ARGUMENT Essay on The Medical (health care) of America

ARGUMENT on The Medical (health care) of America - Essay Example One of the most urgent questions is whether all the Americans should be entitled to health care or not. The US is known to be one of few highly-developed nations which do not provide universal health care for its citizens. Together with Mexico, the US is the only member of the Organization for Economic Co-operation and Development that does not have this service (OECD, 2013). Thus, advocates of the reform insist that health care should be defined as a universal system, run by the government. In other words, this should be the government’s responsibility, but not one of the concerns of ordinary people. Nowadays, however, American  people must work really hard in order to take care of their own health. The burden of all the medical expenses lies on the shoulders of ordinary citizens. According to the US Census Bureau, government programs cover only 27.8% of the population (83  million),  including the elderly, disabled, children, veterans, and some of the poor (U.S. Census Bureau, 2013). In addition, national law provides public access to the services of emergency, without regard to paying capacity of a person. However, this does not seem to be right that all the other people have to take care about their health on their own. A couple of arguments may illustrate this. Despite the significant and really impressive advances in medical sciences, millions of Americans cannot afford themselves a number of modern services just because the price is too high. It seems to be a paradox that citizens of one of the riches countries in the world cannot afford qualitative health services. That is why medical health care, one of the unalienable human rights by the way, seems to be turned into a privilege. Advocates of the right for health care insist that no one in the richest nation on earth should go without it (Right to Health Care, 2014). The US seems to be wealthy

Setting of Observation Essay Example for Free

Setting of Observation Essay A specific area in a large park. 2:10: Two (2) women stood beside a picnic table over which was covered with a blue plastic tablecloth. They put their purses beneath the table to the far right hand side leaning against the leg. One (1) woman placed rocks at each corner of the tablecloth so it would stay in place. She joked that the weather could be unpredictable. She asked the other woman if she thought they might need extra chairs. She called the woman by name (Susan; I later learned the other woman’s name was Nancy). Susan said that they could decide that later, depending on how many children showed up for the party, and if needed, she had extra chairs in back of the van. Susan went to the van, and returned within a minute carrying two plastic bags. In each bag were two litter bottles of No-name Cola. She placed them on the table, wiped dust from the plastic bottles with her hand. She said that she saw a television documentary that stated pop bottles were sources of germs. â€Å"Especially the small cans,† she explained. â€Å"You should always clean the entire top. † Nancy listened, but did not respond. Instead, she said she would go to her car and get the â€Å"other stuff†. She asked Susan if the cake would be all right left in her car, or if it would melt, because it was very warm outside. Susan said, â€Å"We should have brought a cooler. † After discussing this, they decided that since Nancy’s car was parked in the shade, it should be okay. Nancy went to her car, sat in the driver’s side and lit up a cigarette. She put the window down half way. Susan glanced over at Susan in her car, frowned, then sat down at the picnic table. There was a squirrel in a tree nearby, making noise. Susan looked at the squirrel and said, â€Å"Don’t have anything for you, little guy. † About eight minutes later, Nancy returned to the picnic table, holding a square, cardboard box in her arms. She put the box on the table and withdrew an unopened bag of whistle blowers, a bag of balloons, and cut pieces of string. She said she had grab bags in the box for later, as well as surprises, Styrofoam cups, paper towels, and Band-Aids if needed. 2: 24: Both women began to blow up eight balloons of various colors, and attach string to each one. There were still balloons left in the bag. Nancy said, â€Å"I think this is enough. † She laughed. Both women tied each balloon to nearby tree limbs. One balloon got away. Susan chased after it, then attached it to a tree. When this was completed, Nancy put the opened bag of balloons in her purse, closed it and put the purse back in place. Nancy said, â€Å"Krista should soon be here. † She looked at her watch. Susan said, â€Å"Hope she knows what park it is. † Susan assured Nancy that Krista had been to this park on a number of occasions. Susan withdrew a cell phone out of her sweater pocket, just as a silver van pulled in. Susan put the cell back in her pocket. Both women took a few steps forward toward the van. 2: 38: Six (6) children burst out of the van. All the children yelled â€Å"Surprise! † The children then ran toward the picnic table. There were five girls and one boy. One (1) child, a girl, who looked to be about eight years old, hugged Susan. She said, â€Å"I had a feeling about it. Where is my cake? † Susan said, â€Å"Oh, you’ll get it in a bit. Happy Birthday! I’m ordering some pizza first. † The child clapped her hands. Two other girls (2) came up to the Birthday girl, and the three (3) girls went to look at the balloons in the trees. The one boy sat at the picnic table. He said he didn’t like girl parties. Susan rubbed his head and laughed. She said that’s how it was to be a little brother. † The boy folded his arms and asked when the pizza would arrive. Susan and Nancy sat at the picnic table. Krista called the children together and said they would play a game. Nancy got up to help. Susan and the boy remained sitting at the picnic table. Susan took her cell phone out of her pocket, then stood up and walked a few feet away. Krista told the five (5) children that they would be playing a game. She said she would sing and then she would say freeze. She said that the child who was caught moving was out of the game. The game would continue until the last child remained. She said that the last child would get to pick out a prize from the box on the picnic table. Krista half hummed and sang, then yelled, â€Å"Freeze! † She pointed to one girl and said that she had moved. The girl said, â€Å"Au,† and stood away, still watching. This went on until the last girl was the winner. The winner went to the picnic table, and Susan moved the box close to her and told her to shut her eyes. The girl did so, and withdrew a small white bag with the words ‘Happy Birthday’ decorated on it. The girl ripped the bag open. The contents of the bag were a pencil and sharpener, a bag of candy, a small red yo-yo, a movie certificate. Nancy came over to the table, and explained that ‘Ashley’ had picked the wrong thing. â€Å"That’s the grab bags, not the prizes! † Ashley asked what the movie certificate was for. Susan said that she had hoped all the girls would go to a movie soon. The other four (4) girls saw what Ashley had and stood around her. â€Å"This is the surprises? † One girl asked. Susan explained that they were the grab bags and there was a mistake. She said they all would get one later. She then took the grab bags out of the box, took out a bag and instructed Ashley to put her hand in and pick something. She chose a Hannah Montana lanyard. She said, â€Å"Oh, I love Hannah Montana! † She showed it to the other girls. 2: 57: Krista asked if they wanted to play another game, a scavenger hunt. The girls all said yes. Krista said that the first person to find the items would be the winner, and that they should work in pairs, or threes. Krista said they were to find a pine cone, a feather, a pretty rock, and something unusual. She said that they had twenty minutes and the winner would be the team who found the most. She said that they were not to go far, and that in twenty minutes, she would holler out to them to come back. The boy decided he wanted to play, too, and the six children went into the woods. When they were gone for five minutes, three large pizzas arrived. Susan said that was a fast delivery. She paid the delivery person who was a young man, and gave him a five dollar tip. She thanked him, and he left, getting into a car. Nancy put out Styrofoam cups, and said to Susan that Krista should call the children back before the twenty minutes were up, so the pizza wouldn’t get cold. Krista shrugged. Susan said that the kids wouldn’t care if the pizza was warm, and that it wouldn’t get cold that fast. The three (3) women sat at the picnic table saying very little to each other. Then Nancy went to her car and lit another cigarette, while Nancy and Krista watched her. 3: 07: Nancy finished her cigarette, and said to Krista, â€Å"Just call the children now. They can continue their game after they eat. † Susan said that would be best. Krista got up from the picnic table and yelled for the children to come back now. She yelled, â€Å"Pizza’s here! † 3:09: Four (4) of the six children returned, some of them holding objects like a rock, a feather, sticks. They put their scavenger hunt treasures on the ground in separate gatherings, then went toward the pizza. Susan said they had to wait until the other children returned so they would all eat at the same time. 3:10: Krista said she would go into the woods to find the other two (2) children. Nancy poured pop into Styrofoam cups, and said they could have a drink while they waited. 3: 13: Krista came back with the two (2) children running ahead of her. The children dropped what they had collected and went toward the table. Susan said they would need more chairs. While Susan went toward her car, Nancy said that they had forgotten plates. She said they would have to eat off of paper towels. Observation No: 2 Specific store in a shopping mall: The store owner, Mrs. Peach, operates a boutique selling eclectic wares that include aromatherapy and other items designed for personal well-being. She also sells a small amount of clothes that have new age symbols on them. 11:05: Mrs. Peach put dust cleaner on a cloth, and wiped down her counter, which is made of wood. She then cleaned the sides of stands. She adjusted her sign near the entrance that said ‘50% off Today’. She looked at a few people walking by and smiled at them. A woman from the next store came up to the entrance, and began talking with Mrs. Peach. She kept folding and unfolding her arms as she spoke. She said, â€Å"Even for a Monday, you’d think there’d be more than this around. † Mrs. Peach said, â€Å"I know. With the holiday and all. † The woman then began to tell Mrs. Peach about her niece who was recently married. She described the wedding, said the cake was just beautiful. She said that she didn’t care for her niece’s husband, but that she would probably warm up to him in time. Mrs. Peach nodded. She kept looking beyond the woman. A man walked by, and the woman stopped talking. They both watched him go into the La Chateau store. 11:15: Two (2) customers, a man and a woman, came into Mrs. Peach’s store. The woman she’d been talking with went back into her store. Mrs. Peach greeted them with a smile. She said, â€Å"Can I help you find something today? † The woman said, â€Å"It smells nice in here. † Mrs. Peach said it was an oil that she puts into a tiny dish. She said she would like to burn oil, but the rules of the mall prevented her from doing that. The man didn’t say anything. He just stood beside the woman. The woman then asked Mrs. Peach if she sold vitamins. Mrs. Peach said that she didn’t, but she could recommend a naturalistic store across town. The customer asked the name of this store. Mrs. Peach told her, adding that it was next to a grocery store, and easy to find. 11:18: The customer said she would like to browse. Mrs. Peach said, â€Å" If you have any questions, let me know. † Then Mrs. Peach went to a clothing rack that held long gown dresses. One of the hangers was faced the opposite way from the others. Mrs. Peach fixed it so it would be presented correctly. Mrs. Peach went behind the cash counter and straightened some papers, and turned on a stereo. Soft new age music could be heard. She adjusted the volume, turning it down slightly. 11: 22 The woman customer stopped at the aromatherapy stand, and began smelling the bottled testers. She asked Mrs. Peach if the oils could be used as perfume. â€Å"No, they’re not diluted enough for that. It could bother your skin. We can make perfumes, however, even mix scents you like. † The customer said that she especially liked the mint smell. Mrs. Peach said she liked it, too. She said it was invigorating, and smelling it gave energy and cleared the mind. Mrs. Peach held up another bottled tester. She said, â€Å"You might like this one, too. It smells like nature. † The woman held it and read aloud the name of the oil which was called ‘A walk in the Forest. ’ She asked the man with her to smell it. She asked him if he liked it, and he said, â€Å"I guess it’s all right. † The customer gave the bottle back to Mrs. Peach who put it back beside the other testers. The customer picked up the mint smell again, and put it close to the man’s nose. â€Å"Do you like this one better? † she asked. He said that it was okay. Mrs. Peach chuckled and said that scents usually only appealed to women. The customer smelled three more scents. Mrs. Peach went to the counter, then returned with a bowl of coffee and said, â€Å"Smell the coffee between smelling the oils. It will help you not mix up the scents. † The customer smelled the coffee, then continued to smell the testers. After a few moments, the customer told Mrs. Peach that she’d like a bottle of the mint oil, and Mrs. Peach brought a sealed bottle it to the counter. The customer paid for the bottle. She said she didn’t need a bag as she would put it in her purse. Mrs. Peach said â€Å"Thanks for coming in. See you next time. † The customer left the store 11:40: The phone rang. Mrs. Peach answered it. She said, â€Å"Thanks for calling Sun and Moon, Laura speaking. † She said, â€Å"Yes, we do,† and â€Å"Anywhere from ten to twenty five dollars,† and â€Å"We close at six today. Look forward to seeing you. † Mrs. Peach put the phone back in its cradle, looked under the counter, then stood up again. 11:41: A woman walked into the store and went toward Mrs. Peach. Mrs. Peach said, â€Å"Not much business here today. Might pick up after lunch. † Mrs. Peach then told the woman that since there wasn’t much business, she could use the opportunity to straighten and clean the store. She said that had already done a little dusting. She pointed to the 50% sign, and asked if the woman could try to keep it straight, as it kept falling to one side. The woman said she would try. The woman said, â€Å"Can I go to the bathroom first? I’ll be quick. † Mrs. Peach said, â€Å"Sandy, your shift doesn’t even start until noon. † They both laughed. Sandy, an obvious store employee left the store, said hello to the woman in the next door and went toward the bathroom. 11: 43: Mrs. Peach took her purse from a shelf under the counter, and put it on the counter. She took out a tube of lipstick and put it on her lips. Using her thumb and forefinger, she wiped the edges of her mouth. She took out a little mirror and examined herself. A man came with a delivery for Mrs. Peach’s store. It was three (3) boxes. She told the man to put them beside the counter. The man did so. He asked Mrs. Peach to sign for the delivery, and she did. Then Mrs. Peach said than you, and the man left. Mrs. Peach tore off an envelope that was attached to one of the boxes. She put the envelope beside the cash register, then reached for a paper cutter knife. She used it to cut the tape off one box, then put it on the floor. She looked inside the box. She picked up a small square pillow that was embroidered with the word ‘Peace’. Mrs. Peach smelled it, then put it back in the box. Then she withdrew a bag that held colorful rocks. She put the bag on the counter. 11:48: Sandy, the employee woman came back from the bathroom. She said, â€Å"Oh, new stock. Great! † Mrs. Peach said, â€Å"We finally got our stones. † She instructed the woman to do her best to put out the stock. Then she took her sweater, put in on and said she was leaving, and that she was starving for lunch. She said, â€Å"Call if there’s a problem. Bye. † Observation 3 Classroom Setting: 1: 30: The French teacher, Miss Horne waited by the door for the next class of students to arrive. The hall was noisy. Children were laughing and talking loudly. They came into Miss Horne’s grade four class, some of them running. Miss Horne waited until all the children were inside, then stood at the front of the room. Most of the children settled down, but two (2) boys kept laughing and talking. Miss Horne said, â€Å"You two want extra work? † They smirked, but stopped their noise. She said she would give the class five minutes to be quiet before they began. 1:34: Miss Horne went to the board and said, â€Å"We’re going to review what we’ve been learning about the last few days. Can anyone remember what that is? † A girl put up her hand. Miss Horne nodded to her. â€Å"Names of animals,† the child said. â€Å"That’s right,† Miss Horne said. â€Å"Let’s see how much we remember. Turn your brains on. † The children laughed and some made a key turning action with their fingers on their heads. Miss Horne said, â€Å"Now then. You must answer in French. What kind of an animal goes, â€Å"Hiss, me-oww. † Several of the children yelled out, â€Å"La Chat! † Mrs. Horne told them that they had to put up their hands. Most of the children then put up their hands, but she didn’t choose any of those children who had called out. She picked a girl in the front row. The little girl said, â€Å"La Chat. † â€Å"Very good, Nakita,† said Miss Horne. She wrote the words ‘La Chat’ low on the board. A boy put up his hand. â€Å"Yes, Paul†, Miss Horne said. The boy said that his mom said they would be getting him a kitten. Mrs. Horne told the boy that was wonderful. Then she asked him, â€Å"Now can you tell me what animal you often find people walking in the park? † 1: 37: Paul said, â€Å"Cats? † The (2) two boys who had been causing trouble at the beginning of class laughed and gave each other a high five. Paul yelled, â€Å"Shut up! † It looked like he was about to cry. Miss Horne walked to where the two boys were sitting. She told them that they were being very rude, and very disrespectful to interrupt their class for other students who were interested in learning. She added that she would be sure to tell their homeroom teacher about how they had misbehaved. She asked the boys if there was anything they wanted to say to Paul. One boy said, â€Å"I’m sorry. † Miss Horne said he needed to say what he was sorry for. The boy said, â€Å"I’m sorry, Paul, for laughing at you. † Then she asked the other boy if he had anything to say, and he said he, too, was sorry for laughing at Paul. Miss Horne told one boy to sit in an empty seat on the other side of the room. Then she told a girl to switch seats with the other boy, so they would be separated. She told the entire class if there was any more foolishness, she would be calling parents. 1: 46: She went to Paul’s seat, and told him not to pay any attention to them. He said okay. She went back to the board, hesitated, then said, â€Å"Who would like to do the teacher a favor? † Lots of hands went up. She walked around the class for several moments, looking at the students closely, in a fun fashion. Then she went back to the board and said, â€Å"I don’t want any talking. Neil, come on up here. † He went near her, and she whispered in his ear. He drew a bird on the board. Miss Horne said, â€Å"What a great drawing. Boys and girls, who can tell me what this is in French? Several hands went up. She said, â€Å"What is it, Rayden? † He said, â€Å"oiseau†. Miss Horne said, â€Å"Real close. Want to try again? † Rayden thought about it, then said, â€Å"L’oiseau? † Miss Horne gave a little clap with her hand. â€Å"Great going, Rayden. † 1:51: There was a knock at the door. Miss Horne went toward it, then opened it. It was the secretary from the principal’s office. The secretary asked if she could talk to Miss Horne for a few minutes. They stepped outside the room, keeping the door open. They talked quietly. Ms. Horne stepped inside the class and said, â€Å"Miss Horne needs to take a phone call, and Mrs. Brown will stay here with you for a few minutes. Maybe she can read you a story. Mrs. Brown said, â€Å"Not a French one, I hope†. Miss Horne asked one of the children to pick out a book from the English shelf, and then the teacher left. Mrs. Brown sat down at a seat at the head of the room. Some of the children asked if they could come sit on the floor, because that’s what Miss Horne does. Mrs. Brown agreed, and all the students by her. The book was called, ‘Arthur Cluck’. She read to them, and they were very quiet and intrigued. 2:09: Miss Horne came back. She said it was okay if Mrs. Brown finished the book. She agreed, and Miss Horne went to her desk and sat down. 2:16: Mrs. Brown finished the book. â€Å"What do we tell Mrs. Brown, boys and girls? † They said in unison (Thank you, Mrs. Brown). â€Å"And thanks for watching the class,† Miss Horne added. Then she whispered, â€Å"I used the time to go to the bathroom, too. Thanks! † She turned to the class. â€Å"Looks like we didn’t get a whole lot done today. Let’s hope tomorrow will be better for us all. † Then she explained that they may as well do a little more of their review. She said, â€Å"What animal eats grass, weighs a lot and lives on a farm? † Someone said ‘horse’. She said that wasn’t it. Paul put up his hand and said, â€Å"An elephant. † Miss Horne said, â€Å"I guess it could be an elephant, but this animal goes, â€Å"Nayyy. † Paul chuckled and said, â€Å"a horse. † Miss Horne said she needed to hear it in French. Paul said, â€Å"That’s means un cheval. † She then asked the French names for other animals, including cow, pig, wolf, and goat. 2:27: Miss Horne said it was almost time to go back to their homeroom. She wanted them to clean up around their desk, and put their books away. † 2:29: Miss Horne said that she would walk the students back to their homeroom. She said, â€Å"Now use your hall voices, boys and girls. † They left together. Scenario 4: Inside a fitness center: 7: 21: Two(2) adult men, approximately 30 35, and a younger teenage boy, approximately 17, entered the gym. It was a fairly small gym. They began stretching their legs and arms, and talking among themselves. The youngest male said, â€Å"Dad, I don’t think I locked my locker. † His father told him that before they really got started, he should go and check, just in case. The boy agreed. He left. The father said to his friend, â€Å"Swear he’d forget his was, he’s so forgetful. God, kids today. † 7:22: The father sprayed the weight bench with a cleaner, one of many that were in the fitness center. He took a white towel, wiped down the bench, then put the cleaner and the white towel away (there was a bin for used towels and another for clean towels). 7: 23: They went toward the weights. The father suggested they do their usual routine. Then he lay on the bench, and his friend put a 130 pound weight in his grasp. He lifted the weight easily. He counted down from ten to one. Then he stopped and they talked for a few moments, and the other man took his turn at the weights. 7:33: The father’s son came back, and announced that he had indeed locked his locker. When the man did his weights, Shawn watched, then he also did three sets with a lower weight, while his father encouraged him. 7: 42: When Shawn finished, his father adjusted the weight bench so that it was on an incline. They each took their turns doing the weights this way. At one point, Shawn’s father’s friend said he was getting a cramp, and he said, â€Å"This is my last set for tonight. † He said he had to go to the bathroom. Shawn and his father sat on the bench. Shawn’s father told him about a story where a guy dropped the weight across his chest, and that he couldn’t get up, or barely move. He yelled out for someone to help him, and two (2) women each held an edge each. They lifted the weight, but then dropped it. The man’s ribs were broken and he could barely move. Shawn listened, his mouth opened. He said that he wasn’t sure he believed that. â€Å"You’re always making up stories, Dad. † A group of people, mostly women, went into a room. An instructor (1) came out and said, â€Å"Aerobics, last call. † Shawn said he thought they should go in, too. His father laughed and told him that he only wanted to go in because of the women, and part of getting fit was not letting anything distract you. Shawn rolled his eyes and said that he hoped there would never be a day when women didn’t distract him. Shawn watched the last woman go in, a slim woman about his age. He gave a low whistle only he and his dad could hear. 7: 54: Shawn’s father said that he wondered how his friend was doing. He said, â€Å"Maybe I should go check on Cal. † He told Shawn not to continue the weights until he came back. There were other men there who said they wanted to use that bench, and Shawn’s father said that was okay. Shawn said he would go and run on the treadmill until they returned. 7: 56: Shawn walked to the right where the treadmills were, along with stationary bikes and other equipment. Shawn walked around, and all treadmills were in use. He walked back to the weights, then returned again to the treadmills. 7: 58: A woman (1) noticed Shawn. She asked him if he was waiting for a treadmill. He said that he was. She said, â€Å"I’m almost finished. About five minutes more. Sign your name under mine. † Shawn said â€Å"Thank you,† then signed his name on a list on the wall. He walked around for a bit, then came back to wait. 8:02: The woman got off the treadmill, wiped it with a towel that was around her neck. She said, â€Å"It’s all yours,† and Shawn thanked her. He got on the treadmill, and adjusted it so he was at a fast walking pace. He did this for a few minutes, then increased the speed so he was jogging. 8:16: Shawn’s father and Cal came up to the treadmill. Shawn’s father said they couldn’t see him right away as he was the last one against the wall. Shawn asked Cal how he was doing, and Cal said, â€Å"Ah, it was nothing. Gas, I think. † Shawn slowed down the treadmill. He said, â€Å"Are we going to finish our sets? † Cal said yes, and Shawn stopped the treadmill pace and let it slow down. Then he got off, and sprayed it with cleaner and a white towel, then put the cleaning items away. 8:17: The three (3) went toward the weights, but the other men were still on the bench they were previously using. Cal said, â€Å"This isn’t our night. † He suggested they do lengths in the pool instead. The others agreed. But then Shawn said that he didn’t have his swimming trunks with him. The three of them laughed, shaking their heads. 8:20: Shawn said they should just go have a coffee somewhere. Cal said he was just going to go on home. They left the gym together.

Mothers :: essays research papers

Mothers make better parents then fathers Ladies and gentlemen the subject under discussion today is that mothers make better parents then fathers. I firmly counter the motion. Honorable judges I would like to point out that my identity is by my father and even this gentlemen sitting here has his last name after his father’s. for that matter nobody here is recognized by their mother;s name. It is our fathers who become a source of distinction for us in this world. It is only after their name is added to ours that we can make a footing in society. This notion even becomes more important in male dominated societies like India, Pakistan and China etc. the father’s name also acts as a shield for girls in particular who are given no respect otherwise in such societies. Furthermore, what does a child need to grow up? , food , clothing, shelter, education and protection. Therefore the parent who is able to provide these bare necessities will be considered as the better parent. In most of the families the father is the one who works and provides a source of income for the family. indeed the mother’s emotional involvment with the child is imperative in his upbringing , but we need to be REALISTIC HERE. For we know that love can not provide a meal twice a day. sharing secrets will by no means provide a substitute for what can be learnt at school. yes care is important but if there is no house to take care off then how will the mother keep her children cosy in the winters. Thus the father once again comes in the picture as the hero. Moreover, I being a boy myself feel that they are certain matters that I cannot handle without my father. For example with issues relating to puberty, we can discuss things openly without any hesitation. also my mother will have no interst in flying kites with me or playing cricket. It is my father whom I can count on for such activities. If I have a fight with someone I know my father with his strong muscular body can come to my rescue. Inaddition to this The command of the father makes a stronger impact on the child as compared to that of the mother. They are mentally stronger unlike mothers who are likely to yield to emotional pressure and this may result in them agreeing to demands of the child that should not be fulfilled under normal circumstances.

The Origins of Masks

There is evidence that masks have been under the eye of the world for at least 20,000 years. There is evidence to prove this all over the world, which includes paintings on the walls of the insides of various different caves in Southern France, to images also painted or inscribed on the walls of pyramids in the Sahara desert of Egypt. Although our own British culture is extremely different to that of many others around the world, we are becoming increasingly more aware of how and why masks were first invented and the repercussions of them all around the globe. This is due to television documentaries, internet pages, and books at all of our local libraries. It is this point alone which initially brought my attention to that of the African Tribal, Japanese Theatrical and the Viennese Ball masks. Although these are all quite different types of masks, they all have similar reasons for existing, whether it is religious, celebratory, or even to shadow one's identity. By today's standards, many people believe the creation and use of masks to be only that of historical value; however this could not be more wrong as there is in depth evidence all around us which proves otherwise. African Tribal Mask. Example of Bamileke High Priest Mask taken from www.rebirth.co.za For many centuries African Tribal masks, played a major role in rituals, celebrations, ceremonial and tribal initiations. Masking rituals are normally accompanied with prayer, music, song and or dance. After researching the masks of African Tribes people, it is clearly visible that the different types of masks in which they use/used, fit in to eight different categories. However, the one that grasped my attention from the moment I set eyes upon it was the Bamileke Mask. When I first seen this mask I was immediately mesmerised by the fact that where it is reasonably bright and colourful, it becomes increasingly dull when the expressions of the face are observed. This fact initially led me to believe that this type of mask was created for funerary purposes; however this is merely the tip of the iceberg. The Bamileke mask was always worn by the chief of a particular tribe and it was this character that would take up the role of high priest, or chief, enabling him to initiate new-born babies to the tribe, lead celebratory or funerary rituals, lead his army in expeditions of war, harvesting and planting of crops and many more. â€Å"It is believed that when the Tribe leader wore the mask, he was transformed into animal form, primarily elephant, lizard, or buffalo. This allowed him to create a link between the human and spirit realm to seek guidance from his ancestors† (1). This is a prime example of the fact that the Bamileke mask was used for religious ceremonies, however from my own personal research, I think it would be unjust to declare that this mask is of purely religious qualities, because in this unique culture, everything which is done, whether it regards basic human survival techniques, or celebratory events, it is impossible to determine where religious elements come into the equation as they treat everything they do with such high regard. Bamileke masks are always constructed of a mixture of different natural materials. Where most traditional tribal masks were made from clay or mud, which was molded into the shape to fit the wearers face, the Bamileke mask was carved directly from the trunk of a tree which had been blessed by one of the elders before hand. It was then that a mixture of mud and sand was added on top of the wood to allow a suitable surface for painting, adding beads and stones, and in some cases, decorative leaves. Japanese Theatrical Mask. Example of Shikami Mask Taken from www.nohmask.com Japanese theatrical and dance performance masks are known as Noh masks. â€Å"Each individual mask represents a certain person, hero, devil, ghost or legendary animal, depending on what the character is in the performance†2. Masks were first used in Japan, since the Jomon period of time. This period of time spanned from 10,000 B.C; to 300 B.C. Out of all the Japanese masks that I came across while researching them, there was one particular mask that stood out to me above all of the others, the Shikami mask. These particular masks are used to represent a demon, (this can be taken literally or metaphorically, depending on the story line of the play). For example, if the certain play is centered on the afterlife or elements of a more dark, or gothic nature, the Shikami mask would more often than not be taken literally. However if the play was focusing on more modern themes, for example adultery, or murder, the Shikami mask would probably be metaphorical for a person who is to be looked upon as being of a more evil or bad nature. I believe that the way in which the Shikami mask is presented is extremely clever, as on many occasions, it would look like Satan or other dark or demonic characters as they would do so from a stereotypical point of view, in order to make the audience immediately scared or at least weary about them. A basic description which is used across many books and internet sources for a Shikami mask is, â€Å"Fierce scowling face, showing extreme agitation, used for demonic spirit. It expresses masculine rage. The Shikami mask features the application of dark red colour, to crow's-feet and temples of the head†3. Japanese masks are always made of materials such as clay, dry lacquer, cloth, paper, and wood. The Shikami mask in particular is handcrafted from wood, before it is painted in a shiny lacquer. This is done to make every element of the mask stand out. The main surface area of the Shikami mask was always painted bright red, in order to express the anger and ferocious nature of that particular characters aura. The eyes and teeth were always painted bright gold, in order to bring more attention to them rather than anywhere else on the mask, as it was these aspects of it which explained the theme of the mask in more detail. Viennese Ball Mask. Venetian Ball Masks originated from Venice in the 13th century, however the exact year in which they were invented is unclear. The first Carnival of Venice was recorded in 1268 and it was these events in which the masks were initially used. Where as the African Tribal and Japanese theatrical masks are not only harder to come by, but are always a lot more expensive, Viennese Ball masks can be found as easily as looking through your everyday shop windows. The fact that they are always a lot more decorative and fancy in a sense, they are commonly used for public holidays, the most famous of which being Halloween. Example of Renaissance Long Nose mask taken from www.nohmask.com Viennese masks were originally invented so that a certain person, usually who came from an upper class background, could participate in activities which they would not normally do so. There are a wide range of different Viennese masks, some of which merely cover only the eyes, to others which cover the vast majority of the face, and some times even the hair or neck of the wearer. This allows them to engage in certain activities which they would not normally do so, and keeps their true identity hidden from the public eye. In modern day life, there have been many adaptations of the Viennese Ball mask to adequately obtain discretion, for example a balaclava. However this form of discretion has enabled many illegal activities to be completed more successfully, and nowadays they are commonly banned from sale at many major retailers in a bid to try and discourage these things from happening. When they were first invented, Viennese Ball masks were more often than not made with papier machete. This was achieved by taking a mould direct from a person's face, and then building off that. In more modern situations however, plastic or latex was used, as it was simply easier to gain a more precise and accurate version of the design in which the person desired. On most occasions, a mold was created first, using the same techniques of the papier machete way; however melted plastic is then placed in to the mould, effectively making it quicker and in most cases cheaper to produce. A certain Viennese mask which I was drawn to, was the renaissance long nose mask. Considering the time period in which these masks were originally created, it astounds me to even consider how such a complex design was achieved with the tools that they would have had access to. The initial idea of the long, pointed nose was almost a superstition as it was believed to be an imitation of the devise which was used to hold vinegar in around the time of the bubonic plague to hold off the disease, or at least the bad odors of the sick or dying. Conclusion. From the research which I have gathered about these three different masks, I have discovered that although they all originated in extremely different circumstances, the reasons for their creations are not all that different. It is clear to me that whether the reason for the masks' being is to allow someone to transform into animal form in order to get in touch with their spiritual or ancestral roots, or simply just to shadow someone's everyday personality, they have been put their, in place in order to allow a person to change their usual form; almost a form of escapism. It ha also come to my attention that whether it regards masks, or any other aspect of a certain culture which is different to our own, they are most definitely not to be underestimated no matter what time period in which it derives from.

Shapter 4 Global Finance Essay

Topics to Stimulate Class Discussion 1. Why are MNCs affected by exchange rate movements? 2. Why did exchange rates change recently? 3. Show the class a current exchange rate table from a periodical—identify spot and forward quotations. Then show the class an exchange rate table from a date a month ago, or three months ago. The comparison of tables will illustrate how exchange rates change, and how forward rates of the earlier date will differ from the spot rate of the future date for a given currency. 4. Make up several scenarios and ask the class how each scenario would, other things equal, affect the demand for a currency, the supply of a currency for sale, and the equilibrium exchange rate. Then integrate several  scenarios together to illustrate that in reality other things are not held constant, which makes the assessment of exchange rate movements more difficult. Critical Debate: The currencies of some Latin American countries depreciate against other currencies on a consistent basis. How can persistently weak currencies be stabilized? Proposition: The governments of these countries need to increase the demand for their currency by attracting more capital flows. Raising interest rates will make their currencies more attractive to foreign investors. They also need to insure bank deposits so that foreign investors who invest in large bank deposits do not need to worry about default risk. In addition, they could impose capital restrictions on local investors to prevent capital outflows. Opposing view: The governments of these countries print too much money because they make too many promises to the electorate that would otherwise have to be funded by higher taxes or borrowing at high interest rates. Printing money is the easy way out; but prices rise, exports decrease and imports increase. Thus, these countries could relieve the downward pressure on their local currencies by printing less money and thereby reducing the money supply and hence inflation. The outcome is likely to be a temporary reduction in economic growth and business failures. Higher interest rates would merely increase inflation. Reply: Solutions that cause riots are not very clever. With whom do you agree? Which argument do you support? Offer your own opinion on this issue. ANSWER: There is no perfect solution, but recognize the tradeoffs. The proposal to raise interest rates is not a good solution in the long run, because it will cause higher loan rates, and may slow down the economies in the long run. Effective anti-inflationary policies are needed to prevent further depreciation. However, the elimination of inflation that is caused by a wage-price spiral may cause some pain among the workers in the country,  as some form of wage controls may be needed. The government has various means of reducing inflation, but all of them can have adverse effects on the economy in the short run. As intimated in the question, inflation is a form of taxation, another way in which governments can raise money and inevitably reduce the value of ones earnings. Where governments are corrupt or have a poor control over the economy, inflation may be the only reliable way of â€Å"taxing†. In terms of economic welfare, the question is perhaps who suffers from inflat ion and a depreciating currency, perhaps not so many as long as the inflation is predictable. Answers to End of Chapter Questions 1. Percentage Depreciation. Assume the spot rate of the US dollar is  £0.54. The expected spot rate one year from now is assumed to be  £0.51. What percentage depreciation does this reflect? ANSWER: ( £0.51 –  £0.54)/ £0.54 = –5.55% Expected depreciation of 5.55% percent 2. Inflation Effects on Exchange Rates. Assume that the UK inflation rate becomes high relative to euro inflation. Other things being equal, how should this affect the (a) UK demand for euros, (b) supply of euros for foreign currency, and (c) equilibrium value of the euro? ANSWER: Demand for euros should increase (euro prices cheaper), supply of euros for sale should decrease ( £ prices more expensive), and the euro’s value should increase (supply and demand). 3. Interest Rate Effects on Exchange Rates. Assume euro interest rates fall relative to British interest rates. Other things being equal, how should this affect the (a) euro demand for British pounds, (b) supply of pounds for sale, and (c) equilibrium value of the pound? ANSWER: Demand for pounds should increase, supply of pounds for sale should decrease, and the pound’s value should increase. 4. Income Effects on Exchange Rates. Assume that the income level in the euro area rises at a much higher rate than does the UK income level. Other things being equal, how should this affect the (a) euro area demand for British  pounds, (b) supply of British pounds for sale, and (c) equilibrium value of the British pound in terms of the euro? ANSWER: Assuming no effect on interest rates, demand for pounds should increase, supply of pounds for sale may not be affected, and the pound’s value should increase. 5. Trade Restriction Effects on Exchange Rates. Assume that the Japanese government relaxes its controls on imports by Japanese companies. Other things being equal, how should this affect the (a) UK demand for Japanese yen, (b) supply of yen for sale, and (c) equilibrium value of the yen? ANSWER: Demand for yen should not be affected, supply of yen for sale should increase, and the value of yen should decrease. 6. Effects of Real Interest Rates. What is the expected relationship between the relative real interest rates of two countries and the exchange rate of their currencies? ANSWER: The higher the real interest rate of a country relative to another country, the stronger will be its home currency, other things equal. 7. Speculative Effects on Exchange Rates. Explain why a public forecast about the future value of the euro and about future interest rates by a respected economist could affect the value of the euro today. Why do some forecasts by well-respected economists have no impact on today’s value of the euro? ANSWER: Interest rate movements affect exchange rates. Speculators can use anticipated interest rate movements to forecast exchange rate movements. They may decide to purchase securities in particular countries because of their expectations about currency movements, since their yield will be affected by changes in a currency’s value. These purchases of securities require an exchange of currencies, which can immediately affect the equilibrium value of exchange rates. If a forecast of interest rates by a respected economist was already anticipated by market participants or is not different from investors’ original expectations, an announced forecast does not provide new information. Thus, there would be no reaction by investors to such an announcement, and exchange rates would not be affected. 8. Factors Affecting Exchange Rates. What factors affect the future movements  in the value of the euro against the dollar? ANSWER: The euro’s value could change because of the balance of trade, which reflects more U.S. demand for European goods than the European demand for U.S. goods. The capital flows between the U.S. and Europe will also affect the U.S. demand for euros and the supply of euros for sale (to be exchanged for dollars). 9. Interaction of Exchange Rates. Assume that there are substantial capital flows among the United Kingdom, the United States, and the Euro area. If interest rates in the United Kingdom declines to a level below the U.S. interest rate, and inflationary expectations remain unchanged, how could this affect the value of the euro against the U.S. dollar? How might this decline in the United Kingdom’s interest rate possibly affect the value of the British pound against the euro? ANSWER: If interest rates in the UK decline, there may be an increase in capital flows from the UK to the U.S. In addition, U.S. investors may attempt to capitalize on higher U.S. interest rates, while U.S. investors reduce their investments in UK’s securities. This places downward pressure on the pond’s value. Euro investors who previously invested in the UK may shift to the U.S. Thus, the increased demand for dollars by euros may increase the value of the dollar in relation to the euro. 10. Trade Deficit Effects on Exchange Rates. Every month, the UK trade deficit figures are announced. Foreign exchange traders often react to this announcement and even attempt to forecast the figures before they are announced. a. Why do you think the trade deficit announcement sometimes has such an impact on foreign exchange trading? ANSWER: The trade deficit announcement may provide a reasonable forecast of future trade deficits and therefore has implications about supply and demand conditions in the foreign exchange market. For example, if the trade deficit was larger than anticipated, and is expected to continue, this implies that the UK demand for foreign currencies may be larger than initially anticipated. Thus, the pound would be expected to weaken. Some speculators may take a position in foreign currencies immediately and could cause an  immediate decline in the pound. b. In some periods, foreign exchange traders do not respond to a trade deficit announcement, even when the announced deficit is very large. Offer an explanation for such a lack of response. ANSWER: If the market correctly anticipated the trade deficit figure, then any news contained in the announcement has already been accounted for in the market. The market should only respond to an announcement about the trade deficit if the announcement contains new information. 11. Comovements of Exchange Rates. Explain why the value of the British pound against the dollar will not always move in tandem with the value of the euro against the dollar. ANSWER: The euro’s value changes in response to the flow of funds between the U.S. and the countries using the euro or their currency. The pound’s value changes in response to the flow of funds between the U.S. and the U.K. As the UK economy is different from the euro economy, economic events will have a different impact, the events themselves may also differ. Assuming that the market is efficient and that the exchange rates do move according to relevant information the fact that the relevant information sets differ justifi es a less than perfect correlation of movements. That they are similar is understandable as although different, the differences are not that great. 12. Factors Affecting Exchange Rates. In the 1990s, Russia was attempting to import more goods but had little to offer other countries in terms of potential exports. In addition, Russia’s inflation rate was high. Explain the type of pressure that these factors placed on the Russian currency. ANSWER: The large amount of Russian imports and lack of Russian exports placed downward pressure on the Russian currency. The high inflation rate in Russia also placed downward pressure on the Russian currency. 13. National Income Effects. Analysts commonly attribute the appreciation of a currency to expectations that economic conditions will strengthen. Yet, this chapter suggests that when other factors are held constant, increased national income could increase imports and cause the local currency to weaken. In reality, other factors are not constant. What other factor is likely to be affected by increased economic growth and could place upward  pressure on the value of the local currency? ANSWER: Interest rates tend to rise in response to a stronger economy, and higher interest rates can place upward pressure on the local currency (as long as there is not offsetting pressure by higher expected inflation). 14. Factors Affecting Exchange Rates. If the Asian countries experience a decline in economic growth (and experience a decline in inflation and interest rates as a result), how will their currency values (relative to the British pound) be affected? ANSWER: A relative decline in Asian economic growth will reduce Asian demand for UK products, which places upward pressure on Asian currencies. However, given the change in interest rates, Asian corporations with excess cash may now invest in the UK or other countries, thereby increasing the demand for pounds. Thus, a decline in Asian interest rates will place downward pressure on the value of the Asian currencies. The overall impact depends on the magnitude of the forces just described. 15. Impact of Crises. Why do you think most crises in countries (such as the Asian crisis) cause the local currency to weaken abruptly? Is it because of trade or capital flows? ANSWER: Capital flows have a larger influence. In general, crises tend to cause investors to expect that there will be less investment in the country in the future and also cause concern that any existing investments will generate poor returns (because of defaults on loans or reduced valuations of stocks). Thus, as investors liquidate their investments and convert the local currency into other currencies to invest elsewhere, downward pressure is placed on the local currency. 16. How do you think weaker economic conditions would affect trade flows in a Developing Country? How would weaker conditions affect the value of its currency (holding other factors constant)? How do you think interest rates would be affected? ANSWER: Weak world economic conditions would result in a reduced demand for foreign products, wh ich results in a decline in the demand for foreign currencies, particularly the currencies of developing countries that rely on exports. Taking the US as the dominant economy there would therefore  be downward pressure on currencies relative to the dollar (upward pressure on the dollar’s value). The lower U.S. interest rates that accompany weaker economic conditions should reduce the capital flows to the U.S., which place downward pressure on the value of the dollar. Advanced Questions 17. Measuring Effects on Exchange Rates. Tarheel Co. plans to determine how changes in UK and euro real interest rates will affect the value of the British pound. a. Describe a regression model that could be used to achieve this purpose. Also explain the expected sign of the regression coefficient. ANSWER: Various models are possible. Based on the model above, the regression coefficient is expected to have a negative sign. A relatively high real interest rate differential would likely cause a weaker euro value, other things being equal. An appropriate model would also include other independent variables that may influence the percentage change in the peso’s value. b. If Tarheel Co. thinks that the existence of a quota in particular historical periods may have affected exchange rates, how might this be accounted for in the regression model? ANSWER: A dummy variable could be included in the model, assigned a value of one for periods when a quota existed and a value of zero when it did not exist. This answer requires some creative thinking, as it is not drawn directly from the text. 18. Factors Affecting Exchange Rates. Mexico tends to have much higher inflation than the United States and also much higher interest rates than the United States. Inflation and interest rates are much more volatile in Mexico than in industrialized countries. The value of the Mexican peso is typically more volatile than the currencies of industrialized countries from a U.S. perspective; it has typically depreciated from one year to the next, but the degree of depreciation has varied substantially. The bid/ask spread tends to be wider for the peso than for currencies of industrialized countries. a. Identify the most obvious economic reason for the persistent depreciation  of the peso. ANSWER: The high inflation in Mexico places continual downward pressure on the value of the peso. b. High interest rates are commonly expected to strengthen a country’s currency because they can encourage foreign investment in securities in that country, which results in the exchange of other currencies for that currency. Yet, the peso’s value has declined against the dollar over most years even though Mexican interest rates are typically much higher than U.S. interest rates. Thus, it appears that the high Mexican interest rates do not attract substantial U.S. investment in Mexico’s securities. Why do you think U.S. investors do not try to capitalize on the high interest rates in Mexico? ANSWER: The high interest rates in Mexico result from expectations of high inflation. That is, the real interest rate in Mexico may not be any higher than the U.S. real interest rate. Given the high inflationary expectations, U.S. investors recognize the potential weakness of the peso, which could more than offset the high interest rate (when they convert the pesos back to dollars at the end of the investment period). Therefore, the high Mexican interest rates do not encourage U.S. investment in Mexican securities, and do not help to strengthen the value of the peso. c. Why do you think the bid/ask spread is higher for pesos than for currencies of industrialized countries? How does this affect a U.S. firm that does substantial business in Mexico? ANSWER: The bid/ask spread is wider because the banks that provide foreign exchange services are subject to more risk when they maintain currencies such as the peso that could decline abruptly at any time. A wider bid/ask spread adversely af fects the U.S. firm that does business in Mexico because it increases the transactions costs associated with conversion of dollars to pesos, or pesos to dollars. 19. Aggregate Effects on Exchange Rates. Assume that the United Kingdom invests heavily in government and corporate securities of Country K. In addition, residents of Country K invest heavily in the United Kingdom. Approximately  £10 billion worth of investment transactions occur between these two countries each year. The total pound value of trade transactions per year is about  £8 million. This information is expected to also hold in the future. Because your firm exports goods to Country K, your job as  international cash manager requires you to forecast the value of Country K’s currency (the â€Å"krank†) with respect to the pound. Explain how each of the following conditions will affect the value of the krank, holding other things equal. Then, aggregate all of these impacts to develop an overall forecast of the krank’s movement against the pound. a. UK inflation has suddenly increased substantially, while Country K’s inflation remains low. ANSWER: Increased UK demand for the krank. Decreased supply of kranks for sale. Upward pressure in the krank’s value. b. UK interest rates have increased substantially, while Country K’s interest rates remain low. Investors of both countries are attracted to high interest rates. ANSWER: Decreased UK demand for the krank. Increased supply of kranks for sale. Downward pressure on the krank’s value. c. The UK income level increased substantially, while Country K’s income level has remained unchanged. ANSWER: Increased UK demand for the krank. Upward pressure on the krank’s value. d. The UK is expected to impose a small tariff on goods imported from Country K. ANSWER: The tariff will cause a decrease in the United Kingdom’ desire for Country K’s goods, and will therefore reduce the demand for kranks for sale. Downward pressure on the krank’s value. e. Combine all expected impacts to develop an overall forecast. ANSWER: Two of the scenarios described above place upward pressure on the value of the krank. However, these scenarios are related to trade, and trade flows are relatively minor between the UK and Country K. The interest rate scenario places downward pressure on the krank’s value. Since the interest rates affect capital flows and capital flows dominate trade flows between the UK and Country K, the interest rate scenario should overwhelm all other scenarios. Thus, when considering the importance of implications of all scenarios, the krank is expected to depreciate. 20. Speculation. Blue Demon Bank expects that the Mexican peso will depreciate against the dollar from its spot rate of $.15 to $.14 in 10 days. The following interbank lending and borrowing rates exist: U.S. dollar Mexican peso Lending Rate 8.0% 8.5% Borrowing Rate 8.3% 8.7% Assume that Blue Demon Bank has a borrowing capacity of either $10 million or 70 million peos in the interbank market, depending on which currency it wants to borrow. a. How could Blue Demon Bank attempt to capitalize on its expectations without using deposited funds? Estimate the profits that could be generated from this strategy. ANSWER: Blue Demon Bank can capitalize on its expectations about pesos (MXP) as follows: 1. Borrow MXP70 million 2. Convert the MXP70 million to dollars: MXP70,000,000 Ãâ€" $.15 = $10,500,000 3. Lend the dollars through the interbank market at 8.0% annualized over a 10-day period. The amount accumulated in 10 days is: $10,500,000 Ãâ€" [1 + (8% Ãâ€" 10/360)] = $10,500,000 Ãâ€" [1.002222] = $10,523,333 4. Repay the peso loan. The repayment amount on the peso loan is: MXP70,000,000 Ãâ€" [1 + (8.7% Ãâ€" 10/360)] = 70,000,000 Ãâ€" [1.002417]=MXP70,169,167 5. Based on the expected spot rate of $.14, the amount of dollars needed to repay the peso loan is: MXP70,169,167 Ãâ€" $.14 = $9,823,683 6. After repaying the loan, Blue Demon Bank will have a speculative profit (if its forecasted exchange rate is accurate) of: $10,523,333 – $9,823,683 = $699,650 b. Assume all the preceding information with this exception: Blue Demon Bank expects the peso to appreciate from its present spot rate of $.15 to $.17 in 30 days. How could it attempt to capitalize on its expectations without using deposited funds? Estimate the profits that could be generated from this strategy. ANSWER: Blue Demon Bank can capitalize on its expectations as follows: 1. Borrow $10 million 2. Convert the $10 million to pesos (MXP): $10,000,000/$.15 = MXP66,666,667 3. Lend the pesos through the interbank market at 8.5% annualized over a 30-day period. The amount accumulated in 30 days is: MXP66,666,667 Ãâ€" [1 + (8.5% Ãâ€" 30/360)] = 66,666,667 Ãâ€" [1.007083] = MXP67,138,889 4. Repay the dollar loan. The repayment amount on the dollar loan is: $10,000,000 Ãâ€" [1 + (8.3% Ãâ€" 30/360)] = $10,000,000 Ãâ€" [1.006917] = $10,069,170 5. Convert the pesos to dollars to repay the loan. The amount of dollars to be received in 30 days (based on the expected spot rate of $.17) is: MXP67,138,889 Ãâ€" $.17 = $11,413,611 6. The profits are determined by estimating the dollars available after repaying the loan: $11,413,611 – $10,069,170 = $1,344,441 21. Speculation. Diamond Bank expects that the Singapore dollar will depreciate against the euro from its spot rate of 0.48 euros to 0.45 euros in 60 days. The following interbank lending and borrowing rates exist: Lending Rate euro Singapore dollar 7.0% 22.0% Borrowing Rate 7.2% 24.0% Diamond Bank considers borrowing 10 million Singapore dollars in the interbank market and investing the funds in euros for 60 days. Estimate the profits (or losses) that could be earned from this strategy. Should Diamond Bank pursue this strategy? ANSWER: Borrow S$10,000,000 and convert to euros: S$10,000,000 Ãâ€" 0.48 = 4,800,000 euros Invest funds for 60 days. The rate earned in the euros for 60 days is: 7% Ãâ€" (60/360) = 1.17% Total amount accumulated in 60 days: 4,800,000 euros Ãâ€" (1 + .0117) = 4,856,160 euros Convert euros back to S$ in 60 days: 4,856,160 /0.45 = S$10,791,467 The rate to be paid on loan is: .24 Ãâ€" (60/360) = .04 Amount owed on S$ loan is: S$10,000,000 Ãâ€" (1 + .04) = S$10,400,000 This strategy results in a profit: S$10,791,467 – S$10,400,000 = S$391,467 Diamond Bank should pursue this strategy. Blades plc Case Study As the chief financial officer of Blades plc Ben Holt is pleased that his current system of exporting â€Å"Speedos† to Thailand seems to be working well. Blades’ primary customer in Thailand, a retailer called Entertainment Products, has committed itself to purchasing a fixed number of Speedos annually for the next three years at a fixed price denominated in baht, Thailand’s currency. Furthermore, Blades is using a Thai supplier for some of the components needed to manufacture Speedos. Nevertheless, Holt is concerned about recent developments in Asia. Foreign investors from various countries had invested heavily in Thailand to take advantage of the high interest rates there. As a result of the weak economy in Thailand, however,  many foreign investors have lost confidence in Thailand and have withdrawn their funds. Ben Holt has two major concerns regarding these developments. First, he is wondering how these changes in Thailand’s economy could affect the value of the Thai baht and, consequently, Blades. More specifically, he is wondering whether the effects on the Thai baht may affect Blades even though its primary Thai customer is committed to Blades over the next three years. Second, Holt believes that Blades may be able to speculate on the anticipated movement of the baht, but he is uncertain about the procedure needed to accomplish this. To facilitate Holt’s understanding of exchange rate speculation, he has asked you, Blades’ financial analyst, to provide him with detailed illustrations of two scenarios. In the first, the baht would move from a current level of  £0.0147 to  £0.0133 within the next 30 days. Under the second scenario, the baht would move from its current level to  £0.0167 within the next 30 days. Based on Holt’s needs, he has provided you with the following list of questions to be answered: 1. How are percentage changes in a currency’s value measured? Illustrate your answer numerically by assuming a change in the Thai baht’s value from a value of  £0.0147 to  £0.0173. 2. What are the basic factors that determine the value of a currency? In equilibrium, what is the relationship between these factors? 3. How might the relatively high levels of inflation and interest rates in Thailand have affected the baht’s value? (Assume a constant level of UK inflation and interest rates.) 4. How do you think the loss of confidence in the Thai baht, evidenced by the withdrawal of funds from Thailand, affected the baht’s value? Would Blades be affected by the change in value, given the primary Thai customer’s commitment? 5. Assume that Thailand’s central bank wishes to prevent a withdrawal of funds from its country in order to prevent further changes in the currency’s value. How could it accomplish this objective using interest rates? 6. Construct a spreadsheet illustrating the steps Blades’ treasurer would need to follow in order to speculate on expected movements in the baht’s value over the next 30 days. Also show the speculative profit (in pounds) resulting from each scenario. Use both of Ben Holt’s examples to illustrate possible speculation. Assume that Blades can borrow either  £7 million or the baht equivalent of this amount. Furthermore, assume that the following short-term interest rates (annualized) are available to Blades: Currency Dollars Thai baht Lending Rate 8.10% 14.80% Borrowing Rate 8.20% 15.40% Solution to Continuing Case Problem: Blades. 1. How are percentage changes in a currency’s value measured? Illustrate your answer numerically by assuming a change in the Thai baht’s value from a value of  £0.0147 to  £0.0173. ANSWER: The percentage change in a currency’s value is measured as follows: % S St St 1 1 where S denotes the spot rate, and St 1 denotes the spot rate as of the earlier date. A positive percentage change represents appreciation of the foreign currency, while a negative percentage change represents depreciation. In the example provided, the percentage change in the Thai baht would be: = 17.69%  £0.0173 –  £0.0147  £0.0147 That is, the baht would be expected to appreciate by 17.69%. 2. What are the basic factors that determine the value of a currency? In equilibrium, what is the relationship between these factors? ANSWER: The basic factors that determine the value of a currency are the supply of the currency for sale and the demand for the currency. A high level of supply of a currency generally decreases the currency’s value, while a high level of demand for a currency increases its value. In equilibrium, the supply of the currency equals the demand for the currency. 3. How might the relatively high levels of inflation and interest rates have affected the baht’s value? (Assume a constant level of UK inflation and interest rates.) ANSWER: The baht would be affected both by inflation levels and interest rates in Thailand relative to levels of these variables in the UK. A high level of inflation tends to result in currency depreciation, as it would increase the Thai demand for UK goods, causing an increase in the Thai demand for dollars. Furthermore, a relatively high level of Thai inflation would reduce the UK demand for Thai goods, causing an increase in the supply of baht for sa le. Conversely, the high level of interest rates in Thailand may cause appreciation of the baht relative to the dollar. A relatively high level of interest rates in Thailand would have rendered investments there more attractive for UK investors, causing an increase in the demand for baht. Furthermore, UK securities would have been less attractive to Thai investors, causing an increase in the supply of dollars for sale. However, investors might be unwilling to invest in baht-denominated securities if they are concerned about the potential depreciation of the baht that could result from Thailand’s inflation. 4. How do you think the loss of confidence in the Thai baht, evidenced by the withdrawal of funds from Thailand, affected the baht’s value? Would Blades be affected by the change in value, given the primary Thai customer’s commitment? ANSWER: In general, a depreciation in the foreign currency results when investors liquidate their investments in the foreign currency, increasing the supply of its currency for sale. Blades would probably be affected by the change in value even though its Thai customer’s commitment, as the sales are denominated in baht. Thus, the depreciation in the baht would have caused a conversion of the baht revenue into fewer pounds. 5. Assume that Thailand’s central bank wishes to prevent a withdrawal of funds from its country in order to prevent further changes in the currency’s value. How could it accomplish this objective using interest rates? ANSWER: If Thailand’s central bank wishes to prevent further depreciation in the baht’s value, it would attempt to increase the level of interest rates in Thailand. In turn, this would increase the demand for Thai baht by UK investors, as Thai securities would now seem more attractive. This would place upward pressure on the currency’s value. However, the high interest rates could reduce local borrowing and spending. 6. Construct a spreadsheet illustrating the steps Blades’ treasurer would need to follow in order to speculate on expected movements in the baht’s value over the next 30 days. Also show the speculative profit (in dollars) resulting from each scenario. Use both of Ben Holt’s examples to illustrate possible speculation. Assume that Blades can borrow either  £10 million or the baht equivalent of this amount. Furthermore, assume that the following short-term interest rates (annualized) are available to Blades: Currency Dollars Thai baht Lending Rate 8.10% 14.80% Borrowing Rate 8.20% 15.40% ANSWER: (See spreadsheet attached.) Depreciation of the Baht from  £0.0147 to  £0.0133 1. Borrow Thai baht ( £10,000,000/0.0147) 2. Convert the Thai baht to pounds 680,272,109 bahtÃâ€"  £0.0147). 3. Lend the pounds at 8.10% annualized, which represents a 0.68% return over the 30-day period [computed as 8.10% Ãâ€" (30/360)]. After 30 days, Blades would receive ( £10,000,000 Ãâ€" (1 + .0068)) 4. Use the proceeds of the dollar loan repayment (on Day 30) to repay the baht borrowed. The annual interest on the baht borrowed is 15.40%, or 1.28% over the 30-day period [computed as 15.40% Ãâ€" (30/360)]. The total baht amount necessary to repay the loan is therefore (680,272,109 Ãâ€" (1 + .0128)) 680,272,109 10,000,000 10,068,000.00 688,979,592 5. Number of pounds necessary to repay baht loan (688,979,592 bahtÃâ€"  £0.0133) 9,163,429 6. Speculative profit ( £10,068,000 –  £9,163,429)  £904,571 Appreciation of the Baht from  £0.0147 to  £0.0167 1. Borrow pounds. 2. Convert the pounds to Thai baht ( £10 million/ £0.0147). 3. Lend the baht at 14.80% annualized, which represents a 1.23% return over the 30-day period [computed as 14.80% Ãâ€" (30/360)]. After 30 days, 10,000,000.00 680,272,109 Blades would receive (THB 680,272,109Ãâ€" (1 + .0123)) 4. Use the proceeds of the baht loan repayment (on Day 30) to repay the dollars borrowed. The annual interest on the dollars borrowed is 8.20%, or 0.68% over the 30-day period [computed as 8.20% Ãâ€" (30/360)]. The total dollar amount necessary to repay the loan is therefore ( £10,000,000 Ãâ€" (1 + .0068)) 5. Number of baht necessary to repay dollar loan ( £10,068,000.00/ £0.0167) 6. Speculative profit (THB688,639,456– THB602,874,251) 7. Dollar equivalent of speculative profit (THB 85,765,205Ãâ€" £0.0167) 688,639,456 10,068,000.00 602,874,251 85,765,205 1,432,278 Blades would be ill advised to speculate in this way as it is not a specialist in the financial markets and does not have specialist abilities or information to use. These actions are thyerfore little better than gambling and are highly ill advised. Small Business Dilemma Assessment by the Sports Exports Company of Factors That Affect the British Pound’s Value 1. Given Jim’s expectations, forecast whether the pound will appreciate or depreciate against the euro over time. ANSWER: The pound should depreciate because the British inflation is expected to be higher than the euro. This could cause a shift in trade flows that would place downward pressure on the pound’s value. The interest rate movements of both countries are expected to be similar for both countries. Therefore, there should not be any adjustment in the capital flows between the two countries. 2. Given Jim’s expectations, will the Sports Exports Company be favourably or unfavourably affected by the future changes in the value of the pound? ANSWER: The Sports Exports Company will be unfavourably affected, because depreciation in the British pound will cause the pound receivables to convert into fewer euros.

A Successful Tourism Operation Management Tourism Essay Essay Example

A Successful Tourism Operation Management Tourism Essay Essay Example A Successful Tourism Operation Management Tourism Essay Essay A Successful Tourism Operation Management Tourism Essay Essay Traveling to go to in athletics or to watch featuring events is perennial. Equally early as 900 BC the Greeks were going to take portion in and watch the Ancient Greek Games ( Gibson, 1998 ) . Back to recent decennaries, even though there are many factors affect touristry growing, in most people s head, the most part comes from planetary events, particularly mega-sport events that, in peculiar, are considered to imply important benefits for the host state in footings of touristry reachings, both at the same time with the event and as a bequest of it ( Baade A ; Matheson, 2003 ; Baade A ; Matheson, 2004 ; Hagn A ; Maennig, 2009 ; Matheson A ; Baade, 2004 ; Preuss, 2004 ; Preuss, 2007a ; Preuss, 2007b ; Solberg A ; Preuss, 2006 ) . It can be apparent that in 2008 the universe s travel and touristry generated about US $ 5,890 billion of economic activity. With the part of travel A ; touristry to Gross Domestic Product ( GDP ) expected to lift from 9.9 % in 2008 to 10.5 % by 2018, the following decennary will see touristry grosss transcending US $ 10,000 billion ( Bangkok, 2012 ) . And sport touristry, which is enormously affected by mega-sport event, is at the bosom of this growing and as the fastest turning sector in the planetary travel and touristry industry, accounted in 2008 for an amazing US $ 600 billion or +10 % of the international touristry market ( Bangkok, 2012 ) . As the hosting a mega-sport event, it make the host metropolis easy gain the market portion by set up a touristry finish image and besides heighten the finish trade name consciousness from hypertrophied market. Furthermore, the relevant touristry subdivision such as concern touristry besides gained immense donee after mega-sport event. Fo r illustration, Barcelona s convention agency concern increased by 129 % in the twelvemonth following the 1992 games, concern visit reachings to Australia increased by 78 % between 1993 and 1997 and by 17 % between 1997 and 2000 ( DCMS, 2006 ) . Therefore, historically, hosting a mega-sport event is viewed by the host metropolis as a stimulator of touristry and economic industries if the event is decently leveraged ( Karadakis, et al. , 2010 ) . In another word, the economic systems of metropoliss, parts and in the instance of pulling mega events such as the Olympic Games or the FIFA World Cup full states are progressively reliant on uniting event and touristry to leap get down economic and socio-economic alteration For case: the South African travel and touristry sector, of which athletics touristry is a subdivision, was set to lend 8.7 % to the gross domestic merchandise ( GDP ) in 2009 ( WTTC, 2009 ) . One possible ground should be the extent of event touristry, which consists of those tourers who are attracted to a state or part with the specific purpose of devouring event-specific goods ( Fourie A ; Spronk, 2011 ) . The success of hosting events of this nature has arguably assisted South Africa in constructing its touristry substructure and has helped construct its repute as an international tourer finish ( Rogerson A ; Visser, 2004 ) . And the event bequest has led the state s ability to export travel services sustainably, bettering the balance of payments, making occupations and hiking economic growing ( Fourie, 2011 ) . However, a batch of bookmans consider the impact of touristry of mega-events as holding been excessively optimistic ( Matheson, 2002 ; Matheson, 2006 ; Matheson A ; Baade, 2004 ; Preuss A ; Kurscheidt, 2009 ) . In peculiar, Maennig and co-authors ( Allmers A ; Maennig, 2009 ) found that, in connexion with the hosting of the 2006 FIFA World Cup by Germany, the visitant Numberss experienced at the clip appeared small different from normal touristry reachings, despite the 2006 World Cup being widely considered as one of the most successful World Cup events yet ( Fourie A ; Spronk, 2011 ) . And it may besides do tonss of negative impacts to the host such as fiscal disease, environment pollution. Even though mega-sport event merely last less than one month, its impacts on touristry are long-run and assorted. Therefore, the event organisers face the challenges that develop touristry at the pre-event phase, during event phase and post-event phase every bit good, and exploit assorted touristry markets such as athletics touristry, concern touristry in properly scheme through the event host. This research will concentrate three facets: selling scheme, finish service quality and sustainable development. Through selling scheme, the nexus is established between touristry and mega-sport event ; finish service provides choice circuits experience to visitants and sustainability form a standard of all strategic activities. Aim and aims The purpose of this survey is to carry on a strategic analysis of the touristry operation direction of mega-sport events. The stairss to accomplish the purpose are formulated into four aims: To demo an overview of impact of the mega-sport event on touristry. To look into selling scheme for a mega-sport event by analysing motive phase theoretical account that divide tourer market and set uping a nexus between event and touristry through selling mix. To look into finish service quality by analyzing the proficient quality such as adjustment, attractive forces and conveyance ; and functional quality such as voluntary and cab driver. To look into the bequest of mega-sport event by societal, environment and economic system facets and measure their impacts on sustainable development of touristry. Research principle Hosting a mega-sport event provides host metropolis an international market to advance itself with assorted supports such as fund and policy. The success of hosting these events will help host to better touristry substructure and assist construct its repute as an international tourer finish. However, as the purchase power and demands of tourer addition, the organisation still have infinite to develop their scheme to run into the demand and to maximise the gross. Equally good as the post-event period, there are tonss of challenges needed to get the better of such as low utilizing rate of locales while high maintain fee occurs. Harmonizing to Jeffrey ( 2010 ) , the host besides should see the negative impacts of hosting an event. Since an event takes topographic points in a societal and political environment, there ever will be some issues with citizens who are against this event like local citizens. Therefore, it is really of import to look at the long-run effects for the finish after the event takes topographic point. Major events are short-run events with long-run effects for the hosted ( Winter, 2010 ) . In order to minimise these effects, a successful touristry operation direction is necessary in order to develop a sustainable athletics touristry finish. The hosts should develop a finish that meets the demands of the present without compromising the ability of future coevalss to run into their ain demands. Organization of research The thesis is divided into five chapters. Following this debut, the topics of what would be a successful touristry operation direction of a mega-sport event are so reviewed with the penetration and restriction of literature in Chapter 2. Following the literature reappraisal, the factors of host s operation that influential to the touristry will be explored in Chapter 2. Chapter 3 covers the methodological analysis employed in this research subject, and the findings, analysis and rating will be presented in Chapter 4. Finally, the decision and recommendations are drawn in Chapter 5.

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Vaccination Vs. The Anti-Vaccination Movement https://docs.google.com/presentation/d/1OGTUVOkamHCp7UrG7sgZCj-v4p9vXmYO0NQh3NF4v0g/edit?usp=sharing

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