignified (used especially of the vascular tissue).

(12) In archaeology, a hole or trench in the ground, excavated according to grid coordinates, so that the provenance of any feature observed and any specimen or artefact revealed may be established by precise measurement.

(13) An enclosure, usually below the level of the spectators, as for staging fights between dogs, cocks, or, formerly, bears (as cockpit later extended to aircraft, cars, boats etc).

(14) In physical markets (such as a commodity exchange), a part of the floor of the exchange where trading is conducted (known in some places as “as open outcry pits” because transactions were done by traders shouting offers & acceptances at each other).

(15) In architecture, all that part of the main floor of a theatre behind the musicians (in UK use also the main floor of a theatre behind the stalls); sometimes used as “orchestra pit” (the area that is occupied by the orchestra in a theatre, located in front of the stage)

(16) In a hoist-way, a space below the level of the lowest floor served.

(17) In motorsport, an area at the side of a track, for servicing and refueling the cars (the use later adopted by cycle racing).

(18) In ten-pin bowling, the sunken area of a bowling alley behind the pins, for the placement or recovery of pins that have been knocked down.

(19) In track athletics,  the area forward of the take-off point in a jumping event, as the broad jump or pole vault, that is filled with sawdust or soft earth to lessen the force of the jumper's landing.

(20) In casinos, the area or room containing gambling tables.

(21) In aviation, the part of the aircraft (usually the bottom of the fuselage) given over to freight; a luggage hold.

(22) In American football, the centre of the line.

(23) In hospital slang, the emergency department.

(24) Literally, the bottom part (lowest point) of something; figuratively an undesirable location (especially if dirty, dangerous etc).

(25) In military slang, a bed (some evidence also of civilian (presumably ex-military) use).

(26) In nuclear physics, the core of an implosion nuclear weapon, consisting of the fissile material and any neutron reflector or tamper bonded to it.

(27) To mark or indent with pits or depressions.

(28) In medicine, to scar with pockmarks.

(29) In physiology (of body tissue) temporarily to retain a mark of pressure, as by a finger, instrument, etc.

(30) To place or bury something in a pit, as for storage.

(31) To set in opposition or combat, as one against another (usually in the forms “pit against” or “pitted against”).

(32) In motorsport, to exit from the track, entering the pits, to permit the pit-crew to effect a pit-stop.

(33) To remove the stone of a fruit (cherry, peach, or plum), sometimes with the use of a pitter (if something done vocationally, by a pitter, usually with the use of a pitter).

Pre 900: From the Middle English noun pit, pittle, pite, pute, put & putte, from the Old English pytt (natural or man-made depression in the ground, water hole, well; grave (the Kentish variation was “pet”), from the Proto-West Germanic puti, from the Proto-Germanic putt- (pool, puddle) which was the source also of the Old Frisian pet, the Old Saxon putti, the Old Norse pyttr, the Middle Dutch putte, the Dutch put, the Old High German pfuzza and the German Pfütze (pool, puddle), an early borrowing from Latin puteus (pit, trench, shaft) (etymologists noting the phonetic difficulties which exist also in the speculated relationship between puteus and the primitive Indo-European root pau- (to cut, strike, stamp).  Because the short u makes it unlikely puteus was from paviō (to strike), it might instead be linked to putāre (to prune) but the distance between the meanings makes etymologists just as sceptical and some suggest puteus may be a loanword though the spelling might be mysterious.  The use in the context of stone fruit was an Americanism dating from 1841, from the Dutch pet (kernel, seed, marrow), from the Middle Dutch pitte & pit (kernel, core (and cognate with pith)), from the Proto-Germanic pittan (the dialectal German Pfitze (pimple) was an oblique of the Proto-Germanic piþō), from the Proto-Germanic pithan- (source of pith).  Like the use in other contexts, each instance of the verb was derivative of the noun.  Pit is a noun & verb, pitter is a noun and pitted & pitting are verbs; the noun plural is pits.

Ford GT40 pit-stop, Sebring 12 Hours, International Championship for Makes, Sebring, March 1966.

The meaning “abode of evil spirits, hell” dates from the late twelfth century, one of the many means in the medieval world of referring to hell.  The meaning “very small depression or dent in the surface of an object” was in use by the early 1400s, the anatomical sense of “natural depression or hollow in some part of the body” from more than a century earlier.  The “pit of the stomach” was in the literature by the 1650s and it was so-called from the slight depression there between the ribs; the earlier terms used by doctors were the late fourteenth century breast-pit and heart-pit from circa 1300.  The meaning “part of a theatre on the floor of the house, lower than the stage” was known by the 1640s while in market trading, the sense of “that part of the floor of an exchange where business is carried on” was first documented in 1903 as a coining in US English.

One of the high-water marks of the analog era: cockpit of the Anglo-French Concorde.

The phrase money-pit in the sense of “an edifice or project requiring constant outlay of cash with little to show for it” is quite modern, dating only from 1986 and assumed derived from the popular movie of the same name of the same name released that year (though it’s not impossible it had earlier been in regional use).  The prior use had been in the 1930s when it was used of the shaft on Oak Island, Nova Scotia which legend suggested would lead one to treasure buried by Captain Kidd or some other pirate.  Popular Mechanics magazine in September noted wryly the term might better refer to the millions spent trying to get the treasure out than the hoard of gold itself and in 2022, entrepreneurial engineer Elon Musk (b 1971) produced a variation, describing the factories in Europe building the electric Tesla cars as “money furnaces”.  The ash-pit (repository for ashes, especially the lower part of a furnace) dates from 1797 and it replaced the earlier (1640s) ash-hole, reflecting the implications of industrialization as forges and furnaces grew larger.  The venomous snake the pit-viper was so-named in 1872 because of the characteristic depression between the eyes and nose.  In commercial forestry, the pit-saw was first described in the 1670s, referring to a large saw operated by two men, one (the pit-sawyer) standing in the pit below the log being sawed, the other (the top-sawyer) standing atop.  Pitman was one of a wealth of vocationally-derived surnames which began to appear late in the twelfth century and it referred to one who dwelled literally “in or by a pit or hollow”, the use to describe someone who “works in a pit or mine” not documented until 1761.  Pitman shorthand, a popular form of hand-written transcription of spoken-word text which could later be read by a typist (often the “shorthand-taker) came into use in the 1860s, having been devised by English teacher & publisher (and devoted vegetarian) Sir Isaac Pitman (1813-1897) in 1837.  The phrase “flea-pit” dates from the 1920s and was used of cinemas, an allusion to the seats being infested with fleas or other bugs.

A Lindsay Lohan pit-stop from the blooper tape, Herbie: Fully Loaded (2005).

The noun armpit was a mid-fourteenth century description of the “hollow place under the shoulder” and it ran in parallel with the earlier arm-hole although the latter use faded as it came to be used of clothing and as an anatomical descriptor it was obsolete by the mid seventeenth century.  There was also the early fifteenth century asselle, from the Old French asselle, from the Latin axilla but armpit prevailed.  The colloquial phrase “armpit of the nation” was used as a term of derision for any place thought ugly and disgusting and it’s not clear when it emerged but it was well-documented from the early 1960s.  The general term “the pits” was a variation and from late in the twentieth century applied to anything or anyone thought the worse possible of their type (ie based on something hairy, smelly and ugly).  Infamously, it was used by the US tennis player John McEnroe (b 1959) who at Wimbledon in 1981 called an umpire “the pits of the world” during one of their discussions.  The noun pitter (curved instrument for removing stones from cherries and other fruit” appeared in 1868 when pitters were made available as a commercial product (doubtlessly they had for centuries been improvised or adapted from other utensils) and where they were used vocationally, the user was also called a pitter, the same linguistic process which produced the dual use of shucker in the oyster business (the termed adopted also by others).  Pit-a-pat & pitter-pat, being imitative, are wholly unrelated and date from the 1520s, the noun emerging in 1580.

Boeing 787 Dreamliner cockpit.

The original cockpits were first described in the 1580s and were a “pit or enclosed space for fighting cocks”, the use soon extended to any space in which animals were set to fight to the death, the audience betting on the outcome.  From this came the verb use “to pit against” which meant “to put or set in or into a pit” and this soon extended to boxing; by the eighteenth century in figurative use it was used on any conflict, argument or rivalry.  The general verb use (make pits in; form a small pit or hollow) had been in used (as pit, pitted & pitting) by the late fifteenth century.  The dog breed pit-bull dates from 1922 and was short for pit-bull terrier (first registered in 1912), a type noted for its aggression a fighting abilities.  Cockpit was used of ships early in the eighteenth century of midshipmen's compartment below decks and in some cases was later applied also to the enclosed cabins located towards the centre of the deck began to replace the steerage systems at the stern (later universally known as the “bridge”).  It was picked up for the pilot’s compartment in aircraft in 1914 and (by extension) was used in racing cars in the 1930s.  The word cesspit was created in the 1860s because advances in plumbing meant something was needed to distinguish more modern systems handling sewerage from the earlier cesspool, in use since the 1670s.  The mid fourteenth century pitfall (concealed hole into which a person or animal may fall unawares) was a description of a physical danger which came into figurative in the early 1600s to refer to “any hidden danger or concealed source of disaster.  In mining, a pitfall could also be literally a collapse of the internal structure of a mineshaft, sometime because of the catastrophic failure of pit-props (the timbers which provided the structural integrity of a shaft).  Sometimes a mile or more deep, pitfalls frequently were fatal and the death-toll among miners was high, the phrase “pit-hell” often heard.

The original pits at the Indianapolis Speedway, 1913. 

It was difficult and expensive (and often impossible) to lift heavy machinery to allow mechanics to work on engines or other components so, where possible, it was better to construct a pit underneath from which people could work.  The concept was well documented in workshops by 1839 and the term was by 1912 picked up in motorsport to describe the “area at the side of a track where cars are serviced and repaired” and the early pits were often holes in the ground with waist-high surrounds in which the crew could stand.  They were used also to store spare tyres, parts lubricants etc.  As the sport boomed, the pits quickly became fully enclosed service areas and even garages, built along pit-lane.  When a driver brought his car into the pits (located on the stretch of track called pit-straight), they were said to be pitting to be worked on by the pit crew who might during the pit-stop make repairs, re-fuel or change tyres, either in front of or behind the pit-wall.  Pit crew became a popular term beyond the tracks, used of airline baggage handlers, sea-port staff etc.

The pit-babes from the era of (obvious) sponsorship by tobacco companies: Coming or going, they always looked good.

In motorsport, a pit-babe is an attractive young lady who is in the pits for some reason, not necessarily directly related to the competition.  The companion term was Grid-Girl, equally attractive specimens with the role of (1) looking good and (2) appearing on the grid while the cars were assembled prior to the start, shielding the driver from the elements with a large umbrella, festooned with corporate logos.  It was nice work if you could get it but the Grid Girls are now rarely seen in Formula 1.  In 2017, Liberty Media (owners of Formula 1) announced that with the coming of the 2018 season, the Grid Girls would be replaced by “Grid Kids” (boys and girls competing in junior and “entry level” categories such as karting, the explanation being the practice of using Grid Girls was “not aligned with modern societal norms and F1's brand values.”  F1’s “brand values” are however underpinned by “dollar values” and in the years since Grid Girls (officially promotional personnel) have sometimes been allowed to adorn the grid.

Comrade Grid Girls, Hungarian Grand Prix, 1986.  

Dr Henry Kissinger (1923-2023; US national security advisor 1969-1975 & secretary of state 1973-1977) once recalled his most pervasive memory of life behind the iron curtain being one of “dull grayness and the smell of boiled cabbage”.  Clearly, old Henry didn’t get a pit pass to the 1986 Hungarian Grand Prix where things were bright and colourful.  The 1986 Hungarian Grand Prix was notable because it was the first such event in the country for half a century and the first as a top-flight race, the 1936 Grand Prix not being part of the European championship and run under Formula Libre rules (there should be more Formula Libre events).  Not in Hungry or anywhere else in 1936 were there pit babes or grid girls but on that sunny June day, a woman had been entered for the event, England’s Eileen Ellison (1910–1967) listed for the grid driving a 3.0 litre, straight-8 Maserati 8CM.  Unfortunately, there were what would now be called “supply chain interruption” and her Maserati was DNA (Did not Appear) so Ms Ellison appears in the race record as a DNS (Did not Start).

End of an era: Grid Girls in Marlboro livery at the Hungarian Grand Prix, 2005.

It turned out to be a bad day for the Mercedes-Benz team, the W25 which had in 1934 been revolutionary now outclassed and all three were DNFs (Did not Finish), the race won by the mercurial Italian Tazio Nuvolari (1892–1953) in a 3.8 litre straight-8 Alfa Romeo 8C 35, entered by Scuderia Ferrari.  Held in August as the eleventh race of the 1986 series, that year’s Hungarian Grand Prix was the first in the country since 1936 and was the first Formula 1 World Championship (contested since 1950) race to be held behind the Iron Curtain; it was attended by some 200,000 spectators (drawn substantially from around the Eastern Bloc), a number not seen since the inter-war years and a mark not exceeded until the 1995 Australian Grand Prix in Adelaide.  The race was won by Nelson Piquet in a Williams Honda.  The Hungarian Grand Prix returned to the record books in 2005 when the “XXI Marlboro Magyar Nagydij” became the last Grand Prix to be sponsored by a tobacco company, half the field running in the livery of the tobacco industry, West, Mild Seven, Lucky Strike, Malboro and Benson & Hedges all colourfully represented.  With the EU’s (European Union (1993)), the multi-national aggregation which evolved from the EEC (European Economic Community), the Zollverein formed in 1957) ban of tobacco advertising coming into force on 31 July, 2005 (race day!), there ended over four decades of cigarette sponsorship in Formula 1, most teams keeping the livery until the last possible moment, the stickers appearing during qualifying and peeled off only shortly before the machines were wheeled to the starting grid (although Ferrari, Renault and Jordan rebelled and kept the logos without consequences).  Of course, the EU’s law-change meant the pit babes and grid girls also got new outfits although cunningly, the designs often featured shapes and colors recalling the distinctive packaging used for cigarette cartons so the message got through, and ways were explored to find techniques so the cars could also continue as moving billboards.    

Anchorite

Anchorite (pronounced ang-kuh-rahyt)

A person who has retired to a solitary place, traditionally for a life of religious seclusion; a recluse or hermit.

1400–1450: From the late Middle English anchorite & ancorite, (hermit, recluse, one who withdraws from the world for religious reasons (and applied especially in reference to the Christian hermits of the Eastern deserts in the two centuries after circa 300 AD.)), a conflation of the Middle English ancre (from the Old English ancra & ancer) and the Old French anacorite or the Medieval Latin anachōrīta & anchōrīta and the Late Latin anchoreta from the Late Greek anachōrētḗs (literally "one who has retired"), the construct being ana- (back), from anachōrē- (stem of anachōreîn (anakhōrein) (to withdraw)) + khōreîn (to withdraw, to give place), a verbal derivative of chôros (khōra) (place, space, free space, room), from the primitive Indo-European root ghē- (to release, let go; be released) + -tēs (the agent suffix).  The Old English and the Old Irish ancharae were from the Late Latin anachōrēta, from the Late Greek.  The word replaced the Old English ancer, from the Late Latin anchoreta.  Anchoritic is an adjective, anchoritically is an adverb, anchoritism is a noun; anchoress is the feminine noun form.  Synonyms include hermit, recluse, solitary, cenobite, ascetic, monastic, eremite, vestal, postulant & solitaire.

The last papal resignation but one.

Pietro Angellerio (1215-1296) was for five months between July and December 1294 installed as Pope Celestine V.  His resignation from the office was the last until Joseph Ratzinger (1927-2022; Pope Benedict XVI 2005-2013; pope emeritus 2013-2022) in 2013 retired from his eight-year pontificate to become (uniquely) pope emeritus.  Prior to being created pope, Celestine had for decades been a monk and hermit, living a anchorite existence in remote caves and subsisting on little more that wild vegetables, fruits, honey and the occasional locust, his unworldly background meaning he emerged as the ultimate compromise candidate, declared pope after a two-year deadlock in the church’s last non-conclave papal election.  The cardinals had been squabbling for all those two years which so upset the hermit in his cave that he wrote them a letter warning divine retribution would be visited upon them if they didn't soon elect a pope.  Realizing he was entirely un-political, without enemies and likely pliable, the cardinals promptly elected him by acclamation.

Shocked, the hermit declined the appointment, only to have his own arguments turned on him, the cardinals insisting if he refused the office he would be defying God himself; trapped, he was crowned at Santa Maria di Collemaggio in Aquila, taking the name Celestine V.  The anchorite, lost in the world of power politics and low skulduggery was utterly unsuited to the role and within months issued an edict confirming the right of a pope to abdicate.  That done, he resigned, intending to return to his cave but his successor, Boniface VIII (Benedetto Caetani, circa 1231-1303; pope 1294-1303), having no wish to have such a puritanical loose cannon at large, imprisoned him in an agreeable castle where, within months, he died.  In 2013, Benedict XVI fared better, retiring to a sort of papal granny flat in the Vatican and the edict confirming the right of a pope to resign rather than waiting to be taken by God or the Devil is all that remains from Celestine V's pontificate.

Allegory of the Coronation of Celestine V, Musée di Louvre, Paris.

The painter is unknown but the work has been dated to the sixteenth century.  There was long a story, published in both the 1967 forgery Dossiers Secrets d'Henri Lobineau (Secret Files of Henri Lobineau) and the almost equally dubious 1968 book Le Trésor Maudit de Rennes-le-Château (The Accursed Treasure of Rennes-le-Château) by Géraud-Marie de Sède (1921–2004), that the painting was one allegedly brought by controversial priest François-Bérenger Saunière (1852–1917) from the Louvre, circa 1891, but this was later disproved.  It wasn’t until 1923 it was recognized and subsequently classified as being of Celestine V.

Cabinet

Cabinet (pronounced kab-uh-nit)

(1) A piece of furniture with shelves, drawers etc, for holding or displaying items; a wall cupboard used for storage, as of kitchen utensils or toilet articles; a variety of fixed or movable receptacles for storing stuff.  Historic origin of the trade cabinetmaker (vis-à-vis carpenter) was that cabinets tended to require finer, more precise work.

(2) In the era of big-box televisions and LP records, a piece of furniture containing a turntable or television, usually standing on the floor and often including storage for twelve-inch vinyl records.

(3) An elected or appointed council advising a president, sovereign etc, especially the group of ministers or executives responsible for the government of a nation (often initial capital letter); In the US, an appointed advisory body to the president, consisting of the heads of the (currently) fifteen executive departments of the federal government (often initial capital letter).

(4) A small case with compartments for valuables or other small objects; a small chamber or booth for special use; a private room (obsolete); a room set aside for the exhibition of small works of art or objets d'art (historic and technical use only).

(5) A dry white wine produced in Germany from fully matured grapes without the addition of extra sugar; also called cabinet wine.

(6) A milk shake made with ice cream (mostly used in Rhode Island and southern Massachusetts, US).

(7) In architecture, a type of drafting, designating a method of projection (cabinet projection) in which a three-dimensional object is represented by a drawing (cabinet drawing) having all vertical and horizontal lines drawn to exact scale, with oblique lines reduced to about half scale so as to offset the appearance of distortion.

(8) In printing, a standard paper size, 6×4 inches (150×100mm) or 6½ x 4¼ inches (165×105mm), used for mounting photographs.

(9) In computing, an often compressed file, typically used in the distribution of installation software.  Originally, on compact discs (CD), they emulated the earlier distribution media of floppy diskettes.

1540–1550: The construct was cabin + -et.  From the Middle English cabinet (secret storehouse, treasure chamber; case for valuables), from the Middle French cabinet (small room), diminutive of the Old French cabane (cabin) or cabine (hut, room on a ship) of uncertain origin, but thought perhaps influenced by (or more likely from) the Italian gabinetto (toilet) (masculine, plural gabinetti), diminutive of gabbia, from the Latin cavea (stall, stoop, cage, den for animals).

The original meaning in English was "case for safe-keeping" (of papers, liquor, etc.), gradually shading to mean an actual static piece of furniture which fulfils the same function.  The sense of "a private room where advisers meet" emerged circa 1600 and from that is derived the modern meaning in a political context: "an executive council", a use noted first in the 1640s and thought short for “cabinet council” a phrase in use since the 1620s.  From that it evolved from “the place or room in which the group meets” to mean the group itself.  From the 1670s, it also meant "building or part of a building set aside for the conservation and study of natural specimens, art, antiquities etc."  The suffix –et was from the Middle English -et, from the Old French –et & its feminine variant -ette, from the Late Latin -ittus (and the other gender forms -itta & -ittum).  It was used to form diminutives, loosely construed.

Cabinet government

The cabinet in the sense of an executive body comprising some or all the ministers of a government was so named because, in England, their meetings with the monarch were conducted in a cabinet (in the sense of a small room), the first recorded reference to the institution being Francis Bacon’s mention of a “Cabinet council” in 1605.  Charles I attended "Cabinet Councils" from his accession in 1625 although it wasn’t until 1644 the body first described itself as a "cabinet".  A recognizably modern cabinet system, necessitated by the demands of war, was created between 1916-1918 by UK Prime Minister David Lloyd George (1863–1945; UK prime-minister 1916-1945) who established both a cabinet office and secretariat, this remaining the standard Westminster model, familiar in Australia as the Department of Prime-Minister & Cabinet (PM&C).  The modern slang, “kitchen cabinet” is a smaller group, not always a sub-set exclusively of the cabinet proper, which is ad-hoc and usually the creature of a prime-minister.  Caution needs to be taken also when reading historic documents.  Frederick the Great's father, Frederick William I (1688–1740) (King of Prussia & Elector of Brandenburg 1713-1740), described his system of administration as cabinet government (kabinettsregierung) but his rule was exclusive and autocratic and by “cabinet” he meant that all decisions emanated from the royal closet.  Frederick the Great (Frederick II (1712–1786) (King of Prussian 1740-1786)), no stranger to the closet, followed his father’s example.

Even where a cabinet in the modern sense does exist, cabinet government is an organic process and cannot always be understood by analyzing its structure; the mere existence of a cabinet not of necessity creating government by cabinet.  This is especially true of US governments where the influence of its appointed cabinet varies between and even within administrations but the spectrum exists also in Westminster-style arrangements.  Indeed, in both Australia and the UK, since the trend of “presidential” prime ministers became prevalent in the late post-war years, both parliaments and cabinets are sometimes marginalized, the former by the exercise of executive authority, the latter by the increasing role of advisors and the formation of “kitchen cabinets”.

Cabinet room, Reich Chancellery, Berlin, 1938.

An extreme example was the Third Reich’s cabinet (Die Reichsregierung (originally Reich Cabinet of National Salvation)) which existed between 1933-1945, the Nazis inheriting the cabinet structure from the Weimar Republic (1918-1933).  It wasn’t until the Nuremberg trial when the indictment included the Reich Cabinet as a criminal organization that it became understood the body had met only sporadically after 1934, last gathering on 5 February 1938; Hitler was a dictator who had no taste for cabinet government.  The judges thus held that no declaration of criminality should be made with respect to the Reich Cabinet because (1) after 1931 it had ceased to act as a group or organization and (2) because it comprised so few people they should, where appropriate, be tried as individuals.

Interestingly, despite not having met since 1938, as a bureaucratic institution, the establishments of the offices attached to the cabinet grew greatly after 1938.  In fairness, the demands of an administration in wartime are greater: Winston Churchill (1975-1965; UK prime minister 1940-1945 & 1951-1955) noted with some satisfaction the prime-minister's private office maintained a staff of five when he arrived at Downing Street in 1940 and had grown to over five-hundred at the time of his (un-expected) departure in 1945.  Even the five he found on arrival existed only because of the establishment by David Lloyd George (1863–1945; UK prime-minister 1916-1945) in 1917 of a small staff which no prime-minister had enjoyed since 1841 when Sir Robert Peel (1788–1850; UK prime-minister 1834–1835 & 1841–1846), upon becoming prime minister for a second time, delegated day-to-day oversight of the Treasury to the newly created post of chancellor of the exchequer.  In 1841, the prime-minister had left behind the office and administrative infrastructure of the treasury.  The residue of the old arrangement is that prime-ministers to this day, despite the structural reality, formerly are styled "Prime Minister and First Lord of the Treasury".

The authoritative Into the Gloss deconstructs Lindsay Lohan's bathroom cabinet.

Phony

Phony (pronounced foh-nee)

(1) Not real or genuine; fake; counterfeit; imitation; hoax.

(2) An insincere or pretentious person.

1890s:  Phony is thought a US vernacular alteration of the British fawney, the word for a gilded brass ring used in a confidence trick called the "fawney rig".  In this scam, the trickster drops a ring (or a purse containing some valuables) and runs to pick the item up at the same time as the victim who spies it on the ground.  The trickster asserts that the found treasure should be split between them and the victim who "found" the item, convinced now of its value, is persuaded give the con artist some money in order to keep the phony item.  The alternative (mostly UK) spelling is phoney.  Actual origin of fawney seems to be a descriptor of a finger-ring, a word brought to England by the Irish, derived from the Irish fáinne (ring) and it’s likely the Irish Diaspora which introduced it to the United States.  Although it’s a bit murky, fáinne may be derived from the same Indo-European root (hehno) as the Latin ānus (ring) which existed also in Old French and first noted in English in 1658.

Speculative alternatives have been suggested.  An early twentieth-century notion thought it from a use of a telephone to lure victims to false appointments in order that a criminal operation might be carried out, further conjecturing connections either with phoo, a term of contempt, or funny.  No etymological evidence was offered.  Another origin, widely circulated by the popular press, says the word is derived from the name of a manufacturer of cheap jewellery, a Mr Forney and it’s likely the authors mistook fawney for the sadly maligned chap.  The OED agrees phony originates in colloquial American English, but dates it from an 1893 reference to the horse-racing slang, “phony bookmakers,” quoting The Chicago Tribune.  The OED defines them as “unofficial bookmakers issuing betting slips on which they do not intend to pay out.” 

Most interesting (and least likely) is the pondered derivation from Ancient Greek via Latin with an origin said to date from the Punic Wars.  During these wars, the Romans used the phrase “Punic Faith” which implied treacherousness and dishonesty and Poeni is the Latin word from which is derived Punic, itself from the Ancient Greek Phoeni.  While it seems the Phoenicians were regarded by the Romans as an untrustworthy lot, two-thousand-odd years passed before phony emerged in English and there’s no support for the theory.  Apparently unrelated too is the linguistic coincidence that in Welsh, poeni means “to hurt, to ail, to pain, to worry, to fret, to pester, to plague, to bother or to nag”.

Fake, phony and truthful hyperbole

The Trump presidency saw a spike in the use of phony.  Donald Trump (b 1946; US President 2017-2021) liked the word, using it to against both opponents and any news outlet at all critical, taking alliterative delight in describing Elizabeth Warren (b 1949, United States Senator for Massachusetts since 2013) as “a phony Pocahontas…” after her DNA test revealed the Native American bloodline she’d claimed was less than a small fraction of one percent.  In general use, he prefers the punchier fake news but also uses phony, often as a synonym but also as an analogue for negative.  In his 1978 book The Art of the Deal (which if Trump didn’t entirely write, he at least influenced), he noted the effectiveness of “…an innocent form of exaggeration…” which he called “…truthful hyperbole”, something his many critics noted was well suited to the age of social media and claimed was but a variation of the Nazis’ rule of propaganda that small lies are ineffective but big lies work well.  That’s most often attributed to Joseph Goebbels (1897–1945; Reich Minister of Propaganda 1933-1945) but is actually from the first volume of Adolf Hitler’s (1889–1945; German Chancellor 1933-1945) Mein Kampf, Goebbels memorably using the phrase years later in a critique of British wartime propaganda.  Goebbels was however well aware of the limitations of the use of untruths and in The Art of the Deal, Trump also cautioned there were limits to what can be done with variations of the phony, not so much what but for how long:  “You can create excitement, you can do wonderful promotion and get all kinds of press, and you can throw in a little hyperbole. But if you don't deliver the goods, people will eventually catch on."

Others like it too.  Mitt Romney (b 1947, US senator (Republican) for Utah since 2019), thinking Trump had no chance of winning the presidency, labelled him “…a phony and a fraud” adding “…his promises are as worthless as a degree from Trump University.''  They did (briefly) make up, apparently without “multiple choice” Mitt having to drop to his knees (although that was never confirmed or denied), the former president endorsing Romney’s successful 2018 mid-term campaign to replace Orrin Hatch (1934-2022) as a senator for Utah. 

Donald Trump and "multiple choice" Mitt Romney, Jean-Georges Restaurant, Trump International Hotel & Tower, New York, 2016.

Trump’s endorsement for the Senate seat was however little more than a pat on the head for a well-behaved vassal.  A little after Trump won the 2016 election, Romney, rather as King Henry IV (1050–1106; King of Germany from 1054-1105, Holy Roman Emperor from 1084-1105) made his pilgrimage to Canossa to seek forgiveness from Pope Gregory VII (circa 1015–1085; Pope of the Roman Catholic Church and ruler of the Papal States 1073-1085), turned up at the Trump International Hotel & Tower New York to pay homage and, essentially, beg for a job.  “I had a wonderful evening with President-elect Trump” Romney gushed after dinner with Trump at the hotel’s Jean-Georges restaurant.  “We had another discussion about affairs throughout the world, and these discussions I’ve had with him have been enlightening and interesting and engaging. I’ve enjoyed them very, very much.”  Clearly Romney wanted to be secretary of state, the US’s chief diplomat.  That would have been an interesting assignment, given that in decades of public life Romney had shown scant evidence of original thought, so he’d have been Trump’s errand-boy, parroting a foreign policy not of his own creation, most observers concluded his desire for an important job outweighed his dislike for Trump.  What he thought being the international emissary for a man he’d earlier condemned as “neither the temperament nor the judgment to be president” either didn’t cross his mind or didn’t matter because he just wanted an important job.  Trump missed the opportunity to appoint Romney which was a shame because he’d have been a fine addition to a cabinet which might have included Rudy Giuliani as attorney-general, Sarah Palin as treasury secretary, Newt Gingrich as defense secretary (Ted Cruz an obvious choice as CIA director).  Something like that, truly a ministry of all the talents, would have been good to watch.

Serial phoney tans on Lindsay Lohan (although it's suspected the magazines and web sites sometimes, deepened the color saturation for a more dramatic look; the preferred term is "fake tan".  In fairness however, the redheads and other freckled folk should avoid the sun and use spray-on and other tanning products in preference to any form of radiation, natural or artificial.  An even more desirable option is to embrace the pale ascetic, and alluring look and one which offers glittering opportunities to contrast with dark fabrics, rubies, emeralds and sapphires.   

Phoney Time: One of the "Time magazine covers" prominently once displayed in several Trump golf courses; wholly phoney, they’ve since been removed.  By 2024, Mr Trump had twice been named Time's "Person of the Year" so the old photo frames from the golf courses can be re-used.

In A Brief History of Time (1988), English theoretical physicist Stephen Hawking (1942-2018) used the concept of "imaginary time" as a conceptual tool to illustrate certain aspects of his theories but imaginary covers of Time magazine are something different.  Imaginary time has been misunderstood and, given the mysteriousness of much of which it's used to describe, that's perhaps understandable.  What it is is a mathematical representation of time used to build models of the relationship between special relativity and quantum mechanics, expressed using equations written with what mathematicians call imaginary numbers.  For most of us, it replaces one impenetrable idea with another but between consenting mathematicians and cosmologists in the privacy of their labs, it's a hoot.