Washington D.C as a world city Essay Example | Topics and Well Written Essays - 500 words

Washington D.C as a world city - Essay Example This directly influences the social condition in the society and acts as a primary driver for social inequality. (Gibel, 2007) The problem with Washington has been the issue of Native Americans Versus the African Americans. A research work conducted at MIT and the Chicago University revealed that the filtering of candidates for issuing jobs was done based on whether the applicant had a white sounding name or a black sounding name and around 60-65 percent of applications were rejected in the case of blacks. Jews marched on Washington against racism on 20th of April 2002 (nkusa.org, 2002). The Jewish leader Rebbi Weiss delivered a speech on ethnic equality mentioning the advantages of social equality in the society and its affect on the all round development of the city. Not only this, the plague of racism even affected the law protecting bodies like the police, fire and municipal services. Police officials exchanged hundreds of racist messages through E-mails including segregated grou p meetings (adversity.net, 2005). In 2001 about 10 percent of the police force is involved in the investigation for law violation (adversity.net, 2005). The Racial discrimination in the society of Washington follows the models of racism. Individual racism where a person acts in such a way to degrade others based on race like a boss not hiring or promoting an efficient worker on the basis of race etc (William, 2002) were common. The lack of proper parenting for and injecting the evil thoughts of racism into children are resulting in racial discrimination in schools and colleges. The environment of social grouping also has a major impact. The differences in the power and influence are easily seen in the majority section of society (William, 2002).These racist policies embedded at organizational level is structural racism. The American psychiatric association stated that racial discrimination affects the mental health of a person and leads to further mental

Hotel Industry Dissertation Example | Topics and Well Written Essays - 12000 words

Hotel Industry - Dissertation Example Presently, there have been a number of sectors emerging to share the commercial space. With time these sectors have taken up the shape of industries which are immensely successful and contributing to the economy of the country. The specialization of the industries has made way for affluent economies of the world. This is also testimony to the flourishing financial condition of the people who are an indispensable part of the successful outcome. This further goes to explain the series of changes which have been taking place over the decade. Since the past decade there has been a lot of activities and movement of people from one place to another, there have been more and more people traveling to different destinations of the world. The tourism industry has been one of the many industries which have active and growing with time. There has been a considerable change in the hospitality industry which is a very related to the tourism industry. It would be appropriate to say that, the hospit ality industry has come to prominence in the past decade and has been one of the most important industries contributing to the financial affluence of the country. The success and the growing influence of the hospitality and its close relation to the hotel industry have been a matter of great interest to a number of researchers for a long time and there have been a number of researchers related to this. Two of the important factors in both of these industries is the satisfaction of the customers and the brand loyalty.

Tell how stepping outside of your comfort zone taken you on an Essay

Tell how stepping outside of your comfort zone taken you on an unexpected path to change your life. Also tell about a childhood event that you feel has most sh - Essay Example Many of the men and women involved in these construction efforts are community volunteers. Several years ago, my long-time acquaintance, "Thomas" suggested that we volunteer for a specific project, which involved a rapid construction of a two-bedroom dwelling. My initial response to his request was quite negative, offering an argument that such an activity is only suited for skilled laborers. After an extended period of disagreement, I finally relented and allowed Thomas to sign us up as contributors to the project as one-day only volunteers. Thomas and I showed up for "duty" on the final day of construction, when the kitchen flooring, cabinetry, and other finishing touches were being accomplished. We were each assigned a partner and given multiple tasks to perform. Throughout the course of this extremely arduous day, I learned valuable skills such as how to install countertops and how to lay ceramic tile. I realized the importance of do-it-yourself knowledge as it provides a broader set of skills which can be applied to everyday living. However, my learning consisted of much more than just a fundamental knowledge of home improvement. On that day, the future owner of the home came to inspect the property with her two small children. Armed with cookies, tears, and excessive gratitude, this woman made an effort to embrace the entire volunteer staff and express that the home would take her life from destitution to an opportunity for hope and a future for her children. I realized instantly that my minimal volunteer efforts had made a tremendous impact in the life of a hardened family. In one day, I learned the long-term value of compassion and community relations. This ties in with an event which I experienced as a child that fundamentally changed my viewpoint about caring. My long-time friend, "Jessica", had invited me over for our usual playtime. On this particular

Autopsy of a Crime Scene Essay Example for Free

Autopsy of a Crime Scene Essay 1.Which technique is the best choice when blood is found at a crime scene? In the genetics laboratory (under resources at the bottom of the window), who is one individual that contributed to modern genetic analysis? What did this person contribute? I would say that analyzing the blood in a lab would be the best technique. Alec Jeffreys is known as the father of genetic profiling. He invented what is now an essential technique, especially in forensic science, called a polymerase chain reaction, or PCR. 2.How are computers used in fingerprint analysis? Experts examine tiny fingerprint details known as minutiae. These may be loops, dots, forks, islands, etc. Several comparison points must be perfectly matched for two fingerprints to be considered identical. 3.Who is a pioneer in fingerprint analysis? Describe a famous case that this person was involved in. Edward Foster studied fingerprint analysis in the US and introduced it to Canada. IN1911, Foster testified as a fingerprint expert in the Jennings case. Fingerprints in the wet paint next to Mr. Hiller, the murder victim, were the only clue. Foster demonstrated to the court that the prints of Thomas Jennings, who had been arrested as he was fleeing the scene, matched those left in the paint, and Jennings was convicted. 4.What is the role of the forensic chemist in crime scene investigation? These experts analyze all chemical, organic, and inorganic aspects of a sample. They separate the components and identify them using a variety of tests and devices. Their findings are used as evidence by the investigator and in court. 5.Who helped pioneer forensic chemistry? Describe one of her famous cases. France McGill became a pathologist and teacher is Saskatchewan. When Dr. McGill examined the stomachs of an elderly couple who had died on Christmas Day, she found a large quantity of strychnine, a powerful poison, along with the bran. The murder weapon was soon identified: the two of the victims had eaten bran muffins baked by their granddaughter. She had actually intended them for her father. She was charged with murder, but later acquitted. 6.In the ballistics laboratory, what is the water tank used for? Describe the analysis. To determine whether a bullet found at the crime scene actually came from the suspects weapon, it must be compared with  another bullet from the same gun. Ballistics experts fire it into a special water tank that slows and stops the bullet so that they can collect it intact. 7.Who helped pioneer ballistics analysis? What did he contribute? Wilfrid Derome was a multitalented Quebec doctor: a medico-legal expert, toxicologist, forensic photographer, medical examiner and scientific communicator. He founded the Laboratoire de recherchà © medico-legales de Montreal, the first laboratory in North America and only the third in the world. His motto: â€Å"Never allege anything you can’t prove.† 8.Why is measuring and diagramming the scene important? A police officer makes a sketch of the scene, measuring distances using measuring tapes and a laser meter. He notes the specific location of objects, Clues, and the body. The photos of this sketch will later be used to draw an accurate plan of the site on the computer. 9.What materials or tools would a crime scene technician use? A crime scene technician would use a camera to photograph the scene, a polilight to find clues that a rent visible to the naked eye, he would make diagrams and take measurements, they would use a magna brush and some type of colored powder to make any fingerprints more visible, and anything to properly take samples with. 10.From the activity and the information it had, what aspect of an investigation do you think you’d most like to work in? For example, would you prefer one of the laboratories? What appeals to you about this particular aspect of the investigation? I think I would like to work in a lab doing ballistics examination because I like to do a lot of puzzles and I believe that in some aspects it is like a big puzzle trying to figure out which gun fired the bullets at the scene.

Destiny, Fate, Free Will and Free Choice in Oedipus the King - Oracles and Prophecy :: Oedipus the King Oedipus Rex

Oedipus:   Oracles and Uncontrollable Fate  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   King Laios the ruler of Thebes, has a son with his wife Queen Iocoste. His name is Oedipus. The soothsayer Teiresias, a loyal servant to the King and Queen tells them some disturbing news. Teiresias tells King Laios and Queen Iocoste that their son, Oedipus will kill his father and marry his mother. The king and queen make a decision to take the baby boy up to a mountain far away from the town. King Laios gives the baby to a servant and instructs him to bind the babies ankles and leave him on the mountain side to perish. The servant follows his instructions but instead of leaving the boy on the mountain side he gives him to a shepherd and makes him promise to take the boy to a far away place. This is how King Laios and Queen Iocaste try to avoid their fate. They are threatened by the existence of their son so they try to have him killed, to end their problem. However this plan, almost foolproof does not work. The shepherd brings the baby boy back to his city and gives him to King Polybus because the King and Queen could not have a child. Oedipus grows up as the son of Polybus and Merope. When Oedipus was a young man he was told that he was not his father’s son. He tires to dismiss this horrible accusation as that of a drunken man, but it always bothered him. One day Oedipus decides to go to the Oracle to see his knowledge of Oedipus’ birth. The oracle tells Oedipus his fate is the death of his father by his own hands and that he will marry his mother. He does not answer the original question Oedipus asked as to who his true parents are. Upon hearing this Oedipus decides to leave the city and never return as long as his parents (Polybus, Merope) are still alive. Oedipus is running from his fate as he leaves the city and heads far from there. On his travel down the road he encounters a chariot drawn by horses and they force him off the road, and as the charioteer went by Oedipus hits him, the man swings back. Oedipus hits him with a blow that knocks him out of the chariot, and the man falls dead to the ground.

The Effects of One-Child Policy on Chinese Kinship

Burt Jiang Anthropology 331 4/22/2013 Term Paper The origins of Chinese civilization derive its roots from the Huang-he and Yangtze Rivers. Like other ancient river valley civilizations, these two rivers provided early Chinese settlers with the raw materials necessary to sustain culture and society. Burgeoning from small, scattered clans, autonomous groups of Chinese villages situated around the rivers would in turn become the building blocks of the ancient Chinese dynasties to the modern day, People’s Republic of China.The system of clans became an effective method of identifying one’s own lineage through the maintenance of a single surname throughout the clan. As the social structure of the clan grew, the complex interactions among clan and non-clan members eventually synergized to create China’s own form of kinship. Anthropologists have since come to classify Chinese kinship under the broader term of Sudanese kinship. The Sudanese, and by extension Chinese, ki nship is considered the most complex system with a separate designation for almost every one of ego’s kin based on generation, lineage, relative age, and gender.As observed, the Chinese kinship system already has a strictly defined scheme of kin identification, but the monikers only serve as an outline of China’s kinship system. The true backbone of Chinese kinship draws its source from Confucian ideals, ideals that have been deeply ingrained in Chinese dogma since the late fifth century B. C. Among his teachings of filial piety and ancestor worship, Confucius outlines for the Chinese people the five most basic interactions: interactions between ruler and subject; father and son; elder and younger brother; husband and wife; and between friends.Of the five interactions, the interactions between father-son, and husband-wife, have seen the greatest amount of development and change throughout to course of China’s history. As China exited the feudal age and entered t he modern world as The People’s Republic of China, the two interactions identified experienced considerable changes while maintaining their signature Chinese accent. Feudal China’s departure, and the advent of communist China, has brought forth rapid family reform and ultimately, the initiation of the One-Child Policy. Even in the face of rapid modernization and reform, the trong influences of Confucian ideals and an intrinsic patrilineal descent pattern still characterize Chinese kinship; however, the introduction of the One-Child Policy, and its ramifications, has put stress on the traditional Chinese family structures as well as possibly creating many more problems future generations must solve. Of all the pseudo-religious institutions that took hold in China, Daoism and Zen Buddhism, most notably, the concept of ancestor worship put forth by Confucius is by far the most ubiquitous in Chinese culture and kinship relationships.Defined by the nine agnates, Confucius t ook great efforts to outline the nuclear family as clearly as possible, three generations prior to the ego, the ego, and three generations after the ego. Within the nine agnates, ancestral worship and filial piety became the driving forces that perpetuated kinship interactions in China for generations. Thus forms the cyclical cycle of Chinese kinship, the younger generations are kept in line by the rules of filial piety while the older generation is kept in memory and reverence via ancestral worship.The importance of ancestor worship can be conceptualized and materialized through the complex mourning attire and rituals exhibited by the Chinese people. Much like the suru’ai of Kwaio, individuals in mourning must display no worldly attachment, must not be seen in public, must have abstain from sexual activity, and generally must live a life of detachment throughout the mourning period (Akin March 11). The mourning period is defined by the relationship of the mourner to the indi vidual that has passed away; consequently, the duration of this period can range from three months to three years based on the strength of the bond shared.During a time of mourning, individuals must also wear complementing attire to signify which stage of mourning he/she is in; hence the attire has evolved into the five degrees of mourning attire. Chinese mourning rituals were taken very seriously within the clans and the act of proposing to an individual exhibiting any stage of the five degrees of mourning attire was considered highly immoral and taboo. Rituals of ancestor worship, like mourning ceremonies and attire, serve to underscore the importance of the ancestors to the Chinese people.The sterility, and structure, of the mourning period is an excellent example of the reverence Chinese individuals hold for their deceased kin; to interrupt the transition from individual to ancestor is still considered highly disrespectful and taboo even in modern China. Ancestor worship provide s a broad blanket of allegiance for the Chinese kinship system. The importance of ancestor worship is to keep entire clans together, but the smaller familial units require a force more tenable and exact.Within the nuclear family, Confucius saw the wisdom to conceive of another ideal that complements the notion of ancestor worship, that idea being filial piety. Filial piety, in turn, provides the construct in which the five relationships, outlined earlier, can be practically maintained and perpetuated. Confucius’ relationship of father and son is kept constant by the power of filial piety. Younger generations are taught to respect and heed the advice of their forefathers. Consequently, this interaction creates an incredibly structured kinship system in which obedience is preferential to individuality.The rules defined by filial piety culminated in the written document known as The Great Qing Legal Code, introduced during the Qing Dynasty, 1644 to 1912. This document not only p rovided, in great detail, the laws and codes regarding kinship bonds on all five levels of relationship, but it also included the punishments if those bonds were broken or tested by crime (Jones 29). Criminal activity was therefore punished more severely if the crime committed was within the clan, and further intensified if the offence was committed against a higher ranking individual.The importance of upholding the kinship relations set forth by Confucius can be seen in the Code’s punishment for breaking the first and foremost relationship of ruler and subject. Punishment for breaking China’s most important bond resulted in what is known as: â€Å"The extermination of nine kindreds†. Any individual who commits treason against his/her emperor would be subject to the complete annihilation of his/her nine agnates, effectively erasing that individual’s bloodline (Jones 16).This incredibly overt punishment trickled down, with lesser severity, to the other fou r relationships, and ultimately underlined the importance of loyalty to kin and emperor. Filial piety’s significance is further stressed in the father-son relationship because of China’s early affinity to the patrilineal descent system, echoes from the country’s roots in the clan structure. Since only males can bear and preserve the family surname, loyalty of the son to the father became critical in a patrilineal descent system.In order to ensure the lineage’s continuation, carefully arranged marriages between families would rise as the forefront solution. Chinese kinship, like many other systems, relies on the institution of marriage as bridge between two bodies of people. Recognized in Confucian teachings, a married couple is considered the most basic social unit from which other relationships stem. In Chinese culture, marriages were generally arranged by a matchmaker who would bless the union. After the marriage, the wife would be incorporated into the husband’s family; thus resulting in the importance of the production of sons to keep the family surname.Throughout history, Chinese marriages and kinship revolved around the production of viable sons to carry the family name. Like Kwaio societies, fertility of the mother proved to be of paramount importance when evaluating a marriage relationship (Akin February 20). It is important to take note, however, that while monogamy was the accepted practice, polygamy gained prominence in imperial families that could not produce a healthy male heir, a problem solved also by nurture kinship (Akin January 23).Once married, divorce was possible only if the wife was proved to have engaged in one of these seven offences: failure to observe filial piety to the parent-in-laws, failure to bear a son, consistently vulgar or lewd, harbors jealousy, has a vile disease, gossips too much, or commits a theft. Although unusual to western societies, gossip is viewed as a poison to families and clans because of its inherent proclivity to hyperbole and fabrication. Patrilineal descent’s importance can be clearly observed in marriage rituals as divorce is only possible if the female fails to produce a son or commits other errs.There are, however, three distinct situations in which a wife is guaranteed immunity from a divorce, those three situations being: the wife has no family to return to, the wife has observed a full three year mourning period for her parent-in-law, or if her husband was poor during marriage and is currently wealth. In conjunction with ancestor worship, filial piety, and the structured marriage system, Chinese kinship has developed these three hallmark pillars to safeguard strong kinship bonds of father-son and husband-wife from one generation to the next.Although only briefly mentioned earlier, the wedding ceremonies themselves are a testament to the extravagance and importance of a decision such as marriage to the Chinese people. Categorized by the si x etiquettes, Chinese wedding ceremonies consisted of: the proposal, birthdates, bride price, wedding gifts, arranging the wedding, and the ceremony itself. Each of the six etiquettes involves a highly organized succession of events that would lead to marriage of husband and wife. The first two steps, proposal and birthdates, involve a matchmaker evaluating a potential daughter-in-law for marriage.If the divination rituals, Suan Ming, are positive and both sides of the marriage accept the terms, the next step would be submitting a bride price (Wolf 102). Bride price, or betrothal gifts, is then presented by the matchmaker to the bridegroom’s family completing the pre-wedding rituals. The actual wedding ceremony is somewhat austere in comparison to its preparation. It simply involves, in western society terms, the exchanging of vows and good blessings followed by paying respects to the Jade Emperor, other deities, and each family’s ancestors.Finally, the wedding banquet is the closing event in the marriage process and is often more lively and festive. Traditionally, the groom is responsible for the cost of the wedding invitation, pastries, the banquet invitations, and the wedding itself. Wedding banquets are elaborate and consist usually of five to ten courses, with ingredients such as  shark's fin,  abalone,  lobster,  squab,  sea cucumber,  swift nests,  fish roe  in soup or as decoration on top of a dish to symbolize fertility, and local delicacies (Wolf 88).Customarily, the father of the bride is responsible for the wedding banquet hosted on the bride's side and the alcohol consumed during both banquets. The wedding banquets are two separate banquets: the primary banquet is hosted once at the bride's side, the second banquet, smaller banquet, at the groom's side. While the wedding itself is often based on the couple's choices, the wedding banquets are a gesture of appreciation, to those that have raised the bride and groom, suc h as grandparents and uncles.Additionally, this gesture incorporates the ideas of nurture kinship, in which kinship persists and even thrives beyond the nuclear family. Grandparents, aunts, and uncles, of both sides of the family would often offer help in raising a family’s child in an attempt to establish nurture kinship bonds. These bonds would then be materialized through gift exchange during the wedding banquet and other important family occasions. The two banquets serve also to ensure the relatives on each side meet the relatives on the other side (Wolf 49).Thus out of respect for the elders, wedding banquets are usually done formally and traditionally, which the older generation is thought to be more comfortable with. As one can see, the six etiquettes of the marriage and its accompanying practices come together to create a single cohesive event meant to bring two families of different clan origins together as one. The traditions and conventions of Chinese kinship that have been examined have been kept constant for much of the nation’s history until the late 19th century and early 20th century.As political turmoil and growing dissatisfaction with the incumbent Qing Dynasty rose, the Chinese population made a push towards reform. After two decades of consolidation, dynastic China emerged from the feudal era as The Republic of China in 1912 headed by Sun Yat-sen. During the Nationalist era, Chinese kinship saw a slow movement towards modernity, a topic discussed in other sources but not focused on in this paper (See Hinton and Zarrow). The one exception to the evolution of kinship in China during this period was the residual influence of The Great Qing Legal Code.Although never referred to by name since the fall of the Qing, the collection of codes put forth by China’s forefathers manifested itself as a strict penal code during the Republic era, and would be re-adapted based on socialist law during the People’s Republic era (Jon es 229). Even when the governments representing China adjust to better fit its changing political landscape, the influences of Confucian teachings still resonate deeply in Chinese kinship and culture. Ultimately, the capitalistic ways of Nationalist China began to brew dissatisfaction among the classes as predicted by the rising popularity of Marxist theory at the time.The issues described by Marx, such as class conflict, were only exacerbated by China’s already enormous proletariat population. Eventually, and inevitably, The Republic of China was usurped by the communist oriented People’s Republic of China, headed by Mao Zedong in 1949. Mao’s rise to ascendancy and the subsequent initiation family reform policies such as the One-Child Policy has had tremendous consequences on traditional Chinese kinship structure and maintenance. The communist party’s policies regarding family and kin have persisted into the 21st century with some repercussions already a pparent, and others that have yet to be evaluated.The newly formed People’s Republic of China introduced itself to the modern world as a backward, unsophisticated nation of peasants led by a few intellectuals. Needless to say, the communist party saw prudence in creating a new image for itself. Family size and structure rose to the top of the communist party’s agenda as a target for transformation. In 1979, the Chinese government embarked on an ambitious campaign of market reform following the economic stagnation of the Cultural Revolution. The government saw strict population containment as essential to economic reform and to improvement of living standards.So championed by The State Family Planning Bureau, the One-Child Policy was introduced. In its execution, the Policy did everything the Chinese government hoped for by preventing roughly 100 million child births as of 2009 (Hesketh 1173). Although effective in containing China’s population growth, the One-Ch ild Policy proved to have meaningful impacts in other aspects of Chinese culture, particularly Chinese kinship. The Policy’s repercussions are in direct conflict with China’s oldest tradition of ancestor worship.A ritual that had been a driving force of Chinese kinship since the very beginning of feudal China is now at odds with the policies of modern China. Specifically, the One-Child Policy has created a conundrum known as the four-two-one (referred to as 4:2:1) phenomenon. The phenomenon is the estimated ratio of grandparents to parents to children currently existing in China (Hesketh 1171). Immediately, the most apparent issue is the imbalance of the ratio between grandparents to grandchildren, essentially for every one child there exist four grandparents.This many not seem like an issue to western societies, but China’s enormous population, a result of post-WWII baby boom trends, exacerbates the ratio to a breaking point. Traditional kinship bonds dictate t hat the younger generations must care and nurture for their elders. However with such an unbalanced ratio of individuals between the generations, China’s sons are failing to support their fathers while jeopardizing their own livelihood. Confucius’ signature relationship of father-son is now threatened greatly by the incurred financial burden of China’s youth.Changes in kinship structure and, to a lesser degree, family structure are driven by changes in fertility and mortality. The drastic reduction in fertility has substantially reduced the number of children born to each family, so that the extensive horizontal kinship ties of China’s past have essentially been curtailed (Jiang 128). However, improvements in mortality have brought unprecedented longevity to China’s elderly, and an overlap of generations that has made vertical kinship ties increasingly common (Jiang 129).Ancestor worship is at odds with China’s new agenda of population refor m and containment. The sudden reduction of horizontal kinship bonds and gross amplification of vertical kinship bonds forces China’s newest generation to pick between financially stability, through neglecting their elders, or supporting their elders, through draining their own personal capital. Similar to ancestor worship, the Confucian concepts of filial piety and marriage are also tested by the One-Child Policy.Starting with filial piety, the stipulation that families can only bear one child has put tremendous emphasis on patrilineal descent and the birth of sons. In feudal China, citizens were given the opportunity to produce as many offspring as needed and yet some families still failed to produce sons, and lineages were lost. Now, with only one opportunity, modern Chinese families have put an unprecedented level of importance to a mother’s ability to bear a male child. This in turn critically affects the father-son dynamic established by Confucius.Instead of overt ly obeying one’s parents, male children in China now understand the importance of their position, and exploit it. China’s newest generation of males have exhibited an unrecorded level of sexual, social, and media experimentation, generations of sexual and individual repression are just now starting to be shattered (Fong 1103). Additionally, the One-Child Policy has had mixed impact on the status of females and by extension marriage. With very limited contraception available for women, the One-Child Policy has forced families to prioritize the birth of males over females.This inevitably leads to the marginalization of the female gender in modern China and an incredibly imbalanced gender ratio. However, the results of the Policy on woman’s social status in China are not completely skewed to one, negative aspect. Those women who are kept by their families have just recently seen an unparalleled lift in their social positions and powers. Daughters empowered by the s upport of their parents, with no sons to favor, are able to defy detrimental norms while strategically using ones that give them advantages in the educational system and the job and marriage markets (Fong 1105).Furthermore, divorce rates have never been higher in modern China as a result of the empowered female gender. Women are more freely seeking new relationships and marriages, a notion inconceivable during the height of Confucian marriage practices. Modernity is an atypical force. Traditional kinship relationships and marriage practices of China are not necessarily broken by modern policies, like the One-Child, but they are certainly altered from their ancestral conceptualizations in feudal China. Chinese kinship is one of the most unique and complicated kinship systems ever examined.The kinship bonds established by the Chinese people may appear outwardly strict or even ascetic, but underneath the guise of structure, is an incredibly resilient dogma that still influences kinship in China today. Confucius’ ideas of ancestor worship, filial piety, and marriage all amalgamate to create a system of kinship that has withstood dynasties, regimes, and political parties. The recent challenges presented by the One-Child Policy have certainly put strain on traditional kinship relationships like that of father to son.Yet, the elevation of the female gender and increased fluidity in marriage rituals signify that Chinese kinship is not as stagnant as some anthropologists believe. No matter how much change is imposed on China’s kinship, the voice of Confucius will always permeate families, marriages, siblings, and children. Works Cited Directly used in paper: Akin, David. â€Å"Doubts, Critiques, and Revisions of Kinship Studies. † Anthropology 331. University of Michigan. Ann Arbor, 23 January 2013. Akin, David. â€Å"Totem, Taboo, and Identity (part 1). † Anthropology 331. University of Michigan.Ann Arbor, 11 March 2013. Akin, David.  "Marriage as Exchange. † Anthropology 331. University of Michigan. Ann Arbor, 20 February 2013. Fong, Vanessa L. â€Å"China's One-Child Policy and the Empowerment of Urban Daughters. †Ã‚  American Anthropologist  104. 4 (2002): 1098-109. Print. Jiang, Lin. â€Å"Changing Kinship Structure and Its Implications for Old-Age Support in Urban and Rural China. †Ã‚  Population Studies  49. 1 (1995): 127-45. Print. Jones, William C. The Great Qing Code. Oxford: Clarendon Press; New York: Oxford University Press, 1994 Hesketh, Therese, Li Lu, and Zhu Wei Xing. The Effect of China's One-Child Family Policy after 25 Years. †Ã‚  New England Journal of Medicine  353. 11 (2005): 1171-176. Print. Wolf, Arthur P. , and Chieh-shan Huang. Marriage and Adoption in China: 1845-1945. Stanford: Stanford UP, 1980. Print. Additional Research Hinton, William. Fanshen; a Documentary of Revolution in a Chinese Village. New York: Monthly Review, 1967. Print. Zarrow, Peter Gue. After Empire: The Conceptual Transformation of the Chinese State, 1885-1924. Stanford, CA: Stanford UP, 2012. Print.

Quantitative Easing

Evan Schrager 11/14/2011 Quantitative Easing Research Paper The term  quantitative easing  (QE) describes a process in which the Federal Reserve expands its balance sheet through purchasing back government bonds from financial institutions with electronically created funds. The government purchases, by way of account deposits, give banks the excess reserves required for them to create new money by the process of  deposit multiplication  from increased lending in the fractional reserve banking system. As the supply of medium and long-term government bonds decreases, their prices increase. This leads to a decrease in their yield; yields are often a determinant of long-term interest rates, mortgages and most business lending. Since it is easier for individuals to borrow money, consumer wealth increases, which leads to investment and consumption increases as well. Risks include the policy being more effective than intended, spurring  hyperinflation, or the risk of not being effective enough, if banks opt simply to pocket the additional cash in order to increase their capital reserves in a climate of increasing defaults in their present loan portfolio. In the quantitative easing process, the Fed goes to a network of dealers, in search of Treasury bonds. The Fed buys the bonds in a competitive bidding process between the approved bond dealers. The Fed takes a bond certificate and gives the dealers freshly printed US dollars. The transactions are done electronically, but it is still referred to as printed money. The US  Federal Reserve  held between $700 billion and $800 billion of Treasury notes on its balance sheet before the current recession. In late November 2008, the Fed started buying $600 billion in  Mortgage-backed securities. By March 2009, it held $1. 75 trillion of bank debt, MBS, and Treasury notes, and reached a peak of $2. 1 trillion in June 2010. The primary dealers can offer to sell the Fed bonds held by their clients. The newly printed money moves from the Fed, to the dealer, to the client’s brokerage account. Cash is moving directly into the real economy. The customer can buy another bond, buy stocks, use it at the grocery store, or simply keep the cash. Right now, however, cash is earning next to nothing, so investors are motivated to find alternative stores of value. They are motivated to spend or invest their cash. With an ongoing battle taking place between inflationary and deflationary forces in the economy and financial markets, it is extremely important for investors to understand how â€Å"quantitave easing† programs will impact their investments and their long term purchasing power. Since quantitative easing represents a threat to our wealth based on its potential adverse impact, this topic warrants serious attention above and beyond a boilerplate analysis. Common references to â€Å"cash sitting at banks† will give investors a poor read on what quantitative easing is and the possible ramifications for our portfolios and the economy. In order to put QE in context, I will discuss the Japanese deflationary spiral of the ‘90s. Japan suffered from stagflation throughout the 1990’s, so the Bank of Japan instituted a quantitative easing program of its own, referred to as QEP. The QEP consisted of three key elements: â€Å"(1) The BOJ changed its main operating target from the uncollateralized overnight call rate to the outstanding current account balances (CABs) held by financial institutions at the BOJ (i. e. , bank reserves), and ultimately boosted the CAB well in excess of required reserves. 2) The BOJ boosted its purchases of government bonds, including long-term JGBs, and some other assets, in order to help achieve the targeted increases in CABs. (3) The BOJ committed to maintain the QEP until the core CPI (which in Japan is defined to exclude perishables but not energy) stopped declining. † The effect of the Bank of Japan’s liquidity injections on bank lending was muted by the substitut ion of central bank liquidity for interbank liquidity. Second, despite the dampening of the stimulus from the liquidity injections due to this substitution, there was a positive and significant effect of liquidity on bank lending. This implies that quantitative easing can affect the supply of credit, particularly during periods of financial stress. However, the overall effect was fairly small, so that huge amounts of liquidity would have been needed to achieve noticeable effects. Third, weak banks benefited more from QEP than stronger banks. However, â€Å"the rapid unwinding of liquidity infusions observed at the conclusion of QEP had little impact on lending growth once bank health and confidence in the banking system had been restored. † It is possible that QEP exerted ositive effects, but that these were simply overwhelmed by the drag on total spending coming from weakness in the banking sector and balance sheet problems among households and firms. Since there are a number of ways that QEP may have stimulated spending, we can infer that the QE programs in the United States will stimulate some spending as well, but perhaps we will overestimate the effects just like Japan did years ago. When you consi der some of the world’s largest sovereign wealth funds may participate in QE, you can understand the potentially broad impact of the Fed’s actions. The largest ones control billions of dollars. With the currency risk involved when foreigners hold treasury bonds, it is not a stretch to believe that some sovereign wealth funds will be interested in selling some of their treasuries to the Fed in exchange for newly printed US dollars. They may also quickly exchange the cash for gold, silver, copper, oil or stocks to reduce their currency risk. Fears of future inflation can make cash unattractive in the eyes of investors and consumers. A big part of the Fed’s approach is to increase the expectations of future inflation since it can change the investing and buying habits of businesses and consumers. Since there are many unknowns, and many moving parts, listen with skepticism to anyone who claims to know the long term impacts of QE programs on both the financial markets and the economy. † We need to better understand the QE process, and monitor and assess the market’s reaction to details as they are released by the Fed. We must be willing to make inflationary a nd deflationary adjustments based on market internals and economic data. Adopting a â€Å"QE will work or won’t work† approach in advance would be highly speculative. Flexibility is always important in the markets, but maybe more so when it comes to the possible long term impacts of QE. This newly printed money will find its way around the globe, impacting currencies, commodities, and foreign stock markets. According to Brian P. Sack of the NYFRB, â€Å"The effect of asset purchases on the economy remains a point of ongoing debate, with some uncertainty about the channels through which such purchases operate and the magnitude of those effects†¦ In particular, by purchasing longer term securities, the Federal Reserve removes duration risk form the market, which should help reduce the term premium that investors demand for holding longer term securities. That effect should, in turn, oost other asset prices, as those investors displaced by the Fed’s purchases would likely seek to hold alternative types of securities. † â€Å"Nevertheless, balance sheet policy can still lower longer-term borrowing costs for many households and businesses, and it adds to household wealth by keeping asset prices higher than they otherwise would be. It seems highly unli kely that the economy is completely insensitive to borrowing costs and wealth, or to other changes in broad financial conditions. † Notice the references to â€Å"boosting asset prices,† and â€Å"lowering borrowing costs,† and â€Å"adding to household wealth by keeping asset prices higher. From Mr. Sack’s perspective, the Fed buys intermediate term treasuries, which drives down the yield for new investors. Mr. Sack hypothesizes that those new investors will decide to purchase other bonds, perhaps with longer maturities as they search for higher yields. As the Fed pushes demand to other areas of the bond market, longer term interest rates would fall. As new investors look at their options, they may decide to purchase other high yielding assets since the Fed’s actions have made yields on more conservative investments unattractive. Since the Fed promises to remain in the market with QE for an extended period, the risk associated with holding stocks, higher yielding bonds, commodities, precious metals and real estate are reduced. If you think in extremes, if the Fed stated that all treasuries would pay no interest for the next 5 years, investors would move into investments with more risk in search of higher yields. A good way to summarize QE is as follows: QE attempts to lower long term interest rates, keep them low for a pre-defined period of time, while pouring cash into the economy in an effort to boost consumption and investment. Like gold, US dollars have value only to the extent that they are strictly limited in supply. The government has technology that allows it to produce as many US dollars as it wishes at essentially no cost. By increasing the number of US dollars in circulation, or by threatening to do so, the US government can reduce the value of a dollar in terms of goods and services, which is the same as raising the price in dollars of those goods and services. Thus, we can conclude that, under a paper money system, a determined government can always generate higher spending and hence, positive inflation. The important takeaway is the concept, which is to print money, and devalue the purchasing power of US dollars in your wallet/bank account. Based on the government and Fed’s extreme actions during the financial crisis, it is safe to say that we have a determined government. Investors cannot underestimate how determined our government will be, in terms of â€Å"how much money are they willing to print? † and â€Å"what assets are they willing to buy? † For example, if buying T-bonds doesn’t work, what prevents them from moving to corporate bonds, stocks, residential housing, or commercial real estate? That sounds extreme, but five or six years ago, having the Fed buy treasury bonds or having the government take over AIG seemed extreme. But that happened right before our eyes. A problem around the globe is weak balance sheets from consumers to corporations to municipalities all the way up to the United States’ assets and liabilities ledger. There are two ways to address weak balance sheets. You can attack the asset side or the liability side. During recessions, bad debt is removed from the system when entities go out of business, defaulting on their debts. This is a painful part of a recession, but is necessary to allow capital to reform, which eventually leads to new investment and sustainable economic growth. The hard way to address our problems with balance sheets is to let those who deserve to fail go out of business. Unfortunately for the country’s long term outlook, the hard way, or short term pain, does not sit well with those in positions of power—especially politicians, who are always concerned about the next election. This is a huge flaw: we need to think in terms of what is best for the future of our country instead of thinking in the short term. If we need to reduce our standard of living in order to combat the national deficit, then so be it. Americans need to stop complaining about the recessionary conditions and must make sacrifices now in order to guarantee future standards of living. In order to understand all of the bailouts, government takeovers, and money printing, you basically need to think about powerful people in business and government who are simply trying to stay in power, regardless of whether or not their actions are in the best long term interest of shareholders, taxpayers, and ordinary hard working citizens. These comments do not apply to the select few in positions of power who still make decisions based upon sound principles and integrity, but most politicians do not. I’ll stay away from this topic because it is a political issue, but quite relevant so I felt it was worth mentioning. In a healthy credit market, banks lend while consumers and businesses borrow to invest and consume. Demand, based upon available credit, boosts asset prices and profits. As asset prices rise, balance sheets strengthen. With healthy balance sheets, businesses and consumers feel wealthy, and borrow more, invest more, and consume more. This is known as the wealth effect. As asset prices rise, the collateral backing the loans remains sound, allowing the banks to lend even more, and around and around we go, until credit causes the creation of too much supply. A good example is the recent overbuilding in the housing market. Then asset prices begin to fall. Now the wealth effect becomes the reverse wealth effect, as consumers, businesses, and banks begin to see their net worth deteriorate. When the Fed lowers interest rates, they attempt to spur borrowing and lending. This, in turn, can get the wealth effect back into gear, as borrowed money creates demand for goods, services, and assets. In the present day, traditional banks are reluctant to lend, and many consumers either don’t want a loan, or cannot get a loan. In this environment, the Fed, via QE, is trying to spark the wealth effect by attempting to re-inflate asset prices. QE II refers to the decision in November 2010 in which the FOMC announced the purchases of 600 billion longer-term treasury debt. A fair question to ask is, â€Å"Why did we pursue QEII? There are several reasons the government went through with another round of QE. Firstly, the Japanese experience with mild deflation and a near-zero nominal interest rate has been poor. Second, inflation in the US was close to the implicit FOMC inflation target during the first part of 2010. However, during 2010, a renewed disinflation trend developed and the recovery slowed down in the summer of ’10. These developments leav e the US at risk of a Japanese-style outcome. Was QEII effective? The financial markets effects of QEII looked the same as if the FOMC had reduced the policy rate substantially. Specifically, real interest rates declined, the dollar depreciated, and equity prices rose. These are the classic financial market effects one might observe when the Fed eases monetary policy in ordinary times (in an interest rate targeting environment). The QEII experience shows that monetary policy can be eased aggressively even when the policy rate is near zero. However, it is difficult to observe the overall effects of QE and QEII because of the lags involved. Effects on the real economy would be expected to lag by six to twelve months. Real effects are difficult to disentangle because other shocks hit the economy in the meantime. This happened, apparently, during the first half of 2011, and is a standard problem in evaluating monetary policy. Overall, QE2 has shown that the Fed can conduct an effective monetary stabilization policy even when policy rates are near zero. Now I will discuss investment strategies for inflationary and deflationary outcomes of quantitative easing. Inflationary and deflationary forces coupled with possible Fed intervention require a flexible approach to financial markets. Common sense tells us that money printing is probably not the path to long term prosperity, but I do believe QE can impact asset prices in a manner not fully understood by many individual investors as well as many financial advisors. If the Fed is successful for a period of time, I would invest in inflation friendly and weak-dollar assets such as gold, silver, copper, oil, and emerging market stocks. If the Fed fails in the long run, then a deflationary spiral may be the outcome, making cash, gold, dividend payers, conservative bonds, and CDs attractive. Middle of the road choices include utilities, consumer staples stocks, and other dividend payers. Financial markets tend to anticipate Fed announcements. We always have to be on our toes for information/news relevant to QE. If you read the writings of Ben Bernanke and more recently writings by James Bullard, you know the Federal Reserve is willing to use every tool and printing press in their arsenal in attempt to re-inflate asset prices and restore some semblance of the wealth effect. However, we must understand that the Fed faces high hurdles, in the form of mountains of global debt and fragile asset prices. So far, the U. S. has been able to get away with massive debts and unsustainable deficits for one simple reason. The U. S. dollar is still the world’s reserve currency, as it has been effectively since World War II and literally since the early 1970? s. Because all governments and banks in the world accept and hold U. S. dollars as the majority of their reserves, the United States is able to simply print more money whenever it cannot afford to pay for things that it needs. Besides this, the country can borrow money in its own currency at incredibly low interest rates that we have seen approach almost zero. US citizens personally benefit in another critical way every time that they stop to get gas. With the U. S. dollar as the international reserve currency, oil and almost all  commodities  are all priced in dollars. As a result, you see an enormous amount of inexpensive goods available. Food items and other items that use oil/gas as inputs are extremely cheap. This makes restaurants and other attractions affordable in America. The level of wealth seen in the United States is simply unprecedented, and most of this results from the benefits of the dollar as universal reserve currency. There will be dramatic consequences difficult to imagine if the dollar finally ceases to be the reserve currency of the world. Should this happen, then the value of the dollar will plummet. The immediate painful effects will be that commodities prices skyrocket. These would no longer be priced in U. S. dollars, and you would see the falling value of the dollar buy fewer and fewer commodities. Gasoline at five to ten dollars a gallon is not only possible, but highly likely. Along with higher gas prices, we could see higher prices for anything that uses oil to ship goods around the world. This means practically everything that you buy would all cost dramatically more. As prices skyrocket, your lifestyle would sustain a punishing drop overnight. This is a very scary succession of possible events. Unfortunately, this is not the only consequence that you would see of a dollar that is no longer the reserve currency of the world. Interest rates would rise dramatically. They could easily reach ten to fifteen percent. This would wreck the housing market far worse than it is today. It would also cause the stock market to crash by almost half in a number of weeks. As the costs of supplies and materials go up with the falling currency value, businesses would be forced to cut back on  employees  because of their falling sales. Unemployment could reach twenty to thirty percent or more as a result of this. As if this is not bad enough,  inflation  would be sky high along with the rising prices and disappearing jobs. It is important to remember that the only thing that has to occur for all of these terrible things to happen is for other countries to prefer to be paid in anything besides U. S. Dollars. In the event that non-United States holders of dollar-denominated assets decided to shift holdings to assets denominated in other currencies, there could be serious consequences for the US economy. The possibility of QE3 has some serious implications, although Bernanke has denied that there will be another round easing. The dollar has plunged nearly 20% against the euro over the last year and a half, a period that includes the run-up to and aftermath of the last round of quantitative easing, the Fed's $600 billion bond-buying program known as QE2. But a QE3 may not pack the same dollar-slamming punch. If there is a QE3, the dollar's fall could easily approach 10% on a trade-weighted basis against rival currencies, said David Woo, head of G-10 global rates and currencies research at Bank of America Merrill Lynch in New York. But â€Å"the market is now more skeptical of the benefits of QE for the economy,† Mr. Woo said. â€Å"It is possible that by extension this means any short-term [dollar] decline on the back of QE3 will be also more limited. † Instead of QE3, Bernanke and the Fed decided to implement â€Å"Operation Twist,† a widely expected stimulus move reviving a policy from the 1960s. The policy involves selling $400 billion in short-term Treasuries in exchange for the same amount of longer-term bonds, starting in October and ending in June 2012. While the move does not mean the Fed will pump additional money into the economy, it is designed to lower yields on long-term bonds, while keeping short-term rates little changed. The intent is to thereby push down interest rates on everything from mortgages to business loans, giving consumers and companies an additional incentive to borrow and spend money. Some reputable names believe the dollar is going to depreciate in value over the next decade or two. Bestselling authors Robert Wiedemer of â€Å"Aftershock† and David Skarica of â€Å"The Great Super Cycle† both forecasted the housing collapse, financial crisis, and stock market collapse years ahead of them happening. They are calling for a collapse of the dollar. This could lead to many unsophisticated investors to â€Å"hop on the train†, causing a swing in technical expectations. QE attempts to lower long term interest rates, keep them low for a fairly well-understood period of time, while flooding the economy with cash in an effort to boost consumption and investment. In my opinion, quantitative easing in the US was a mild success. The markets were in a state of flux and we needed to do something. QE2 was necessary because we needed to increase the scale to which the LSAPs (large scale asset purchases) affected the economy. As for QE3, I don’t believe it is in our country’s best interest, because it would show even greater weakness, leading many foreign investors to flee from the dollar. Somewhere down the line, I predict that the IMF will attempt to overtake the dollar as the world reserve currency, but it certainly won’t happen overnight. If this happens, Americans will have to downgrade their wealthy standard of living due to increased commodity prices. However, I don’t believe the US Dollar will lose its currency reserve status anytime soon, nor do I believe that QE3 will happen. My recommendation is to continue QE in small amounts, unwinding it under Bernanke’s plan from his September speech in Minneapolis. Bernanke has stated that there will be no more easing, but you never know with the â€Å"Bernanke, Obama, Geithner brain trust. † Thus, our best option is to remain flexible in our policy schemes and monitor and react to relevant news as best as we can. Ben Bernanke concludes his Minneapolis speech in an attempt to reassure us that our country will be okay. â€Å"The Federal Reserve will certainly do all that it can to help restore high rates of growth and employment in a context of price stability. † Let us hope they act with rationality and in the best interest of the long term growth and stability of our economy. If America is ever going to dig itself out of the enormous debts it has taken, we must not devalue the dollar to the point that it is phased out as the world reserve currency. Perhaps a downgrade in American’s standard of living is necessary to reduce the deficit by a significant enough margin. There is some hope for a return to prosperity and consistent growth, but Americans need to be aware of the implications of QE on their portfolios and their long term purchasing power. Works Cited 1. United States. Richmond Federal Reserve. By Thomas M. Humphrey. The Theory of Multiple Expansion of Deposits: What It Is and Whence It Came. Mar. -Apr. 1987. Web. 14 Nov. 2011. . 2. A QE1 Timeline. † Calculated Risk, 03 Oct. 2010. Web. 13 Nov. 2011. . 3. Ciovacco, Chris. â€Å"Video Series: Quantitative Easing. † Ciovacco Capital Management. Web. 14 Nov. 2011. . 4. Sack, Brian P. â€Å"Managing the Federal Reserve's Balance Sheet – Federal Reserve Bank of New York. â€Å"Federal Reserve Bank of New York, 04 Oct. 2010. Web. 13 Nov. 2011. . 5. Bowman, David, Fang Cai, Sally Davies, and Steven Kamin. Quantitative Easing and Bank Lending: Evidenc e from Japan. †Ã‚  Www. federalreserve. gov. Board of Governors of the Federal Reserve, June 2011. Web. 13 Nov. 2011. ;http://www. federalreserve. gov/pubs/ifdp/2011/1018/ifdp1018. pdf;. 6. Eichengreen, Barry. â€Å"Dollar's Reign as World's Main Reserve Currency Is Near an End. â€Å"Foreign Exchange Report. The Wall Street Journal, 02 Mar. 2011. Web. 13 Nov. 2011. 7. Herold, Thomas. â€Å"What If The U. S. Dollar Loses Reserve Currency Status? † Wealth Building Course, 14 Jan. 2011. Web. 13 Nov. 2011. ;http://www. wealthbuildingcourse. om/dollar-loses-reserve-currency-status. html;. 8. Bullard, James. â€Å"QE2: An Assessment. † Federal Reserve Bank of St. Louis, 30 June 2011. Web. 13 Nov. 2011. ;http://research. stlouisfed. org/econ/bullard/pdf/Bullard_QE_Conference_June_30_2011_Final. pdf;. 9. Wieland, Volker. â€Å"Quantitative Easing: A Rationale and Some Evidence from Japan†, in  NBER International Seminar on Macroeconomics 2009  (2010), Univ ersity of Chicago Press   http://www. nber. org/papers/w15565 10. Cronin, Brenda. â€Å"Slow-Paced Recovery Feels Like a Recession. † The Wall Street Journal, 10 Oct. 2011. Web. 13 Nov. 011. ;http://online. wsj. com/article/SB10001424052970203499704576623053674426690. html;. 11. Fontevecchia, Agustino. â€Å"Central Banks Dump Treasuries As Dollar's Reserve Currency Status Fades. † Forbes, 03 Mar. 2011. Web. 13 Nov. 2011. ;http://www. forbes. com/sites/afontevecchia/2011/03/16/central-banks-dump-treasuries-as-dollars-reserve-currency-status-fades/;. 12. Case, Karl E. , John M. Quigley, and Robert J. Shiller. Wealth Effects Revisited. Yale University, Feb. 2011. Web. 14 Nov. 2011. ;http://cowles. econ. yale. edu/P/cd/d17b/d1784. pdf;. 13. Rooney, Ben. IMF Discusses Plan to Replace Dollar as Reserve Currency. † CNNMoney, 10 Feb. 2011. Web. 13 Nov. 2011. . 14. Weisenthal, Joe. â€Å"This Is How The Dollar Could Lose Its Reserve Currency Status. † Business Insider, 15 Nov. 2010. Web. 13 Nov. 2011. . 15. Bernanke, Ben. â€Å"The U. S. Economic Outlook–September 8, 2011. † Board of Governors of the Federal Reserve System, 08 Sept. 2011. Web. 13 Nov. 2011. . 16. Hamilton, James. â€Å"5 Key Arguments Against Quantitative Easing. † Business Insider, 20 Oct. 2010. Web. 14 Nov. 2011. . 17. Johnson, Andrew J. â€Å"Sizing Up Dollar's Pain From a QE3. † The Wall Street Journal, 05 Sept. 2011. 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