The New NYSE Essay Example for Free

The New NYSE Essay The year 2006 witnessed dynamic changes in the structure of the New York Stock Exchange. For the first time in 214 years, the not-for-profit NYSE transformed itself into a for-profit, public company. This occurred following NYSE Group Inc.’s acquisition of the electronic rival, Archipelago Holdings Incl. in early 2006. It feels good, remarked John Thain, chief executive of NYSE Group and the creator of the deal to change NYSE’s status. He added: Now, of course, we have to demonstrate to our shareholders that theres real value to be had here. (Martinez, 2006) Unsurprisingly, investors expressed utter delight in the knowledge that they now would be given the chance to make great profits through NYSE. In fact, the welcome received by the new status of NYSE as a public company, saw shares of the newly public stock exchange up thirteen percent in its first trading session alone. The company began trading under the ticker symbol, NYX. Both Thain and NYSE Group Chairman Marshall Carter happened to be the first to purchase 100 shares each at $67 in ceremonial first trades. The price of shares was up $2.75 from Archipelago’s close before the status of NYSE was changed. After this, the stock continued to climb, and by midday was up $8.11. Moreover, the volume of trading at the for-profit NYSE was ten times that of Archipelago’s average daily trade (Martinez). The benefits of NYSE’s change of status are overwhelming as well as self-evident. In the fourth quarter of 2005, the largest United States equities exchange had run into a loss of $20.3 million. However, following its change of status, NYSE showed a massive profit of $45.5 million in the fourth quarter of 2006. According to The Financial Times, the new earnings of NYSE Group Inc. serve as a progress report following its transformational year during which the exchange went public through its reverse takeover of Archipelago, in the process eliminating its long-standing cap on fees, gaining United States options market share, and making its largest round of job cuts in a decade (Gangahar, 2007). In other words, the new for-profit public NYSE is expected to continue reaping the benefits of its deal with Archipelago in the times to come. The total revenue of NYSE in the fourth quarter of 2005 was $425.5 million. In the fourth quarter, 2006, the total revenue of the exchange was $658.5 million. Financial analysts expect NYSE’s earnings to go on increasing in the coming years, seeing that the year 2007 is expected to witness the finalization of the roll out of NYSE’s hybrid market, a continual of the exchange’s integration of the electronic exchange, Archipelago, plus the completion of the Euronext deal. As a matter of fact, the Euronext deal is expected to be the next big thing to change NYSE’s life as a stock exchange. Shareholders have already approved of NYSE’s deal to merge with the pan-European exchange Euronext, creating the first transatlantic equities exchange in the process. The deal costing $14.3 billion is expected to close as early as April 2007 (Gangahar, 2007). NYSE has also announced its terms for an alliance with the Tokyo Stock Exchange in order to cooperate in a variety of business areas. Recently, the NYSE was further seen purchasing a five percent stake in the National Stock Exchange of India. Next, the exchange is eying China for a new deal to meet its goal of forming a â€Å"24-hour, truly global exchange† (Gangahar, 2007). Still, analysts are eying Euronext as the next biggest hope of NYSE to make gigantic profits. The shareholders of Euronext NV, a stock exchange incorporated in the Netherlands and based in France, have also approved the acquisition of Euronext by the New York Stock Exchange. And, in fact, NYSE has also launched its first offer for Euronext shares through the new NYSE-Euronext entity. In January 2007, The Financial Times reported that NYSE has already begun to offer 0.98 of a share in the new transatlantic exchange, for each Euronext share held before this time, in addition to $27.75 in cash. Alternatively, the first transatlantic equities exchange allows Euronext shareholders to opt for 1.2633 shares in the new company for each existing share, or to take a straight cash equivalent of $123.76 per share (Flaherty, 2007; Sliva, 2007). The completion of the Euronext’s deals with NYSE depends on the latter acquiring at least fifty percent of all Euronext shares (Sliva). Seeing that only two percent of Euronext shareholders have disapproved of the idea of the creation of the world’s first transatlantic equities exchange, in all probability the deal will go through (Gangahar, 2006). Regulators in both the United States and in Europe have signed an agreement on the question of market oversight of the new transatlantic equities exchange (Flaherty). According to a news report published in The Financial Times, the new deal truly is a â€Å"clear signal that isolationism is an untenable stance amid the rapid consolidation of global stock and derivative exchanges.† The deal has additionally been described as a â€Å"slap in the face† for those who claimed aforetime that such deals are possible only between European nations, and a transatlantic merger would result in a â€Å"regulatory creep† from the United States to Europe (Gangahar, 2006). NYSE Euronext, the next big thing on NYSE’s business agenda, is expected to have a market capitalization of $27 billion. And, the combined global market capitalization of companies that are listed on NYSE Euronext, is expected to be $25,800 billion – almost four times the combined market capitalization of companies that are listed on the London Stock Exchange (Gangahar, 2006). The next big thing about to happen to NYSE is further expected to alter the dynamic of a rapidly changing industry. In the past, the NYSE and its main rival, the Nasdaq, had been losing the battle for new listings to Hong Kong and London. Besides, smaller companies, especially from Russia and China, were seen to rush to London’s Aim market, attracted by cheaper listings and easier standards (Gangahar, 2006). NYSE Euronext is expected to change these market dynamics, if for nothing else, then for the excitement it has engendered among those who trade in equities around the world. The NYSE and Euronext have both agreed to proceed as separately regulated entities. To put it another way, even if the United States regulatory regime is found to be too harsh by European companies, NYSE Euronext would present them with the option to list on Euronext alone. In so doing, the combined group is expected to benefit (Gangahar, 2006). What is more, analysts expect all investors of NYSE and Euronext to benefit through the deal (Bruno, 2006). Only time will tell the exact value of these benefits from year to year. References 1. Bruno, Joe Bel. (2006, December 15). â€Å"Individual Investors Stand to Benefit as NYSE closes in on Euronext deal.† The Financial Times. 2. Flaherty, Anne. (2007, January 26). â€Å"SEC, European Regulators Agree On Market Oversight of NYSE Euronext.† The Financial Times. 3. Gangahar, Anuj. (2006, December 23). â€Å"NYSE and Euronext Recast an International Dynamic.† The Financial Times. 4. . (2007, February 2). â€Å"Archipelago Deal Lifts NYSE Profit Stock Exchanges.† The Financial Times. 5. Martinez, Michael J. (2006, March 8). â€Å"NY SE Goes Public After Two Centuries As Not-for-profit Exchange.† The Financial Times. 6. Sliva, Jan. (2007, January 10). â€Å"NYSE Opens Offer for Euronext Shares.† The Financial Times.

Impact of the Chronic Illness in Patients Lives

Impact of the Chronic Illness in Patients Lives Client Focused Study This assignment will focus on the patients journey and the impact of the chronic illness in their lives. Firstly a rationale for the chosen client and the health deviation will be explained. Secondly, how the deviation has an impact on the patients journey throughout the health care will be highlighted and potential influences of on long term well being of the patient and their family will be explored. Finally, the knowledge gained from the assignment and how it can be helpful in the future practice will be addressed. In accordance with the NMC Code of Professional conduct (2010), the patient chosen for this essay will be named Miss X, to protect her identity and maintain confidentiality. Informed consent will be attached as appendix I. Miss X is a 58 year old patient who had been diagnosed 3 years ago with COPD related to Emphysema. She had been smoking for 40 years and gave up smoking 3 months after her initial diagnosis. She has currently been admitted care to specialised Respiratory ward in a local London hospital, following an exacerbation of COPD. Her current symptoms are chest pain and shortness of breath. The rationale for choosing Miss X for this assignment is because during my placement in the respiratory ward, I found the patient having difficulties to perform physical activities due to the breathlessness. As a result, I developed an interest in learning how breathlessness occurs and its affect on the patients daily life. Further rationale of The Nice guidelines for COPD (2010) reported that COPD is the 5th biggest killer in the U.K. and also Worldwide. In addition, evidence reports that the main cause of developing COPD is due to smoking. The national statistics General Lifestyle Survey (2008) reported that at least 21% of the U.Ks population smoke which means COPD will remain to be endemic in this Country. The annual cost of COPD to the NHS is estimated at more than  £980 million and the figures are rising every year. Beraden (2011) reported that incidence of breathlessness in patients with diagnosed COPD is approximately 65% and 90%. These statistics highlights that it is impo rtant to be aware of the health deviation of COPD such as breathlessness in order to ensure the patient receives a quality of life. Evidently, the pathophyisology of breathlessness caused by emphysema is noted to be a physical development of airflow obstruction and impaired gas exchange. Blackler (2007) explains emphysema as a progressive chronic lung disease where the airways are inflamed and the tissue of the lungs and the alveoli are destroyed. The inflammation in the airway obstructs the flow of air in to the alveoli. In addition, the alveoli lose their elasticity and during breathing this loss can lead to the alveoli collapsing and causing breathlessness. The main factor causing these characteristics of Emphysema is Smoking. Mc Cance, (2010) informs that smoking cigarette activates the neutrophils which subsequently release the enzymes protease and anti protease. As a result of the toxins from cigarette smoking, the chemical activity of the protease and anti protease is imbalanced. The author further explains that a balance is required in order to maintain normal lung function and the derangements of this balance may result in increased destruction and inappropriate repair of the lungs. Inappropriate repair of the lungs can lead to the alveoli being eliminated of the pulmonary capillary bed, causing mismatching in ventilation and perfusion. As a result there is less surface area for the gases to exchange causing decrease of the oxygen levels in the blood (Mc Cance, 2010). Thus any mild form of exercise can raise oxygen requirement leaving the patient breathless. This is evident in Miss X whenever she performs any type of physical acti vity. In addition, Damjanov (2006) explains that the destruction in the alveoli and the bronchiole wall also contribute in the reduction of elastic recoil of the airway. This leads to difficulty in expiration as the loss of elastic recoil reduces the volume of air that can be expired . As the air is not effectively exhaled, air trapping occurs causing the chest to expand. Long term air trapping in the lungs causes the chest to have a barrel like appearance. This is because the lungs are over inflated with air and the ribcage mostly remains expanded which gives the chest its barrel shape (Damjanov, 2006). Barrel chest is very noticeable in Miss X. People who smoke do not necessarily develop Emphysema therefore inherited genetics disorders are believed to contribute to the development of this disease. McCance, (2010) explains that emphysema mainly occurs with patients who have Alpha 1- antitrypsin deficiency (A1AD). In A1AD enzymes such as elastase destroys the elastin and the tissue of the airway which again leads to mismatching of perfusion of gas exchange and ventilation. Furthermore, Pryor and Prasad (2009) describes the sensation of breathlessness originates when the sensory system activates within the lungs, chest wall and the respiratory muscles raise awareness of breathing discomfort. However, psychological factors can also be associated with breathlessness. It is regarded as a subjective experience in COPD anxiety act as an trigger when the patient sense discomfort in breathing. Some studies show the following sequence of events; aggravation by anxiety and panic attacks leads to breathlessness and so forth a continuous cycle is created (Robert and Stockley, 2007) The patients journey starts when the patient says so or from diagnosis to the end of life. Three years ago before her diagnosis, Miss X went to see her GP when she started noticing breathlessness whilst performing physical activities. The GP diagnosed Miss X based on her clinical features and other tests; Chest Ct Scan, her Blood test and her spirometry reading which was FEV1/FVC The GP also referred her to Smoking Cessation Clinic along with a prescription of nicotine patches which helped her quit smoking after 5 months of her first screening date. The NICE COPD Guidelines (2010) highlights that Smoking Cessation should be recommended to newly diagnosed patients. As stated by the Department Of Health the government targets to reduce the smoking population further than its current 26%, which was achieved successfully by 2010 (DOH, 2010). Despite the governments efforts, literature reviews shows that not all of the patients fully recover from smoking addiction. The study conducted by Zhou et al (2009) found that out of 2431 patients who managed to quit smoking after Smoking cessation, 80% were reported to relapse after 3 to 18 months. The data may not be reliable enough to completely prove this high number of relapse because not all the subjects observed carried on for the whole duration of the study. Despite the slight drawbacks of the studies, it has helped the government back up for the funding of smoking cessation clinics. Along with the Smoking cessation clinic miss X was also referred to have annual Influenza vaccination, Pneumococcal vaccination and was encouraged to regular exercise. Miss X is also seen by the community Respiratory Nurse specialist and community nurse on a regular basis for medical checkups. Miss X has had few hospital admissions since her diagnosis due to her exacerbation of COPD. On her recent admission she was brought in by an ambulance as she was not able to breathe due to her breathlessness and chest pain. She was immediately admitted to AE where they diagnosed her with exacerbation of COPD. Miss X was assessed and was stabilised by oxygen therapy and nebulisers in AE. She was then transferred to the Respiratory ward for further investigation and treatment. The ward respiratory doctor requested her for chest X-ray, ECG, Arterial Blood Gases test, blood test, urine dipstick test and sputum culture. The investigation confirmed that she had chest infection. Her oxygen saturation was also maintained by oxygen therapy. Miss X was then started on nebulisers, I.V. antibiotics and for a 7 day course she was on oral prednisolone (Steroids). Jong et al (2007) suggest that oral prednisolone is recommended than I.V prednisolone because there was no difference on treatment and helps reduce patient to be prone to infection. During the stay in the ward Miss X was noticed to be underweight and was referred to the dietician who prescribed her to nutritional drinks and given advice on healthy eating. She was also seen by the Physiotherapist for breathing techniques and mobilising with the breathlessness. As Miss X has had few admissions due to her exacerbation she was also referred to pulmonary rehabilitation after her discharge. The NICE (2010) highlighted that pulmonary rehab illation improves the patients quality of life and therefore, any COPD patient of grade 3 on the MRC scale (Medical Research Council) should be referred to the programme after being discharged. Currently the government suggests that the standard population for rehabilitation up take of the programme should be 230 patients per 100,000 of a normal population in a trust per year. This is a very small number of uptakes in relation to the COPD population; such limitation can create restrictions to access the rehabilitation programme. The deviation can have an impact on the long term well being of Miss X and her Family. COPD is a disease that progress over a long time along with severity of its symptoms. ( 20) confirms that COPD over time results in fatigue, depression, anxiety, reduced exercise tolerance and poor nourishment. Firstly, the effort to maintain normal ventilation, all the energy of the patient is consumed causing tiredness and fatigue restricting the patients ability to perform everyday activities. Miss X interprets her breathlessness has restricted her to perform physical activities and therefore retired from her waitress job at the age of 56. This has led to her being financially dependent on her 22 year old son and government disability financial support. She also relies on her son to help her with household chores as she is not able to perform certain activities by herself such as shopping, cleaning, washing, cooking, paying bills etc. Furthermore, Lahaije et al (2010) proved that COPD patients do eliminate their daily activities due to physiological limitation caused by breathlessness. The study was conducted on 21 COPD patients and ten healthy subjects living in Netherlands. The study measured the performance time for daily living activities; where COPD patients were involved less whereas healthy subjects were higher. The study consisted of only 21 COPD patients and 10 healthy subjects which is a very small sample therefore cannot be generalised. However, the study conducted by Szarm (2010) on a survey of 20693 patients residing in England who were aged between 51- 60 year old were reported to also have an impaired work performance due to breathlessness mostly caused by COPD. The finding from Szram (2010) is more reputable than Lahaije et al (2010) with regards to generalising COPD patients limiting breathlessness as the sample size was much larger Miss x also suffered from urinary incontinence. Literature reveals that patients with COPD do suffer from stress incontinence of urine due to increased abdominal pressure whilst coughing (Tozun et al, 2009). However, some authors forget that inability to reach the toilet in time due to breathlessness could be the factor influencing urinary incontinence in COPD patients. Secondly, the disability caused by Miss Xs breathlessness has also had an impact on her psychological state. Numerous studies have proved that the symptoms of COPD can cause patients to be depressed and affect the quality of life. Stage et al (2009) literature review highlights that depression is common in COPD patients and about 40% of the COPD diagnosed suffer from either severe or clinical depression. The literature review also noted that mortality rate was lower in non depressed COPD patient than the depressed. In addition, she feels that she is a burden to her son and feels embarrassed on having sudden panic attacks in public whilst she is out shopping or socialising. Miss X reported that she felt devalued as she experienced being treated differently by others and also feel socially isolated. The qualitative study conducted by Berger et al (2010) confirms that COPD patients do experience stigmatisations which are triggered by self blame related to smoking, being a burden, embarrassment. Stuenkel and Wong (2009) highlight the Goffmans theory of support groups in which the patients shares similar stigma. The support group evidently has helped to feel accepted, gain moral support. The Breathe Easy support group programme Miss X attends every fortnight has helped her to reduce her stigmisation. In light of all this, Miss X does have a positive attitude to cope with her condition. She is aware that her condition is not curable but can be managed if she complies with the treatment. She is adherent to her medication and her treatment plan. Naidoo and Wills (2010) explain that the Health locus of control (HCOL) is divided into two controls; internal where people are in control of their condition and external where people are beyond control of their condition. Miss X falls under the internal HCOL as she controls her condition very well. Lastly, Miss Xs son is very worried about his mother going to have an emergency admission to the hospital again. The patients son is psychologically stressed and fells socially isolated due to financial and household commitments. However, he has been accessing support and advice from the doctors, nurses and special support groups. Moreover, the review of qualitative studies conducted by Spence et al (2008) explored the specific care needed of care givers of patients with COPD. The review confirmed that restricted activities of daily living and emotional distress were identified by the 7 subjects studied. This assignment has helped me to understand the impact COPD has on the patient, family and health care system. The skills and knowledge gained to care for the COPD patient will ensure an evidence based care will be delivered to the patient and the family. In future, whilst nursing a patient with breathlessness I will follow the guidelines as directed by the NICE guidelines as care required. I will also consider the psychological and social state of the patient on planning the care as these are the main aspects of the disease which impact the patients quality of life. To overcome any issues if countered, social issues will be referred to the social services and any psychological issues should be referred to the clinical psychologist. Finally, I have learned that educating patient and the family of services available and the disease itself is the key to aid them cope and comply with the treatment. In conclusion, the assignment overviews a journey of a patient diagnosed with emphysema with the health deviation of breathlessness. The NHS has been providing treatment and therapies to reduce the risk of patients developing emphysema. Literature reviews indicate that breathlessness can contribute to several psychosocial issues in the patients life. Word Count 2499 References List Beraden,K. (2011). Recent advances in the management of breathlessness. Indian Journal Of Palliative Care. 17 (4), 29-32. Szram et al. (2010). Breathlessness and work performance in older adults in Kent. Thorax. 65 (4), 78-79. Stuenkel, D and Wong, V. (2009). Stigma. In: Larsen,P and Lubkin,I Chronic illness: impact and intervention . 7th ed. USA: Jones and Bartlett Publishers. 57. Jong et al . (2007). Oral or IV Prednisolone in the Treatment of COPD Exacerbations* A Randomized, Controlled, Double-blind Study. American College of Chest Physicians. 132 (1), 1741-1747. Tozun et al. (2009). Prevalence of Urinary Incontinence among Women and Its Impact on Quality of Life in a Semirural Area of Western Turkey. Gynecoloicand Obstetric Investigation . 67 (1), 241-249. Berger et al. (2010). The Experience of Stigma in Chronic Obstructive Pulmonary Disease. Western Journal of Nursing Research. X, 1-17. Spence et al. (2008). Active carers: living with chronic obstructive pulmonary disease. International Journal of Pallative Nursing. 14 (8), Stage et al. (2006). Depression in COPD- Management and quality of life considerations. International Journal of COPD. 1 (3), 315-320. Department of Health. Consultation on a Strategy for Services for COPD in England. London: Department of Health, 2010. British Thoracic Society. Burden of Lung Disease 2006. National Institute for Health and Clinical Excellence. Chronic obstructive pulmonary disease (update). (Clinical guideline 101.) 2010. http://guidance.nice.org.uk/CG101. Last Accessed 20/02/2011 Office for National Statistics. (2010). 12. General Lifestyle Survey 2008: Smoking and drinking among adults,. Available: http://www.statistics.gov.uk/downloads/theme_compendia/GLF08/GLFSmokingDrinkingAmongAdults2008.pdf. Last accessed 20th Feb National Institute for Health and Clinical Excellence. (2006). Pulmonary Rehabilitation service for patients with COPD. Available: http://www.nice.org.uk/usingguidance/commissioningguides/pulmonaryrehabilitationserviceforpatientswithcopd/pulmonaryrehabilitationservicecopd.jsp. Last accessed 20th Feb 2011. McCance et al (2010). Pathophysiology, The Biologic Basis for Disease in Adults and Children. 6th ed. Missouri: ELSEVIER. 1286-1289. Nursing Midwifery Council (2008) The Code: Standards of conduct, performance and ethics for nurses and midwives NMC, London Blackler et al (2007). Managing Chronic Obstructive Pulmonary Disease. England: John Wiley and Sons LTD. 1-12. Damanjov Pryor,J and Prasad,S (2008). Physiotherapy for respiratory and cardiac problems:. 4th ed. UK: Elsevier. 227- 228. Mahler,D. (2007). The Physiology of breathelessness. In: Robert,A and Stockley,I Chronic obstructive pulmonary disease. Oxford: Blackwell Zhou et al . (2009). Attempts to quit smoking and relapse: Factors associated with success or failure from the ATTEMPT cohort study . Addictive Behaviors. 34 (4), 365-373. Naidoo and Wills

Korean War Essay -- History

Throughout history the United States has fought in many wars. Whether the fighting took place in Europe such as WWI or in our own land like the civil war. The one war many people seem to forget is the Korean War. The Korean War also known as the â€Å"forgotten war† was a war between North Korea, South Korea and the US together with the South Koreans to help. The Korean War was fought on sea, land, and in the air over and near the Korean peninsula (Brown, p.2). On June 25, 1950, the North Koreans rumbled across the thirty-eighth parallel. The invasion was successful because the south was not expecting or even prepare for a war. The invasion was so successful that they pushed the south to a tiny defensive area around Pusan. That’s when President Truman steps in real quick to halt the invasion of the North Koreans. Truman ordered American armed forces under General Douglas MacArthur to support South Korea. The Korean War was a clash between Communist forces and Free World (Brown, p.2). On June 25th, 1950 at 4 a.m. the North Korean People’s Army (KPA) attacked across the 38th parallel, implementing a well-developed invasion plan (Lewis p.1). The KPA had a huge number of military men compare to the South Koreans. It had about 135,000 soldiers in 10 divisions, five separate infantry brigades, and one armor brigade with 120 soviet-made-T-34 tanks (Lewis p.1). The Republic of Korea (ROK) was taken by surprise and was not fully equipped with weapons like the KPA (Lewis p.1). So for that matter the ROK could not halt the invasion. But if the South Koreans would have had heavy artillery like the KPA then maybe the KPA’s invasion plan would had been a failure. The United Nations Security Council approved a US sponsored resolution that called fo... ...t (Brown, p.17). On October 7 the UN General Assembly passed a resolution calling for unification of Korea and authorized MacArthur to send his forces into North Korea. The North Korean capital of Pyongyang fell on October 19, and the allied UN troops flooded north effectively unopposed. They pushed the North Korean forces to the Yalu River, which formed the North Korean border with the region of China. The war left marks on the Korean peninsula and the world around it. Even though the Korean War was fairly short, no one knows the exact numbers of deaths. According to the history channel website, â€Å"nearly 5 million people died and almost 40,000 Americans died in action along with more than 100,000 wounded.† (Korean War, p.1) Every war is going to have its cost. The total approximation fot the United States involvement in Korea was about 67 billion (Calore, p.2).

Essay --

Mindy Pang Pearl Final (Analysis /Synthesis) 1. I think it is ironic that Kino is being followed by trackers because all throughout the story, Kino makes connections with animals. Kino and Juana are compared to being animals that are chased down by hunters. As Kino is supposedly an animal, it is ironic because trackers are known to follow animals. Just like animals, Kino and Juana try to escape the hunters, going to the mountains, where there is high elevation, something an animal would do. Another example of Kino’s comparison to an animal is when Kino needs to find a strategy in which the trackers won’t see him, so he takes off his clothes (what us, humans wear), as an animalistic technique, since animals don’t wear clothes. His own son also â€Å"becomes† an animal, at least to the trackers, who think the baby’s cry was a coyote cry, and this causes Coyotito’s death by a gunshot from them. This also brings us to the irony of Coyotito’s name, and as readers, we find out why he was named this at the end of the story. Steinbeck also describes the characters literally as animals; for example, â€Å"Kino hissed at her like a snake, and Juana stared at him with wide, unfrightened eyes like a sheep before the butcher.† Not only does this help us picture what is going on, but the author is also trying to make more references to animals. These are only a few of the examples of when the author creates animal imagery/ reference, but because the author compares Kino and his family to animals so often, it is ironic how they is being followed by trackers. 3. The brief introduction connects to rest of the story very well. John Steinbeck explains the book’s parable. The introduction is pretty self-explanatory. The story is not just about Kino, it i... ...d to harm Kino, mugging him, injuring him, attempting many times to steal the pearl, destroying his precious pearl. Kino could no longer protect himself, like he used to. He tried his best, but now his protection â€Å"shell† has been cracked and he is no longer as strong as he used to be, just like an oyster without a pearl. The oyster protects its precious pearl on purpose, and has a shell to help protect it, but when the pearler forces the shell open, the protection is gone. The canoe had its wood, as a layer of protection, blocking out things on the outside that could potentially harm things that are inside the boat, but the canoe was destroyed and its protection is now useless. Kino, the canoe, and the pearl all caused and meant trouble. Now they all have lost, they have all shattered, they have been destroyed. Now, they all represent and have become something else.

International Trade and Finance Speech Essay

This speech delivered by the Speaker of the House to a group of reporters surrounding the topics of international trade, foreign exchange rates, import surplus and how they each impact different constituencies. It will also explain why the government would not be able to restrict importation of goods from China, or if wanted to impose tariffs. The Economy and international Trade The United States was once the highest exporter in all the world. Today, the United States has a negative balance of trade, because of the fact that we now import more goods than we export goods. An example of an import would be oil. The oil that we have imported impacts our businesses and our consumers by making gasoline and other oil derivatives more expensive. This makes prices increase because consumers will have to pay for goods from the fact that the cost of driving will go up. This is a major reason why the government is trying to encourage the development of alternate forms of energy such as coal or natural gas. The goods that the United States imports are not always negative. American consumers have benefited greatly from the imports such as electronics or apparel that is made mostly in Asia. The cost of production for these goods are lower in China and most other Asian countries, making it much cheaper for Americans to buy these types of goods that are being manufactured overseas. The reality of international trade is that production will naturally shift to places where goods can be manufactured more efficiently and at a lower price. What the United States has to focus on is developing new technologies and products of higher quality. With a focus based on innovation and quality instead of labor costs. International trade has an impact on the country’s GDP, the financial markets, and importantly university students. The GDP of the United States becomes stronger when we export goods more than we import goods. If negative trade balances become consistent it can lead to deficits, which will in turn cause the government to borrow more. If the government borrows more this will have an impact on the financial markets which could in time make it more costly for the United States to cover all its deficits. We need to promote our exports in order to help the GDP and make our country more impressive to investors. A healthier economy will create enough employment for those needed, especially university graduates that will be trained for the field. The quotas and tariffs regarding the government’s choices has a direct impact on our trade and the relations that we have with other countries. Reducing tariffs and participating in free trade agreements helps our export businesses. This is a reason why our government has in the past worked for establishing trade agreements with countries as South Korea, Panama, and Colombia. When a free trade agreement takes place the trading partners will erase their quotas or tariffs against products from America, this makes it easier for us to send our products to those countries. Trade is a two way engagement, where both are finding a way to benefit, with consumers benefiting as well and our exports getting higher. Foreign exchange rates are the rates of one type of currency converted to another. Such as the rate for exchange between American dollars and Japan’s Yen which is 76 Yen per dollar. Some currencies are fixed with others. The rates of floating currency is determined by the supply and demand. An example is if the European demand for the dollar increases, the supply and demand relationship between them will cause the price to increase of the dollar in relation to the euro. There are many factors that affect exchange rates that include interest rates, unemployment, political instability, inflation, and GDP. When our GDP becomes higher and our exports become level with our imports, the stronger our currency will be and we will have a better overall financial health. There are some people that believe in protectionist policies that include restricting goods that are coming in from China and several other countries, including imposing tariffs that would increase costs for purchasing of goods in the United States. This kind of policy would be populist and fueled with the good intentions of trying to protect our American jobs, its actual consequences would be an elevating trade war with an opposite effect. History proves that when governments have attempted to restrict trade and enforced protectionist measures, other countries will attempt to retaliate and adopt similar policies. An example is the Smoot-Hawley Tariff Act of 1930, which broke records by increasing tariffs on 25,000 goods which had an end effect of reducing imports and exports by 50% as trade partners began with similar style tariffs. This will translate into more unemployment as companies that will export their goods will see a drastic demand drop. Restricting imports from China woul d bring drastic measures from the Chinese government, and our companies would struggle as they would be unable to export goods to that part of the world. References Colander, D. C. (2010). Macroeconomics (8th Ed.). Boston, MA: McGraw-Hill/Irwin International Trade, ISSN 0020-7810, 2011, Volume 45, Issue 1, p. 79 The Journal of Economics, ISSN 0895-3309, 2007, Volume 21, Issue 3, p. 105 Foreign Policy, ISSN 0015-7228, 11/2003, Issue 139, p. 20 The American Foreign Trade, ISSN 0002-8282, 12/1928, Volume 18, Issue 4, pp. 706 – 713

The Role of Italian Government in Managing their Finance and Economy

There are many insights and studies already conducted with respect to the government system of each nation. Studies were also made to observe how particular governments run the economy of the respective states. Such aspects that include the financial organization of a country, infrastructure programs, foreign policy are some of the most important issues that directly affect the economy of a specific state. Moreover, the form of government is also critical in evaluating the total progress and status of a nation. There are instances that the form of government has direct relation with how well the economy is being run by the ministers and officials of the concerned nation. Italy has very interesting issues with regards to government policies that is being applied throughout the whole nation. In addition to that, Italy is a nation that has experienced various economic turnabouts that did affect the lives of its citizen. It can also be noticed how the government handled these issues and run the Italian economy.Government Regulation on Media in America One of the interesting facts and issues that are all about Italy is when the government implemented decentralization in running the economy. There are lots of advantages being decentralized in running a government rather than being centralized in the various organization structures and bureaucracy. On the other hand, it would do more harm to the economy of a nation once decentralization is not properly managed. The Italian government had decisions leading to these type of management wherein there would be more power being given to municipalities and provinces in running their respective territories. Italy once was a country that is centralized and such moves to amend the strategies in running the government will sure have numerous flaws, evidently because the new system is not yet fully absorbed by those that will be affected by such changes. The idea of decentralization came from the pressures being applied by the regions in the national government of Italy that are considered to be wealthy enough to support their own expenditures and services to the electorate. Such demand to shift the government framework to federalism is being pushed through since the government failed to deliver such service developments adequately to all of its territory. It is also undeniable the influence of these advocates to federalism since the government should have out rightly silenced all of these political pressures. The law that provided the outline for this modified system of government leads the country to various issues and disputes that need to be resolved. According to the Bassanini law (Piperno, 2000), such shift into federalism will provide a new era of how the government will run the economy of the country with a more balanced approach considering the regions, provinces and municipalities involved. Under this framework, more authoritative powers will be given to regions, provinces and municipalities with regards to the strategies on administering their respective local economy. However, according to the law, the national government can still hold authority on decisions that is of national interests. Such limitation is provided in the law to oversee the local authorities in administering their official functions. In addition to that, the law has set limits on the powers given to the local government entities such as any provision or ordinances should foster cooperation among local authorities, and promoting full accountability and responsibility in the decisions being made by the concerned local officials. This also includes the autonomy given to local units in collecting and managing taxes for their respective territories. Such introduction of local monetary collection system and management has further strengthened the power of local officials to collect taxes and dues form their citizens. The table below describes the amount of shares from different government levels. Share of different levels of government on total public sector revenue and expenditure (Piperno, 2000) Central Government Local Government Social Security Agencies Year Revenues Expenses Revenues Expenses Revenues Expenses 1980 59. 1 42. 6 6. 1 27. 1 34. 7 30. 1 1981 59. 7 42. 9 6. 8 30. 4 33. 26. 5 1990 61. 6 47. 4 7. 7 27. 6 30. 6 24. 9 1991 61. 7 47. 0 7. 9 27. 7 30. 3 25. 1 1993 61. 6 50. 1 9. 3 24. 5 29. 0 25. 3 1994 60. 2 47. 7 10. 7 25. 6 29. 0 26. 5 1995 59. 5 48. 6 12. 3 24. 6 28. 1 26. 7 1997 56. 9 40. 6 10. 7 26. 7 32. 3 32. 5 As seen on the table, the local government has increased revenues from the year 1980 up to 1997. This effect was caused by the continuous empowerment of the national government to the local municipalitie s to collect taxes for their respective regions. A significant increase of approximately 5% in the revenue collection was observed and the decrease in the revenue collection under the national government was due to the decentralization process that is being pushed by the officials of the Italian government. These numbers are expected to continue its trend as the advocacy for local government empowerment carry on to its full extent. Legislation made this financial decentralization implemented in the whole structure of the taxpayers to be shared with the national government. The local authorities also ventured to an enhanced system of putting taxes into the petrol industries to improve the tax collection scheme government as stated in their revised revenue distribution law. The local government also made substantial increase on the percentage of taxes being collected to its citizen and the industries to enable them to cover the administration’s expenditures and the budget deficit they have. As a result, many regions in the northern part of Italy made their corresponding local budgets better that before these decentralization measures were implemented. On the other hand, little effect was observed on the lower classes of municipalities and regions due to the limited resources with respect to the people and industries they have in their regions. Thus, there are still adverse effects as observed in these mentioned low income regions. With regards to the Italian government’s effort to administer the whole country, the laws in the land made it clear about all the interventions and systems in the economy. Knowing the structure of a particular government is essential because this is adds up to the bureaucratic control and distribution of services to the populace. This would also provide hints on how the economy is greatly affected by this form of government organization. The Italian government structure consists of the central government, regions, provinces and municipalities. In the present system, the national government holds a tough authority to regional governments. One particular example is that the central government still classifies laws and ordinances that the regions should implement even the regions were given powers to formulate their own legislation measures. The national government can reject regional-made laws that they think would not bring good to the entire nation. There have been conflicts between the central and regional government and when these disputes were brought to the courts, the judicial system always favored the side of the national government. Regional governments were introduced in the Italian government framework only in the 1948 Constitution. (Piperno, 2000). This government entity were provided under the constitution legislative and administrative authorities in the fields of high importance like in agriculture, health sector, tourism industry, transportation departments and other relevant aspects in their respective territories. There were five regions that were established under the same constitution. Before the fiscal decentralization law, regions do not have autonomy in their taxation system and were supported by the national government in their expenditures. For example, the financial support for the health centers in the region comes from the national treasury only, since they do not have money to finance their own health units. Provinces, on the other hand, possesses only limited duties in the former constitution or before the decentralization take effect. There are also situations when provinces did not have any substantial role in administering their corresponding municipalities particularly in those big municipalities and the metropolis. For the other municipalities, their control is mostly seen to take effect in terms of governance and support to the little municipalities and through proper management in rural areas. Municipal governments are mainly responsible for the basic services needed by the people such as potable water systems, domestic waste disposal systems, and other usual necessities of its citizens. With the aid of new legislations, these municipalities were given more powers and privileges such as the rights to vote for their municipal head and the independence in tax collection system. With these new constitutional rights, any municipality can benefit on the taxes it collect and as a result, more funds can be used to spend on the basic services for the populace. On the other hand, the primary weak spot of this approach is that it may create imbalance between rich and poor municipalities since there would be less income for those who have limited collections but with higher expenditures compared to the richer municipalities. Because of that, each municipality needs to find new strategies to strengthen their fiscal situation to maintain a well balanced budget. The table below shows the distribution of revenues in the municipality level form the specified years covered by the statistics made by the central statistics office in Italy. As shown in the statistics above, municipalities then depends their finance on the central government like in the year 1970 until they were given new tax measures including tax autonomy in the year 1972 but only took its significant mark in the year 1996. Other aspects of the Italian government’s approach in running the economy reflects on some of the key issues like freedom from foreign interventions, political system, banking systems, transportation sectors, real properties, education, culture and other essential concerns. As a member of the European Union, the Italian government is bounded to follow the laws formulated by the union. However, Italian people will only be prosecuted by the Italian court and the laws of the land, and not on the laws of the union. Italy has more than 2 electoral parties making it more divisive in terms of policies being implemented by the ruling party. Such scenario made the government very unstable because of disagreements even between the members of the ruling coalition. Such problems were added further by accusations of corruption of the leaders and the increasing foreign debt of the country. The banking system in Italy is also greatly affected by the policies being implemented by the Italian government. The banking sector can also be a gauge to measure the economy of a particular country. With regards to the Italian banking system, it is still stable in terms of being part of the European Union which uses Euro as the currency. Since Euro currency is very strong compared to the other currencies, this carries the economy of Italy. Another factor is that the government has no control or intervention over the banking system, making it more independent against any influence that government leaders may bring. With all of the bad scenarios in the political system of Italy, the country still provides great attraction for business investors because of its various provisions to make Italy a better choice in the business climate. The Italian government also ventured into privatization of government owned and controlled corporations. These move by the government provided private firms to own and manage these enterprises and pursue upgrades in the service it gives to the Italian people. The government also has more savings since they do not have to spend public funds to run these corporations. Having said all of these information on how Italian government run their economy, it can be said that the economic growth of Italy depends greatly on the people who are positioned in vital areas of government structures like mayors, governors, legislators and the primary head of the country. These persons hold sensitive positions that dictate the nation’s policies and direction toward progress and continuous advancement with the rest of the world. Corrupt leaders will only add to the problems the country is facing. Italy needs responsible people who would think first the welfare of the nation before themselves. These dedicated people will surely deliver good output for the continuous progress of their nation, Italy.

The Ban Of Medical Marijuana - 1090 Words

Charlotte Figi, a six-year-old girl, had an untreatable form of epilepsy and used medical marijuana to save her life. Her parents had tried almost every medication to try and save her by the time she was two-years-old. Some nights she would get fifty seizures each night. Finally, her parents were able to get her a medical marijuana card in Colorado, and the new medication immediately stopped the seizures (Gummow, 8 Miraculous, para. 4, alternet.org). This is just one example of how unjust the ban of medicinal marijuana is. The ban of medical marijuana is unjust because people who need the medicine have been arrested and sent to prison for decades, the ban is based on outdated moral biases, and although some may argue that marijuana is a â€Å"gateway† drug, people who wish to use medicinal marijuana are using it to relieve specific symptoms that are not addressed by â€Å"harder† drugs. Charlotte’s epilepsy is not the only condition for which medical marijuan a can be used. 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The Theory Of Economics And Finance - 1941 Words

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