Comparing The Book The Outsiders - 1514 Words

Name: Professor: Course: Date: Comparison between the Movie and Book: The Outsiders It is an experience of a lifetime to read a story in a book and watch the movie. The book and movie, The Outsiders, share many similarities and differ in equally many ways. S. E. Hinton narrated the Outsiders, and this high-quality narration was equally translated to the movie (2). However, they seem to vary in so many ways. This write-up examines the similarities and differences between the book and movie, The Outsiders, in terms of the plot, characters, setting, style, and theme. The Outsiders Novel This is S.E. Hinton’s coming-of-age novel first published by Viking Press in 1967. Hinton was only 15 when she began writing this novel. However, she did†¦show more content†¦When Ponyboy returns home at 2 a.m. in the morning, Darry is agitated and begins to yell at Pony and Soda, all in a fit of rage. Darry slaps Ponyboy, causing him to run away with Johnny. Later after Ponyboy calms down, he begins wondering whether running away from all this was a good idea. When these boys wander into a park within the neighborhood, the Socs’ Randy, Bob, and three others confront them, and after they exchange derogatory remarks, the tension intensifies after Ponyboy spits at the rival gang. The Socs grab Ponyboy and attempt to drown him in a fountain. His gang member Johnny, feeling anxious and terrified because Bob had brutally jumped him on a previous occasion, spontaneously stabs Bob, causing his accidental death (Coppola 11.30). Johnny and Ponyboy, now feeling frighten ed and without a clue of what to do next for they are well aware that those who take life in Oklahoma face execution on the electric chair, decide to seek the counsel of Dally, who gives them some cash and a loaded gun and asks them to hide inside an abandoned church in Windrixville. While staying there, Pony decides to cut and dye his hair to disguise. When Dally pays them a visit, he talks of the intensified tension between Greasers and Socs following Bob’s death. Dally agrees to take them homeShow MoreRelatedSimilarities And Differences Between The Outsiders And The Wednesday Wars874 Words   |  4 PagesSimilar Changes in Similar Time Periods Two very different books can have similar if not identical skeletons. The Outsiders and The Wednesday Wars are very similar. The Outsiders was written by S.E. Hinton, and The Wednesday Wars was written by Gary D. Schmidt. The main character in The Outsiders is Ponyboy Curtis, and the main character in The Wednesday Wars is Holling Hoodhood. In The Outsiders, Ponyboy lives in a place where two groups hate each other and fight each other, and Ponyboy realizesRead MoreMersault, Antigone and Gregor as Outsiders Essay1226 Words   |  5 PagesMersault, Antigone and Gregor as Outsiders In every society there is an outsider, a person who stands out amongst the crowd, someone who does not fit in with the norm. Most of the time it is obvious who the outsider in a group is, but sometimes it takes a deeper look into the personality and characteristics of a person to see the traitsRead More Persecution of Hispanics Exposed in David Hernandez’s Pigeons1025 Words   |  5 PagesHernandez’s Pigeons The word â€Å"outsider† is typically used when describing someone or something that just does not fit in. An outsider is different and distinct, but not always valued or appreciated for its diversities. Quite the opposite of being appreciated, the outsider is usually castrated from whatever society it might have appeared in, and looked down upon for its differences. Sadly, outsiders are frequent in humanity. Whether the purpose for their outsider status relates to gender, raceRead MoreComparison Of True Grit And The Outsiders1695 Words   |  7 Pagesdeemed worthy for a film adaptation. With a variety of these adaptations, the film directors attempt to capture the messages that were portrayed in the book and faithfully develop each of the book’s characters. Moreover, two certain books which were favored for their loving characters and encouraging themes are True Grit by Charles Portis and The Outsiders by S. E. Hinton. While the 1968 western novel by Portis follows a young girl, who goes on an adventure in pursuit of avenging her father’s death, theRead MoreComparing The Hoodhoods From Wednesday Wars And The Outsiders1188 Words   |  5 Pagesidentical, but each family is in fact unique and comes with its own pros and cons. Readers can learn this important lesson by comparing the two families, the Hoodhoods, from Wednesday Wars and the Curtiss from The Outsiders. Wednesday Wars was written by th e two-time Newbery Honor-winning author, Gary D. Schmidt, while the author of The Outsiders was S.E. Hinton. The Outsiders takes place in a remote town in Oklahoma, where there are two sides, the east and the west. If you lived on the east, you wereRead MoreComparing Johnny and Dally in The Outsiders by SE Hinton Essay767 Words   |  4 PagesComparing Johnny and Dally in The Outsiders by SE Hinton Johnny and Dally are both major characters in the novel â€Å"The Outsiders† by SE Hinton. â€Å"The Outsiders† is a novel about friendship, rivalry, stereotypes, trust and family relationships set in the 1960’s of America. SE Hinton. Describes how two gangs, the Socs and the Greasers get to know each other’s problems in an exciting and nail-biting storyline. Johnny and Dally are both very contrasting characters and each play a vital role in bothRead MoreJohn Steinbeck s Of Mice And Men1312 Words   |  6 Pageslives. People may bring death upon themselves because of their actions, or an animal may be killed of its uselessness. In S.E. Hinton’s The Outsiders, there are three major deaths occurring in the novel: Bob, Johnny, and Dally. Similarly, in John Steinbeck’s Of Mice and Men, there are also three major deaths of Candy’s dog, Curley’s wife, and Lennie. The Outsiders is a story depicting the life of Ponyboy Curtis, who is struggling to find his place in the world while battling the rival gang, the SocsRead MoreJohn Steinbeck s Of Mice And Men1485 Words   |  6 Pagesat different stages of their lives. Death is one thing that all people have in common; even books are connected because of the different deaths occurring in them. In S.E. Hinton’s The Outsiders, there are three major deaths occurring in the novel: Bob, Johnny, and Dally. Similarly, in John Steinbeck’s Of Mice and Men, there are also three major deaths: Candy’s dog, Curley’s wife, and Lennie. The Outsiders is a story depicting the life of Ponyboy Curtis, who is struggling to find his place in theRead MoreThe Grapes Of Wrath By John Steinbeck1645 Words   |  7 PagesWrath, a book that he researched for nearly two years before he finally finished the book. While writing the novel, he said to his friend and literary agent: â€Å"I must go over into the interior valleys. There are about five thousand families s tarving to death over there...The states and counties will give them nothing because they are outsiders. But the crops of any part of this state could not be harvested without these outsiders. I m pretty mad about it... Funny how mean and little books become inRead MoreEthnocentrism Is A Basic Attitude Expressing The Belief That One? S Own Culture Essay1731 Words   |  7 Pageslimited number of variables. Although ethnocentric prejudice can be directed toward one specific outsider group, empirical research reveals that usually ethnocentrism is generalized toward all outsider groups. Although ethnocentrism is closely related to racism, it can be distinguished from racism because it does not involve necessarily a negative vision toward other races. Any culturally distinct outsider group (whether the distinction involves language, religion, color, or descent) can be targeted

The Debate On Euthanasia Is Never Ending - 1263 Words

The debate on euthanasia is never ending. It is an important topic that debates whether assisted death is ethical or In spite of this euthanasia is not discriminatory towards the mentally ill. They are reasons and law Euthanasia is ‘painless inducement of a quick death’. It is is a long living debate that challenges the morality of life. Due to its high controversy only certain countries have legalised the procedure however they have strict rules and procedures that must be followed. In spite of these rigid laws it has been criticised for being biased, ignoring those who suffer from mental illness as eligible for euthanasia. This will be elaborated further throughout the report There are different types of Euthanasia, it varies†¦show more content†¦In 1997 Oregon became the first state in the United States to decriminalize physician-assisted suicide; opponents of the controversial law, however, attempted to have it overturned. In 2009 the Supreme Court of South Korea recognized a â€Å"right to die with dignity†in its decision to approve a request by the family of a brain-dead woman that she be removed from life-support systems. These law for euthanasia however have different restriction depending on the country or state that declared it. For example: In the Netherlands ‘Only a doctor may legally perform euthanasia. In principle this should be a doctor who has an established treatment-relationship with the patient’’. However in Oregon, the law states that physicians can only prescribe a lethal dose to a terminally ill patient. Not actually committing the action. These differences show that euthanasia is slowly getting accepted in the 21st century however strict boundaries are still built to avoid further controversy. These laws consist of strict criterions for euthanasia, For example, The law in the Netherlands’ states: â€Å"The patient s suffering must be unbearable and hopeless (in the sense of without hope for improvement This requirement is further operationalized as follows: the suffering need not be physical (pain etc.) nor is a somatic basis required; non-physical suffering can include such things

Global Supply Chain Management Free Essays

Global Supply Chain Management ERP Business Administration , 3rd year Project by Arhire Alexandru Coordonating professor Pavaloaia Daniel Contents Introduction3 Chapter 1. Issues within the Global Supply Chain Management System4 Chapter 2. Global Supply Chains Management – Company Strategies5 Chapter 3. We will write a custom essay sample on Global Supply Chain Management or any similar topic only for you Order Now Global Supply Chain Model6 Chapter 4. The virtualization of Global Supply Chain Management8 Chapter 5. Conclusions10 References11 Introduction In order to understand what global supply chain management is we must first become familiar with the concept of supply chain management. The supply chain management is the network of services, material and information flow that link a firm’s customer relations, order fulfillment and supplier relations processes to those of its suppliers and customers. It is the science of developing a strategy to motivate, control and organize the resources involved in the flow of services and materials within the supply chain†. Nowadays, more and more companies source globally, sell globally, or compete with some other company that is involved in such activities. Thus, global supply chain management (GSCM) represents a central area of focus for many businesses and business schools today. Although the extraordinary growth of GSCM attests to its r obustness and practical importance, the field is diffuse and complex. Many methods and perspectives on GSCM have emerged from logistics, operations, marketing, management, economics, sociology, personnel, information systems, and international relations. Their diversity and rapid growth make it hard to keep abreast of significant developments. Moreover, many of these approaches have evolved with relative independence, paying little attention to how they relate to existing methods or interrelate with each other. This makes it difficult to accumulate wisdom in the field and to develop a coherent knowledge base to guide research and practice. † Many businesses have found â€Å"global supply chain management† to be an important issue when trying to outsource in regions across their borders. This can be explained by the increase in globalization. To outsource on a global level is difficult because it involves doing business with a variety of companies and suppliers which have their own codes of business conducts and various perspectives on business ethics; mainly on how to trade internationally. Global Supply Chain Management involves two big concepts: the supply chain management concept which was discussed above and the concept of globalization. This concept infers the cross-border movement of good and the emergence of global competitors and opportunities across competing supply chains with an industry. However, the current trend towards the globalization of supply chain management leaves many managers confused. Managers often question the differences between a global market and a single market, in that many of the same conditions exist in both. Although this may be true, the complexities of cross-border operations are exponentially greater than in a single country, and the ability to compete in the global environment often depends on understanding the subtleties that emerge only in cross-border trade—that is, in â€Å"Global Supply Chain Management†. Chapter 1. Issues within the Global Supply Chain Management System For companies to operate on a global level is no easy task. There are many complications that arise from trying to do business across borders. 1. The first issue it faces is the costs and expenses of doing business â€Å"across borders†. Dealing with international business is a difficult task because it involves many types of different businesses in many countries. Costs for the company may involve: renting the required space, state taxes, transportation and others. â€Å"Additionally, companies need to factor in the exchange rate. Obviously, companies must do their research and give serious consideration to all of these different elements as part of their global supply management approach. † 2. The second factor that can put a dent into â€Å"global supply management† is the necessary time to conduct all the activities when dealing with this issue. The productivity of the overseas employees and the extended shipping times can either positively or negatively affect the company’s lead time, but either way these times need to be figured into the overall procurement plan†. There are multiple factors that can influence the amount of time spent when doing business overseas, factors like: the del ay of a shipment due to bad weather conditions, this can also influence the production process, or the time it takes for the merchandise to get clearance through customs. When dealing with the issue of â€Å"global supply chain management† the expression â€Å"time is money† takes a bigger and more literary meaning. 3. Another factor that managers tend to consider important when dealing overseas is the place where you chose to do business. Some companies may choose technologically developed countries for the obvious reasons: information travels faster, the production process can be sped up and so can the shipment process. Other companies may choose poorer countries just due to the fact that the labor in those types of countries is cheap. And some companies might want to keep their activities somewhere closer to the main headquarters in order to reduce costs and expenses. 4. Probably one of the most pressing issues is that global supply chain managers deal with is the selection of the suppliers. It is a difficult task to try and get the ideal supplier because there are many and making a comparison between them is very difficult due to various issues like being pressured by time or trying to choose the cheapest supplier due to insufficient funds. A company must take its time when choosing the suppliers ost fitted for them and must analyze from all perspectives: quality, price, reputation, promptitude and many others. Taking the time to make a thorough research for suppliers on the market should be one of the main priorities of a company. 5. Another issue that can arise in â€Å"global supply chain management† is of logistic nature. Companies that choose to ship their products overseas can encounter issues such a s: how many factories or plants does it need? How many suppliers are needed to ensure a fast manufacturing process in order to meet the market demand? Where should the company export their goods and why? For example, if a business uses a number of vendors around Bangalore, India than it may make sense to locate the manufacturing plant that would utilize those supplies in or around Bangalore as well. Not only will this provide lower employee costs, but overall shipping and tariff expenses should also be reduced. This would then save the company money†. Chapter 2. Global Supply Chains Management – Company Strategies For a company to go global is always a difficult and long-term task. It has to face a lot of risks and issues that arise from trying to accomplish such a goal. When faced with the questions of what are the most challenging aspects of going global for a supply chain, managers and executives tend to reffer to the following: * Total resources required to manage supply chain * Recruitment and retention of sufficient local talent * Integration of IT systems between the company and vendors * Degree to which central manageement was required * Degree to which local management was required * Identification and implementation of risk-management strategy * Grater difficulty of managing safety and/or quality Speed at which competitive advantages from extending operations to low-cost markets evened out across us and our competitors * Infrastructure to support local workforce It is inveitable that when a company chooses to go global that it should face these challenges. Many of them represent a great risk while others are technologically based. Technological development for a company is a key factor for success because especially nowadays, a company that has it’s own IT department and systems can easily gain a competitive advantage. Another important challenge that a company is faced with, is the recruitment of employees. When expanding to different territories finding talented people to work for the company can be a huge challenge. The company may need to transport capable employees from the mother company to new locations in order to ensure a good start for it’s activities in that area. This is why companies need to form a solid strategy for their supply chain and try to prioritize their goals. For example in a research done by McKenzy ; Company in 2008 have shown that the primary strategic goals that companies focus on are: * Reducing costs * Improving customer service Getting new products/services to market faster * Improving product quality * Reducing comapny’s carbon footprint * Maintaining majority of employees in home region The companies that are trying to emphasise on reducing costs the most are the companies that operate in developing or emerging markets. McKinsey ; Company also says that „perhaps comapnies in countries such as China are trying to anticipate the effect o f rising costs (including labor costs and appreciating currencies) on the competitive advantages they currently enjoy as low-cost manufactureres†. The conclusion here is that if companies want to succeed on foreign markets they must develop strong strategies for market penetration, the speed to which the products arrive at the disposal of the customers, hiring competent personel and lowering costs. Chapter 3. Global Supply Chain Model In order for a company to be able to adapt to the everchanging global markets and to manage to keep up with the technological advances it mus have a sound „global supply chain model†. Researchers say that in order for a company to succeed it must have a „model of global supply chain agility†. Researchers ike Patty Swafford, Dr. Soumen Ghosh and Dr. Nagesh Murthy, define in their paper intitled „A Model of Global Supply Chain Agility and its Impact on Competitive Performance†, the concept of „global supply chain agility† as „a measure of the supply chain’s ability to efficiently adapt to a rapidly changing global competitive environment t o provide and/or services†. They also state that „global supply chain agility† is determined by four componenets of flexibility, which are: * The flexibility of product development * The flexibility of sourcing * The flexibility of manufacturing * The flexibility of logistics They also state that „an organization’s information technology flexibility and its industry’s global competitive environment influence its level of global chain agility†. (Patty Swafford, Dr. Soumen Ghosh, Dr. Nagesh Murthy). An example of a practical „global supply chain management† model could be: Chapter 4. The virtualization of Global Supply Chain Management If a long time ago business was conudcted in the old fashioned way, like face to face trading, nowadays it is not required to physically be preasent when closing a deal or trading goods or services. This is mainly because of the Internet. This amazing invention which revolutionized how the entire world works, has rapidly made its way into the world of business and changed it forever. The birth of the Internet has brought to the business world instruments such as „E-business† or „E-commerce† which basicly means „the use of Interned-based computing and communications to execute both front-end and back-end business processes†. With the help of the Internet, comapnies can obtain a greater visibility outside their own borders on what is happening with their activities and the activities of competitors and thus are able to quickly respond to changes in the market. The adoption of „e-business† can mean, for companies, a better global supply chain with the reductions of costs and expenses, the increase in flexibility and faster reactions in time. Hau L. Lee and Seunjing Whang, say in their paper intiteled „E-Business and Supply Chain Integration† that „ over the past decade a combination of economic, technology and market forces has compelled companies to examine and reinvent their supply chain strategies. Some of these forces include the globalization of business the proliferation of product variety, increasing complexity of supply networks and the shortening of the product life cycles. To stay competitivem enlightened comapnies have strived to achieve greater coordination and collabroation among supply chain partners in an approach called „supply chain Integration†Ã¢â‚¬ . This means that the Internet plays an important role and will continue to play it in the development of the „global supply chain management† and provide fast and reliable ways of integration for the supply chain. The way in which a company conducts „e-business† will be an important factor in the succes of that company. If a company kows how to use the internet for its „back-end† operations like product development and design, procurement of supplies, production process, keeping inventory, distribution channels, services support, marketing and management then it is very much likely that the company will always be at a competitive advantage. Reseachers Hau L. Lee and Seunjing Whang have identified four key dimensions in which the impacts of „e-business† can be found on „supply chain integration†: a. „Information integration†. Which reffers to „the sharing of information among memebers of the supply chain†. If this system is implemented correctly, without the danger of leaking important company secrets to unwanted parties, then the communication between the memebers of a supply chain can be made easier an thus increase the overall performance. b. „Planning synchronization†. Which refers to „the joint design and execution of plans for product introduction, forecasting and replenishment†. This dimension refers to the ability of the supply chain memebers to use the information provided in order to acomplish their plans and meet their objectives. c. Workflow coordination†. It reffers to „streamlined and automated workflow activities between the supply chain partners†. This means to decide on how the provided information can be used and what is the best way to gain the most out of it. In the end it means to achieve efficiency thorugh technology solutions and to automate many of the cross-company workflow stages. d. „New Business Models†. „E-business allows partners to redefine logistics flows so that the roles and responsabilities of memebers may change to improve overall supply chain efficiency†. Taking an „e-business† approach to supply chain integration can mean improvements in effciency but can also spring new opportunities of business for the company that previously were not possible. For example with the help of the Internet a „supply chain network may jointly create new products, pursue mass cutomization and penetrate new markets and customer segments†. In conclusion, „e-business† and „e-commerce† are two powerfull tools for the integration of the global supply chain across a widespread area of industries and countries. Such instruments have the power to enable a faster and realiable cooperation between memebrs of the „global supply chain† and companies that adopt such methods will surely gain and important competitive advantage on the global markets. The sharing of information benefits not only the company that does the sharing but the whole business community, thus establishing a network of „e-business† between companies all over the world is an important step towards the development of business processes and conducts. The internet not only helps develop a company but it also gives it new business oportunities which can enrich its portfolio and make it more attractive to customers. Chapter 5. Conclusions Considering all that has been said in this paper we can safely assume that the core of a business is its supply chain. Thus if the whole world is involved in doing business then we can say that „global supply chain mangement† is the core of the business world and it is what really „makes the world go round†. The main „driver† that stands behind the „wheel† of an efficient „global supply chain management† is without a doubt the Internet and the instrument known as „e-business†. With the help of the Internet companies now can gain real-time visibility into the flow of their good and services, get information on their suppliers, optimize inventory management, reduce transportation and shipping costs, the oportunity to quickly react to a change or shift in the market in order to respond to the customer needs. However, along with these benefits are the challenges that businesses need to overcome when operating globally. These challenges are related to foreign national economies, logistics, cultures, competition, and infrastructure. These challenges give rise to several risks in global supply chains. In the end â€Å"global supply chain management† is the network that opens countries to cross border trading and is an important part in global business. References * Luvai F. Motiwalla, Jeff Thompson, â€Å"Enterprise Systems for Management†, 2nd edition, Chp. 11, pg 327. John T. Metzner, Theodore P. Stank, Matthew B. Myers, â€Å"Why Global Supply Chain Management†. * http://www. epiqtech. com/supply_chain-Global-Management. htm , accessed on the 19th of May 2012. * McKinsey Global Survey Results, â€Å"Managing global supply chains†, pages 5,6,9. * Patty Swafford, Dr. Soumen Ghosh, Dr. Nagesh Murthy, „A Model of Global Supply Chain Agility and its Impact on Competitive Performance†, pg 2. * Hau L. Lee, Seunjing Whang, â€Å"E-business and Supply Chain Integration†, pages 2 and 4. ——————————————– [ 1 ]. Luvai F. Motiwalla, Jeff Thompson, â€Å"Enterprise Systems for Management†, 2nd edition, Chp. 11, pg 327. [ 2 ]. John T. Metzner, Theodore P. Stank, Matthew B. Myers, â€Å"Why Global Supply Chain Management† [ 3 ]. http://www. epiqtech. com/supply_chain-Global-Management. htm , paragraph 2. [ 4 ]. http://www. epiqtech. com/supply_chain-Global-Management. htm , parahraph 3. [ 5 ]. http://www. epiqtech. com/supply_chain-Global-Management. htm , paragraph 4. [ 6 ]. http://www. epiqtech. com/supply_chain-Global-Management. htm , paragraph 5. [ 7 ]. http://www. epiqtech. com/supply_chain-Global-Management. tm , paragraph 6. [ 8 ]. McKinsey Global Survey Results, â€Å"Managing global supply chains†, pg 9. [ 9 ]. McKinsey Global Survey Results, â€Å"Managing global supply chains†, pg 5. [ 10 ]. McKinsey Global Survey Results, â€Å"Managing global supply chains†, pg 6. [ 11 ]. Patty Swafford, Dr. Soumen Ghosh, Dr. Nagesh Murthy, „A Model of Global Supply Chain Agility and its Impact on Competitive Performance†, pg 2. [ 12 ]. Hau L. Lee, Seunjing Whang, â€Å"E-business and Supply Chain Integration†, pg 2. [ 13 ]. Hau L. Lee, Seunjing Whang, â€Å"E-business and Supply Chain Integration†, pg. 4. How to cite Global Supply Chain Management, Essay examples

Hounds Of The Baskervilles Essay Example For Students

Hounds Of The Baskervilles Essay The first half of Sir Arthur Conan Doyle’s Hound of the Baskervilles started out with Sherlock Holmes and Dr. Watson trying to identify a cane they had found. They easily find out the man is a doctor and all of a sudden he appears at the doorsteps of their house. His name is Dr. Mortimer and he asks for his cane and tells Holmes and Watson a story: In the 17th century, arrogant Hugo Baskerville brutalizes a servant and prepares to turn the servant’s daughter over to his equally depraved companions, but she escapes. When he catches up with the girl in a ruined abbey, he kills her and then is attacked and killed himself by a huge hound that is never seen. Dr. Mortimer was the physician and friend to the late Sir Charles Baskerville, who recently died of fright on the Devonshire moors near that same ruined abbey. Holmes is very skeptical, but agrees to meet Sir Henry Baskerville, who has just arrived in London to claim the estate. Sir Henry is cold and aloof but becomes convinced hes in danger when hes almost bitten by a tarantula. Holmes insists that he is not go to Baskerville Hall alone, so Holmes sends Watson to Devonshire with Sir Henry. As I read through the first 7 or 8 chapters of this Sherlock Holmes mystery, I noticed how well Sir Arthur Conan Doyle can describe the characters as well as the scenery in a few short paragraphs. He also introduced the plot of the story in the first paragraph. As I read on I realized how much I enjoyed this book. Im a fan of mystery books and that is most likely the reason I could stick with the book so well. At times though I felt that Doyle rambled on too much on one subject or a conversation b etween two people. It did take away a bit of my interest but not enough to bore me. The second half of the book starts in Devonshire, where Sir Henry and Watson learn that an escaped convict, Selden, is at large on the moor. Watson meets local Bishop Frankland , and later on the moor, Baskervilles neighbors, Stapleton and his daughter. Watson is almost trapped in one of the many bogs that dot the moors, but he escapes. Later, leaving Sir Henry stricken with a mild heart attack at the hall, Watson ventures again onto the moors, and to his surprise, discovers Sherlock Holmes there. Holmes has been hiding and watching for developments. They hear the howl of the hound, and are too late to prevent the huge beast from killing a man they take for Sir Henry. But back at Baskerville Hall, they find Sir Henry alive and well: the dead man was the convict Selden, dressed in some old clothes of Sir Henrys. At the ruined abbey, they find evidence that a strange rite has been performed. When Holmes visits Frankland for information, he learns that someone has stolen the bishops tar antula. Meanwhile, near Baskerville Hall, Sir Henry meets Cecile, and they are attracted to one another. Holmes, Mortimer and Stapleton descend into a disused tin mine in search of evidence, but a cave-in almost traps Holmes. That evening, when Sir Henry goes to meet Cecile on the moors, he learns that she actually hates him, and that the hound is now on his trail. Holmes and Watson arrive almost too late to save him, but Holmes kills the hound and reveals its an ordinary, if large, dog in a mask. The villain is a descendant of Sir Hugos from the wrong side of the sheets, he and his daughter were determined to use the legend of the Hound to kill those standing between them and Baskerville Hall. As the conclusion of this book draws near, I realize what an interesting book this is. Doyle does his job well of adding a dose of suspense and mystery to each chapter. The plot evolves greatly through the last few chapters and the mystery behind the hound is revealed. .u6c7f6cbcf4112bcc80d485098fb07051 , .u6c7f6cbcf4112bcc80d485098fb07051 .postImageUrl , .u6c7f6cbcf4112bcc80d485098fb07051 .centered-text-area { min-height: 80px; position: relative; } .u6c7f6cbcf4112bcc80d485098fb07051 , .u6c7f6cbcf4112bcc80d485098fb07051:hover , .u6c7f6cbcf4112bcc80d485098fb07051:visited , .u6c7f6cbcf4112bcc80d485098fb07051:active { border:0!important; } .u6c7f6cbcf4112bcc80d485098fb07051 .clearfix:after { content: ""; display: table; clear: both; } .u6c7f6cbcf4112bcc80d485098fb07051 { 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; } .u6c7f6cbcf4112bcc80d485098fb07051:active , .u6c7f6cbcf4112bcc80d485098fb07051:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u6c7f6cbcf4112bcc80d485098fb07051 .centered-text-area { width: 100%; position: relative ; } .u6c7f6cbcf4112bcc80d485098fb07051 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u6c7f6cbcf4112bcc80d485098fb07051 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u6c7f6cbcf4112bcc80d485098fb07051 .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; } .u6c7f6cbcf4112bcc80d485098fb07051:hover .ctaButton { background-color: #34495E!important; } .u6c7f6cbcf4112bcc80d485098fb07051 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u6c7f6cbcf4112bcc80d485098fb07051 .u6c7f6cbcf4112bcc80d485098fb07051-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u6c7f6cbcf4112bcc80d485098fb07051:after { content: ""; display: block; clear: both; } READ: Learning styles EssayThe book was exciting and I recommend it to anyone who enjoys mysteries. 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Spies in the Civil War essays

Spies in the Civil War essays The Civil War was the bloodiest, most devestating war that has ever been fought on American soil. It began on April 12, 1861, at 4:30 in the morning. The main reason that the war was fought was because Southern states believed that they should have the right to use African-Americans as slaves, and the Northern States opposed that belief. Millions of American men and women fought against each other in this war, and more than half a million died. Yes, that is a fact. The men were usually soldiers. Women tended to be nurses, aides, or doctors, although some of them posed as men in order to be able to fight in the war. Some of these men and women, though, were spies. Instead of fighting with guns and ammunition, these people fought through secrets and sabotage. These tactics turned out to be essential. Battle could be won or lost depending on information aquired from spies. Back then, spying was hardly the same as it is today, with all of our high-tech gadgets and well-organised secret agent groups. However, most of the things that spies do today were done in the nineteenth century just as effectively. On thing that spies did was send messages, which were usually about the enemy's plans and movements, their troop size, their supplies, and the placement or strength of their forts. Many used coded messages with words that stood for different words. Some had different symbols for letters and numbers. Some spies even used inivisible ink. The spies also had ways of concealing the messages that they had to deliver. Messages were often hidden in articles of clothing. People had to write on silk, that was then sewn into clothing, and spies could also hide information in large metal buttons. Women's clothing was ideal for hiding things in. Sometimes, they would even hide people under their hoop skirts! Two other things that spies did often were interceptin gmilitary dispatches and sending supplies. Supplies were often ...

Is Turkish law incompatible with EU membership Essay

Is Turkish law incompatible with EU membership - Essay Example Ten years ago Turkey applied for accession to the European Union.Till today the accession has not be granted.Mainly because of the huge overall concern that Turkey is not what is perceived to be a truly democratic and free countryOne largely ignores the fact that not half a century ago that what was mostly a divided and warring section of Mediterranean countries like Greece, Spain and Portugal is now today an integrated and peaceful Europe and the European integration project in which Turkey wants to join, has brought Europe together into a cohesive whole creating a 'security community' within an ever growing community where there is a "democratic peace". Former authoritarian and militarily dominated countries have come together. And the conditionality for the membership 'peace and cooperation' has been the most potent tool for the drawing together of diverse cultures and groups such as French, German, Poles, Hungarian and Romanian countries. Dialogue and a mutual sense of security e xists where earlier there was only confrontation and suspicion. Till today Turkey's dream of integration into the EU is still a dream. A virulent debate still rages over whether Turkey will strengthen EU's 'democratic zone' or destroy it and undermine the functioning of the EU through its action, most of which is considered as unlawful in the EU.The most prominent argument is that Turkey is a hardliner and the regions surrounding Turkey is filled with instability, violence, terrorism and political instability with hard-line Islamic fundamentalism. But internationally prominent figures like George Bush and Condoleeza Rice, Tony Blair are all for the process of Turkey's integration into the European Union. Olli Rehn (assumed office as EU Commissioner for Enlargement on 22 November 2004,) is the President of the European Commission responsible for Enlargement of the European Union (ENP), which was adopted in 2003. EU borders are being stretched now to the Middle East and World borders are breaking down. Increasingly Turkey is starting to play a prominent role. It is shedding the coercive aspects of its political views and laws are becoming much more liberal and dependent on dialogue and cooperation, dismantling prejudices and promoting mutual trust. The Portuguese Foreign Affairs minister recognized this and after the Brussels Council meeting in 2005 he said 'the US will be pleased and Bin Laden will be disappointed'. This was the meeting where it was decided that talks on Turkey accession to the EU would start. With this accession to the EU it's credibility and influence in world politics and the Muslim world will increase significantly. Prominently opposition was because the Turks did not allow freedom of expression. For a long time challenging status quo in Cyprus amounted to treason and the Anan Plan was criticized and applauded in turn. The Prime Minister, Tayyip Erdoan (wanted a "win-win" solution) Discourse of this kind was a new phenomena and a novel one in Turkey and undoubted this was the pressure that was created due to the EU and the prospect of accession. On 12th September 2005 was published the 12 cartoons by the Danish newspaper Jyllands-Posten which showed the Muslim Prophet Muhammad in a variety of humorous or satirical situations. Turkey and the Muslim world clashed with the western world. Danish Prime Minister Anders Fogh Rasmussen's nomination as NATO's new secretary-general due to his stand in 2005 in this issue lead to his leadership being strongly opposed and the rights and the freedom of expression in the Muslim world being strongly questioned. It seemed to be incompatible with the U.N declaration of human rights. Muslims complained about an 'ongoing smear campaign' in Denmark against Islam and warned that negative reaction could result in Muslim countries and Muslim communities in Europe. They called on the prime minister "to take all those responsible to task under law

Manging Financial Resources and Decisions Assignment - 1

Manging Financial Resources and Decisions - Assignment Example (NEEDHAM. 1995) Each source of finance has its cost which is an important factor to consider in choosing the source of finance. Equity capital as a source of finance, through ordinary and preference shares has a cost of share in the company’s holding and dividend payments have to be made to the shareholders. Retained profits as a source of finance potentially involve no cost to the company. Debentures are another important source of finance which has interest payments to be made to the debenture holders. Bank finance and overdraft facility by the banks also involves payment of interest to the banks. On the other hand specific assets can be funded by hire purchase and leasing which will involves rental payments to the lessor. The company can also use its trade debtors for short term source of finance which could be done by factoring. This could involve an amount of payment to the factoring company and in some cases loss of reputation as the factoring company may not treat the debtors well. (D RANSFIELD. 2004) Mr. Singh needs finance to fund the premises and start up his business. He might not require additional money for starting up of this business as he already got a redundancy payment. To finance the premises Mr. Singh can obtain a mortgage loan from any bank and financial institution. This is the most appropriate source of finance for the premises, land and buildings. The lending institution will process the loan and Mr. Singh would get to start his business immediately and can repay the loan over the years as his business gets stronger. (NEEDHAM. 1995) A public listed company has many options to be used as a source of finance. The company could raise  £ 5 million by either equity finance or debt finance. There will be various factors that need to be considered for both the options. For equity financing the company has to see its authorized share capital before issuing new shares. For debt financing

1-3 Willow road Dissertation Example | Topics and Well Written Essays - 4000 words

1-3 Willow road - Dissertation Example Chapter III. The Context: Proportion and Other Elements of Style†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦14 V. Conclusion†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..16 Introduction The building 1-3 Willow Road is a rowhouse consisting of 3 homes set together. Built in 1939 by architect Erno Goldfinger, 1-3 Willow Road is an example of Modernist British architecture in Hampstead Heath, London, England. He was a modern pioneer of the Modernist movement. Originally from Hungary, he studied in Paris at the Ecole des Beaux Arts. He rebelled against the conservatism of the Beaux Arts and and he and a group of students broke away to form a new studio. They at first asked Le Corbusier to be the head of the studio but he declined. It was therea fter run by one of his contemporaries, Auguste Perret. Perret introduced the use of reinforced concrete construction, and whose his rationalist style and passion for the unadorned greatly influenced Goldfinger. Goldfinger resided in the center construction, Number 2 Willow, with his family until the time of his death in 1987. Although the construction of the building was at first disputed it was later acquired by the National Trust of England and is today an historic landmark. Here it will be discussed: the architect, including every salient detail about his work; the content of the Hampstead house building itself; and the context of the work, including proportion and other elements of style. Chapter I. The Architect: Erno Goldfinger Significance 1-3 Willow Road was controversial at the time of its conception, and the residents—as well as the city council—rejected the idea of its being built. â€Å"The Hampstead house was [originally] built for solicitor Geoffrey Walf ord of Piccadilly, his wife Ursula Walford and her four children from a first marriage.†1 Erno Goldfinger had to revise his plans several times before they were approved and construction could begin. Although a modern interpretation of a Georgian style building, it is an important example of the revolutionary ideas the architects of the Modern period hoped to establish. It was modeled after 18th- and 19th-century terrace houses, but built with modern materials and detailing. This building may be seen as part of the International style movement that has social and political undertones. These particular architects—being much more concerned with building homes for the everyday man rather than elaborately-decorated edifices that had characterized much of the architecture that had preceded it—also set forth to consider the function and utility of the structure. With the advances in new technology, new materials were invented. As such, these buildings were famous for b eing the first to utilize such technological advancements. Many new ideas in the arts and architecture flourished and Goldfinger’s work embodies these precepts. Therefore, 1-3 Willow Road is an excellent example of what one would call Modernist principles. Although he became more well known for his buildings following WWII, the houses on Willow Road can be seen as their precursors. Cultural and Historical Background Hampstead Heath, where Willow Road sits, is a celebrated and picturesque part of London, England. Just minutes by train from the heart of London, many people go there to enjoy the nearby countryside. There are many ponds, a garden filled with flowers and trees and an aviary, as well as a zoo. Mainly rural, the area has several ponds and acres of undeveloped land. Although the countryside has been well preserved there are many

Public Debt And Its Political Implications Economics Essay

Public Debt And Its Political Implications Economics Essay The debt limit or so called debt ceiling is the total sum of money that the US government is allowed to borrow in order to cover the existing expenditures: national defense, interest on the national debt, Medicaid and Medicare benefits and other expenditures. The debt limit enables the government to cover the spending that was negotiated between Congresses and Presidents in the past. Nevertheless, it does not apply for new, unbudgeted expenditures. If the debt ceiling limits the government to pay for expenditures that are legal obligations (e.g. interest on the national debt, government employee wages, etc.), the debt ceiling can lead to the default of the US (US Department of the Treasury, 2012). The U.S. Debt-Ceiling Crisis and the Budget Control Act of 2011 In May 2011, the Treasury declared that the debt ceiling of US $14.29 trillion had been reached, but that extraordinary measures could prevent a default and keep government operational. For several months after this announcement, the debt ceiling was in the center of a political battle between the Republicans, who controlled the House of Representatives since the 2010 elections, and President Obama and the Democrats who controlled the Senate. The Republicans insisted on revenue increases and spending cuts as condition for their approval of an increase in the debt ceiling. Both parties could not come to a compromise and by the end of July, the countrys default approached. Finally, an agreement between President Obama and Congressional leaders was reached by the night of July 31, 2011 (Eells, 2013). On August 2, 2011, President Obama signed the Budget Control Act (BCA) that raised the debt ceiling and thus averted the looming, first-ever US government default. The Budget Control Act authorized the increase of the debt limit in three installments. First, the President can require the immediate increase of the debt limit by US $400 billion. Second, the debt limit can be increased by additional US $500 billion, if a joint resolution of disapproval is not enacted. Thirdly, the President can require an additional amount between US$1.2 trillion and US $1.5 trillion that is also the subject to congressional disapproval (Heniff et al., 2011). The first two debt increases, totaling US $900 billion, should be compensated by reductions in future federal spending. The BCA also determined caps on annual expenditures over the following ten years. Estimates on federal spending reductions by the Congressional Budget Office (CBO) totaled US$917 billion. For the years 2012 and 2013, the limits on security and non-security spending are separate. For the eight years thereafter, the spending cap will be effective on a single discretionary category (Heniff et al., 2011). Another part of the BCA was the establishment of a Joint Select Committee on Deficit Reduction. This Committee is tasked with proposing means to reduce the federal deficit by at least US $1.5 trillion over the next ten years. As a result, the BCA provides at least one dollar of spending cuts for one dollar in debt ceiling raise (Heniff et al., 2011). However, if the Joint Committee fails to produce spending cuts of at least US $1.2 trillion, then the President will be authorized to increase the debt ceiling by US $1.2 trillion that need to be compensated by a combination of the spending cuts nevertheless produced by the Joint Committee and across-the-board spending cuts, including military expenditures, education, transportation, Medicare etc. (GAO, 2012). The political battle between Republicans and Democrats had several negative consequences. The delays in raising the debt limit in 2011 resulted in additional borrowing costs for the Treasury of about US $1.3 billion only in the fiscal year 2011, which do not include the multiyear effects on potentially increased interest expenses for Treasury securities of future issues. Other challenges for the Treasury in managing the federal debt under the effects of these delays were the complexity, the time spent and the technical issues that arose before the staff. Moreover, the Treasurys employees had to focus on extraordinary actions instead of focusing on its important debt and cash management responsibilities and staff development (GAO, 2012). The US debt passed the 100%-of-GDP mark after the governments debt ceiling was increased. The new borrowing enlarged the US debt to US$14.58 trillion, surpassing the US $14.53 trillion size of the U.S. economy in the year 2010 and moving the USA into a fiscal situation similar to countries whose public debt is higher than their annual gross domestic product: Japan (229%), Greece (152%), Italy (120%), Ireland (114%) and Iceland (103%). The last time the U.S. debt exceeded GDP was in 1947 after World War II and the deficit was due to extraordinary war spending (Money News, 2011). As a result of the debt increase, Standard Poors (SP) downgraded its USA long-term sovereign credit rating from AAA to AA+ on August 5, 2011. The lowering of the long-term sovereign credit rating by SP reflects the rating agencys believe that the the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges to a degree more than was envisioned when agency assigned a negative outlook to the rating on April 18, 2011 (Swann et al., 2011). SP believed that the fiscal consolidation plan that was agreed by Congress and the President was not sufficient to stabilize the general government debt burden by 2015. Additionally, the political positions of Republicans and Democrats were still far apart and the two parties only agreed on minor savings in discretionary expenditures. The Select Committee had to provide more comprehensive solutions. The political disputes diminished the governments capability to manage public finances and distracted attention from the ultimate goals of a more balanced budget and improvement in economic growth. SPs prospect on the long-term rating is unfavorable. The agency can even decrease the long-term rating to AA, if, for instance, the US government cuts its spending less than was negotiated or the new arising fiscal burdens over the next two year period. The other two major rating agencies, Moodys and Fitch, kept their top credit ratings, although they pointed out that downgrades could follow if the US government fails to implement debt reduction measures or an economic slowdown happened (Detrixhe, 2011). After raising the debt limit to US $15.2 trillion in August 2011, Congress increased the debt limit to US $16.394 trillion in January 2012. By the end of August 2012, the amount of debt reached US $15.977 trillion, which is approximately US $417 billion below the debt limit. As the government borrows roughly between US $100 billion and US $125 billion a month, the debt was estimated to hit the limit in December 2012 (Sahadi, 2012). By December 31, 2012, the USA reached its debt ceiling, but the Treasury declared that it can pay outstanding debt obligations and other bills for the next two months. This means that a new political battle, between Congress and the White House, for another increase in the debt ceiling will start in the near future. Effects of the US government shutdowns in 1995-1996 In 2011, the US government was close to defaulting on its public debt. The potential negative consequences of a default are more severe than that of a shutdown. Nevertheless, recent shutdowns can give an example of potential harmful effects of such fiscal issues on the public and economy. In history, the US government has experienced several shutdowns (Figure XY) that occurred when Congress fails to adjust funding for the current fiscal obligations. In this situation the government can no longer borrow funds, but the federal government can continue to operate, given the Treasury has the opportunity to generate additional revenues or to implement special measures. Nevertheless, the continuing incapability to borrow would result in a default (Masters, 2013). Figure XY. Appropriations Funding Gaps: Fiscal Years 1977-1998 Fiscal Year Date gap Commenced   Full day(s)   of gaps Date gap terminated   1977 Thursday 09-30-76 10 Monday 10-11-76 1978 Friday 09-30-77 12 Thursday 10-13-17 Monday 10-31-77 8 Wednesday 11-09-77 Wednesday 11-30-77 8 Friday 12-09-77 1979 Saturday 09-30-78 17 Wednesday 10-18-78 1980 Sunday 09-30-79 11 Friday 10-12-79 1982 Friday 11-20-81 2 Monday 11-23-81 1983 Thursday 9-30-82 1 Saturday 10-2-82 Friday 12-17-82 3 Tuesday 12-21-82 1984 Thursday 11-10-83 3 Monday 11-14-83 1985 Sunday 9-30-84 2 Wednesday 10-3-84 Wednesday 10-3-84 1 Friday 10-5-84 1987 Thursday 10-16-86 1 Saturday 10-18-86 1988 Friday 12-18-87 1 Sunday 12-20-87 1991 Friday 10-5-90 3 Tuesday 10-9-90 1996 Monday 11-13-95 5 Sunday 11-19-95 Friday 12-15-95 21 Saturday 1-6-96 Figure : Appropriations Funding Gaps (Source: U.S. Library of Congress, Congressional Research Service) The longest US government shutdown was a shutdown in the years 1995-1996. The U.S. government was shut down for 21 days between the December 16, 1995 and January 6th, 1996 due to the budgetary mismatches between Democratic President Bill Clinton and Republican Speaker of the House Newt Gingrich. In 1995, Clinton denied to cut steeply Medicaid, Medicare and other non-defense expenditures for the 1996 budget. Gingrich responded with the threat that Congress would not approve the increase in the debt ceiling. This would lead the USA to default on its outstanding debt. The first shutdown lasted five days from November 13 until 19 when both parties made an agreement to balance the budget in seven years period. However, the White House and Congress could not agree how this procedure would be accomplished resulting in the second US shutdown for 21 days. Negotiations between the President and Congress over the next 21 days resulted in the agreed seven-year balanced budget plan. The plan cons isted of the tax increases and the little spending cuts (Fiscal Politics Policy from 1970s to the Present). Gressle (1999) showed the effects of the US government shutdown on the public and economy. The first and the second shutdowns in 1995-1996 years resulted in the furlough of an estimated 800000 and 284000 federal employees respectively. The second shutdown had vast effects on all sectors of the economy. A good example is the health care sector where new patients were not accepted into National Institute of Health (HIN) Clinical Center and the hotline calls to HIN regarding health problems were not answered. Around 20000-30000 applicants for US visa were not served each day resulting in million dollar losses for airlines and tourist industries. The closure of 368 National Parks led to the loss of 7 million visitors and US$14.2 million per day in tourism income by locals. After the 1995-1996 shutdowns, President Clinton improved his image (Lader, 2008). The majority of Americans understood that both shutdowns were due to the Republican obstinacy. Nevertheless, the shutdowns in 1995-1996 showed the aftermaths of divided government and the shift of the political policy to the rightwing. Fiscal Cliff There are a lot of expressions for the issue often called fiscal cliff: fiscal slope, austerity crisis or fiscal obstacle course. However, all of them describe the same process, particularly, the automatic tax increases and spending cuts that take effect on January 1, 2013. However, the first person who popularized the term fiscal cliff was the chairman of the Federal Reserve, Ben Bernanke. The chairman used this expression in a speech to a congressional committee in February 2012 in reference to a combination of spending cuts and tax increases set for January 1, 2013. Afterwards, the phrase was used widespread (Geoghegan, 2012). The majority of analysts predict that the implementation of the tax and spending cuts on January 1, 2013 will have no significant influence on the economy as a whole in the short run. At the same time, the long-term effects of these measures would be tremendous. If a deal can not be reached by the White House and Congress, it might have uncertain effects on the economy such as a market panic, a drop in consumer spending, a decrease in business investments, etc. The Congressional Budget Office calculated that the budget deficit would decrease by US $0.5 trillion from 2012 to 2013 and the economy would slow down due to a resulting recession. Almost all Americans would experience a rise of their tax bills with the estimated increase at US $3500 and an after-tax income decline by 6.2% for the average family (Lowrey, 2012). On Tuesday January 1, 2013, Congress approved a deal to end the long partisan dispute over the fiscal cliff. The main changes that were set were the end of last years temporary payroll tax cuts (resulting in a 2% tax increase for workers), the end of certain tax breaks for businesses, shifts in the alternative minimum tax that would take a larger bite, a rollback of the Bush tax cuts from 2001-2003, and the beginning of taxes related to President Obamas health care law. At the same time, the spending cuts agreed upon as part of the debt ceiling deal of 2011 will begin to go into effect (Kenny, 2013). The agreement leads to the increase of the tax rate from 35% to 39.6 % for single persons who earn US $400000 and for couples with an income above US $450000 per year. Americans should also pay higher taxes on dividends and capital gains with the tax rate rising from 15% to 20%. Also, the tax for estates with a value above US$5 million will be taxed by 40% (previous rate 35%), but Republicans succeeded in indexing the threshold of US $5 million to inflation and thus smoothing the effects of the estate tax for wealthy Americans (Ungar, 2013). Among other changes were the extension of an additional year of unemployment benefits for nearly 2 million Americans, the doctor fix related to Medicare and tax credits for college tuition that were extended for another five years (Ungar, 2013). The agreement prevents a significant increase of income tax for around 100 million American families that earn less than US $250000 annually. However, the 2% payroll tax cut, that was originally part of the 2009 stimulus package, will expire (Montgomery and Helderman, 2013). The above measures will prevent the severe economic downturn that could happen in case of going over the fiscal cliff. President Obama pointed out in his brief statement that the new measures would produce US $620 billion in new tax revenues (Montgomery and Helderman, 2013). In conclusion, the new measures that were set to avoid the fiscal cliff were not the ultimate goal of neither Republicans nor Democrats. Republicans are not satisfied with the tax increases and the lack of spending reductions, while Democrats complain about the provisions regarding estates. It seems that the political dispute will continue in the near future and the agreement signed on December 31, 2012 was just a short-term fix to avoid the fiscal cliff. Foreign Holdings of US Public Debt and its Political Implications A crucial point in analyzing the current situation of US public debt and its political implications is the detailed understanding of foreign holdings. As of July 2012 (most recent data), foreign countries owned a total of US dollar 5.4 trillion of U.S. debt, which is approximately 34% of total debt outstanding of US dollar 15.9 trillion. The three largest single foreign holders are the central banks of China, Japan and Brazil. Comparing the situation in July 2012 with the state in July 2002, one can see that the proportion of foreign holdings in US public debt outstanding has grown from approximately 19% to 34% (Treasury Direct, 2012). Figure XY shows that as of July 2012, China is the largest single holder of US public debt with a share of approximately 7.2% followed by Japan with a corresponding share of about 7.0% (US Department of the Treasury, 2012). Figure : Foreign Holdings of US Public Debt (Source: Treasury Direct, 2012 U.S. Department of the Treasury, 2012) Given its low savings rate, the US economy is strongly dependent on foreign capital inflows from countries with high savings rates (for example China  [1]  ) to meet its domestic investment needs and to fund the federal budget deficit. Important to understand is that the willingness of foreign countries to invest in the US economy and to purchase US public debt has helped to keep US real interest rates relatively low in the past, which until recently, contributed to a great extent to a fast US economic growth and enabled the country to consume more that it produces for a long time. Some renowned economists also argue that the US dependency on foreign savings was a contributing factor to the US subprime crisis and the subsequent global financial crisis. However, the size and the recent growth of US public debt have raised concerns about the willingness of foreign countries to continue to invest in US public debt securities. For example, some Chinese analysts claimed that the gover nment should diversify its reserves away from US dollar assets into assets of other currencies. An important short-term political implication of Chinas large holdings in US public debt is that, if China might suddenly decide to sell a large share of its holdings, this would induce other foreign investors to sell off their holdings as well, which could dramatically destabilize the US economy. Possible consequences can be the depreciation of the US dollar as its supply on foreign exchange markets increased and a large increase in US interest rates as a crucial source of funding for investments and the budget deficit is withdrawn from financial markets (Morrison and Labonte, 2012). Therefore, China seems currently able to destabilize the US economy through the sale of a large share of its US debt holdings, which can be seen as a financial weapon (Sandbrook, 2012). In addition, in the long run, if China reduces its US securities, the US would need to replace it with other foreign or domestic investors to fill in the gap. Those investors would probably have to be acquired through higher interest rates compared to those of today. Increased interest rates would cause a fall in all kinds of interest-sensitive spending. The reducing of Chinese Treasury holdings would all else equal cause the foreign demand for US assets do decline, which would then lead to a dollar depreciation (Morrison and Labonte, 2012). All in all, given a large reduction in Chinas holdings of US public debt, the impact on the US economy would still be dependent on whether this reduction takes place gradually or suddenly. Some US policymakers also argue that Chinas large holdings of US public debt give it leverage over the United States on economic and noneconomic issues. An illustrative example of this concern is Ding Gang, an editor of Chinas Peoples Daily  [2]  , who wrote in an editorial in August 2011 that the Peoples Republic of China should create a direct link between the amount of US Treasury holdings with the US arms sales to Taiwan. Gang states Now is the time for China to use its financial weapon to teach the United States a lesson if it moves forward with a plan to sale arms to Taiwan. In fact, China has never wanted to use its holdings of U.S. debt as a weapon. It is the United States that is forcing it to do so. [à ¢Ã¢â€š ¬Ã‚ ¦] China has no choice but to use it as a weapon to defend itself when facing threats to Chinas sovereignty (Gang, 2011). Altogether, Chinas holdings in US public debt can be seen as a strong instrument to put pressure on the United States with regards to poli tical disputes between the two countries. As a result, the growing dependency of the US on China to purchase US Treasury securities to fund the countrys budget deficit has become a major concern to many US policymakers (Morrison and Labonte, 2012). However, the probability that China would suddenly reduce its holdings of US public debt is highly questionable because of the fact that doing so could potentially have a significant negative impact on the Chinese economy as well. The important causality which takes away Chinas incentive to sell is the fact that any Chinese attempt to sell a large portion of its US debt holdings could, on the one hand, dramatically reduce the value of its remaining holdings in international markets. On the other hand, a negative demand shock in the United States would also dramatically reduce US demand for Chinese exports, either through an appreciation of the Chinese Yuan against the US Dollar or a reduction in the US economic growth (especially if other foreign investors sell their US asset holdings as well and the United States are forced to raise interest rates in response) (Morrison and Labonte, 2012). This is especially severe because of the fact that China was the United States largest supplie r of goods imports in 2011. US goods imports from China totaled U.S. dollar 399 billion in 2011, a 9.4% increase from 2010 and up 299% since 2000. Imports from China into the United States accounted for 18% of overall US imports in 2010 (Office of the United State Trade Representative, 2012). A sharp reduction of US imports from China could therefore have a significant negative impact on Chinas economy, which heavily depends on exports into the United States for its economic growth. Moreover, in the case of China, economic growth is also seen as a vital source of political stability and therefore in the interest of the government. Consequently, it can be argued that the US and Chinese economies are mutually dependent  [3]  on each other, which, as a matter of fact, gives China very little leverage over US policy (Morrison and Labonte, 2012). The former US Treasury Secretary Lawrence Summers called the mutual damage which would occur to the US and Chinese economies the balance of financial terror (Dorn, 2008). For some time, this balance of financial terror as well as the global financial system has kept China off from exploiting their power position (Dorn, 2008). Nonetheless, regardless of the balance of financial terror, growing bilateral tensions over the US public debt between the United States and China can clearly be observed. For example, the government-controlled Chinese newspaper Xinhua News Agency expressed a lot of criticism on US economic policies regarding the US public debt situation: With its debt approximating its annual economic output, it is time for Washington to revisit the time-tested common sense that one should live within ones means (Xinhua News Agency, July 2011). The days when the debt-ridden Uncle Sam could leisurely squander unlimited overseas borrowing appeared to be numbered as its triple A-credit rating was slashed by Standard Poors (SP) for the first time on Friday. China, the largest creditor of the worlds sole superpower, has every right now to demand the United States to address its structural debt problems and ensure the safety of Chinas dollar assets (Xinhua News Agency, August 2011). To relieve further bilateral tensions between the two countries, China should pursue a more market-liberal path and the United States should abstain from implementing protectionist measures. Doing this, the US-China relationship should develop peacefully and global prosperity will continue. Consequently, the balance of financial terror would collapse and give way to free trade and capital freedom (Dorn, 2008). In conclusion, the main political issue from the perspective of the United States is not Chinas large holdings of US public debt per se, but rather the high US reliance on foreign capital in general and whether this reliance is sustainable in the future (Morrison and Labonte, 2012). Policymakers in the United States should therefore think about the medium- and long-run implications of the countrys high amount of public debt held by foreigners. To do that in an appropriate way, they have to take into account and to understand the economic and political relationships between the United States and its debt holders, with China leading the way. A first step to mitigate the problem is to launch political measures so that the United States increases its level of savings in the long-term in order to reduce the vulnerability to a possible shift away from US assets by foreign investors (Morrison and Labonte, 2012). The Role of U.S. Public Debt in the Global Economy Undoubtedly, the United States still plays an exceptional role in the global economy. First of all, the country is the largest economy in the world. Secondly, it clearly dominates the global monetary system: The United States capital markets are among the most liquid ones (Schuman, 2011) and the special status of the dollar as the worlds reserve currency has become an crucial aspect of Americas power, allowing the country to borrow effortlessly and maintain an assertive foreign policy (Warnock, 2010). In addition, the US dollar is the primary currency used in foreign exchange transactions and trade. Also, as already mentioned in the chapter before, countries such as China and Japan store their national wealth to a large extent in US public debt. The perception has always been that the United States has a safe haven status, meaning that when investors get nervous, they increase dollar-based assets, and especially also US public debt (Schuman, 2011). Having said all this, given the exc eptional status of the United States in the world economy, the global economic and political consequences of the development of US public debt are substantial. Increasing US public debt bears the risk of a fundamental change in the perception of the safe haven status of the United States. Schuman (2011) speculates on what would happen if this change in perception comes true  [4]  : US Treasury securities would be seen as riskier than before and would consequently lose their attractiveness. As a result, interest rates would increase in the United States, raising borrowing costs in the economy and making it more difficult for the US government to finance debt and budget deficits. This can potentially lead to a significant decrease in investments and consumption. The US dollar will presumably depreciate, which will devaluate currency reserves around the globe. All those effects taken together will have negative consequences on the growth of the US economy, lowering living standards for Americans and eventually leading to a slower growth of the world economy. To put it simple, a loss of confidence in the United States as a safe haven results in higher interest rates, which will automatically have negative consequences on the world economy (International Monetary Fund, 2012). Therefore, the exceptional role of the United States makes its public debt situation dangerous for the shape of the global economy due to the fact that overwhelming debt amounts can cause effects that potentially destabilize the world economy. In addition, the ten-year US Treasury bond has the status of the worlds risk-free asset, meaning that the United States is the basic standard by which risk in financial markets is assessed (Warnock, 2010). This is sometimes referred to as the risk-free standard and is a basic convention regularly used in all different kinds of valuations in the daily business world. In particular, the risk-free standard is an important measure in the context of corporate and asset valuation (Damodaran, 2008). Loosing the safe haven status of the United States as a possible consequence of the above-described developments means loosing the risk-free standard convention, resulting in global efficiency losses and higher risks of economic and financial fragmentation (Schuman, 2011). Although the United States exceptional status in the world economy makes its debt situation risky, that status obviously gives the country particular protection as well. A meaningful example of this protection is the warning of Standard Poors to downgrade the United States from its traditional prized AAA credit rating in April 2011 (Schuman, 2011): This warning was a strong signal that Standard Poors was not concerned about the special status of the US in the global economy, meaning that if the country is not able to get its debt situation under control, it will be confronted with a downgrade similar to those of Greece, Spain or Japan. However, financial market participants acted against what economic intuition and theory tells us. US Treasuries weakened immediately after Standard Poors announcement, a clear indication that investors were selling them. Nevertheless, they returned to their old strength shortly afterwards, suggesting that investors even bought US public debt after S tandard Poors warning instead of selling them to a large extent (Schuman, 2011). Moreover, some reactions of major US bondholders indicated that they are not concerned about the countrys financial condition. For example, at the time Japanese Finance Minister Yoshihiko Noda mentioned: [à ¢Ã¢â€š ¬Ã‚ ¦] basically we continue to believe that US Treasuries are an attractive product for us (Channel NewsAsia, 2011). A further crucial point in the context of the role of US public debt in the global economy is the argument that US policymakers have been relying probably subconsciously on the exceptional status of the United States (Schuman, 2011).  [5]  The particular role of the US in the global economy leads to the outcome that the country does not have to face dangers other nations could never avoid. A political implication of this behavior is presumably that according to some critical authors and journalists the United States are one of the few heavily indebted developed economies that does not have a credible plan to control deficits and debt  [6]  (Schuman, 2011). To put it in simple words, US policymakers have possibly been banking on being like American International Group (AIG) or General Motors (GM) in America or UBS in Switzerland, acting as if the country is too big to fail  [7]  . In conclusion, one can state that a debt crisis in Portugal for example can potentially create uncertainty through world financial markets, and if a larger country such as Spain fell into crisis, this uncertainty could have destabilizing effects. But US public debt bears the risk of crashing the entire operating system of the global economy. Hen

bird feeders :: essays research papers

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