Sunday, September 22, 2019
War and the Soul Essay Today, the depiction of war is becoming more vivid and realistic. Audiences are more critical of how a move catches the actual events that transpired and of how they can relate to the emotions in the movie. The movies Ã¢â¬Å"Saving Private RyanÃ¢â¬ and Ã¢â¬Å"We Were SoldiersÃ¢â¬ are two of the most popular modern day films with the subject of two different wars, World War II and Vietnam War respectively. They have similarities in many aspects However, they have even more differences. They have completely different themes, and completely different objectives. This paper explores on how these two films are alike and how they differ. When Duty Calls: A Comparative Film Review There has been much development in the movie industry since the onset of computer graphic imaging. This technology has enabled producers to depict subjects that were considered impossible. Today, humans are capable of transcending limitations on time and cultural differences. They can reenact historical events, reconstruct buildings, and recreate natural sceneries. Equipped with a blue screen, computers, and actors, an entire war can commence right before an audience. With both simple and complicated movie techniques, anything is accomplished. The movies Ã¢â¬Å"Saving Private RyanÃ¢â¬ and Ã¢â¬Å"We Were SoldiersÃ¢â¬ share a common subject Ã¢â¬â and this is war. This topic has interested the curiosity of millions of viewers since time immemorial, as those who have witnessed it want to confirm the events and those who did not wish to learn the events. Both tackled common themes and presented different angles of a war. They share many similarities and possess many differences. But there is one significant aspect that both these movies have successfully translated. This is the price that war claims to those it chooses to affect (Spielberg, 1998; Wallace, 2002). Both stories of these masterpieces were derived from two of the most engaging events in the history of mankind. Saving Private Ryan was based on the life of a real individual named Sergeant Frederick Niland, a United States paratrooper sent to France on D-Day. We Were Soldiers, on the other hand, is a version of the book written by Lieutenant Colonel Harold G. Moore and Joseph L. Galloway about the military engagement in the la Drang Valley in 1965. Both contained fictional characters and modified events, but little truths must be altered in order for the actual truth to emerge (Spielberg, 1998; Wallace, 2002). Saving Private is neither a biopic nor a tale of heroism. Its story is a protest against the wraths of war and how humans condemn it. It has clear anti-war sentiments, as characters struggled through the horrors of war and suffered both insanity and distraught. The D-Day amphibious invasion at Normandy was an excellent prologue to the film. It had brutal depictions on the consequences of being a soldier, on the gruesome reality of battles, and the uncertainty of life. It is a story of comradeship, of realization of fears, and living an inch away from death (Spielberg, 1998; Wallace, 2002). In addition, We Were Soldiers is a film that shares absence of political themes of war. The primary objective of both movies is to relay to the audiences the lives of soldiers as soldiers, who are entities that can be separated from the entire picture of military and political debate. They are men who chose to be in the line of duty and take arms in order to fight for what they believe is righteous. But We Were Soldiers portrayed a relatively more intimate aspect, the scenario of the soldiersÃ¢â¬â¢ relationships with those they left at home. It prudently conveyed the lives that soldiers have before they leave for an assignment and after they have accomplished their missions (Spielberg, 1998; Wallace, 2002). In the sequence where Mel Gibson with Madeline Stowe and Chris Klein with Keri Russell were spending their last night together prior the soldiersÃ¢â¬â¢ departure for war, the intense emotions were effectively depicted. It relayed the fear being contained when lovers are being parted without any assurance of reunification. It is a scene where there is pain because of the uncertain. Another important aspect of war that this movie portrayed was not only the lives of men in the battle zones, but also those of their families awaiting their return. In the scene where the women would gather together and watch television for updates, one would feel the intensity of fear that these women are trying to suppress within. They would not want to cry until they hear something concrete, but just the prospect of losing their husbands is cruel. Every knock on their door was a possibility of the word that they have lost their beloved men (Spielberg, 1998; Wallace, 2002). Both movies focused on a hero, an officer of a military unit. Tom Hanks was the captain in charge of a platoon assigned to search for Private James Ryan while Mel Gibson was also the captain leading his men through Vietnamese jungles. In Saving Private Ryan, heroism is to fulfill oneÃ¢â¬â¢s duty, regardless of its nature. As long as it contributes to the efforts of war, and that it is a soldierÃ¢â¬â¢s mission, then one is to be considered a genuine soldier. In We Were Soldiers, heroism is making a decision, although detrimental for a certain number of people but crucial for the entire outcome of the war. Saving Private Ryan was not a film about a countryÃ¢â¬â¢s victory or defeat. It is a story of personal victory in oneÃ¢â¬â¢s struggle to maintain his conviction amidst a world gone half mad. We Were Soldiers, in contrast, is about how a military unit lost a critical battle and most of the men involved (Spielberg, 1998; Wallace, 2002). Both shaped the American understanding of the realities of war. Because of these movies, the public has learned to further their appreciation of the sacrifices that men in uniform give in order for peace to prevail. The price is clear, their lives and the structure of their families are put in the line of fire each time they board the helicopters or boats in order to fight in the beaches or jungles. Both movies gave significance to the human side of war, concentrating on the people that comprise a war and how a war shaped these people (Spielberg, 1998; Wallace, 2002). References Spielberg, S. (Director). (1998). Saving Private Ryan. [Motion Picture]. United States: Amblin Entertainment. Wallace, R. (Director). (2002). We Were Soldiers. [Motion Picture]. United States: Icon
Saturday, September 21, 2019
Media Impact on Body Image This research is on mediaÃ¢â¬â¢s negative influence on a personsÃ¢â¬â¢ body image. The paper will identify the problem of how and why media such as celebrities, magazines, television, advertising, and social networks negatively target an individualsÃ¢â¬â¢ self-perception. This research is important because many woman, and girls of our culture suffer a great deal of depression, stress, eating disorders, and many other psychological issues; because of not being able to meet unattainable thin Ã ideals set by the media. This research can be beneficial to many because it can help make Ã women aware about the dangerous effects of the media. As far as making women who perceive something that isnÃ¢â¬â¢t real, the media is at fault. This research Ã will teach Ã girls that they donÃ¢â¬â¢t have to look like an A-list model or celebrity to be beautiful. Body image in the media dates back to as far as the beginning of the 20th century. Before, curvy body types such as curvaceous Marilyn Monroe set the standards for women. By the 1960s body image was taken over by supermodels with their 90 pound body frames. These tiny figures featured in early television and magazines and drastically began changing the definition of Ã¢â¬Å"beautifulÃ¢â¬ . Body Image develops partly as a function of culture in response to cultural aesthetic ideals (Kim, Lennon 2007). IÃ¢â¬â¢ve found in some research that every society has its own way of torturing women. Psychological change is linked with environmental change which brings about how people define physical appearance based on various exposures to media. Media has so much control over the person staring back in the mirror. Ã Ã Racine says, Ã 80% of women under the age of 18 have tried dieting of some sort to see results like the photo shopped images of many models and celebrities that are on places like Ã¢â¬Å"Instagram and Facebook.Ã¢â¬ Ã¢â¬Å"These images that people see are computer made and the diets are not real.Ã¢â¬ Says Munro and Huon. When results are not seen after trying quick fixes it could lead to young women as young as 3rd grade being bulimic and depressed. This research Ã would Ã open the minds of adolescents who go through the daily struggle trying to fit in and attain the impossible by doing so in extreme dangerous life threatening ways. Girls need to know that no matter what a scale says it doesnt define them as a person, nor how beautiful they are. Some research says that media is progressively getting better with adding more positive messages within advertisement. Ã¢â¬Å"I wouldnt say that itÃ¢â¬â¢s worsening, but is media Ã really getting better? What does the future hold as far as body image within the media?Ã¢â¬ Say If society Ã doesnÃ¢â¬â¢t further Ã reach out to Ã youth about the risks of being influenced by unhealthy diet fads, and not loving themselves because the television Ã Ã , Ã as peers, teachers, and parents, society has failed. The media has made a few changes just to push away the negatives that thrown at them as far as just being thin. At the same time, media still continues to make note within the music society listen to and the most popular clothing to make money because thin is what sells in our culture. The worse part of all of this is that psychological and eating disorders can start in girls as young as seven or eight according to the Journal of School Health. Ten years ago it was safe to say that teens were ok to be exposed to media and it affects at the ages of 15 and 16. Now because of how easy electronics are to learn, children are exposed to electronics as young as 2. By the age of 5 they are using the same social networks as 26 and 30 year old adults, exposing their minds to things they canÃ¢â¬â¢t fully process. Confronting and educating an elementary aged child about loving themselves and healthy exercise and eating strategies is more relevant with cyber bullying, and self-evaluation happening because of not looking how the media says they should look. Media is thought to be the number one source of influence on negative body image. Some other research points to genetics, and socialized responses attributed to dysfunctional childhoods. Some think things such as low self-esteem result from abusive childhoods. Likewise, when obese children are raised by belittling parents who antagonize them with food and their physical appearances, it can cause problems as they develop and mature in their teenage years. The alternative is that early intervention Ã will help prevent long-term health issues for majority of patients with eating disorders and bad self-persistence. To carry out these methods people need to be educated. Starting more Ã non-profit organization that go to elementary, junior high, and even colleges Ã to educate women and girls on this topic. Those who care about this topic as much as someone going through it , and even with a little experience would be needed to help with this project. Teens and even adults commit suicide every year because of not being able to fit in. Ã Fundraisers to raise awareness and money for their families would help as well. More counselors to talk with more people who struggle with eating disorders, and find more information about why the media targets the people they do and exactly how they do it, in order to effectively help those who fall victim to it. One thing that needs the most attention, and Ã further research is psychology of the brain, and medical disorders of these victims to the media. This research is needed to fully understand why woman mentally feel the need to try and do as they see . Ã Ã Many people overlook all of these issues and push the reasons of sadness, depression, and anger to other things that people go through or are experiencing in their life that very moment. Overall this Ã research is feasible because itÃ¢â¬â¢s something that is happening now. So many people can relate to falling victim to the Medias unrealistic perception of Ã¢â¬ËbeautifulÃ¢â¬â¢. Valuable resources have been found such as the Journal of School Health, NeTweens: The Internet and Body Image Concerns in Preteenage Girls, and also Media Influence on the Body Image of Children. Lots of people agree with this and though there are many non-profit organizations for this topic, Ã another voice cant hurti. Elementary school girls are obsessed with their weight, teenÃ¢â¬â¢s everyday experience psychological problems, and many women pay lots of money for diet quick fix fads that do not work. The media does a great job at pulling our society into the advertisement that result in sales. Even if the argument is made that media is not the initiator of a womanÃ¢â¬â¢s self-perception, just a mirror of society, the media still should take responsibility for at least perpetua ting the dysfunction. Works Cited Lawrie, Z., et al. Media Influence On The Body Image Of Children And Adolescents. Eating Disorders 14.5 (2006): 355-364. SPORTDiscus. Web. 16 Oct. 2014. Monro, F, and G Huon. Media-Portrayed Idealized Images, Body Shame, And Appearance Anxiety. International Journal Of Eating Disorders 38.1 (n.d.): 85-90. Science Citation Index. Web. 16 Oct. 2014. Tiggemann, Marika, and Amy Slater. Nettweens: The Internet And Body Image Concerns In Preteenage Girls. The Journal Of Early Adolescence 34.5 (2014): 606-620. PsycINFO. Web. 16 Oct. 2014. Racine, Elizabeth F., et al. The Relationship Between Media Use And Psychological And Physical Assets Among Third- To Fifth-Grade Girls. Journal Of School Health 81.12 (2011): 749-755. ERIC. Web. 16 Oct. 2014.
Friday, September 20, 2019
The process in Financial intermediation in the banking sector The financial intermediation is defined as the process which had been carried out by the financial intermediaries as the middleman between the borrower (spender) and lender (saver) to smooth the flow of fund. The financial intermediation called as the process of using the indirect finance in the financial system, which the primary route to transfer funds from lender to borrower. Those savers who have the surplus money will deposits their fund in the financial institution, which will lends those funds to borrowers such as business firms, households, government or foreigners who shortage of fund. Financial intermediary are those financial institution such as commercial bank, finance company, merchant bank, Islamic bank and Brokerage Company. The financial intermediary help to transfer the funds between the lender and borrower in the ways of borrow money from the lender-saver and then using this money to make loan to borrower-spender. For example, the financial institution acquires fund s through public by issuing liabilities such as time deposits and saving accounts. After that, the bank might use that fund to acquire an asset by making loan to the people needed fund for investment or buying that company bond in the financial market. As a result, with the help of financial intermediary, the money successfully transfers from public to the borrower. Financial intermediaries play an important role in the financial system because they help to facilitate the risk transfer and in dealing with the increasingly complex of financial instruments and markets. The financial intermediarys role is to transform the assets which are less desirable by a large portion of public in to assets that are more preferable by the public. This transforming have serve four economic function which are providing maturity intermediation, reduction of risk by diversification, reducing the contracting and information processing costs and to provide a efficient payment mechanism. Besides, many subsequent authors also have stressed about the role of transaction cost in the financial intermediaries. Due to the financial intermediaries are very specializing in information processing, they have create the well-functioning financial institutions that has greatly reduced the transaction and information for customer. They can achieve the economy of balance through sp ecialization; this is because they are handling very large number of transaction so they are able to minimize the fixed costs by ward off the same production of information faced by borrower and lender. In addition, Petersen and Rajan (1994) stated that financial intermediaries develop specialist or expert people in evaluating prospective borrowers and investments projects. Other than that, they can also exploit customer information and reuse that information over time and again. As a result, there are more funds are made available for investments. For example, the fixed cost of assets evaluation mean that the financial intermediaries have an advantage over an individual because they allow the costs to be shared. Faulkender and Petersen (2003) mentioned that the information acquisition cost maybe still can lower down by establish a long-run relationship between the borrower and financial intermediaries. Furthermore, financial intermediation has gain confidence and trust from the pub lic by protect their assets with providing efficient service to help them manage their assets. This is because the financial intermediaries help them channel funds more efficiently to productive investments through funding pooling, better identification and monitoring of profitable investments and risk diversification. Diversification allows allocating assets and bearing risks more efficiently. Those investments are protected against from unconscientiously borrowers by the institutions qualified loan officers and well-trained investment analysts seek good investment opportunities and screen prospective securities so as to obtain the best yield available for the risk level that suits the investors preferences. Thus, the financial intermediaries are vital part for our economic system and in order to maintain the flow of money in the economy. Diamond and Dybvig (1983) show that how the financial intermediaries can improve the risk sharing and thus improve the economy welfare. The financial intermediarys help to diversify the risk of the lenders (savers) by help them to investigate their savings across different sector of business. They have the ability to get the important information that concern about the borrowers financial position compare to those in direct finance route which lender directly lends their money to borrowers in financial market without any information about the borrowers. Financial intermediaries can have the borrowers such important information is because they already have a history of exercising discretion with this type of information, and help to reduce unreliable information concerning the borrowers. This will help to solve the problems create by asymmetric information which are adverse selection and moral hazards. Financial intermediaries help them to screen risk, monitor risk and evaluate risk. It is more efficient for financial institution to screen the investment opportunity and risk on behalf of individuals compare to an individual to screen its. Since the institution has all the important information available about the lenders and borrowers, it helps to reduce the information costs for analyzing their data and save their time. Thus, individual can enjoy other services provided by the financial institution which can enable them to deposit and withdrawal funds without negotiation whereas the borrowers can avoid having a deal with individual investors. It concludes that it helps those individual not only save their time and money, and also offer low risk investment opportunity to them. If there is no the financial intermediaries, the lenders-savers and borrowers-spenders have to pay higher transaction and information costs and the facing the problem create by the asymmetric information such as adverse selection problem and moral hazards problems. Hirshleifer and Riley (1 979) said that adverse selection problems arise before the transaction occurs. Usually those people who agreeable to pay higher interest rate will be worse risk and thus the lenders are more likely had make a loan to high risk borrowers This problem only occurs on the borrowers but not the lenders. However, the moral hazard problem occurs after the transaction which it arise just as the borrowers involve in the chance of their loan will being repaid back to the lenders. It also will happen when the borrowers is taking too much risk as the costs incur more than the benefit that gains by borrowers. Therefore, it will discourage the individual savers from lending money to those borrowers who have such investment opportunity and affected the whole economic development in the country. Amina (2009) show that financial intermediaries also provide maturity flexibility service to individuals by creating financial claims with wide range of maturities so as to balance the maturity of different instruments so as to reduce the gap between assets and liabilities. As if there are no financial intermediaries, individual savers have to purchase the securities of borrowers it will lead them to have many uncertain risks such as the conflicting of the maturity needs of lender and borrower. For example, most lenders would like to lend money at short maturity, however normally the borrower will attempt to borrow for a longer maturity. It would make difficult for the borrower to match their larger loan amount with the small amounts of individual savings which are desired by the lenders then it will make the borrowing more difficult. In addition, financial intermediaries perform an important function as maturity intermediation to make sure investment from lenders and money borrowing for borrowers flawless. In the existence of financial intermediary, individuals income tax differentials are mitigated which it help to transfer tax deductions from low to high income tax payers and to provide tax free services in place of taxable interest. For example, the income invested in and earned by pension funds is not taxed until retirement when the rates are generally lower than before the retirement. Beside, commercial bank also rewards depositors with free service, which are non taxable, rather than pay interest, which is taxable. The depositors will receive nontaxable benefits such as checking accounts, travelers checks and low rate loan in return for the use of the money. In conclusion, the existence of financial intermediary played a very important role in the economic development of the country. In this modern world, it would not have been so efficient, aggressive and progressive without the financial intermediation. Financial intermediaries provide a convenient and safe place where lenders can safely invest excess money and borrowers can easily borrow fund with the low cost and low risk. Question 2: Compare money and capital markets and identify the major issuers of securities in the different markets and the difference among the various types of securities within and between each of the markets. Within your discussion of the money markets include a consideration of the role of the Federal Reserve System (Fed) and the banking system as they interact through required reserve maintenance and monetary policy actions by the Fed. Consider in your analysis the types and significance of the links between the money and capital markets via the term structure of interest rates, issuers of debt and equity, or the characteristics of these securities. There were two group of markets can be found in financial market. They were the capital market and the money market. Although they both come from financial market but they consist of differences. In capital market, we will found the stocks and bond market but in general it is the market for securities where long term funds can be raised by companies or government. To raise the funds, a person needs to purchase a price-set bond in order to borrow their money to the government or business for period of time and this will gain higher return as promised. The government or company paid the lenders through interest that accrues from the borrowings. Another way for the government or company to raise the fund is through the stock market. By using this method, they will sell shares of their stock which is the ownership of the company to the public or companies. Dividends will be paid to the shareholders as agreed by the company as the return on their investment. There were two markets in the capital market: Primary market and secondary market. New issues are distributed to the investor in the primary market and the secondary market is the place where trade securities. In money market, it is about the global financial market. The money market is the place where borrowing and lending in a short-term period. Short-term liquid funding also will be provided to the global financial system. The period of the borrowing of money by the company in a money market has an average of thirteen months. There are few common types of things that being used in the money market such as bankers acceptance, certificates of deposits, commercial paper and repurchase agreements. Normally the money market consists of banks borrowing and lending but money market also will involve by financial companies. A large amounts of asset where issued by the finance companies to fund themselves which is secured by the promise of eligible assets into an asset backed commercial paper conduit. The difference between the two markets is that capital market is for long term investment. They were selling stocks and bonds to borrow money from investors to operate their company. In money markets, it is the short term borrowing or lending market. The banks borrow and lend between themselves and it is usually paid back within thirteen months. The differences can be seen through the ways the two markets used for borrowing or lending transaction. In capital market, primary and secondary markets are interrelated. Securities emerge in primary market while other dealings take place in secondary market. However, there was no sub-division in money market. In efficient money market, secondary market does take place too. In capital market, the financial instrument that being used are debentures, shares, public sector bonds and units of mutual funds. On the other hand, money market uses different financial instruments such as Treasury bill, call money, commercial papers, and certificate of deposits. There were several characteristic of the securities in the money market. They are rapid maturity, safety, liquidity funds of securities of the money market. Short-term capital requirements of the business and government can be solve by issuing money market securities. The maturity of the securities is between three months and matured within one year. Federal funds and repurchase agreements are the money market instruments that examine the maturity of the securities. The credit ratings that surpass the other investment grade debt instruments make money market securities the safest investments available. (Jim Orrill, 2010) The SEC helps ensure this safety by mandating that at least 95% of a money market funds securities must be ones that have earned the highest rating of at least two of the five major credit rating institutions. Federal Reserve System is often referred as Fed is the central bank of the United States. In Malaysia, Bank Negara Malaysia or BNM is our central bank. Although central bank may differ in terms of structure and modus but they have common responsibility which is to maintain the monetary and financial stability. Sometimes, they are responsible for developing the financial infrastructure and participating in the overall development of nation. Bank Negara Malaysia is responsible to maintain the monetary stability. Preserved the value of the ringgit is the best way to ensure the price stability. This can maintain the inflation of the country low and stable. By maintaining the inflation at low and stable condition will not diminished the purchasing power of ringgit. When the inflation rate is high, people will tend to consider about their purchasing power. When this happened, demand for real assets like properties and houses will be higher because they were thought to be more inflation-proof. Interest of people will be less on investment in the productive capacity of the economy. The interest of holding saving in the financial system will be lesser as they expect that their savings value will be diminished. Fixed income earners will feel their ability to purchase goods and services become less. Bank Negara Malaysia influences the level of interest rates to conduct its monetary policy. Interest rates are the rate that the borrowers of the loan have to pay and the depositors earn on their deposits. To encourage people to save more, interest rate will be given at a high rate. When the economic is weak, funds will be injected into the banking system to reduce the interest rates. Economic activity will be stimulated by the increasing consumption and investment. (Elgilani Eltahir Elshareif, 2010) Short term and long term interest rates of fixed securities is important for the transmission mechanism of monetary policy. Usually the short-term rates will be influence by central bank, while the basis of investors expectations of future real interest rates and inflation affect long-term rates. The future real interest rates will affect the domestic investment and production. The real sector of the economy will affect by the term structure transmits monetary policy. In the open economy system, the structure will affect international capital flows and hence exchange rate. Required reserve is referring to the amount that the banking institution place with the BNM in compliance with the Statutory Reserve Requirement. Cash in vault of the banking institution and the demand deposits with BNM are considered as excess reserves. Demand and time deposits placed by the financial corporations are deposits of the private sector. Money market securities are extremely liquid can be converted into cash quickly. As the principles of these debts are repaid very rapidly thus the liquidity of the investment was gained. These securities give the optimum way to the public to invest in the money market securities by trading in large denominations. The money market securities are a wholesale market of short term debt instruments. Question 3: Are the following statements consistent or inconsistent? Explain your answer and discuss how equilibrium is achieved between the futures and cash markets. Answer: Yes, the statement equilibrium is achieved between the futures and cash markets is consistent. An equilibrium relationship can be exists between cash and futures markets. In order to explain how equilibrium is achieved between the futures and cash markets, we first need to take a look on the meaning of future and cash markets and understand how they functions in the commodity market, then we proceed with the basic relationship that arises between both markets. Lastly, we will explain how arbitrage and the law of supply and demand lead the future price to the equilibrium level. The futures market is a place where participants can trade for future contract. A future contract is a contract that involves two parties to buy or sell a specified asset on a specified future date at a price agreed today. While the cash market is a market in which the buyer makes an immediate payment for physical commodities that equal to the current market price, which also called the spot price. The purchaser of a future contract which represent as a long position holder undertakes to receive the delivery of the commodity on future and want to pay it for a low price as possible, while the seller of a futures contract which represent as a short position holder promises to deliver the commodity on future and want to receive a high payment as possible. Long Position Short Position Hedger Secure a current price to protect against future rising Secure a current price to protect against future declining price Speculator Secure a current price in anticipation of rising prices Secure a current price in anticipation of declining prices As above mentioned, the traders in the future market basically classified into two categories: hedgers and speculators. Hedgers can be farmers, dealer, foresters and oil drillers. They have the preexistence risk that connected with a commodity and they enter the market to reduce that risk. Thus, intended to protect against the price risks, they on purpose trade in the futures market to secure the future price of a commodity and sell it later in the cash market. Unlike hedger, speculators aim to profit from the vary price change that hedgers are protecting themselves against. They do not intend to minimize the risk but rather to get benefits from the intrinsically risky nature of the commodity market. For example, we assume a farmer bears the risk at the planting time associated with the uncertain harvest price his wheat will worth on the later 6 months. To avoid this risk he may enter the future market and sell a future contract. For instance, if the current market price for wheat is $10 per ton and he expected to produce 1000 tons of wheat in the next six months, he could lock the price at $10 per ton and selling a 1000 tons wheat future contract. In this manner, the farmer intends to establish a price today that will be harvested in the futures. At the end of the 6 months, the price of wheat in the cash market is actually $9 per ton, so the farmer benefit from the future contact and escapes the lower price. However, if the prices of wheat in cash market were $11 per ton, then the speculator would benefit from the future contact instead of the farmer. Since the future prices are fluctuate based on unpredictable circumstance, the gap between future price and spot price might be huge, hence, people calling the basis as referring to the difference between the cash price and future price of a contract. When a future contract near to its maturity date, the future price and spot price will move close to each other and finally become the same at expiration. Which means the basis must be zero at the maturity of the future contract. From Fig 4.3, we can see that as the delivery month of a future contract is neared, the futures price centralize to the spot price of the asset, and at the delivery period, future price equals to the spot price. So, as time passes, the basis narrows approach maturity of the contract. This behavior of the basis over time is known as convergence, this can be easily explained by arbitrage and the law of supply and demand. For example, suppose that future price is much higher than the spot price as time goes near to the contracts month of delivery. In this condition, traders will catch the arbitrage opportunity of shorting futures contracts, buying more underlying asset and then making delivery. Due to this, the future price will tend to fall, and suppose that future price is much lower than the spot price. Again, there will be arbitrage opportunity, traders are more willing to acquire short contract and cause more long future contract in the market. Thus, the futures price will tend to arise. In this manner, whether the future price is lower or higher to the spot price, at the expiration, both will be equal. In terms of supply and demand, the effect of arbitrage attracts traders to shorting futures contract and creates an increase the supply of contracts to market so makes the future price fall. Inversely, buying the underlying asset causes the demand of assets increase; as a result the future spot price will increase as well. In conclusion, we know that no matter how the future price is difference to the cash price, at the maturity, the basic must be zero, which means that the future price and cash price are equal. Therefore, we can say equilibrium is achieved between the futures and cash markets. Question 5: If banking were to be based on interest-free transactions, how would it work in practice? Do we really need Islamic banks? Is Islamic banking viable? How does Islamic banking fare and conventional banking differ? How many Islamic banks are working at present and where? The Interest-free transactions of Banks Practice Islamic banks are the financial institutions that operate base on Shariah principles. Islamic scholars commend trade-oriented banking in place of traditional interest-bearing credit oriented banking. The major vehicle of interest-free banking is a two-tier mudarabah, which is a business contract negotiated on the basis of profit-sharing ratios between two profits-seeking parties, A and B. Parties A provide funds to party B, party B independently manages the business according to the agreed terms. From the banking point of view, it is an advance agreement on a ratio in which realized business profits are to be shared. The basis of two-tier mudarabah is one mudarabah between the surplus economic units (depositors) and financial institution in order to replace interest-bearing contracts between savers and banks; and another mudarabah between the financial institutions and the deficit economic units in order to replace interest-bearing contracts between banks and ultimate users of funds. So, banks can negotiate deposits and advances on the basis of profit-sharing ratios. In effect, interest-bearing loans are replaced by profit-seeking investments and qard hasanah (loans on zero interest). Interest-free financial institution can efficiently perform all types of intermediation after eliminating interest from the system and the replacement of interest rates by profit-sharing ratios has profound macroeconomic consequences for unemployment, inflation, stability, growth, and income distribution. The Needs of Islamic Banks With Conventional Bank Many Islamic banks use the facilities of conventional banks for treasury management, foreign exchange, portfolio services and investment banking. Major multinational conventional banks have the critical mass to provide specialist service while Islamic banks are usually too small in size to take on such services themselves. Outsourcing makes sense for organizations when the benefits of internalization are outweighed by the administrative costs of trying to extend their functions into new areas where demand is limited. As most Islamic banks are located in the Muslim world, where most of the demand is for core banking services rather than for highly specialized finance, it is a potential management distraction to widen the facilities on offer excessively. This could actually result in deterioration in the quality of the basic level of deposit and funding services. Islamic Bank is Viable Islamic banking and finance are emerging as viable alternatives to conventional interest-based banking and financing. The long run goal of BNM is to construct an Islamic banking system operates same as the conventional banking system. However, an Islamic banking system requires three important elements to qualify as a viable system, such as a large number of players, various types of instruments and money market in Islamic world. In addition, the socio-economic values in Islam must be reflected in an Islamic banking system. BNM spreads the virtues of Islamic banking to distribute Islamic banking on countrywide with a lot of players and able to reach all Malaysians by achieving the above objective. Islamic financial products and services are being in their existing infrastructure and branches. It was seen as the most successful way to increase the number of financial institutions offering Islamic banking services efficiently. On 4 March 1993, BNM introduced an idea is known as Interest-free Banking Scheme (Skim Perbankan Tanpa Faedah). There are many Islamic banking services that provided by the banks using a range of Islamic concepts such as Mudarabah, Musyarakah, Murabahah, Ijarah and others. Mudarabah (Profit-sharing) A capital provider and another party to allow the entrepreneur to carry out business projects based on a profit sharing ratio under an agreement. However, the capital provider of the funds needs to bear all losses. Musyarakah (Joint Venture) The sharing of profits will be distributed base on predetermined ratio for a partnership or joint venture of a particular business. Both parties will bear the losses base on equity participation. Murabahah (Cost Plus) Sales agreement is applicable on the condition that the sale of goods at a price, other costs and the profit margin are agreed to by both parties. Ijarah (Leasing) A lesser (owner) leases property to a lessee at an agreed rental against a fixed charge. Islamic Banking versus Conventional Banking The difference between Islamic Banking and Conventional Banking which is conventional banking eliminates the risk while Islamic banks take the risk when involve in any transaction. In addition, conventional banks do not bear the liability only get the benefit from customers when involve in transaction with customers in form of interest. On the other hand, Islamic banks bear all the liability in transaction with consumer because in getting out any benefit without taking its liability is illegal in Islamic principles. In retail deposit services include the provision of current accounts and low-risk investment accounts base on mudarabah with clients sharing in any bank profits. Conventional banks provide similar deposit services at retail level and allow overdrafts on current accounts, which often incur both fixed-rate charges and interest. Islamic banks cannot offer overdraft facilities on current accounts. However, depositors who get temporary financial difficulties due to events beyond their control such as illness may receive interest-free loans. Conventional banks offer savings rather than investment accounts, the major attraction of such accounts being the interest paid to depositors. This often increases as the minimum notice period for withdrawals lengthens, with accounts which for example require three months notice for withdrawals paying more interest than those requiring one months notice. Some Islamic banks apply similar stepped returns with their investment accounts, with a higher prop ortionate profit share as the period of notice for withdrawals increases. Moreover, conventional bank concern on money as a medium of exchange, valuable and interest on capital is charging on time value basis. Islamic banks focus on the real asset but money is just a medium of exchange goods services for earning profit. In conventional banks, Government gets the loans easily from BNM through Money Market without any capital development expenses. In Islamic banks, Government cannot obtain loans without capital development expenditure. Lastly, debts financing in conventional banks has the benefit of leverage for a project because interest expense is deductible expense form taxable profits. This leads to maximize the tax burden over salaried persons. So, the saving and disposable income is affected badly and decrease in the real GDP. In Islamic banks, Mudarabah and Musharakah provide extra tax to Federal Government and minimize the tax burden over salaried persons. Hence, the savings and disposable income is rise and increase in the real GDP. List of Other Financial Institutions Offer Islamic Financial Products and Services According to the General Council for Islamic Banks and Financial Institutions, there are currently 275 institutions worldwide that follow Islamic banking and financing principles, collectively managing in excess of $200 billion. These institutions are spread throughout 53 countries, including Europe and the United States. Twenty institutions now offer a variety of Islamic financial services in the United States. The Islamic banks are not the only banking institutions drawn in Islamic banking but Islamic banking services were introduced by other financial institutions via the Islamic Banking Scheme. In Malaysia, there are separate Islamic legislation and banking regulations in financial systems. The Islamic Banking Act (IBA) was established to provide BNM with the authorizations of supervising and regulating the Islamic banks. On 1 July 1983, Bank Islam Malaysia Berhad (BIMB) was the first Islamic bank established and was operated base on Shariah principles. After few years, BIMB expanded rapidly and was being listed on the Main Board of the Kuala Lumpur Stock Exchange (KLSE). After that, BNM allowed the existing financial institutions to offer Islamic banking services through Skim Perbankan Tanpa Faedah. The Islamic Interbank Money Market (IIMM) was established to link the financial institutions and their instruments. The National Shariah Advisory Council on Islamic Banking and Takaful (NSAC) was established as the highest Shariah authority on takaful in Malaysia. On 1 October 1999, Bank Muamalat Malaysia Berhad (BMMB) was established. The establishment of BMMB was the result of the joining between Bank Bumiputra Malaysia Berhad (BBMB) and Bank of Commerce Berhad (BOCB). Islamic Banks 1. Bank Islam Malaysia Berhad (BIMB) 2. Bank Muamalat Malaysia Berhad (BMMB) Commercial Banks 1. Alliance Bank Berhad 8. Malayan Banking Berhad 2. AFFIN Bank Berhad 9. AmBank Berhad 3. OCBC Bank (Malaysia) Berhad 10. Public Bank Berhad 4. Citibank Berhad 11. RHB Bank Berhad 5. EON Bank B
Thursday, September 19, 2019
I have much to write about on this day, yet I cannot rightfully do it because I have tragically been killed. So, I will tell the story, as a spirit to the world. My life ended in a miserable way. Revenge was on my mind, as well as others. I completed the task that I had set forth to myself. I will start where I last left off.As I am walking with Horatio to the burial of Ophilia, we hear a gravedigger singing of odd things. We stop and watch him for a few moments and then when he begins to throw bones into the air, move out from our cover and inquire of his purpose. He then rambles on and on with strange wording, speaking of his call to be a gravedigger and his life existing since Hamlet Jr. was born. He continues to speak, telling me of a skull that was once Yorick. I tell him of how I had once known him and that he was one of my favorite jesters. Then, I began to carry-on about dying, and how people may be part of the wall. Then, as the funeral people begin to come in, Horatio and I move away, somewhat hidden and listen to the chitchat. The people are complaining of the unluxurious burial. Then, Laertes jumps onto the coffin and begins exclaiming that he wants to be buried next to her. I then enter, jumping onto the coffin with him and tell him of how he could never love her as much as I did. I then leave, after getting a 'load' off my chest.Horatio, still with me, listens as I tell him all the details of my trip to England, and back. I tell of rewriting the letters and being taken captive by the pirates. Then, Osric enters and after much speaking, informs of the request to a dual with Laertes. Then, when I am asked to come, I go to the dual. Laertes thinks I will lose, but I assure him that I have been working on my swordsmanship for some time.When I arrive, most of the royal people are there. I ask Laertes for my forgiveness before the dual begins and he won't except my apology until he has spoken to experts about his honor and reputation. I thank him and request for the swords and tell Laertes that he will be great, but he thinks I am making fun of him.
Wednesday, September 18, 2019
In J.D. Salinger's The Catcher in the Rye, a young man named Holden Caulfield goes through many misadventures during a three day stay in New York. Holden acts like a careless teenager but the reader gets the feeling that he cared once and wishes that he could again. He has what is almost an obsession with death and is constantly dwelling on the death of his brother Allie, who died of leukemia. He carries AllieÃ¢â¬â¢s baseball mitt with him wherever he goes. He was obviously very disturbed by AllieÃ¢â¬â¢s death as he broke all the windows in his garage with his bare fist with such force that his hand is still messed up. His feelings toward people and relationships tend to lean toward the negative side. He usually expects the worst, part of that seems to be issues he has from the loss of his brother Allie. One of the words he uses often throughout the novel is phony. He values honesty and sincerity, and canÃ¢â¬â¢t stand people who try to make themselves look better in the eyes o f others. He flunks out of every school that his parents send him to including Pency, his current school. He seems to be fairly intelligent and the reader gets a sense that his problems in school are the result of lack of motivation. He isolates himself from those around him and seems to be afraid of change; always assuming it will be for the worst. He seems to have a great deal of love and respect for his sister Phoebe and his dead brother Allie. Holden is a very complex character and is difficult to understand. Ã Ã Ã Ã Ã The story begins on top of a hill overlooking the football stadium at Pency. Holden stands alone on top of the hill watching the game because he didnÃ¢â¬â¢t want to go down into the stadium with everybody else. This is a good beginning as it shows HoldenÃ¢â¬â¢s tendency to isolate himself from others and his general dislike of people. He has flunked out of Pency, and is not supposed to return after Christmas vacation. Christmas vacation starts in three days but Holden gets fed up with his classmates and school in general and leaves to go to New York and get a hotel room. He doesnÃ¢â¬â¢t go home because he wants his parents to get the letter informing them of his expulsion before he comes home.
Tuesday, September 17, 2019
IntroductionRecognizing the identity of a person is a major problem encountered by most of the justice and security systems, especially when an individual provides false information. Until recently, the methods of providing the true identity of criminals have been few and prone to errors (Davis, Weiss, 2009). With the implementation of modern computerized technologies, communication capabilities of specialized databases (such as the fingerprint identifiers) have been made effective and accurate. In this paper, the effect of technology on the communication capabilities of specialized databases in criminal justice will be analyzed, by comparing the facial recognition and iris scan techniques of identification and discussing the overall positive and negative effects of these technologies on criminal justice system.How technology has affected the capabilities of specialized databases in the criminal justice systemIn trying to make their work easier and more effective, the justice and sec urity personnel have always looked into the advancing technological methods to enhance communication capabilities within the justice system. The introduction of two-way radio and increased use of automobile have helped in improving the effectiveness of communication databases and responding to criminal incidents (Seaskate Inc. 1998). Modern technology has introduced many methods of specialized databases which have become exceedingly useful in crime investigation and response to incidences.The specialized databases utilize computerized techniques to identify criminals or suspects as well as to facilitate communication between the police, the general public and amongst other security personnel. The most used specialized databases by the security and justice system to provide identification of individuals include the Mobile Data Terminals, Live Scans, Iris Scans, Facial Recognition and the AFIS (Scherpenzeel, 2008). These technologies make individual identification easier, more accurat e and more effective in terms of time and cost. Both police officers and prosecutors have in many occasions applied them in identifying, judging, imprisoning or even in releasing criminals (Reichert, 2001)Comparison between Facial Recognition and Iris ScanIris scan refers to a technique of biometric identification using high tech recognition patterns which utilize images of a personÃ¢â¬â¢s iris. Iris cameras are used to perform detections of an individualÃ¢â¬â¢s identity using mathematical analysis of random patterns visible in the iris. The technique uses a combination of pattern recognition, computer vision, optics and statistical inferences (Find Biometrics, n. d).Facial recognition technique on the other hand is a computerized application which identifies an individual from a video outline or digital image. It is used in criminal justice systems to identify people by comparing the selected facial appearance from a specified facial database. This technique uses unalterable ph ysical facial structures (say the space between centers of an individualÃ¢â¬â¢s pupils of the eye or the diameter of a persons eye balls) and through algorithm, finite computerized set of steps are used to solve the problem, by translating the image into numerical values (Davis, Weiss, 2009).Iris scan is an internal detection method while the facial recognition is an external detection technique. Unlike the iris scan which uses an internal organ of the body, the facial recognition technique is done using certain parts of an individual face such jaws, cheekbones, nose or the eyes: these features are applied in searching for images matching with them. Facial recognition has been criticized because it uses external parts of the body which are likely to change over time through long exposure to manual work, use of facial cosmetics or plastic surgery (Titanium, 2010).These changes can completely transform and individualÃ¢â¬â¢s physical appearance, thus making it hard to be identified from a crowd. However, the method has one merit the iris scan and other biometric methods lack; it doesnÃ¢â¬â¢t call for any help from the individual being testedÃ¢â¬âif the system is properly designed and effectively installed in places such as multiplexes and airports, it can easily pick out the required subject from a crowd.For other biometric techniques such as the iris scan, speech recognition and fingerprints, the subject must be involved in the detection process and mass identification cannot apply (Titanium, 2010). Nonetheless, Iris scan is more reliable since it is not dependent on light or sight, but depends on the pattern of the iris. The facial recognition technique can fail due to poor lighting, long hair, use of sunglasses and other small resolution images and objects that relatively cover the face (Titanium, 2010).The overall positive and negative effects of the new techniques on the criminal justice systemBasically, the new technologies in the criminal justice and communication have greatly improved the way in which criminal identification and tracing is conducted by the justice and security systems. To begin with, specialized databases are used either complimentary or alternatively to ensure that accurate results are made. This implies that in one instance, both the facial recognition and fingerprints can be applied for the same specimen or subject when there are doubts or ambiguity regarding identity.This ensures that minimal errors occur, thus reducing the chances of wrong identification (Scherpenzeel, 2008). Furthermore, the new technologies have reduced the costs that used to be incurred in tracking down criminals. Such costs included travel costs, paying witnesses, interviewing individuals, costs of detaining many suspects before identifying the guilty criminal. More so, problems that used to be encountered due to physical transformation of an individual as a result of surgeries, injuries and use of cosmetics have now been overcome through the use of specialized databases like the speech recognition and iris scan biometrics (Scherpenzeel, 2008)..However, the new technologies have had a number of negative effects on the criminal justice system. The most common negative effect is the fact that this new technologies require a lot of professionalism and skill, not only in criminology, but also in statistics, mathematics and computer technology. However, many people do not possess this combined qualifications and this leads to shortage of personnel in the criminal investigation department.As such, the process of identification becomes slower since it is entrusted with few specialists who are cannot be able to handle all the cases presented to them. In some other cases, semi-skilled people have been entrusted the work, resulting to wrong identification or non identification (Reichert 2001). Other problems usually result from system breakdowns or corruption of system files which affect the validity of the results. Co rruption of operating systems is mostly done by people within the criminal justice system who wish to obstruct certain criminal identification processes for personal reasons (Scherpenzeel, 2008).Since some of this technologies are still relatively new (such as the iris scan and live scan), Ã most of the criminal justice systems find it too expensive to adopt them due to the high initial installation costs and therefore, they are rarely used. Other specialized databases like the facial scanner pose problems in places of installation such as railways and airports due to security factors. This has made it difficult for the justice system to continually use this technique in identifying wanted individuals (Reichert 2001).Preferred specialized databasesAmong all the types of specialized databases and biometric scanners and devices used for detection of identification today, the iris scanner has proved to be most effective and accurate. This is because, an individualÃ¢â¬â¢s iris canno t be impeded by contact lenses and glasses; it can be accurately scanned from ten centimeters to several meters away. In addition the iris remains constant for a long time unless injuries occurÃ¢â¬âone enrolment scan lasts for a lifetime. Although certain surgical and medical operations may affect the color and shape of the iris, its fine texture maintains stability for decades. Furthermore, it can still be used on blind people because the technology is not dependent on sight but on pattern. (Find Biometrics, n. d).ConclusionThe use of specialized databases in criminal justice system is a great move towards improving the effectiveness and efficiency of criminal identification. It is important that these databases be implemented across the globe for detecting and tracking down criminals, since the negative effects of these technologies are so meager, and easily solvable as compared to the overall positive impact.ReferencesFind Biometrics (n. d). Iris scanners and recognition. Retr ieved fromhttp://www.findbiometrics.com/iris-recognition/Davis, M., & Weiss, J (2009). Facial recognition technology in law enforcement. Retrieved fromhttp://www.hendonpub.com/resources/articlearchive/details.aspx?ID=31Seaskate Inc. (1998). The evolution and development of police technology. Retrieved fromhttp://www.police-technology.net/id59.htmlTitanium (2010). Comparing face recognition against other types of biometric authenticationmethods. Retrieved fromhttp://www.titanium-tech.com/download/CompareBio.pdfReichert, K. (2001). Promising approaches to addressing crime: use of information technologyin law enforcement. University of south Wales, Australia.Scherpenzeel, R. (2008). Key issues in introducing information technology in criminal justice.retieved from http://www.uncjin.org/other/korebo/chapter3.pdf
Monday, September 16, 2019
Citation: 384 U.S. 436, 10 Ohio Misc. 9, 86 S. Ct. 1602, 16 L. Ed. 2d 694 (1966) Brief Fact Summary: Self-incriminating evidence was provided by the defendants while interrogated by police without prior notification of the Fifth Amendment Rights of the United States Constitution. Synopsis of Rule of Law: Authorities of the Government must notify suspects of their Fifth Amendment constitutional rights prior to an interrogation following an arrest. Facts: The Supreme Court of the United States consolidated four separate cases with issues regarding the admissibility of evidence obtained during police interrogations. * The first Defendant, Ernesto Miranda, was arrested for kidnapping and rape. Mr. Miranda was an immigrant, and although the officers did not notify Mr. Miranda of his rights, he signed a confession after two hours of investigation. The signed statement included a statement that Mr. Miranda was aware of his rights. * The second Defendant, Michael Vignera, was arrested for robbery. Mr. Vignera orally admitted to the robbery to the first officer after the arrest, and he was held in detention for eight hours before he made an admission to an assistant district attorney. There was no evidence that he was notified of his Fifth Amendment constitutional rights. * The third Defendant, Carl Calvin Westover, was arrested for two robberies. Mr. Westover was questioned over fourteen hours by local police, and then was handed to Federal Bureau of Investigation (FBI) agents, who were able to get signed confessions from Mr. Westover. The authorities did not notify Mr. Westover of his Fifth Amendment constitutional rights. * The fourth Defendant, Roy Allen Stewart, was arrested, along with members of his family (although there was no evidence of any wrongdoing by his family) for a series of purse snatches. There was no evidence that Mr. Stewart was notified of his rights. After nine interrogations, Mr. Stewart admitted to the crimes. Issue: Whether the government is required to notify the arrested defendants of their Fifth Amendment constitutional rights against self-incrimination before they interrogate the defendants? Held: The government needs to notify arrested individuals of their Fifth Amendment constitutional rights, specifically: their right to remain silent; an explanation that anything they say could be used against them in court; their right to an attorney; and their right to have an attorney appointed to represent them if necessary. Without this notification, anything admitted by an arrestee in an interrogation will not be admissible in court. Dissent: Justice Tom Clark argued that the Due Process Clauses of the Fifth and Fourteenth Amendments of the Constitution would apply to interrogations. There is not enough evidence to demonstrate a need to apply a new rule as the majority finds here. The second dissent written by Justice John Harlan also argues that the Due Process Clauses should apply. Harlan further argues that the Fifth Amendment rule against self-incrimination was not intended to forbid any and all pressures against self-incrimination. Justice Byron White argued that there is no historical support for broadening the Fifth Amendment of the Constitution to include the rights that the majority extends in their decision. The majority is making new law with their holding. Argued: February 28, March 1, and March 2, 1966 Decided: June 13, 1966 Vote: 5-4 in favor of Defendants Conclusion: The majority notes that once an individual chooses to remain silent or asks to first see an attorney, any interrogation should cease. Further, the individual has the right to stop the interrogation at any time, and the government will not be allowed to argue for an exception to the notification rule. Follow-up (Miranda v. Arizona): After the Supreme Court overturned the conviction of Miranda, the State of Arizona retried him. Miranda was convicted in the second trial by Arizona and sentenced to 20-30 years; the confession by Miranda was not introduced as part of evidence.