Financial Crises And Global Capital Flows :: essays research papers

<a href="http://www.geocities.com/vaksam/">Sam Vaknin's Psychology, Philosophy, Economics and Foreign Affairs Web Sites The recent upheavals in the world financial markets were quelled by the immediate intervention of both international financial institutions such as the IMF and of domestic ones in the developed countries, such as the Federal Reserve in the USA. The danger seems to have passed, though recent tremors in South Korea, Brazil and Taiwan do not augur well. We may face yet another crisis of the same or a larger magnitude momentarily. What are the lessons that we can derive from the last crisis to avoid the next? The first lesson, it would seem, is that short term and long term capital flows are two disparate phenomena with very little in common. The former is speculative and technical in nature and has very little to do with fundamental realities. The latter is investment oriented and committed to the increasing of the welfare and wealth of its new domicile. It is, therefore, wrong to talk about â€Å"global capital flows†. There are investments (including even long term portfolio investments and venture capital) – and there is speculative, â€Å"hot† money. While â€Å"hot money† is very useful as a lubricant on the wheels of liquid capital markets in rich countries – it can be destructive in less liquid, immature economies or in economies in transition. The two phenomena should be accorded a different treatment. While long term capital flows should be completely liberalized, encouraged and welcomed – the short term, â€Å"hot money† type should be controlled and even discouraged. The introduction of fiscally-oriented capital controls (as Chile has implemented) is one possibility. The less attractive Malaysian model springs to mind. It is less attractive because it penalizes both the short term and the long term financial players. But it is clear that an important and integral part of the new International Financial Architecture MUST be the control of speculative money in pursuit of ever higher yields. There is nothing inherently wrong with high yields – but the capital markets provide yields connected to economic depression and to price collapses through the mechanism of short selling and through the usage of certain derivatives. This aspect of things must be neutered or at least countered. The second lesson is the important role that central banks and other financial authorities play in the precipitation of financial crises – or in their prolongation. Financial bubbles and asset price inflation are the result of euphoric and irrational exuberance – said the Chairman of the Federal Reserve Bank of the United States, the legendary Mr.

A Review of An Occurrence at Owl Creek Bridge Essay

In all honesty, An Occurrence at Owl Creek Bridge was a bit confusing to read. It was not only confusing, but the ending was a surprise to the reader. In the story, we got to see many different aspects of the life of Peyton Farquhar. This story shows the difference that times were back then compared to now. In today’s would, a man would not be hung, let alone executed for tampering with a bridge. I also liked the part in the story of the betrayal of the soldier that appeared to be in the confederate army. This showed that Farquhar was gullible and would do anything to get involved in the army, since he was not able to fight in it. At the end of the story, I was very surprised in finding out that Farquhar was really dead and his escape was just a figment of his imagination. The escape that he had watched in his mind showed how eager Farquhar was to get back to his home and his family. I enjoyed the narrative style the story was written/told in. I thought that since the story was split into three different sections, it was easier to read, and all around understand. The narrator made the beginning of the story suspenseful because the reader wants to know why Farquhar was going to be executed. This technique wants us to keep reading on to find out the terrible thing that Farquhar did. In the middle of the story, we learn the reason he was to be executed was because he tampered with the confederate bridge, thinking it was going to help them. The narrator did a good job of explaining what Farquhar was like and gave the readers a good mental picture of the situation he was in on the bridge. There are several possible themes that could go along with this story. The specific theme that I would choose for this story would be the difference between reality and fantasy. The difference between reality and fantasy go hand-in-hand throughout this story. It is not until the end of the story that we see the difference of them in Farquhar’s life. When Farquhar describes his escape, we believe that this is really happening. Farquhar describes his escape in a lot of detail and talks about his desire to be back with his family and back at home. The difference between reality and fantasy also is seen with the soldier that pretends to be a Confederate. Farquhar believes that the soldier is a Confederate, therefore plans the hurting of the bridge. This ends up being the illusion that leads him to his execution. This illusion of the soldier caused Farquhar to damage the bridge was the reason of his demise. This story did a great job of making you ask yourself, â€Å"what just happened† after reading the last few sentences. The narrators’ creation of Farquhar’s escape confused the reader, yet made it more interesting in the greater scheme of the story.

Explain the contribution of Teresa of Avila to mysticism Essay

Transfer-Encoding: chunked i »? Explain the contribution of Teresa of Avila to mysticism (35) Mysticism is an aspect of religious experience that is little understood. This term has been used to describe experiences that reveal spiritual recognition of truths beyond normal understanding, from the mildly ecstatic to the occult. It has been said that there are certain features which accompany such experiences which enable their recognition, such as a sense of freedom from the limitations of time, space and the human ego. Believers may also experience a sense of â€Å"oneness† or unity with God, accompanied with bliss and serenity. Mysticism is seen as the closest a human being can ever come to actually meeting God in this life. Mystical experiences can also be classified into two areas: extrovertive, where one experiences unity in the world through the physical senses and introvertive, where the person loses their identity as a separate individual and slowly merges into the divine unity. A key introvertive mystic is Teresa of Avila. In examining her contribution to religious experience, a good place to start is considering her background. Teresa’s background may be key to understanding her enigmatic personality and experiences. She was a woman from a wealthy background and had a turbulent start in life. When she was seven her mother died, and when she was fourteen she ran away to seek martyrdom. She had an alleged love affair with her cousin that tarnished her reputation and effectively made her unmarriable. This, coupled with her obsession with books of chivalry, may have corrupted her view of what love really is. Her father decided to send her into an Augustinian convent where she was very unhappy. This sense of rejection played a major part in her later religious experience. It was while she was in the convent that her religious experiences began. In 1554 she had a deeper conversion when she saw a statue of Jesus after he had been whipped. She was deeply moved and wrote, â€Å"I felt so keenly aware of how poorly I had thanked him for those wounds that, it seems to me, my heart broke. I threw myself down before him with the greatest outpouring of heart. † After this experience she progressed into a life of intense prayer and the Catholic practice of mortification, so much so that he motto became, â€Å"Lord, either let me suffer or let me die. † She was also deeply influenced by the Confessions of Augustine and other theological books – although she did not have access to the Bible. Perhaps the single most influential experience she had was when she ‘came back from the dead’ after suffering from what is thought to have been malaria. This increased her notoriety. Moving on, Teresa was encouraged to write about her experiences and her books continue to influence mysticism today. Her two main writings are Way of Perfection and The Interior Castle. Way of Perfection is considered her spiritual autobiography. Here she emphasises the importance of praying mentally as well as vocally. In sixteenth century Spain the common people were encouraged to restrict themselves to vain repetitions of learned-off prayers, Teresa rejected this in favour of a more personal relationship with God. Her superbly inspiring classic on the practice of prayer is as fresh and meaningful today as it was when she first wrote it. The Way of Perfection is a practical guide to prayer setting forth the Saint’s counsels and directives for the attainment of spiritual perfection. Through the entire work there runs the author’s desire to teach a deep and lasting love of prayer beginning with a treatment of the three essentials of the prayer-filled life — fraternal love, detachment from created things, and true humility. St. Teresa’s counsels on these are not only the fruit of lofty mental speculation, but of mature practical experience. In The Interior Castle she compares the soul to a castle with seven rooms, with the Trinitarian God residing in the inner room. Growth in prayer enables the believer to reach a deeper intimacy with God, symbolised by a progressive journey through the rooms of the castle. She also describes the resistance that the Devil places in various rooms, to keep believers from union with God. Throughout, she provides encouragements and advice for spiritual development. Teresa’s writings lack Biblical references due to the Spanish Inquisition restricting access to the scriptures, and this grieved her. William James identified four characteristics of religious experience: ineffability; noetic quality; transiency and passivity. All of these care clearly apparent with Teresa’s experiences. Starting with ineffability, this is when one experiences a feeling that cannot be described to anyone else. She wrote that, â€Å"the soul is fully awake as regards God, but wholly asleep as regards the things of this world. † Secondly, noetic quality is when the mystic experience gives insight into truths unobtainable by the intellect alone. This is also apparent in Theresa’s experiences: â€Å"when I return to myself, it is wholly impossible for me to doubt that I have been in God, and God in me. † Thirdly, transiency. The religious experience does not last for long, usually half an hour or so. Though they are remembered, they are imperfectly recalled, but recognised if they reoccur – the recipient usually feels a profound sense of the importance of the experience. Associated with Teresa’s raptures are always visions. Her most famous vision involved her seeing a small angel with a beautiful face holding â€Å"a long golden spear† tipped with a â€Å"little fire† which he thrust into her heart. Finally, there is passivity, when the mystic feels as if they have been taken over by a superior power. In Teresa’s case, her visions were sometimes accompanied by levitation or strange screams. It could be this aspect that led many to believe she was possessed by the devil. In terms of impact, Teresa of Avila had a profound influence on religious experience. She the first female saint of the Roman Catholic Church – the saint of headache sufferers, rather oddly. She was somewhat of a reformer, emphasising a personal relationship with God above rigid sacramentalism. In 1562 she established the strict Carmelite order in various areas of Spain and her writings continue to be studied by believers today.

Path To Power Essays - Nazi Germany, Chancellors Of Germany

Path To Power Essays - Nazi Germany, Chancellors Of Germany Path To Power Filling three high-level voids caused Adolph Hitler to rise to power as the totalitarian dictator of Germany. With his country in the ferment left from World War One, groups at all levels of politics were looking for a savior. Hitler stumbled upon an awareness of his own charisma, saw the opportunities to usurp power, and pursued his assent. The key factors allowing his success were his rise through the German Workers Party, becoming Chancellor of Germany, and orchestrating the combination of the offices of president and chancellor. The first factor was Hitlers ordered membership in the German Workers party. In September, 1919, officers of the Munich Command suspected disloyalty among political groups when it came to the military, and they needed a spy. They chose Hitler because of his towering hatred for Jews and Traitors. His mission was to join the German Workers Party and help it grow. Shortly after joining the Party he learned that their goal was to discuss ways of creating a better Germany. Many of the members blamed the Jews and Marxists for the problems of Germany, but they had no plan or program to set things right. Working with this organization caused Hitler to discover something about himself. He never expected that he had a gifted ability to control and influence people for his gain through speech. The more he spoke, the more enthusiastic they became, and the more control he had over them. Hitlers emotions ignited the crowd. People lost control of themselves, trembling, sobbing, weeping, and howling. Men as well as women fainted and fell over in the aisles. They were bewitched. Hitler quit the military and decided to wield the German Workers Party as his weapon to become the dictator of Germany. The next stepping stone arose when President Paul von Hindenburg decided that the Nazis could no longer be kept out of the government and asked ex-Corporal Hitler to become Chancellor of Germany. He accepted and thus began the second phase to total power. Although Hitler was Chancellor he still couldnt mount his revolution from within. He needed additional Nazi seats in the Reichstag, similar to our Congress, to gain total power. In order to gain these seats he also needed an election along with a reason for the voters to support the idea of a dictatorship. He manufactured a crisis to accommodate his cause. One evening just before the elections, the metal dome of the Reichstag burst into flames. The fire was so tremendous all the firemen could do was watch it burn to ashes and scorched brick. Hitler pinned the blame to Communist leaders and gained over 17 million votes that secured 288 Reichstag seats. Hitlers plan was a success and he was ready to advance to being the totalitarian leader of Germany. The third and final phase of Hitlers conquest was set to begin. The Reichstag, consisting of only Nazi supporters Hitlers SS men allowed in, met on March 23 to vote on the Enabling Act which gave Hitler total power over their rights to suspend the constitution, change any law, and make any law. With the communist leaders banned from the Reichstag, the Enabling Act passed 441 to 91. Hitler moved quickly to strike anyone else who was a threat to him by killing them or putting them into concentration camps. On August 2, 1934, President Hindenburg died, and the military, pleased with Hitlers accomplishments, allowed Hitler to combine the offices of Chancellor and President, which included being commander in chief of the armed forces. Since all other political parties had been officially abolished, the Nazi flag became Germanys official flag, and every serviceman, from General to Private, had to swear an oath of obediencenot to Germany, but to Hitler himself. With this oath, The Fuhrers Third Reich was firmly established. With these three key strategies, Hitler became the totalitarian dictator of Germany and the horror of the Holocaust began in earnest. No one dare question his treachery. The prophecy of General Kurt von Schleicher was soon to be fulfilled. As he predicted, This corporal will destroy Germany and it will have a horrible end.

Arnolds Expedition to Quebec during the American Revolution

Arnolds Expedition to Quebec during the American Revolution Arnold Expedition - Conflict Dates: The Arnold Expedition took place from September to November 1775 during the American Revolution (1775-1783). Arnold Expedition - Army Commander: Colonel Benedict Arnold1,100 men Arnold Expedition - Background: Following their capture of Fort Ticonderoga in May 1775, Colonels Benedict Arnold and Ethan Allen approached the Second Continental Congress with arguments in favor of invading Canada.   They felt this a prudent course as all of Quebec was held by around 600 regulars and intelligence indicated that the French-speaking population would be favorably inclined towards the Americans.   Additionally, they pointed out that Canada could serve as a platform for British operations down Lake Champlain and the Hudson Valley.   These arguments were initially rebuffed as Congress expressed concern over angering the residents of Quebec.   As the military situation shifted that summer, this decision was reversed and Congress directed Major General Philip Schuyler of New York to advance north via the Lake Champlain-Richelieu River corridor. Unhappy that he had not been chosen to lead the invasion, Arnold traveled north to Boston and met with General George Washington whose army was conducting a siege of the city.   During their meeting, Arnold proposed taking a second invasion force north via Maines Kennebec River, Lake Mà ©gantic, and Chaudià ¨re River.   This would then unite with Schuyler for a combined assault on Quebec City.   Corresponding with Schuyler, Washington obtained the New Yorkers agreement with Arnolds proposal and gave the colonel permission to commence planning the operation.   To transport the expedition, Reuben Colburn was contracted to build a fleet of bateaux (shallow draft boats) in Maine. Arnold Expedition - Preparations: For the expedition, Arnold selected a force of 750 volunteers which was divided into two battalions led by Lieutenant Colonels Roger Enos and Christopher Greene.   This was augmented by companies of riflemen led by Lieutenant Colonel Daniel Morgan.   Numbering around 1,100 men, Arnold expected his command to be able to cover the 180 miles from Fort Western (Augusta, ME) to Quebec in around twenty days.   This estimate was based on a rough map of the route developed by Captain  John Montresor in 1760/61.   Though Montresor was a skilled military engineer, his map lacked detail and possessed inaccuracies.   Having gathered supplies, Arnolds command moved to Newburyport, MA where it embarked for the Kennebec River on September 19.   Ascending the river, it arrived at Colburns home in Gardiner the next day. Coming ashore, Arnold was disappointed in the bateaux constructed by Colburns men.   Smaller than anticipated, they were also built from green wood as sufficient dried pine had not been available.   Briefly pausing to permit additional bateaux to be assembled, Arnold dispatched parties north to Forts Western and Halifax.   Moving upstream, the bulk of the expedition reached Fort Western by September 23.   Departing two days later, Morgans men took the lead while Colburn followed the expedition with a group of boatwrights to make repairs as necessary.   Though the force reached the last settlement on the Kennebec,  Norridgewock Falls, on October 2,  problems were already widespread as the green wood led to the bateaux leaking badly which in turn destroyed food and supplies.   Similarly, worsening weather caused health issues throughout the expedition.   Ã‚         Arnold Expedition - Trouble in the Wilderness: Forced to portage the bateaux around Norridgewock Falls, the expedition was delayed for a week due to the effort required to move the boats overland.   Pushing on, Arnold and his men entered the Dead River before arriving at the Great Carrying Place on October 11.   This portage around an unnavigable stretch of the river stretched for twelve miles and included an elevation gain of around 1,000 feet.   Progress continued to be slow and supplies became an increasing concern.   Returning to the river on October 16, the expedition, with Morgans men in the lead, battled heavy rains and a strong current as it pushed upstream.   A week later, disaster struck when several bateaux carrying provisions overturned.   Calling a council of war, Arnold decided to press on and dispatched a small force north to attempt to secure supplies in Canada.   Also, the sick and injured were sent south. Trailing behind Morgan, Greenes and Enos battalions increasingly suffered from a lack of provisions and were reduced to eating shoe leather and candle wax.   While Greenes men resolved to continue, Enos captains voted to turn back.   As a result, around 450 men departed the expedition.   Nearing the height of land, the weaknesses of Montresors maps became apparent and the lead elements of the column repeatedly became lost.   After several missteps, Arnold finally reached  Lake Mà ©gantic on October 27 and began descending the upper Chaudià ¨re a day later.   Having achieved this goal, a scout was sent back to Greene with directions through the region.   These proved inaccurate and a further two days were lost.    Arnold Expedition - Final Miles: Encountering the local population on October 30, Arnold distributed a letter from Washington asking them to assist the expedition.   Joined on the river by the bulk of his force the next day, he received food and care for his sick from those in the area.   Meeting Jacques Parent, a resident of Pointe-Levi, Arnold learned that the British were aware of his approach and had ordered all boats on the south bank of the St. Lawrence River to be destroyed.   Moving down the  Chaudià ¨re, the Americans arrived at Pointe-Levi, across from Quebec City, on November 9.   Of Arnolds original force of 1,100 men, around 600 remained.   Though he had believed the route to be around 180 miles, in actuality it had totaled approximately 350. Arnold Expedition - Aftermath: Concentrating his force at the mill of John Halstead, a New Jersey-born businessman, Arnold began making plans for crossing the St. Lawrence.   Purchasing canoes from the locals, the Americans crossed on the night of November 13/14 and were successful in evading two British warships in the river.   Approaching the city on November 14, Arnold demanded its garrison surrender.   Leading a force consisting of around 1,050 men, many of which were raw militia, Lieutenant Colonel Allen Maclean refused.   Short on supplies, with his men in poor condition, and lacking artillery, Arnold withdrew to  Pointe-aux-Trembles five days later to await reinforcements. On December 3, Brigadier General Richard Montgomery, who had replaced an ill Schuyler, arrived with around 300 men.   Though he had moved up Lake Champlain with a larger force and captured Fort St. Jean on the  Richelieu River, Montgomery had been forced to leave many of his men as garrisons at Montreal and elsewhere along the route north.   Assessing the situation, the two American commanders decided to assault Quebec City on the night of December 30/31.   Moving forward, they were repelled with heavy losses in the Battle of Quebec and Montgomery was killed.   Rallying the remaining troops, Arnold attempted to lay siege to the city. This proved increasingly ineffective as men began to depart with the expiration of their enlistments. Though he was reinforced, Arnold was compelled to retreat following the arrival of 4,000 British troops under Major General John Burgoyne. After being beaten at Trois-Rivià ¨res on June 8, 1776, the Americans were forced to retreat back into N ew York, ending the invasion of Canada.      Ã‚         Selected Sources: Arnold Expedition Historical SocietyArnolds Expedition to QuebecMaine Encyclopedia: Arnold Expedition

The Medium is the Message Essay Example | Topics and Well Written Essays - 1000 words

The Medium is the Message - Essay Example The first sign was from a Prudential magazine advertisement that appeared in the New Yorker. With this concept in mind it’s clear that the denotative intentions of the advertiser were to reach a more educated audience, who already has a general understanding of financial aspects and upper-level vocabulary and comprehension skills. In these regards, the extent the audience is clearly middle to upper class and educated. There are a great many visual techniques elements in the signification mechanisms in the advertisement. The first notable concept is that the advertising consists of a full page spread with an entirely dark blue background. The effect of this sign is such that it creates a juxtaposing effect in relation to the heavy text-based stories that constitute the majority of the magazine. In terms of specific pictures, in the upper-right hand of the advertisement a city backdrop is pictured in muted-tones. The signification of this imagery seems to indicate that Prudentia l has an urban feel, perhaps reminiscent of Wall Street. This is further indicative of an understanding of financial systems as being rooted in industrial or urban life. The very functions of the urban experience demonstrate the gear and wheels of the working economy; indeed, right next to the picture of buildings are pictures of gears in motion that connotatively demonstrate this point. Pictured even further to the left of these individuals is a small man in yellow. The implication of this signs seems to empathize with the potential customer or client. In essence, the advertising is situating the reader in the position of the small man in yellow, and the Prudential advertisement is saying that through going to Prudential for financial advice will result in the individual being able to navigate this challenging urban environment. The overall signification of the advertisement seems to indicate that through Prudential’s experience the reader will be able to navigate the challe nges of the contemporary financial environment. It implements contrast to bring out the heading ‘Bring Your Challenges’ which also signifies the denotative theme of the advertisement (New Yorker). It also displays this theme in connotative ways through the juxtaposition of the small man in yellow and the city backdrop. Ultimately, the advertisement sign has a denotative theme – ‘Bring Your Challenges’ – that is connoted through textual and visual ways as a means of appealing to the reader with the greatest possible emotional impact. The next advertisement considered is from ESPN the Magazine. The advertisement is for an online poker site, PokerStars.net. The denotative sign consists of an individual in the background sitting next to a poker table. The individual appears to be throwing grenades onto the table. In the foreground there is a picture of an individual’s hand holding two playing cards. Above the cards are the words ‘figh t or flight’ (ESPN the Magazine). Perhaps most notable about this sign in relation to the sign that was featured in the New Yorker is the drastically less amount of text that is implemented. One can make an ideological statement on this, indicating that it represents the decreased median education level of readers of ESPN the Magazine as compared to the New Yorker. In terms of the

Skin Cancer Research Paper Example | Topics and Well Written Essays - 1000 words

Skin Cancer - Research Paper Example Metastasis is a term that refers to the process of invading and spreading to other body organs. Tumors invade the surrounding tissues and overwhelm them by taking their space as well as the nutrients and oxygen that they require to function as well as survive (Emedicinehealth.com, 1). Rockoff records that skin cancer is the commonest form of human cancer and that it is estimated that every year, more than one million new cases arise. He also asserts that each year, the rates of all skin cancer forms are mounting, which has raised an increasing public concern. Estimates also have it that of all Americans who live to age 65, almost half will get skin cancer no less than once. The classification of skin cancers depends on the types of epidermal cells involved. Different skin cancer types include melanoma, which takes place in the cells that produce pigment/melanocytes. This type of cancer is not so common but the most dangerous since it has a tendency of quickly metastasizing/spreading all over the body. It is the primary cause of skin disease death. There is also basal cell carcinoma/basal cell carcinoma epithelioma, which develops when there is abnormal growth of the cells in epidermis’ lowest layer as well as squamous cell carcinoma, which occurs as a result of changes in the squamous cells, which are found in the epidermis’ middle layer (A.D.A.M., para4). The first phase of squamous cell carcinoma is known as actinic keratosis (Rockoff, 1). The last two cancer types are the most common cancer forms and they are both known as nonmelanoma skin cancer (1). Other nonmelanoma skin cancers include cutaneous lymphoma, merkel cell carcinoma, and kaposi's sarcoma (A.D.A.M., para4). According to the American Cancer Society, most cases of nonmelanoma skin cancers grow on areas of the body that are mostly exposed to the sun, including the backs of the hands, ear, face neck and lips. Additionally, they can be slow or fast growing depending on the type. Howeve r, they hardly ever spread to other body parts. These forms of cancer are very likely to be healed if identified and treated early. Risk factors of Skin Cancer Some of the recognized risk factors for skin cancer include exposure to the sun and sunburn – as earlier noted, skin areas that are frequently exposed to ultraviolet radiation or sunlight are more prone to skin cancer. This is deemed all skin cancers’ primary cause. Others include genetics (having a family history of melanoma); light-colored skin, eyes and hair (fair complexion); atypical/multiple moles; occupational exposures to radium, pitch, coal tar, arsenic compounds or creosote; as well as age – nonmelanoma skin cancers are common mostly past the age of forty (A.D.A.M., para5 & American Cancer Society, para10). Emedicinehealth.com also points other risk factors to include use of tanning booths as well as the immune system’s immunosuppression-impairment, which may be brought about by medicatio ns prescribed to prevent organ transplant rejection or fight autoimmune diseases or can be due to other diseases. Individuals who have numerous, unusual or large moles present at birth, those with certain genetic disorders such as pigmentosum, xeroderma and albinism that deplete skin pigment , and those who experienced severe sunburn