Elections, Political Parties, and Civil Society in Authoritarian Regimes Essay Example

Elections, Political Parties, and Civil Society in Authoritarian Regimes Essay Example Elections, Political Parties, and Civil Society in Authoritarian Regimes Essay Elections, Political Parties, and Civil Society in Authoritarian Regimes Essay Within many Authoritarian Regimes. the conditions are really similar and the political engagement becomes badly limited. The undermentioned essay will try to briefly gaining control a few cardinal features of two states in footings of elections. political parties. and the function of civil societies within the province. The two states that I will be discoursing are Iran and China. First of all. after reading page 80-81 in our Comparative Politics text edition written by Carol Ann Drogus and Stephen Orvis. it shortly became clear to me that Authoritarian Regime structuring has a heavy political salience in footings of elections. political parties. and the function of civil societies. It seems that if elections even manage to be in an autocratic government. they do non find who holds the bulk of power in the province. For illustration. on page 80. the text edition discusses how 1906 a new democratic province within Iran was created in order to supply a existent legislative assembly with elections. This democracy was shortly polarized. and the cardinal province has limited sovereignty over the other states and was able to command most economic net income and most of the military power. Although elections were ushered into Iran’s political system. they had small influence on the authorities itself. On page 81. the text edition discusses how a leftist premier curate named Mohammad Mosaddeq was elected in 1951. but due the primary regime’s influence and power. they overthrew this elected premier curate because he did non back up their involvements. This illustration shows that even if an election determines something within an Authoritarian Regime. this finding may non last for really long or may non hold any power in the first topographic point. An elected functionary such as Mosaddeq can be overthrown at any point if the people that genuinely hold the power within a province decide excessively. This brings me to the following subject of political parties. Within the state of China. it is clear to me that the political system of the Authoritarian Regime has created an highly powerful political party with small to no resistance. Elections have about no affect and are merely a camouflage for the Chinese Communist Party to do the existent determinations impacting their state. particularly in footings of the economic system. As discussed on page 86. after a series of wars ended. the Communist Party of China shortly created a Soviet-style bid economic system with a immense bureaucratism that controlled most of the society. This society is interesting because as clip went by. more and more economic freedoms were created. but political freedoms became progressively denied. It is dry that one can populate in China and possess private belongings. but when it comes to the determinations regulating that person’s society and economic policy. that same person will hold zero rights whatsoever. The book besides discusses how these socio-political conditions have created a sense of political uncertainness and fright. This brings me to my concluding subject of civil society. It is a immense hazard for citizens within an Authoritarian Regime to organize organized and nonviolent groups in chase of political reform. Citizens tend to fear the effects of their actions and penalty from their authorities. and when they do try to reform. it tends to stop up violent. For illustration. many protests within China in the past century have ended in monolithic gore or force. I do non remember of all time hearing of a widely successful nonviolent civil society doing politically outstanding alterations within an Authoritarian Regime. I believe that I have neer heard of such a thing because civil societies do non hold much impact on a society that is restricted by an Authoritarian Regime’s influence and political/economic desires.

Goodbye Mr. Chips essays

Goodbye Mr. Chips essays The name of this book is, of course, Goodbye, Mr. Chips. It was written by James Hilton in the 1930s, among his other books including, Nothing So Strange, Morning Journey, and Time and Time Again. There are 132 pages in Goodbye, Mr. Chips, and it was published by The Atlantic Monthly Press. Mr. Chips is a teacher at a large boys school in England, Brookfield that is. Im not sure of his real name, however, the book does mention the he is not really Mr. Chips he just goes by that. The book starts with Mr. Chips as an old man who still runs his life according to the school bells. He lives a Mrs. Wicketts house, where she takes care of him. Conveniently she lives right across the street from the school the Mr. Chips taught for many years. The book is basically a memory of his life. Like many other books he starts old, remembers young, and ends old. Chips was known for his sense of humor. He was never serious, but he was an excellent teacher of the Latin and Greek languages. He was also admired greatly by his community. After Chips had been teaching for so long that his teaching methods were out of style the head of the school Ralston decided to demand Chips to resign. He told Chips that he was too set in his ways and because he didnt want to change simple things like pronunciations of a few words. Chips was a good teacher, and the board of the school knew it to. One its members even told Chips to just to ignore Ralston, so thats just what he did. He was 65 years old when he finally decided to retire. Chips was afraid he wasnt doing a good job, because he had been sick a lot the year before. So Chips went to Mrs. Wicketts house and began to enjoy his life as a retired man. He had frequent visitors from the school across the street and he spent lots of time looking over at the boys at break time. Its funny but it didnt t...

Analysis of the reading Assignment Example | Topics and Well Written Essays - 250 words

Analysis of the reading - Assignment Example Thus, he believes that if an executive spends money for any purpose purported to be for a social cause, he is in fact spending the shareholders’ money which he is not morally permitted to do. However, in this case, the author’s contention does not seem to be really valid as most of the decisions to spend come from the board of directors that represents the shareholders and not the executives in a corporate, in the light of the fact that all executives in such an entity need not necessarily be shareholders or directors. Yet, it is logical in terms of the concept it postulates. Similarly, he also mentions instances where shareholders coerce other shareholders, who may not be willing, to contribute to a specific cause. In this case his argument is quite reasonable and it definitely is not an appropriate action to utilize another person’s money for a purpose he or she does not intend to spend on. He further claims that in most cases, the term social responsibility is a guise to serve the purpose of some vested interests and this argument is quite reasonable because politicians on most occasions use this for political mileage, by making the corporate entities bear the cost. He also criticizes the businessmen who propagate social responsibility to gain cheap popularity as this will only lead the business entities being influenced by external forces in the long run. The author firmly upholds the view that social responsibility is a matter of individual concern. He, thus, concludes the article by contending that all individuals should work for the betterment of the community and business people, like other members of the society, will also share values and partake in such

In what ways does low-wage work involve more Essay

In what ways does low-wage work involve more - Essay Example (Miller, 1992) Normally, a married couple shares household expenses making it easier to support the financial needs of the family. This way, married women have ample time to do housework and duty as a mother. In the case of single mothers, the only way she could increase the income is by increasing the working hours. It means that a single mother usually ends up sacrificing her leisure time with her children in exchange for the income she would earn while working. For example: Jack is earning $5,000 a month working 8 hours a day as a manager in a five-star hotel whereas Cindy earns only around $500 a week working 8 hours on a part-time job as a waitress because she is taking care of her child as a single mother in the morning. For Cindy to be able to earn $5,000 a month, she will have to work longer hours so she financially supports her child. For Cindy to earn the same earnings of Jack, she will have to work for a total of 80 hours a month. [($500 / 8hours) = $62.50 / hour; $5,000 a month / $62.50 per hour = 80 hours a month] (Jones, 1999) Yes. I agree that the U.S. government should protect the workers and their retirement savings from a similar case with the Enron. The pension law prepared by the Department of Labor clearly states that each employer has the duty to provide the 401(k) plans for its employees. In this case, the trustees who are responsible in overseeing the 401(k) plan as well as the top executives or directors who monitors the plan should be held liable to employees in case of the court could prove that there was a breach in the fiduciary duty. (Dugas, 2002) The main cause of Enron’s bankruptcy was illegal in the sense that the top executives of the company manipulated the corporate statement of account for many years in order to mislead the public shareholders with billions of dollars and eventually abandon its employees with their pension funds. (Jezer, 2002) Setting the corporate top executives who are

Effective ways to improve communication Essay Example for Free

Effective ways to improve communication Essay Teenagers and their parents need to increase their communication in order to have a strong relationship. It is very important that they cooperate so that they can reach a common goal. Some tips to improve communication for parents are being there for their teenager children, learning to talk while in motion, risk making a change, being honest, sharing their hopes and dreams, and creating a comfortable environment by listening. Some methods for teenagers are opening up and sharing about their thoughts and feelings with their parents. There are several ways to improve the communication between teenagers and parents. Parents need to find quality time out of their busy schedule to talk with their children. Parents should take advantage of everyday opportunities or plan a simple activity for just themselves and their children, such as watching television. Talking to teenagers is basically the same thing as talking to adults. Most teenagers are overstressed, overworked, preoccupied and, in many cases, just simply distant from their parents. They need lively adults who are present and awake. In this way, parents could spend time with their children, engaging in activities that suit their age and interests. Teenagers always seem to be on the move. Teenagers are action machines because they do not like sitting still. They have the added distraction of being inside bodies pulsing with energy and strength. If parents really want to connect with a teenager, they need to get active with them, such as challenging them to a basketball game. Teenagers know their parents as well as their values, rules and weaknesses. They also know just what to say and how to maneuver around their parents. The problem is that they do not really expect their parents to ever change the way they think or act. Teenagers thrive on surprise and love to think odd thoughts. Parents should try to be a little surprising and do something completely unexpected and unpredictable. Young adults appreciate the opportunity to relate in a way that was completely unpredictable and different for their parents. Young adults deserve honest answers and explanations because this is what  strengthens the childrens ability to trust. By being open and honest, parents can express their values in a caring way. Parents do not often want to show their mistakes and past errors because they are unwilling to seem imperfect. Parents should tell teenagers some of their own secrets and try to be outgoing. They should try and set an example for their teenagers so that the teenagers will learn from their honesty. Although parents should always communicate with their teenagers, they have to remember not to talk too much. Teenagers hate listening to long lectures. Parents need to avoid repetition of lectures which might bore teenagers. Also, parents should not continue on about different subject that the teenagers are not ready to hear. Teenagers dont have much of a past, and so they live in the future. Parents need to capture what it is that rivets teenagers attention the most their imagination pertaining to the future and whats important to them. Not many parents will sit down with their children and openly discuss the future without any boundary, agenda or parental rigidity. Teenagers will search until they find someone who will dream with them. They will look forward to the opportunity to explore their future with someone they truly care about and who really wants to hear about their dreams. Parents should always create a climate in which the teenager feels free to discuss anything. In order to create an atmosphere in which teenagers can ask any questions without the fear of consequences, parents need to be encouraging, supportive and positive. This will show teenagers that the parents can be of help in solving problems, and they will not be fearful of speaking out. Parents need to take them away from places and things that can distract them. They have to listen attentively because when parents talk to teenagers after careful listening, they are more informed and aware of the situation. Parents need to remember that young adults need an open mind and some guidance during adolescence more than any other period in their lives. If they fear that their parents will discourage them from being truthful by displaying disappointment and disapproval, they will pull away fast and will not return that easily. Parents have to be curious and ask questions about  teenagers ideas and feelings to get to know them and their world. Parents should be prepared to just listen and accept the simple truth that teenagers feel what they feel, no matter how irrational it may sound. It is important for teenagers and their parents to find ways to communicate their point of view, which will encourage the other person to listen. They need to avoid blaming the other person and not be judgmental. They should stay in the present and not refer to the past. They have to look for solutions together and be prepared to compromise. These are some ways to improve communication between parents and teenagers.

Social Promotion :: essays research papers

Most children are taught since the beginning of their educational careers that they must do well, and succeed if they wish to be acknowledged. There was always a black sheep, some boy or girl, who did not do their work and was held back. Consequently, these children were used as horrifying examples of what could happen. However, was the child really at fault for failing to complete grade requirements, or was the system in which they were taught in error? The evidence available demonstrates that children who were retained were not unintelligent, but that education policies were to blame. Although the human race has gone through stupendous scientific awakenings, it is suprising to see that the education policies practiced today are based on the reasonings of a dead age. It is certainly not because Americans do not value their children’s educations but perhaps because we live in a country that is not always aware of significant aspects of our society, particularly education. Soc ial promotion, in use nationally for at least 20 years , is an educational policy where students are advanced from grade to grade. There is no regard to their learning because it is a widely accepted notion that they learn better with their peers. â€Å"Studies show that it’s better to promote an underachiever than keep them down,† stated Peg Dawson from the National Association of School Psychologists. Yet, high profile protesters of this system include both United States President Bill Clinton and The American Federation of Teachers. In many cases, children are advanced repeatedly without knowing basic educational skills, and suffer greatly when in high school. Social promotion, used throughout the course of the American educational system as a standard policy, is archaic, and should be altered to address individual student needs, helping to create a future conscientious and prosperous society. The other frequently used option, retention of a student, has also displayed several negative characteristics and is not a likely alternative. Drop-out rates for grade repeaters are generally higher than most students and they often display greater behavioral problems, due largely to the fact that they are older than their classmates. A qualitative comparison is that while only 20.4% of students not delayed were not enrolled in a 4-year college, 54.7% of delayed students were not enrolled in a 4-year college. More than double are not enrolled. The ratio of delayed to non-delayed students with Bachelors Degree’s is 1.

Early Adulthood Observation

Adrienne Lindsey PSYC 2314. 01 Early Adulthood Observation Observation Date: Wednesday, March 27, 2013 Time: 5:00-8:00PM Location: Adults Home OBSERVATIONS AND ANALYSIS Q was a 19 year old black male. He was in the Erickson’s intimacy vs. isolation stage. Areas of observation include physical, cognitive, and social/emotional development. Physical Development Q has reached maximum body growth and biological aging or senescence has begun. Biological ageing is â€Å"genetically influenced declines in the functioning of organs and systems that are universal in all members of our species† (Berk, 2010, p. 32). Q exercises daily but he admits that he doesn’t eat a healthy diet all the time. â€Å"Regular moderate to vigorous exercise predicts a healthier longer life† (Berk, 2010, p. 443). Also, â€Å"when too much saturated fat is consumed, some of it is converted to cholesterol, which accumulates as plaque on the arterial walls in atherosclerosis† (Berk, 2010, p. 441). Q was stressing about getting into college, helping his mother with bills, and finding a job.This is psychological development, â€Å"chronic stress resulting from economic hardships is linked to hypertension, which contributes to the high incidence of heart disease in low-income groups, especially African-Americans† (Berk, 2010, p. 450). Cognitive Development Q has not entered college yet but he knows that it is something he has to do in order to get a good paying job. Study shows that â€Å"about 20 percent of recent high school graduates who do not continue their education are unemployed† (Berk, 2010, p. 58). Asked Q what he wanting to do with his life he said he wants to go to art school and become a graphic designer. Realistic period is a vocational development when young adults start to narrow their options first by exploring and then by crystallizing their focus on a single occupation (Berk, 2010, p. 456). This also shows that he is an artistic pe rson a personality type that affects vocational choice (Berk, 2010, p. 456). Social/Emotional Development Q said that he was too young to settle with one woman.This is an example of Erickson’s theory intimacy vs. isolation, intimacy being the positive and failing to find it leading to loneliness and self-absorption (Berk, 2010, p. 468). Q was stress about getting into college because some of his close friends have already entered college. Due to â€Å"changing in society from one generation to another can effect life course, the social clock, age graded expectations for major life events can have a psychological strain when behind in timing of life events† (Berk, 2010, p. 71). Q has a close relationship with his brother, who is two years younger than him; he remembers having good times with him. This is also an example of Erickson’s theory intimacy vs. isolation showing that â€Å"intimacy can also be satisfied through other relationships† (Berk, 2010, p. 472). IMPORTANCE INFORMATION LEARNED In my observation, I realize that some low SES families do not lack the importance of education, but just don’t have the resource they need to achieve what needs to be done.Maybe this country needs to be more like Germany and give young adults the opportunity to get the skills they need to become successful adults. The day after my observation with Q, I took it upon myself to help him fill out an application for student aid. Hopefully this will give him the push he needs to go to college and fulfill his life goals/dreams. With him being the oldest of five children it will be something positive for his younger siblings. References Berk, L. E. (2010). Development through the lifespan, 5th ed. Boston: Allyn & Bacon.

Quantitative Easing

Evan Schrager 11/14/2011 Quantitative Easing Research Paper The term  quantitative easing  (QE) describes a process in which the Federal Reserve expands its balance sheet through purchasing back government bonds from financial institutions with electronically created funds. The government purchases, by way of account deposits, give banks the excess reserves required for them to create new money by the process of  deposit multiplication  from increased lending in the fractional reserve banking system. As the supply of medium and long-term government bonds decreases, their prices increase. This leads to a decrease in their yield; yields are often a determinant of long-term interest rates, mortgages and most business lending. Since it is easier for individuals to borrow money, consumer wealth increases, which leads to investment and consumption increases as well. Risks include the policy being more effective than intended, spurring  hyperinflation, or the risk of not being effective enough, if banks opt simply to pocket the additional cash in order to increase their capital reserves in a climate of increasing defaults in their present loan portfolio. In the quantitative easing process, the Fed goes to a network of dealers, in search of Treasury bonds. The Fed buys the bonds in a competitive bidding process between the approved bond dealers. The Fed takes a bond certificate and gives the dealers freshly printed US dollars. The transactions are done electronically, but it is still referred to as printed money. The US  Federal Reserve  held between $700 billion and $800 billion of Treasury notes on its balance sheet before the current recession. In late November 2008, the Fed started buying $600 billion in  Mortgage-backed securities. By March 2009, it held $1. 75 trillion of bank debt, MBS, and Treasury notes, and reached a peak of $2. 1 trillion in June 2010. The primary dealers can offer to sell the Fed bonds held by their clients. The newly printed money moves from the Fed, to the dealer, to the client’s brokerage account. Cash is moving directly into the real economy. The customer can buy another bond, buy stocks, use it at the grocery store, or simply keep the cash. Right now, however, cash is earning next to nothing, so investors are motivated to find alternative stores of value. They are motivated to spend or invest their cash. With an ongoing battle taking place between inflationary and deflationary forces in the economy and financial markets, it is extremely important for investors to understand how â€Å"quantitave easing† programs will impact their investments and their long term purchasing power. Since quantitative easing represents a threat to our wealth based on its potential adverse impact, this topic warrants serious attention above and beyond a boilerplate analysis. Common references to â€Å"cash sitting at banks† will give investors a poor read on what quantitative easing is and the possible ramifications for our portfolios and the economy. In order to put QE in context, I will discuss the Japanese deflationary spiral of the ‘90s. Japan suffered from stagflation throughout the 1990’s, so the Bank of Japan instituted a quantitative easing program of its own, referred to as QEP. The QEP consisted of three key elements: â€Å"(1) The BOJ changed its main operating target from the uncollateralized overnight call rate to the outstanding current account balances (CABs) held by financial institutions at the BOJ (i. e. , bank reserves), and ultimately boosted the CAB well in excess of required reserves. 2) The BOJ boosted its purchases of government bonds, including long-term JGBs, and some other assets, in order to help achieve the targeted increases in CABs. (3) The BOJ committed to maintain the QEP until the core CPI (which in Japan is defined to exclude perishables but not energy) stopped declining. † The effect of the Bank of Japan’s liquidity injections on bank lending was muted by the substitut ion of central bank liquidity for interbank liquidity. Second, despite the dampening of the stimulus from the liquidity injections due to this substitution, there was a positive and significant effect of liquidity on bank lending. This implies that quantitative easing can affect the supply of credit, particularly during periods of financial stress. However, the overall effect was fairly small, so that huge amounts of liquidity would have been needed to achieve noticeable effects. Third, weak banks benefited more from QEP than stronger banks. However, â€Å"the rapid unwinding of liquidity infusions observed at the conclusion of QEP had little impact on lending growth once bank health and confidence in the banking system had been restored. † It is possible that QEP exerted ositive effects, but that these were simply overwhelmed by the drag on total spending coming from weakness in the banking sector and balance sheet problems among households and firms. Since there are a number of ways that QEP may have stimulated spending, we can infer that the QE programs in the United States will stimulate some spending as well, but perhaps we will overestimate the effects just like Japan did years ago. When you consi der some of the world’s largest sovereign wealth funds may participate in QE, you can understand the potentially broad impact of the Fed’s actions. The largest ones control billions of dollars. With the currency risk involved when foreigners hold treasury bonds, it is not a stretch to believe that some sovereign wealth funds will be interested in selling some of their treasuries to the Fed in exchange for newly printed US dollars. They may also quickly exchange the cash for gold, silver, copper, oil or stocks to reduce their currency risk. Fears of future inflation can make cash unattractive in the eyes of investors and consumers. A big part of the Fed’s approach is to increase the expectations of future inflation since it can change the investing and buying habits of businesses and consumers. Since there are many unknowns, and many moving parts, listen with skepticism to anyone who claims to know the long term impacts of QE programs on both the financial markets and the economy. † We need to better understand the QE process, and monitor and assess the market’s reaction to details as they are released by the Fed. We must be willing to make inflationary a nd deflationary adjustments based on market internals and economic data. Adopting a â€Å"QE will work or won’t work† approach in advance would be highly speculative. Flexibility is always important in the markets, but maybe more so when it comes to the possible long term impacts of QE. This newly printed money will find its way around the globe, impacting currencies, commodities, and foreign stock markets. According to Brian P. Sack of the NYFRB, â€Å"The effect of asset purchases on the economy remains a point of ongoing debate, with some uncertainty about the channels through which such purchases operate and the magnitude of those effects†¦ In particular, by purchasing longer term securities, the Federal Reserve removes duration risk form the market, which should help reduce the term premium that investors demand for holding longer term securities. That effect should, in turn, oost other asset prices, as those investors displaced by the Fed’s purchases would likely seek to hold alternative types of securities. † â€Å"Nevertheless, balance sheet policy can still lower longer-term borrowing costs for many households and businesses, and it adds to household wealth by keeping asset prices higher than they otherwise would be. It seems highly unli kely that the economy is completely insensitive to borrowing costs and wealth, or to other changes in broad financial conditions. † Notice the references to â€Å"boosting asset prices,† and â€Å"lowering borrowing costs,† and â€Å"adding to household wealth by keeping asset prices higher. From Mr. Sack’s perspective, the Fed buys intermediate term treasuries, which drives down the yield for new investors. Mr. Sack hypothesizes that those new investors will decide to purchase other bonds, perhaps with longer maturities as they search for higher yields. As the Fed pushes demand to other areas of the bond market, longer term interest rates would fall. As new investors look at their options, they may decide to purchase other high yielding assets since the Fed’s actions have made yields on more conservative investments unattractive. Since the Fed promises to remain in the market with QE for an extended period, the risk associated with holding stocks, higher yielding bonds, commodities, precious metals and real estate are reduced. If you think in extremes, if the Fed stated that all treasuries would pay no interest for the next 5 years, investors would move into investments with more risk in search of higher yields. A good way to summarize QE is as follows: QE attempts to lower long term interest rates, keep them low for a pre-defined period of time, while pouring cash into the economy in an effort to boost consumption and investment. Like gold, US dollars have value only to the extent that they are strictly limited in supply. The government has technology that allows it to produce as many US dollars as it wishes at essentially no cost. By increasing the number of US dollars in circulation, or by threatening to do so, the US government can reduce the value of a dollar in terms of goods and services, which is the same as raising the price in dollars of those goods and services. Thus, we can conclude that, under a paper money system, a determined government can always generate higher spending and hence, positive inflation. The important takeaway is the concept, which is to print money, and devalue the purchasing power of US dollars in your wallet/bank account. Based on the government and Fed’s extreme actions during the financial crisis, it is safe to say that we have a determined government. Investors cannot underestimate how determined our government will be, in terms of â€Å"how much money are they willing to print? † and â€Å"what assets are they willing to buy? † For example, if buying T-bonds doesn’t work, what prevents them from moving to corporate bonds, stocks, residential housing, or commercial real estate? That sounds extreme, but five or six years ago, having the Fed buy treasury bonds or having the government take over AIG seemed extreme. But that happened right before our eyes. A problem around the globe is weak balance sheets from consumers to corporations to municipalities all the way up to the United States’ assets and liabilities ledger. There are two ways to address weak balance sheets. You can attack the asset side or the liability side. During recessions, bad debt is removed from the system when entities go out of business, defaulting on their debts. This is a painful part of a recession, but is necessary to allow capital to reform, which eventually leads to new investment and sustainable economic growth. The hard way to address our problems with balance sheets is to let those who deserve to fail go out of business. Unfortunately for the country’s long term outlook, the hard way, or short term pain, does not sit well with those in positions of power—especially politicians, who are always concerned about the next election. This is a huge flaw: we need to think in terms of what is best for the future of our country instead of thinking in the short term. If we need to reduce our standard of living in order to combat the national deficit, then so be it. Americans need to stop complaining about the recessionary conditions and must make sacrifices now in order to guarantee future standards of living. In order to understand all of the bailouts, government takeovers, and money printing, you basically need to think about powerful people in business and government who are simply trying to stay in power, regardless of whether or not their actions are in the best long term interest of shareholders, taxpayers, and ordinary hard working citizens. These comments do not apply to the select few in positions of power who still make decisions based upon sound principles and integrity, but most politicians do not. I’ll stay away from this topic because it is a political issue, but quite relevant so I felt it was worth mentioning. In a healthy credit market, banks lend while consumers and businesses borrow to invest and consume. Demand, based upon available credit, boosts asset prices and profits. As asset prices rise, balance sheets strengthen. With healthy balance sheets, businesses and consumers feel wealthy, and borrow more, invest more, and consume more. This is known as the wealth effect. As asset prices rise, the collateral backing the loans remains sound, allowing the banks to lend even more, and around and around we go, until credit causes the creation of too much supply. A good example is the recent overbuilding in the housing market. Then asset prices begin to fall. Now the wealth effect becomes the reverse wealth effect, as consumers, businesses, and banks begin to see their net worth deteriorate. When the Fed lowers interest rates, they attempt to spur borrowing and lending. This, in turn, can get the wealth effect back into gear, as borrowed money creates demand for goods, services, and assets. In the present day, traditional banks are reluctant to lend, and many consumers either don’t want a loan, or cannot get a loan. In this environment, the Fed, via QE, is trying to spark the wealth effect by attempting to re-inflate asset prices. QE II refers to the decision in November 2010 in which the FOMC announced the purchases of 600 billion longer-term treasury debt. A fair question to ask is, â€Å"Why did we pursue QEII? There are several reasons the government went through with another round of QE. Firstly, the Japanese experience with mild deflation and a near-zero nominal interest rate has been poor. Second, inflation in the US was close to the implicit FOMC inflation target during the first part of 2010. However, during 2010, a renewed disinflation trend developed and the recovery slowed down in the summer of ’10. These developments leav e the US at risk of a Japanese-style outcome. Was QEII effective? The financial markets effects of QEII looked the same as if the FOMC had reduced the policy rate substantially. Specifically, real interest rates declined, the dollar depreciated, and equity prices rose. These are the classic financial market effects one might observe when the Fed eases monetary policy in ordinary times (in an interest rate targeting environment). The QEII experience shows that monetary policy can be eased aggressively even when the policy rate is near zero. However, it is difficult to observe the overall effects of QE and QEII because of the lags involved. Effects on the real economy would be expected to lag by six to twelve months. Real effects are difficult to disentangle because other shocks hit the economy in the meantime. This happened, apparently, during the first half of 2011, and is a standard problem in evaluating monetary policy. Overall, QE2 has shown that the Fed can conduct an effective monetary stabilization policy even when policy rates are near zero. Now I will discuss investment strategies for inflationary and deflationary outcomes of quantitative easing. Inflationary and deflationary forces coupled with possible Fed intervention require a flexible approach to financial markets. Common sense tells us that money printing is probably not the path to long term prosperity, but I do believe QE can impact asset prices in a manner not fully understood by many individual investors as well as many financial advisors. If the Fed is successful for a period of time, I would invest in inflation friendly and weak-dollar assets such as gold, silver, copper, oil, and emerging market stocks. If the Fed fails in the long run, then a deflationary spiral may be the outcome, making cash, gold, dividend payers, conservative bonds, and CDs attractive. Middle of the road choices include utilities, consumer staples stocks, and other dividend payers. Financial markets tend to anticipate Fed announcements. We always have to be on our toes for information/news relevant to QE. If you read the writings of Ben Bernanke and more recently writings by James Bullard, you know the Federal Reserve is willing to use every tool and printing press in their arsenal in attempt to re-inflate asset prices and restore some semblance of the wealth effect. However, we must understand that the Fed faces high hurdles, in the form of mountains of global debt and fragile asset prices. So far, the U. S. has been able to get away with massive debts and unsustainable deficits for one simple reason. The U. S. dollar is still the world’s reserve currency, as it has been effectively since World War II and literally since the early 1970? s. Because all governments and banks in the world accept and hold U. S. dollars as the majority of their reserves, the United States is able to simply print more money whenever it cannot afford to pay for things that it needs. Besides this, the country can borrow money in its own currency at incredibly low interest rates that we have seen approach almost zero. US citizens personally benefit in another critical way every time that they stop to get gas. With the U. S. dollar as the international reserve currency, oil and almost all  commodities  are all priced in dollars. As a result, you see an enormous amount of inexpensive goods available. Food items and other items that use oil/gas as inputs are extremely cheap. This makes restaurants and other attractions affordable in America. The level of wealth seen in the United States is simply unprecedented, and most of this results from the benefits of the dollar as universal reserve currency. There will be dramatic consequences difficult to imagine if the dollar finally ceases to be the reserve currency of the world. Should this happen, then the value of the dollar will plummet. The immediate painful effects will be that commodities prices skyrocket. These would no longer be priced in U. S. dollars, and you would see the falling value of the dollar buy fewer and fewer commodities. Gasoline at five to ten dollars a gallon is not only possible, but highly likely. Along with higher gas prices, we could see higher prices for anything that uses oil to ship goods around the world. This means practically everything that you buy would all cost dramatically more. As prices skyrocket, your lifestyle would sustain a punishing drop overnight. This is a very scary succession of possible events. Unfortunately, this is not the only consequence that you would see of a dollar that is no longer the reserve currency of the world. Interest rates would rise dramatically. They could easily reach ten to fifteen percent. This would wreck the housing market far worse than it is today. It would also cause the stock market to crash by almost half in a number of weeks. As the costs of supplies and materials go up with the falling currency value, businesses would be forced to cut back on  employees  because of their falling sales. Unemployment could reach twenty to thirty percent or more as a result of this. As if this is not bad enough,  inflation  would be sky high along with the rising prices and disappearing jobs. It is important to remember that the only thing that has to occur for all of these terrible things to happen is for other countries to prefer to be paid in anything besides U. S. Dollars. In the event that non-United States holders of dollar-denominated assets decided to shift holdings to assets denominated in other currencies, there could be serious consequences for the US economy. The possibility of QE3 has some serious implications, although Bernanke has denied that there will be another round easing. The dollar has plunged nearly 20% against the euro over the last year and a half, a period that includes the run-up to and aftermath of the last round of quantitative easing, the Fed's $600 billion bond-buying program known as QE2. But a QE3 may not pack the same dollar-slamming punch. If there is a QE3, the dollar's fall could easily approach 10% on a trade-weighted basis against rival currencies, said David Woo, head of G-10 global rates and currencies research at Bank of America Merrill Lynch in New York. But â€Å"the market is now more skeptical of the benefits of QE for the economy,† Mr. Woo said. â€Å"It is possible that by extension this means any short-term [dollar] decline on the back of QE3 will be also more limited. † Instead of QE3, Bernanke and the Fed decided to implement â€Å"Operation Twist,† a widely expected stimulus move reviving a policy from the 1960s. The policy involves selling $400 billion in short-term Treasuries in exchange for the same amount of longer-term bonds, starting in October and ending in June 2012. While the move does not mean the Fed will pump additional money into the economy, it is designed to lower yields on long-term bonds, while keeping short-term rates little changed. The intent is to thereby push down interest rates on everything from mortgages to business loans, giving consumers and companies an additional incentive to borrow and spend money. Some reputable names believe the dollar is going to depreciate in value over the next decade or two. Bestselling authors Robert Wiedemer of â€Å"Aftershock† and David Skarica of â€Å"The Great Super Cycle† both forecasted the housing collapse, financial crisis, and stock market collapse years ahead of them happening. They are calling for a collapse of the dollar. This could lead to many unsophisticated investors to â€Å"hop on the train†, causing a swing in technical expectations. QE attempts to lower long term interest rates, keep them low for a fairly well-understood period of time, while flooding the economy with cash in an effort to boost consumption and investment. In my opinion, quantitative easing in the US was a mild success. The markets were in a state of flux and we needed to do something. QE2 was necessary because we needed to increase the scale to which the LSAPs (large scale asset purchases) affected the economy. As for QE3, I don’t believe it is in our country’s best interest, because it would show even greater weakness, leading many foreign investors to flee from the dollar. Somewhere down the line, I predict that the IMF will attempt to overtake the dollar as the world reserve currency, but it certainly won’t happen overnight. If this happens, Americans will have to downgrade their wealthy standard of living due to increased commodity prices. However, I don’t believe the US Dollar will lose its currency reserve status anytime soon, nor do I believe that QE3 will happen. My recommendation is to continue QE in small amounts, unwinding it under Bernanke’s plan from his September speech in Minneapolis. Bernanke has stated that there will be no more easing, but you never know with the â€Å"Bernanke, Obama, Geithner brain trust. † Thus, our best option is to remain flexible in our policy schemes and monitor and react to relevant news as best as we can. Ben Bernanke concludes his Minneapolis speech in an attempt to reassure us that our country will be okay. â€Å"The Federal Reserve will certainly do all that it can to help restore high rates of growth and employment in a context of price stability. † Let us hope they act with rationality and in the best interest of the long term growth and stability of our economy. If America is ever going to dig itself out of the enormous debts it has taken, we must not devalue the dollar to the point that it is phased out as the world reserve currency. Perhaps a downgrade in American’s standard of living is necessary to reduce the deficit by a significant enough margin. There is some hope for a return to prosperity and consistent growth, but Americans need to be aware of the implications of QE on their portfolios and their long term purchasing power. Works Cited 1. United States. Richmond Federal Reserve. By Thomas M. Humphrey. The Theory of Multiple Expansion of Deposits: What It Is and Whence It Came. Mar. -Apr. 1987. Web. 14 Nov. 2011. . 2. A QE1 Timeline. † Calculated Risk, 03 Oct. 2010. Web. 13 Nov. 2011. . 3. Ciovacco, Chris. â€Å"Video Series: Quantitative Easing. † Ciovacco Capital Management. Web. 14 Nov. 2011. . 4. Sack, Brian P. â€Å"Managing the Federal Reserve's Balance Sheet – Federal Reserve Bank of New York. â€Å"Federal Reserve Bank of New York, 04 Oct. 2010. Web. 13 Nov. 2011. . 5. Bowman, David, Fang Cai, Sally Davies, and Steven Kamin. Quantitative Easing and Bank Lending: Evidenc e from Japan. †Ã‚  Www. federalreserve. gov. Board of Governors of the Federal Reserve, June 2011. Web. 13 Nov. 2011. ;http://www. federalreserve. gov/pubs/ifdp/2011/1018/ifdp1018. pdf;. 6. Eichengreen, Barry. â€Å"Dollar's Reign as World's Main Reserve Currency Is Near an End. â€Å"Foreign Exchange Report. The Wall Street Journal, 02 Mar. 2011. Web. 13 Nov. 2011. 7. Herold, Thomas. â€Å"What If The U. S. Dollar Loses Reserve Currency Status? † Wealth Building Course, 14 Jan. 2011. Web. 13 Nov. 2011. ;http://www. wealthbuildingcourse. om/dollar-loses-reserve-currency-status. html;. 8. Bullard, James. â€Å"QE2: An Assessment. † Federal Reserve Bank of St. Louis, 30 June 2011. Web. 13 Nov. 2011. ;http://research. stlouisfed. org/econ/bullard/pdf/Bullard_QE_Conference_June_30_2011_Final. pdf;. 9. Wieland, Volker. â€Å"Quantitative Easing: A Rationale and Some Evidence from Japan†, in  NBER International Seminar on Macroeconomics 2009  (2010), Univ ersity of Chicago Press   http://www. nber. org/papers/w15565 10. Cronin, Brenda. â€Å"Slow-Paced Recovery Feels Like a Recession. † The Wall Street Journal, 10 Oct. 2011. Web. 13 Nov. 011. ;http://online. wsj. com/article/SB10001424052970203499704576623053674426690. html;. 11. Fontevecchia, Agustino. â€Å"Central Banks Dump Treasuries As Dollar's Reserve Currency Status Fades. † Forbes, 03 Mar. 2011. Web. 13 Nov. 2011. ;http://www. forbes. com/sites/afontevecchia/2011/03/16/central-banks-dump-treasuries-as-dollars-reserve-currency-status-fades/;. 12. Case, Karl E. , John M. Quigley, and Robert J. Shiller. Wealth Effects Revisited. Yale University, Feb. 2011. Web. 14 Nov. 2011. ;http://cowles. econ. yale. edu/P/cd/d17b/d1784. pdf;. 13. Rooney, Ben. IMF Discusses Plan to Replace Dollar as Reserve Currency. † CNNMoney, 10 Feb. 2011. Web. 13 Nov. 2011. . 14. Weisenthal, Joe. â€Å"This Is How The Dollar Could Lose Its Reserve Currency Status. † Business Insider, 15 Nov. 2010. Web. 13 Nov. 2011. . 15. Bernanke, Ben. â€Å"The U. S. Economic Outlook–September 8, 2011. † Board of Governors of the Federal Reserve System, 08 Sept. 2011. Web. 13 Nov. 2011. . 16. Hamilton, James. â€Å"5 Key Arguments Against Quantitative Easing. † Business Insider, 20 Oct. 2010. Web. 14 Nov. 2011. . 17. Johnson, Andrew J. â€Å"Sizing Up Dollar's Pain From a QE3. † The Wall Street Journal, 05 Sept. 2011. Web. 14 Nov. 2011. . 18. Censky, Annalyn. â€Å"Federal Reserve Launches Operation Twist. † CNNMoney, 21 Sept. 2011. Web. 14 Nov. 011. . ——————————————– [ 1 ]. Richmond Federal Reserve. By Thomas M. Humphrey. The Theory of Multiple Expansion of Deposits: What It Is and Whence It Came. [ 2 ]. Wieland, Volker. â€Å"Quantitative Easing: A Rationale and Some Evidence from Japan† [ 3 ]. Calculated Risk. â€Å"A Q E1 Timeline. † [ 4 ]. Videos: Quantitative Easing, Chris Ciovacco [ 5 ]. Videos: Quantitative Easing. Chris Ciovacco [ 6 ]. Bowman, â€Å"Quantitative Easing and Bank Lending: Evidence from Japan. [ 7 ]. Bowman, â€Å"Quantitative Easing and Bank Lending: Evidence from Japan. †Ã‚   [ 8 ]. Hamilton, James. â€Å"5 Key Arguments Against Quantitative Easing. † [ 9 ]. Hamilton, James. â€Å"5 Key Arguments Against Quantitative Easing. † [ 10 ]. Sack, Brian P. â€Å"Managing the Federal Reserve's Balance Sheet [ 11 ]. Wieland, Volker. â€Å"Quantitative Easing: A Rationale and Some Evidence from Japan† [ 12 ]. Wieland, Volker. â€Å"Quantitative Easing: A Rationale and Some Evidence from Japan† [ 13 ]. Cronin, Brenda. â€Å"Slow-Paced Recovery Feels Like a Recession. † [ 14 ]. Case, Karl E. , John M. Quigley, and Robert J. Shiller. Wealth Effects Revisited. [ 15 ]. Bullard, James. â€Å"QE2: An Assessment. † [ 16 ]. Bullard, James. â€Å"QE2: An Assessment. † [ 17 ]. Videos: Quantitative Easing, Chris Ciovacco [ 18 ]. Eichengreen, Barry. â€Å"Dollar's Reign as World's Main Reserve Currency Is Near an End. † [ 19 ]. Fontevecchia, Agustino. â€Å"Central Banks Dump Treasuries As Dollar's Reserve Currency Status Fades. † [ 20 ]. Eichengreen, Barry. â€Å"Dollar's Reign as World's Main Reserve Currency Is Near an End. † [ 21 ]. Weisenthal, Joe. â€Å"This Is How The Dollar Could Lose Its Reserve Currency Status. † [ 22 ]. Rooney, Ben. â€Å"IMF

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Mussolini and the Church essays During the outbreak of World War I, Italy remained a neutral state, many socialists including Benito Mussolini at the time believed that war was imperialistic and contrary to working class interests. The Italian government intrigued by the territorial lands they would acquire through the treaty of London agreed to ally themselves with Russia, Great Britain, and France. As the country prepared for war, Mussolini changed his stance and supported the call to war initiative, his reversal was justified in the belief that wartime chaos would spark a revolution and encourage nationalistic feelings amongst the citizenry. Feelings he could capitalize on. Such thoughts subsequently earned him dismal from the Italian Socialist Party. When the war concluded in November 1918, Mussolini sympathized with the nations hundreds of thousands of war veterans, many of whom were unemployed and dissatisfied with the liberal Italian state. To rouse their support, Mussolini established a political movement called the Fasci Italiani di Combattimento members of this movement came to be known as Fascists. Initially, youth were organized into armed squads in order to defend Fascist rallies. Later on, these squads would be used to attack and disrupt the rallies of rival political factions such as the socialists. Through this tactic Mussolini effectively integrated wartime tactics into peacetime politics. This paper will briefly outline the historical significance of the affiliation between Church and State, how the rise to fascist prominence in 1922 coincided with its relationship to Roman Catholic Church as illustrated by the constant tension of Mussolinis agreements with the Vatican. In order to gain an understanding of the relationship between Church and fascist Italy it is wise to examine the historical ties between pre-Fascist Italy and the Vatican. As it was in Spain, the relationship was hostile. The State att...

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