Credit and credit risk permeates every corner of the financial world. Previously credit tended to be acknowledged only when dealing with counterparty credit risk, high-yield debt or credit-linked derivatives, now it affects all things, including such fundamental concepts as assessing the present value of a future cash flow. The purpose of this book is to analyze credit from the beginning the point at which any borrowing entity (sovereign, corporate, etc.) decides to raise capital through its treasury operation. To describe the debt management activity, the book presents examples from the development banking world which not only presents a clearer banking structure but in addition sits at the intersection of many topical issues (multi-lateral agencies, quasi-governmental entities, Emerging Markets, shrinking pool of AAA borrowers, etc.). This book covers: * Curve construction (instruments, collateralization, discounting, bootstrapping) * Credit and fair valuing of loans (modeling, development institutions) * Emerging markets and liquidity (liquidity, credit, capital control, development) * Bond pricing (credit, illiquid bonds, recovery pricing) * Treasury (funding as an asset swap structure, benchmarks for borrowing/investing) * Risk and asset liability management (leverage, hedging, funding risk)

This paper begins by conducting an environmental scan of stratospheric airships to determine likely qualities of persistence, cost effectiveness, survivability, and payload capacity based upon current and projected technology. It will also examine the status of small precision munitions as well as the potential WSA missions of close air support (CAS) and time-sensitive-targets (TST). The paper will then develop two WSA variants, the MZ-1 operating at 75,000 feet and the MZ-2 operating at 125,000 feet. As a thought experiment aimed at examining the strengths and weaknesses of the concept, the paper then applies these variants against two wartime scenarios: the low-intensity conflict of Operation Iraqi Freedom and the near-peer conventional conflict of a Chinese invasion of Taiwan.