Cold War in the years 1945-1953 Essay

How far do you agree with the view that superpower misjudgements account for the development of the Cold War in the years 1945-1948? It is reasonable to suggest that it was indeed superpower misjudgements that led to developments in the Cold War in the the years 1945-1948, as it is suggested in both source 7 and source 8, however other factors may be more prominent than the misjudgements of the superpowers, such as the legacy left by World War 2, as it is suggested in source 9. The suggestion of superpower misjudgements being responsible for the developments of the Cold War between the years 1945-1948 is highlighted in source 7 – an extract from The Origins of the Cold War, published in 2008 – has a revisionist overview, where it is suggested that American misjudgements were to blame for the Cold War developments â€Å"American decision-makers misread Soviet security interests†¦ this, in turn, led the Soviets to see US policy as aggressive† from my own knowl edge i know that at this time Soviet policy was focused at ensuring national security, by establishing a ‘buffer’ zone, as the Soviet Union had in fact been invaded twice before through countries close to it, America may have misjudged this as expansionism and a breach of conditions that had been set at the Yalta conference, the source further suggests that the Soviet Union had misjudged US policies as â€Å"aggressive capitalist expansionism† possibly in reference to the Marshall Plan, and the Soviets may have seen this as America’s way of holding influence throughout Europe. Source 8 – an extract from Inside the Kremlin’s Cold War: From Stalin to Krushchev, published in 1996 – agrees with Source 7 on the fact that misjudgements were responsible for the Cold War developments, however the source describes the Soviet Union, not the USA for being solely responsible, the source states that Stalin’s road to the Cold War was â€Å"strewn with miscalculations† and that in response to the Marshall Plan, Stalin â€Å"began to consolidate a Soviet security zone in Eastern Europe by ruthless police methods and intensive Communist propaganda† which infers that Stalin misinterpreted the Marshall Plan, and responded in such a way that would provoke the USA, this later led to the Berlin Blockade, the source also states that â€Å"Stalin subjected†¦ the rest of the world to a bloody and protracted war that contained the real danger of a global conflict† this further consolidates the idea that misjudgements led to Cold War developments.

Coffee Analysis Essay

Indtroduction . The history of coffee goes at least as far back as the thirteenth century with a number of myths surrounding its first use. The original native population of coffee is thought to have come from East Africa, and it was first cultivated by Arabs from the 14th century.[1] The earliest credible evidence of either coffee drinking or knowledge of the coffee tree appears in the middle of the 15th century, in the Sufi monasteries of Yemen.[2] By the 16th century, it had reached the rest of the Middle East, Persia, Turkey and northern Africa. Coffee then spread to Balkans, Italy and to the rest of Europe, to Indonesia and then to the Americas.[3  ow are coffee prices currently set? A: Coffee prices are set according to the New York â€Å"C† Contract market. The price of coffee fluctuates wildly in this speculative economy, generally hovering around fifty cents per pound. Most coffee is traded by speculators in New York, who trade approximately 8-10 times the amount of actual coffee produced each year. The single most influential factor in world coffee prices is the weather in Brazil. Droughts and frosts portend shortages of coffee and the price increases. Specialty coffee is often imported at a negotiated price over the C market, which is considered a ‘quality premium’. Most of those premiums never reach the coffee farmer, but rather stay in the hands of the exporter. This creates a disincentive for farmers to increase their quality, as they do not receive the direct benefits of increased investment in producing better coffee. http://www.globalexchange.org/fairtrade/coffee/faq http://www.makingittv.com/Sample-Coffee-Shop-Business-Plan.htm Cost structure Dynamics ofWorld Coffee Prices The indicator Price system established in 1965 by International Coffee Organization (ICO) to provide a consistent and reliable procedure for reporting prices of different types of coffee. The ICO indicator price system is based on the four spate price groups namely, Colombian mild  arabicas, Other mild arabicas, Brazilian and other natural arabicas and Robustas. ICO composite indicator provides a benchmark for price of green coffee. ICO organization collects ex-dock shipment prices data and calculates arithmetic mean. This represents ICO composite indicator. The current ICO composite price (US cents per pound) as listed for March, 2013 is 131.38 cents per pound with a high of 135.30 and low of 128.52 cents per pound. The dynamics/trend of the monthly ICO composite price over 1998-2012 can be broken down into three phases. (Refer Figure 1 in appendix) Phase 1: The average composite price for coffee decreases from $108.95 in 1998 to $45.59 in 2001. Phase 2 begin with an increasing trend line where in average composite price increases from to 47.74 in 2002 and continues the upward swing, hitting the maximum in 2011 at an average composite price of $210.39. 2 Phase 3 starts the decline in 2012 to an average price of $156.34 from 210.39 in 2011 and continues in 2013 where the current average price for the first three months is $131.38. Price-elasticity of Demand For and Supply of Coffee The price elasticity demand is measure to show the elasticity of the quantity demanded of the good or service to a change in its price. IN case of Coffee, Coffee is produced primarily in south american countries and some developing countries but consumed in developed countries.With disruptive weather the supply of coffee is suppressed and hence the price of coffee will rise hence the Price of coffee can be considered volatile. Factors/events that affected the world supply and demand of coffee in 2011-2012. Weather has been rated as one of the top factors affecting the supply of coffee. The countries where coffee is grown is generally humid, disruptive patterns in the weather has caused coffee plant diseases. Some articles have also listed fungus as one of the elements causing decrease in the coffee supplies. Difficulty in growing Arabica plants was also listed as one of the reason for shrinking coffee production. Whereas some positive factors which caused marginal increase in coffee supplies are adding of new producing countries,  investment in advanced technologies and increased in number of coffee producers within the same region. Increase in demand can be associated with emerging new markets such as China which was primarily tea market has now seen a sudden shift in taste. Increase in expendable income due to higher salaries has caused the demand for finer coffee to grow. Major determinants of world coffee prices in 2011-2012 Weather and climate change affect coffee prices more than other factors. Coffee trees require specific climatic conditions to produce an optimum crop. Hence, the Prices remained in high throughout 2011where the average composite price was around $210. 2.4) Porters Five Forces Analysis of the Retail Coffee and Snacks Industry: Threat of New Entrants: Moderate ïÆ'Ëœ There is a moderate threat of new entrants into the industry as the barriers to entry are not high enough to discourage new competitors to enter the market. (Appendix 2 shows Barriers to Entry Checklist). ïÆ'Ëœ The industry’s saturation is moderately high with a monopolistic competition structure. ïÆ'Ëœ For new entrants, the initial investment is not significant as they can lease stores, equipment etc. at a moderate level of investment. ïÆ'Ëœ At a localized level, small coffee shops can compete with the likes of Starbucks and Dunkin Brands because there are no switching costs for the consumers. Even thought it’s a competitive industry, the possibility of new entrants to be successful in the industry is moderate. ïÆ'Ëœ But this relatively easy entry into the market is usually countered by large incumbent brands identities like Starbucks who have achieved economies of scale by lowering cost, improved efficiency with a huge market share. There is a moderately high barrier for the new entrants as they differentiate themselves from Starbuck’s product quality, its prime real estate locations, and its store ecosystem ‘experience’. ïÆ'Ëœ The incumbent firms like Starbucks have a larger scale and scope, yielding them a learning curve advantage and favorable access to raw material with the relationship they build with their suppliers. ïÆ'Ëœ The expected retaliation from well-established companies for brand equity, resources, prime real estate locations and price competition are moderately high, which creates a moderate barrier to entry. Threat of Substitutes: High ïÆ'Ëœ There are many reasonable substitute beverages to coffee, which are mainly tea, fruit juices, water, soda’s, energy drinks etc. Bars and Pubs with non/alcoholic beverages could also substitute for the social experience of Starbucks ïÆ'Ëœ Consumers could also make their own home produced coffee with household premium coffee makers at a fraction of the cost for buying from premium coffee retailers like Starbucks. ïÆ'Ëœ There are no switching costs for the consumers for switching to substitutes, which makes the threat high. ïÆ'Ëœ But its important to note that industry leaders like Starbucks are currently trying to counter this threat by selling coffee makers, premium coffee packs in grocery stores but this threat still puts pressure their the margins. Bargaining Power of Buyers: Moderate to Low Pressure ïÆ'Ëœ There are many different buyers in this industry and no single buyer can demand price concession. ïÆ'Ëœ It offers vertically differentiated products with a diverse consumer base, which make relatively low volume purchases, which erodes the buyer’s power. ïÆ'Ëœ Even though there are no switching costs with high availability of substitute products, industry leaders like Starbucks prices its product mix in relation to rivals stores with prevailing market price elasticity and competitive premium pricing. ïÆ'Ëœ Consumers have a moderate sensitivity in premium coffee retailing as they  pay a premium for higher quality products but are watchful of excessive premium in relation product quality. Bargaining Power of Suppliers: Low to Moderate Pressure ïÆ'Ëœ The main inputs into the value chain of Starbucks is coffee beans and premium Arabica coffee grown in select regions which are standard inputs, which makes the cost of switching between substitute suppliers, moderately low. Strategic Analysis Of Starbucks Corporation Certified coffee under its coffee and farmer equity (C.A.F.E) program, which gives its suppliers a fair partnership status, which yields them some moderately, low power.7 ïÆ'Ëœ The suppliers in the industry also pose a low threat of competing against Starbucks by forward vertical integration, which lowers their power. Intensity of Competitive Rivalry: High to Moderate ïÆ'Ëœ The industry has a monopolistic competition, with Starbucks having the largest markets share and its closest competitors also having a significant market share, creating significant pressure on Starbucks. ïÆ'Ëœ Consumers do have any cost of switching to other competitors, which crates high intensity in rivalry. ïÆ'Ëœ But its important to note that Starbucks maintain some competitive advantage as it differentiates its products with premium products and services, which cause a moderate level of intensity in competition. ïÆ'Ëœ The industry is mature and growth rate has been moderately low which cause the intensity of competition among the companies to be moderately high due to all of them seeking to increase market shaper from established firms like Starbucks. ïÆ'Ëœ This industry does not have over capacity currently and all these factors contribute to the intensity among rivals to be moderately high. Looking at the Porters five forces analysis, we can get an aggregate industry analysis that the strength of forces and the profitability in the retail coffee and snacks industry are Moderate http://scholar.harvard.edu/files/nithingeereddy/files/starbucks_case_analysis.pdf Cost structure 4.1 Introduction Coffee prices fluctuate heavily from year to year. However, coffee prices do not fluctuate proportionally in each stage of the marketing chain. Consumer prices for example fluctuate less than prices of green coffee on the world market. The degree of fluctuation depends strongly on the way prices are determined. When farmers know in which stage of the production and marketing chain their prices are the most resistant to pressure by buyers and sellers, they can select the most profitable position to increase their market power. Section two takes a look at how prices are influenced and by which factors they are influenced. In section three a closer look is taken at the instability in receipts from coffee exports, caused by fluctuations in prices. This is followed in section four by an exposition about the influence of international commodity agreements on world coffee prices. In this section a short history is presented of the International Coffee Agreements (ICA’s). Section five describes how the margin on coffee is distributed over each stage in the marketing chain. The final section of this chapter presents some conclusions about the pricing in the world coffee market. 4.2 Influences on coffee prices When looking at the price pattern of coffee, one notices that prices are not stable. Price instability occurs in the long run, but also short term prices may change. This section takes a closer look at how coffee prices are determined. Determination of prices depends in the first place on the type of prices. World coffee prices are largely set on the futures and forward coffee markets. The quantity traded on these markets is much larger than actual trade in coffee. Prices are determined on the world market by means of speculation and arbitrage. Since coffee prices are influenced by speculation, pricing depends strongly on expectations about future supply and demand. Local coffee prices may differ between several coffee producing countries. According to De Rijk (1980), prices paid to Indonesian exporters at a given world price depend on the quality of the coffee and regularity and reliability of the quality. Other influences on local prices, according to De Rijk, consist of costs, tax es, information on prices and reliability of contracts. For some decades now the coffee market is showing a structural overproduction. This overproduction is one of the causes of the  weak position of coffee farmers. Figure 3.3 shows that exporting countries possess large stocks. These stocks are mostly set up in abundant years and are used in years of general shortage. Shortages in the supply of coffee are often caused by crop failures through natural incidents. The price of coffee is therefore susceptible to frost and drought, which are two of the leading factors in natural causes. Stocks can be kept by local farmers but more often these stocks are kept by large trading companies, which act as arbitrageurs. Trading companies buy at low prices when supply is abundant and they keep it in stock till prices rise. This provides some extra gains to trading companies, besides the normal margins on trading. Local farmers often do not have the financial resources and storage capacity to keep these stocks themselves. Therefore, they have to sell their coffee to exporters at harvest time against low prices. Farmers could have earned higher prices if they had kept their coffee in stock till the market improved. World prices, farmer prices and consumer prices are correlated with each other. Because stocks appear at different stages in the marketing chain, these prices do not fluctuate proportionally. This is shown in figure 4.1. Mostly these price shock s are taken by exporters’ stocks. As has been mentioned before, exporters often possess more financial resources for storage than local farmers. Also consumer prices fluctuate less than world coffee prices. This is explained by the price setting behaviour of coffee roasters. When world prices go down, consumer prices decrease only fractionally. In case of increasing world prices, consumer prices increase to a larger extent than in case of a price decrease. Besides correlation between prices at different stages of the marketing chain, different types of coffee are also related in pricing. Vogelvang, in his 1992 study, tested some hypotheses concerning the long-run relationships between spot prices of the four main types of coffee. Because coffee types are related to each other, some specific factors concerning the coffee market will be relevant here. These factors are the rate of substitution of coffee types, changes in total world supply or demand, and the existence of an International Coffee Agreement. Besides these specific factors, factors that influence all prices, such as world inflation, interest rates and expectations about economic variables, explain relatedness in prices. Vogelvang computes the following long run equilibrium equations: pcm = 0.91 + pua pom = 11.39 + pua prob = -21.47 + pua where prices are measured in US cents per pound. In these equations cm applies to Colombian Milds, om to Other Milds, rob to Robusta and ua to Unwashed Arabicas (Brazilian). The equations show that prices of Colombian Milds, Other Milds and Robusta are linearly related to price behaviour of Brazilian coffee. In his study, Vogelvang concludes that all the coffee prices move together in the long run. Absolute prices therefore deviate with a certain constant. The equations imply that in the long run Colombian and Other Milds are priced 0.91 cents respectively 11.39 cents per pound higher as Brazilian coffee. The Robusta price of one pound of Robusta is 21.47 cents lower in the long run than the price of Brazilian. Hypotheses concerning a relationship between Robustas and Other Milds are not statistically rejected, but results from this study can not prove a strong relation between low quality coffee like Robusta and high quality coffee like Other Milds. 4.3 Instability in export earnings It has been mentioned previously that the proportion of primary products in total exports of developing countries is high. Prices of primary products fluctuate rather strong. Therefore, these fluctuations may have a large impact on export earnings, imports, investment, employment and government expenditures. Instabilities like these may disrupt the economy of these countries (MacBean & Nguyen, 1987, p.88; Sà ¶dersten, 1980, p.249-255). Price instability and earnings fluctuations are interrelated. Yet, they do not fluctuate proportionally. This depends on the values of the price elasticity of demand, the income elasticity of demand and the price elasticity of supply. The price elasticity of demand measures responsiveness of coffee demand to prices. So, it represents the ratio of percentage change in the  quantity demanded to percentage change in price. Similarly, the ratio of percentage change in the quantity supplied to percentage change in price is called the price elasticity of supply. The income elasticity shows how responsive quantity demanded is to a change in income Suppose price elasticity of demand is (-1). Some coffee farmers decide to increase their production. This implies that world coffee supply increases. In a competitive market, coffee prices will decrease and therefore, demand for coffee will increase. Besides the fact that farmers will receive less payment for each bag of coffee, demand and total quantity exported increases. Therefore, the fall in prices has been exactly offset by higher sales, and the farmers’ income will remain unchanged. This conclusion only applies to the world coffee market in its entirety. The outcome may be all different for individual countries and individual farmers. Mostly one or a few farmers are responsible for an increase in supply. These farmers must be able to produce at low costs, since prices will drop below the initial level. Other coffee farmers may also face a lower price per unit. Therefore some marginal farmers may go out of production, causing prices to return to the long term level. Remaining farmers, who did not change production, have to sell the same output against lower short term prices. Because of this, their total returns will be lower and with the same level of costs, their profits will decrease temporarily. The effects of shifts in supply would be larger if there were economies of scale in coffee production. With economies of scale farmers are stim ulated to increase their production, in attempt to reduce their average costs. So, farmers who increase their production earn higher profits at the expense of farmers with a fixed level of production. However, increases in scale are not possible unlimitedly. Mostly this is restricted by the scarcity of fertile land. Price elasticity of demand In general, price elasticities of demand are low when the product has a low income elasticity, has little or no substitutes and forms a small part of the consumer’s budget. The average price elasticity of demand in industrialised countries with respect to retail prices is, according to estimates by the UN Food and Agriculture Organisation (FAO), about (-0.34). This implies that a 1% price increase (decrease) is accompanied by a decrease (increase) in consumption by 0.34%. Estimates with respect to import prices amount to (-0.2). Other studies have indicated an elasticity of between (-0.2) and (-0.3) in high income countries and of between (-0.4) and (-0.5) in lower income countries (EIU, 1995, p.17). http://www.greenbeanery.ca/bean/documents/scriptie.htm http://www.grin.com/en/e-book/111348/coffee-shop-industry-a-strategic-analysis Competitive Forces that impact competition (Porter Model) 3.1 Competition within the Coffee Shop Industry 20,000 stores with annual revenue of ~ $11 billion Highly concentrated at top and fragmented at bottom – Starbucks ~ 75% of sales Major companies: Starbucks, Caribou Coffee, Coffee Bean and Tea Leaf, Diedrich (Gloria Jean’s), Peet’s Coffee Competitors can also be found in other industries (convenience stores, gas stations, quick service, fast food restaurants, gourmet food shops, donut shops, filter ~ / specialty coffee machines for home use) e.g. Dunkin’ Donuts and McDonalds Competition through special offers (new tastes), outstanding service/ environment (internet, music, comfortable seating areas, short waiting queues), loyalty programs (bonus cards ensuring frequency of visits) and for premium locations (retail centers, university campuses, etc.) Conclusion – Competition within the Coffee Shop Industry Strong competition within the industry for new customers, premium locations, etc. but overall the industry is saturated, settled and stable which allows almost all of the competitors to yield very good margins (40 to 60 percent)[4] 3.2 Substitute Products Competition with other drinks that are not the main focus of by coffee shops: Soda, Juice, Water, Beer, Sports Drinks Competition with other products, people are spending their money on: Ice Cream, Cigarettes, Sweets Consumers have limited discretionary budget to spend on consumer goods, such as cigarettes, beer and also coffee; coffee shops are therefore fighting for a fraction of this budget Conclusion – Substitutes in the Coffee Industry Very b power of substitute products as especially young people might prefer other products, such as beer, cigarettes or soda 3.3 Barriers to Entry Rather low entry barriers: easy to open a single small cafà © Rent a place, remodel, install the equipment, get license as needed[5] However there are high entry barriers for the specialty level or big league/chain players High up-front investment needed to grow significantly (distribution system: shops, equipment, premium locations; marketing: creation of brand awareness & brand recognition, customer retention) Strong brand recognition of major players, especially Starbucks Partnerships with large, international companies also serve as potential entry barrier for new competitors – Starbucks with Pepsi/ Jim Beam/ Dryer’s Grand Ice Cream/ Barnes & Noble or Caribou Coffee with Apple[6] (See Exhibit 2). Economies of scale (purchase advantages; centralized HR and Marketing) realized by big players, especially Starbucks à ¨ cost disadvantage for new entrants Conclusion – Barriers to Entry in the Coffee Industry Small barriers to entry for small regional chains / cafà ©s, but their expansion is relatively slow due to the increasing speed of the expansion of the major players High barriers to entry into the industry for big players due to high industry concentration on top, huge brand recognition of major brands and high up-front investments are needed 3.4 Power of Suppliers Volatile Raw Material Costs[7]: Particular dependence on supply of higher-priced Arabic beans (premium coffee) – as imported mostly from developing countries, price varies along with the economical and political situation of the export country Dairy products, whose retail prices vary a lot, used for specialty drinks Coffee Shop Chains have contracts securing price stability For most coffee-exporting countries (over 60 ) that is their only â€Å"source of cash†[8] Higher world market demand and higher prices for differentiated (Gourmet and specialty coffees) and sustainable coffee (organic, fair trade, eco-friendly or shade grown) than for coffee commodity: Farmers not agile enough or don’t have the means to switch production Companies are helping  communities to make the change (train them, purchase at fair trade prices[9] and provide technical assistance)[10] Conclusion – Power of Suppliers in the Coffee Industry Very limited power of suppliers as they depend on producer’s help and sell a commodity. 3.5 Power of Customers High dependency of coffee shop chains on frequency of customer purchases Most customers appreciate the nice atmosphere in the coffee shops Preferences of customers are very likely to switch as they might get bored with / tired of the same flavor (relatively low brand loyalty) Shopping behavior is very likely to be influenced by budget constraints, weather conditions or health concerns in the general public Interested in continuous product innovation or seasonal specialties Essential for success – word of mouth and frequency of purchases[11] Conclusion – Power of Customers in the Coffee Industry Very b power of customers as coffee shops depend on word of mouth and customer retention Furthermore a customer’s opinion, preferences and shopping habits can be influenced easily which creates a big threat for the companies. http://www.grin.com/en/e-book/111348/coffee-shop-industry-a-strategic-analysis Market Structure 2.1 Introduction Markets are characterised by the interaction of buyers and sellers. Generally, economic literature distinguishes two ways of interpreting the ‘market’ concept. These interpretations concern the concrete and abstract concept of markets. The first deals with tangible markets. The latter concerns interaction of supply and demand, without the need of immediately supplying the products or having them in the market place. Section two of this chapter presents four main types of market structures. The type of market structure largely determines the relationship between buyers and sellers. Therefore, it also influences pricing of the product and the  distribution of income between economic agents throughout the production and marketing chain. Section three deals with the reasons why markets might diverge from a situation of perfect competition. This situation of imperfect competition is caused by the presence of barriers to entry. This section presents six sources causing these barriers as mentioned by Michael Porter (1980). Finally, section four draws some conclusions. 2.2 Types of market structure In the introduction of this chapter it was mentioned that the ‘market’ concept has two different interpretations. Next, this study operates the abstract concept of markets, when dealing with market structures. Economic literature distinguishes four main types of markets. These markets are divided into perfectly competitive markets, monopoly markets, oligopolistic markets and markets with monopolistic competition. Each stage in the production and marketing chain considered in next chapters, may be characterised by a different type of market. Before examining the coffee market, this section will deal briefly with each type of market. Perfect competition When economists talk about a competitive market, they mean a market with the following four characteristics: First, the market consists of many small buyers and sellers, where no individual buyer or seller is large enough to influence the market price of their product. Second, the product is standardised, which implies that it is a homogeneous product. Third, there are no entry and exit barriers. Fourth, there is complete and perfect knowledge about technology and market prices (Martin, 1993, p.15). In competitive markets suppliers can sell their products only with short term economic profits. In the long run this situation cannot persist. When suppliers earn profits, i.e. their price exceeds their average costs, new suppliers enter the business and established suppliers increase their output in the long run. Monopoly On the other hand there are markets which are dominated by one supplier. This market structure is called a monopoly. Two things distinguish a monopoly  from a competitive market. First, there is only one single supplier that supplies the market. Secondly, entry by other potential suppliers is blockaded. The first characteristic ensures that the monopolist faces no actual competition. Because of this, the monopolist may choose to supply at any point on the market demand curve. To earn the largest possible profit, the monopolist will choose the output that makes his marginal costs equal to his marginal revenue. His output decision will determine the price of the product, which makes him a price setter. The second characteristic implies that the monopolist faces no potential competition. To restrict other suppliers from entering the market there have to be some barriers to entry (Martin, 1993, p.23-24). These barriers are discussed in more detail in the next section. Oligopoly In a competitive market, each supplier is so small that it cannot affect the price. When the supplier raises its price above equilibrium price, he will loose his sales to other suppliers or new entry is provoked. At the other extreme, the monopolist has no rivals to worry about. The monopolist can raise his price without provoking new entry. Between these two extreme cases there is another type of market. Martin (1993, p.110) characterises this type of market by the presence of a few large suppliers which dominate the industry. These suppliers recognise their mutual interdependence and therefore cannot act as a monopolist. This third type of market is called an oligopolistic market. So, under oligopoly there is intense rivalry. Yet, barriers to entry are present which allow for long term profit (Maddala & Miller, 1989, p.375). Monopolistic competition An essential characteristic of this fourth type of market is product differentiation. Maddala & Miller characterise this market â€Å"by a large number of suppliers, each of which has a little market power because it offers a differentiated product. Yet all the suppliers are in competition because their products are close substitutes.† So, â€Å"there are no barriers to entry under monopolistic competition and, hence, there are no economic profits in the long run† (Maddala & Miller, 1989, p.375). Differences in market structure lead to differences in marketpower. Therefore, within the framework of this study, it is important to picture these differences in market structure among subsequent stages. In chapter five it is shown that these differences can be very large for some of the stages in the production and marketing chain of coffee. http://www.greenbeanery.ca/bean/documents/scriptie.htm

Biology Lab Essay Example for Free

Biology Lab Essay 1.Discuss how to protect yourself from body fluids, such as saliva and blood. oGloves protect you whenever you touch blood, body fluids. The use of gloves also decreases the risk of disease transmission if you are pricked with a needle. Always wear gloves for handling items or surfaces soiled with blood or body fluids. oWash your hands and other skin surfaces immediately after they come in contact with blood or body fluids. oMasks and protective eyewear, such as goggles or a face shield, help protect your eyes, mouth, and nose from droplets of blood and other body fluids. Always wear a mask and protective eyewear if you are doing a procedure that may expose you to splashes or sprays of blood or body fluids. oAprons protect you from splashes of blood or body fluids. Always wear a gown or apron if you are doing a procedure that may expose you to splashes or sprays of blood or body fluids 2.Why should you consider a body fluid capable of infecting you with disease? o I think you should be aware and alert because its precaution to practice when youre working in a lab setting. 3.Describe how to dispose of waste material contaminated with body fluids. o You should dispose all waste material in the correct disposal area, and you can throw away the waste materials in the biohazard container. 4. Explain how to safely plug and unplug an electrical device. o When you plug in such electrical equipment, make sure you include the ground plug round. Hold the plug firmly by the insulating cover when plugging it in or unplugging it. Never unplug an electrical device by pulling on its cord. 5.Discuss how to protect yourself from preservatives used on biological specimens. o You would protect yourself from preservatives used on a biological specimen by wearing gloves and safety glasses. Do not shake the container or put the specimen back in the container. 6.Why are special biohazard containers used for biological waste? o Biohazard containers are used to separate infectious, contaminated or dangerous material from other materials that wouldn’t be labeled as such and to protect us and the environment. Also the disposing of biohazard material is done differently than normal material. Biology Lab. (2016, Oct 02).

Finish the following question Assignment Example | Topics and Well Written Essays - 1000 words

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Sustainability Operations in Restaurant Essay Example | Topics and Well Written Essays - 2000 words

Sustainability Operations in Restaurant - Essay Example In addition, sustainability is quite important to make sure that there lays the presence of water, minerals, and efficient resources for the purpose of defending human health along with the environment (Blackburn, 2007). In this paper, the conception of sustainability and the introduction of various sustainability related policies have been discussed. Various aspects that include the overview of a definite sustainable policy, i.e. introduction of organic food along with its overall analysis and its implementation, will also be considered in the discussion. Business Operation: Lemongrass Restaurant Lemongrass Restaurant was founded in the year 1989 with a set of four chefs and was recognised to be the first organisation to serve a variety of Thai dishes to the customers in Melbourne, Australia. In terms of sustainability of business operations, the organisation does not entertain any sort of packaged or processed sauces or pastes to be used in its various dishes. Each of the dishes of Lemongrass along with its ingredients are cautiously selected, cooked, and prepared for the ultimate customers, preserving the organic values of those recipes. The organisation believes that every dish and its preparation should be made with hands and that no packaged products should be utilized. This particular feature ultimately reveals the mission and the promise of the organisation. With these virtues, the organisation has attained numerous awards and recognitions that include the â€Å"Best Thai Winner† of 2003 according to the â€Å"Age Good Food Guide† and also â€Å"2 Stars Winner† of 2002 according to â€Å"Mietta’s Best Australian Restaurants†. Along with the Thai dishes, Lemongrass also serves Malaysian and Indonesian items in its wide assortment of menu list (Lemongrass, 2009). In relation to sustainable business operations, the major principle of Lemongrass is to deliver fresh and pure dishes to its customers; it can be regarded as th e dynamic move of the organisation towards the aspect of sustainability. From the above discussion, it can be apparently identified that the organisation remained intensely concerned with the sustainability issue along with the impact upon the environment while performing its business operations. Lemongrass usually serves its Thai along with other continental dishes to the customers by making use of its fresh handmade pastes. In this context and as regards making fresh as well as handmade pastes, it costs twelve times more to the company to prepare the pastes rather than buying any sort of manufactured pastes. Thus it can be stated that the crucial sustainable facets of Lemongrass is to deliver fresh, pure, and hygienic dishes to its customers (Lemongrass, 2009). With this concern, the online official website of Lemongrass and various other policy reports have been used in order to gather information regarding the current performances of the organisati

The results of the credit crunch Essay Example | Topics and Well Written Essays - 2000 words

The results of the credit crunch - Essay Example Significant sums of money were pumped into the economy in order to facilitate its expansion. Though a number of banks failed it was proportionately far less than had occurred during the Great Depression. The Obama Administration did not just sit and watched as happened in 1929. They acted and they did so swiftly. It was this swift action that resulted in less jobs being lost as would have been the case if things were allowed to work themselves out. The government did whatever it could to meet with automobile manufacturers and other business interests to prevent the industry for collapsing. This helped to save a number of jobs in that industry as well other industries that supplied them with raw materials and services.     It should be quite obvious from the foregoing that the Great Recession was not as severe as the Great Depression of 1929 which lasted for more than a decade. Things could have been even worse if the response was similar to that of the 1930’s. What is ther efore significant is that things were not allowed to run their course as happened in the 1930’s. While World War 11 appeared to have shortened the period of the Great Depression of the 1930’s, it was the intervention by the Obama Administration in the United States that prevented this from getting to the stage of the Great Depression of 1929. It is therefore important that it is clearly understood that the results of a situation is affected by the response mechanisms that are put in placed to deal with the situation.

FINANCIAL ACCOUNTING Essay Example | Topics and Well Written Essays - 1250 words

FINANCIAL ACCOUNTING - Essay Example More specifically, the report will answer the question, â€Å"What was the adjusted profit for the financial year ending 30th September 2010 and which were the actual adjustments made to the accounts to reach at that amount?† 1. In this case the problem lies in the fact that the financial assistant was not aware of the new changes where there was a review in 31st March 2010 giving the plant a useful life of 5 years. The depreciation rate that should be reflected in the financial statements and in the comptation of profits for the financial year should be based on the reviewed value. This is when IAS number 16 has been applied. The adjustments are going to be shown in the appendix number (1). A journal entry is to be used to correct this error by the Financial Assistant. 2. This was a case by the Assistant where he did not consider the review of the value of the building in 1st October 2009. This is from the original  £700,000 to  £1,200,000. The review was to affect the profits by being included as a profit or gain to the firm rather than opening a revaluation account and reflecting the same in the asset account (in this case the building). IAS 16 is also applicable in this case as it is the most appropriate. Adjustments necessary are shown in Appendix (2). 3. This is a case where the Investment property was shown under land and buildings. There was no clear cut line as to where it should have been included. Though, IAS 16 still applies in this case no action is going to be made in making a journal entry to rectify. This is since there are neither rates nor the depreciation rate applicable. Investment property shown in 30.09.2009:  £800,000 Adjustment: since the rate of depreciation is not given nor the useful years as well as how the assistant treated it during the current financial year, no adjustment is to be

(Annotated Bibligraphy) Finding 10 acadamic secondary sources and Essay

(Annotated Bibligraphy) Finding 10 acadamic secondary sources and writing a brief description(each 3 sentences) - Essay Example Harris, Leonard. "Cosmopolitanism and the African Renaissance: Pixley I. Seme and Alain L. Locke." International Journal of African Renaissance Studies 4.2 (2009): 181-192. Academic Search Complete. EBSCO. Web. 23 Oct. 2011. This academic journal article discusses the relationship between key actors in the Harlem Renaissance and the foundation of the Civil Rights Movement. The author suggests that the relationship between Seme (African National Congress) and Alain Locke helped fuel Lock’s writings that initiated the â€Å"New Negro Movement† and the Harlem Renaissance. This article gives new perspectives on the black rights movements discussed by Howard Zinn. This review analyzes the poem "Harlem Shadows" by Claude McKay. It discusses the conflict between Mckay’s British-based and formal writing styles with his role in the Harlem Renaissance. The article argues, as did McKay himself, that his mastery writing only allowed greater freedom to express his views and did not detract from his position of black oppression. By also discussing the structural component of his work, this review provides great in-depth information on the poem and the poet. This is a scholarly article dealing with the structure of social movements with particular attention to the Civil Rights Movement. The author argues that social movements are, at root, culture production agents and always produce new cultural forms in the course of struggle. In this sense, the new cultural form was a foundation for equality. The author describes seven components of social movements to help better understand the social implications of the Civil Rights Movement. This article takes the historical basis of the Civil Rights movement covered in Zinn’s â€Å"Or Does it Explode† and puts it into a modern perspective. It was written for the NAACP as an analysis of how well the Civil Rights movement worked and its influence in today’s world. It describes the long process

Argue why Willy commits suicide Essay Example | Topics and Well Written Essays - 500 words

Argue why Willy commits suicide - Essay Example Willy badly orients in the world, looking at it through pink glasses of his interpretation of the American Dream. His perception is childish and mythopoetic, and as all of us he is awfully afraid that his world can be broken, while as all of us he is not able to find his place beyond the mental frameworks he has built his life on. Loman’s interpretation of the American Dream makes him measure happiness in terms of success and material wellness that can be reached, as in a fairy tale, due to luck and favorable appearance. Abandoned by his father and elder brother, Loman strives for being â€Å"well-liked†. Unable to realize his dreams himself, Willy puts great hopes onto his sons, who fail to justify them. Frightened and directed by false visions, he is constantly lying to himself and people surrounding him. This way he tries to blind himself. â€Å"We never told the truth for ten minutes in this house!† - exclaims Biff. Loman has no friends. At last Willy is aban doned even by his sons. His suicide is first of all his childish attempt to be loved at last. Planting the garden at night, Willy imagines his funerals: â€Å"Ben, that funeral will be massive! Theyll come from Maine, Massachusetts, Vermont, New Hampshire! All the old-timers with the strange license plates—that boy will be thunderstruck, Ben, because he never realized—I am known! Rhode Island, New York, New Jersey—I am known, Ben, and hell see it with his eyes once and for all. Hell see what I am, Ben! Hes in for a shock, that boy!† Death is an opportunity to make his sons regret of him and see that his life had meaning. Naively Willy associates his funerals with those of Singleman, to which "hundreds of salesmen and buyers came." Funerals are to become Willy’s triumph. In fact, all his life is waiting for those funerals, demonstrating that he is â€Å"well-liked† and respected, that he has achieved much in life. Willy commits his suicide in hope that his family will get insurance money.

The Great Depression Essay Example for Free

The Great Depression Essay A large amount of literature including research and text books, exist on the subject of the Great Depression. It is considered by many economists as the worst economic crisis in American History. Statistics suggest that from the business cycle peak in 1929 to the trough in 1933, the real Gross Domestic Product (GDP) contracted by 39%. From 1929 to 1933, the unemployment rate rose from 3. 2% to 25% any may who had jobs were only able to work part-time. By 1933, 50% of American banks had failed. From 1929 to 1933, the consumer price index (CPI) fell by -25%. The Dow Jones industrial average fell -89. 2% between September 1929 and March 1933. Net investment was negative from 1931 to 1935 and the economy experienced a sharp decline in aggregate real income, then there were massive defaults and bankruptcies by business and households (Bernanke. S, 2004, White, 2009). But what caused the great depression? Or rather, why did the recession of 1929 turn into a depression? Calomiris (1983) remarks there is still very little consensus amongst economist on this question. Before Maynard Keynes (1936) General Theory of Employment, Interest and Money, economist relied on the Classical approach both to manage and explain the Great Depression. However, the classical theory could not explain a lot of the data at the time; for instance, it could not explain the protracted unemployment (Keynes, 1936). This signified the need for a new theory of macroeconomics. Such a theory was provided by Keynes. The essence of Keynes theory is contained in the simple aggregate demand model. Keynes identified the collapse of the growth in the 1920s as part of the problem. In his opinion, the collapse of growth led to a reduction in investment opportunities and a downward shift in investment demand. The unprecedented levels of unemployment could also be explained by the collapse of aggregate spending. Keynes along with Irvin Fischer (1933) also identified the financial markets as important sources and propagators of economic decline during the Great Depression (Calomoris, 1983). However, the exact nature of this connection is still a hot topic of debate, and this is where much of the literature on the great depression can be found. According to Keynes theory of aggregate demand, monetary policy had no causal role in the Great Depression (Mishkin, 2007). Mishkin (2007 p 588) argues that this assumption was based on three pieces of evidence. He states that during the Great Depression; interest rates on U. S treasury securities were extremely low (Below 1%). To the early Keynesians, the low nominal interest rate meant that the monetary policy was easy – expansionary (Hamilton, 1987). The second assumption was underpinned by the lack of empirical evidence on the co-movement between nominal interest rates and investments spending. While the third assumption was based on the fact that surveys by macroeconomists carried on businessmen indicated that their decision to invest was not influenced by market interest rates (Mishkin, 2007). In 1963, Friedman and Schwartz published the Monetary History of the United States in which they outlined a theory implicating money supply as the major cause of the Great Depression. In their opinion, what transformed the recession of 1929 into a depression were the imprudent policies by the Federal Reserve, which led to the stock market crash; and to the waves of banking failures which reduced the money multiplier and the money stock (Bernanke, 1983a; Friedman and Swartz, 1963). The figure 1 below shows the close correlation between GDP and the money stock. Friedman and Swartz countered the Keynesians argument that interest rates on U. S. treasury securities and high grade corporate bonds were low was countered by the observation that interest rates on lower grade bonds rose radically during the peak of contraction (between 1930-1933) this indicated that monetary policy was tight (Mishkin, 2007). The second reason why the Keynesian assumptions were regarded as misleading on the question of the tightness of the monetary policy during the depression was that; in a period of deflation; the important interest-rate transmission mechanism is through the real interest rate and not the nominal interest rate, hence low nominal interest rates do not necessarily mean that cost of borrowing is low and that monetary policy is easy since public expectation of a reduction in price levels can increase real interest rates (Hiuzinga, 1986; Summers, 1984). A good example of how the real-nominal interest rate relationship affected the U. S. economy during the Great Depression was seen in the housing sector. Wheelock reports that even though the nominal value of mortgage dept peaked in 1930, deflation caused a rise in the real value of outstanding mortgage dept up to 1832. Thus the outstanding mortgage dept burden increased sharply during the contraction phase of the depression (Wheelock, 2008). Researchers also criticized the use of Structural Model evidence by Keynesians. Mishkin (2007) argues that the quality of this type of evidence is dictated by the goodness of the model used. Friedman and Swartz narrative on the Great depression was that the original trigger of the Great Depression was the, 1928, Federal Reserve attempt to contain inflated share prices at Wall Street which they attributed to speculative activity. To accomplish this, they raised the policy interest rate. This depressed interest-sensitive spending in areas such as construction and Motor industry. This in turn induced a drop in production and investments, which led to reduced hiring of workers by companies. The tightening of the monetary policy through the recession which begun in August 1929 precipitated the October 1929, stock market crash (Hamilton, 1987, Bernanke, 2002b). The stock market crash eroded the nation’s accumulated savings, leading to a reduction in aggregate demand. From 1930, the contracting economy triggered successive waves of widespread banking panics (Calomiris etal, 2003; Hamilton, 1987; Chandler, 1970). Bank failures and hoarding of cash increased both the currency deposit ratio and the reserve – deposit hence a decline in money stock; this added to the deflationary pressures (Bernanke, 2007b; White, 1984). They asserted that â€Å"failure by the Fed to reverse the decline in money stock with open market operations and loans to banks through discount windows added further pressure to the economy (Friedman, 1963). † According to them, the 1937 -1938 recession was triggered by the Fed’s attempt to stimulate lending by doubling of the required reserve – ratio, this had the opposite effect. Mishkin (2007) writes that the importance of this theory to most economists is that it opened a whole new connection between the financial sector and the macroeconomy. Another important contribution was that it suggested new research agenda; Calomiris (1993) summarized them thus: 1) Can the reduction in money stocks from 1930 to 1933 explain the bank failures or did they have a separate origin? 2) Was the demand for money stable given the low nominal short term interests rates in the 1930s or was there a liquidity trap 3) Could nominal price and wage rigidity offer an adequate explanation for the persistent stagnation during the 1930s? 4) Were policy failures by the Fed actions acts of omission or commission or did they represent the application of the old classical theories to new circumstances? 5) Were open market operations by the Fed, unaccompanied by reforms in the monetary and bank regulations, sufficient in reversing the 1930-1933 stagnation? Following the publication of the Monetary History, economist focused either on confirming Friedman and Swartz assertions or in researching the implications of their findings. For two decades, the focus was mainly on the first three questions. Unfortunately, economists restricted there inquiries within the framework of the sticky-price, IS-LM paradigm. This approach severely limited the search for alternative transmission mechanisms between financial markets and the macroeconomy (Bernanke, 1983). Support for the Monetarist theory has come from formal statistical tests which examined the correlations between money and aggregate spending (Mishkin, 2007) a number of researchers found that there was no liquidity trap during the 30s; therefore, money supply shocks could have had an important effect on aggregate output (Meltzer, 1963; Temin, 1989). Field argued that the pre-depression stock market boom increased money demand and that this was not offset by corresponding increase in money supply. This resulted in increases in the interest rates and in deflation (Field, 1984). Evidence corroborating Friedman-Swartz illiquidity hypothesis as the trigger of the bank failures came from data on bank suspensions aggregated at national or regional level, this data show a correlation between bank failures and turning points in indices of industrial production, the money supply, the money multiplier, interest rate, and deflation rate (Friedman, 1963; Wicker, 1980). According to White (1984, p 138), the first bank failures in the 1930 were not unique; rather, it was a continuation of the banking failures of the 1920s. Recently studies by Calomiris and Joseph (2003) have revealed a strong correlations between the characteristics of banks, the economic environment in which they operated and their chances of survival. The thesis that banks failures were not panic induced, but were a continuation of the bank failures of the 1920s, which were linked to bank overbuilding suggested a lesser role of bank failures as a transmission mechanism. Other critics â€Å"advocated additional exogenous expenditure shocks to explain the cause of the depression noting that the real money stock had not contracted during the early stages of the depression (Temin,1976; Bernanke,1983 ). † At the same time, some scholars argued that the reduction in money stocks during the initial stages of the depression was not large enough to trigger the depression (Meltzer, 2003) In short, economists realized that money shocks alone could not have transformed the recession into a depression. Thus, additional link were needed between the financial markets and the macroeconomy. Bernanke captured it this way in his 1983 research paper: â€Å"One problem is that there is no theory of monetary effect {per se} on the real economy that can explain protracted non neutrality. Another is that the reduction of money supply in the period seems quantitatively insufficient to explain the subsequent fall in output (Bernanke, 1983, p257)† The new paradigm shift came with the application of theoretical models of credit allocation under asymmetric information in imperfect markets to the Great Depression. Mishkin was the first to apply this model in his study of the impact of changes in household balance sheet and consumer spending during the Great Depression (Mishkin, 1978). He argued that â€Å"in the 1930s, the depressive effect of aggregate wealth reduction on consumption was compounded by the dept deflation which in turn reduced aggregate consumption demand. Using empirical evidence, Bernanke research suggests that the efficiency of credit allocation was reduced under imperfect market conditions of the 1930s and that aggregate demand was reduced by the resulting higher cost and reduced availability of credit (Bernanke, 1983). This process, in his opinion, can account for he protracted length of the great depression. Taken together, this new paradigm was not a rejection of Friedman and Swartz thesis, it merely showed that the monetary shock and other events in the early phase of the Depression prolonged the Depression through there effect on the institutional structure of the credit markets and the balance sheet of borrowers (White, 1984; Romer,1989). In short, macroeconomists have concluded that the tendency of banks to respond to deposit outflows and increased risk of loan defaults by freezing credit can aggravate recessions, magnifying declines in investment, production and asset prices (Calomiris, 2008) The focus on deflation and financial collapse throughout the world also suggested ways through which the depression was channeled to other countries. Currently, economists agree that the gold standard played an important role in transmitting the economic decline in America to the rest of the world (Campa, 1990; Bernanke, 2002b) under the gold standard; trade imbalances gave rise to international gold flows. In his analysis of international transmission of the American Depression, Kindleberger reasoned that that the stock market collapse and deflationary shocks triggered a liquidity squeeze, a reduction in bank lending and the international financial collapse of the 1930s i. e. the lack of access to credit forced less-developed countries to use up their gold and foreign exchange reserves; this forced them to sell old quantities of primary products at reduced prices (Kindleberger, 1973). He also noted that the depression was more protracted in countries which stuck to the gold standard The countries that abandoned gold pursued independent monetary policy and were able to rebound faster. International studies correlating adherence to the gold standard, deflation and continued economic decline have confirmed this argument (Bernanke and James, 1991; Eichengreen, 1992). Economists also believe that the enactment of The Smoot-Hawley Tariff which was supposed to protect American Farmers triggered a counterproductive wave of protectionist measures around the world, which worsened the depression (Draghi, 2009; Hamilton, 1987, Meltzer, 1963) Although most of these debates occurred after the Great Depression, scholars now agree that both inept fiscal and monetary policies transformed a normal business cycle into a depression. Since monetary contraction was part of the problem during the Depression. Currency devaluation and monetary expansions had to play a leading role in the recovery process. A number of commentators have shown that the American money supply increased by 42% between 1933 and 1937 and worldwide monetary expansion led to a lowering of interest rates and easy access to credit (Mishkin, 1991). Economists argue that since fiscal expansion can reduce expectation of deflation, they can reduce the cost of borrowing (Romer, 2009). Keynes theory that government spending, tax cuts, and monetary expansion are essential in countering recession can also be justified in light of historical evidence. Economists reason that the massive government spending, such as the New deal program {specifically Work Progress Administration (WPA) and Agricultural Adjustment Administration (AAA)} reignited the economy (Calomiris and Mason 2003, Romer 1989, Temin 1989). In fact, the general consensus among scholars is that the economy â€Å"American economy began to recover with a new monetary expansion and spending in preparation for war (White, 2009b). † Concerning Banking sector reform, the view on the Bank Holiday is that it was a dramatic and effective remedy. The other reforms have also drawn support from Great Depression scholars (Blinder, 2008; Gapper, 2007; White, 2009b). These reforms saw the creation of a number of regulations and institutions, Banking Act of 1933 (commonly known as Glass Steagall Act) – the act prohibited commercial banks from underwriting of dealing in corporate securities. Insurance of bank deposits by FDIC was designed to prevent depression type bank runs. SEC regulated investment and Federal Home Loan Bank (FHLB) guaranteed Residential mortgage loans. Collectively, scholars now believe that these regulations insulated America’s banking system from the booms and busts of the financial markets (Russell, 2008). Bernanke (1983 p2) â€Å"argues that only with the rehabilitation of the financial system in 1933-35 did the economy begin its slow emergence from the Great Depression. † The 2007 Economic recession The economic literature on the current recession is still limited, however adequate amount of literature exist on the impact of the down turn on the U. S. economy. The Economic Report of the President Jan, 2009 gives a comprehensive coverage of how the recession started; where it started and what is to be done. A large amount of literature can also be found on the causes of the crisis. among others. In terms of impact, the reports from the Bureau of Economic Analysis (BEA) indicates that from Dec 2007 to May 2009, America has had 57 bank failures; the unemployment rate has increased to 8. 9%; the economy has declined by – 3. 3% from the second quarter 2008 – first quarter of 2009; from Sept 2008 to may 2009, the federal government has increased the money stock by 125% and over the same period the biggest fall in the Dow Jones industrial stands at -53. 8%. The outlook is equally dire; most analysts have predicted a recession that may last up to two years (Roubini, 2009) Moody’s Investors Services (MIS), while further job losses are also expected have predicted increased foreclosures, while further job losses are also expected. But the impact has not been limited to America. The International Monetary Funds (IMF) World Economic Outlook published in Jan 2009 painted a bleak picture of the world economy in general: They predict that the real global growth will be close to zero; in the same report, growth in advanced world economies was projected at -2%. In his report, presented to the V Symposium on International Trade (Feb 20, 2009) Cline reported that the economic crisis in America has triggered a highly synchronized global recession, which has seen a contraction in all economies (see the Graph below showing global growth over 3 decades (Cline, 2009). Figure, 3 Showing the Synchronization of Global Recession Taken together, commentators are unanimous that, in term of severity, this recession is still mild vis-a-vis The Great Depression. Shiller (2009) writes that a lot of the upheavals in the economy have not been seen since the Great Depression. He cites the stock market volatility, the bank failures, the housing bust, the breakdown in intermediation, and the near zero interest rate. Besides the statistical comparisons, the current debate and research effort is focused on how the how the crisis started. The proximate consensus is that: the mortgage security backed housing boom in America it to blame and that the origination and distributions of this paper assets is at the heart of the problem (Markus; 2008; Grotty, 2009; Bernanke, 2009; Gapper, 2009) at the same time, researchers maintain that the crisis in the banking sector, was not independent, but resulted from distortions and incentives created by past policy actions. Blundell-Wignall, etal (2009), in there paper presented at a Reserve bank of Australia conference, averred that the current financial crisis is caused by global macro policies affecting liquidity and by very poor regulatory frame work. More specifically, economists recognize that any theory of causality, must, among other things, explain how the housing boom started, describe the factors behind the explosion of the residential mortgage backed securities (RMBS), how the banking crisis was triggered and the policy distortions that made it possible (Tett, 2007; Rajan 2009; Grotty, 2009). The findings of a number of researchers who have studied the causes of the current financial crisis in America conclude that the policy distortions started with gradual undermining of the Glass Steagall Act, from the 1980s; and the rise of the neo-classical theory of free markets (which advocates markets deregulation) Shiller (2005, p 43) argues that business cycles in the financial markets would not have been a major problem had banks been kept off the asset markets. The same argument is advanced by Summers (2008) who asserts that the deregulations in the banking sector exposed the banks to the bubbles and bursts of asset markets. Wray (2009) traces the poor regulatory framework in the U. S to the New Financial Architecture (NFA) which he claims is represented by a globally networked system of giant bank conglomerates and shadow banking system of investment bank, hedge funds and bank created special investment vehicles (SIV). In short, most scholars agree that the Riegle-Neal interstate banking and Branching efficiency Act of 1994 and the repeal of Glass Steagall Act in 1999 through the Gramm-Leach-Bliley Financial Act played a crucial role in laying the foundation which led to this crisis (Mishkin, 2009, p 268; Grotty, 2009). Atkinson, Wigall, and Lee (2009) have also concluded that the Basel II accord on international bank regulation also opened an arbitrage opportunity for banks which led to the acceleration of off-balance-sheet activities. In the same paper, they claim that SEC 2004 decision to allow investment banks to manage there own risk was a major policy blunder. Soros puts it this way. â€Å"Since 1980, regulations have been progressively relaxed until they have practically disappeared. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦authorities could no longer calculate their risks and started relying on the risk management methods of the banks themselves (Soros 2008)† At the same time, scholars have concluded that the other root cause of the problem is traceable to the easy availability of credit. Diamond, etal (2009, p 615) argue that the policies affecting liquidity availed a lot of funds to the banks. The 1% federal interest rate, the % interest rate in Japan, the fixed exchange rate in china and large reserves of sovereign wealth funds are listed in his paper as sources of cheap credit which fueled the economic boom in America led to an inflation of prices around the world. The claims that interest rates were low are supported by statistics which indicates that real short term interest rates were negative from mid 2001 to mid 2005, given the modest values of inflation (Yellen, 2008) The low interest rates, in turn, ignited a housing boom. Fig, 3 shows the Case-Shiller house index from 2000-2008. According to Grauwe (2009), the doubling of US house prices from 2000-2006 was not underpinned by real changes in the U. S economy. In the same survey, he reports that between July 2006 and July 2007 the value of Dow Jones and the SP 500 rose by 30% while GDP increased only by 5%. Taken together, researchers have concluded that the collapse of the real estate market in 2006 was the origin of the crisis. The rising foreclosures turned the credit boom into a bust. however, economist have at the same time stated that the severity of the housing market bust has been compound by the weakness inherent in the financial system (Calomiris, 2008; Rajan; 2009; Bookstabber, 2007) namely; use of bank deposits for speculative activities- this operation was made possible though special investment vehicles (SIV) sometimes called shadow banking; new financial innovations – derivative products like Credit Defaults Swaps (CDS) and Collateral Dept Obligations (CDO): they have been described as complex and overly opaque; failure of rating agencies to properly calculate the risks embedded in this instrument; and failures by regulators and supervisors. Some have added that the formulas used to compute the level of risk in this instrument was questionable and that the development of riskier higher order CDOs tended to magnify the systemic risk (Volcker, 2008; Veneroso, 2007; Soros, 2007; Rajan 2009 b). Sorros (2008) argues that the new types of mortgage-backed securities central to the boom were too complex and opaque to be priced correctly. Grotty (2009 p 40) also argues that these instruments encouraged fraud since most investors did not even know what they were buying. That when the risk inherent in these products became apparent in 2007, investors pulled back from structured products in general, banks had to re-absorb the losses incurred by their off balance entities – SIV, straining there balance sheets in the process. Moral hazard problems and adverse selection worsened with time lending to a credit freeze which led to a slow down in economic activities around the world (Mishkin, 2007, Folkman etal, 2007; Dornbusch etal, 2000) Concerning solutions, most policy makers agree that to reverse the recession, there is need for closely coordinated intervention at global level and that efforts must focus simultaneously on fiscal, monetary and financial stability policies. The underlying assumption is that restoring confidence in the prospects for employment and income and returning to balanced growth are the only way out of the recession (Draghi, 2009). Strong expansionary fiscal policies, with measures to support demand and safeguard banking and financial system have been instituted throughout the western world. The $ 800 billion dollar stimulus plans in America has been seen as bold policy initiative, although many economist are worried about its repercussion on the national dept. The proponents of this plan see it as the best way to either create jobs or prevent job losses (Romer, 2009). At the same time, most central banks around the world have rapidly lowered there interest rates. Draghi (2009) argues that in the initial stages of a crisis, rapid disinflation should not be allowed to turn into a deflation. To keep the banks afloat, central banks have injected large quantities of money into the system; in some instances, they have bought corporate dept to keep financial institution afloat. Russell (2009) notes that reactivating financial intermediation is also essential since capital requirements cannot be satisfied by the state alone. To achieve this goal, economists agree on three basics steps. The need to guarantee liabilities to stop bank runs; taking the banks through a stress test to identify the banks with solvency problems and ring-fencing the problematic securities or transferring them to separate entities such as bad banks followed by recapitalization (Wheelock, 2009; White, 2009, Draghi, 2009) are possible ways of unfreezing bank lending. At the same time, economists agree that a solution to the housing crisis is necessary. Lastly economists have pointed out that there is a need to reform securitization, credit rating agencies, poor risk modeling and underwriting standards, as well as corporate governance lapses (Krugnall etal, 2008). Some economist has also concluded that massive failure in corporate governance in some companies reflects poor incentive structures for decision, thus bank reforms should be extended to corporate remuneration practices (White, 2009; Blinder, 2008, Crotty, 2009) Reference Bekaert, G, Harvey, C. R. , 2005, â€Å"Market Integration and Contagion,† Journal of Business, Vol. 78, (No. 1), pp. 39–96. Bernanke, B. S. , 1983. Nonmonetary effects of the financial crisis in the propagation of the great depression. American Economic Review 73, 257–276. Bernanke, Ben (2002). On Milton Friedmans Ninetieth Birthday, at the Conference to Honor Milton Friedman, University of Chicago, Chicago, Illinois, November 8. www. federalreserve. gov. (accessed on May, 10, 2009) Blinder, Alan, 2008. What Created This Monster? , New York Times, 23. Bookstabber, R. , 2007. The next financial crisis starts here, Financial Times, August 23. Calomiris, W. C. , Mason, J. R. , 2003. Fundamentals, panics, and bank distress during the depression. American Economic Review 93 (5), 1615–1646. Calomiris, C. W. , Financial Factors in the Great Depression. The Journal of Economics Perspectives, Vol 7 (2) pp 61-85.

Factors for Visitor Centre Design Effectiveness

Factors for Visitor Centre Design Effectiveness An investigation and analysis of visitor centres and their use with regard to interpretation. Visitor centres are an important component of attractions or sites. Indeed, their purpose is manifold, ranging from information referencing to travel advisement. Architectural design is also a distinguishing visitor centre feature. Designs range from the traditional to the nuance. Discussed here is a comparative visitor centre analysis based on three general themes: i) General Purposes, ii) Design and iii) Information: A How to Guide. General Purposes The primary role of a visitor centre is to convey information regarding a specific or grouped set of attractions within a defined geographical area to a continual visitor stream. In this sense, visitor centres are designed to act as reference guides both through directions and information sourcing to those interested in a particular site or attraction (England 2005, Florence 2006, Petrilli 2004). An analysis of visitor centres both within the UK and around the world reveals that information is presented in myriad fashion based on general site theme. Several secondary roles are also associated with visitor centres. For example, visitor centres may act as a shelter and hospitality (however limited) provider (Wright 2004[1]). These roles may be especially prevalent among outdoor and/or geographically remote centres relative to more urban-set counterparts. Another secondary visitor function may involve travel advisement (Rompf et al. 2005). For example, visitor centres of specific towns or cities may offer services such as road-maps sales, hotel and restaurant directories and weather advisories. These functions exist to minimize the time and financial effort expended by an individual who possesses specific queries regarding personal travel plans. It is important to note that regardless of specific function performed by a given visitor centre, each serves to provide primary informative or logistical services with time and cost-efficiency to individuals. Design There are several elements that contribute to visitor centre design effectiveness. These elements include primary structural design, accessibility and invasiveness. It should be noted that within certain categories there are several variations. For example, primary structural designs may consist of simple, traditional enclosures or complex, nuance architecture. Evaluation of design effectiveness is based not on preconceived notions simply of what is good vs. what is bad, but rather overall appropriateness relative to primary mission of the visitor centre. Discussed below are examples of high vs. poor quality visitor centres. Under each heading, primary examples are listed and discussed. Each example is discussed relative to the main criteria within the design realm (i.e. structural effectiveness, accessibility and invasiveness) that characterizes a visitor centre. High Quality Designs Sydney Visitor Centres, Sydney, Australia Structural designs of the Sydney visitor centres are large and open (see visitor centre, The Rocks, right). The Sydney Visitor Centres are situated in the downtown precinct. Accessibility is excellent given proximity to commercial, entertainment and transportation hubs (i.e. Circular Quay). Also, the centers are well marked to the public. For example, the visitor centre situated in The Rocks (see right) is marked with a large yellow pillar denoting the information symbol. The degree of invasiveness is minimal because the centres exist within already developed commercial areas. Poor Quality Designs Stonehenge Visitor Centre, England The Stonehenge Visitor Centre designs are sound in structure, but poor in accessibility and invasiveness. For example, early renditions of the visitors centre reflect its use as a modern facility wherein visitors can become engaged in Stonehenge’s historical significance. However, a new visitor centre demands motor-based transportation between the centre and Stonehenge monument itself (BBC Online). Critics assert the environmental damage sustained with building of new road infrastructure to facilitate such transfers (BBC Online). Also, the centre is placed such that traffic is bottlenecked along a major interstate motorway (BBC Online). Information: A How to Guide Information presented within a visitor centre is critical to the user’s overall experience and satisfaction. There are three primary elements of information presentation that act not in mutual exclusivity, but in coordination to provide a comprehensive learning experience for a given individual. The first element is information accuracy. Information must be presented with high accuracy to must lucidly inform individuals of what and why a certain site bears historical, cultural or economic significance. The second element is presentation style. Critical to this element is a balance between detail and restrain. Information is most effectively presented if it enables satisfaction among users of a variety of ages, intelligence and general interest levels. The final element involves integration. This refers to the ability to present various different information pieces (i.e. historical accounts, vegetation descriptions[2], maps etc) in context of the site’s general theme or purpose. For example, the Centre for Disease Control in Atlanta, US, hosts an exhibit entitled â€Å"The World Ahead† (CDC 2003). The exhibit incorporates several presentations dealing with real, modern risks and threats to global health such as bioterrorism and infectious disease (CDC 2003). Information integration is highly effective as the exhibit exists on the premises of one of the most advanced health laboratories in the world. Discussed below are two examples of visitor centres that convey information with high effectiveness. Each example is discussed relative to main criteria within the information realm (i.e. information accuracy, presentation style and integration) that characterizes a visitor centre. As well, visitor centres are examined based on inclusion of essential issues – who, what, where, when, why and how – related to a specific site. Sydney Visitor Centres, Information Services Consider this example that uses a template for information services offered by the Sydney Visitor Centres Online. The following is an exert taken from Sydney Visitor Centres Online website (Information Services, http://www.sydneyvisitorcentre.com/content/dyncontent.cfm?pg=100360) that explains the range of services available within or facilitated by each of its two downtown visitor centres: â€Å"Sydney Visitor Centres offer a comprehensive information service, which includes: Conveniently located centres at The Rocks (9.30am- 5.30pm) and Darling Harbour (9.30am- 5.30pm) open every day of the year except Christmas Day and Good Friday Expert Visitor Services Advisers many of whom are multi-lingual Free information brochures and tourist guides A real-time Booking Service for accommodation, day tours, cruises and other activities in and around Sydney Exclusive souvenirs and gifts, postcards, phone cards, travel cards, tickets and passes for purchase† (Information Services, Sydney Visitors Centres 2006) Consider this outline of information services in the context of satisfying the essential criteria behind any marketing piece – answering the Who, What, Where, Why, When and How regarding the visitor centres and their services. First, the ‘who’ is clearly outlined in the heading, avoiding confusion among individuals as to who to consult vis-à  -vis Sydney attractions and sites. The ‘what’ is explained in terms of each service offered by the visitor centres (i.e. service advisers, booking services, amenities such as phone cards, tickets etc). Heritage and Leisure, Cork, Ireland Information and links distributed through the Heritage and Leisure Department of Cork City council highlights the city’s most famous attractions. For example, links are provided to the Cork Museum, Blarney Castle and Cobh Heritage Centre, each of which possesses a unique significance to Irish culture and history (Cork City Council 2006). The Cobh Centre is particularly well advertised and explained as a sea-farers port, in past for Irish emigrants and in present for cruise liners (Cork City Council 2006). This centre also satisfies the essential information criteria regarding the subject of the site – ‘who’ (Cobh Heritage Centre), ‘what’ (past port for Irish emigrants), ‘where’ (Irish southeastern coast), ‘why’ (drought), ‘when’ (mid 19th to mid 20th century) and ‘how’ (via ship). Conclusions Visitor centres are most effective when blended into respective surroundings and when information is most aptly presented and explained based on site theme. Planners and contractors should heed such fundamental criteria such that future visitor centres accentuate, not dominate specific sites. References BBC Online Version. ‘Visitor Centre â€Å"Will Never Happen†Ã¢â‚¬â„¢. Undated, Anonymous. Accessed online at http://www.bbc.co.uk/wiltshire/stoned/countess.shtml>, April 17, 2006 CDC Hopes to Draw Crowds of Tourists to New Visitors Center. Anonymous. 2003. Physicians Financial News. 21(13): 25 Cork City Council, Ireland. 2006. Heritage and Leisure. Accessed online at http://www.corkcorp.ie/strategiccorkguide/our_city/heritage_and_leisure.shtml, April 16, 2006 England J. 2005. Historic Wood Used in Nature Preserve. Rocky Mountain Construction. 86(16): 42 Florence B. 2006. ‘Quill Lakes Prepares for Hordes of Spring Visitors’. StarPhoenix, 10 April, p. A3 Information Services, Sydney Visitors Centres. 2006. Accessed online at http://www.sydneyvisitorcentre.com/content/dyncontent.cfm?pg=100360>, April 17, 2006 Petrilli PE. 2004. River of Life. Consulting-Specifying Engineer. 36(4): 48 Rompf P., DiPietro RB and P. Ricci. 2005. Locals’ Involvement in Travelers’ Informational Search and Venue Decision Strategies While at Destination. Journal of Travel Tourism Marketing. 18(3): 11 Sydney Visitors Centres (SVC). 2006. Sydney Visitors Centres. Accessed online at http://www.sydneyvisitorcentre.com/content/dyncontent.cfm?pg=100355>, April 17, 2006 Wright G. 2004. Capitol Visitor Centre Project Nears Halfway Mark. 2004. Building Design Construction. 45(6): 7 Footnotes [1] Note that the Capitol Visitor Centre in Washington, DC, holds a capacity of ~600 for dining events (Wright 2004) [2] See Petrilli (2004) for description of Sandstone Visitor Centre, US, and connection to eco-friendliness

Latinomics, Good or Bad? :: essays research papers

Latinomics, Good or Bad?   Ã‚  Ã‚  Ã‚  Ã‚  What are the effects of the Latino and Hispanic population on the economics of Kentucky? According to Olsen if the Hispanic population were a city, it would be the third-largest and fastest growing city in the state. The U. S. Census Bureau reports that the Hispanic population of Kentucky was 21,984 in 1990 and almost 60,000 in the year of 2000. These figures do not take into account the undocumented immigrants which are estimated by the government at over 100,000. Based on these figures, the estimates seem low. I would venture to say that in the state of Kentucky there could be as many as 140,000 to 160,000 Latinos and Hispanics combined. Just look at the number of Hispanic children being born in the local hospitals. The article states that twenty-nine percent of the births last year at Jewish Hospital in Shelbyville were Hispanic babies. Just imagine what the figures must be in the Lexington hospitals. Some of the benefits of this new immigrant population are workers with an honest work ethic and they are not afraid of a hard day’s work for a fair wage. As the article states, they are not taking jobs away from locals, they are filling a void that cannot be met by the local labor force due to the lack of persons willing to perform the jobs. The agriculture and horse industries have benefited immensely from the labor of these immigrant workers, both male and female. It takes a lot of manual labor to harvest the crops and make all the farms look so pristine. In central Kentucky we are experiencing a major housing boom and the immigrant population has stepped up to plate by providing the manpower and specific skills needed to build houses at the rate of demand that we expect. Along with this comes the satisfaction that they are helping to build the future of the community. They take pride in the fact that in fifty or one hundred years, the houses that they helped to build will still be standing for the next generation. One local builder states that he has six immigrant workers because he cannot find the help he needs locally and two of them have been with him for more than five years and one for close to ten years. He pays all of them above average wages and provides them with housing, medical care, and other benefits.

GMA and Another EDSA threat :: essays research papers

I’m not a supporter of GMA (and I will never be), but I do not agree that she should step down from her post. GMA resigning would mean that the no-brainer Noli de Castro will be the 15th President of the pitiful Philippine Republic – and that’s the last thing I would dream of. But if the Filipinos would prefer to add another episode to the never-ending EDSA Revolution series, then Mrs. Susan Roces-Poe would take over her post. What’s wrong with Noli and Susan? Noli de Castro is a well-known Lopez crony, and if he will become a president our Meralco bills will be as high as the Lotto Jackpot prize. And besides, he doesn’t have any leadership qualities nor the mind to rule a country. He being a vice-president and senator is even unacceptable. And Mrs. Poe is just the same. Let’s face it: a president should be someone with at least a college degree. Mere sales clerks are required to have such educational attainment, why not require it to the highest post on the land? The problem in this country is the fact that the electorate can easily be charmed with a ridiculous circus performance during the campaign period. Charisma will never fill our empty stomachs. So if GMA stepping down would result to Kabayan or Inday being our next president, then I think it would be a bit better to stay with GMA – unless Ping Lacson is one of the options. It’s like choosing the lesser between two (or three?) evils as they say. Yet, Mrs. Arroyo should still be responsible for the alleged cheating she did last 2004 Elections. Sorry would never do it this time (maybe because we are not as holy as God?) because anyone who committed crimes did not get away with what they did just because they apologized. I don’t know if she will ever turn into a

Racial and Multicultural Tolerance vs. Economic and Societal Benefits E

Racial and Multicultural Tolerance vs. Economic and Societal Benefits We exist in a society where intolerance for the racial and cultural differences of others is commonplace, and solidly rooted. Whether you live in the US, Middle East, Europe, or Asia, situations can be found where matters of money, domestic dispute, war, torture, and rape, have been incited or settled based on the ethnicity of parties involved (amnesty.org). Though it has for over a hundred years been the outspoken goal of certain societies to change this environment of unfairness, and in many cases injustice, – with the United States being the forerunner in this endeavor – the change, especially in the past several decades, can be considered modest at best (Lewis Mumford Report). For years we’ve listened to politicians support visionary ideas of bringing together people of varied ethnic backgrounds. â€Å"Until justice is blind to color,† stated Lyndon Johnson during his presidency, â€Å"until education is unaware of race, until opportunity is unconcerned with the color of men’s skin, emancipation will be a proclamation but not a fact.† Government programs like affirmative action were designed with the hope in mind of them being the keys to closing the gap between the economically and socially superior, and the historically underprivileged (Ravitch). Futurists and creative thinkers have come and gone preaching the idea, the dream, of a time when racial injustices would be a thing of the past, and yet it ironically seems we have a great distance to travel before this becomes reality. Perhaps it is not the assumed impossibility of closing this gap that keeps people from supporting these dreams. When one considers the motivators of society today, it’s difficul... ...0303_stauffer.asp>. Province, Jonathan. â€Å"World’s Richest Countries.† cylist.com. 2003. . Con Ravitch, Dianne. â€Å"How Affirmative Action Harms Minorities.† Forbes Nov. 1997: 112. Normand, Roger. â€Å"The Palestine Question: Israel’s Economic War in Context.† Brecht Forum. 25 Jan. 2001 . Anonymous. Free Palestine. 1999. 30 Sep. 2002 . Bollyn, Christopher. â€Å"The Real Cost of US Support for Israel.† Axis of Logic. 20 Sep. 2003. . Anonymous. â€Å"The Arab-Israeli Conflict: Basic Facts: Arab Countries versus Israel.† Israel Science and Technology. 15 Nov. 2003 .

My Best Friends

Leah YoungYoung 1 2/14/13 Essay#2 English 101 My Best Friends There’s really no great way to start my story other than with the truth. I was 31 and living in a tiny apartment in one of the worst neighborhoods in Louisville. I was on my second divorce and third abusive relationship. Between me making excuses for bruises and the women my then husband was seeing while I was working, life for me was a sad one. I woke up one morning and decided I had to leave. I packed all I could, filed an EPO and waited for him to be served. I then moved my family into my cousin’s house while still paying rent on my apartment.It took an entire month to go back to my apartment. I’ll never forget that feeling while walking back to my apartment for the first time. I felt the heat as if there was a knife at my back as I walked down that sidewalk, as if someone was staring me down. Every time I heard something that fear would set in, and believe me fear itself is a powerful thing. At thi s point I had no companionship and I knew I needed it. I had all I needed otherwise, I had my own place, my kids and had found Jesus. I wanted companionship, unconditional love but had no interest in dating being the market for a quality man was small.Besides I was nowhere close to being ready for a relationship, so I decided I would get a dog. I got online and posted to my friends if they knew anyone that had a small dog that needed a good home. An adoption agency was suggested so I started browsing. I applied for a few but they were already taken and Young 2 the only one that was available I didn’t think anyone would adopt. Another friend of mine gave me the number to a temporary rescue for dogs. I called them and she said there was a small dog that was going to be put down if no one adopted him, so I agreed to pick him up the next morning.I had no idea what he looked like, only that his name was Biscuit. The next day I went to the rescue and there he was the dog I said â⠂¬Å"no one would adopt†. Everyone wanted a full breed so they were adopted quickly leaving Biscuit, â€Å"The Ugly Duckling†. When I first saw him I chuckled seeing his funny build. He is one half Dachshund (wiener dog) and half Chihuahua, both breeds love to bark. He had his ears perked up looking like satellites, his eyes matched his coat, his legs are short and stocky, long body and his face is a cross of both breeds, he is called a Chiweenie.As I watched Biscuit playing with the other dogs, I just fell in love. After I played with him for 30 minutes, watched him drag toys out to share with his pals and the wagging of his tail when I first picked him up. It was then decided that he was a perfect fit for me being the oddball, so I brought him home and that night he jumped right in the bed and snuggled with me under the blankets. (Biscuit, age unknown 2012) Young 3 After a week with Biscuit I felt that unconditional love I’ve needed for years, filling that void in my life. I went and saved his precious life, and he made mine a happier one.His unconditional love makes my quality of life far better than what it was. I was now happy in my little apartment. This was the first time I was just me and had to learn who I was again. Having Biscuit in my life helped me in doing so. Taking him for walks gave me time to think about what I wanted to get out of life. I thought to myself, there has to be more than this. I want to have a nice home, go back to school and live a happy life alone or not. I didn’t need a companion, none other than my dog and my family. One cold day in January it was snowing and couldn’t be more than 15 degrees outside.Biscuit needed to go out, so I put our coats on and took him for a stroll. While walking him I heard a whimpering noise and started looking around. After about five minutes, I saw this little Chihuahua with ice on her ears and could see her ribs as she shivered in the freezing cold. I called for he r and she ran to me, so I put her little body inside my coat and took her home. I put out notice of dog found and decided if no one claimed her within a month, I would keep her. My daughter fell in love and named her Princess. Princess immediately took to our family as if she belonged.Within weeks, I had her back to health. She’s a short haired, light brown Chihuahua and by far the cutest thing I’d ever seen. Her temperament is so loveable and offers love to anyone whether they want it or not. She’ll wear clothes, play, does cute dances when I come home and on a funny note stuffed elephants are boyfriends to her. A month went by and no one claimed her. By this time, we had bonded and I had two dogs to cuddle up next to me. Needless to say I’ve spoiled them rotten. Princess became my second best friend. My little Chihuahua has made a huge impact Young 4 on our family.Her love is so genuine and comforting, there’s just nothing like it. I have fallen in love with her and treat her and Biscuit as if they are my kids. Both of them help comfort us when we have rough days. I believe in fate and don’t think it was by chance that these two dogs entered our lives. We all suffered some form of abuse. Biscuit came from a puppy mill being locked in a cage, Princess was left freezing and may have died had I not found her, and my kids and I suffered from abuse and broken homes. I believe we needed each other and it’s a match made in heaven. (Princess 2012, age unknown)Together these two dogs and my family have been through so much. They have bonded as well and do make life easier to deal with. When I’m sick and laying in bed they seem to know. They always greet me with wagging tails and a toy ready to play as I walk in the door. When I was faced with the possiblility that I may have to find my babies a new home, it broke my heart. I had to flee our apartment for safety reasons and save for a new place, I had no where to keep my dogs. My family stepped up and my cousin allowed Princess to stay with me at her house, while my brother allowed Biscuit to live with him.The bond I have with my dogs is different from one I have with a Young 5 human companion. My dogs don’t judge me, they love me no matter what and always are happy to see me. Leaving the apartment turned out to be a blessing. I had to save for several months and live in an apartment with a total of nine people. I took on different roles in the house to do my part. Going from my own three bedroom apartment to a twin size bed I shared with Princess on the floor and everything I own locked in a storage unit, was very hard. I had to be humble and prayed every night just to get me through.After I had saved enough money, I started searching for a new home. It took four long months to save enough money to move. I had been searching for a home that was big enough so that every child would have their own room, an office for me and a basement with a fenced back yard for the dogs that I could afford. If I hadn’t started looking when I did, I may never have fell in love with my third best friend, Will. He has been a friend of the family for many years, but I hadn’t gotten to know him well, I only heard so many good things about him. It was at the hospital when his neice Kendra was born when we first had met.I thought then he may have been interested just by the way he looked at me and the way I felt when he hugged me for the first time. It had been over a year and a half since I actually felt anything for anyone. It took a year of off and on meetings and it wasn’t until his neice’s first birthday that the connection was established. He kept making eye contact with me and conversation that kept me smiling from ear to ear. I got that warm feeling inside I had hoped to feel someday. At that point I let go and put him in God’s hands, I let God decide if it were meant to be.Two weeks had went past since the birthday party and just by chance or act of God we happened to run into each other at the store. We had a good conversation I Young 6 thought wouldn’t end, nor did I want it to. The way he looked at me with those eyes of kindness, want and the feeling of my heart thumping as every word left his mouth, it was then I knew my feelings were valid and it just may be meant to happen. I had mentioned that I would be moving in a few weeks and ask if maybe he could help since he had a truck, of course he agreed. I finally found my current house that fit all my needs and turned out to be in his neighborhood.I didn’t have Will’s phone number and needed help moving. The only way to get was to go to his house, I knew that’s what I had to do. I’ve never been so nervous in all my life as I pulled down his street and thought I was gonna to hurl walking up those steps to his door. As I knocked, my heart was in my throat. He answered the door and gre eted me with his smile I had missed and thought about for weeks. He gladly gave me his number and said to call when I was ready. I called him and we set a time for him to move my things. As he pulled in to pick me up, my heart was pounding and I had butterflies in my stomach.We had good conversation on the way to the storage and after all was done, he decided to take me on a tour of the neighborhood showing me all the ends and outs. I thought, well I won’t get lost when walking Biscuit and Princess. When he finally took me home, I was a little sad because I didn’t want the night to end. However, he did get to meet my dogs and their opinion mattered a great deal. They are loyal and have been here far before he exsisted to me and they liked him. Turns out he left his dolly there so I knew he had to come back to get it, and that he did.My heart fluttered as he got his things, that night I took a shot and ask if it would be okay if I called him. Later that night we talked for at least an hour, laughing and enjoying good conversation as I sat on my porch with my dogs cuddled beside me. The next night he came over to set up my washer and dryer. I ask if he wanted to Young 7 watch a movie and as we watched Daredevil, he leaned over and kissed me for the first time. It was the most amazing feeling I had ever felt. Right then I felt that he was the one I had been waiting for so long. He called the next afternoon and ask me out on our first real date. Our date was to little pizza place and I love pizza! The conversation and date went so well, we decided to make a weekend of it. We’ve seen each other almost everyday for the past year and a half since our first kiss. On November 23, 2012 he ask me to be his wife and I happily accepted his proposal. We’ve become best friends that love each other unconditional the way my dogs love me. No matter what it is, I know I can talk to him and not risk judgement. We have so many similar interest and have fun doing nothing at all. The future is untold as life brings about changes, but I believe I have found my best friends that I will love the rest of my life. Will and I at Van Halen concert, 2012) I’ve been down a long, broken road that lead me to some of the happiest times and saddest times in my life. For once, I now feel complete and found three best Young 8 friends that will give me a lifetime of memories. I know that through ups and downs they will be there for as long as God allows. I was once a broken woman struggling through illness, loss of loved ones, hopelessness and lived a sad, lonely life. Through prayer, patience, self disipline and a few best friends I’m now a happy woman that has gained a new family, a true love and best friends I’ll love forever.