Study On Debt Bonds And Interest Rates Finance Essay - Free Essay Example

Sample details Pages: 16 Words: 4699 Downloads: 1 Date added: 2017/06/26 Category Finance Essay Type Cause and effect essay Did you like this example? Bonds is a debt security, in which the issuer owes the holders a debt and is obliged to repay the interest (coupon payment) periodically and the principal at a later date, termed maturity. Investing in bonds is not riskless and the value of bonds can be affected by different risks. However, treasurers and financial managers must manage the relation risk-return while mitigating such risks. Interest rate risk (IR) Is the most important risk for bonds, because the IR changes continually and there is an opposite relationship between the price of bonds and IR which is set at the time of issuance. If IR increases the price of the bond will decreases, investors will be unwilling to purchase the bonds in the secondary market at the earlier rate also known as market risk, it happen when the bonds is sold before maturity in the secondary market. The price of the bond will decrease so that the capital appreciation will make up for the difference in interest rates which rises the risk of buying long-term bonds during periods of low interest rates Managing the current risk by anticipating cash flow exposure of the firm. Hedging by derivative instruments such as forward rate agreement, interest rate future, swaps, and options ( put options or an interest-only mortgage-backed securities). Also, we should ensure that the shareholders want to hedge interest rate risk or prefer to diversify t he risk away by diversifying their own portfolio We hold a bond for $1,000 that pays IR=8% which we want to sell at the time the market is offering for the same risk 10%.To do so, we have to sell it at $800 ($80=80010%) to keep the same IR coupon ($80=10008%) so we lost $200 ($1000-800) If the bond is kept till maturity, FV= $1,000 and the price paid for it first time is more, the bond is sold at less (discount). If it will be sold at higher then what we pay first time (premium) Don’t waste time! Our writers will create an original "Study On Debt Bonds And Interest Rates Finance Essay" essay for you Create order Call Risk Callable bond gives the right and not the obligation to the issuer to redeem the bond before maturity as specified in detail in the indenture of the bond so that the issuer can issue new bonds at a lower interest rate. This forces you to reinvest the principal sooner than expected, usually at a lower interest rate It has both a market risk and a reinvestment risk. The market risk arises as even a bond increases in value as interest rates drop, a callable bond will not rise above its call price because the issuer will probably redeem the bond at its call price before maturity. The reinvestment risk exists because a bond is more likely to be called when interest rates are declining, and, thus, the investor will have to settle for a lower rate of interest. Credit Risk Also called roll-over risk, rises when the firm which issue bonds cannot pay (e.g. bankrupcy) the interest or principal to bondholders. If this is the case, the remaining value of your investment can be lost or reduced. The yield on corporate bonds is higher than that of municipal bonds, which is higher than that of treasury bonds because of higher risk. credit spread risk is about how the spread of an issue over the treasury curve will react. For example, Google 3-year bonds may trade at 4% with 50 basis points above the current 3-year T- bonds which is trading at 3.5%.  If this spread widens out compared to other bond issues means that the companys bonds are not performing compared to the market.  It the spreads widens, it will poorly perform the economy. downgrade risk consist of downgrading a company grade reflecting the possibility of default (which decrease its value) by some rating agencies like Moodys, SP and Fitch. The companies can drop from grade AAA (Best) to BBB (Worst) where the bonds become junk bonds and worth nothing. In such case of rating the company, will have difficulties to get credits or to rise debt.  Some agency of rating companies and government can help prevent the risk of each class of bond entails by focussing more on default rates which is the percentage of bonds expected to default, the recovery rate which indicates estimation of how much expected to be refunded in case of default. We can also mitigate the credit risk by using derivatives of credit risk Inflation Risk With few exceptions, the interest rate on your bond is set when it is issued, as is the principal that will be returned at maturity. If there is significant inflation over the time and you held the bond, the real value of initial investment will be less.(e.g.$1000 today worth more than 10 years in the future) Yield-curve maturity, risk, useful in hedging positions where the portfolio of bonds is hedged with bonds of different maturities, and the interest rates of these bonds is assumed to change by a certain amount for a given change in prevailing rates. Yield-curve risk results when bonds prices of different maturities deviates from this assumption when prevailing rates change. Prepayment risk Is the risk that bondholders will prepay their mortgage, when interest rates decline, or when they sell their home. Prepayment risk is also called Reinvestment risk is based on the assumption that cash flows from a fixed-income security are reinvested, so that interest can be earned on interest, and, thus, the risk is that the reinvested money will not earn the same rate of return as the original investment. This risk is contrary to interest rate risk, because when interest rates rise, market risk increases, but reinvestment risk declines. It helps to neutralize market risk with strategies based on these opposing risks called immunization. Liquidity risk which is the spread between the bid and ask prices for a security being offered in the secondary market. If there is not much interest in the security, then the bid-ask spread may be wide, which means that the price that the security can be sold may be significantly less than another similar recent transaction even when there is no change in any other significant factor. For individual investors, this risk exists only if the investor wants to sell the security before maturity. Institutional investors, such as mutual funds, who need to mark their securities to the market, for reports, or to determine the NAV, for instance, will have to calculate a lower effective price for those securities that have little liquidity. Event risk It can be due to some events that can downgrade the credit rating of the issuer such as natural catastrophe disaster, corporate restructuring, regulatory or political change (quotas or trade barriers), takeover by another company or buyout, where the companys debt is increased significantly to finance the buyout, thereby lowering the credit rating of the company, usually below investment grade status. Change of control covenant to bond indentures which limit the ratio of debt (In case of leverage buyouts LBOs) or add a put option to its bonds so the bondholders can sell it back to the company at par value before maturity. Expedia  [1]  recently sold 12-year bonds with a put option that allowed bondholders to turn in the bond after 7 years for par value. Sovereign risk ( country risk, political risk) Possibility that borrowers in country will not be able or will not to service or repay their debts to foreign lenders in a timely manner. It rises when political consideration lead foreign countries to adopt Political stability may include the frequency of changes of government, the level of violence in the country or Conflicts with other states. Countries that default will lose access the national and international financial markets. Analyst can focus largely on ability to repay rather than willingness to repay by assessing factors that affect the ability of that country to generate sufficient dollars to repay due payment. (large budget deficit, inflation, over valuated currency), political factors (stability) related to country risk ( frequency of changes of government, the level of violence and conflict) Foreign exchange risk (Fx) It will happen when the local currency appreciate against the foreign currency. Currency exchange rates are changing all of the time, so if the bond currency depreciates against the investors domestic currency during the term of the bond, then the investor will either lose money or not make as much profit and if the foreign currency appreciates, the investor make big profits. We can mitigate such risk by using derivatives of Fx risk Volatility Risk Bonds issued from emerging countries are more volatile than most other bonds, since these countries are viewed as being less stable and less predictable. Thus, there is a greater price reaction to news about the issuer or about economic conditions in the issuers country. QUESTION 2 Put Option The bond investor has the right but not the obligation to sell the bond back at a given price (strike or exercise price) before its maturity to the issuing firm which instead have the obligation in this case to buy it. It is a hedge of investment in bonds against a drop of value of their investments. Such case can happen if the value of bond go down because of rise in interest rate or to the issuer is facing bankruptcy. It is a good safe exit strategy for the investor. He should buy it at premium compared to bond without option because it is an advantage for the holder. The bondholder can exercise his right if that will be advantage such as the market price is less than the strike he can sell at. The effect will be an increasing of the value of the bond so he will return the bond at the high price which is initially in the indenture which is more than the price in the market and reinvest that money in new bonds for less and get more interest than before. Call Option The bond issuer have the right but not the obligation to redeem or buy the bond back at a given price (strike or exercise price) before maturity as specified in the indenture of the bond from the bondholders who instead have the obligation in this case to sell. In case of an increasing of the value of the bond in the market because of low interest rate, the issuing firm can exercise its right in order to issue new bonds at a lower interest rate which means reduce its cost of capital or to retire bond debt and contract new debt for cheaper. From the side of investor, in case he do not want to keep cash and want to reinvest it in the same market, he will face the risk of reinvestment because he will reinvest the principal in new bonds with less interest than before. It is a good safe exit strategy for the investor however the investor will buy it at discount compared to bond without option because it is an advantage for the issuer and disadvantage to holder. Examples. A bond settling on 4/3/2011 with a par value of 1,000.00, a maturity date of 4/3/2015, a coupon rate of 8%, and a market yield of 10% will be priced at $935.37. (This is with a redemption value of $1,000.00, which is typically the same as par value.) We suppose in our examples that there is no premium or discount on bonds with call option or option and the redeem before the maturity will be at face value to simplify the calculation YTM = 10% With a coupon rate of 8% and a YTM of 10.00%, a bond that has a $1,000.00 par value and a term to maturity of 4 years will be worth exactly $935.37 at maturity YTC=6% YTC of 6.00%, a bond that has a $1,000.00 par value and a term to maturity of 4 years will be worth exactly $1037.17 after just 2 years which is more than the initial issuing value With the call option, the issuer will pay to holdbond $1000 and reissue new bonds at $1037 and pay less interest than 8% the investor will receive only $1000 and if he wants, reinvest it at $1037 at less interest than 8% the issuer is the winner from the deal YTP=12% With a coupon rate of 8% and a YTM of 12.00%, a bond that has a $1,000.00 par value and a term to maturity of 2 years will be worth exactly $930.70 at maturity which is less than the initial issuing value With the put option, the issuer will pay to hold bonds $1000 and reissue new bonds at $$930.70 and pay more interest than 8% the investor will receive $1000 and if he wants, reinvest it at less $930.70 at more interest than 8% the investor is the winner from the deal QUESTION 3 To: Director of ABC currency trading firm From : xyz, consultant Object: Exchange rate arrangement and their implication for international financial market Date: April, 7 2010 The world economy is slowly recovering from the global financial meltdown, the foreign exchange broking industry is under pressure but the outlook is good. In our report, we address some issues: Hard peg and a soft peg  [2] Hard pegs: Regimes where the irrevocable peg is supported by strict institutional and policy commitments (formal dollarization, currency unions, and Currency boards). Soft pegs: Regimes where authorities aim to defend a predetermined value or path of the exchange rate without an institutional commitment to fully devote monetary policy to the unique objective of maintaining the peg (fixed pegs vis-à  -vis a single currency or a basket, horizontal bands, crawling pegs, and crawling bands). It encourages price stability by imposing a significant degree of discipline on the monetary authorities We classify exchange rate regimes (ERRs), as Hard Peg, Soft Peg, Crawling Pegs and Bands and Floats . Up to 1995  [3]  developing countries abandon soft pegs for floating. The disadvantages are less significant for countries which with low capital flows, also, have significant compensating advantages over managed floats which need to be taken into account. Seychelles, since it d efaulted on its debt in 2008, has moved to a managed float. Iceland, which for a period had a managed float, has reverted to a more fixed form of exchange rate since the 2008 crisis and is currently contemplating what system to adopt next. Pegs and a fixed exchange rate regime Are the rate set and maintain by the Central bank of the country as the official exchange rate to another countrys currency ( USD, Euro,..) or to the price of gold. With currency pegs, we know the exact exchange rate expected for trading transactions which make it very simple and help maintaining stability. It lowers inflation which increase the value of money, but can decrease the revenue from money creation (inflation tax), which involve an adjustment to fiscal policy to maintain sustainability. Also, it reduces currency and maturity risks. It is more useful in unsophisticated capital market and not strong regulating because it helps create stability in such environment. Fixed regimes, however, can often lead to severe financial crises since a peg is difficult to maintain in the long run as example  [4]  , the Mexico (1995),  Asia (1997) and Russia (1997) financial crises: an attempt to maintain a high value of the local currency to the peg resulted in the curren cies eventually becoming overvalued. The governments werent able to meet the demands of converting their local currency into the foreign currency at the pegged rate Dollarization, currency board and a fixed exchange rate regime Fixed exchange rate  [5] A countrys exchange rate regime under which  the government  or  central bank ties the official exchange rate to another countrys currency (or  the price of gold). The purpose of a fixed exchange rate system is to maintain a countrys currency value  within a very narrow band.   Known as pegged exchange rate provide greater certainty for exporters and importers. This also  helps the government maintain low inflation, which in the long run should keep interest rates down and stimulate increased trade and investment Dollarization When a country abandon its local currency and adopt the U.S dollar as a new official currency instead. Devaluation as a result of inflation can be a major cause. loss of confidence in the local currency after a period of poor macroeconomic management and economic instability, people have confidence because it is more credible and USA is a strong economy Currency Board (CBAs) A  [6]  monetary authority that makes decisions about the valuation of a nations currency, specifically whether to peg the exchange rate of the local currency to a foreign currency, an equal amount of which is held in reserves (rates which are strictly fixed, not just by policy but by law). The currency board then allows for the unlimited exchange of the local, pegged currency for the foreign currency. A currency board can only earn the interest that is gained on the foreign reserves themselves, so those rates tend to mimic the prevailing rates in the foreign currency. CBAs  [7]  where domestic money (notes and coins) can only be issued when it is fully backed by foreign currency reserves, to guarantee that they can be converted into the reserve currency (usually more than 100 percent of the monetary base, to maintain a margin of protection in case the reserve currency the CBA holds loses value).They are not associated with any greater financial crisis removing monetary policy discretion from the government and the central bank (e.g. in Bosnia, Bulgaria, Estonia, also in Argentina from April 1991). They are credible exchange rate system after dollarization Peg with the foreign currency tends to keep interest rates and inflation very closely aligned to those in the country that issues the anchor currency. It reinforces the result as the domestic money supply is pegged to the initial rise in foreign exchange reserves. Fixed exchange regimes are associated with slower rates of monetary and velocity growth Dollarization can eliminate the ability to monetize debt and enhances budgetary discipline through financing deficits by higher taxes, lower expenditures or more debt rather than by printing money. Compared to CBAs and hard pegs, these arguments are less applicable because the risk of exiting from a CBA is high and for hard pegs even higher, thereby requiring a premium (currency risk will never be eliminated because there is always a chance of devaluation). Compared to CBAs, Hard pegs needs less than 100 for fixed exchange rate pegs while dollarized country does not need any. The institutional costs of carrying out central bank activity are lowest for dollarized countries and highest for hard pegs and CBAs are simpler to run than central bank which needs small, not highly trained staff. A fixed exchange rate arrangement requires a central bank with highly skilled staff and a statistical system to collect data, which is a cost issue and to eliminate currency risk (volatility), They all, satisfy the useful of money as a medium of exchange, store of value and a unit of account Though the difference between dollarized, CBAs and fixed exchange rate are not likely to be high. Some countries have adopted dollarization or abandoned the use of dollarization  [8] Panama has adopted Dollarization more than 100 year before. Ecuador adopt it because of inflation rising and financial panics which drives all depositors to withdraw all their money from banks in the same time. By adopting dollarization, the country eliminate the currency volatility and eventually any crises. A big integration with USA economy and all dollars-zone which may be more advantage. However, some arguments may exist against dollarization as loss of sovereignty over monetary policy, loss of power of Central banks seigniorage  [9]  ( money made by issuing currency and printing their own currency which is equal to the difference between the face value of a coin or bank note and the cost of producing and distributing it) and loss of its role of lending provide liquidity to save financial institutions during financial crisis. Through dedollarization, the authorities may aim to recover seigniorage, adapt the currency in circulation to domestic needs and make it more a ttractive to residents than foreign currency in economic transactions, introduce a more flexible exchange rate regime ultimately, or mitigate risks to financial stability through governments control of monetary policy. As example, Dedollarization in Insrael  [10]  which was very successful and lead to a big macroeconomy stabilization by decreasing inflation, decreasing foreign currency denominator of its public debt by using hedging instruments to manage the risks associated, and extending the length of the public debt . Discussion of how the above may affect the future role and position of foreign exchange brokers? As reviewed in Reisen[1998], pegs in developing countries have repeatedly induced hot money inflows in view of structural interest rate differentials that were exploited by carry traders and local banks QUESTION 4. Many countries have pursued more open and competitive markets based on the theory of comparative advantage. The forces that are reshaping the industry are the globalization of finance, advances in information and computer technologies and regulatory reform. But the past decade has seen the growth of a new limits to financial globalization in the influence and self enrichment of organizational insider. It is a huge risks and challenges that these developments are creating for any firm. How financial globalization is affected by: Deregulation The greater openness is the result of financial system reform and modernization. Many countries have lowered barriers to international trade, eliminated quota and cross-border flows in goods and services have increased significantly. World exports and import of goods and services increased. These changes have stimulated demand for cross-border finance and fostered the creation of an internationally mobile pool of capital and liquidity. II. Capital mobility Loan with a lower interest rate and borrow in foreign currency if foreign-currency loans offer more attractive terms than domestic-currency loans (uncovered interest rate parity UIRP); it can issue stocks or bonds in either domestic or international capital markets; and it can choose from a variety of financial products designed to hedge risks. National financial markets have become increasingly integrated into a single global financial system. Sovereign borrowers at various stages of economic and financial development can access capital in international markets. Multinational companies can tap a range of national and international capital markets to finance their activities and fund cross-border mergers and acquisitions,. The introduction of common currencies Such as introduction of euro in the European Community, IV. The formation of economic communities and trading blocs The globalization of national economies has advanced significantly as real economic activity-production, consumption, and physical investment-has been dispersed over different countries or regions. Today, the components of a radio set may be manufactured in Asia and assembled in Turkey and the final product sold to consumers around the world. New multinational companies have been created, each producing and distributing its goods and services through networks that span the globe, or by merging or acquiring foreign companies. Some others make communities and trading blocs such as NAFTA (North American Accord Free Trading Alliance) b. How the Internet, and technological advances in computing power and communications affects: The liberalization of national financial and capital markets, coupled with the rapid improvements in information technology and the globalization of national economies, has catalyzed financial innovation and spurred the growth of cross-border capital movements, thanks to improvements in information technology that have made their financial risks easier to monitor, analyze and manage. The provision of domestic and global banking products and services Internet with many advances in telecommunications have significantly changed domestic and global financial markets. It has made it easy for market participants and country authorities to collect and process the information they need to mange financial risk; to price and trade new financial instruments that have been developed later. and to manage many transactions spread across international financial centers in the world. The globalization of financial intermediation is partly a response to the demand for mechanisms to intermediate cross-border flows and partly a response to declining barriers to trade in financial services and liberalized rules governing the entry of foreign financial institutions into domestic capital markets. The degree of competition in the worlds financial markets Competition among the providers of intermediary services has increased because of technological advances and financial liberalization. The regulatory authorities in many countries have altered rules governing financial intermediation to allow a broader range of institutions to provide financial services, and new classes of nonbank financial institutions, including institutional investors, have emerged. Investment banks, securities firms, asset managers, mutual funds, insurance companies, specialty and trade finance companies, hedge funds, and even telecommunications, software, and food companies are starting to provide services similar to those traditionally provided by banks. The nonbank financial institutions are competing-sometimes aggressively-with banks for household savings and corporate finance mandates in national and international markets, driving down the prices of financial instruments Domestic and global financial system reform In response both to regulatory incentives such as capital requirements and to internal incentives to improve risk-adjusted returns on capital for shareholders and to be more competitive, banking systems in the major countries have gone through a process of disintermediation, through tradable securities (rather than bank loans and deposits). Both financial and nonfinancial entities, as well as savers and investors, have played key roles in, and benefited from, this transformation. Banks have increasingly moved financial risks (as credit risks) off their balance sheets and into securities markets by pooling and converting assets into tradable securities and entering into interest rate swaps and other derivatives transactions. Corporations and governments have also come to rely more heavily on national and international capital markets to finance their activities. Banks have been forced to find additional sources of revenue, including new ways of intermediating funds and fee-based bus inesses, as growing competition from nonbank financial intermediaries has reduced profit margins from banks traditional business to extremely low levels How regulatory reforms may be seen as:. An important element in reshaping the financial services landscape The regulatory authorities in many countries have changed rules governing financial intermediation to allow a broader range of institutions to provide financial services, and new classes of nonbank financial institutions, including institutional investors, have emerged. Governing regulatory bodies  [11]  can shape domestic and international financial markets by choosing and accommodating a variety of strategies. For example Australia and Canada, have pursued a middle road approach, by considering the trade-off between the benefits of open competition and the long-run costs of greater consolidation A reaction to the other forces of change affecting financial markets Many crises ( including 2008) urged the need for prudent public debt management, properly sequenced capital account liberalization, and well-regulated and resilient domestic financial systems, to ensure national and international financial stability. Private financial institutions and market participants can contribute to financial stability by well managing their businesses and financial risks, by implementing governance mechanisms (maximizing shareholder value and maintaining appropriate counterparty relationships in markets), In fact, the first lines of defence against financial problems and systemic risks are financial institutions, efficient financial markets, and effective market discipline. IMF can play an important by launching numbers of initiatives to maintain financial stability as identifying and monitoring weaknesses area in international financial markets; developing early warning systems and rigorous internal control for imbalances; conducting research to detec t the nature and origins of international financial crises and seeking ways to contain and resolve crises quickly and efficiently, for example, by involving the private sector. As a global public concern, national supervisors and regulators must also play a role by coordinating and sharing information across countries and functional areas (banking, insurance, securities) to identify financial problems and prevent financial systemic risk. Q1_Rà ©fà ©rences https://www.investorguide.com/igu-article-579-benefits-and-risks-associated-with-bonds.html https://thismatter.com/money/bonds/risks.htm https://www.investopedia.com/exam-guide/cfa-level-1/fixed-income-investments/credit-risk.asp David K. Eiteman, Arthur I.Stonehill and Michael H.Moffett, 2010. Multinational Business Finance Global Edition, 12th edition, pages 61-63 Michael Bleaney Manuela Francisco, 2005. Exchange rate regimes and inflation: only hard pegs make a difference, Canadian Journal of Econom ics, Canadian Economics Association, vol. 38(4), pages 1453-1471, November. P13 multinational business finance Revue à ©conomique vol. 54, N ° 5, septembre 2003, p. 1059-1090 https://www.imf.org https://www.investopedia.com/terms/f/fixedexchangerate.asp https://www.investopedia.com/terms/c/currency_board.asp https://www.masternewmedia.org/news/2005/12/19/why_banks_sell_money_they.htm https://www.investopedia.com/articles/bonds/10/when-your-bond-comes-calling.asp https://www.investopedia.com/terms/c/calloption.asp https://www.imf.org/external/pubs/ft/fandd/2002/03/hausler.htm https://www.imf.org/external/pubs/ft/fandd/2002/03/aninat.htm globalization term

A Brief Note On Hip Rap And Hip Hop And Rap Industry

Hip Hop In Bollywood Living in the 21st century, one is highly exposed to many different cultures. Due to this high exposure lot of artists gain the ability to diversify their music. Yo Yo Honey Singh, is a prime example of an artist who used the high exposure to introduce a new and exciting style of music to the Bollywood industry. Bollywood being the largest movie producing industry in the world, is known for its native and colorful music. Yo Yo Honey Singh being an Indian rapper and hip hop artist, influenced the Bollywood industry by breaking free from the customary music selection and introducing a fresh taste. Yo Yo Honey Singh revolutionized the Indian hip hop and rap industry with his syncretic blend of native Hindi and western rap lyrics into his music. With the uprising of his music throughout India, he single handedly changed the viewership of Indian cinema by increasing a larger target market throughout the whole world. 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Truman Doctrine Free Essays

Truman Doctrine In February of 1947, Britain informed the United States that it could no longer provide financial aid to Greece and Turkey. The U S had been monitoring Greece economically and their political problems, paying close attention to the rise of the Communist-led insurgency known as the National Liberation Front, or the ( Trumanlibrary2011). They were also monitoring events taking in Turkey. We will write a custom essay sample on Truman Doctrine or any similar topic only for you Order Now Turkey’s government was week and they were being pressured by the Soviets to share control of the Dardanelle Straits† ( Trumanlibrary2011). Secretary of State Dean Acheson expressed to Congress and state department officials the omino theory. Acheson made it known that more was at stake than just Greece and Turkey, and that if those key states should fall, Communism would likely spread south to Iran and as far east as India ( Trumanlibrary2011). In March, of 1947, President Truman asked a joint session of Congress for an excessive amount of funds for military and economic assistance for Greece and Turkey and established the Truman Doctrine, that would guide U. S. diplomacy for the next 40 years (Trumanlibrary2011). President Truman declared, â€Å"It must be the policy of the United States to support free peoples who are esisting attempted subjugation by armed minorities or by outside pressures† ( Trumanlibrary2011). Aide to Greece and Turkey by Congress indicate d the beginning of cold war foreign policy. That later was referred to as containment. He also took measures to contain Soviet influence in Europe, including the Marshall Plan and NATO . Containment required detailed information about Communist activity, and the government increasingly relied on the Central Intelligence Agency (CIA). As an extra measure of security he also approved a statement of containment policy called NSC 20/4 in November 1948, the first statement of ecurity policy ever created by the United States ( Bowen, 2011). The Soviets first nuclear test in 1949 caused the National Security Council to create a revised security doctrine known as NSC 68( Bowen, 2011). The United States prevented Greece from falling to Communism. It added Greece to its sphere of influence and gained influence in the region. It also supplied the military and economic power to enable the Greek monarchy to defeat an army of communist-led insurgents in 1947- 49 and won a victory that became a mo del for U. S. relations toward civil wars and insurgencies Barnet, 1968) . Almost two decades later the President of the United States was defending his intervention in Vietnam by pointing out Truman’s success in Greece. The American experience in Greece set the pattern for subsequent interventions in internal wars and also suggested the criteria for assessing the success or failure of counter-insurgency operations( Barnet, 1968). Greece was the first major police task which the United States took on in the postwar world. The Marshall plan is sad to be the most successful full scale aid program ever orchestrated Trumanlibrary2011), and was beneficial for the American economy itself as it allowed the European to continue buy American goods while cementing the transatlantic political ties (Gaddis, 1974). With the end of the Cold War, Turkey tried to reposition itself as still useful to the West, opening up its military bases to the United States and its western European allies in 1990 for the United Nations– sanctioned war to liberate Kuwait from an Iraqi invasion. But two things have turned the tide against Turkey’s centrality since then: the 2003 U. S. war on Iraq and the Arab Spring. First, the Arab Spring of 2011-12 has eroded Turkey’s distinction as leader of the democratic Muslim world. Now Egypt and Tunisia are fledgling democracies, Jordan and Morocco have been pressured to liberalize, Iraq had already been dragged bloodily into the democratic world, even Libya has elections scheduled, while Syria and Yemen may even be fully democratic before long. Although Islamism is making inroads in some of these areas after the revolutions, the West, if it plays its cards right, could have a whole host of friendly regimes to work with all over the Middle East. And not all of hem will be as grumpy and difficult as the Turkish government usually is. Moreover, this year Arab Spring–style street politics has begun to make an appearance in Turkey’s large Kurdish communities in a big way (see my recent blog article on the Kurdish Spring). Ankara has not yet figured out how to respond to this, and it is intersecting messily with Syria’s ongoing civi l war, where Kurds are participants with shifting alliances (see my recent blog article on these dynamics). Turkey is now at serious risk of looking unambiguously like one of the Bad Guys in the movement for democracy in the egion, no matter how strongly it sides against Syria. (See my blog article on prospects for the partition of Syria. ) Secondly, earlier, in the Iraq War, the U. S. occupied and established a long-term military presence in Iraq and replaced Saddam Hussein with a democratic (more or less) government that includes an autonomous Kurdish quasi-state in the north. The U. S. treats Iraqi Kurdistan in most respects like an independent state, and Turkey fears it is potentially sympathetic to Turkey’s deeply popular but brutally repressed Kurdish separatists just over the border and their armed resistance. Because of the Kurdish entity, which came into existence gradually in the decade between the two Iraq wars under U. S. nurturing, and for other reasons, Turkey was not so accommodating to the U. S. -and-allied military during that second Gulf War. Then, as Israel and the U. S. (NATO, not so enthusiastically) have swiveled their gunsights over to Iran as the next great Satan to be defeated, Turkey, though it borders Iran, is not really needed at all anymore. Iraqi Kurdistan and the former Soviet republic of Azerbaijan are the new staging grounds for U. S. and Israeli cold war and covert ops against Iran. For Turkey, this stings: Azerbaijan, a fellow Sunni Muslim and Turkic-speaking nation, did not turn out to be as staunch a Turkish ally as was hoped, and now Azerbaijan’s new B. F. F. s seem to be Israel and America. The consolidation of alliances between the United States and the Republic of Korea (ROK) and between the US and Japan, as well as the strengthening of ties between Japan and the ROK in recent years, has further intensified tensions on the Korean Peninsula, the world’s only region that has remnants of the Cold War, and made it an urgent task to promote denuclearization on the peninsula and aintain its peace and stability. In late 2010 and early 2011, the Democratic People’s Republic of Korea (DPRK) and the US, two key rivals in the region, had some engagements under the brokering of China, which to some extent eased tensions on the peninsula. In the meantime, the DPRK embraced a restrained attitude toward the joint military exercises conducted between the US and the ROK and expressed its willingness for engagement with Washington and Seoul and the unconditional resumption of the stalled Six-Party Talks. It even said it would agree to discuss its uranium enrichment plan during talks. In response, the US put forward a plan for three-stage talks, with talks between the two Koreas first and then consultations between itself and Pyongyang. Only after that, it said, would the six-way talks be resumed. At the same time, warmer ties between China and the US, Japan and the ROK since the start of this year, together with its improving ties with the DPRK, have brought some positive effects to the evolution of the Korean Peninsula situations. However, the stances between the US, the ROK and Japan on one side and the DPRK on the other have so far remained widely divergent on how to resume he Six-Party Talks, which also comprises China and Russia. In particular, Washington and Seoul still remain suspicious of Pyongyang’s motive in returning to the long-stalled talks, demanding Pyongyang take concrete actions to show its sincerity before the restarting of the multilateral talks. Since last year, some positive trends have emerged within the DPRK, such as the greater impo rtance it has attached to reforms and improving people’s livelihoods. To ensure a smooth transition of political power and extricate itself from lingering economic and security dilemmas, the ountry has made goodwill gestures to China in the hope of acquiring more support from its neighbor, as indicated by the three visits to China by its supreme leader Kim Jong-il since last May. By Zhang Tuosheng China Daily, June 16, 2011 In conclusion, at the time, Congressmen, government officials, journalists and other elements debated the merits of the Truman Doctrine, and its still being debated today. Defenders have seen Truman address as the turning point when Americans abandoned isolationism and accepted their responsibilities as a world power. Critics have seen it as the beginning of the United States becoming a orld policeman, committing resources and manpower all over the world in an attempt to contain a mythical, international Communist conspiracy† (Gaddis, 1974). The Trum an Doctrine became the way to keep a nation free of communist influence. Although it was targeted for Turkey and Greece, it was envisioned for a broader reach. This was made very clear when he requested as part of a general policy to support free peoples who are resisting attempted subjugation by armed minorities or by outside pressures. His doctrine was the first step in the containment strategy of the Soviet Union esigned to prevent the spread of communist influence in Western Europe (Gaddis, 1974). References HYPERLINK â€Å"http://www. foreignaffairs. com/†http://www. foreignaffairs. com, John Lewis Gaddis, 1974 (Gaddis, 1974) Mary Baldwin College, Prof. Gordon L. Bowen, Ph. D. , Foundations of U. S. Cold War Policies:The Truman Doctrine ( Bowen, 2011) HYPERLINK â€Å"http://www. trumanlibrary. org/whistlestop/study_collections/doctrine/large/index. php†http://www. trumanlibrary. org/whistlestop/study_collections/doctrine/large/index. php ( Trumanlibrary2011) Inter vention and Revolution ,The United States in the Third World. , Richard How to cite Truman Doctrine, Essay examples Truman Doctrine Free Essays Truman Doctrine Ryan Hauppa A. Plan of Investigation The following questions will be investigated: What were the events and decisions that led to the development of the Truman Doctrine? What was its effect on US Foreign Policy and its impact on Greece, Turkey and Europe? Research will be conducted concerning the Post World War II Treaties as Potsdam, Soviet Union aggression, and the Greek and Turkey Crisis. These events prompted the development of the Truman Doctrine – the US foreign policy to contain the spread of Communism. We will write a custom essay sample on Truman Doctrine or any similar topic only for you Order Now Truman’s 1947 Address that introduced the doctrine to the world, his own personal thoughts, and the support and criticism of the policy will be examined. The doctrine will be analyzed as to how it shaped future American policies and programs as the Marshall Plan and led to the collapse of the Soviet Union and the end of the Cold War over forty years later. (Word Count -143) B. Summary of Evidence World War II devastated Europe. Millions of people died. Many of those remaining were starving and in need of food and shelter since the farms and cities of many countries were destroyed. Billions of dollars were spent. Countries were nearly bankrupt. Europe was in economic, social, and political devastation. After the surrender of Germany in 1945, the United States, Great Britain, and the Soviet Union met first at Yalta and later at Potsdam in Germany. They met to resolve war reparations and boundaries of Germany. As part of the agreements, Germany was divided into East and West. The Eastern portion was controlled by the Soviet Union and the West by the United States, United Kingdom, and France. Berlin, the capital, which is inside Eastern Germany, was also divided by the four countries. Pemberton 50) In 1945 and 1946, Stalin, the leader of the Soviet Union, had been taking over new countries including Poland, Hungary, Romania, and Czechoslovakia by establishing governments favorable to him. (CNN Cold War Appendix Maps) The Soviet Union focused next on Greece and Turkey. In February of 1947, Great Britain informed the United States in a â€Å"State Department Telegr am† that that they could no longer provide financial aid to the governments of Greece and Turkey since they did not have the money and resources. Both governments were being threatened by Communist insurgents. (Truman Library Telegram 1) Truman pledged that â€Å"it must be the policy of the United States to support free peoples who are resisting attempted subjugation by armed minorities or outside pressures† in a â€Å"Address of the President of the United States† in March of 1947. (Truman Address 1) The economic aid program was costly amounting to total of more than $400 million for the two countries to aid the pro-democracy governments and oppose the Communists. The policy was later called the Truman Doctrine. Congress was divided over the program. Democrats wanted to give diplomacy and the newly formed United Nations a chance while Republicans were isolationist and concerned that the program was too costly. Despite a divided Congress, the program was adopted since both eventually were more concerned over the spread of Communism in the region. The Cold War confrontation had begun. The United States and its principles of freedom, capitalism, and democracy were fighting philosophically and economically against Communism and the Soviet Union. Donovan 286) Truman and George Marshall, his Secretary of State, then prepared for even greater aid for the rest of Europe. Their objective was to rebuild Western Europe and prevent a Communism take over of the remaining free nations. The policy was called the Marshall Plan, the European Economic Recovery Program. Over $13 billion in aid was provided in 1947. (Truman Memoirs 111) The Cold War was expanded. Stalin tried to disrupt the United States and it s allies in 1948 and 1949 by shutting down access to Berlin. Truman responded by airlifting supplies into the city until access as again. (Pemberton 102) Afterward, the North Atlantic Treaty Organization was formed in 1949 to defend Western Europe militarily against a Soviet invasion as response by the United States in the Cold War. The Soviet Union in turn allied the Eastern European nations under the Warsaw Pact. (Pemberton 104) The Berlin Wall, the symbol of the Cold War, was built in 1961 and later torn down in 1989 after many years of conflict. The Soviet Union ultimately collapsed in 1991. (Word Count – 567) C. Evaluation of Sources The most important source in investigating the topic of the Truman Doctrine is President Truman’s Memoirs. The actual 1947 â€Å"Presidential Address Recommending for Assistance to Greece and Turkey† and critical government documents as the â€Å"State Department Telegrams for Greece, Turkey and the USSR are included. Truman gives his own personal viewpoints of what happened while he was President. The researcher can obtain a clear view from the president himself. From his writings, you can tell that Truman was a hard working, â€Å"tell it like it is† man. When he made a decision, he stuck with it and moved on. The decision to proceed with the Truman Doctrine and Marshall Plan was difficult and not very popular, but Truman did it because he thought it was the right thing to do. The limitation of the source is that it was written by Truman and may make him look too favorable. The other source most used was the book written by Robert Donovan, The Presidency of Harry Truman 1945-1958 Conflict Crisis. Mr. Donovan was a journalist at the White House during the Truman presidency. He provided critical firsthand insights into the actual events through his notes and research from the actual participants. His research into the Truman Doctrine and Marshall Plan was more thorough and comprehensive than most of the other sources used that were cited in the research paper. Mr. Donovan provides an excellent historical perspective of the pros and cons of Truman’s and his staff’s decisions. The limitation of the source is that the book was written in 1977 so it does not include the perspective after the fall of the Berlin Wall and the end of the Soviet Union and Communism in Europe. Word Count – 285) D. Analysis Truman in his Memoirs describes his 1947 Address as follows: â€Å"This was, I believe, the turning point in America’s foreign policy, which now declared that wherever aggression, direct or indirect, threatened by peace, the security of the United States was involved†¦After I delivered the speech the world reaction proved that t his approach had been the right one†. Truman went on further to describe in other addresses â€Å"the alternate ways of life†¦ One way is based on the will of the majority, and is distinguished by free institutions, representative government, free elections, guarantees of individual liberty, freedom of speech and religion and freedom from political oppression†¦The second way of life is based upon the will of the minority forcibly imposed upon the majority. It relies upon terror and oppression, a controlled press and radio, fixed elections and the suppression of personal freedoms†. (106) Truman believes that the United States and its democratic way of life is better then the Soviet Union and its evil oppressive way of life. He wanted to make sure that the world understood his commitment by his strong language. The Communists should not quickly take over free countries and threaten the United States and its allies. His own divided Congress should beware of the past policies of isolationism and the hope that diplomacy and the United Nations could solve the crisis. The Soviet Union already had taken over the Eastern European countries in violation of the Yalta and Potsdam agreements. The Greece and Turkey crisis was critical to victory in the Cold War. If either Greece or Turkey fell to the Soviet Union, the other would follow. More nations would tumble â€Å"as a row of falling dominoes† extending Soviet domination to Europe, the Middle East oil fields, and Africa. (Hamby 391) (CNN Cold War Appendix Maps) Communism could have spread very quickly worldwide, but it did not. The Truman Doctrine is the epitome of the containment of Communism. (Donovan 284) Greece, Turkey, Europe, and even Russia, the former Soviet Union, are currently free and democratic nations. Europe was in economic, political, and social devastation after World War II. Winston Churchill once declared, â€Å"What is Europe now? It is a rubble-heap, a charnel house, a breeding ground of pestilence and hate. † It was the perfect time for the Soviet Union to support Communism. (Goldman 66) At over $13 billion, it was aid on a much greater scale. The Truman Doctrine prompted the Marshall Plan. Truman in his Memoirs claimed that the plan was developed to do the following: (1) Counter increasing pressure of Communist imperialism, and (2) Rebuild Europe. By rebuilding Europe, America would help to establish that healthy economic balance which is essential to the peace of the world. 111) Rebuilding Europe was not only a national security issue but also a national economic issue. At the end of World War II, the United States was a major exporter. (Donovan 287) Without a strong Europe, the United States would likely have had a poor economy for many years because of lack of trade with Europe. Instead, the Truman Doctrine and Marshall Plan led to over fifty years of prosperity for Europe and the United States and the end of the Cold War. (Word Count – 534) E. Conclusion With the Truman Doctrine, the United States entered a new era of foreign policy. Great Britain, France, and Germany were no longer the colonial powers. The United States was the most powerful free nation in the world. The balance of power changed. Over the next forty years, the United States and the Soviet Union fought a Cold War for a way of life. The United States spent trillions of dollars, but the spread of Communism in Europe was contained. The result would have never have occurred had it not been for Truman’s bold move in Greece and Turkey. The cost was great, but the cost would have been greater if United States lost. Europe could have turned Communist. Instead, the Berlin Wall and the Soviet Union collapsed. Russia has enacted democratic reforms and a capitalist economy, which is ultimate proof of the success of the Truman Doctrine. (Word Count – 148) F. List of Sources Donovan, Robert, The Presidency of Harry Truman 1945-1958 Conflict Crisis, Columbia: University of Missouri Press, 1977. Goldman, Eric Frederick, The Crucial Decade and After: America, 1945-1960, New York: Random House Inc. , 1956. Hamby, Alonzo L, A Life of Harry S. Truman, Man of the People, New York: Oxford University Press Inc, 1995. Pemberton, William, Harry S. Truman, Fair Dealer Cold Warrior, Boston: Twayne Publishers, 1989. State Department, â€Å"Summary of Telegrams for Greece, Poland and USSR,† 25 February 1947, Truman Presidential Museum and Library, 15 April 2003 Truman, Harry S. , â€Å"Address of the President of the United States: Recommendation of Assistance to Greece and Turkey,† 12 March 1947 Truman Presidential Museum and Library, 15 April 2003 Truman, Harry S. , Memoirs of Harry S. Truman, vol. 2. Garden City, Time, Inc. 1956. Woelfel, Scott, â€Å"Interactive Maps,† Cold War, CNN Interactive, April 1999 Oct 15, 2005 G. Appendix How to cite Truman Doctrine, Papers

Restaurant proposal Essay Example For Students

Restaurant proposal Essay Have you ever wanted to eat great food like what you would get at any fancy shmancy downtown restaurant, but just didnt feel like getting all dressed up? Or do you have elderly family members who arent able to prepare nourishing meals for themselves? Or sometimes do you just want to sit around the house and watch a movie while enjoying an expertly prepared meal with out having to wash a single dish! These are the questions we asked thousands of people nationwide and an astounding 88% of them said Yes, and we are here to appease them all with the opening of our Fast Food chain. Our proposed solution is a simple, yet effective one. Our business appropriately dubbed Fast Food will revolutionize the food delivery industry, and heres how it works. First, the customer calls our 1-800 number, and is automatically routed to the appropriate local dispatch center. Once connected, their credit card information is taken, and they place an order with a live waiter/operator or operwaiter, as we like to call them. Selections may be made from the full menu of any one of the many fine establishments that participate in our program (i.e. Applebees, T.G.I. Fridays, El Mariachi, Maisonette, Unos, Hooters, Longhorn Steak House, Chilis, Red Lobster, just to name a few). Then, moments after the call is completed, the dispatch center relays the message to the appropriate restaurant. Within fifty minutes, the meal is delivered by one of our fast, friendly, and courteous drivers. We will go to great lengths, and take great pride in knowing that our meals arrive to the customer fresh, hot, complete, and with any and every necessary condiment or utensil, just like if you were to eat at the restaurant. All without the pain of making reservations, waiting in line or leaving the comfort of your own home. And the best part is that you dont have to tip the waiter. Since we will be dealing exclusively with top-notch restaurants, which we will be dealing with on a daily basis, we get volume discounts. These discounts are what enable us to keep our prices low, charging you only the prices listed on the menu plus a nominal delivery service charge based on the amount of food ordered. (See chart below for delivery charges) If you think about it, this is actually cheaper than if you were to go to the restaurant yourself. You save gas money, you dont have to drive around for hours looking for a parking spot, youll never have to wonder how fast the valet is driving your brand new Corvette, and you dont have to deal with all of the rude people commonly found at such establishments. Also, think about the extra time you will get to spend with your family, or relaxing on the sofa. All orders less than $30.00. $7.00 $50.00.$12.00 $70.00. $17.00 $90.00.$22.00 $110.00$25. 00 All orders greater than$150.00....$30. 00 Our company will be able to provide many catering extras at little to no extra cost to the consumer. Our staff of professional meal designers, will plan, arrange, compile and prepare the best possible wedding dinner to for you and your guests. Each and every aspect of the meal is scrutinized, and tested. Wines, appetizers, salads, main course, dessert and coffees are all selected to not only display exceptional taste, but also taste exceptional together. Your guests and their stomachs will both be more than glad to hear that your reception dinner is going to be catered by some of the most posh and ritzy restaurants in the city. For pilots we will offer delivery to all local airports, large or small, because we know that regular vending machine food just doesnt cut it when youve been flying for nine hours, and still have five to go. .u64bea38b1001626cdf19a8ec5364590e , .u64bea38b1001626cdf19a8ec5364590e .postImageUrl , .u64bea38b1001626cdf19a8ec5364590e .centered-text-area { min-height: 80px; position: relative; } .u64bea38b1001626cdf19a8ec5364590e , .u64bea38b1001626cdf19a8ec5364590e:hover , .u64bea38b1001626cdf19a8ec5364590e:visited , .u64bea38b1001626cdf19a8ec5364590e:active { border:0!important; } .u64bea38b1001626cdf19a8ec5364590e .clearfix:after { content: ""; display: table; clear: both; } .u64bea38b1001626cdf19a8ec5364590e { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u64bea38b1001626cdf19a8ec5364590e:active , .u64bea38b1001626cdf19a8ec5364590e:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u64bea38b1001626cdf19a8ec5364590e .centered-text-area { width: 100%; position: relative ; } .u64bea38b1001626cdf19a8ec5364590e .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u64bea38b1001626cdf19a8ec5364590e .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u64bea38b1001626cdf19a8ec5364590e .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u64bea38b1001626cdf19a8ec5364590e:hover .ctaButton { background-color: #34495E!important; } .u64bea38b1001626cdf19a8ec5364590e .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u64bea38b1001626cdf19a8ec5364590e .u64bea38b1001626cdf19a8ec5364590e-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u64bea38b1001626cdf19a8ec5364590e:after { content: ""; display: block; clear: both; } READ: Spinoza feat descartes Essay You can even radio your order in ahead of time so its there waiting for you as soon as you hop out of your plane! For businesses we will offer special frequent buyer rates and volume discounts and buffet style service if you want to feed the entire office. Now you wont have to argue about whos going to pick up the order, and better yet you get to spend more of .

Religious Freedom Research Paper Example

Religious Freedom Paper Most people living in the United States assume that their first amendment rights, more specifically freedom of religion, are inherent; and they are. Religion has a long history; the first recorded religion was in Mesopotamia around 5000 BCE (Britannica). With more and more countries becoming modernized and recognizing peoples individual rights, however, how many still deny freedom of religion? Is separating church and state an indispensable element in protecting a citizens freedom of religion, or could some laws attaining to religion be beneficial in protecting religious freedom? This essays function is to answer the above questions and give a further understanding to religious freedom around the world. One of the main reasons why pilgrims decided to travel across the Atlantic Ocean to a new world in 1620 was to escape the religious persecution in England (Mayflower: A Story of Courage, Community, and War by Nathaniel Philbrick). A lot may argue that this is why religious freedom (and for the most part today, tolerance) is so evident in our country. On the opposite side of the spectrum, however, look at Saudi Arabia. The country formed, in part, due to a holy war, has a monarchial government, and adopted the Islamic holy text, The Koran, as its constitution (BBC). It also prohibits any religion except for a conservative version of Sunni Islam (US Department of State). It wouldnt be accurate, however, to assume that every countrys current-day religious tolerance depends on its foundation. Take Cuba for example: the country was founded by the Spanish, who formed it into a Catholic nation. When Fidel Castro took over power, he made Cuba a totally atheistic nation (NCRonline). We will write a custom essay sample on Religious Freedom specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Religious Freedom specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Religious Freedom specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The point Im making here is that although some countries with religious tolerance are founded on such beliefs, some are not and gravitate towards a different belief than what was originally intended. The ancient Persians, more specifically Cyrus the Great, founded the first religious freedom law in the 6th century BC. However, you have to understand that freedom of religion, religious tolerance, and freedom of worship are all different and have all varied to some degree in the past. Most countries today allow the freedom of religion, and extremely tolerant countries like the United States or Canada allow the freedom to assemble and worship. On the other hand, you have countries like Sudan. Sudan allows limited tolerance of other religions, but has declared Islam as its national religion and requires all laws be inspired by it. Even to a more extreme, you have China, more specifically the Peoples Republic of China, which allows very limited freedom of religion and expressively disallows the gathering in groups to worship (however, one must understand that because Chinas two main religions, Confucianism and Daoism, dont have gods, its difficult for Westerners to understand this religious intolerance) (US Department of State). Like I stated before, and as many Americans know, the first amendment to the Constitution declares separation of church and state; it expressively declares that no law shall infringe upon or discriminate against any religion. One must ask himself, then, why is every piece of currency in the US engraved with the phrase In God We Trust, or why does the Pledge of Allegiance to the United States include the phrase Under God? These two cases, although controversial, bring up an interesting point. Because this essay is an evaluation essay as apposed to a persuasive work, I will not discuss or imply my positions on these phrases; rather, we must realize that the basis for these phrases foster a more interesting idea: is total separation of church and state in the best interest of the common citizen? In a 100% atheistic government, there would be no law favoring a religion, but at the same time, there would be none protecting the establishment or worship of another (a law protecting this would actually be reversed discrimination, therefore discrimination in itself). In the United States, its illegal to discriminate against an individual because of their religious preferences. Every government has some form of religious law, whether it is favoring a certain religion (like Islam in Saudi Arabia), attempting to separate itself from religion while protecting an individuals rights (like Canada), or acclaiming itself as atheistic (Cuba under Castro). While there has always been religious intolerance in the world, the most recent extreme form is modern day terrorism. For this paper, lets examine the most recent and notable terrorist attacks: 9/11. On the morning of September 11, 2001, Islamic suicide terrorists boarded four commercial jet airlines, flew two of them into the World Trade Centers, one into the Pentagon in Washington, and attempted to fly one in the direction of Washington D. C. Osama Bin Laden, the mastermind behind the deadly attacks, declared a holy war against the United States. In summary, the radical Sunni Islamic sect Al-Qaeda opposes the United States position on separation of church and state and declares that You are the worst civilization witnessed by the history of mankind: You are the nation who, rather than ruling by the Shariah of Allah in its Constitution and Laws, choose to invent your own laws as you will and desire. You separate religion from your policies, contradicting the pure nature which affirms Absolute Authority to the Lord and your Creator, (The Guardian) as stated in Bin Ladens Letter to America. There will always be religious differences in this world, and it cannot be expected that all countries will be as tolerant as the United States is when it comes to a plethora of religions. Is it the United States job to help spread a belief of religious tolerance in this world? How should we go about doing it if so? If not, do we only take a defensive stance toward another terrorist attack like 9/11? Our only option is to sit back and see how the War Against Terror plays out and how other extremist groups respond. Im just glad I live in a country where I get to believe what I want, think what I want, wear what I want, and be myself. In conclusion, there are many different religions in this world, and every country takes its own approach in tolerance. In the United States, we have laws pertaining to the separation of church and state along with laws restricting discrimination due to religion. Terrorism is more prominent than ever, and 9/11 enacted a War Against Terror that still rages on today. Maybe one day, the world will see eye-to-eye on religious tolerance, but until then, lets be glad that we live in a country where we get to worship whatever we want.

The Better Than Average Effect

The Better Than Average Effect Free Online Research Papers The better than average effect is based on a cognitive bias that cause people to undervalue their negative abilities and qualities, while they overvalue their positive traits, behaviors and abilities. There is also a worse than average effect which is basically the direct opposite in the sense that the worse than average effect causes people to underestimate their positive qualities and overestimate their negative ones. The better than average effect, or above average effect, is also known as the illusory superiority, superiority bias, or â€Å"primus inter pares (first among equals) effect† (2). In this paper I plan to explain and deconstruct the better than average effect so you can see the obvious flaws in this particular theory. We will start off with the worse than average effect (also known as the below average effect) which is when one underestimates their positive qualities, capabilities and achievements. This is also a cognitive bias where people undervalue their own more desirable traits when chances of success are very low. Such traits and abilities include but are not limited to juggling, living to be one hundred or winning the mega millions lottery, and is often referred to as self-handicapping. It is not only my personal belief but that of others as well that people with low self-esteem seem to suffer from the below average effect more than others. â€Å"This effect also happens for particular abilities and situations, where people say Oh, I cant do that, for example juggling or diving, where the reality is that with a few lessons they could be as good as most people.† (1). The term illusory superiority was coined in 1991 by Van Yperen and Buunk, and refers to peoples tendency to overvalue their positive qualities, traits and abilities while undervaluing their negative ones in relation to other people. The effects of the better than average effect can be seen in many areas such as performance on tests and in the class room, personality traits and ablilities, such as happieness, popularity, or driving ability, intelligence, and ones ability to perform simple tasks. The main problem scientists are having with accurately demonstrating the better than average effect in experiments is that subjects may interperate the questions differently making it hard to have a constant. C.L. Downing conducted the first ever cross- cultural study on perceived intelligence and discovered Research Papers on The Better Than Average EffectStandardized TestingEffects of Television Violence on ChildrenRelationship between Media Coverage and Social andThe Relationship Between Delinquency and Drug UseIncorporating Risk and Uncertainty Factor in CapitalThe Effects of Illegal Immigration19 Century Society: A Deeply Divided EraResearch Process Part OneMarketing of Lifeboy Soap A Unilever ProductAssess the importance of Nationalism 1815-1850 Europe

Recommendation of Internal Control for Purchases, Payables and Essay

Recommendation of Internal Control for Purchases, Payables and Payments - Essay Example There also remains the question of assessing the adequacy of the policies and procedures, and determine whether these are being implemented, working efficiently and being monitored effectively. The paper will further discuss the strengths and weaknesses in the internal control system of purchases, payables and payments. Management is responsible to ensure that proper internal controls are being exercised and being operated as intended. We believe that this information will alert to possible weaknesses in our organization and enable the management to initiate appropriate actions to address the concerns. The text book defines internal auditing as an independent, objective assurance and consulting activity designed to add value and improve an organizations operations. It helps an organization to accomplish its objectives by evolving a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.   The internal audit activity evaluates the adequacy and effectiveness of controls that encompass the organizations governance, operations, and information systems. Internal audit reviews include the reliability and integrity of financial and operational information, effectiveness and efficiency of operations, safeguarding of assets, and compliance with laws, regulations, and contracts. These reviews also ascertain the extent to which operating and program goals and objectives have been established and whether they conform to the requirements of the organization. Besides, it also examines the extent to which results are consistent with established goals and objectives and whether operations and programs are being implemented or performed as intended.   This paper will also strive to help in improving the functions of internal controls in purchase, payable and payment first by describing the existing

Individual 4 international financial market Essay

Individual 4 international financial market - Essay Example Mean is often used to determine the expected future returns of mutual funds since it is the best estimate that can be used from the past data. Resources such as NASDAQ stock prices or Yahoo finance are used to provide to help project the future returns of securities. As long as any positive trend or negative trend is noted and taken into consideration, the use of historical data is therefore appropriate in predicting future mutual fund performance. We can also use the mean to project the future and also deliver the obligatory caveat that past returns are not necessarily indicative of future returns. Discussion The mean return is used to analyse the current market performance of the business and to make future projection. The expected mean is sometimes appropriate best estimate available of future returns, where the actual return is likely to be equal to the expected return. Due to this reason investors would prefer to have an idea of how precise their estimates might be. To assist in quantifying the managers and investors estimates, standard deviation and variance are always preferred to be used. Standard deviation is the measure of variability which is also used as the standard measure of the total risk of individual assets and portfolio assets. It measures how far from the expected return the actual return might be. The two companies discussed has the same positive return but their level of risk as measured by the variance cannot be seen to be the same. ConocoPhillips (COP) It is a multinational energy corporation with its headquarters located in Texas in the United States. The company is viewed as one of the largest independent pure play exploration and production and it is also one of the big fortune 500 companies. The company was founded in 1875 as the continental oil and Transportation Company. The company have gone through different stages to reach this far. It is considered the top performing company financially in the NASDAQ financial market. Most of f inancial analysts use standard deviation when working with historical returns since they are deemed to be samples unless 100% of the data points are used in the calculation. The company recorded a negative average mean of -5.64%. Even though the company is the best performing in the current stock market its long term financial plan has failed and they have recorded a loss. On the other hand the company strategy for the upcoming trade is more profitable as shown by their projected return shown by the standard deviation measurement that have indicated a positive percentage of 4.41%. The variance of the company stock also shows a positive percentage of 19.46%, therefore showing that the company obligation to meet long term goals is positive. Dr. Reddy's Laboratories This is an international pharmaceutical company that is based in Hyderaband, Andhra Pradesh in India. The company was found by Dr Anji Reddy who had been working in a publicly owned Indian drugs pharmaceutical limited. The company manufactures and markets a wide range of pharmaceuticals in India and overseas, with over 90 different types of medication and 60 active pharmaceutical ingredients, for drug manufacture, diagnostic kits, critical care, and biotechnology products. The historical performance of the company has indicated a good financial market. The result of the return from the past 10 month’

In the Cloud Essay Example | Topics and Well Written Essays - 250 words

In the Cloud - Essay Example A number of options are available for individual use such as Dropbox, which is until to date the best cloud storage option at no charge available. Another option is the windows Skydrive, which offers a great option for people with lot of small files to share (Kunal, 2010). Both options are worth using as they provide a variety of features that suit individual needs. Cloud computing has gained popularity so easily amongst public, private and hybrid users due to its capabilities and efficiency it offers. Compared to traditional databases, cloud computing has proved more capabilities and efficiency, hence rapid growth and acceptance. Cloud focus is to maximize the effectiveness of shared resources. It saves money and time making business more responsive to the needs of clients. There is a large variety of options to access internet like Ipads, mobile phones, and Netbooks hence greater efficiency and improved service to customers (Kunal, 2010). Cloud software is cheap compared to traditional database software. Among other benefits associated with cloud and storage are; ease in collaboration, universal access, pooling of resources and energy efficiency. With cloud computing, doing business becomes easier for both managers and employees since clients accounts are accessible from anywhere (Kunal,

Massachusetts and the Puritans

Massachusetts and the Puritans Nhat Nguyen Now the state of Massachusetts, the Massachusetts Bay Colony was established by Puritans (see  Puritanism) fleeing religious persecution in England. Composed of numerous settlements established at various times, the colony had its beginning on June 19, 1630, when John Winthrop stood aboard the ship Arbella and delivered a sermon to a group of sick and weary passengers about to begin a new life in the howling wilderness of New England. Winthrop reminded his listeners that their removal from England did not break their social and political ties, indeed those ties should become tighter and more closely follow the will of God. The colony was to be an ordered community, dedicated to realizing the will of God and to creating a model society for old England to emulate. The rulers of old England however, did not wish to, follow the Puritan lead. Both James I and Charles I were suspicious of the Puritans, especially their rejection of bishops, which they saw as tantamount to rejecting royal authority. James, I had been surfeited with this rejection of episcopal authority while the king of Scotland, having seen the Scottish Presbyterians remove his mother from the throne and place him upon it while still a youth. When he succeeded to the throne of England, James knew that he wanted to retain the Church of Englands bishops and promised to make his Puritan subjects conform or harry them out of the kingdom or worse, as he put it. This anti-Puritanism was continued and expanded by his successor, Charles I. Charles and his archbishop of Canterbury engaged in a process of persecution that led to the great migration of thousands of English Puritans to British North America. This migration, led by the Arbella and accompanying ships, resulted in numerous Puritan colonies in New England, the most significant of which was Massachusetts Bay. The colony was originally organized as a stock company with voting rights limited to stockholders who chose the colonys leaders, but this changed soon after their arrival in America. Winthrop, who held the title of governor, gathered the colonys inhabitants on October 29, 1630, and by a show of hands gave all the freemen of the colony the right to elect assistants or legislators. This action, which soon encompassed nearly all adult males in the colony, gave Massachusetts Bay a much wider franchise than England and most of Europe, despite its limitation to church membership. The Puritans desired to build an ordered community, under the watchful providence of God. This society was not, however, the theocracy that many have claimed it to be. In fact, ministers in the Massachusetts Bay Colony had less formal power than anywhere in Europe and did not constitute a recognized class with special privileges. This absence of inherited privileges was a significant factor in the life of the colony. Although the Puritans firmly believed that there were greater and lesser people, and titles such as Goodwife, Mistress, and Master constantly affirmed these divisions, the range was much less than in England. Sumptuary laws governed the nature of individual dress-limiting the colors, amount of gold, and jewelry a person could wear. These laws both affirmed social distinctions and limited ostentatious displays of wealth and power. When combined with the Puritan doctrine of human sin and of human equality before God, they resulted in much less overt social differences in M assachusetts Bay than the home country. The desire to maintain harmony, stability, and social order was great. The magistrates enforced the laws against blasphemy and punished those who failed to attend church services. The nature of colonial settlement also served to strengthen social stability and cohesion. The land was allocated to each colonist for farming, but people lived in towns, traveling out to their farms each morning and returning in the evening. Towns centered on the meetinghouse, the church building that functioned as the center of the communitys social, political, and religious life. The stereotypical independent settler separated from the community was not acceptable in Massachusetts Bay. Such a settler, separated from the bonds of family, church, community, and government, was bound to lapse into antisocial and irreligious behavior. The godly life could be lived only with others. Conflicts over the nature of that life, however, were such that the harmony desired by the colonys political elite was never realized. These conflicts emerged early in the colonys life. The first was the so-called Antinomian Controversy. Occasioned by the religious instruction thatAnne Hutchinson provided in her home and involving conflicts between the growing merchant class and the colonys political and religious elite, the Antinomian Controversy was typically Puritan in that it was fought over theology and the role of social harmony in theology. Similarly, the expulsion of Roger Williams from the colony was a response to theological differences that authorities viewed as destabilizing. Williamss belief that the government had no right to enforce the first part of the decalogue-the first four of the Ten Commandments dealing with worship-was seen as an assault upon the social stability of the colony. Indeed, many viewed any failure of the state to enforce these laws as an invitation to divine destruction. To outlaw blasphemy was not only an act of religious faith but also helped ensure social survival. Such conflicts, like those with other socially disruptive groups such as Baptists, Quakers (seeFriends, a Religious society of [Quakers]), and witches (see Salem witchcraft trials) recurred as the Puritans attempted to build a viable society in a hostile land. They struggled mightily to establish the social institutions that would provide for the colonys stability. Churches and towns were the first to appear, then came a college (Harvard, 1638), printing presses, and schools. Soon Massachusetts Bay was an expanding and successful colony, kept alive by fishing, agriculture, timber harvesting, and even the slave trade. Prosperity did not, however, ease the difficulties of creating an ordered society pleasing to God. Tensions emerged within the New England way among not only those outside but those within it as well. The first concern was the perception that piety was declining within the colony. From the heroic period of settlement, when the colony seemed to have been dominated by great men and high religious concern, many saw a decline by the mid-17th century. Religious interest appeared to have waned and the number of visible saints to have declined. This concern became so prevalent that the sermons preached about it have received their ow n name. Jeremiads, as they are known, were directed against this perceived declension. Whether the decline was as great as the ministers claimed is debatable, but it is true that the colony experienced the shift from a time when people immigrated from religious conviction to a period when people simply were born into the society. A telling anecdote, probably apocryphal, illustrates this change well. A Puritan minister once berated a man he caught unloading fish on Sunday, reminding him of the religious nature of the colony and its founders. The fisherman quickly responded, My grandfather came here from God, I came here for cod. The colony faced other challenges. Chief among these were the local Indians and the French who, from their outposts in Canada, occasionally harried the colonys more distant settlements along with their Native American allies. These challenges ended with the eventual British conquest of Frances North American colonies in 1759. The removal of this external threat only exacerbated the internal one, the ongoing conflicts between the colonists in America and the mother country. This conflict was not to be taken lightly, and in Massachusetts, it had a religious dimension. The late 17th century had seen an apparent victory of the Puritan party in its monarchical form in England. The Glorious Revolution of 1688 had removed the Catholic king, James II, and with it the threat to the colonys independent existence under James, who had revoked the colonys charter and established an Anglican foothold at Kings Chapel in Boston. But this was not the only religious threat that England presented to the colony. If some contemporary writers are to be believed, the most significant conflicts and the true start of theAmerican Revolution began with the rumor that England would send a bishop to the colonies. The imposition of a bishop was seen by many colonists as an inherent threat to their liberties. InMassachusetts Bay, where stories of episcopal persecution of Puritans were still remembered, this was the final assault on everything they had tried to create. Already forced to allow toleration to other Protestants, they now faced the final loss of their religious independence. The Puritan tradition of self-government, the rule of law, and human activity helped to set the stage for the American Revolution. The revolution in the hearts and minds, as John Adams-a Puritan scion-wrote, had already occurred. It was no coincidence that a great deal of the revolutionary leadership came from Massachusetts. The colony and i ts Puritanism had helped to pave the way. Work Cited Timothy Breen Puritans and Adventurers: Change and Persistence in Early America (New York: Oxford University Press, 1980) Cedric B. Cowing, The Saving Remnant: Religion and the Settling of New England (Urbana: University of Illinois Press, 1995) David Hall, Worlds of Wonder, Days of Judgment (New York: Knopf, 1989) Perry Miller, Errand into the Wilderness (Cambridge, Mass.: Belknap Press of Harvard University Press, 1956) Edmund Morgan, The Puritan Dilemma: The Story of John Winthrop (New York: Longman, 1999) Samuel Eliot Morison, Builders of the Bay Colony (Boston: Houghton Mifflin, 1930)

College Drop-Out Makes it Big with Online eBusiness :: Sell Websites Buy Websites

College Drop-Out Makes it Big with Online eBusiness Reprinted with permission of VotanWeb.com In May, Sam Lave dropped out of college and stumbled upon an untapped market on the internet. Nothing has been the same since. Sam wanted to start an hobby related company due to the interest he developed pursuing a hobby in college. A loyal online buyer and occasional seller, he searched the internet for the hobby equipment he would need. Nobody was selling it. In a single moment an idea came to him that would change his life forever. Mr. Lave purchased the hobby equipment he needed directly from the manufacturer. Once it arrived at his home, he listed it for auction. Ten days later the equipment sold to the highest of twenty-three bidders, earning Mr. Lave a large profit. He began doing this over and over, and eventually earned enough money to make selling on the internet a full-time job. In his first three months, Mr. Lave sold $215,000 in merchandise. Mr. Lave had designed Web sites for cash during college but he decided against building his own website. He had no idea how he would gain publicity for the website and build traffic. On the internet, no traffic equals no money. Mr. Lave borrowed some money from his family and used VotanWeb to quickly identify and purchase an established hobby related website. During his first year in business, sales totaled approximately $900,000. This year, the 20-year-old expects gross sales to reach $3 million. "I basically used an existing website to get my name out on the internet and then built my reputation by providing hobby equipment people want and giving them solid technical support," he says. To keep sales growing, Mr. Lave began to sell a variety hobby products, but his success attracted copycats. Competitors followed his lead and started offering prices he couldn't match without reducing his profit margin. Fortunately, Mr Lave realized he could maintain his profit margins by offering technical support. "For someone who's not a serious hobby enthusiast, this equipment can be challenging to build and operate," he says. "Some of the manuals that come with the products are up to 800 pages long." Mr. Lave added a service section to his Web site and began to provide technical assistance. This resulted in increased sales. In an effort to provide additional technical support to customers, Mr. Lave made a training DVD and started selling it on his Web site.

Pepsodent Essay

This will be based on the weaknesses, strengths, threats and opportunities of the organization along with the toothpaste brand line of Pepsodent will be assessed. In addition, further information on the current market share, sale, and profitability of Pepsodent in the scope of PESTEL analysis will be provided. At the conclusion of the first section the competitive advantage of Pepsodent will be declared. The subsequent section entails a recommended strategy of marketing employing marketing tools like targeting, positioning and segmentation, the marketing mix as well as SMART objectives. This is as a result of an extremely effective strategy of marketing of the organization formerly. However, principally in an environment that is competitive, such as the personal care sector it is fundamental for Pepsodent that it advances its marketing as well as organizational approaches so as to meet consumer’s demands (Budavari, et al. 1996). In addition, these days a wide array of diverse toothpaste brands is provided to the consumer (eHow, 2012). This in general implies that Pepsodent is obliged to distinguish its merchandise from the competitor’s commodities by being unique and innovative. Furthermore, the toothpaste market is developing continually which signifies that additional diverse demands and anticipations of the consumer will arise. As a result, Pepsodent should utilize marketing tools for instance, market segmentation to well recognize their needs so as to supply them with the fitting merchandise. The threats and opportunities recognized will serve as a foundation for the pinpointing strategy of marketing detailed in this report 3. 1. Political Factors: The government of United Kingdom endorses the just trading obligation for both internal and foreign manufacturers. UK has set regulations regarding issues like disposal of wastes and product safety. Pepsodent is dependent on local, provincial and international laws, rules and regulations. These laws and directives cover a range of areas like product claims, product safety, trademarks, patents, the environment, copyrights, employee health and safety, listing and disclosure, employment and taxes, and corporate governance (Pepsodent Official website, 2012). As a result of the extensive focus of Pepsodent in developing and emerging markets, whichever political transformations for instance, those in fiscal stimulus, foreign direct investment regulation or adjustments in taxation or tariffs could have a great impact on the operations of Pepsodent in the nation. Pepsodent is obliged to engage in constant scanning not just to mitigate political threats, however, to take hold of and seek out novel, appealing openings for political inducements. 3. 2. Economic Factors: United Kingdom is the biggest economy in the planet and third largest in Europe. In the time of recession UK is in its worst time. Organizations are not investing but doing terminations that is why consumer markets are reducing and individuals are losing their power to purchase. The market environment of Pepsodent is turning out to be highly competitive particularly in the United Kingdom. Macro-economic atmosphere is highly tentative which has had an effect on the micro-economic environment in addition, by generating a fear among regular buyers (Watson, Lysonski, Gillan& Raymore, 2002). Buyers would not wish to purchase a costly product as a result of current tides of the economy. Rivalry in United Kingdomhas become so strong that Pepsodent is encountering difficulties in a number of regions. Economic turn down in business in an economic decline has resulted in consumer and supplier default. The business of Pepsodent is reliant on constant customer demands for its brands. Diminished customer capital influenced by harsh economic circumstances has resulted in customers turning out to be incapable (Bloch, Satish and  Robert, 2007)or unwilling to acquire Pepsodent products, which has profoundly had an effect on the cash flow, profit margins, turnover, and profits. 3. 3. Social Factors: Social aspects entail the cultural aspects. Socio-cultural aspects UK vary from region to region. This entails: age, education, way of life, and religion(Bang and Joshi, 2008). Pepsodent has structured a well-built corporate repute for numerous years,continuous concentration on societal aspects, as well as encouraging sustainable development and usage of resources that are renewable. The intention of Pepsodent is to assist people look bright, feel well and achieve a lot out of life with services and brands that suitable for them and suitable for the rest too. Pepsodent has effectively maintained standards that are high for the design and creation of merchandise that are harmless for end users.