An Analysis via Erikson’s Theory Essay

Hillary Clinton is a well-known political figure, with many contradictions in her personality. This difficult Democratic primary election process has revealed interesting features of her personality, from her strong, resolute character, reflected in her perseverance despite political challenges, to her vulnerability, which she has shown in several moments, like that well-publicized tearful scene in the New Hampshire primary, in front of all the cameras. I chose Erikson’s theory of personality to help explain the development of Hillary Clinton’s personality. Erikson proposes that an individual develops her personality by passing through various life stages, each marked by a specific area of conflict. Hence, I will apply Erikson’s stages to Hillary Clinton’s personality development and life events. Erikson’s first life stage is trust versus mistrust, followed by the second stage of autonomy versus shame and doubt. During Hillary’s infancy and early childhood, Hillary was born into a supportive family with a strong religious background. Her parents nurtured her emotional development. In such a supportive environment, her personality flourished, as she found her caregivers and family caring and reliable. Independence and self-reliance were encouraged at an early age in Hillary’s family. Erikson’s third stage is the conflict of initiative versus guilt. Early in her childhood, Hillary was encouraged by her parents to be assertive. Personal drive was strongly encouraged, as she excelled early in school, and as she was encouraged to stand up for her rights. One popular incident was illustrated by Hillary’s mother when one time, Hillary came home crying because she was being bullied. After a long talk with her mother, Hillary came back to school, and punched her bully. Erikson’s fourth stage of industry versus inferiority is a major period of success for Hillary Clinton. From the time of her early childhood to high school, she excels in school, graduating first in her class. Hillary develops a strong feeling of purpose and self-worth, which carries forward her ambitions later in life. Her sense of industry and accomplishment are further validated by her academic achievement in Wellesley College and Yale University. Erikson’s fifth stage of identity versus role confusion is often matched to an individual’s  teenage years, but this stage covers many events in Hillary’s personality development, extending beyond her teenage years. Hillary’s parents allowed her to gain her own voice. She was encouraged to break free beyond the traditional female roles of her time, to pursue higher education and a career. Her political leanings radically changed, as she left her earlier registration in the Young Republican party, to join the Democratic Party. In her valedictory speech at Wellesley College, she embraced the strong sentiment against the Vietnam War and full support for the civil rights movement. Like many members of her generation that time, Hillary tried to find her identity in the turbulent society of the 1960’s. The sixth stage of Erikson corresponds to an individual finding love, in a struggle of finding intimacy versus isolation. As a law student at Yale University, Hillary met her husband, Bill Clinton. While Bill Clinton’s infidelity will challenge this relationship, the relationship between Hillary and Bill Clinton is a true partnership. Despite the proposals of cynics that Hillary stuck with Bill Clinton because of his political connections, many sources still acknowledge that the love between Hillary and Bill Clinton has been genuine. This family unit, also built around their sole daughter Chelsea Clinton, has helped the Clintons weather political turmoil. Erikson’s seventh stage of generativity versus stagnation is a major question that keeps recurring in Hillary Clinton’s life. Hillary Clinton has worked hard on her legacy, and continues to do so. During her husband’s administration, Hillary took up active roles in formulating government policy, including an attempt at health care reform, far beyond the traditional roles of a First Lady. Not content after Bill Clinton left the White House; Hillary Clinton decided to pursue her own ambitions by running for the Senate. Finally, as she attempts to clinch the Democratic presidential nomination, Hillary strives to make history as America’s first female president. Perhaps, it is this driving force to leave a legacy which is the source of Hillary Clinton’s tenacity during the Democratic primary. The final stage of Erikson’s life development, involving ego identity versus despair, is an open chapter in Hillary’s life. If she fails to secure her lifelong dream of becoming the first American female president, will her personality turn to despair? Or instead – will she instead be satisfied with her family and her political accomplishments? Time will decide how Hillary’s personality  development will unfold. In summary, Erikson’s life stages of development offer a useful framework for understanding Hillary Clinton’s motivations and personality development. The various conflicts in Erikson’s theory highlight the life of Hillary Clinton, who faced many challenges to reach her current unique position of success and historical significance.

Benjamin Franklin the printer

Of the writing of books, there is no end (Ecclesiastes 12. 12b, New International Version) so the holy bible says and this is no more true than in the case of Benjamin Franklin the printer, a printer, politician, scientist and one of the founding fathers of the United states of America. As such, history writers have always depicted him – as with most other historical figures of note – as a larger than life figure.In this account, The Americanization of Benjamin Franklin by Gordon S.   Wood, Benjamin is portrayed as a normal human being with flaws like all other persons, one with lots of clashing views on accepted norms of the day and who always sought to improve himself not by striving against the odds but by remodeling himself as appropriate in order to ensure balance and order in his life and this attribute may be considered one that earns him the phrase â€Å"the man with many masks. † In this account, Gordon has tried to bring forth the true Benjamin as he is not depicted by most other writer.Though not very conclusive on his private life and affairs, it still does shed more light on the kind of man Benjamin was especially the principles of life that he held and how if circumstances demanded he would be flexible in his ways to achieve these life goals. Key among them was frugality and hard work which he preached to all who cared to listen and also practiced from an early age as can be seen by his apprenticeship and eventual elopement and setting up of his own printing press.Gordon as such then depicts Benjamin as most historians have; the virtuous man we have always been made to think Benjamin was. In the day and age when a father’s love was mostly to his first born son, Benjamin did not enjoy much attention from his father and this may have led to his character of not revealing much about who he really was and coming from a Puritanism family he also can have acquired the self enlightenment trait which caused him to have and ho ld his own opinion on almost every other norm of that day.In this way, Benjamin would be portrayed as an individual who driven by prior lack tries to right things so as to satisfy an emptiness within himself which is an aspect not seen in other works about him. Reading through the book for anyone not necessarily a fan of Benjamin Franklin or colonial history, this book stirs in one a deeper desire to get to know this man how he lived his life and how this impacted on life and politics of the day and future- our present generation. Not being a critic of Benjamin, Gordon merely pierces the veil on who Benjamin really was and this account written in real life can be considered a worth having book.Simple in plot and easy to follow plot, one is able to visualize Franklin as he was and also answer questions about him that are otherwise obscured in the mythological figure that he has been turned into. Raised in a lowly family of a soap and candle making father, Benjamin’s impoverish ed childhood and adolescence, stirred in him â€Å"an anger† with the wealthy for their seemingly easy life and mannerism, this in itself spurred his ambition to rise from a commoner into a gentleman so as to be able to pursue his other interests; social advocacy and science.The book gives an explanation about how this persona grew and why it grew. Franklin is seen as the man of his age who rose from a nobody, into a self-made â€Å"gentleman†, a leading diplomat and scientist revered by all especially in Europe where he served his diplomatic duties. Through sheer hard work, frugality in spending and cultivation of important friends, he was able to amass enough wealth by age 42 (in 1748) to retire from business and begin pursuing his other desires.It is during this period while pursuing one of his desires – serving the public good- that he was sent to England to represent the American colonies interests to the British that a transformation began to occur. Wood e xposes Benjamin as an ardent supporter of the Royal British Crown, who could not envisage an independent colony free of control from the king and who thought of the king as being wisdom itself and more humane than the parliament of the day.He cherished the thought of a unified â€Å"†¦glorious English empire†¦Ã¢â‚¬  but this began to change from 1765 when parliament imposed the stamp act, one which he strongly opposed, on the colonies. At home, Benjamin was seen to be part of it by recommending a friend as stamp distributor for Pennsylvania an action he quickly regretted and made him champion the repeal of the act – this act earned him repute at home but enemies in England – and opened his eyes to the colonies increasing resistance to crown control.It also reinforced his increasing discontent with England and marked the completion of his Americanization. He henceforth became a supporter of the revolution demanding independence from England. Back home in 177 5 after completing his tour in England, Franklin was appointed as ambassador of the American colony to France a country he had in his earlier years fought against during the seven year’s war. His handling of his country’s affairs in France: securing their support in the revolution war against England reveals his diplomatic and charming traits.He was able to make many friends and his reputation as a true American was more upheld by these new friends mostly the French who helped create the mythical figure we today know of Benjamin Franklin. This made Franklin indispensable to the success of the emerging young American nation in Europe. Woods shows that Franklin as an individual who could easily take a situation and use it to achieve his goals. In France, the French believing he was a Quaker, he played the part so well to continually reaffirm this held belief and thus to them he was a symbol of republican simplicity – an ends to a good in Franklins view.His Poor Ri chard’s Almanac was considered to true a moral philosophy by the French that they deemed him as a symbol of true democracy, an image they helped create and propagate and one still held by today’s America. Though wood does not elaborate on it, we may never know for sure if this was Franklin’s intention or just a happenstance that he just rode on to achieve his goals. On the issue of principle, Wood does depict Benjamin as a puritan who strongly upheld and advocated principle.He shows Franklin as an individual who was consistent in thought but also explores instances where due to circumstances around him, Franklin had to change his view even though his fundamental principles remained unchanged. This Wood has expertly brought out in a way that apart from showing Franklin’s strong and flexible character also reveals though just a bit, his ability to switch masks quickly and play the new role with perfection and zeal unimaginable.Finally, towards the end of hi s life, Franklin a former slaveholder despised and strongly fought against owning slaves preferring personal hard work as a source of satisfaction and thus helping change the view of social mobility and dignity of manual labor among the Americans later on after his death. Wood doesn’t claim to be exhaustive about Franklin in this account but does delve a lot into his professional life exposing the man we think we know in new light that most of us do not know but still seeming to revere him as a true American, indeed as â€Å"the first American†.Benjamin Franklin still remains difficult a subject to understand but his life does serve as a valuable teaching tool as well as a reference point for most of the political and day to day life of America, the symbol of true capitalism with its goods but minus its evils. An imperialist turned patriot, scientist, inventor, businessman, politician; Franklin still had a social and private life which is not well explored and explaine d as much in depth as his public life in this account.In conclusion, this account provides the reader with a true insight of who Benjamin Franklin was without all the mythical nature we have always been taught to believe of him. Room still exists for further exposition of Benjamin Franklin but this account can be considered to be among the best in demystifying Benjamin and exposing him as human and wrought with shortcomings which he did not allow to peg him down but used them to move on.He himself acknowledged his shortcomings and did not try to prove to be above or better than others but extolled the adherence to trying to live a principled life above all else. It is an interesting and enlightening read worth anyone interested in learning more about the founding fathers and colonial America. ? References Wood G. S. , (2004). The Americanization of Benjamin Franklin. New York, NY: penguin publishers

Learning Team Skills and Assessment Paper

In the University of Phoenix curricula GEN480 Capstone course, Learning Team C represents a somewhat diverse group of skills. Based on a matrix of categories including field of expertise, strengths, business skills, computer skills, and language, the four members of Learning Team C shared their self-assessment in each of these. It is interesting that there is a good complement of customer service, leadership, business acumen, computer skills, and even some additional foreign language skills. Patrice Davis – A strong customer service background with good listening and communication skills. Patrice is also team-oriented and has good basic computer skills. Cindy Jost – A member of management, Cindy has experience in the travel industry and in addition to leadership, lists communication, negotiation skills and software knowledge as strengths. Silvia Miller – Silvia represents the quality assurance management side of commercial banking. Her strengths are leadership, people skills, flexibility, software knowledge, and speaks three languages including fluent Portuguese. Mike Wray – Seasoned leader and manager with a focus on health care supply chain management. Mike brings experience in common-sense approach process improvement and good communication skills. He also has a good understanding of software and databases and their best application. The skill of these positions is a combination of personal strengths, business skills and computer skills. The personal strengths range from professionalism to social skills, from dependability to honesty, from ambition to understanding, and trustworthiness to leadership skills. From the examination of the skills listed it appears that the skill required in most functions listed is public speaking and presentation skills. Although public speaking always has been recognized in the business community, the online learning program does not incorporate this class into their curricula. Public speaking and presentation skills are essential in the management and leadership field. The student can overcome the fear of facing people, and can improve their communication skills. For instance, in a job interview, the interviewer judge the person based on their qualifications but also the ability to deliver a good public speaking session. For a college student the ability of deliver good public speaking session are also tested. Unfortunately, the clarity of the speaking skills cannot be heard because of the online learning environment. There are many things you can do to improve your public speaking skills: Preparation of the presentation: Good public speakers prepare the material to be presented. He or she will outline the presentation to have a clear view of what the speech is about. Also, they know their audience. Tell a Story: This is one of the best tools available to use to persuade other people. Use your voice effectively: To keep people interest about the story, a voice variation is important for instance the use of pause and voice excitement. Use your body: this is extremely important when communicating because you need to engaged your listeners. Another way through which a person can become more effective at public speaking is to become a member of Toastmasters International. â€Å"Toastmaster International is a nonprofit organization that offers a proven and enjoyable way to practice and hone communication and leadership skills† (Toastmasters, 2010). In fact, based on the description of experience and skills presented on the Team C Matrix, the team presented two consulting firms as potential employers. Consulting firms are a popular career choice for college graduates. As the need for specialized professionals in areas of business is growing so is the specialization of consulting firms. Three consulting firms that make a good match based on Team C’s skill set include Navigant Consulting a management firm, Pricewaterhouse Cooper LLP an accounting firm and Mercer LLC a firm specializing in human resources (List of Top Consulting Firms, 2010). The benefit for companies to hire a specialized consulting firms is to ensure a better delivery, quality and over all monitoring of their current project. Team C’s members bring a variety of skills to the hiring table. When searching for companies to apply to the goal is to finding the best fit base on experience and education. Navigant is a management consulting firm out of the greater Chicago area (Navigant Consulting, 2011). The team member that would best be employed with Navigant is Michael Wray. Based on his leadership skills and management expertise is a good fit here. Silvia Miller is the team member with a financial background so the best fit for this team member is a position within the firm of Pricewaterhouse Cooper LLP. Pricewaterhouse specialty is accounting (PWC 2011). Mercer is a company focused in Human Resources which is also part customer service (Mercer, 2011). This company has career paths that will meet the need of all Team C’s members but Patrice Davis and Cindy Jost would be the best fit here because of their customer service expertise. Some needed skills are a continual thirst for learning. Once a person stops, learning one also stops growing. Also can be a hindrance in the ability to be innovative and creative. This skill is sometimes obtained through company-sponsored classes, seminars, and incentives to attend and complete such company sponsored learning opportunities. Another needed skill is statistics and research design. This is researching in-house to define the research problem, find an answer by designing a study and the appropriate instruments. Coding, analyzing, reporting, and making recommendations on the discoveries of the defined problem is a part of research design. This skill is obtained only if the company sees this as an asset and important to the company. If the case, someone can be brought in who has experience in statistics and research design. Cross-cultural understanding is also a skill needed because in this economy more minorities are entering the workforce all the time. This skill is obtained through company sponsored cultural days or seminars. Possessing a business skill is a needed skill. Employees need to have â€Å"business savvy† a combination of technical training and interpersonal skills. This skill is obtainable by one receiving technical training and the teaching of good interpersonal skills, preferably during achieving education prior to entering the workforce.

Inventory Control Methods Research Paper Example | Topics and Well Written Essays - 2000 words

Inventory Control Methods - Research Paper Example In this context, the statistical techniques and the Information Technology (IT) are useful for exposing hidden information of the business. Statistics is the assortment of approaches, methods, and activities employed by any company to control the production, product quality, and service. Statistical Process Control (SPC) starts with product development where the elements of the product are determined to maintain the quality. Through SPC a company can observe the production in each phase. Several control charts let organizations to understand the status of any process and thus minimizes the rate of the defective product. Companies such as Ford, Ferrari, and BMW among others, focus strictly on product quality and control the processes of assembly line effectively (Lind, D. & Et. Al., â€Å"Statistical Techniques in Business and Economics†). ... & Et. Al., â€Å"Statistical Techniques in Business and Economics†). The practical example of Six Sigma in business is Wipro. It was the first Indian organization which had implemented Six Sigma in their business. With the help of Six Sigma, Wipro had successfully improved the business performance by understanding customers’ demand. The waste in production has been minimized significantly in Wipro and it has experienced 35% increase in productivity. The rate of failure has reduced to 1%. The rate of defective software products has also reduced to 5%. Six Sigma has brought undeniable accomplishment for Wipro with respect to customer satisfaction and development of internal performance (Sharma & Et. Al., â€Å"Six Sigma at Wipro Technologies: Thrust on Quality†). Several big organizations such as General Electric use Six Sigma technique to improve the quality and reduce unnecessary expenses. In business, statistics help organizations to make appropriate decisions. Organizations need to be very quick and precise and must understand the preference of customers. Statistics can help to plan according to consumers’ preferences. Through statistical technique, the quality of any product or service can be evaluated more effectively. Based on the statistical data, an organization can decide which item it is going to sell and in what amount. Majority of activities in an organization depend on information generated by statistics. Thus, based on the statistical data, an organization can take decisions regarding product, investment, and marketing (Amazone, â€Å"Importance of Statistics in Different Fields†). Statistics is also vital for economics.     

Summary Essay Example | Topics and Well Written Essays - 250 words - 83

Summary - Essay Example They include; cloud computing, SAP Business Communication Management, Viral Marketing, and Multi-Protocol Label Switching (MPLS). On the other hand, other factors need to be considered so as business communication can be efficient. These factors are known as the seven gems. These aspects include structure, clarity, consistency, medium, relevancy, primacy, and the psychological rule of seven plus or minus two. Moreover, one may be highly qualified but unable to communicate. Therefore, training programs on a regular basis is essential in the essence in improving the communication skills of the employees. This should be limited to problem-solving approaches, building trust, and increasing productivity, quality and teamwork. The employees, on the other hand, must be willing to accommodate criticism. However, criticism should be constructive, as this will boost employee morale. This means that business goals and objectives are meant to revolve around the model of business communications. This is the case as highlighted in the Tata Quality Management Services (TQMS). This can only be achieved if all the participants of the organization are involved. Finally, success in business can be attributed in possessing of the latest information and

Employee Engagement In The Global World And Its Challenges Essay

Employee Engagement In The Global World And Its Challenges - Essay Example These experiences are the processes that determine how much the workers desire to be engaged. If employers ensure that these experiences are positive, they will be successful in can stimulating a basic desire in their workers to consistently work to their greatest capacity. Employee engagement can actually be referred to as the opposite of an authoritative leadership that decides what work all workers should engage in, how they should do it, and with what attitude they should do it. The presumption in the business world is that a business’s engagement level forecasts the positive concentration as well as the collective effort that a firm can expect from workers within job confines. Many businesses have also observed that having workers with enormous talent, but who are not engaged for their opinions is poor value. The economic value of engagement can comprise of higher quality goods, lower direct supervision costs, higher customer loyalty, higher revenue per employee, more inn ovation events, a steady increase in stock price, and higher return on human capital. Significant engagement evaluation is resultant from attitude categorization psychometrics and is gathered through survey responses to a whole list of questions regarding workers’ experiences and feelings toward established engagement â€Å"drivers†. An employee study that correctly can measure employee engagement is empirically legalized to assess the 15 established drivers of engagement which deeply influence on-the-job effort and behavior.  ... The economic value of engagement can comprise of higher quality goods, lower direct supervision costs, higher customer loyalty, higher revenue per employee, more innovation events, a steady increase in stock price, and higher return on human capital. Quality Employee Engagement Measurement Significant engagement evaluation is resultant from attitude categorization psychometrics and is gathered through survey responses to a whole list of questions regarding workers’ experiences and feelings toward established engagement â€Å"drivers† (Castillo and Cano, 2004). An employee study that correctly can measure employee engagement is empirically legalized to assess the 15 established drivers of engagement which deeply influence on-the-job effort and behaviour. The responses as well as the intensity of the workers’ responses to these drivers should be contrasted against important ranges that give the results meaning. Many times, business’s seeking to measure emplo yee engagement will assess the wrong drivers and end up adjusting or altering the wrong things so that employee engagement levels continue to deteriorate. Engagement ratios indexes and are best calculated from workers’ responses to questions examining the 15 universal extrinsic and intrinsic engagement drivers (Berman, Bowman, West and Van Wart, 2006). This gives the basis for categorizing the engagement level, and every worker’s level of negative or positive emotional attachment to the business and its objectives. It is vital to automatically merge that information into different workgroup profiles to make sure that all respondents are guaranteed anonymity. Correct engagement profiles make it effortless to handle important opportunities for enhancement and give rise to valuable action

The Filter case study Example | Topics and Well Written Essays - 750 words

The Filter - Case Study Example It is faced with the decision of opting new arenas of application of its technology, apart from the currently prevailing entertainment and media areas to increase the profitability of the company. As opposed to the limited options of growth available in the currently selected media and entertainment areas, the company intends to expand its operation by covering other areas that may utilize its superior recommendation technology. Various factors are involved in the decision regarding evolution of the company to increase its profitability. The fact that the technology owned by the company is of considerable importance for various other businesses, makes it possible for this company to adopt an approach where business-to-business model is feasible and profitable. It appears that the company’s move from adopting a direct customer approach to the business-to-business approach was a test-flight designed to test the feasibility of the business. Now that many notable companies like Nokia, Sony Music and Comcast are already using their services, the company is hopeful to test new areas of growth. Although this appears to be a safe approach, the fact that every new area brings forth new challenges should not be forgotten. So far, the company’s services were utilized by users who were looking for entertainment; but the application of this company’s recommendation technology in other areas e.g. in health for diagnosis, will be totally different scenario. The recommendations generated by the company’s algorithms, in such areas of life will have far more legal weightage with unexpected ethical implications than they had in entertainment sector. Another problem would be the presence of competitors in the new fields, since people in the market will be well aware of the naà ¯ve nature of the company in the new waters. As far as the alternatives to the present approach are

The life of david gale Essay Example | Topics and Well Written Essays - 750 words

The life of david gale - Essay Example The movie raises a number of issues in the modern day society. False representation, shoddy police investigation, and bribery affect the implementation of justice in the current day society. Unfortunately, in as much as everyone is aware of the occurrence of such vices, no one takes notice of any action to prevent their perpetuation, and the rest of the society lives on as though the vices are not ever felt. This movie therefore offers a challenge by revealing the extent to which one can ever go to unearth the societal evil. It takes a strong heart and a patriotic spirit to develop the type of personality shown by the lead character in the movie (Schermerhorn 66). Broadcasters use movies and television programs to advertise products and services. Broadcasting media houses earn their revenue mainly through the adverts. In selecting the advertising time, marketers consider a number of factors key among which is the audience base of the programs and the relation of the product and or service to the audience. The Life of David Gale is a thriller movie, one shown in most television shows late in the night and targets an adult and analytical audience. Products and services advertised in its wake should therefore target a similar audience. Wells Fargo is an English company that offers security services besides being a bank. The organization prides itself in integrity and effectiveness of their process of executing client dictates. The company advertised some of their freight, security, and their banking services in the course of the movie. Some components of these adverts are in correspondence with the theme addressed in the movie (Penz, and Andong 99). The movie espouses on the absence of an effectual and legal system; it shows an indecent police system. David Gale is deliberately betrayed by the women he thought he

Classification of the Applications Assignment Example | Topics and Well Written Essays - 1000 words

Classification of the Applications - Assignment Example Hackers cannot use this application in some unacceptable way because even in the case, of getting access to the configuration of the application hacker can only block the access to some certain sites and user of the computer can remove the application and reinstall it with the correct configurations. Prey is quite effective software used for tracking laptop, phone, tablet or another portable computer to remotely locate it and lock. The user can find it even if the device is stolen. To do so, the owner can log into the web-service and turn on the sounding of alarm or showing of the onscreen message that will inform the thief about the search engaged for him. The user can find the device even if he/she has lost it or left somewhere. To make it work user should install little software on the desired device and it will wait for the remote signal and will activate the system to track the location of the device. Moreover through the online service owner can gather all information about the device, lock it down, etc.  For business purposes, managers can use Prey to lock down business phones, which are used by workers in an unacceptable manner or to trace the activity of the users. Moreover, with the right approach, Prey can help for logistics to track devices installed on the transports and to know their routes, to enhance logistic schemes.  With enough experience, hacker can hack the main web interface and get keys and locations of the devices, to get personal information from them or just lock down them. However such scenario is almost impossible.  Keylogger is software which register, store and supply information that is entered through the keyboard. Such application work implicitly and only one, who installed this application knows about its existence.  Home user can use this application to track activity of the children in the given computer. The application will store every information children enter or copy/paste on the computer.

The Reasons that American Women Choose Abortion rather than Adoption Research Paper

The Reasons that American Women Choose Abortion rather than Adoption - Research Paper Example In the US, however, it seems that all the debates were directed towards, legalizing abortions and giving women mandate to handle their own lives. Policymakers, on the other hand, advocate for the abolition of abortion, if the country has to plan its future appropriately. In America, most women seem to exercise their right to make personal decisions in relation to having abortions or not. Whether legal or not, what is evident is that abortion is taking place each and every day in the society. Regardless of age, women opt to have abortions, just with the slightest thought that their lives may end up being miserable. This essay shall highlight the major factors that lead to many women in the U.S.A. going for abortions rather than adoption. The research will be based on evidence from reliable and valid sources. The research will also focus on research conducted by CDC and the Alan Guttmacher Institute, on abortion in the U.S.A. Conclusively, the paper shall offer a concluding remark on the need to focus more on adoption issue, and whether it can solve the rising abortion cases. The issue of abortion has hit the headlines for a long time now. Various analysts and researchers hold varying views regarding this topic. Studies indicate that in America, the numbers of women who seek the abortion is increasing by the day. Whether induced, forced or lured into conducting abortions, the fact remains that abortion is not on its way towards reduction but moves up the ladder as each day passes. From a study, on a number of women in The United States of America, the majority of the women embrace the view that conducting abortions is not murder but just elimination of tissue that is not yet developed.  

Desktop Migration Proposal Essay Example for Free

Desktop Migration Proposal Essay The purpose of this desktop migration proposal is to layout the proposed tasks and activities that are required to efficiently transition HACKM, LLC users from a Windows 7 computing environment to Windows 8. Currently, HACKM, LLC has 500 desktops/laptops that run Windows 7. The CEO of HACKM, LLC recognizes a need to implement HACKM employees to the latest Windows 8 technology. This proposal includes deployment schedules, resource estimates,  identification of special resources and staffing. This proposal also defines management controls and reporting procedures, as well as the risks and contingencies in this transition. Overview In upgrading to Windows 8, HACKM is seeking to reduce support costs while enhancing the user computing experience. HACKM would like to keep their systems current with the latest Windows technology by acquiring a top of the line laptop/tablet hybrid. The budget provided by HACKM is a maximum of $1,000,000 in which $700,000 has been set aside for the acquisition of the hardware needed to meet the requirements. The remaining $300,000 is allotted for contract support to execute the task. More details on the recommended product: 1. 10.6 widescreen with 1920 x 1080 resolution This high-resolution screen is ideal for word processing, Web browsing, research, reading and streaming HD video content. 2. Microsoft Windows 8.1 Pro operating system Full laptop capability in the size of a tablet. Run your existing desktop programs, download apps from the Windows Store and share files in the cloud for easy access anywhere you go. 3. 512GB internal storage capacity plus microSD slot Significant amount of storage space for software, apps, documents, photos, videos and more. Expand storage with a microSD card. 4. Dual-core processor Delivers responsive performance, smooth-streaming video and fast access to the Web and e-mail. 5. Supports the full Microsoft Office experience – Equipped with Microsoft Office Suite. 6. Powerful connectivity with USB 3.0 Share files, connect accessories and display content on the big screen with a full-size USB port. 7. Docking station (separate) Upgrade Benefits Migrating to Windows 8 will bring HACKM up to speed with the most current operating system. Windows 8 offers superior performance in comparison to Windows 7 and all other versions of Windows. Windows 8 offers improvements in performance, existing capabilities, and is relatively cheaper in costs. Windows 8 starts up more than twice as fast as Windows 7. Windows 8 gives PC users a whole new world of full-screen, touch-friendly, Web-connected apps to explore. Laptop/Tablet Hybrids Benefits 2-in-1s come with the advantages of both tablets and notebooks. Typically they’ll have the form factor of a tablet, allowing users to easily enjoy their favorite websites and apps with touch like they would on an iPad. They sometimes boast better battery life than a typical notebook. They provide mobility advantages for personnel that are regularly on-the-go. Objectives The objective of the task is to migrate all HACKM desktops to Windows 8 including all of the user’s files and folders with no data loss, with as much transparency to the user community as possible. Approach With any project, a well thought out and sound plan is necessary. Migration technicians will check the hardware compatibility list (HCL) to verify that the recommended hardware is compatible with the operating system. This includes visiting the vendors website and checking for operating system compatibility. For specialty applications technicians will obtain the latest drivers for all hardware. If necessary, 64-bit drivers will be obtained before installation to ensure that devices are compatible with 64-bit operating systems. Windows’ Upgrade Advisor will be utilized to determine whether any special modifications to system will be required for an upgrade.  Technicians will use Microsoft Assessment and Planning Toolkit (MAP) to automatically scan multiple computers and identify each computers compatibility for an upgrade to Windows 8. MAP checks hardware compatibility, identifies the availability of updated device drivers, and recommends a migration path to Windows 8. Other migration tasks that will be performed and documented include: Audit user community Conduct user interviews; verify user profiles, data location, answer any questions regarding migration. Audit all hardware and software to determine upgrade needs for compatibility with Windows 8 Identify total number of desktops, laptops and related hardware Examine current operating system configuration, user profiles Technicians will use Microsoft Windows Compatibility Center/Advisor to ensure current systems meet upgrade requirements. Identify project manager, project team, and stakeholders Define migration management team and points of contact Conduct weekly status meetings to discuss progress and milestones Examine risks for migrating to Windows 8 Data migration Technicians will utilize Microsoft’s Windows Easy Transfer utility to migrate user data. Windows Easy Transfer is a built-in migration tool to transfer files and settings from one computer to another. Software compatibility Group Policy Objects (GPO) will be migrated across the HACK domain forest with Advanced Group Policy Management (AGPM). Technicians will use Across Forest Migration to export the GPO and import it into the new Windows 8 production environment. After GPO migration, users will authenticate to the HACKM domain and therefore will not be required to use a Microsoft account with the new Windows 8 systems. Data Backup Restore Data protection is crucial for HACKM continuity after the migration. Technicians will: 1. Identify the critical data that needs to be archived 2. Archive this data to dedicated backup servers provided by HACKM 3. Review data for integrity and quality Technicians will backup: 1. Program data, software data, user folders and files including offline files identified during auditing and user interviews 2. Offline files will be copied to external USB hard drives (1TB). 3. Backups will be save for 90 days after migration Full backups will be run nightly with incremental backups weekly during the migration effort. Technicians will perform a full integrity and consistency check of data. Encryption Each tablet will be encrypted using Windows BitLocker Drive Encryption. BitLocker makes use of a Trusted Platform Module (TPM) to provide stronger data protection for the data on the device. BitLocker will allow our technicians to encrypt all HACKM data stored on the Windows operating system volume and configured data volumes, and by using the TPM, it can also help ensure the integrity of the information. Networking All of the new tablets will be equipped with docking stations that have built in gigabit Ethernet networking technology. For increased network security, the built-in wireless feature will only be made available on a case-by-case basis. Anti-Virus Protection Each tablet will be protected from various threats and vulnerabilities via Windows Defender. Windows Defender is antispyware software thats included with Windows and runs automatically when its turned on. Windows Defender offers two ways to help keep spyware from infecting your computer: 1. Real-time protection.†Ã¢â‚¬  Windows Defender alerts you when spyware attempts to install itself or to run on your computer. It also alerts you when programs attempt to change important Windows settings. 2. Scanning options. Windows Defender can be used to scan for spyware that might be installed on your computer, to schedule scans on a regular basis, and to automatically remove anything thats detected during a scan. Windows Defender works with Windows Update to automatically install new definitions as theyre released. Post Migration Technicians will perform the following tasks after migrating users to Windows 8: Update device drivers for unrecognized devices. During installation, drivers for many devices are installed from drivers on the installation disc. Technicians will use Device Manager to verify the status of all hardware devices, and download and install drivers for any unknown devices. Configure Windows Update and download the latest updates. Configure security software; configure the Windows Firewall and install anti-virus software. Technicians will make sure to update anti-virus definition files. Migrate user configuration settings and data using the following methods: For local files not backed-up to the network, technicians will use Windows Easy Transfer to transfer files from the old computer to the new computer. For all other user data technicians will use the User State Migration Tool (USMT): ScanState will be used on the existing computer to save user settings and files. LoadState will be used on the new computer to move files onto the new computer. Install applications and add other Windows features. Configure system backups and other protection methods. Take a complete PC backup and schedule regular user data backups. Roles Responsibilities Project Manager: Responsible for managing high performance, interdisciplinary  team to meet project milestones and achieving measurable performance outcomes. Project manager will manage and communicate task progress and milestones. Lead Migration Administrator: Responsible for leading the desktop migration effort. This includes analysis of the existing Windows 7 systems and development of the plan and approach and migration of data to the new the new Windows 8 systems. Migration Technician: Responsible for user interviews, surveys, data back-up, operating system installation and data migration. Technician will document any issues for escalation and lessons learned. Technician will regularly communicate with Lead Migration Administrator and Project Managers. Works Cited Abbass, H. (2012, November 15). How to Transfer your files to a Windows 8 Computer. Retrieved from Darktips.com: http://darktips.com/transfer-files-to-windows-8/ BestBuy.com. (2014, December). Microsoft Surface Pro 2 512GB. Retrieved from BestBuy.com: http://www.bestbuy.com/site/microsoft-surface-pro-2-512gb-dark-titanium/2147061.p?id=1219070148385skuId=2147061 Bestbuy.com. (2014, December). Microsoft Surface Pro 3 Docking Station. Retrieved from Bestbuy.com: http://www.bestbuy.com/site/microsoft-surface-pro-3-docking-station/7524004.p?id=1219276472271skuId=7524004 Microsoft.com. (2010, May). BitLocker Drive Encryption. Retrieved from Microsoft Technet: http://technet.microsoft.com/en-us/library/cc731549%28ws.10%29.aspx Microsoft.com. (2014, December). sing Windows Defender. Retrieved from Microsoft.com: http://windows.microsoft.com/en-us/windows/using-defender#1TC=windows-7 Muchmore, M. (2013, June 24). 5 Reasons You Should Upgrade to Windows 8. Retrieved from PCMag.com: http://www.pcmag.com/article2/0,2817,2411451,00.asp

Enhancing Democracy in the United States of America Essay Example for Free

Enhancing Democracy in the United States of America Essay Democracy: â€Å"1 a: government by the people ; especially : rule of the majority b: a government in which the supreme power is vested in the people and exercised by them directly or indirectly through a system of representation usually involving periodically held free elections 2: a political unit that has a democratic government† (Merriam-Webster Online Dictionary) With the 2008 elections fast approaching, and a highly fueled and hotly contested primary and general election campaign waning, the public is forced to consider the problems and opportunities in the American democratic system. Is there something wrong with the democratic system in the United States of America? If so, what? If there is a problem with democracy in America, what is it and how can it be fixed? The United States of America was born of an act of legislation designed to promote democracy. The United States has developed into a world superpower by enacting and enforcing legislation designed to enhance democracy. Today, legislation is passed by elected officials who then vote in national, state, and local legislative assemblies. In other words, voting and the electoral system, is the catalyst for maintaining democracy. The United States can improve democracy by improving the voting system that facilitates the democratic process. Federally mandated voter registration Today, many men are the beneficiaries of laws enacted giving their mothers the right to vote. All ethnic minorities are the beneficiaries of laws enacted giving African-Americans the right to vote. Voter registration is still optional, and considered a privilege. But now is the time to make voter registration a responsibility of all American citizens. Voter registration should be treated like Selective Service registration, a must for those who wish to receive any other benefits of citizenship including financial aid and government employment. It is not difficult to keep track of eligible voters, especially in this information age where all children are issued a social security number at birth. This process can be as simple as using the existing social security system to send registrations to those who have reached their 18th birthday and maintaining a national database similar to the social security and selective service rolls. Enforcement can be as simple as cross referencing social security numbers for registration upon application for jobs, financial aid, and public assistance. Compliance can be mandated by withholding benefits pending registration. This is a minimal effort and may not increase voter participation. But this registration plan could eliminate most existing barriers to voter registration. Federal authority over state and local elections This idea expands on the idea of the federal registration system. The Federal Elections Commission already exists. With electronic voting and reporting, federal authorities should require that all state and local elections comply with the same guidelines as national elections. This would work by applying residency requirements to both congressional elections and local elections. In other words, a person registered, residing, receiving benefits in Idaho cannot register to vote in local elections in Columbus, Georgia. This simply uses the wealth of electronic information captured on citizens to manage voting. This system would have to also account for citizens with multiple residences by requiring that everyone declare a primary residence which would be the location for their voting. If they know that they will be in a secondary residence at election time, the registration system should allow them to easily request absentee balloting which could be completed by mail or turned in at a local agency of the federal board of election. Citizen assemblies control re-districting activities Legislative assemblies and committees currently control political re-disctricting plans. In other words, elected officials decide when and how (and if) voters want, need, and get additional elected officials. Rapid economic development causes some districts to grow and change materially and demographically such that a single elected official cannot effectively serve the interests of the entire district. In that case citizens should have the right to send a message, at the voting booth, that they need additional representation. A citizen assembly should bring together elected and public officials, urban and economic planners, and affected citizens together to draw districting plans that represent the interests of all parties without compromising a sitting official’s position or ignoring a constituent’s special needs. A series of re-districting alternatives can be placed on the ballot for voters to decide. Voter responsibility education Schools should be required to include a course that teaches voting rights and responsibility as part of a social studies, American government, and civics curriculum. This course should be repeated at the university level to account for foreign students that will eventually become United States citizens. For older Americans who are beyond the educational system and for older immigrants, community based programs should be implemented that instill that voter registration is a responsibility of citzenship, not just an optional right or privilege. Tax deductible campaign donations Public financing for campaigns is generally not a tangible benefit for lower income voters. Many may see public financing as a way for candidates who do not have their interests in mind to advance their campaigns. Allowing federal and local tax deductions for small campaign donations can help to decrease feelings of disenfranchisement of lower income voters. They have the opportunity to directly support the candidate or issue of choice, and receive a ture public benefit (both the donation and the deduction). This could replace the current system and be managed at the federal level as well. Conclusion The United States can enhance democracy by modifying its election system. By placing activities such as deciding on political districts and adding value to campaign donations, voters are enfranchised in a greater way. Education makes citizens understand the benefits of voting. Consolidating the registration and polling makes the system as fair and not subject to less error. References democracy. (2008). In Merriam-Webster Online Dictionary. Retrieved October 13, 2008, from http://www. merriam-webster. com/dictionary/democracy Gerkin, H. , et al. (2006). Six Ways to Reform Democracy. Boston Review, September/October 2006. Retrieved October 13, 2008, from http://bostonreview. net/BR31. 5/gerken. php

Nikola Teslas Conspiracy Theories

Nikola Teslas Conspiracy Theories Nikola Tesla and his Conspiracies Introduction Nikola Tesla was one of the greatest inventors during the history, due to his advanced research in his lifetime and the discovery of alternating current (AC) and work with electromagnetism. Before dying he was exploring the possibility of sending electricity to long distances wireless by sending Extremely Low Frequency (ELF) waves. Since his last project was never finished and due to the estrange death, several conspiracy theories prowl around his inventions and death. The conspiracy theory states that big amounts of ELF waves are transmitted to the ionosphere, which act like a mirror and reflects the waves on earth. These waves hit the earth and the potential energy is released causing natural catastrophes. In 1993, different divisions of the U.S. Government developed the High Frequency Active Auroral Research Program (HAARP), based on Tesla’s studies. According to the conspiracy theory the U.S. is using HAARP as a weapon against countries like Iran, Pakistan, Philippines and others as a weather weapon. This paper exposes Teslas life and his most important investigations, to recognize the conspiracy theories that surround him. 1. Nikola Tesla and his inventions This chapter contains some of the most relevant episodes in the life of Nikola Tesla and â€Å"his inventions†, based on his own publications before his controversial death. 1.1 His life and work Nikola Tesla was born in Smiljan, Croatia[1] in 1856, surrounded by a clergy family, who wanted him to enter the Greek Church after he graduated (Start Publishing LLC, 2013). In 1873 after he surviving from Cholera, he decided to enter in 1875 the Polytechnic School at Graz to become a mathematics and physics professor, and since his first year of studies, Tesla started to develop controversial experiments with a Gramme dynamo: he claimed the commutators were not necessary, leading him to change to the engineering curriculum (Start Publishing LLC, 2013). After finishing his studies and moving around Maribor, Gospic, Prague and Budapest, in 1882 he was hired in Paris by the Continental Edison Company dedicated to electric lighting, where he sees the chance to publish his work (Start Publishing LLC, 2013). Then he decides to go to the Unites States of America to work with Thomas Alva Edison (Start Publishing LLC, 2013). After publishing several patents, in 1888 he published his first work at Columbia University in New York: A New System of Alternate-Current Motors and Transformers, where he proved the commutators could be dispensed from motors, by using polyphase currents, which headed him to experiment more with AC and high frequencies, guiding to some of his most relevant inventions (Tesla, 2007). From that moment, until his death, Nikola Tesla developed and published hundreds of patents, articles and books, and received recognitions for his work. Finally in 1943 he died in New York due to unknown causes that will be further reviewed in the third chapter. 1.2 His inventions â€Å"Tesla was an inventor, but he was much more than a producer of new devices: he was a discoverer of new principles, opening many new empires of knowledge which even today have been only partly explored† (ONeill, 2007). As showed on his Life and Work, since Tesla was a young man he started researching and developing his own ideas, improving the motors and generators company. In fact, in 1888 he received the patent for the induction motor still used today (Tesla, 1904). Two years later, he founded with other investors in the Ames Power Plant, the first power station to transmit high voltage AC for long distances (Start Publishing LLC, 2013). The same year he would invent the Tesla Coil and transformer to power wireless lighting systems, which also contributed in radio as a system of transmitting electrical energy and an electrical transmitter as he called it (Tesla, 1904, Chapter 4). In 1899 Nikola Tesla detected a new geo-electrical phenomenon: terrestrial stationary waves, which supported his theory of electricity transportation around the world and later on it would be the basis of the World-Wide Wireless System (Start Publishing LLC, 2013). When in 1900 I obtained powerful discharges of 100 feet (in the Colorado Springs laboratory) and flashed a current around the globe, I was reminded of the first tiny spark I observed in my Grand St. laboratory and was thrilled by sensations akin to those I felt when I discovered the rotating magnetic field (Tesla, 1904). This is how Tesla’s most ambitious project started in 1901: the construction of the Wardenclyffe Tower to send wireless power around the world. Although he invested all his money on his research investors dropped the project and the Wardenclyffe Tower was never finished (Start Publishing LLC, 2013), leaving the uncertainty that still today is maintained if it is possible to send electricity all over the world. 2. The Conspiracy The conspiracy theories behind Nikola Tesla start with his controversial work and hard relationship with colleagues, and the apparent collaboration in the World War II, which supposedly led him to be murdered. Besides that, the use of his research as a basis to develop Weapons of Mass Destruction (WMD) is another conspiracy attributed to Tesla. There are basically two conspiracy theories behind Tesla’s life and work. The first conspiracy states that Tesla was murdered by powerful bankers from the U.S. because Tesla’s project to provide free energy to the world was not convenient for their economic interest, and the second conspiracy says that Tesla was murdered because some people thought that he had advanced studies to create WMD. To put into context this second theory, it must be taken into consideration that he died while the WWII was taking place and for this reason it can be deduced that, there were some interest on his projects from different military agencies around the world. One thing that cannot be denied is that Nikola Tesla had a brilliant mind, he developed several interesting projects which were decades ahead of their time. By the nature of his inventions, military intelligence circles or giant corporations could be interested on Tesla’s projects. 2.1 Tesla’s Death After Tesla’s death in January 1943, and because of the political-social-economic situation of the time (the WWII) the FBI and some other U.S. Government agencies could be quite interested in Tesla’s ideas and projects regarding weaponry. There was some fear that Tesla’s work could fall into the hands of Soviets or any other powers. Just right after Tesla’s death, his nephew â€Å"Sava Kosanovic† arrived at the hotel where his uncle died, but according to him, there were several technical papers missing as well as a notebook which was marked as â€Å"Government†. An investigator from the FBI said that the U.S. was â€Å"vitally interested† in saving Tesla’s documents, in deed envoys of the Office of Alien Property[2] went to Tesla’s room at the New York Hotel and collect all his belongings, Figure X (PBS, 2004). Figure X (http://www.pbs.org/tesla/ll/fbi_05.html) According to the website www.psb.org after the WWII, the interest of beam weapons grew up, and Tesla’s basic ideas were taking into consideration to develop these weapons, the papers that contain Tesla’s ideas were never found. Many years after this event, scientists have been looking for those papers without any success (PBS, 2004). There is another theory that says that Tesla was murdered by Hitler’s people, according to a guy called Eric Bermen, he was dating a girl, he say that the girl’s father was Otto Skorzeny a legendary SS (Schutzstaffel) involved in the WWII, and an officer-cadet from the Hitler’s bodyguard regime, Figure X. After Skorzeny death, Bermen collect data about Skorzenys Nazi cohorts and created an unpublishing manuscript in which reveal information such as: â€Å"Skorzenys role (with Reinhard Gehlen) in the assassination ofNikola Tesla(suffocation) on January 6, 1943 after tricking Tesla on January 5 into revealing the full details of his most important discoveries and then stealing his most valuable inventions, along with the contents of his safe, which were delivered to Hitler† (Adachi, 2007). Figure X (http://educate-yourself.org/cn/Skorzeny and Hitler 500w010.jpg) 2.2 Tesla’s HAARP project, the conspiracy behind The conspiracy theories about HAARP Electromagnetic waves would be used to make them collide with the ionosphere which would heat, resulting in an alteration of climate, including suspected that these same waves when falling on the earths crust would cause a series of vibrations which could give as a result, earthquakes and volcanic eruptions. Researchers and scientists believe that the increase in hurricanes, floods and droughts could have been caused by HAARP, HAARP meanwhile said that they only use a small part of the energy that are capable of generating, if so, what would happen if they use the billions of watts that produces the entire project? Even more adventurous opinions say that the mind control may be another objective of HAARP is now known that electromagnetic waves can lead to physical illness; alter the human psyche causing hysteria, hallucinations, items that would be used for crowd control. As we exposed previously, Tesla’s project HAARP had the purpose to delve into the effects of electromagnetic energy on the ionosphere. Conspiracists say that the development of this project had a sinister intention. They claim that HAARP is actually a WMD developed to break satellites and communication by blitzing the atmosphere with electromagnetic waves. These people believe for example, that the blackout in the North of the U.S. and South of Canada in 1993 was a consequence of the HAARP project (Theories Societies, 2008). For this reason, conspiracy theorists affirm that Tesla’s project about the transmission of electricity via wireless had been hushed up by the biggest electrical equipment companies. On the other hand, researcher Bertell R.[3] conducted a research about HAARP and she concluded that the HAARP program directed by the U.S. Air Force and the U.S. Navy was designed tounderstand, simulate and control ionospheric processes that might alter the performance of communication and surveillance systems and with this create the following effects: Produce low frequencies, as a way of communication with sunken submarines. Come to understand the natural ionospheric processes in order to modify or control them. Generate large amounts of high frequency energy, thus with this energy generate ionospheric processes that can be used for defense purposes. Modify some optical emissions which might be used to control radio waves and it’s propagation. So Bertell R. firmly believes that HAARP is not an isolated experiment but it belongs to an integral military program and claims that the project can be sold as random project to the public (Bertell, 1996). Below can be read some other scientists and agencies who think the Project HAARP has a dark side (Global Research, 2007): Prof. Michel Chossudovsky published an article in 2007 in which he state that â€Å"HAARP is a weapon of mass destruction, capable of destabilising agricultural and ecological systems globally.† Physicist Dr Bernard Eastlund called HAARP as the â€Å"the largest ionospheric heater ever built† The State Duma[4] claimed that the U.S. was creating large-scale weapons capable of break radio waves, provoke failures in electric systems, as well as in oil and gas pipelines and it could also affect the mental health of masses. Some people still claim that HAARP is a WMD waiting to be used by the military as a â€Å"death ray†. The credence is that the slight doses of microwaves sent to the ionosphere are just samples compared to the actual power of the machine. Actually they also think that HAARP could also conduct its rays anywhere on earth and can be used to trigger major weather disasters, earthquakes, mass brain damage on a global scale on request. HAARP is not operated by the military of the U.S. nevertheless the project is under the command of the DARPA (Defense Advanced Research Projects Agency) this means that somehow it has to be related to the defense of the U.S. 3. References ONeill, J. J. (2007). Prodigal genius: The life of Nikola Tesla. San Diego, Calif: Book Tree. Start Publishing LLC (Ed.). (2013). Inventions, Researches And Writings Of Nikola Tesla. Unites States of America. Tesla, N. (1904). My Inventions: Autobiographical Notes. Tesla, N. (2007). Experiments With Alternate Currents of H: Gardners Books. Adachi, K. (2007). The Revelations of Otto Skorzeny, Part 1 (Martin Bormann: Reichsleiter in Exile American Retiree) by Ken Adachi July 2, 2007. Retrieved September 01, 2014, from http://educate-yourself.org/cn/martinbormannphotostocompare02jul07.shtml Bertell, R. (1996). Background on the HAARP Project. Rosalie Bertell. Retrieved September 06, 2014, from https://www.globalpolicy.org/component/content/article/212/45492.html Global Research. (2007). Weather Warfare: Beware the US Military’s Experiments with Climatic Warfare | Global Research. Retrieved September 09, 2014, from http://www.globalresearch.ca/weather-warfare-beware-the-us-military-s-experiments-with-climatic-warfare/7561 PBS. (2004). PBS: Tesla Master of Lightning: The Missing Papers. Retrieved September 03, 2014, from http://www.pbs.org/tesla/ll/ll_mispapers.html Theories, C., Societies, S. (2008). No Title. [1] Smiljan used to be in the military frontier of Austra-Hungary. [2] TheOffice of Alien Property Custodianwas an office within the Government of theU.S.duringWWI and WWII, serving as acustodian of enemy property. [3] For more information visit http://www.globalresearch.ca/remembering-rosalie-bertell/31448 [4] State Duma was a legislative assembly, it does not exist anymore. [C1]Introduccion!!!

Essay --

Dante’s Judgment of Edward Teach In Dante Alighieri’s The Devine Comedy, he explains his nine stages of hell based on different sins. They are limbo lust, gluttony, greed, anger, heresy, violence, fraud, and treachery. In Alighieri’s epic, limbo was the least serious level of sins and treachery was the highest level of sin. Edward â€Å"Blackbeard† Teach was a famous pirate who would have been considered to commit all of these sins. In Alighieri’s eyes Teach would have been put in the highest level of hell for committing all of the sins including treachery. Edward â€Å"Blackbeard† Teach was born in Bristol, England around 1960. Most likely has name may have actually been Edward Drummond but he introduced himself as Teach. He took the sea when he was a teenager and was recruited as a privateer for Queen Anne’s War. (Minster, â€Å"Biography of Edward â€Å"Blackbeard† Teach†). The time of Blackbeard’s life took place during the early 18th century and was referred as â€Å"The Golden Age of Piracy†. In order to stay a successful pirate, he wanted to be intimidating. Teach would always carry multiple weapons...

Muscles Now...Problems Later? :: essays research papers

Muscles Now†¦Problems Later?   Ã‚  Ã‚  Ã‚  Ã‚  Your lifelong dream of becoming Hulk Hogan is coming along slower than planned. You decide to speed the process up by doping on some creatine. But will you just be cutting yourself short in the long run?   Ã‚  Ã‚  Ã‚  Ã‚  Creatine is an amino acid produced naturally in the liver. Many athletes use this naturally occurring metabolite, found in red muscle tissue, as a way to store energy between bursts of activity. Creatine is normally obtained from foods we eat, the best sources being meat and fish, but if you don’t do the meant thing you could always hit up your local drug store or fitness gym. Beef is the most creatine-dense food in the world, and the Babe ate a lot of steaks. He was doing a little creatine doping himself and nobody even knew it.   Ã‚  Ã‚  Ã‚  Ã‚  Athletes face enormous pressure to excel in their competition. They also know that winning cannot only earn them a gold medal, but money and fame along with it. Athletes know that training is their best bet to victory, but they also get the message that some drugs can boost their efforts and give them a short cut.   Ã‚  Ã‚  Ã‚  Ã‚  While most athletes use performance enhancing drugs to build their body mass, increase the delivery of oxygen to exercising tissues or to reduce weigh, others misuse the drugs to relax, cope with stress or to boost their own confidence. Performance enhancing drugs increase muscle strength by encouraging new muscle growth and they allow the athlete to train harder and longer at any given period, so they can pump up their bodies and their game. Some drugs, such as creatine, also permit damaged muscle tissue to work harder during therapy and rebuild itself to a normal state.   Ã‚  Ã‚  Ã‚  Ã‚  An athletic boost in short term may lead to health problems in the long run for athletes who use performance- enhancing drugs in the long run, warns a youth sports medicine specialist from the University of Michigan Health System. The same substances that athletes take to have more muscles, power and endurance may cause them to grow into shorter adults. It may even also cause them to take on some secondary physical characteristics of the opposite sex   Ã‚  Ã‚  Ã‚  Ã‚  More and younger athletes than ever before are imitating their professional sports heroes by using outlawed drugs and unproven supplements to pump up their bodies. Those physical features are most common among teenagers who use performance- enhancing drugs.

Philosophers of the Age of Enlightenment Essay -- European History

During the eighteenth century, ideas of reform started in France and spread through Europe. This period is referred to as The Age of Enlightenment. The Enlightenment carried the idea that economic change and political reform were possible. People started to think that they could use their own intellect to challenge the intellectual authority of tradition and the Christian past. The people who wrote for change and reform were called the philosophes (French for philosophers). They wrote hoping to bring reform to religion, political thought, society, government, and the economy. Thanks to the print culture, the philosophes’ ideas were spread throughout Europe. People started to have educated conversations about these new ideas in places like coffeehouses and drinking spots. The ideas of philosophes during the Enlightenment challenged whole societies. Some of philosophes include Denis Diderot, Jean Le Rond d’Alembert, Immanuel Kant, Adam Smith, Montesquieu, Jean-Jacques Rou sseau, and Voltaire. In the mid eighteenth century, the Encyclopedia was published. It was written under the leadership of Denis Diderot and Jean Le Rond d’Alembert. Over one hundred French thinkers contributed to the Encyclopedia, including all of the major French philosophes. Diderot wrote on about every subject including philosophy, science, music, and art. D’Alembert divided and described the different sciences, and he analyzed the role of reason. The Encyclopedia was meant to secularize learning and to refute intellectual assumptions from the Middle Ages. It contained articles on religion, government, and philosophy. It attempted to see the natural world through science and technology, and human passions through an understanding of how individuals and societies work. The Encyclopedia helped spread the thoughts of the Enlightenment over the continent. Immanuel Kant was an important German philosopher who coined the term the â€Å"Enlightenment.† He said, â€Å"Enlightenment is man’s emergence from his self-imposed nonage. Nonage is the inability to use one’s own understanding without another’s guidance† (Kant). His greatest works were The Critique of Pure Reason, and The Critique of Practical Reason. â€Å"He sought to accept the rationalism of the Enlightenment and still to preserve a belief in human freedom, immortality, and the existence of God† (Kagan, 687). Kant did not think that the human mind j... ...e itself† (Richter, 109). During his lifetime, Voltaire wrote over two thousand books and pamphlets, and wrote for the Encyclopedia. He was one of the first philosophers in the Enlightenment, and some of his ideas lead to the French Revolution. Denis Diderot, Jean Le Rond d’Alembert, Immanuel Kant, Adam Smith, Montesquieu, Jean-Jacques Rousseau, and Voltaire all helped to write about possible reform for society. They all challenged the established society. They all believed that society could be perfected a bit at a time. Work Cited Gay, Peter. The Enlightenment. New York: Norton, 1969. Kant, Immanuel. â€Å"What Is Enlightenment?† trans. by Peter Gay, in Introduction to Contemporary Civilzation in the West, 2nd ed., Vol. 2 New York: Columbia University Press, 1954, pp. 1071-1072. Kagan, Donald and Ozment, Steven and Turner, Frank. The Western Heritage: Volume Two: Since 1648, 8th ed., New Jersey: Prentice-Hall, 2004. Montesquieu. The Spirit of the Laws, trans. Thomas Nugent. New York: MacMillan, 1949. Rousseau, Jean-Jacques. The Social Contract and Discourses. trans. by G.D.H. Cole. New York: Dutton, 1950. Richter, Peyton and Ricardo, Ilona. Voltaire. Boston: Twayne, 1980.

False Papers

Intro People say that their memories are the most precious things they posses. One may say that memories are â€Å"Every man's memory is his private literature†. – Aldous Huxley. We can say that this can be shown in the works of Andre Aciman in False Papers (Square Lamartine) by and Carol Ann Duffy in Nostalgia. Both authors show attitudes and feelings of nostalgia but have incorporated these feelings in different perspectives and attitudes of what nostalgia is.The question that will be discussed in this presentation are: how do both authors Andre Aciman and Carol Ann Duffy in Nostalgia and Square Lamartine use literary devices to portray their feeling of nostalgic feeling? Andre Aciman writes about his past memories from Egypt where he imagines himself reliving his childhood. He links his travels through his past through the different instances and occurrences that have taken place in his past. He links Nostalgia with the linked essays that ponder on the experiences of loss, moving from the forced departure from Alexandria as a teenager and the brief stay in Europe.He himself quotes that his nostalgia is beautiful because â€Å"Most people are convinced I love Alexandria. In truth, I love remembering Alexandria, for it is not Alexandria that is beautiful. Remembering is beautiful† – Andre Aciman Carol Ann Duffy writes about the romantic view of the past and childhood, where one hopes for the past, by being too prized. She takes nostalgia in a different direction where it sets up a kind of barriers where the poem takes different tracks in writing about relation of the past and the origins of the feelings which draws one back to the past.Body 1 Carol Ann Duffy in Nostalgia talks about how the feelings of romantic view of the past childhood and where ones hope for the past are expressed. In nostalgia she mentions the â€Å"early mercenaries† where the poem first imagines the first feelings of nostalgia: the origins of the feelin gs preceding the word. Even if emotions have origins, that are even if they don’t always exist, they only seem to some extent more arbitrary, more questionable then they have been so. The idea opens up the possibility of consideration, judgment, of the particular emotion.The usage of â€Å"Early† establishes the origin of the emotion. The â€Å"mercenaries† is a little more complex in the sense that why would someone or anyone leave their home? In this case they are leaving home for money. The word suggest a kind of moral judgment where mercenaries fight for no other reason that money; values, etc, are not an issue for them. Nostalgia is first described as a sickness. This seems both a kind of punishment for the ‘mercenaries’ leaving home – but also a kind of reduction of the general ‘romantic’ aura of nostalgia, its description as a sensitive delicate feeling.The usage of the word ‘wrong’ repeated over and over give s the sense of why there were not used to and what the mercenaries didn’t expect, what was not suited to them, or morally or esthetically wrong, bad in itself. The word ‘wrong’ blurs across al the different shades of meaning, although on it all depends on what your perceive to be the ‘moral’ of the poem. Every detail that they mercenaries felt is wrong; this is emphasized with the repetition of the word and the list of different qualities. Adding to this the emphasized wrongness is the one return: money. It sounds every cold and inadequate place against the list of all that is wrong.The general idea of the first verse sounds critical – especially when it seems to be summed up by the final word of the long second sentence: ‘wrong’ summarizing judgment given emphasis by placing the word; a run on line, completed by this single word alone. It sounds at least temporarily conclusive a moral judgment. In Square Lamartine by Andre Aciman , he uses repetition in making his point. He emphasizes his past feelings with how beautiful it is remembering the time he looked out of the window to remember the same sky, same city and the same feeling that overcomes the memory. My passage to France is no Longer easy I can go to France, But I can no longer be in France. To be in France is to think all of the times I came so close and failed, of near-misses and close calls†. He makes it clear that he’s trying to remember the beauty of the memory of France at that time, yet his attempt to remember that beauty had some â€Å"near-misses and close calls† but to himself he still thinks of it as his failure. The repetition of France emphasizes his point on trying to remember the beautiful city and his memory of the place.To question something is Andre Aciman’s literary technique to bring out the beauty in the memory that he is trying to remember. He also uses the usage of rhetorical questions to question the beauty of the remembering this nostalgia that sends our emotions spiraling. His question â€Å"Why wasn’t I Born here. Why can’t I live here when will it happen, why am I here when it seem too late? Andre Aciman uses the question to ask the reader to sympathize with him. He is questioning how the realistic this feeling is but he still can seem to visualize the beauty of remembering the feeling.He also links the why wasn’t I born here with the live, and his presence of being there. It creates a two sided argument on what its really like to see yourself being there and actually being there. Body 2 In the 2nd stanza Duffy mentions, â€Å"they had an ache here†, â€Å"it was given a name†, â€Å"a sweet pain in the heart†. The ‘ache here’ now seems to be leaving a consultation between the speaker and the doctor, and the ‘here’ point to is the speakers own heart; which comes back to the feelings suffered by the mercenar ies is now also suffered by the speaker.The distanced judgment is partially compromises as the speaker too has this ‘illness’. There is a severity factors due to the speakers involvement compromising the distanced judgment, which adds more severity feeling when it suddenly changes from merely ‘making them ill’ to ‘it was killing them’. The making of nostalgia an illness has not only stripped away that romantic aura that nostalgia is meant to feel like but also had increase its strength in the poem distancing and minimizing nostalgia making it more pressing.The language and imagery of the second verse its noticeably more romantic than the first stanza. The feelings that are imagined in the second verse are that of those who stayed put, which were fearful i. e. those who merely imagine the feeling because they do not feel it really. The controversial language/phrasing/imagery of romantic verse is show in â€Å"†¦The sad pipes’ and â €˜the dwindling light of the plain’. This poetic phrasing is not only the poet’s own but also the imagination of these stay at homes, fearing nostalgia.The division between those who really felt nostalgia as an illness and those who elaborated upon their fears of what I might be is just a far too simple division. By unnoticeably introducing the word ‘dwindling’ is a different perspective on nostalgia, the first verse emphasized geographic distance and now in ‘dwindling; and in the last two lines of this verse introduces the perspective of time. The last two lines give a sort of snapshot of the memory from ones childhood. The shift is unnoticeable but it will determine how the poem ends. Andre Aciman in his writing uses word choice that laborates the thinking of how beauty is captured though different view. â€Å"†¦ Put off grasping in the hope that, when we’re not looking, when we’ve stopped hoping and thinking and dreaming dri ven out of its hiding place it might finally decide to tap us on the shoulder and beckon to us with a promise of bliss†. This enhances the speaker’s point of view, the usage of words that show hope of being somewhere and achieving that goal is hidden and with the use of ‘looking’, ‘hoping’, ‘thinking’ and ‘dreaming’ where he creates false sense nostalgia.Since in square Lamartine he is remembering his past time that he spent his childhood in France. Aciman uses figurative language in which he mentions the â€Å"romance of Paris† which he implies as remembering is beautiful. Since romance is a feeling of excitement and mystery associated with love he connects this to his love for Paris and his love in remembering something of the past that is so beautiful, nostalgia. Body 3In the third stanza Carol Ann Duffy when she says, â€Å"the word was out† this shifts the focus on the personal attachment that people had with nostalgia is now just publically out to be judged and criticized. The usage of the word out emphasizes the word has escaped – and so cannot now be contained or restricted in how it will be used or interpreted: and, secondly, the rumor of the existence of this feeling is now general, public property, and so what it might mean, how it might be used, can now no longer be controlled.Duffy uses the priest and the teacher as symbols for questioning the feelings of heartfelt nostalgia. The shift between the first verse where this is that feeling which as become purely mental, imagined, but also mournful, and, as such, impossible to eradicate because it concerns itself not with individual fate and actions but with fixed condition of Nature and Life and not depending on the person individual actions. The priest is â€Å"crying at the workings of memory through the color of leaves† because the memory cannot call back the past.And why at the color of the leaves, because leaves turn red and fall in autumn meaning they die. This creates a time framer where time moves on and cannot be stopped. The teacher turns â€Å"too late† in here attempt to recreate her past through her reading the book. The last verse of the poem returns its focus back to the â€Å"early mercenaries† returning home- that should be the antidote for the illness of the first stanza. The seasonal shift being â€Å"spring† which is a symbol of revival and the repetition of the word â€Å"same† mimics but reverses the repetition of the word â€Å"wrong: in the first stanza.Andre Aciman use metaphors to convey his love and passion for the remembering the time he had spent in France in his childhood. The remembering itself is expressed as beautiful as he uses the comparison of the two different aspects of music and harmony. He does so in the expression â€Å"If Egypt was the bass melody, Paris was the full orchestral score, an Saint Augustine thinking back to the time when we had not yet sooner†¦Ã¢â‚¬  The usage of music helps express the feelings of how the beauty of even the simplest of music elements can make memories so much brighter.The usage of â€Å"bass melody† and â€Å"Paris was the full orchestral score† makes the memory of Paris seem so much full of life. Aciman compares the bass melody which in music is just plays in the background of the music, and makes Paris seem all the more beautiful with enhancing that melodious tune to become that whole orchestral score ignoring the harmony of music. Aciman makes usage of musical methodology to express the â€Å"full orchestral score† which brings outs the beauty in music.This is what makes his remembering the past so beautiful. Aciman also refers back to the past through usage of imagery. Aciman compares the past of Alexandria in compares to the beauty of life and the hardships that he has lived through, viewing up the beauty of man and memories that ha ve been made. He mentions â€Å"Alexandria and dreaming of a Seine scarcely seven minutes away was also cast upon this landscape, a past life, a pluperfect life, a conditional life, a life made, like Paris, for the mind Or the paper†.The indication of a â€Å"seine† which translated in English means a major French river, which is implied as a metaphor. This in turn creates a passage way through his memories which he can flow along and move across time and space, this is indicated with the ‘seine scarcely seven minutes away which was also cast upon this landscape†. The river is his path which he takes back in seven minutes to his â€Å"past life† in which he describes as more than perfect which he images to be more like he had in Paris. ConclusionOverall these two different style writers have combined different aspects of reaching one goal. The different varied styles to achieve their view on nostalgia, may it be from personal experiences of fictional ones. Their different styles contribute to their writing differently. Duffy’s different styles takes nostalgia in a different direction where it sets up a kind of barriers where the poem takes different tracks in writing about relation of the past and the origins of the feelings which draws one back to the past.On the other hand Aciman making the most of nostalgia by expressing his feelings by linking his travels through his past through the different instances and occurrences and linking Nostalgia that ponder on the experiences of loss, moving from the forced departure from Alexandria as a teenager and the brief stay in Europe. Overall the two express their emotions and thought differently Duff on one hand goes to seek the true feelings and origins where as Aciman just want to remember the beauty and emotion filled experience that you get from remembering.

Indian Banking Sector

A bank is an institution that deals in money and its substitutes and provides other financial services. Banks accept deposits and make loans or make an investment to derive a profit from the difference in the interest rates paid and charged, respectively. In India the banks are being segregated in different groups. Each group has their own benefits and limitations in operating in India. Each has their own dedicated target market. Few of them only work in rural sector while others in both rural as well as urban. Many even are only catering in cities.Some are of Indian origin and some are foreign players. India’s economy has been one of the stars of global economics in recent years. It has grown by more than 9% for three years running. The economy of India is as diverse as it is large, with a number of major sectors including manufacturing industries, agriculture, textiles and handicrafts, and services. Agriculture is a major component of the Indian economy, as over 66% of the I ndian population earns its livelihood from this area. Banking sector is considered as a booming sector in Indian economy recently.Banking is a vital system for developing economy for the nation. However, Indian banking system and economy has been facing various challenges and problems which have discussed in other parts of project. INDIAN BANKING SYSTEM Without a sound and effective banking system in India it cannot have a healthy economy. The banking system of India should not only be hassle free but it should be able to meet new challenges posed by the technology and any other external and internal factors. For the past three decades India's banking system has several outstanding achievements to its credit.The most striking is its extensive reach. It is no longer confined to only metropolitans or cosmopolitans in India. In fact, Indian banking system has reached even to the remote corners of the country. This is one of the main reasons of India's growth process. The government's r egular policy for Indian bank since 1969 has paid rich dividends with the nationalization of 14 major private banks of India. Not long ago, an account holder had to wait for hours at the bank counters for getting a draft or for withdrawing his own money.Today, he has a choice. Gone are days when the most efficient bank transferred money from one branch to other in two days. Now it is simple as instant messaging or dial a pizza. Money has become the order of the day. The first bank in India, though conservative, was established in 1786. From 1786 till today, the journey of Indian Banking System can be segregated into three distinct phases. They are as mentioned below: †¢Early phase from 1786 to 1969 of Indian Banks †¢Nationalization of Indian Banks and up to 1991 prior to Indian banking sector Reforms. New phase of Indian Banking System with the advent of Indian Financial ; Banking Sector Reforms after 1991. After 1991, under the chairmanship of M Narasimham, a committee wa s set up by his name which worked for the liberalization of banking practices. The country is flooded with foreign banks and their ATM stations. Efforts are being put to give a satisfactory service to customers. Phone banking and net banking is introduced. The entire system became more convenient and swift. Time is given more importance than money.This resulted that Indian banking is growing at an astonishing rate, with Assets expected to reach US$1 trillion by 2010. â€Å"The banking industry should focus on having a small number of large players that can compete globally and can achieve expected goals rather than having a large number of fragmented players. † KINDS OF BANKS Financial requirements in a modern economy are of a diverse nature, distinctive variety and large magnitude. Hence, different types of banks have been instituted to cater to the varying needs of the community.Banks in the organized sector may, however, be classified in to the following major forms: oComm ercial banks oCo-operative banks oSpecialized banks oCentral bank †¢COMMERCIAL BANKS Commercial banks are joint stock companies dealing in money and credit. In India, however there is a mixed banking system, prior to July 1969, all the commercial banks-73 scheduled and 26 non-scheduled banks, except the state bank of India and its subsidiaries-were under the control of private sector. On July 19, 1969, however, 14 major commercial banks with deposits of over 50 Corers were nationalized.In April 1980, another six commercial banks of high standing were taken over by the government. At present, there are 20 nationalized banks plus the state bank of India and its 7 subsidiaries constituting public sector banking which controls over 90 per cent of the banking business in the country. †¢CO-OPERATIVE BANKS Co-operative banks are a group of financial institutions organized under the provisions of the Co-operative societies Act of the states. The main objective of co-operative bank s is to provide cheap credits to their members.They are based on the principle of self-reliance and mutual co-operation. Co-operative banking system in India has the shape of a pyramid a three tier structure, constituted by: †¢SPECIALIZED BANKS There are specialized forms of banks catering to some special needs with this unique nature of activities. There are thus, oForeign exchange banks, oIndustrial banks, oDevelopment banks, oLand development banks, oExim bank. †¢CENTRAL BANK A central bank is the apex financial institution in the banking and financial system of a country.It is regarded as the highest monetary authority in the country. It acts as the leader of the money market. It supervises, control and regulates the activities of the commercial banks. It is a service oriented financial institution. India’s central bank is the Reserve Bank of India established in 1935. A central bank is usually state owned but it may also be a private organization. For instance, the Reserve Bank of India (RBI), was started as a shareholders’ organization in 1935, however, it was nationalized after independence, in 1949. It is free from parliamentary control.CHALLENGES FACED BY INDIAN BANKING INDUSTRY The banking industry in India is undergoing a major transformation due to changes in economic conditions and continuous deregulation. These multiple changes happening one after other has a ripple effect on a bank trying to graduate from completely regulated sellers market to completed deregulated customers market. oDEREGULATION This continuous deregulation has made the Banking market extremely competitive with greater autonomy, operational flexibility, and decontrolled interest rate and liberalized norms for foreign exchange.The deregulation of the industry coupled with decontrol in interest rates has led to entry of a number of players in the banking industry. At the same time reduced corporate credit off take thanks to sluggish economy has resulted in large number of competitors battling for the same pie. oNEW RULES As a result, the market place has been redefined with new rules of the game. Banks are transforming to universal banking, adding new channels with lucrative pricing and freebees to offer. Natural fall out of this has led to a series of innovative product offerings catering to various customer segments, specifically retail credit. EFFICIENCY This in turn has made it necessary to look for efficiencies in the business. Banks need to access low cost funds and simultaneously improve the efficiency. The banks are facing pricing pressure, squeeze on spread and have to give thrust on retail assets. oDIFFUSED CUSTOMER LOYALTY This will definitely impact Customer preferences, as they are bound to react to the value added offerings. Customers have become demanding and the loyalties are diffused. There are multiple choices; the wallet share is reduced per bank with demand on flexibility and customization.Given the relatively low switching costs; customer retention calls for customized service and hassle free, flawless service delivery. oMISALLIGNED MINDSET These changes are creating challenges, as employees are made to adapt to changing conditions. There is resistance to change from employees and the Seller market mindset is yet to be changed coupled with Fear of uncertainty and Control orientation. Acceptance of technology is slowly creeping in but the utilization is not maximized. oCOMPETENCE GAPPlacing the right skill at the right place will determine success. The competency gap needs to be addressed simultaneously otherwise there will be missed opportunities. The focus of people will be on doing work but not providing solutions, on escalating problems rather than solving them and on disposing customers instead of using the opportunity to cross sell. STRATEGIES OPTIONS WITH BANKS TO COPE WITH THOSE CHALLENGES Leading players in the industry have embarked on a series of strategic and tactical initiatives to sustain leadership.The major initiatives include: oInvesting in state of the art technology as the back bone of to ensure reliable service delivery oLeveraging the branch network and sales structure to mobilize low cost current and savings deposits oMaking aggressive forays in the retail advances segment of home and personal loans oImplementing organization wide initiatives involving people, process and technology to reduce the fixed costs and the cost per transaction oFocusing on fee based income to compensate for squeezed spread, (e. . CMS, trade services) oInnovating Products to capture customer ‘mind share’ to begin with and later the wallet share oImproving the asset quality as per Basel II norms INDIAN ECONOMY The Indian Economy is consistently posting robust growth numbers in all sectors leading to impressive growth in Indian GDP. The Indian economy has been stable and reliable in recent times, while in the last few years it’s experienced a positive up ward growth trend.A consistent 8-9% growth rate has been supported by a number of favorable economic indicators including a huge inflow of foreign funds, growing reserves in the foreign exchange sector, both an IT and real estate boom, and a flourishing capital market. All of these positive changes have resulted in establishing the Indian economy as one of the largest and fastest growing in the world. The process of globalization has been an integral part of the recent economic progress made by India.Globalization has played a major role in export-led growth, leading to the enlargement of the job market in India. As a new Indian middle class has developed around the wealth that the IT and BPO industries have brought to the country, a new consumer base has developed. International companies are also expanding their operations in India to service this massive growth opportunity. The same thing has followed by international banks that are entering in Indian market and pulling their hug e investments in Indian economy. This is helping to accelerate the growth of Indian economy.Economy can be studied from two points of views†¦ ?MICRO ECONOMIC POINT OF VIEW The branch of economics that analyzes the market behavior of individual consumers and firms in an attempt to understand the decision-making process of firms and households. It is concerned with the interaction between individual buyers and sellers and the factors that influence the choices made by buyers and sellers. In particular, microeconomics focuses on patterns of supply and demand and the determination of price and output in individual markets.Microeconomics looks at the smaller picture and focuses more on basic theories of supply and demand and how individual businesses decide how much of something to produce and how much to charge for it. ?MACRO ECONOMIC POINT OF VIEW It is a field of economics that studies the behavior of the aggregate economy. Macroeconomics examines economy-wide phenomena such as c hanges in unemployment, national income, rate of growth, gross domestic product, inflation and price levels. Macroeconomics looks at the big picture (hence â€Å"macro†). It focuses on the national economy as a whole and provides a basic knowledge of how things work in the business world.For example, people who study this branch of economics would be able to interpret the latest Gross Domestic Product figures or explain why a 6% rate of unemployment is not necessarily a bad thing. Thus, for an overall perspective of how the entire economy works, you need to have an understanding of economics at both the micro and macro levels. ECONOMIC SYSTEMS An economic system is loosely defined as country’s plan for its services, goods produced, and the exact way in which its economic plan is carried out. In general, there are three major types of economic systems prevailing around the world they are†¦ Market Economy oPlanned Economy oMixed Economy MARKET ECONOMY In a market ec onomy, national and state governments play a minor role. Instead, consumers and their buying decisions drive the economy. In this type of economic system, the assumptions of the market play a major role in deciding the right path for a country’s economic development. Market economies aim to reduce or eliminate entirely subsidies for a particular industry, the pre-determination of prices for different commodities, and the amount of regulation controlling different industrial sectors.The absence of central planning is one of the major features of this economic system. Market decisions are mainly dominated by supply and demand. The role of the government in a market economy is to simply make sure that the market is stable enough to carry out its economic activities properly. PLANNED ECONOMY A planned economy is also sometimes called a command economy. The most important aspect of this type of economy is that all major decisions related to the production, distribution, commodity and service prices, are all made by the government.The planned economy is government directed, and market forces have very little say in such an economy. This type of economy lacks the kind of flexibility that is present a market economy, and because of this, the planned economy reacts slower to changes in consumer needs and fluctuating patterns of supply and demand. On the other hand, a planned economy aims at using all available resources for developing production instead of allotting the resources for advertising or marketing. MIXED ECONOMY A mixed economy combines elements of both the planned and the market economies in one cohesive system.This means that certain features from both market and planned economic systems are taken to form this type of economy. This system prevails in many countries where neither the government nor the business entities control the economic activities of that country – both sectors play an important role in the economic decision-making of the country. In a mixed economy there is flexibility in some areas and government control in others. Mixed economies include both capitalist and socialist economic policies and often arise in societies that seek to balance a wide range of political and economic views. IMPORTANT BANKING AND ECONOMIC INDICATORS CASH RESERVE RATIO Cash reserve Ratio (CRR) is the amount of funds that the banks have to keep with RBI. If RBI decides to increase the percent of this, the available amount with the banks comes down. RBI is using this method (increase of CRR rate), to drain out the excessive money from the banks. The amount of which shall not be less than three per cent of the total of the Net Demand and Time Liabilities (NDTL) in India, on a fortnightly basis and RBI is empowered to increase the said rate of CRR to such higher rate not exceeding twenty percent of the Net Demand and Time Liabilities (NDTL) under the RBI Act, 1934. STATUTORY LIQUIDITY RATIO In terms of Section 24 (2-A) of the B. R. Act, 1949 all Scheduled Commercial Banks, in addition to the average daily balance which they are required to maintain in the form of†¦. oIn cash, Or oIn gold valued at a price not exceeding the current market price, Or oIn unencumbered approved securities valued at a price as specified by the RBI from time to time. ?REPO RATE Repo rate, also known as the official bank rate, is the discounted rate at which a central bank repurchases government securities.The central bank makes this transaction with commercial banks to reduce some of the short-term liquidity in the system. The repo rate is dependent on the level of money supply that the bank chooses to fix in the monetary scheme of things. Repo rate is short for repurchase rate. The entity borrowing the security is often referred to as the buyer, while the lender of the securities is referred to as the seller. The central bank has the power to lower the repo rates while expanding the money supply in the country. This enables th e banks to exchange their government security holdings for cash.In contrast, when the central bank decides to reduce the money supply, it implements a rise in the repo rates. At times, the central bank of the nation makes a decision regarding the money supply level and the repo rate is determined by the market. The securities that are being evaluated and sold are transacted at the current market price plus any interest that has accrued. When the sale is concluded, the securities are subsequently resold at a predetermined price. This price is comprised of the original market price and interest, and the pre-agreed interest rate, which is the repo rate. ?BANK RATEBank rate is referred to the rate of interest charged by premier banks on the loans and advances. Bank rate varies based on some defined conditions as laid down the governing authority of the banks. Bank rates are levied to control the money supply to and from the bank. From the consumer's point of view, bank rate ordinarily d enotes to the current rate of interest acquired from savings certificate of Deposit. It is most frequently used by the consumers who are concerned in mortgage Some commonest types of bank interest rates are as follows: oBank rate on CD, i. e. , on certificate of deposit Bank rate on the credit of a credit card or other kind of loan oBank rate on real estate loan ?INTERBANK RATE The rate of interest charged on short-term loans made between banks. Banks borrow and lend money in the interbank market in order to manage liquidity and meet the requirements placed on them. The interest rate charged depends on the availability of money in the market, on prevailing rates and on the specific terms of the contract, such as term length. Banks are required to hold an adequate amount of liquid assets, such as cash, to manage any potential withdrawals from clients.If a bank can't meet these liquidity requirements, it will need to borrow money in the interbank market to cover the shortfall. Some ba nks, on the other hand, have excess liquid assets above and beyond the liquidity requirements. These banks will lend money in the interbank market, receiving interest on the assets. There is a wide range of published interbank rates, including the LIBOR & MIBOR, which is set daily based on the average rates on loans made within the London interbank market & Mumbai Interbank Market. ?GROSS DOMESTIC PRODUCTThe monetary value of all the finished goods and services produced within a country's borders in a specific time period, though GDP is usually calculated on an annual basis. It includes all of private and public consumption, government outlays, investments and exports less imports that occur within a defined territory. GDP = C + G + I + NX Where: ?†C† is equal to all private consumption, or consumer spending, in a nation's economy. ?†G† is the sum of government spending. ?†I† is the sum of all the country's businesses spending on capital. ?† NX† is the nation's total net exports, calculated as total exports minus total imports. NX = Exports – Imports) GDP is commonly used as an indicator of the economic health of a country, as well as to gauge a country's standard of living. ?INFLATION Inflation can be defined as a rise in the general price level and therefore a fall in the value of money. Inflation occurs when the amount of buying power is higher than the output of goods and services. Inflation also occurs when the amount of money exceeds the amount of goods and services available. As to whether the fall in the value of money will affect the functions of money depends on the degree of the fall.Basically, refers to an increase in the supply of currency or credit relative to the availability of goods and services, resulting in higher prices. Therefore, inflation can be measured in terms of percentages. The percentage increase in the price index, as a rate per cent per unit of time, which is usually in years. The two basic price indexes are used when measuring inflation, the producer price index (PPI) and the consumer price index (CPI) which is also known as the cost of living index number. ?DEFLATION It is a condition of falling prices accompanied by a decreasing level of employment, output and income.Deflation is just the opposite of inflation. Deflation occurs when the total expenditure of the community is not equal to the existing prices. Consequently, the supply of money decreases and as a result prices fall. Deflation can also be brought about by direct contractions in spending, either in the form of a reduction in government spending, personal spending or investment spending. Deflation has often had the side effect of increasing unemployment in an economy, since the process often leads to a lower level of demand in the economy. ?DISINFLATIONWhen prices are falling due to anti-inflationary measures adopted by the authorities, with no corresponding decline in the existing level of employment, output and income, the result of this is disinflation. When acute inflation burdens an economy, disinflation is implemented as a cure. Disinflation is said to take place when deliberate attempts are made to curtail expenditure of all sorts to lower prices and money incomes for the benefit of the community. ?REFLATION Reflation is a situation of rising prices, which is deliberately undertaken to relieve a depression.Reflation is a means of motivating the economy to produce. This is achieved by increasing the supply of money or in some instances reducing taxes, which is the opposite of disinflation. Governments can use economic policies such as reducing taxes, changing the supply of money or adjusting the interest rates; which in turn motivates the country to increase their output. The situation is described as semi-inflation or reflation. ?STAGFLATION Stagflation is a stagnant economy that is combined with inflation. Basically, when prices are increasing the economy is de ceasing.Some economists believe that there are two main reasons for stagflation. Firstly, stagflation can occur when an economy is slowed by an unfavourable supply, such as an increase in the price of oil in an oil importing country, which tends to raise prices at the same time that it slows the economy by making production less profitable. In the 1970's inflation and recession occurred in different economies at the same time. Basically, what happened was that there was plenty of liquidity in the system and people were spending money as quickly as they got it because prices were going up quickly.This gave rise to the second reason for stagflation. ?FOREIGN INSTITUTIONAL INVESTMENTS Foreign Institutional Investors (FIIs), Non-Resident Indians (NRIs), and Persons of Indian Origin (PIOs) are allowed to invest in the primary and secondary capital markets in India through the portfolio investment scheme (PIS). Under this scheme, FIIs/NRIs can acquire shares/debentures of Indian companies through the stock exchanges in India. The ceiling for overall investment for FIIs is 24 per cent of the paid up capital of the Indian company and 10 per cent for NRIs/PIOs.The limit is 20 per cent of the paid up capital in the case of public sector banks, including the State Bank of India. ?FOREIGN EXCHANGE RESERVES Foreign exchange reserves (also called Forex reserves) in a strict sense are only the foreign currency deposits held by central banks and monetary authorities. However, the term in popular usage commonly includes foreign exchange and gold, SDRs and IMF reserve positions. This broader figure is more readily available, but it is more accurately termed official reserves or international reserves.These are assets of the central bank held in different reserve currencies, such as the dollar, euro and yen, and used to back its liabilities, e. g. the local currency issued, and the various bank reserves deposited with the central bank, by the government or financial institutions . Large reserves of foreign currency allow a government to manipulate exchange rates – usually to stabilize the foreign exchange rates to provide a more favorable economic environment. ROLE OF BANKS IN DEVELOPING OF ECONOMY A safe and sound financial sector is a prerequisite for sustained growth of any economy.Globalization, deregulation and advances in information technology in recent years have brought about significant changes in the operating environment for banks and other financial institutions. These institutions are faced with increased competitive pressures and changing customer demands. These, in turn, have engendered a rapid increase in product innovations and changes in business strategies. While these developments have enabled improvement in the efficiency of financial institutions, they have also posed some serious risks.Banks play a very useful and dynamic role in the economic life of every modern state. A study of the economic history of western country shows that without the evolution of commercial banks in the 18th and 19th centuries, the industrial revolution would not have taken place in Europe. The economic importance of commercial banks to developing countries may be viewed thus: oPromoting capital formation oEncouraging innovation oMonetsation oInfluence economic activity oFacilitator of monetary policy Above all view we can see in briefly, which are given below:PROMOTING CAPITAL FORMATION A developing economy needs a high rate of capital formation to accelerate the tempo of economic development, but the rate of capital formation depends upon the rate of saving. Unfortunately, in underdeveloped countries, saving is very low. Banks afford facilities for saving and, thus encourage the habits of thrift and industry in the community. They mobilize the ideal and dormant capital of the country and make it available for productive purposes. ENCOURAGING INNOVATION Innovation is another factor responsible for economic development.The entre preneur in innovation is largely dependent on the manner in which bank credit is allocated and utilized in the process of economic growth. Bank credit enables entrepreneurs to innovate and invest, and thus uplift economic activity and progress. MONETSATION Banks are the manufactures of money and they allow many to play its role freely in the economy. Banks monetize debts and also assist the backward subsistence sector of the rural economy by extending their branches in to the rural areas. They must be replaced by the modern commercial bank’s branches. INFLUENCE ECONOMIC ACTIVITYBanks are in a position to influence economic activity in a country by their influence on the rate interest. They can influence the rate of interest in the money market through its supply of funds. Banks may follow a cheap money policy with low interest rates which will tend to stimulate economic activity. FACILITATOR OF MONETARY POLICY Thus monetary policy of a country should be conductive to economic development. But a well-developed banking system is on essential pre-condition to the effective implementation of monetary policy. Under-developed countries cannot afford to ignore this fact.A fine, an efficient and comprehensive banking system is a crucial factor of the developmental process of economy. RESERVE BANK OF INDIA AS A REGULATORY INSTITUTION IN INDIAN ECONOMY The RBI was established under the Reserve Bank of India Act, 1934 on April 1, 1935 as a private shareholders' bank but since its nationalization in 1949, is fully owned by the Government of India. The Preamble of the Reserve Bank describes the basic functions as ‘to regulate the issue of Bank notes and keeping of reserves with a view to securing monetary stability in India and generally, to operate the currency and credit system of the country to its advantage'.The twin objectives of monetary policy in India have evolved over the years as those of maintaining price stability and ensuring adequate flow of cred it to facilitate the growth process. The relative emphasis between the twin objectives is modulated as per the prevailing circumstances and is articulated in the policy statements by the Reserve Bank from time to time. Consideration of macro-economic and financial stability is also subsumed in the mandate. The Reserve Bank is also entrusted with the management of foreign exchange reserves (which include gold holding also), which are reflected in its balance sheet.While the Reserve Bank is essentially a monetary authority, its founding statute mandates it to be the manager of market borrowing of the Government of India and banker to the Government. The Reserve Bank's affairs are governed by a Central Board of Directors, consisting of fourteen non-executive, independent directors nominated by the Government, in addition to the Governor and up to four Deputy Governors. Besides, one Government official is also nominated on the Board who participates in the Board meetings but cannot vote . IMPORTANT FUNCTIONS PLAYED BY RESERVE BANK OF INDIA IN ECONOMY MAIN FUNCTIONS oMONITORY AUTHORITY The Reserve Bank of India formulates implements and monitors the monetary policy. Its main objective is maintaining price stability and ensuring adequate flow of credit to productive sectors. oREGULATOR AND SUPERVISOR OF FINANCIAL SYSTEM Prescribes broad parameters of banking operations within which the country’s banking and financial system functions. Their main objective is to maintain public confidence in the system, protect depositors’ interest and provide cost-effective banking services to the public. MANAGER OF EXCHANGE CONTROL The manager of the exchange control department manages the Foreign Exchange Management Act, 1999. Its main objective is to facilitate external trade and payment and promote orderly development and maintenance of foreign exchange market in India. oISSUER OF THE CURRENCY The person who is issuer issues and exchanges or destroys currency and co ins not fit for circulation. His main objective is to give the public adequate quantity of supplies of currency notes and coins and in good quality. oDEVELOPMENTAL ROLEThe reserve bank of India performs a wide range of promotional functions to support national objectives. The promotional functions are such as contests, coupons, maintaining good public relations, and many more†¦.. oRELATED FUNCTIONS There are also some of the relating functions to the above mentioned main functions. They are such as Banker to the Government, Banker to banks etc†¦. ?BANKER TO THE GOVERNMENT It performs merchant banking function for the central and the state governments; also acts as their banker. ?BANKER TO THE BANKS Maintains banking accounts of all scheduled banks. ?SUPERVISORY FUNCTIONSThe Reserve Bank act, 1934 and the Banking Regulation act, 1949 have given the RBI wide powers of supervision and control over commercial and co-operative banks, relating to licensing and establishments, br anch expansion, liquidity of their asset, management and methods of working, amalgamation, reconstruction, and liquidation. The RBI is authorized to carry out periodical inspections of banks and to call for returns and necessary information from them. The supervisory functions of the RBI have helped a great deal in improving the standard of banking in India to develop on sound lines and to improve the methods of their operation. PROMOTIONAL FUNCTIONS With economic growth assuming a new urgency since Independence, the range of the Reserve Bank’s functions has steadily widened. The bank now performs a variety of developmental and promotional functions, which, at one time were regarded as outside the normal scope of central banking. The RBI was asked to promote banking habit, extend banking facilities to rural and semi-urban areas, and establish and promote new specialized financing agencies. PROBLEMS FACED BY INDIAN ECONOMY Macro-economic environment in India has taken a seriou s turn since the beginning of the year.Unprecedented rise in crude prices, surge in inflation and continued strong growth in money supply (M3) have forced the government and RBI to take strong fiscal and monetary measures leading to liquidity tightening, significant rise in interest rates and slowdown in economic growth. Economic shocks are events which adversely affect the economy and the government’s macroeconomic objectives such as growth, inflation, unemployment and the balance of payments. CERTAIN PROBLEMS FACED BY INDIAN ECONOMY oFALL IN SAVINGS RATIO The savings ratio is the % of income that is saved not spent.A fall in the savings ratio implies that consumer spending is increasing; often this is financed through increased borrowing. EFFECTS OF FALL IN SAVINGS RATIO ?HIGHER LEVEL OF CONSUMPTION This results in increase in Aggregate Demand. The increase in AD will cause an increase in economic growth and lower unemployment. However, rising Aggregate Demand may cause inf lation. Inflation will occur when growth is faster than the long run trend rate. This is now a potential problem in the India. Inflation has recently gone above 12% ?BOOM AND BUST A fall in the savings ratio is usually accompanied by a rise in confidence.It is the rise in confidence which encourages borrowing and consumers to run down savings. Therefore, there is always a danger that a falling savings ratio can be a precursor to a boom and bust situation. ?ECONOMY MORE SENSITIVE TO INTEREST RATES With a fall in the savings ratio interest rate changes will have a bigger effect in reducing spending. This is because levels of borrowing are higher and therefore a rise in interest rates has a significant impact on increasing interest repayments. Also, higher rates will not be increasing incomes from savings as much. ?BALANCE OF PAYMENTWith higher levels of consumer spending, there will be an increase in imports. Therefore this will lead to deterioration in the current account. The curren t account deficit could put downward pressure on the exchange rate in the long term. However, some people argue a fall in the savings ratio is not a problem, but, it is just a reflection of strong economy and booming housing market, which increases scope for equity withdrawal. oINFLATION Inflation is posing a serious challenge to the economic growth of India. Since Jan’08 onwards, inflation in the country has surged by 8. 2% to hit a 13-year high of ~12%.M3 growth in the economy too continued to remain strong at 20% (in July’08), well above the RBI’s comfort level of 17%. The WPI inflation rate flared up during the period driven by significant increase in the prices of commodities, primary articles and manufactured products, even though very small part of global crude price increase has been passed on to the Indian consumers. oGLOBAL RECESSION It appears that Europe, Japan and the US are entering into recession. Falling house prices, crisis in the financial syst em, and lower confidence could lead to a sharp downturn, with the worst still to come.Many argue that India’s growth is not so dependent on growth in the West. However, the Indian stock markets have been hit by the global crisis. India’s growing service sector and manufacturing sector would be adversely impacted by a global downturn. oRISE IN CRUDE PRICES How global crude prices would behave probably has no easy answers; however we believe that the current challenging and uncertain macro-economic conditions does not lead Indian financials into a state of crisis. But continued rise in crude prices and its resultant impact on inflation, interest rates and government finances has the potential to do so.Hence, crude price remains the key risk to our positive stance on the Indian financials. In the last couple of months oil prices have surged by 45% from US$ 100 to US$ 145 (and now back to US$ 115). India currently imports 70% of its crude requirement, resulting in pressure on government coffers on back of rising crude prices. oDEPRICIATING INR Surge in crude prices has severely impacted current account deficit of the country. This coupled with the outflow of FII investments has resulted in INR to depreciate sharply against dollar further fueling inflation. IMPACT OF ECONOMIC PROBLEMS ON INDIAN FINANCIALSThe current macro-economic conditions are expected to result in oSLOWDOWN IN CREDIT GROWTH oIMPACT ON MARGINS OF BANKS oPREASURE ON CREDIT QUALITY †¢SLOWDOWN IN CREDIT GROWTH While the rise in interest rates should lead to a moderation in demand for credit, Indian banks too are exercising caution while lending. Credit growth of 18% in FY09E and 17% in FY10E vs. 22% in FY08. Risks and uncertainties in the system have increased given the higher crude and commodity prices and its inflationary impact. This would curtail consumption, which would impact economic growth adversely.Further higher rates will not only impact the profitability of Indian corp orate but also impact IRRs of various proposed capex projects. This coupled with elections next year could lead to some postponement of capex plans of corporate, leading to negative impact on demand for credit. Higher rates have particularly impacted retail loan growth. As can be seen in the exhibit below, retail loan growth has slowed down significantly from 26. 5% in FY07 to ~13% in FY08. SLR Ratio of the system has started rising since mid FY08 and currently stands at 28. %. Given the expected negative impact on credit growth. †¢IMPACT ON MARGINS OF BANKS During the past 18 months, CRR has increased by 400 bps to 9. 0% currently and RBI has also discontinued with interest payment on CRR balances. Every 50 bps hike in CRR generally negatively impacts margins by ~5 bps. Till June’08, most of the banks had restrained from hiking lending rates despite significant monetary tightening. However on account of recent measures by RBI, banks have resorted to hiking PLRs in July/ August by 50-150 bps to preserve their margins.In fact in an environment, where liquidity is tight, interest rates are at elevated levels and risk premiums have increased, the banks tend to regain the pricing power. This would not only help the banks to adequately price in risks but also help protect their margins. Apart from hiking PLRs, banks are also resorting to reprising (in fact right-pricing) the loans that were sanctioned well below PLRs. Significant portion of fixed rate loans would also get re-priced over the period of 12-18 months. †¢PRESSURE ON CREDIT QUALITY Higher lending rates are expected to impact credit quality for the banking system.The extent of the impact on credit quality would also be bank specific given the loan mix (retail vs. corporate), proportion of unsecured lending, credit profile of corporate loan book and industry wise exposure. Indian banks’ fundamentals are relatively resilient with better risk management systems, dramatically improved a sset quality, stronger recovery mechanisms (legal provisions) and with adequate capitalization and provisioning. Even Certain sectors (like real estate, airlines industry) might feel the stress due to the changing macro environment and rise in interest rates.Many companies where crude forms a key raw material component are expected to get hit more severely. Similarly, sectors like real estate and SMEs, which are interest rate sensitive, would face higher delinquencies if interest rates strengthen further by 100-200 bps. NECESSARY INITIATIVES TAKEN BY RBI & MINISTRY OF FINANCE TO TACKLE ECONOMIC PROBLEMS As most of economists feel that the most horrible problem which India is facing currently is inflation which has crossed 12%. To come out of these problems RBI and ministry of finance and other relevant government and regulatory entities are taking various initiatives which are as follows†¦ RBI MONITORY POLICY With the introduction of the Five year plans, the need for appropriat e adjustment in monetary and fiscal policies to suit the pace and pattern of planned development became imperative. The monitory policy since 1952 emphasized the twin aims of the economic policy of the government: oSpread up economic development in the country to raise national income and standard of living, and oTo control and reduce inflationary pressure in the economy. This policy of RBI since the First plan period was termed broadly as one of controlled expansion, i. e. a policy of â€Å"adequate financing of economic growth and at the same time the time ensuring reasonable price stability†. Expansion of currency and credit was essential to meet the increased demand for investment funds in an economy like India which had embarked on rapid economic development. Accordingly, RBI helped the economy to expand via expansion of money and credit and attempted to check in rise in prices by the use of selective controls. OBJECTIVES OF MONITORY POLICY ?PRICE STABILITY ?MONITORY TAR GETTING ?INTEREST RATE POLICY ?RESTRUCTURING OF MONEY MARKET ?REGULATION OF FOREIGN EXCHANGE MARKET WEAPONS OF MONITORY POLICYCentral banks generally use the three quantitative measures to control the volume of credit in an economy, namely: oRaising bank rates oOpen market operations and oVariable reserve ratio However, there are various limitations on the effective working of the quantitative measures of credit control adapted by the central banks and, to that extent, monetary measures to control inflation are weakened. In fact, in controlling inflation moderate monetary measures, by themselves, are relatively ineffective. On the other hand, drastic monetary measures are not good for the economic system because they may easily send the economy into a decline.In a developing economy there is always an increasing need for credit. Growth requires credit expansion but to check inflation, there is need to contract credit. In such a encounter, the best course is to resort to credit contr ol, restricting the flow of credit into the unproductive, inflation-infected sectors and speculative activities, and diversifying the flow of credit towards the most desirable needs of productive and growth-inducing sector. It should be noted that the impression that the rate of spending can be controlled rigorously by the contraction of credit or money supply is wrong in the context of modern economic societies.In modern community, tangible, wealth is typically represented by claims in the form of securities, bonds, etc. , or near moneys, as they are called. Such near moneys are highly liquid assets, and they are very close to being money. They increase the general liquidity of the economy. In these circumstances, it is not so simple to control the rate of spending or total outlays merely by controlling the quantity of money. Thus, there is no immediate and direct relationship between money supply and the price level, as is normally conceived by the traditional quantity theories.Wh en there is inflation in an economy, monetary restraints can, in conjunction with other measures, play a useful role in controlling inflation. †¢FISCAL POLICY Fiscal policy is another type of budgetary policy in relation to taxation, public borrowing, and public expenditure. To curve the effects of inflation and changes in the total expenditure, fiscal measures would have to be implemented which involves an increase in taxation and decrease in government spending. During inflationary periods the government is supposed to counteract an increase in private spending.It can be cleared noted that during a period of full employment inflation, the aggregate demand in relation to the limited supply of goods and services is reduced to the extent that government expenditures are shortened. Along with public expenditure, governments must simultaneously increase taxes that would effectively reduce private expenditure, in an effect to minimise inflationary pressures. It is known that when m ore taxes are imposed, the size of the disposable income diminishes, also the magnitude of the inflationary gap in regards to the availability of the supply of goods and services.In some instances, tax policy has been directed towards restricting demand without restricting level of production. For example, excise duties or sales tax on various commodities may take away the buying power from the consumer goods market without discouraging the level of production. However, some economists point out that this is not a correct way of combating inflation because it may lead to a regressive status within the economy. As a result, this may lead to a further rise in prices of goods and services, and inflation can spread from one sector of the economy to another and from one type of goods and services to another.Therefore, a reduction in public expenditure, and an increase in taxes produces a cash surplus in the budget. Keynes, however, suggested a programme of compulsory savings, such as def erred pay as an anti-inflationary measure. Deferred pay indicates that the consumer defers a part of his or her wages by buying savings bonds (which, of course, is a sort of public borrowing), which are redeemable after a particular period of time, this is sometimes called forced savings. Additionally, private savings have a strong disinflationary effect on the economy and an increase in these is an important measure for controlling inflation.Government policy should therefore, include devices for increasing savings. A strong savings drive reduces the spendable income of the consumers, without any harmful effects of any kind that are associated with higher taxation. Furthermore, the effects of a large deficit budget, which is mainly responsible for inflation, can be partially offset by covering the deficit through public borrowings. It should be noted that it is only government borrowing from non-bank lenders that has a disinflationary effect.In addition, public debt may be managed in such a way that the supply of money in the country may be controlled. The government should avoid paying back any of its past loans during inflationary periods, in order to prevent an increase in the circulation of money. Anti-inflationary debt management also includes cancellation of public debt held by the central bank out of a budgetary surplus. Fiscal policy by itself may not be very effective in combating inflation; therefore a combination of fiscal and monetary tools can work together in achieving the desired outcome. †¢DIRECT MEASURESDirect controls refer to the regulatory measures undertaken to convert an open inflation into a repressed one. Such regulatory measures involve the use of direct control on prices and rationing of scarce goods. The function of price control is a fix a legal ceiling, beyond which prices of particular goods may not increase. When ceiling prices are fixed and enforced, it means prices are not allowed to rise further and so, inflation is supp ressed. Under price control, producers cannot raise the price beyond a specified level, even though there may be a pressure of excessive demand forcing it up.In times of the severe scarcity of certain goods, particularly, food grains, government may have to enforce rationing, along with price control. The main function of rationing is to divert consumption from those commodities whose supply needs to be restricted for some special reasons; such as, to make the commodity more available to a larger number of households. Therefore, rationing becomes essential when necessities, such as food grains, are relatively scarce. Rationing has the effect of limiting the variety of quantity of goods available for the good cause of price stability and distributive impartiality.Another control measure that was suggested is the control of wages as it often becomes necessary in order to stop a wage-price spiral. During galloping inflation, it may be necessary to apply a wage-profit freeze. Ceilings o n wages and profits keep down disposable income and, therefore the total effective demand for goods and services. On the other hand, restrictions on imports may also help to increase supplies of essential commodities and ease the inflationary pressure. However, this is possible only to a limited extent, depending upon the balance of payments situation.Similarly, exports may also be reduced in an effort to increase the availability of the domestic supply of essential commodities so that inflation is eased. In general, monetary and fiscal controls may be used to repress excess demand but direct controls can be more useful when they are applied to specific scarcity areas. As a result, anti-inflationary policies should involve varied programmes and cannot exclusively depend on a particular type of measure only. RECENT INNOVATIONS IN INDIAN BANKING HDFC Bank’s ‘Net Safe’ card is a one-time use card with a limit that’s specified, taken from Tendon’s credi t or debit card.Even if Tandon fails to utilize the full amount within 24 hours of creating the card, the card simply dies and the unspent amount in the temporary card reverts to his original credit or debit card. Welcome to one of the myriad ways in which bankers have been trying to innovate. They’re bringing ATMs, cash and even foreign exchange to their customers’ doorsteps. Indeed, innovation has become the hottest banking game in town. Want to buy a house but don’t want to go through the hassles of haggling with brokers and the mounds of paperwork? Not to worry.Your bank will tackle all this. It’s ready to come every step of the way for you to buy a house. Standard Chartered, for instance, has property advisors to guide a customer through the entire process of selecting and buying a house. They also lend a hand with the cumbersome documentation formalities and the registration. Don’t fret if you’ve already bought your house or car â€⠀œ you can do other things with both. You can leverage your new house or car these days with banks like ICICI Bank and Stanchart ready to extend loans against either, till it’s about five years old.Loans are available to all car owners for almost all brands of cars manufactured in India that are up to five years old. Last month, Kotak Mahindra Bank introduced a variant of the sweep-in account. If the balance tops Rs 1. 5 lakh, the excess runs into Kotak’s liquid mutual fund. â€Å"Even if the money is there only for the weekend, a liquid fund can earn you a clean 4. 5 per cent per annum,† points out Shashi Arora, vice president, marketing, Kotak Mahindra Bank. That’s not a small gain considering that your current account does not pay you any interest.And if, meanwhile, you want to buy a big-ticket home theatre system, the minute you swipe your card the invested sum will return to your account. Banks are also attempting to reach out to residents of metropo litan cities where people are pressed for time (what with long commuting hours, traffic jams and both spouses working), beyond conventional banking hours. ICICI Bank, for example, introduced eight to eight banking hours, seven days of the week, in major cities. Not to be outdone, some of the other private banks have also done this too.HDFC Bank even has a 24-hour branch at Mumbai’s international airport. INDIAN BANKING IN 2010 The interplay between policy and regulatory interventions and management strategies will determine the performance of Indian banking over the next few years. Legislative actions will shape the regulatory stance through six key elements: industry structure and sector consolidation; freedom to deploy capital; regulatory coverage; corporate governance; labor reforms and human capital development; and support for creating industry utilities and service bureaus.Management success will be determined on three fronts: fundamentally upgrading organizational capa bility to stay in tune with the changing market; adopting value-creating M&A as an avenue for growth; and continually innovating to develop new business models to access untapped opportunities. Through these scenarios, we can paint a picture of the events and outcomes that will be the consequence of the actions of policy makers and bank managements. These actions will have dramatically different outcomes; the costs of inaction or insufficient action will be high. Specifically, at one extreme, the sector could account for over 7. per cent of GDP with over Rs.. 7,500 billion in market cap, while at the other it could account for just 3. 3 per cent of GDP with a market cap of Rs. 2,400 billion. Banking sector intermediation, as measured by total loans as a percentage of GDP, could grow marginally from its current levels of ~30 per cent to ~45 per cent or grow significantly to over 100 per cent of GDP. In all of this, the sector could generate employment to the tune of 1. 5 million comp ared to 0. 9 million. Today availability of capital would be a key factor — the banking sector will require as much as Rs. 00 billion (US$ 14 billion) in capital to fund growth in advances, non-performing loan (NPL) write offs and investments in IT and human capital up gradation to reach the high-performing scenario. Three scenarios can be defined to characterize these outcomes: oHIGH PERFORMANCE In this scenario, policy makers intervene only to the extent required to ensure system stability and protection of consumer interests, leaving managements free to drive far reaching changes. Changes in regulations and bank capabilities reduce intermediation costs leading to increased growth, innovation and productivity.Banking becomes an even greater driver of GDP growth and employment and large sections of the population gain access to quality banking products. Management is able to overhaul bank organizational structures, focus on industry consolidation and transform the banks into industry shapers. In this scenario we witness consolidation within public sector banks (PSBs) and within private sector banks. Foreign banks begin to be active in M&A, buying out some old private and newer private banks. Some M&A activity also begins to take place between private and public sector banks.As a result, foreign and new private banks grow at rates of 50 per cent, while PSBs improve their growth rate to 15 per cent. The share of the private sector banks (including through mergers with PSBs) increases to 35 per cent and that of foreign banks increases to 20 per cent of total sector assets. The share of banking sector value adds in GDP increases to over 7. 7 per cent, from current levels of 2. 5 per cent. Funding this dramatic growth will require as much as Rs. 600 billion in capital over the next few years. oEVOLUTION Policy makers adopt a pro-market stance but are cautious in liberalizing the industry.As a result of this, some constraints still exist. Processes to create highly efficient organizations have been initiated but most banks are still not best-in-class operators. Thus, while the sector emerges as an important driver of the economy and wealth in 2010, it has still not come of age in comparison to developed markets. Significant changes are still required in policy and regulation and in capability-building measures, especially by public sector and old private sector banks. In this scenario, M&A activity is driven primarily by new private banks, which take over some old private banks and also merge among themselves.As a result, growth of these banks increases to 35 per cent. Foreign banks also grow faster at 30 per cent due to a relaxation of some regulations. The share of private sector banks increases to 30 per cent of total sector assets, from current levels of 18 per cent, while that of foreign banks increases to over 12 per cent of total assets. The share of banking sector value adds to GDP increases to over 4. 7 per cent. oSTAGNATION I n this scenario, policy makers intervene to set restrictive conditions and management is unable to execute the changes needed to enhance returns to shareholders and provide quality products and services to customers.As a result, growth and productivity levels are low and the banking sector is unable to support a fast-growing economy. This scenario sees limited consolidation in the sector and most banks remain sub-scale. New private sector banks continue on their growth trajectory of 25 per cent. There is a slowdown in PSB and old private sector bank growth. The share of foreign banks remains at 7 per cent of total assets. Banking sector value adds meanwhile, is only 3. 3 per cent of GDP. oNEED TO CREATE A MARKET DRIVEN BANKING SECTOR WITH ADEQUATE FOCUS ON SOCIAL DEVELOPMENTThe term â€Å"policy makers†, refers to the Ministry of Finance and the RBI and includes the other relevant government and regulatory entities for the banking sector. The coordinated efforts between the v arious entities are required to enable positive action. This will spur on the performance of the sector. The policy makers need to make coordinated efforts on six fronts: †¢Help shape a superior industry structure in a phased manner through â€Å"managed consolidation† and by enabling capital availability.This would create 3-4 global sized banks controlling 35-45 per cent of the market in India; 6-8 national banks controlling 20-25 per cent of the market; 4-6 foreign banks with 15-20 per cent share in the market, and the rest being specialist players (geographical or product/ segment focused). †¢Focus strongly on â€Å"social development† by moving away from universal directed norms to an explicit incentive-driven framework by introducing credit guarantees and market subsidies to encourage leading public sector, private and foreign players to leverage technology to innovate and profitably provide banking services to lower income and rural markets. Create a un ified regulator, distinct from the central bank of the country, in a phased manner to overcome supervisory difficulties and reduce compliance costs. †¢Improve corporate governance primarily by increasing board independence and accountability. †¢Accelerate the creation of world class supporting infrastructure (e. g. , payments, asset reconstruction companies (ARCs), credit bureaus, back-office utilities) to help the banking sector focus on core activities. †¢Enable labor reforms, focusing on enriching human capital, to help public sector and old private banks become competitive. NEED FOR DECISIVE ACTION BY BANK MANAGEMENT Management imperatives will differ by bank. However, there will be common themes across classes of banks: †¢PSBs need to fundamentally strengthen institutional skill levels especially in sales and mar marketing, service operations, risk management and the overall organizational performance ethic. The last, i. e. , strengthening human capital will be the single biggest challenge. †¢Old private sector banks also have the need to fundamentally strengthen skill levels.However, even more imperative is their need to examine their participation in the Indian banking sector and their ability to remain independent in the light of the discontinuities in the sector. †¢New private banks could reach the next level of their growth in the Indian banking sector by continuing to innovate and develop differentiated business models to profitably serve segments like the rural/low income and affluent/ HNI segments; actively adopting acquisitions as a means to grow and reaching the next level of performance in their service platforms.Attracting, developing and retaining more leadership capacity would be key to achieving this and would pose the biggest challenge. †¢Foreign banks committed to making a play in India will need to adopt alternative approaches to win the â€Å"race for the customer† and build a value-creating cus tomer franchise in advance of regulations potentially opening up post 2009. At the same time, they should stay in the game for potential acquisition opportunities as and when they appear in the near term. Maintaining a fundamentally long-term value-creation mindset will be their greatest challenge.The extent to which Indian policy makers and bank managements develop and execute such a clear and complementary agenda to tackle emerging discontinuities will lay the foundations for a high-performing sector in 2010. CONCLUSION We can conclude that the financial sector is a nerve system of Indian economy. Banking plays an important role in development of economy. For steady growth in economy innovations and development in financial sector is very important. Economy of any country faces lots of challenges and problems. To tackle those problems financial sector plays a vital role.The financial sector makes the economy efficient to the extent where it can rival other developed economies in t he world. Financial sector also faces lots of problems but it should develop certain strategies to come out of these problems which is very important for healthy growth of economy. BIBLIOGRAPHY ?FINANCIAL SRVICES AND MARKET GORDAN AND NATRAJAN ?INDIAN BANKING SYSTEM V. K. BHALLA ?INTRODUC TION TO ECONOMIC ANALYSIS R. PRESTON MCAFEE ?MONEY, BANKING, INTERNATIONAL TRADE AND PUBLIC FINANCE D. M. MITHANI ?BANKING AND PRACTICE P. N. VARSHNEW ?MONEYCONTROL. COM ?MONEYPORE. COM ?RBI. ORG. IN