Music history Essay

One quote that seams to sum up this legend is â€Å"Are not there little chapters in everyone’s life that seam to be nothing and yet affect the rest of history.† Eva Cassidy was a young woman that had a great passion for the things she loved, and her voice will affect the rest of music history forever.  Eva was born on the 2nd of February 1963 in Washington D.C. Being born into very artistic and music family it was no surprise when Eva showed an interest in the arts from a very early age. Painting at the age of two, everyone around was amazed with her creativity. Eva’s father was a sculptor and encouraged Eva with her art. Also being very musical, when Eva was nine years old he got the family to form a 4 piece ensemble, Eva’s father on bass and cello, her brother on the violin, her mother and of course Eva herself singing. In their teens Eva and her brother got together again playing in a pop group called â€Å"Stone Henge.† From these very early years in her life it was obvious that Eva was very talented. But this was not a woman full of confidence wanting to get to high places; this was a lady painfully shy with no ambitions or future goals in life. This was a lady with a passion for beautiful things and only wanted to sing nice songs and make good music. It is this unassuming lady with no hopes of stardom that touches mEva didn’t really want to pursue a career in music and went to university to study art. During this period she produced wonderful paintings inspired by some of the impressionist painters, such as Monà ¯Ã‚ ¿Ã‚ ½t and Van Gough. Eva would get very frustrated with people that didn’t appreciate these artists. Eva then became a plant propagator, playing sessions on the sideline. Playing as a backup singer in local pubs and bars, Eva was discovered by Chris Biondo, who naturally fell in love with Eva’s sweet, heart filled sound. Talking her round, Eva reluctantly made her demo tape called â€Å"Natural Woman† in order to get more work as a backup singer. During 1990 Eva was pleased to receive a lot more session work through her demo tape. At one of these sessions, Chuck Brown saw Eva and suddenly she’d been talked into doing a commercial recording with him in 1992 called â€Å"The Other Side.† Chuck and Eva played together in a lot of sessions and he describes those moments as the best in his career. During this period Eva sadly suffered from melanoma, a type of skin cancer. Eva was very week, but being so determined, she played her last concert with Chuck Brown in Blues Alley, where she had often performed with him. Fighting against this awful disease, one day in bed Eva said to her mother â€Å"All I want to do when I get well is sing and travel the world with my music.† Sadly Eva never did get better, recovering from melanoma once; it came back and killed her on the 2nd of November 1996 at the tragic age of 33. Eva left behind few possessions and few recording of her beautiful, pure voice but what she did leave behind were lots of grieving loved ones and now she leaves behind a huge fan base. A month after the death of Eva, a tribute concert took place in Greenbelt Park, Maryland. Eva’s brother played the violin and her friends sang†¦Ã‚  Canu  Rhywle del i ganu  Rwy’n dy glywed yn y glaw  Awen di-ben-draw  Sibrwd yn yr yd  Canu o hyd  Singing – somewhere still singing.  I can hear you in the rain  A never ending inspiration  A whisper in the corn – still singing  Five years later, half way across the world in England, DJ Terry Wogan played Eva’s cover of â€Å"Somewhere over the Rainbow† referring to her as the â€Å"late but mighty Eva Cassidy.† Shortly after this publicity there was a huge demand from the public to hear more. Eva had a pure voice. Full of warmth, full of hope and most of all full of love. Eva once said to a friend â€Å"I have the easiest job in the world. All I have to do is sing and play the guitar† To all of the songs that she covered, Eva somehow managed to bring them to a whole other dimension. Eva’s first official cd was released after her death, â€Å"songbird.† It quickly reached 1 in the UK album charts. More cds can be found, such as â€Å"Eva by Heart† and â€Å"The Other Side† with have all entered at high positions on many online shops such as amazon.com. 5% of the profit of each cd is now being donated to cancer research. Eva’s cover of â€Å"Fields of Gold† by Sting is now appearing in a cancer research advert on the television. It brings a tear to anyone’s eye. Maybe it’s the sadness of Eva’s story that touches us; maybe it’s her wonderful talent, or maybe a combination of both. It is very sad that Eva missed her fame and her fortune. But in some ways it is good that it is happening now. Would this shy, quiet lady vulnerable to criticism have really wanted the spotlight shone on her? Would she just have cowered away? We will never know, but what we do know is that this was a lady with a gift that was luckily caught before it was too late.  Ã¢â‚¬Å"Now we are left with her music – and it lives where is always belonged†¦. at the very top.† Nikki Lee, a close friend of Eva’s.  any hearts today with the wonderful gift of her voice.

Healthy Eating and Its Importance Essay

â€Å"To eat is a necessity, but to eat intelligently is an art† † Francois de La Rochefoucauld (1613 – 1680). Eating is necessary in order to live; but to eat with knowledge is a talent in it self. Unhealthy eating is one of the fastest growing health risks today. The Perception of Healthy Food at Universiti Kuala Lumpur Pasir Gudang Title: Perception’s of healthy food among UniKL MITEC community Chapter 1.0 : Introduction 1.1 Background of Study It is believed that many does not understood the importance of food pyramid. Columbia Electronic Encyclopaedia (2007) describes carbohydrate at the base of the pyramid Healthy Food The Healthy Eating Pyramid is a simple, trustworthy guide to choosing a healthy diet. Its foundation isdaily exercise and weight control, since these two related elements strongly influence your chances of staying healthy. healthy food and unhealthy food Healthy Food vs Junk Food Diet is almost everything according to nutritionists. The importance of consuming a healthy diet is immensely beneficial for a good and enjoyable lifestyle. As many religions and persisting cultures refer, the food that we eat should be in the desired quality. Why Should Healthy Food benefits of technology 8/21/56 BE 5:15 PM How Can Technology Benefit Our Students? As we move into the 21st century, technology has become more and more important to our society. Computers are becoming more affordable and are depended upon by many people to aid them in their daily lives. Healthy Food to Improve Your Memory Healthy food to improve your memory John Cheng 11 Nov 2011 It’s common to worry about losing your memory. Aging naturally means losing brain cells, but research has shown that eating certain foods can help improve memory. Chances are, you’re already eating some foods that are helping. access to healthy food spanish sp3000ca course and assessment guide ncea level 3 2014/1 spanish sp3000 teacher contact details When you first make contact with your teacher, please fill out their details below for future reference. teacher’s name: telephone: 0800 65 99 88 Healthy Food What is high sugar and what is low sugar? Both are the same. There is not much difference between the two. We will now see why it is so. For example, let us say that there are 500 units of sugar in the food that a person eats. Let us assume that out of these 500, 100 become good sugars. The Importance of Healthy Eating ESSAY TITLE : THE IMPORTANCE OF HEALTHY EATING What is healthy eating ? Healthy eating is not about strict nutrition philosophies, staying unrealistically thin, or depriving yourself of the foods you love. Rather, it’s about feeling great, having more energy, stabilizing your mood. To Investigate the Branding Importance in Food and Beverage Industry TO INVESTIGATE THE BRANDING IMPORTANCE IN FOOD AND BEVRAGE INDUSTRY Chapter 1: introduction 1.1 Introduction to branding in food and beverage industry. Branding is one of the most dominant trends in global food and beverage industry which responsible for the market share of the companies. The Importance of Organic Food in Hotels Abstract In this research paper it focuses on the impact of organic food on the hospitality industry and the reaction of the hotel industry to the organic food according to the global trend of organics based on the perspective of the consumers. This research also reveals us with the total amount.  Though there seems to be little time for a well planned diet, health does not have to suffer. Simple changes can be easy and worthwhile. I have a good friend who looks at eating as a chore. He will often rationalize not eating or chose to eat light snacks for his total daily consumption. Does Burger King or Mcdonald Serve Cheap and Healthy Fast Food? Research and decision making Project Does Burger king or McDonald serve cheap and healthy Fast Food? Does Burger king or McDonald serve cheap and healthy Fast Food Abstract There are number of players in this fast food business like McDonald , Burger King , KFC. Less Fast Food, More Healthy Life Ashley Miao Proposal Paper Less Fast Food, More Healthy Life McDonald’s, KFC, Subway, Burger King, various fast food restaurants fill the streets from dawn onward; meanwhile, these kinds of fast food restaurants attract customers. Kraft Food Case Study Step 1: Identify the firm’s existing vision, mission, objectives and strategies. Kraft Foods Vision Statement †¢ â€Å"Helping People Around the World Eat and Live Better.† †¢ â€Å"Make Today Delicious† The following core values guide Kraft Fast Food Industry of Pakistan CHAPTER – 1 INTRODUCTION 1.1 Introduction: a) Introduction to topic: Fast food is food, which is prepared and served quickly at outlets called  fast-food restaurants. A restaurant is an establishment that serves prepared food and beverages on tables set for individuals. Food Advertising and Children The food and beverage industry views children and adolescents as a key market force. As a result, children and adolescents are targeted aggressively by food advertisers. They are exposed to a growing number of advertising, marketing, and commercials through a wide range of avenues. Fast Food Fast Food in Australia 2009 In what way is the fast food market changing in Australia? And how does this compare to overseas markets? How do consumers rate fast food chains? How is the current trend towards healthy eating impacting fast food options? w w w.bis.com.au BIS Shrapnel is introduce. METHODS OF CROP VARIETY IMPROVEMENT An improved variety of a crop is superior to the other existing varieties in respect to one or more characters. A crop variety must possess several desirable characters like, high yield, superior quality, early maturity. School Canteens Provide Healthy Foods SCHOOL CANTEENS HAVE RESPONSIBILTY TO PROVIDE NUTRITIOUS AND HEALTHY FOODS Who here thinks school canteens have responsibility to provide healthy foods to students? Well I am here today to talk to you about why I feel so strongly that they are responsible. The main topics I will be talking about†¦

Case Study-Critical thinking Essay Example | Topics and Well Written Essays - 2000 words

Case Study-Critical thinking - Essay Example This action has made the airline compete effectively in an industry faced with stiff competition. This paper examines the factors that have contributed to China Southern Airlines’ competitive advantage. In addition, the paper looks at how its growth affects other airlines. Andrade and Stafford (2013) say that in the year 2000, the Civil Aviation Administration of China declared its intention to merge the 10 airlines it managed into three airline groups. Later CAAC merged the airlines into Air China Airline, China Eastern and the airline under study China Southern (AmCham China News 2004). Following that merging, China Southern has since become one of the three largest carriers in the country (AmCham China News 2004). According to China Southern Airline (2013), Southern Airline serves over 193 destinations in 35 different countries across the globe. The company is a regular in the local market with its main hubs being at Guangzhou Baiyun International Airport and Beijing Capital International Airport just to mention a few. In the year 2012, China Southern Airline (2013) reported that China Southern Airlines carried over 9.1 million local and international passengers which translates to an average load factor of 81%. Such a huge number of passengers car ried by the airline clearly show it controls the airline industry in the Asia-Pacific. Following the merging of the airlines, it remains, therefore, that China Southern has two main competitors i.e. Air China and Eastern China. Air China, a major carrier in the People’s Republic of China, has its headquarters in Shunyi District in Beijing (China Tours n.d.). The airline’s flights are mainly out of Beijing Capital International Airport. According to China Southern Airline (2013), the airline carried an average 51 million local and global passengers in 2012. China Eastern, on the other hand, has its headquarters based at Changning District in Shanghai. The airline’s focus is at

Research Paper about expensive college tuition Example | Topics and Well Written Essays - 750 words

About expensive college tuition - Research Paper Example Recent studies indicate that there are impacts of high tuition fees on enrollment of students to higher education. The most affected students are from the low- and middle-income families. Studies indicate that almost 60 percent of students from low-income families in United States are less likely to enroll in colleges than those from affluent families. Studies carried out in California and Los Angeles established that every increment of tuition fees by $1000 results to a 16% decline in student enrolment (Jackson & Weathersby 631). Therefore, an increase in tuition fees and decrease in student enrolment forms the basis of this paper. This paper will target colleges and students as the primary audiences. In this regard, this paper will discover the relationship between tuition fees and student enrolment in United States by answering the question â€Å"is student enrolment responsive to increment in tuition fees?† An examination of studies carried out in the past five years indicates that the effects of tuition fees increment have been a contagious issue among scholars. Evidence to support the responsiveness of students towards tuition fee prices will be supported through a review of three studies by Jackson and Weathersby (623-652), Heller (624-659) and Leslie and Brinkman (50-65). These studies will be used to support this research because of their broad range of research methodologies, broad student sample and their time variations. Given these distinctions, these articles replicate numerous accepted tenets. These studies hold that higher education is similar to other goods and services in the market and, therefore, the law of demand applies. This implies that an increase in its price will result to a decrease in its demand and thus low student enrolment. Additionally, these studies hold that the tuition price changes have distinct effects on students. For instance, a $2000 increment in tuition fees probably has distinct effects on different

Cocktail presentation design report Assignment Example | Topics and Well Written Essays - 1500 words

Cocktail presentation design report - Assignment Example Although the contents of the presentation were all designed from scratch, the built-in presentation wizard was used to see if any suitable template exists. A template designed for introducing a new product was deemed to be suitable so it was used for the overall background and style with modifications. This template had horizontal stripes which matched the way the cocktail mixtures have been depicted. The steps followed in using the wizard are shown in the figure below. Figure 1: The steps followed in using the presentation wizard In step 3 of the wizard, the basic slide transition effect was selected as Comb Horizontal which again was considered to be suitable because it matched both the cocktail depictions and the horizontally striped background. The speed was set as normal. This setting was applied to all the slides and all the slides except the ones showing the cocktails individually retained this setting. During step 4, the main title and the presenters name were entered. In ste p 5, the content pages suggested by the wizard were deselected because they were related to introducing a new product whereas I only used the background and style from this template. The cover or title slide of the presentation is shown below. Figure 2: Screenshot of the title slide of the presentation The presentation was then given an outline and ordering for the slides as shown in the table below. The initial duration of each slide is also stated in the third column and these timings were set according to the length of the time required to view or read the contents of each slide. The glasses sound effect was used for the main slide transitions besides the horizontal combing effect. Table 1: Organisation of the slides in the presentation Slide # Content Initial set duration (s) 1 Title slide showing the 4 parts 4 2 Shows the different cocktails 4 3 Relaxing Blue Hawaiian 2 4 Refreshing Daiquiri 2 5 Delicious Pina Colada 2 6 Tropical Mai Tai 2 7 Fruity Bahama Mama 2 8 Original Marg arita 2 9 Cooling Rum Runner 2 10 Creamy White Russian 2 11 Shows the different cocktails 2 12 Common ingredients 6 13 Glasses used for serving I 6 14 Glasses used for serving II 6 15 Preparation times (Ready in) 6 16 Closing slide 4 It can be seen from the above outline that the presentation covers all four of the main ideas about the eight popular cocktails, i.e. (1) origin, (2) ingredients, (3) type of glass used and (4) preparation time which are introduced at the beginning in the first slide. Later, background music was also added to the presentation to give an impression of being in a place where cocktails are being served as far as possible. Also the same blind effect was used for all the transitions set at a duration of 2 seconds and the sound effect was removed so that the background music could be heard instead. Each slide was also made to display for the same duration of 5 seconds. The different cocktails are first shown together (in slide 2) as shown below, and then indi vidually while being enlarged. Slides 3 to 10 have been made to behave as sub-slides by appearing between two slides both showing the complete range of cocktails. That is, to reinforce that this displying of the cocktails individually is a momentary divergence, the same picture of different cocktails in slide 11 appears as in slide 2. The flags above each cocktail show the origin of that cocktail and the preparation time is also marked inside a black circle besides each glass. Figure 3: Screenshot of the Different Cocktails slide The presentation then gives information on the common ingredients in slide 12. This information has been displayed in a table format as shown in the screenshot below because it makes it

Economy Essay Example | Topics and Well Written Essays - 500 words - 1

Economy - Essay Example tanding of how the economy is utilizing scarce resources, economists delve into classifications of GDP and its effects on the several forms of spending occurring in the country. The GDP is divided into four main components. These include consumption, investment, government purchases and net exports. All these components when added together equal the GDP. The relationship between GDP and its four components can be expressed in the form of an equation as follows: This equation represents an identity (Mankiw 208). This means that the variables of the equation are going to decide on the validity of the equation. In the equation, all sorts of expenditure that is done in the country are classified into either of the components of the GDP. The largest part of the GDP is consumption purchases and constituted 70% of the GDP in the US in 2007 (Mankiw 211). They entail the expenditure of the household on consumer goods and services in a particular period. Consumption purchases entail a flow concept (Gwartney et al. 153). The services and goods that the consumers opt for are mostly nondurable in nature. Expenditures done on food, clothing, entertainment and medical services are part of consumption purchases. These products are not very long-lasting and are used up in a short span of time. On the other hand, durable products such as cars form only one-ninth of the total consumption purchases and are used up over a long period of time. Investment entails the production of capital goods that are going to cause a flow of future services. They are not consumed over a short period of time and include the investments of companies into machineries and equipments as well as houses. Gross private investment can be carried out for the purpose of replacing old machinery or for adding net additions to the existing pool of capital assets (Gwartney et al. 153). Net investment is crucial in knowing the future scope of productivity of the economy. In 2007, they equaled to 15% of the GDP in

Project management - TOOLS AND TECHNIQUES Essay

Project management - TOOLS AND TECHNIQUES - Essay Example  ·   Ã‚  Ã‚  Ã‚  Ã‚  Budget of the project covers financial aspect of the project.  ·   Ã‚  Ã‚  Ã‚  Ã‚  Stakeholder analysis covers the interest of individuals and associations who may get affected by the project.  ·   Ã‚  Ã‚  Ã‚  Ã‚  Internal control & contingency plan covers the alternative plan to address risk factors associated with the project.  ·   Ã‚  Ã‚  Ã‚  Ã‚  Equipments needed in different phases of the project are being also covered in project scope statement.  ·   Ã‚  Ã‚  Ã‚  Ã‚  Internal or external people requirements covers total human capital will be needed in the project. Explanation In context to marketing project, first phase of project scope statement starts with understanding client requirements. In client requirement statements, clients specify their expectations such as expanding distribution channel, asset integrity, establishing new infrastructure etc. In the project scope statement, next comes Contract penalties where is being mentioned. In regulatory controls, legal obligations, government policies and environmental policies regarding the project is being analyzed. In marketing projects, regulatory control section covers legal issues regarding advertising policies, product quality standards, environment standards regarding supply chain activities etc. In budget control section, issues regarding financial capital is being required in required in the advertising promotion, variable cost associated with the operation, cost of supply of resources for different marketing activities are being discussed. In project scope statement of marketing projects, stakeholder analysis covers the probable individuals and associations who will take interest or may get affected by the execution of the project. In Internal control & contingency plan for marketing projects, operational control over advertising activities, human resource movement, assessing risk of project failure and plan to mitigate risks are being discussed. In case o f Equipments needed, marketing project manager design the plan for how many print material, TV commercial broadcasting, sales promotion materials, billboards, signage etc are being needed in the project. In case of project scope statement of marketing project, Internal or external people requirements cover total marketing employees are needed to execute the project and total numbers of external workers should be recruited to execute the marketing project. Mendelow’s Matrix can be used to understand stakeholder requirements regarding event management and marketing campaign of the client.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Table 2: Stakeholder Analysis (Mendelow’s Matrix) Stakeholder Power Index Low UK based customers who will buy retail merchandises of the German discount retailer. Project workers and marketing department of the client and in case of lack of understanding regarding among project members regarding project deliverables, they might create resistance in proposed marketing activities. High Top level management of the retail giant and regional heads of UK division. Financial organization that will provide capital support to client to fulfil its strategic objectives. Supply chain and investment partners might exercise their power in future circumstances. Low High Probability of power exercising Product scope description: in UK, the client offers huge range of product portfolio such as bakery items, beverages,

The Issues in Juvenile Justice Research Paper Example | Topics and Well Written Essays - 500 words

The Issues in Juvenile Justice - Research Paper Example Overview In order to understand, the issue of balancing between individualized and formal sanctions, it is necessary to understand three fundamental points. Firstly, it should be noted that the juvenile criminal system is large and complex, internal and external systems are divided into several complex structures and the trends of this system changes. Thus, the question whether it is possible to balance between individualized and formal sanctions? The balancing between individualized and formal sanctions is not possible for several reasons. Firstly, the literature demonstrates that the entire juvenile sanction system is diverse and vast. This indicates that the guidelines for the adoption of sanctions differ from one state to another. The aim of consistent and formal sanctions is to ensure that there is no disparity and discrimination in the juvenile system. Stinchcomb, Bazemore, and Riestenberg (2006) asserts that â€Å"The widespread belief, evident in many sentencing guidelines, is that (a) judicial discretion causes disparity and inconsistency and (b) that offense-based systems can eliminate or reduce these problems.  Both beliefs prevail despite the fact that little empirical evidence exists to support them.† Majority of the guidelines adopted by the states frequently â€Å"use offense-based criteria for determining which types of sanctions to apply†

Human Sexuality Essay Example | Topics and Well Written Essays - 2500 words

Human Sexuality - Essay Example This paper attempts to discuss the characteristics of a sexually healthy person. Furthermore, it gives an overview regarding sexual dysfunctions and sexually transmitted diseases. Finally, this paper provides some ways by which we should protect ourselves and maintain good sexual health. A sexually healthy person may be described as someone who derives pleasure and gives pleasure in return when engaging in sexual intercourse with the use of fully functional sex organs. In this regard, someone sexually healthy displays the normal symptoms when he/she gets aroused. For instance, a sexually healthy man gets an erection during foreplay. Meanwhile, his female counterpart gets "wet". A sexually healthy person is defined as such since this signify that one is indeed ready to have sex and actually engage in the act itself without further dilemma. In addition, I believe that there is another dimension to being sexually healthy that involves a person's state of mind. A sexually healthy person is also someone who engages in the myriad methods of sexual intercourse under the condition that his/her overall health and well-being are not placed at risk. For example, a pre-requisite to being sexually healthy entails the use of condom or other means of protection so as not to contract and prevent the spread of sexually transmitted diseases (STDs) that may impair one's sexual health. Those people with fetish or display unusual sexual behaviors may still be considered sexually healthy so long as they do not jeopardize their general health conditions when engaging in sexual activities. I think that the above is an important definition of a sexually healthy person since being sexually healthy means that we do our best in maintaining our health. It is not enough that we derive pleasure from sex. On top of this, we should strive to keep safe and enhance overall health conditions. Sexual Dysfunction Opposite to being sexually healthy, some people may suffer from a form of sexual dysfunction that inhibits their ability to maximize the pleasure derived from sex. In the case of men, some are unable to "get it up" or get an erection. Others may experience pre-mature ejaculation or when they get orgasm long before their partner does ore even prior to penetration. On the other hand, some may not even reach orgasm regardless of how often and how long they have sex. For women, some may experience pain while having sex due to the lack of lubrication or simply because they are not "wet" enough. In the same way as men, some women may also have difficulty in having orgasm during sexual intercourse. Other women may even be too frigid to even have sex. These are just some of the common sexual dysfunctions experienced by males and females. Given the importance of sex in human beings' lives, it is necessary that these dysfunctions be addressed. These sexual dysfunctions have direct effect on how one could have children and build a family. Moreover, these dysfunctions may have adverse psychological effects on men and women like the loss of self-confidence. Specifically for men, they may be subjected to teasing from their peers. With the prevailing "macho" ideology, male prowess is often indicated by how much men are able to have sex. Being teased about their ability to have sex is a big no-no for men as this would cause a definitely big blow

New Service Ideas ( based upon changing Consumers and Markets) Article

New Service Ideas ( based upon changing Consumers and Markets) - Article Example Try to find articles that have a focus on consumers or consumer groups and how they are changing. DON’T pick articles on new products or services- pick a broader consumer or environmental trend- make sure it is a major, not a minor trend- and that it is in the U.S. (we are not focusing on other countries for this assignment- it may be a Global trend- that’s OK, but must be ‘trending’ in the US too.) 2) Then answer the question "HOW are these trends important to marketers of services?" How will they Impact some services? (1/2 page). Focus on SERVICES, not products- and how this trend will impact Services in General- what unique elements of services will be impacted by this trend (like restaurants, or bars, or airlines, or hotels†¦etc) 3) Finally, take a stab at developing TWO NEW (2) Services or Service Extensions (Wal-Mart having child-care; Target decorating college dorm rooms) that would capitalize and be successful because of this trend. Cool examples in past of new services: â€Å"Elder Universities† (for seniors); Airlines for adults only (no babies/ children); Nightclubs for older women (cougars); Cruise Lines for Disabled People; Spa for Asian Americans; Evangelical Christian Dating or Cruise Line, Vacations where you can take your dog†¦.etc. (1/2 to 2/3 page for EACH service idea). Turn in a copy of the two articles with your 2-2.5 page write-up (hint- good magazines/journals to look in are American Demographics, Advertising Age, Business Week/Forbes/ Fortune, and Wall Street Journal. One of the major social trends that is developing in America is assimilation of immigrants and young generation adapting to cultures from different cultures. For instance, more kids of young generation are exploring new avenues of socializing and even dating. More than ever, groups of different nationalities and religions are intermixing, which is

Foreign exchange market Essay Example for Free

Foreign exchange market Essay Monetary policy is the process by which the monetary authority of a country controls the supply of money, often targeting a rate of interest for the purpose of promoting economic growth and stability. The official goals usually include relatively stable prices and low unemployment. Monetary theory provides insight into how to craft optimal monetary policy. It is referred to as either being expansionary or contractionary, where an expansionary policy increases the total supply of money in the economy more rapidly than usual, and contractionary policy expands the money supply more slowly than usual or even shrinks it. Expansionary policy is traditionally used to try to combat unemployment in a recession by loweringinterest rates in the hope that easy credit will entice businesses into expanding. Contractionary policy is intended to slow inflation in order to avoid the resulting distortions and deterioration of asset values. Monetary policy, to a great extent, is the management of expectations. Monetary policy rests on the relationship between the rates of interest in an economy, that is, the price at which money can be borrowed, and the total supply of money. Monetary policy uses a variety of tools to control one or both of these, to influence outcomes like economic growth, inflation, exchange rates with other currencies and unemployment. Where currency is under a monopoly of issuance, or where there is a regulated system of issuing currency through banks which are tied to a central bank, the monetary authority has the ability to alter the money supply and thus influence the interest rate (to achieve policy goals). The beginning of monetary policy as such comes from the late 19th century, where it was used to maintain the gold standard. General Monetary policy is the process by which the government, central bank, or monetary authority of a country controls (i) the supply of money, (ii) availability of money, and (iii) cost of money or rate of interest to attain a set of objectives oriented towards the growth and stability of the economy. Monetary theory provides insight into how to craft optimal monetary policy. Monetary policy rests on the relationship between the rates of interest in an economy, that is the price at which money can be borrowed, and the total supply of money. Monetary policy uses a variety of tools to control one or both of these, to influence outcomes like economic growth, inflation, exchange rates with other currencies and unemployment. Where currency is under a monopoly of issuance, or where there is a regulated system of issuing currency through banks which are tied to a central bank, the monetary authority has the ability to alter the money supply and thus influence the interest rate (to achieve policy goals). It is important for policymakers to make credible announcements. If private agents (consumers and firms) believe that policymakers are committed to lowering inflation, they will anticipate future prices to be lower than otherwise (how those expectations are formed is an entirely different matter; compare for instance rational expectations with adaptive expectations). If an employee expects prices to be high in the future, he or she will draw up a wage contract with a high wage to match these prices. Hence, the expectation of lower wages is reflected in wage-setting behavior between employees and employers (lower wages since prices are expected to be lower) and since wages are in fact lower there is no demand pull inflation because employees are receiving a smaller wage and there is no cost push inflation because employers are paying out less in wages. 2. What is a Central Bank? A central bank, reserve bank, or monetary authority is an institution that manages a states currency, money supply, and interest rates. Central banks also usually oversee the commercial banking system of their respective countries. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the amount of money in the nation, and usually also prints the national currency, which usually serves as the nations legal tender. Examples include the European Central Bank (ECB) and the Federal Reserve of the United States. The primary function of a central bank is to manage the nations money supply (monetary policy), through active duties such as managing interest rates, setting the reserve requirement, and acting as a lender of last resort to the banking sector during times of bank insolvency or financial crisis. Central banks usually also have supervisory powers, intended to prevent bank runs and to reduce the risk that commercial banks and other financial institutions engage in reckless or fraudulent behavior. Central banks in most developed nations are institutionally designed to be independent from political interference. THE BANGKO SENTRAL NG PILIPINAS The Bangko Sentral ng Pilipinas (English: Central Bank of the Philippines; Spanish: Banco Central de Filipinas; commonly abbreviated as BSP in both Filipino and English), is the central bank of the Philippines. It was established on July 3, 1993, pursuant to the provision of Republic Act 7653 or the New Central Bank Act of 1993. History In 1900, the First Philippine Commission passed Act No. 52, which placed all banks under the Bureau of the Treasury and authorizing the Insular Treasurer to supervise and examine banks and all banking activity. In 1929, the Department of Finance, through the Bureau of Banking, took over bank supervision. By 1933, a group of Filipinos had conceptualized a central bank for the Philippine Islands. It came up with the rudiments of a bill for the establishment of a central bank after a careful study of the economic provisions of the Hare–Hawes–Cutting Act, which would grant Philippine independence after 12 years, but reserving military and naval bases for the United States and imposing tariffs and quotas on Philippine exports. However, the Hare–Hawes–Cutting Act would be rejected by the Senate of the Philippines at the urging of Manuel L. Quezon. This Senate then advocated a new bill that won President Franklin D. Roosevelts support; this would be the Tydings–McDuffie Act, which would grant Philippine independence on July 4, 1946. During the Commonwealth Period, discussions continued regarding the idea of a Philippine central bank that would promote price stability and economic growth. The countrys monetary system then was administered by the Department of Finance and the National Treasury, and the Philippine peso was on the exchange standard using the United States dollar, which was backed by 100 percent gold reserve, as the standard currency. As required by the Tydings–McDuffie Act, the National Assembly of the Philippines in 1939 passed a law establishing a central bank. As it was a monetary law, it required the approval of the President of the United States; Franklin D. Roosevelt did not give his. A second law was passed in 1944 under the Japanese-controlledSecond Republic, but the arrival of American liberation forces in 1945 aborted its implementation. Shortly after President Manuel Roxas assumed office in 1946, he instructed then-Finance Secretary Miguel Cuaderno, Sr. to draw up a charter for a central bank. The establishment of a monetary authority became imperative a year later as a result of the findings of the Joint Philippine-American Finance Commission chaired by Cuaderno. The Commission, which studied Philippine financial, monetary, and fiscal problems in 1947, recommended a shift from the dollar exchange standard to a managed currency system. A central bank was necessary to implement the proposed shift to the new system. Roxas then created the Central Bank Council to prepare the charter of a proposed monetary authority. It was submitted to Congress in February 1948. By June of the same year, the newly proclaimed President Elpidio Quirino, who succeeded President Roxas, affixed his signature on Republic Act (RA) No. 265, the Central Bank Act of 1948.On January 3, 1949, the Central Bank of the Philippines was formally inaugurated with Miguel Cuaderno, Sr. as the first governor. The main duties and responsibilities of the Central Bank were to promote economic development and maintain internal and external monetary stability. 3. What are the Types of Monetary Policy? In practice, to implement any type of monetary policy the main tool used is modifying the amount of base money in circulation. The monetary authority does this by buying or selling financial assets (usually government obligations). These open market operations change either the amount of money or its liquidity (if less liquid forms of money are bought or sold). The multiplier effect of fractional reserve banking amplifies the effects of these actions. Constant market transactions by the monetary authority modify the supply of currency and this impacts other market variables such as short term interest rates and the exchange rate. The distinction between the various types of monetary policy lies primarily with the set of instruments and target variables that are used by the monetary authority to achieve their goals. Monetary Policy: Target Market Variable: Long Term Objective: Inflation Targeting Interest rate on overnight debt A given rate of change in the CPI Price Level Targeting Interest rate on overnight debt A specific CPI number Monetary Aggregates The growth in money supply A given rate of change in the CPI Fixed Exchange Rate The spot price of the currency The spot price of the currency Gold Standard The spot price of gold Low inflation as measured by the gold price Mixed Policy Usually interest rates Usually unemployment + CPI change The different types of policy are also called monetary regimes, in parallel to exchange rate regimes. A fixed exchange rate is also an exchange rate regime; The Gold standard results in a relatively fixed regime towards the currency of other countries on the gold standard and a floating regime towards those that are not. Targeting inflation, the price level or other monetary aggregates implies floating exchange rate unless the management of the relevant foreign currencies is tracking exactly the same variables. In economics, an expansionary fiscal policy includes higher spending and tax cuts, that encourage economic growth. In turn, an expansionary monetary policy is one that seeks to increase the size of the money supply. Conversely, contractionary monetary policy seeks to reduce the size of the money supply. In most nations, monetary policy is controlled by either a central bank or a finance ministry. In most nations, monetary policy is controlled by either a central bank or a finance ministry. Neoclassical and Keynesian economics significantly differ on the effects and effectiveness of monetary policy on influencing the real economy; there is no clear consensus on how monetary policy affects real economic variables (aggregate output or income, employment). Both economic schools accept that monetary policy affects monetary variables (price levels, interest rates). Inflation targeting Under this policy approach the target is to keep inflation, under a particular definition such as Consumer Price Index, within a desired range. The inflation target is achieved through periodic adjustments to the Central Bank interest rate target. The interest rate used is generally the interbank rate at which banks lend to each other overnight for cash flow purposes. Depending on the country this particular interest rate might be called the cash rate or something similar. The interest rate target is maintained for a specific duration using open market operations. Typically the duration that the interest rate target is kept constant will vary between months and years. This interest rate target is usually reviewed on a monthly or quarterly basis by a policy committee. Changes to the interest rate target are made in response to various market indicators in an attempt to forecast economic trends and in so doing keep the market on track towards achieving the defined inflation target. For example, one simple method of inflation targeting called the Taylor rule adjusts the interest rate in response to changes in the inflation rate and the output gap. The rule was proposed  by John B. Taylor of Stanford University. The inflation targeting approach to monetary policy approach was pioneered in New Zealand. It has been used inAustralia, Brazil, Canada, Chile, Colombia, the Czech Republic, Hungary, New Zealand, Norway, Iceland, India,Philippines, Poland, Sweden, South Africa, Turkey, and the United Kingdom. Price level targeting Price level targeting is a monetary policy that is similar to inflation targeting except that CPI growth in one year over or under the long term price level target is offset in subsequent years such that a targeted price-level is reached over time, e.g. five years, giving more certainty about future price increases to consumers. Under inflation targeting what happened in the immediate past years is not taken into account or adjusted for in the current and future years. Uncertainty in price levels can create uncertainty around price and wage setting activity for firms and workers, and undermines any information that can be gained from relative prices, as it is more difficult for firms to determine if a change in the price of a good or service is because of inflation or other factors, such as an increase in the efficiency of factors of production, if inflation is high and volatile. An increase in inflation also leads to a decrease in the demand for money, as it reduces the incentive to hold money and increases transaction and shoe leather costs. Monetary aggregates In the 1980s, several countries used an approach based on a constant growth in the money supply. This approach was refined to include different classes of money and credit (M0, M1 etc.). In the USA this approach to monetary policy was discontinued with the selection of Alan Greenspan as Fed Chairman. This approach is also sometimes called monetarism. While most monetary policy focuses on a price signal of one form or another, this approach is focused on monetary quantities. As these quantities could have a role on the economy and business cycles depending on the households risk aversion level, money is sometimes explicitly added in the central banks reaction function. Fixed exchange rate This policy is based on maintaining a fixed exchange rate with a foreign currency. There are varying degrees of fixed exchange rates, which can be ranked in relation to how rigid the fixed exchange rate is with the anchor nation. Under a system of fiat fixed rates, the local government or monetary authority declares a fixed exchange rate but does not actively buy or sell currency to maintain the rate. Instead, the rate is enforced by non-convertibility measures (e.g. capital controls, import/export licenses, etc.). In this case there is a black market exchange rate where the currency trades at its market/unofficial rate. Under a system of fixed-convertibility, currency is bought and sold by the central bank or monetary authority on a daily basis to achieve the target exchange rate. This target rate may be a fixed level or a fixed band within which the exchange rate may fluctuate until the monetary authority intervenes to buy or sell as necessary to maintain the exchange rate within the band. (In this case, the fixed exchange rate with a fixed level can be seen as a special case of the fixed exchange rate with bands where the bands are set to zero.) Under a system of fixed exchange rates maintained by a currency board every unit of local currency must be backed by a unit of foreign currency (correcting for the exchange rate). This ensures that the local monetary base does not inflate without being backed by hard currency and eliminates any worries about a run on the local currency by those wishing to convert the local currency to the hard (anchor) currency. Under dollarization, foreign currency (usually the US dollar, hence the term dollarization) is used freely as the medium of exchange either exclusively or in parallel with local currency. This outcome can come about because the local population has lost all faith in the local currency, or it may also be a policy of the government (usually to rein in inflation and import credible monetary policy). These policies often abdicate monetary policy to the foreign monetary authority or government as monetary policy in the pegging nation must align with monetary policy in the anchor nation to maintain the exchange rate. The degree to which local monetary policy becomes dependent on the anchor nation depends on factors such as capital mobility, openness, credit channels and other economic factors. Gold standard The gold standard is a system under which the price of the national currency is measured in units of gold bars and is kept constant by the governments promise to buy or sell gold at a fixed price in terms of the base currency. The gold standard might be regarded as a special case of fixed exchange rate policy, or as a special type of commodity price level targeting. Today this type of monetary policy is no longer used by any country, although the gold standard was widely used across the world between the mid-19th century through 1971. Its major advantages were simplicity and transparency. The gold standard was abandoned during the Great Depression, as countries sought to reinvigorate their economies by increasing their money supply. The Bretton Woods system, which was a modified gold standard, replaced it in the aftermath of World War II. However, this system too broke down during the Nixon shock of 1971. The gold standard induces deflation, as the economy usually grows faster than the supply of gold. When an economy grows faster than its money supply, the same amount of money is used to execute a larger number of transactions. The only way to make this possible is to lower the nominal cost of each transaction, which means that prices of goods and services fall, and each unit of money increases in value. Absent precautionary measures, deflation would tend to increase the ratio of the real value of nominal debts to physical assets over time. For example, during deflation, nominal debt and the monthly nominal cost of a fixed-rate home mortgage stays the same, even while the dollar value of the house falls, and the value of the dollars required to pay the mortgage goes up. Economists generally consider such deflation to be a major disadvantage of the gold standard. Unsustainable (i.e. excessive) deflation can cause problems during recessions and crisis lengthening the amount of time an economy spends in recession. William Jennings Bryan rose to national prominence when he built his historic (though unsuccessful) 1896 presidential campaign around the argument that deflation caused by the gold standard made it harder for everyday citizens to start new businesses, expand their farms, or build new homes. 4. What are the Monetary Policy tools? Monetary policy uses three main tactical approaches to maintain monetary stability: The first tactic manages the money supply. This mainly involves buying government bonds (expanding the money supply) or selling them (contracting the money supply). In the Federal Reserve System, these are known as open market operations, because the central bank buys and sells government bonds in public markets. Most of the government bonds bought and sold through open market operations are short-term government bondsbought and sold from Federal Reserve System member banks and from large financial institutions. When the central bank disburses or collects payment for these bonds, it alters the amount of money in the economy while simultaneously affecting the price (and thereby the yield) of short-term government bonds. The change in the amount of money in the economy in turn affects interbank interest rates. The second tactic manages money demand. Demand for money, like demand for most things, is sensitive to price. For money, the price is the interest rates charged to borrowers. Setting banking-system lending or interest rates (such as the US overnight bank lending rate, the federal funds discount Rate, and the London Interbank Offer Rate, or Libor) in order to manage money demand is a major tool used by central banks. Ordinarily, a central bank conducts monetary policy by raising or lowering its interest rate target for the interbank interest rate. If the nominal interest rate is at or very near zero, the central bank cannot lower it further. Such a situation, called a liquidity trap, can occur, for example, during deflation or when inflation is very low. The third tactic involves managing risk within the banking system. Banking systems use fractional reserve banking to encourage the use of money for investment and expanding economic activity. Banks must keep banking reserves on hand to handle actual cash needs, but they can lend an amount equal to several times their actual reserves. The money lent out by banks increases the money supply, and too much money (whether lent or printed) will lead to inflation. Central banks manage systemic risks by maintaining a balance between expansionary economic activity through bank lending and control of inflation through reserve requirements. 5. What is Fiscal Policy? Fiscal policy is a type of economical intervention where the government injects its policies into an economy in order to either expand the economy’s growth or to contract it. By changing the levels of spending and taxation, a government can directly or indirectly affect the aggregate demand, which is the total amount of goods and services in an economy. One thing to remember concerning fiscal policy is that a recession is generally defined as a time period of at least two quarters of consecutive reduction in growth. It may take time to even recognize whether or not there is a recession. With fiscal policy, there will be certain levels of lag time in which conditions will deteriorate before being recognized. At the same time, fiscal policy takes time to implement due to legislative and administrative processes, and those same policies will take time to show results after implementation. Consumers can also react to these policies positively or negatively. Most consumers would have a positive reaction per say to a policy that lowers taxes, while some will have an issue with a government spending more which will increase the burden of debt on nations citizens. Nevertheless, fiscal policy is a type of intervention that can help to control the direction of an economy. Deciding if and when it should be used will certainly continue to be debated. In economics and political science, fiscal policy is the use of government revenue collection (taxation) and expenditure (spending) to influence the economy. The two main instruments of fiscal policy are changes in the level and composition of taxation and government spending in various sectors. These changes can affect the following macroeconomic variables in an economy: Aggregate demand and the level of economic activity; The distribution of income; The pattern of resource allocation within the sector and relative to the private sector. Fiscal policy refers to the use of the government budget to influence economic activity. 6. What are the Types of Fiscal Policy? Expansionary Fiscal Policy When an economy is in a recession, expansionary fiscal policy is in order. Typically this type of fiscal policy results in increased government spending and/or lower taxes. A recession results in a recessionary gap – meaning that aggregate demand (ie, GDP) is at a level lower than it would be in a full employment situation. In order to close this gap, a government will typically increase their spending which will directly increase the aggregate demand curve (since government spending creates demand for goods and services). At the same time, the government may choose to cut taxes, which will indirectly affect the aggregate demand curve by allowing for consumers to have more money at their disposal to consume and invest. The actions of this expansionary fiscal policy would result in a shift of the aggregate demand curve to the right, which would result closing the recessionary gap and helping an economy grow. Contractionary Fiscal Policy Contractionary fiscal policy is essentially the opposite of expansionary fiscal policy. When an economy is in a state where growth is at a rate that is getting out of control (causing inflation and asset bubbles), contractionary fiscal policy can be used to rein it in to a more sustainable level. If an economy is growing too fast or for example, if unemployment is too low, an inflationary gap will form. In order to eliminate this inflationary gap a government may reduce government spending and increase taxes. A decrease in spending by the government will directly decrease aggregate demand curve by reducing government demand for goods and services. Increases in tax levels will also slow growth, as consumers will have less money to consume and invest, thereby indirectly reducing the aggregate demand curve. Considerations Economic fluctuations independent of policy actions by government often affect the level of tax revenues, forcing elected officials to alter fiscal policy. For example, economic recessions reduce output and employment, resulting in reduced revenue for government coffers. This often forces policy makers to consider contractionary measures, such as increasing revenues by raising taxes or cutting government spending. 7. What are the Components/Instruments of Fiscal Policy? Taxation Taxation is one of the two primary instruments of fiscal policy. When the government increases or decreases taxes, it increases or decreases the amount of money consumers have to spend which can have a significant impact on the direction of the overall economy. A decrease in taxation tends to put more money into the hands of consumers, which can lead to increased spending. Increased spending tends to lead to higher revenues for businesses, which can allow them to expand and hire more workers. Cutting taxes is a common fiscal policy measure to encourage economic growth. Government Spending Government spending is the other main instrument of fiscal policy. The expenditures of the government can promote economic activity and create jobs. For example, if the government funds a project to build a high-speed train across the country, the funds that go into the project could go toward hiring workers which could reduce unemployment and inject money into the economy. Higher levels of government spending tend to promote employment and economic growth. Considerations The government uses fiscal policy to promote economic growth, low unemployment and to stabilize the economy. During period of low economic growth, the government tends to cut taxes and may increase spending in an attempt to spark growth. During periods of high economic growth, the government may increase taxes and cut spending to ensure that the economy doesnt grow too quickly which can result in undesirable effects like high inflation. 8. What are the Stances of Fiscal Policy? The three main stances of fiscal policy are: Neutral fiscal policy is usually undertaken when an economy is in equilibrium. Government spending is fully funded by tax revenue and overall the budget outcome has a neutral effect on the level of economic activity. Expansionary fiscal policy involves government spending exceeding tax revenue, and is usually undertaken during recessions. Contractionary fiscal policy occurs when government spending is lower than tax revenue, and is usually undertaken to pay down government debt. However, these definitions can be misleading because, even with no changes in spending or tax laws at all, cyclic fluctuations of the economy cause cyclic fluctuations of tax revenues and of some types of government spending, altering the deficit situation; these are not considered to be policy changes. Therefore, for purposes of the above definitions, government spending and tax revenue are normally replaced by cyclically adjusted government spending and cyclically adjusted tax revenue. Thus, for example, a government budget that is balanced over the course of the business cycle is considered to represent a neutral fiscal policy stance. 1. Methods of funding Governments spend money on a wide variety of things, from the military and police to services like education and healthcare, as well as transfer payments such as welfare benefits. This expenditure can be funded in a number of different ways: Taxation Seignior age, the benefit from printing money Borrowing money from the population or from abroad Consumption of fiscal reserves Sale of fixed assets (e.g., land) 2. Borrowing A fiscal deficit is often funded by issuing bonds, like treasury bills or consols and gilt-edged securities. These pay interest, either for a fixed period or indefinitely. If the interest and capital requirements are too large, a nation may default on its debts, usually to foreign creditors. Public debt or borrowing refers to the government borrowing from the public. 3. Consuming prior surpluses A fiscal surplus is often saved for future use, and may be invested in either local currency or any financial instrument that may be traded later once resources are needed; notice, additional debt is not needed. For this to happen, the marginal propensity to save needs to be strictly positive. Economic effects of fiscal policy Governments use fiscal policy to influence the level of aggregate demand in the economy, in an effort to achieve economic objectives of price stability, full employment, and economic growth. Keynesian economics suggests that increasing government spending and decreasing tax rates are the best ways to stimulate aggregate demand, and decreasing spending increasing taxes after the economic boom begins. Keynesians argue this method be used in times of recession or low economic activity as an essential tool for building the framework for strong economic growth and working towards full employment. In theory, the resulting deficits would be paid for by an expanded economy during the boom that would follow; this was the reasoning behind the New Deal. Governments can use a budget surplus to do two things: to slow the pace of strong economic growth, and to stabilize prices when inflation is too high. Keynesian theory posits that removing spending from the economy will reduce levels of aggregate demand and contract the economy, thus stabilizing prices. But economists still debate the effectiveness of fiscal stimulus. The argument mostly centers on crowding out: whether government borrowing leads to higher interest rates that may offset the simulative impact of spending. When the government runs a budget deficit, funds will need to come from public borrowing (the issue of government bonds), overseas borrowing, or monetizing the debt. When governments fund a deficit with the issuing of government bonds, interest rates can increase across the market, because government borrowing creates higher demand for credit in the financial markets. This causes a lower aggregate demand for goods and services, contrary to the objective of a fiscal stimulus. Neoclassical economists generally emphasize crowding out while Keynesians argue that fiscal policy can still be effective especially in a liquidity trap where, they argue, crowding out is minimal. 9. What are the Functions of Fiscal Policy? Allocation The first major function of fiscal policy is to determine exactly how funds will be allocated. This is closely related to the issues of taxation and spending, because the allocation of funds depends upon the collection of taxes and the government using that revenue for specific purposes. The national budget determines how funds are allocated. This means that a specific amount of funds is set aside for purposes specifically laid out by the government. This has a direct economic impact on the country. Distribution Whereas allocation determines how much will be set aside and for what purpose, the distribution function of fiscal policy is to determine more specifically how those funds will be distributed throughout each segment of the economy. For instance, the government might allocate $1 billion toward social welfare programs, but $100 million could be distributed to food stamp programs, while another $250 million is distributed among low-cost housing authority agencies. Distribution provides the specific explanation of what allocation was intended for in the first place. Stabilization Stabilization is another important function of fiscal policy in that the purpose of budgeting is to provide stable economic growth. Without some restraints on spending, the economic growth of the nation could become unstable, resulting in periods of unrestrained growth and contraction. While many might frown upon governmental restraint of growth, the stock market crash of 1929 made it clear that unfettered growth could have serious consequences. The cyclical nature of the market means that unrestrained growth cannot continue for an indefinite period. When growth periods end, they are followed by contraction in the form of recessions or prolonged recessions known as depressions. Fiscal policy is designed to anticipate and mitigate the effects of such economic lulls. Development The fourth major function of fiscal policy is that of development. Development seems to indicate economic growth, and that is, in fact, its overall purpose. However, fiscal policy is far more complicated than determining how much the government will tax citizens one year and then determining how that money will be spent. True economic growth occurs when various projects are financed and carried out using borrowed funds. This stems from the the belief that the private sector cannot grow the economy by itself. Instead, some government input and influence are needed. Borrowing funds for this economic growth is one way in which the government brings about development. This economic model developed by John Maynard Keynes has been adopted in various forms since the World War II era. 10. What is the Fiscal Policy in the Philippines? Fiscal policy refers to the measures employed by governments to stabilize the economy, specifically by manipulating the levels and allocations of taxes and government expenditures. Fiscal measures are frequently used in tandem with monetary policy to achieve certain goals. In the Philippines, this is characterized by continuous and increasing levels of debt and budget deficits, though there have been improvements in the last few years. The Philippine government’s main sources of revenue are taxes, with some non-tax revenue also being collected. To finance fiscal deficit and debt, the Philippines rely on both domestic and external sources. Fiscal policy during the Marcos administration was primarily focused on indirect tax collection and on government spending on economic services and infrastructure development. The administration inherited a large fiscal deficit from the previous administration, but managed to reduce fiscal imbalance and improve tax collection through the introduction of the 1986 Tax Reform Program and the value added tax. The Ramos experienced budget surpluses due to substantial gains from the massive sale of government assets and strong foreign investment in its early years. However, the implementation of the 1997 Comprehensive Tax Reform Program and the onset of the Asian financial crisis resulted to a deteriorating fiscal position in the succeeding years and administrations. The Estrada administration faced a large fiscal deficit due to the decrease in tax effort and the repayment of the Ramos administration’s debt to contractors and suppliers. During the Arroyo administration, the Expanded Value Added Tax Law was enacted, national debt-to-GDP ratio peaked, and under spending on public infrastructure and other capital expenditures was observed. History of Philippine Fiscal Policy Marcos Administration (1981-1985) The tax system under the Marcos administration was generally regressive as it was heavily dependent on indirect. Indirect taxes and international trade taxes accounted for about 35% of total tax revenue, while direct taxes only accounted for 25%. Government expenditure for economic services peaked during this period, focusing mainly on infrastructure development, with about 33% of the budget spent on capital outlays. In response to the higher global interest rates and to the depreciation of the peso, the government became increasingly reliant on domestic financing to finance fiscal deficit. The government also started liberalizing tariff policy during this period by enacting the initial Tariff Reform Program, which narrowed the tariff structure from a range of 100%-0% to 50%-10%, and the Import Liberalization Program, which aimed at reducing or eliminating tariffs and realigning indirect taxes. Aquino Administration (1986-1992) Faced with problems inherited from the previous administration, the most important of which being the large fiscal deficit heightened by the low tax effort due to a weak tax system, Aquino enacted the 1986 Tax Reform Program (TRP). The aim of the TRP was to â€Å"simplify the tax system, make revenues more responsive to economic activity, promote horizontal equity and promote growth by correcting existing taxes that impaired business incentives†. One of the major reforms enacted under the program was the introduction of the Value Added Tax (VAT), which was set at 10%. The 1986 tax reform program resulted in reduced fiscal imbalance and higher tax effort in the succeeding years, peaking in 1997, before the enactment of the 1997 Comprehensive Tax Reform Program (CTRP). The share of non-tax revenues during this period soared due to the sale of sequestered assets of President Marcos and his cronies (totalling to about â‚ ±20 billion), the initial efforts to deregulate the oil i ndustry and thrust towards the privatization of state enterprises. Public debt servicing and interest payments as a percent of the budget peaked during this period as government focused on making up for the debt incurred by the Marcos administration. Another important reform enacted during the Aquino administration was the passage of the 1991 Local Government Code which enabled fiscal decentralization. This increased the taxing and spending powers to local governments in effect increasing local government resources. Ramos Administration (1993-1998) The Ramos administration had budget surpluses for four of its six years in power. The government benefited from the massive sale of government assets (totalling to about â‚ ±70 billion, the biggest among the administrations) and continued to benefit from the 1986 TRP. The administration invested heavily on the power sector as the country was beset by power outages. The government utilized its emergency powers to fast-track the construction of power projects and established contracts with independent power plants. This period also experienced a real estate boom and strong foreign direct investment to the country during the early years of the administration, in effect overvaluing the peso. However, with the onset of the Asian financial crisis, the peso depreciated by almost 40%. The Ramos administration relied heavily on external borrowing to finance its fiscal deficit but quickly switched to domestic dependence on the onset of the Asian financial crisis. The administration has been accused of resorting to â€Å"budget trickery† during the crisis: balancing assets through the sales of assets, building up accounts payable and delaying payment of government premium to social security holders. In 1997, the Comprehensive Tax Reform Program (CTRP) was enacted. Republic Act (RA) 8184 and RA 8240, which were implemented under the program, were estimated to yield additional taxes of around â‚ ±7.4 billion; however, a decline in tax effort during the succeeding periods was observed after the CTRP was implemented. This was attributed to the unfavorable economic climate created by the Asian fiscal crisis and the poor implementation of the provisions of the reform. A sharp decrease in international trade tax contribution to GDP was also observed as a consequence of the trade liberalization and globalization efforts in the 1990s, more prominently, the establishment of the ASEAN Free Trade Agreement (AFTA) and membership to the World Trade Organization (WTO) and t he Asia-Pacific Economic Cooperation (APEC). The Ramos administration also provided additional incentives to export-oriented firms, the most prominent among these being RA 7227 which was instrumental to the success of the Subic Bay Freeport Zone. Estrada Administration (1999-2000) President Estrada, who assumed office at the height of the Asian financial crisis, faced a large fiscal deficit, which was mainly attributed to the sharp deterioration in the tax effort (as a result of the 1997 CTRP: increased tax incentives, narrowing of VAT base and lowering of tariff walls) and higher interest payments given the sharp depreciation of the peso during the crisis. The administration also had to pay P60 billion worth of accounts payables left unpaid by the Ramos administration to contractors and suppliers. Public spending focused on social services, with spending on basic education reaching its peak. To finance the fiscal deficit, Estrada created a balance between domestic and foreign borrowing. Arroyo Administration (2002-2009) The Arroyo administration’s poor fiscal position was attributed to weakening tax effort (still resulting from the 1997 CTRP) and rising debt servicing costs (due to peso depreciation). Large fiscal deficits and heavy losses for monitored government corporations were observed during this period. National debt-to-GDP ratio reached an all-time high during the Arroyo administration, averaging at 69.2%. Investment in public infrastructure (at only 1.9% of GDP), expenditure for economic services, health spending and education spending all hit an historic-low during the Arroyo administration. The government responded to its poor fiscal position by under-spending in public infrastructure and social overhead capital (education and health care), thus sacrificing the economy’s long-term growth. In 2005, RA 9337 was enacted, the most significant amendments of which were the removal of electricity and petroleum VAT exemptions and the increase in the VAT rate from 10% to 12%.

Youth Empowerment And Promoting Peace

Youth Empowerment And Promoting Peace Peace is not just absence of war but also a state of mind, individual or collective a social cultural, political and economic harmony. Peace is also a way of being and a way of living. Hence to build a true culture of peace, we need to develop justice and respect of human rights to fight against poverty. We need to favour intercultural dialogue which should be among civilizations and to empower youths. As youths it is our governments concerning at dialogue to build a culture of peace. Therefore, we must support the following concrete proposals to support youth against oppression and we have to recognize the number of existing obstacles for the realization of a true culture of peace. Now the time has come to activate the youth of the world to get the best from the atom by using it properly and bringing peace in the world. The youths of new millennium must work hard for linking and networking research with the international peace movement. To promote inter nation discussion of youths common problems we must approach UN and its related agencies on the topics of human rights and rights of the children. Let the youths make special request for providing advice, help with setting up courses and conferences on the world peace to assist in workshops on peace education for the youth. Youth must be encouraged to appeal to the world leader to create peaceful and sustainable world. Every youth has different knowledge and capabilities. International peace and security can not be achieved without the promotion of mutual understanding, cooperation and goodwill among the youth of the world. The world community must give a new dimension to task of education, producing a new kind of spirit of harmony and understanding in the art of living in the world community. UN must empower every youth with the education and resources to sustainable livelihood and provide social security and solution building concerning peace. However the United Nations has seeds of hope and peace. We should remember that in comparison to the United Nations the world is very old and it is not easy to change the world. Youth can be said to be the most innovative and uncompromising part of society. UN was setup from the ashes of the Second World War and the declaration of human rights was one of the first things that it produced. We should understand that whole universe is created for peace not for destruction. People should therefore live together in peace and do whatever they can for the wellbeing of the suffering ones. However, we have not been successful in stopping the arm race among the great power yet. The exercise of human rights and freedom is an essential element of peace. Peace is an essential requirement for the satisfaction of human basic needs such as food, shelter, health, education, labour and environment. The young general assembly is uniting young people from all over the world in responsible action to initiate practical activities through promoting youth empowerment in decision making and solution building. The children of the world are calling for a better future. They have the chance to develop their potential. They need a peaceful world. Childrens rights are being violated every day and yet the offenders continued to say Children are the future. To educate and enlighten the youths about social services and also promote community organizing as a tool to reconnect people to each other with a common goal of building supportive and good community. To create spaces for the youths of the world including people who are young of color, queer, poor and or have disabilities to invest in the power of collective action. The world community is highly concerned about the continued deterioration of the status of world wide youths who face growing levels of unemployment, poverty, epidemic diseases, functional illiteracy and other social and economic challenges. Youths continue to face serious health issues, in particular the HIV/AIDS which is the biggest challenge facing our generation. The world community is highly concerned about the prevalence of human rights violation with regard to young people such as child labour, trafficking and living in countries under occupation. We recognize that there are too many young people lacking the necessary education and training for good productive jobs, too few jobs and too many unproductive jobs with poor remuneration and security. The world community must increase an investment in relevant skills training, emphasizing training appropriate to the job market. Growing awareness of the interdependence of the world and of global problems is concern to all people of the world. The purpose of youth network is to increase the youths respect for human beings, love for humanity and develop a peace loving mind all of which should be the foundation for international understanding. Therefore moral education is very closely related to international understanding. Special activities play an important role because they help the youths develop international understanding through actual experiences. We must empower all the youths of the world and encourage them to pay need to the followings: Interests in the world surrounding and in human cultures. Understanding of world and cultures. Transformation of consciousness to include the world and other cultures. Formation of an attitude of international harmony and cooperation. Often teaching for international understanding is based on a description and analysis of different international social systems. The aim is to develop a critical idea in young people who should be able to discern the political and economical structure, which are the causes of conflict, violence and war. This is right but not enough. The young people will be encouraged to take part in activities of understanding other people and to discover the cultures of other races such as Japanese, the Africans and the Arabs. They may learn in other lands such as the famine crises, earthquake crisis in Pakistan and may decide to sponsor a child in Africa in order to help pay for his education. The venture may be successful in bringing the awareness amongst the young people about the value of understanding and peace and benefits, peaceful cooperation amongst the different people of the world. The people of the world should take keen interest in identifying and advocating for initiatives that empower young people to have greater control over their individual and collective destinies and their ability to contribute effectively to the advancement of the global community and achieve peace and international understanding. To form a youth network which could mechanism to ensure the participation of young representatives reconciliations process, negotiations and peace building. Lets develop and support the education of culture of peace in programmes of schools in all levels. It is crucial to break stereotypes in education by raising awareness the role and contribution of girls and young women in society. The United Nations system should encourage, promote and find ways to recognize the participation, facilities and technical assistance for their work. Education, training and capacity building of youth are of paramount importance to encourage youths to contribute their time and energy in the field of international understanding and peace. Especially the young people of the developing countries are facing lots of problems for example, lack of opportunities for education and training, unemployment, drug abuse, poor health facilities and services etc. the young people constitute the major human resource for development. They are in many sectors, the key agents for social change and technological innovations. Young people are frequently the last to benefit directly from general progress, living without basic resources curtails the participation of youths in the lives of their communities and nations. It also has an adverse impact on the access to education and skill development. Poverty undermines the aspiration of millions of young people globally, manifesting itself in illness, illiteracy, drug abuse, trafficking and crime. Faced with too many demands, too few resources, the needs of youth go unanswered to the long term detriment of development. It is evident from the foregoing facts and figures that youth need support if they are to play a central role in society. The international communities also have objectives, to promote youth activities as an integral part of social and economic development; to enhance the active participation of youth in society and to promote among young people, the ideals of peace and international understanding.

Economy Society And Sustainable Development Environmental Sciences Essay

Economy Society And Sustainable Development Environmental Sciences Essay Carter (2001) Sustainable development is an indefinite concept with a meaning that is complex and challenged. Dresner (2002:63) has argued that sustainability is like other essential political ideas, such as liberty and justice, which are contestable concepts. However, people may not agree on the exact meaning, does not mean that there is no meaning at all. European Commission (EC) (2009:7) Sustainable development is a fundamental and all-embracing objective that aims to; continuously improve the quality of life and well-being for present and future generations, by linking environmental, economic and social-political sustainability. Dunlap and Van Liere (1978) developed the New Environmental Paradigm (NEP) scale that is widely used to calculate peoples changing world beliefs from a human dominant view (Dominant Social Paradigm (DSP) Technocentric) to an ecological one NEP (Ecocentric). Turner et al., 1996 have taken the technocentric, ecocentric viewpoints and have separated them int o a broader division between technocentric and ecocentric approaches. Contested concept There are many concepts but the most widely used definition, taken from the World Commission on Environmental and Development (WCED 1987 chapter 2) is that sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs. This definition sets out the two key concepts of needs and limitations. The concept of needs should give an overriding priority to the needs of the worlds poor, both North and South. The concept of limitations is the idea of limitations imposed by the state of technology and social organization on the environments ability to meet present and future needs. Mainstream sustainable development (Barrows, 1999) typically supports some economic growth (within limits), the appliance of science, technology, environmental knowledge and effective conservation to world development. While still maintaining basic human needs for all, maintaining ecological integrity and showing concern for in tergenerational, intergroup and interspecies equity. Policy context Most analysts agree that sustainable development emerged from the environmental movement of the 1950s and 1960s. This movement was concerned about human activity having severe and negative impacts on the planet, and that patterns of growth and development would be unsustainable if they continued unchecked. As (John Stuart mill 1806 to 1873) said economic growth could only be temporary in a world of scarce natural resources in which population constantly pressed for land and food reserves. To understand how sustainable development came into public policy and to the forefront, it is important to be aware of the political context in which it operated. In 1972 at Stockholm conference there had been a growing awareness of environmental problems associated with new global worries about climate change, ozone depletion and biodiversity loss. Sustainable development was given a broader meaning in Our Common Future which was published by the World Commission on Environment and Development (WCED, 1987), and is commonly referred to as the Brundtland Report. The direct result of the Brundtland Report was in 1992 at the United Nations Conference on Environmental and Development (UNCED) in Rio de Janeiro that is often called the Earth Summit. This meeting was to highlight global concerns about the environment and economic development and help find ways to stop the destruction of irreplaceable natural resources and pollution of the planet. The UN General Assembly dedicated its 19th Special Session (UNGASS-19) in June 1997 to design a Programme for the Further Implementation of Agenda 21 (United Nations, 2012). In 2002 Johannesburg a follow-up conference was, assembled to renew the global commitment of the Rio Declaration. This World Summit on Sustainable Development (WSSD) agreed on the Johannesburg Plan of Implementation (JPOI) to proceed with the implementation of sustainable development. The UN General Assembly agreed to adopt a Resolution on 24th December 2009 to hold the United Nations Conference on Sustainable Development (UNCSD) in Rio de Janeiro 2012. Measures of ecological beliefs Dunlap and Van Liere (1978) developed the New Environmental Paradigm (NEP) scale, which is one of the most accepted measures of ecological beliefs and attitudes for evaluating peoples environmental attitudes. This scale is a widely used to calculate peoples changing world views from a human dominant view i.e. Dominant Social Paradigm (DSP) to an ecological one i.e. NEP, where humans are part of nature. The DSP, positing is towards endless development, growth of the markets, acquiring personal wealth and these attitudes can contribute to environmental degradation. The DSP is then incompatible with the NEP because it highlights the destruction of ecosystems caused by progressive industrial production. The NEP has a very strong extrinsic value that is sceptical about human ability to understand the natural worlds sufficiently well to prevent doing serious damage to the environment if growth goes on. Dominant social paradigm The dominant social paradigm (DSP) is more prominent in Western industrial civilization. With the Scientific Revolution of the 17th century and the emergence of liberal social theory came the origins of the technocentric which believed that man has power over nature (Daly and Cobb, 1994). A technocentric view that nature (Gladwin et al., 1995) is both infinite supplies of physical resources i.e. raw materials, energy, soil, air and water which is, used for the benefit of humanity. The more industrialised a country is or more a developing country try to mimic Western industrial cultures the more that countrys receiving environment declines due to pollution and ecological degradation (Roome, 1998). The DSP has weak sustainability elements and its relation to growth, consumption behaviours measured by Gross Domestic Product (GDP); have strong intrinsic relation to human centred ethics and self-egotistical enhancements. Even though DSP is neoclassical, the economist Adam Smith 1723 to 17 90 warned against monopolies and mercantilism. His theory was that markets are motivated towards the public good by an invisible hand which has made him a venerated figure among free market doctrinaires. New environmental paradigm (Milbrath, 1996 cited by Douthwaite, 2000) The New Paradigm (NEP), on the other hand, says that growth must never continue past the point at which it begins to endanger long-term sustainability. NEP individuals are more environmentally concerned and have ecocentric perspectives which tend to acknowledge the presence of environmental limits, strong in sustainability with nature centred ethics that believe it is rarely if ever justifiable to damage ecosystems in the pursuit of self-enhancement (Hunter and Rinner, 2004). In addition, NEP looks at post consumerism and the Genuine Progress Indicator (GPI) that has a strong ecocentric economic value. Nature in the NEP is viewed upon as having limited resource that is delicately balanced and subject to detrimental human intrusion. Thomas Robert Malthus said that man, sooner or later, universally, will run up against himself; that the population of mankind will eventually outstrip mans ability to supply himself with the necessities of life. Devastation can happen at low population levels but it is reasonable to say that up to a point population increase becomes a socio-economic problem only if food production technology fails to keep up (Barrows, 1999). Technocentric and ecocentric philosophy (Turner et al., 1996 cited by DAlisa 2007) divided sustainability, into technocentric and ecocentric. This viewpoint allows a broader division between technocentric approach and ecocentric approach (Figure 1). After sub, categorising the technocentric approach, ethics and level of sustainability there became abundance technocentric and technocentric accommodating. The definition of abundance technocentric, technocentric-accommodating philosophies, ethics and values is they rely on the advanced growth of technologies to help develop substitutes for the shortage of natural resource and pollution problems. Ecocentric was sub, categorised into communitarian ecocentric and radical ecocentric. Both of these ecocentric philosophies try to find an acceptable equilibrium between human social systems and the ecosystem. Figure Turner, Pearce and Bateman, 1996 cited in DAlisa 2007 shows a broader division between technocentric approach and ecocentric approach. Personal philosophy Personal ethics and values I personally believe I am an accommodating-technocentric. An accommodating-technocentric believes it is necessary to consider and also place a monetary value on the environment (DAlisa, 2007). An accommodating-technocentric approach recognizes that we must protect the environment, which is important to support all life and future economic growth. Eco-efficiency is the key word for this 21st century, which is possible through the support of green technologies (DAlisa, 2007). While growing up with my grandparents they taught me how to hunt animals, fish and grow food on the limited land we owned. Little did I know this was the beginning of what is termed permaculture. I have worked in engineering, electrical multinational companies in Ireland and abroad for 23 years, which have used Best Available Techniques (BAT). The companies I have worked for have used innovative technology to help other companies reduce their emissions to the environment but also to use resources more efficiently. After losing my job I returned to education and presently studying Environmental and Natural Resource Management which provides a comprehensive knowledge of the science and management of the environment through modules like Sustainable development, sustainable energy, environmental issues like climate change, air and water pollution and the conservation of nature through planning. Accommodating technocentric exhibit extrinsic ethical logic caring for others whose motives are intergenerational and intergenerational equity (i.e. contemporary poor and future people); instrumental value in nature (Turner et al., 1993). Personal definition of sustainable development Sustainable development (figure 2 as cited by Huckle, 2006)) shows a connection between economic, social and environmental pillars in this modern technological society. Because sustainable development model contains a personal meaning to every individual there are many definitions of the concept. Tolba (1987) Sustainability is when you leave the world better than you found it, take no more than you need, try not to harm life or the environment, make amends if you do. Accommodating technocentric (Turner et al., 1993) are weak in sustainability. However, I may not be an extreme technocentric or ecocentric I personally believe that by being mid way I can recognise, make conscious logical decisions between economic, social and environmental issues. As a father of two young children, I want them to grow up in a clean environment where they have access to clean water and air. As humans we are unique because we have the ability, potential and opportunities to respond to threats natural or a nthropogenic- perhaps to avoid or mitigate them i.e. through technology (Barrows, 1999). NaiveSD Figure the conventional view of sustainable development is about balancing economic growth, social and environmental goals. Personal philosophy of sustainable development While studying for a Bachelor of Science (Honours) degree in Environmental and Natural Resource Management I have become aware of limits to growth, finite resources and pollution of our environment. Through education, I have gained knowledge and techniques to understand that government policies and social structures have put pressure on our environment. Education has made me more aware that this current DSP is un-sustainable and needs to scale back to become sustainable. While tools such as sustainability indicators and the ecological footprint by (Wackernagel Rees, 1996) has encouraged me to take appropriate decisions to change my behaviour on certain issues like retrofitting my home through insulation and completely moving away from a finite resource i.e. oil, to a more sustainable logwood gasification heating system. As an accommodating-technocentric, I have to agree with the principle of (Daly, 1990), Limit the scale (or economic throughput) within the Earths current capacity. Ensure that technological advancement increases efficiency rather than increasing output. Renewable sources should, not be harvested at rates that exceed regeneration rates (sustained yield). Waste emissions should not exceed the absorbing capacity of the receiving environment. Non-renewable resources must, never be exploited faster than the rate of creation of renewable substitutes. Conclusion If sustainable development continues to represent all (often mutually exclusive) things to all people, then it cannot possibly carry the intellectual weight required of it at this crucial turning point in human history (Porritt, 2006). Sustainable development should not be an indefinite concept but pushed to the forefront, of all nations to educate the youth of today, as they will be the adults of tomorrow and show them that the current neoclassical, DSP is un-sustainable. Accommodating technocentric believes in conservation, managing of natural resources and they believe in the green economy, green markets guided by economic instruments (Els) (e.g. Pollution charges etc.) (Turner et al., 1993). As an accommodating technocentric, it is possible to manage natural resources through advancement in green technology. If economic growth could be, modify through (adjusted Green accounting to measure GNP) (Turner et al., 1993). Green GNP calculates the loss of biodiversity and the effects of climate change in monetary terms. By using modern efficient technology and managing renewable resources, it will be possible to consume and generate profit while allowing it to generate back (sustained yields). Yes there is finite resources such as oil and coal but it possible to develop new technologies to substitute these i.e. Cynar PLC located in Portlaoise, Co Laois, Ireland, turns End of Life Plastic into Diesel (ELPD). Due to science and technology, they have turned a previous environmental landfill waste issue into a valuable asset.

She Held The Piece Of Paper And Looked At Me :: essays research papers

Jackie stared at the piece of paper with trembling hands and then back at me, her eyes danced uncontrollably with joy. Elated, she held onto the letter tenaciously and ran around the room in a frenzied madness. "Grandfather Morgan, is dead!" she proclaimed, her pale arms gesticulated wildly as she re-read short extracts from my grandfather's lawyer's letter in her formal tone, which was occasionally punctuated by short bursts of laughter. "He's dead," together, we proclaimed again and again in jubilation. Dressed in a somber suit to disguise our euphoric hearts, Jackie and I rushed to grandfather's opulent mansion, which was perched on the outskirts of Nome, a small district with big people. We entered the mansion only to be welcomed by wailing relatives who had suddenly remembered grandfather only after he had passed on. After a short sermon we gathered around the teak coffin to say our final farewells to Morgan. Eventually, Jackie strolled towards the coffin, bent down and kissed grandfather's ashen cheeks and hissed into his ears, "So glad you finally decided to die, old man, and you had better left me something worthwhile," Finally, we entered a glumly lit room filled with excited chatter. Obviously, they were all vying for Morgan's coveted treasures. This was the moment we were all eagerly awaiting; the will was going to be read .A scrawny lawyer hobbled into the room, sat on the leather sofa and loosened his strangling tie. Clearing his throat he fumbled for his reading glasses as he peered at us through his milky green eyes. Flashing a conspitoral smile, he started to read Morgan's will in a hoarse voice. After rambling on and on about what other relatives were to be given, he finally reached Jackie's name. " Lastly, to my loving granddaughter, Jacqueline, the one whom I had always doted upon, will be given the family heirloom." "What?" Jackie screeched in utter dismay. Immediately, she sprang up and rushed towards the will. Grabbing the yellowed paper from the bedlam lawyer, Jackie read the will again. Shaking her curly locks in disbelief she wailed, "It cannot be, I served him for so long and I end up with a worthless piece of junk." " Madam, you must understand that your grandfather's ring was worth much more to him than just money itself, he would expected you of all people to understand this, "the lawyer meekly retorted.