Article Review On The, Depression, Illness And Blanced...

Spirituality, Depression, Illness And Blanced Living By Stewart Bitkoff | Submitted On October 23, 2012 Recommend Article Article Comments Print Article Share this article on Facebook Share this article on Twitter Share this article on Google+ Share this article on Linkedin Share this article on StumbleUpon Share this article on Delicious Share this article on Digg Share this article on Reddit Share this article on Pinterest Expert Author Stewart Bitkoff Balanced Living 1) What is balanced living? From the point of a spiritual search, why is balance important? Much spiritual practice can be defined as an attempt to reach and maintain balance, on a worldly level, so that the spiritual consciousness might awaken and come forward. One of the characteristics of our physical body is the continual effort to maintain a state of homeostasis and relative quiet. From a spiritual perspective this quiet or balance is necessary so that that the traveler may go beyond the surface level and experience what is far below, in the quiet depths, ultimately using this awareness consciously in daily life. In every day life what is required, is a balance between our mental, physical, emotional and spiritual needs; to fully engage in the world, each bodily system necessary to express the many parts of our self. It is said, the entire system must be operating and in balance- in order to achieve full active living and a state of optimal health. In fact, this is one of the requirements of

The Hunger Games By Suzanne Collins - 925 Words

Harliegh Johnson Mrs. Varner English 1 8th Hour October 2, 2015 The Hunger Games The Hunger Games, by Suzanne Collins, is fulfilled with intense action and an ironic love story. The districts are forced to compete against each other, to the death, and must have one winner at the end. The Hunger Games takes place in the future with divided districts controlled by the capitol. The capitol’s president is President Snow. Katniss is a main character. She is from district 12, which is considered the poorest district. She lives with her mom and little sister. Her father died while working in the mines. I think Katniss is a brave, smart, and strong girl. She can be kind of mouthy at points and likes things to be her way. Katniss is always ready to react under pressure, and she is going to take on any challenge without a budge. She strives to be the best at everything she sets out to do. Peeta is a main character. He is from district 12 also. His family owns a bakery. I think Peeta values opinions and gets intimidated. Peeta is a hard worker and caring person. He is very strong physically and mentally. Peeta has the ability to give people what they want. He knows how to put on a show and sometimes it turns into reality. Gale is an important character. I wouldn’t necessarily say he is a main character but still have a lot of value to the book. He is very handsome and is Katniss’s best friend. They both hunt together and are very close to each other s family. Gale is very strongShow MoreRelatedThe Hunger Games By Suzanne Collins3246 Words   |  13 PagesStudy Unit The Hunger Games by Suzanne Collins and Steven Galloway’s The Cellist of Sarajevo demonstrates the way in which people are affected by war, and a brutal dictatorship. The authors illustrates the main purpose for writing their novel through the use of imagery, characterization, foreshadowing, flashback, similes, and symbolism. Suzanne Collins and Steven Galloway use imagery and characterization to vividly describe the effects and outcomes of war and dictatorship. Suzanne Collins portrays,Read MoreThe Hunger Games By Suzanne Collins1352 Words   |  6 PagesThe movie or the book the Hunger Games came out with a bang when it first hit theaters or the shelves of the bookstores. It was dubbed as one of the best films or books to read, interestingly enough it was a remake of the stories or myths most people heard when they were younger, but modernized and turned into a collage of all the best roman and Greek stories. Suzanne Collins brilliantly combined the Greek and Roman influences to make the movie/book unforgettable. By using stories from the romansRead MoreThe Hunger Games By Suzanne Collin899 Words   |  4 Pages Suzanne Collin’s â€Å"Hunger Games† seems to be about a dystopian society struggle to become a utopia. However, when the readers read further in to the book or watches the movie one can see that is about all the characters that make use human. As human, we feel the need to build an ethical framework based on our needs for authority rather than tradition. The Capitol in the Hunger Games exploits human needs to keep authority in place. After rising seas and poverty consumed much of the land, the CapitolRead MoreThe Hunger Games By Suzanne Collins1419 Words   |  6 Pagesemotional atmosphere within a dystopian state, there exists an absence of feeling which competes for dominance. Suzanne Collins’ demonstrates this competing apathetic mood in her novel, The Hunger Games, through the citizens of the divided dystopia of Panem. This essay will analyze the origins and influence of apathy on a people and an individual, in both a political and personal sense. Collins’ main argument, that citizens’ facing governmental oppression can either become compliant with apathy, or, insteadRead MoreThe Hunger Games By Suzanne Collins854 Words   |  4 PagesIn a place where poverty is prevalent and a country is ruled b y a tyrannical dictator is it possible for an individual to trust others when their own life is always at stake? In the book The Hunger Games by Suzanne Collins, the main character Katniss Everdeen is a survivor. In the novel she is put into an arena to compete against twenty-three other tributes to the death. This is not the only time during which she has to fend for herself; at home she had to care for her family and keep them aliveRead MoreThe Hunger Games by Suzanne Collins710 Words   |  3 Pages‘’The hunger games’’ is a novel written by Suzanne Collins, published in 2008. The genre of the book is thriller/survival, and is written over 27 chapters with 454 pages. In this analysis, I will tell you about how the main character Katniss changes through the novel, and tell you a little about the central characters that plays an important role for her. ‘’The Hunger Games’’, is set in the future in the country Panem, and is about the sixteen-year-old girl, Katniss Everdeen. Panem is divided intoRead MoreThe Hunger Games By Suzanne Collins3514 Words   |  15 PagesThe Hunger Games is a science fiction, dystopian post-apocalyptic series that takes place in a futuristic North American nation called Panem. The film series is based on the novel series of the same title written by Suzanne Collins. Many who watch the films view them as an action-packed adventure series, but The Hunger Games, like many other dystopian films, feature social and political subjects that relate back to past and present culture. Dystopian films like the Hunger Games provide messages,Read MoreThe Hunger Games By Suzanne Collins986 Words   |  4 PagesThe Hunger Games by Suzanne Collins is about a sixteen year old girl named Katniss and how she needs to fight for her life. The Hunger Games takes place in an arena in the Capitol of Pa nem. There are 24 tributes, two from each District. The games were created to punish the Twelve Districts for trying to create an uprising against the Capitol. Suzanne Collins book could be compared to the United States and how people obsess with the way they look, discrimination is still occurring, and how the governmentRead MoreThe Hunger Games By Suzanne Collins1487 Words   |  6 PagesMy first text is The Hunger Games which is written by Suzanne Collins and it was written in September 14 2008; was set in the future, around the year 2087. My second text which is 1984, which is written by George Orwell and was written on Wednesday June 8 1949 and it was set in 1948. There are many themes in the book hunger games such as ‘the inequality between rich and poor’, ‘suffering as environment’ and ‘the importance of appearances’. In 1984 there is also many themes portrayed such as ‘theRead MoreThe Hunger Games By Suzanne Collins2436 Words   |  10 PagesThe Hunger Games is a science fiction and adventure film, based on the novel written by Suzanne Collins, which explores concepts of Marxism and numerous aspects of its principles through the dystopian world of Panem. The Hunger Games follows Marxist theories on bourgeoisie and proletariat class structure as well as capitalist production and the distribution of good. Thelma and Louise, a 1991 film directed by Ridley Scott, is often referred to by critics as â€Å"the ultimate feminist film†. This film

Role of The Leader in Organizational Communication

Question: ExplainRole of the leader in organizational communication. Answer: 1. Introduction Organizational culture is ubiquitous. It does retain its presence in every trivial operation of the firm and propelled the action of the individual who involved with that operation. It can be described as the rudiment of organization and its activities. Culture is a type of constrain that subject to evolve but not influenced by any cosmetic adaptation. These adaptations are temporal and related with situational influences regarding the climate which can be considered as a temporal catalyst in this occasion. Organizational communication is directly influenced by organizational culture. In diversified organization ethnic culture contributes in the development of organizational culture. Ethnic values and orientations of the group and individuals within the organization generate communication barrier. This scenario is plausible to Australian organizations because these organizations are diverse and multiethnic in character. Australian immigration policies are offering a chance to the for eign nationals to work in this country as skilled and unskilled worker. Involvement of these people in the organization is the root cause of multicultural atmosphere. Communication is the one of the major central means of the human activity within the organization directed to the attainment of the strategic goal (Jones et al 2004). In this context we also look at the how successful modern leadership in Australian organisations confront ethical issues in relation to managing culturally diverse workforce that requires ethical thinking to bring transparency, impartiality and also clarity of the outcomes Communication structure The pattern of communication can get defined by different graphical pattern, Chin, wheel, star, star, and all channel communication. Communication structure of the organizations is coherent with organization structure. It can exemplify by chain structure of communication. In this pattern of communication, the flow of information does follow the vertical structure of up down movement, in this structure information get strategically structured a decision making authority. In circle network all the information get shared equally among all the members of the group. In wheel structure of communication a centralized leadership works as arbiters to direct the flow of information. These models or the structure of the communication depicts the presence of strategically driven behavior behind the organizational communication. Multiple pattern of communication may get accommodated in a single organization in different level. Depend up on the culture of the organization. Culture has a major infl uence in the communication process, but this influence not only confine only in the existing culture of the organization rather culture of the existing ethnic group and subgroups. Communication process Communication process articulates presence of two prominent bodies sender and receiver. Sender is the body who generates the message and sends it to the receiver. Receiver is the recipient of the message. The process of comprehension plays a cardinal role here. Sending and receiving message influenced by a dormant process of encryption and decryption. Encryption is the process of encoding the message it is the process of a basic criteria formation. it does indicate towards a specific receiver. This is a type of receiver who can decrypt of decode the message and comprehend it. This pre requisite can become more sophisticated to address more sophisticated receiver. Language is a major prerequisite of the communication. The communicator or the sender can codify the message in a certain language which comprehended by only few people In this case the sender will deliberately make interference the whole communication process. Biased communication or deliberate formation of communication ga p may get occurs due to this. Noise is another factor that may generate an undesirable influence over communication ( Hiltz, et al 1986). Noise distorts the message of communication and makes the notion misleading for the receiver. Lingual, cultural and ethnic factors may turn as noise or communication barrier. Cultural influence over communication Some time non verbal communication plays a major role in interpersonal interaction with in organizational atmosphere. The communication without the mediation of verbal language can get defined as non verbal communication. Communication through gesture facial expression and even dressing is the part of non-verbal communication (Chira, D. 2014). This specific type of communication generates an intense impact over interpersonal communication within the organization. Individual and ethnic cultural influence manifests as a prominent factor behind the nonverbal manifestation of human expression. Nonverbal communication is not body language (Chira, D. 2014) but something more comprehensive than that. Perspective of an individual getting reflected in the time of communication, personal attitude belief, and ethical stand plays major role in this regard. This is the major reason behind the ethnic religious and racial influence in the communication process of the diversified work place. Role of the leader in organizational communication Objective driven attitude is one of the cardinal traits of leadership behavior. Leader wants to convey the message to the follower they address the mass activity through their communication (Dewan, Myatt 2008). They want to be communicated. Generating influence is one of the sign of any successful leader. Communication is the means for that purpose. The intension of the leadership cannot be successful without the effective communication. The movement towards strategic direction will be the optimum result of this. In order to get the optimum result the leader should channelized the team towards the sated direction. Multi cultural diverse work place is a plausible challenge for the leaders in this regards. Challenge of communication First challenge emerges as the form of communication. Leader applies direct and indirect communication according to the demand of the situation. Direct communication is the part of the western way of communication. Westerners can make an obvious expression regarding the preference and no preference. But this may not be applicable in the communication of the noon western races. Because beyond the western periphery a different process of communication does exist and this process may not acknowledge the western attributes as the means of effective communication. Contemporary manifestation of effective leadership communication is discursive leadership. Development of common commitment over the strategic issue is the central intension of leadership communication with other team members (Markoczy, 2001: 1014). The proposition from leaders end and the sanction from the subordinates cannot be the mechanical one; the response should get emerged as epitome of authentic involvement with the sub ject. Leader may not get the response as he expect from the person belong to western cultural background. Same expressiveness may not traceable in all the cases but the comprehension of the notion does represent the cohesiveness of the organization. The eligibility of the competent leadership got determined by that. Lingual impediment is another plausible challenge fir the leader of a diversified multicultural work place such as many Australian companies. English is the official language and the only language of communication this country. Being a citizen of this mono lingual atmosphere one may harbor the same expectation from his work environment. A multicultural diverse atmosphere a not comply with that expectation. Workforce from out of Anglo sphere can caused discord at the time of collective learning. Worker with the vernacular accent of non English speaking country can become noticed and ostracized by the mainstream English speaking population. A sense of superiority complex may become predominating among the English speaking worker community. Leader need to address this area; because it invites a direct threat to the cohesiveness of the organization generate impact over the productivity. Employee from different part of the world does not harbor the same attitude towards the hierarchy. According to the organization culture of different country individual differ in terms of attitude. Organization of some country replicates their social structure and maintains identical strata or layer on their structure. This trait does generate an attitude of stratified society among the workers. The worker with some specific attitude fined difficulty to adjust himself with the changed work atmosphere. It is the responsibility of the leader to turn him in a proper direction so he can make himself accustomed with this. Organization communication in culturally diverse work place has confront another major challenge in decision making and communicating the decision if the individual. Decision making process tend to be reactive and depend up on comprehension of the situation. A person from local background comprehends the situation from a certain angle and another person from another ethnic background does it in complete different manner. There is a possibility of conflict lies here. the direction of decision making may not get match all the time and the style of comprehension may caused discord in the organization. The responsibility of the happeng and eventuality sapose to get imposes over leadership. The proof of competent leadership may get validated on the basis of reconciliation that substantiate efficacy of the governance. The process of decision making is not an isolated one rather comprehensive; it has its expansion from micro to macro level. In micro level it does influence individual and hi s eventuality and in macro level it address the community or organization itself. The normative movement to a prescribe direction may not represent a liberal decision. It is the challenge the leader has confronted to retain the value of cohesiveness and facilitate the organization to get evolves on that basis. 2.Brief Background In culturally diverse Australian organisations to confront ethical issues the Leadership have themselves to be ethical in behaviour and thereby bring transparency in work, impartiality in judgements and clarity in the outcomes. We deal with this in detail further in the assignment in diversity and challenges and also while managing diversity where Leadership and their behaviours play a vital part in confronting the ethical issues in culturally diverse workforce in the Australian organisations. While we live in this diverse society and the same is reflected in workplaces. Diversity is considered broader than the ethnicity, race and gender. Diversity is what that makes each other unique which includes our beliefs, personality, backgrounds and also life experiences. Therefore it is all these that make us who or what we are. It is therefore the combination of visible and the invisible differences which shape our view of this world that is our perspective and approach. Dimensions pertaining to diversity includes age, ethnicity, gender, physical abilities, ancestry, race, educational background, sexual orientation, marital status, geographic location, income, parental status, religious beliefs and work experiences etc. to name a few. In this context it is vital to know how all these dimensions affect the performance, success, motivations and his dealings with others. It is therefore that these Institutional structures and also practices that present as barriers to few dimensions of the diversity be examined, challenged, worked upon and removed. Managing diversity is referred to planning and thereby implementing these organisational systems and the practices in order to manage people in such ways that potential advantages of this diversity are truly maximised and the disadvantages are minimised. Managing diversity therefore provides the distinct advantage in this era when creativity and flexibility are vital to competitiveness. An organisation has to be adaptable and flexible in order to meet the new customer wants and needs which in turn will increase profitability. Diversity as a concept is having potential to know about international market, contribute to diverse operational related skills, represent varied customer bases and helps in the decision making and also with diverse age and the experiences that provide different perspectives (Stone2013). Therefore managing diversity in Australian organisations is proactive recruitment and the retention of these diverse workforces in such ways that the employee differences become asset for rather than becoming liability to the organisation. It is therefore by harnessing these diverse differences helps to create productive environment where every individual feels valued, feel that their talents being utilised fully and in these also organisational goals are fulfilled (ertens, 2014). Outlook of Diversity and challenges in Australian organisations Therefore in organisations in Australia it is important for Leaders handle these ethical issues pertaining to the culturally diverse workforce by identifying key management and team leader competencies where they ensure these all essential motivations are fully addressed for all the employees in such culturally varied workforce (Corey et al. 2014), effective managers of such cultural diversity are required to posses number of abilities and the strategies in order to manage and work with such diverse staff and also customers as below: Having broader perspective and relative experience of working with such varied differences Are really aware of themselves pertaining to their attitudes, prejudices and also values Can articulate relationship in between managing diversity and the business outcomes Know how about diversity dimensions between their legal and the organisational framework Can assess and identify these positive and negative effects of such diversity on the business functions Can communicate relatively well and effectively across the diverse cultures Respond effectively with these diversity issues with the help of seeking and sharing the views and the inputs of all the team members Identifying management competencies that they should develop and the competencies that staff has to work in tandem or together to be effective Understand the very process of the designing and also implementing such diversity strategy Use diversity of their teams in ways to enhance the creativity and also innovation Demonstrate real flexibility and also openness in learning from such diverse people Research and relative experience shows workplace teams in organisations in Australia being increasingly diverse( Benschop et al 2015).. There are several dimensions to this diversity that figure prominently among most teams which includes the gender, cultural background and also generations. Therefore due to differences among the micro, the small, the medium and the large enterprises, leaders or managers also need to look to consider each of the action areas and also recommended actions that needs to be worked in relevance to the organisation and also industry it operates. Hence in such scenarios it is very important for leaders to confront ethical issues in such varied workforce in Australian organisations must put more emphasis on the people management (Corey, Corey, Corey2013). It is those organisations that manages the culturally diversified workforce effectively and thereby develops cultural competence tend to gain advantages in terms of attraction and retention, teams and the teamwork and also international people management thereby making them highly competitive in labour market. Organisations that use such diversity management approaches and strategies to address the very concerns of the minority staff reduces the annual turnover of the staff, thereby saving money, retaining the skills and helps in enhancing the reputation in the industry. Managing Diversities Diversity Management is an effective continuing process of involving workforce recognition and the customer differentiation to all the core business functions, the processes, the communications and the services in order to develop a harmonious, relatively fair, inclusive, a more creative and also effective organisation. The various concepts and the practices that has evolved over the years in Australia and also across developed economies having large population of immigration. Leaders were mainly concerned with the fairness and more importantly tolerance through the compliance policies, the very control techniques and systems and also staff training. With increased competition and vastly diversified workforce there came the need for talented and trained staff in global knowledge based economy, higher work and life balance expectation among employees, better career and also learning areas with opportunities, respect, flexibility, recognition and wide consultation. The various laws regarding racial and the age discriminations. The leaders thereby became highly responsible towards minimising disadvantages while maximising advantages of the workforce that is diverse so as to ensure the social cohesion with inclusiveness to act as essential feature of organisational tool for effectiveness (havand et al. 2013). Therefore several points be considered in this perspective Managing and also working with the diversity happens to be generic skill Its fair to comprehend that most Australian organisations always managed the diversity on their terms. They dealt with the cultural differences as per need or at times avoided or ignored them (hrich et al 2015). The ones who actively managed these cultural diversities happens to be most competitive Understanding what is that motivates and also satisfies employees, despite their circumstances or the background, is a major feature of good organisation management With people from varied cultures along with education, age, gender etc, living and also working in Australia adds to complexity. It is observed that we human beings are more similar than we look different. These differences are result of our upbringing, learned things about seeing this world and how we do the activities. The most likely of differences are most often least visible. They are expressed in the values and the attitudes we posses (candura, 2016). Organisational and the individual performance are linked to the diversity management strategy Exactly understanding differences that affect relationships, actions and also the decisions in this diverse workplace and the social environments enables the leaders and managers to enhance individual and the teams performance. It is thus vital for the leaders in this context to manage conflicts and other issues effectively by proper qualities and techniques that overall benefit the organisation. Leadership Styles and their approaches Leadership had been regarded as the inherent ability that one posses in influencing others with the help of controlling the said behaviour of all other members of that group. leadership styles has evolved with motivation and other enabling factors apart from influencing to achieve desired organisational goals. This concept brought the transformational and transactional leadership into force. But most of research equated the transactional approach to the transformational style (Banks, 2015). Here the communal characteristics along with inspirational values are described to understand this leadership. Transformational leaders characteristics lead to nurturing and also caring, their role is observed to show consideration thereby developing followers in achieving their full potential. The Leaders lead in the ways that is encouraging and also motivating as communal traits are substantially beneficial in the producing along with fostering the self worth and also confidence among the subord inates. Therefore the development of this transactional and the transformational based leadership were on terms based on understanding of multifactor leadership questionnaire (MLQ). By using leader and the rater forms in the MLQ survey, the transactional and also transformational based leadership is truly measured to provide exact evaluation to the individuals to understand their leadership behaviour or the style. With flattening organisational structures and hierarchies and the rapid pace of globalisations are making leadership styles and approaches are transforming also. As per the measurement of the MLQ the transformational approach shows that benefit of relatively using communal based approach to the leadership (Mphotwana, 2014). Therefore in pretext to Australian organisations culturally linked leadership model or style that shows the very differences between the cultures especially in view of the values, attitudes and the behaviour of the individuals and that the diversion provides the implications for the leadership in those organisations. Previous studies emphasised on leaders themselves involving their styles, the actions, the philosophies and also the acceptance and with appropriateness of the different leadership styles. These studies indicated that different behaviour and also actions of the leaders are being interpreted and also evaluated totally differently based on the cultural scenario and the same are due to the variations among the peoples image and ideas of ideal leader. Relatively fewer studies has taken the dimension of cultural influences on the leadership styles, the different approaches of leadership practised in other countries and the general style of leadership at that point in the place (Arends, 2014). Reality and generality is based on the very limited research that raises quite significant questions on the research that underlie in studying the differences in these leadership approaches and styles originating across cultures. Hence from managerial perspective these variations in the leadership styles offer extremely difficult challenges to the organisations, mainly during expanding their various operations globally. The Australian organisations quite often need to be contend with these diverse cultural ethoses, values, behaviours and the norms that are quite different from that of host country. It is thus critical to study the influence that arises of the culture based specific forces that apply on these differences in the leadership style s (Hislop, 2013). Conclusion: In this context it works a major challenge across the organisations in Australia with their leaders to understand the ethical values that brings forth the communications, the various cultural and backgrounds that underlie in the process and the diversity of these issues make the Leaders evaluate their behaviours and the leadership approaches styles. Though the study is incomplete as per research worldwide that any specific leadership style is suitable to this approach but it is conclusive to state that based on various research that culturally linked leadership approach or style is quite feasible to work and implement to understand these culturally diverse teams within the management framework. Therefore it is quite obvious that managing the diversity is the key to provide the necessary impetus to the success of these leadership styles that has to evolve in this continuing global scenario. Reference: Arends, R. (2014). Learning to teach. McGraw-Hill Higher Education. Banks, J. A. (2015). Cultural diversity and education. Routledge. Benschop, Y., Holgersson, C., Van den Brink, M., Wahl, A. (2015). Future challenges for practices of diversity management in organizations. Handbook for Diversity in Organizations, Oxford University Press, Oxford, 553-574. candura, T. A. (2016). Essentials of organizational behavior: An evidence-based approach. SAGE Publications. Chicago Chira, D. (2014). NON-VERBAL COMMUNICATION.CONSTRUCTIONS OF IDENTITY (VII), 67. Corey, G., Corey, M., Corey, C., Callanan, P. (2014). Issues and Ethics in the Helping Professions with 2014 ACA Codes. Nelson Education. Corey, M., Corey, G., Corey, C. (2013). Groups: Process and practice. Cengage Learning. Cox, S., Drew, S., Guillemin, M., Howell, C., Warr, D., Waycott, J. (2014). Guidelines for ethical visual research methods. The University of Melbourne, Melbourne, Australia. Dewan, T., Myatt, D. P. (2008). The qualities of leadership: Direction, communication, and obfuscation.American Political Science Review,102(03), 351-368. ertens, D. M. (2014). Research and Evaluation in Education and Psychology: Integrating Diversity With Quantitative, Qualitative, and Mixed Methods: Integrating Diversity With Quantitative, Qualitative, and Mixed Methods. Sage Publications. havandi, A., Denhardt, R. B., Denhardt, J. V., Aristigueta, M. P. (2013). Organizational behavior. SAGE Publications. Hiltz, S. R., Johnson, K., Turoff, M. (1986). Experiments in Group Decision Making Communication Process and Outcome in Faceà ¢Ã¢â€š ¬Ã‚ toà ¢Ã¢â€š ¬Ã‚ Face Versus Computerized Conferences.Human communication research,13(2), 225-252. Hislop, D. (2013). Knowledge management in organizations: A critical introduction. Oxford University Press. hong, S. (2014). Business process management for SMEs: an exploratory study of implementation factors for the Australian wine industry. Journal of Information Systems and Small Business, 1(1-2), 41-58. hrich, L. C., Harris, J., Klenowski, V., Smeed, J., Ainscow, M. (2015). Ethical leadership in a time of increasing accountability. Leading and Managing, 21(1), 22. Jones, E., Watson, B., Gardner, J., Gallois, C. (2004). Organizational communication: Challenges for the new century.Journal of Communication,54(4), 722-750. Markoczy L (2001) Consensus formation during strategic change. Strategic Management Journal 22: 10131031 Mphotwana, M. R. (2014). A case study of the effects on personnel managements productivity in an engineering packaging company (Doctoral dissertation). ouglas, S. (2013). Best Practice in Distance Education and e-Learning. Russell, R. F., Gregory Stone, A. (2002). A review of servant leadership attributes: Developing a practical model.Leadership Organization Development Journal,23(3), 145-157. Stone, R. J. (2013). Managing human resources. John Wiley and Sons.Robbins, S., Judge, T. A., Millett, B., Boyle, M. (2013). Organisational behaviour. Pearson Higher Education AU. Wayne, S. J., Shore, L. M., Bommer, W. H., Tetrick, L. E. (2002). The role of fair treatment and rewards in perceptions of organizational support and leader-member exchange.Journal of applied psychology,87(3), 590.

Ahabs Evil Quest Melvilles Symbols In Moby

Ahab?s Evil Quest: Melville?s Symbols In Moby-Dick Essay Ahabs Evil Quest:Melvilles Symbols in Moby-DickHerman Melville began working on his epic novel Moby-Dick in 1850, writing itprimarily as a report on the whaling voyages he undertook in the 1830s and early 1840s. Many critics suppose that his initial book did not contain characters such as Ahab,Starbuck, or even Moby Dick, but the summer of 1850 changed Melvilles writing andhis masterpiece. He became friends with author Nathaniel Hawthorne and was greatlyinfluenced by him. He also read Shakespeare and Miltons Paradise Lost (Murray 41). These influences lead to the novel Melville completed and published in 1851. Althoughshunned by critics after its release, Moby-Dick enjoyed a critical renaissance in the 1920sand as assumed its rightful place in the canons of American and world literature as agreat classic. Through the symbols employed by Melville, Moby-Dick studies mansrelationship with his universe, his fate, and his God. Ahab represents the league humansmake with evil when they ques tion the fate God has willed upon them, and God isrepresented by the great white whale, Moby Dick. In Moby-Dick, Herman Melville usesa vast array of symbols and allegories in the search for the true explanation of mansplace in the universe and his relationship with his fate and his God. The focus of cruel fate and evil symbols is placed on the head of Ahab, captain ofthe Pequod. Ishmael, though narrator of the story, is not the center of Moby-Dick afterCaptain Ahab is introduced onto the deck of the ship and into action. The focus of thenovel shifts from the freshman whaler to experienced Ahab, an ungodly, god-like man(Melville 82). Having been a whaler for many years, he is a well respected captain, yethis previous voyage has left him without a limb, and in its place is a peg leg carved fromwhale ivory. Ahab remains below decks shadowed in obscurity for the initial stages ofthe Pequods journey into the Atlantic. Ahab soon reveals his devilish plan to his crew,however, in a frenzied attack of oratory he wishes to seek, hunt, and destroy the WhiteWhale, the fabled Moby Dick. It was the white whale Moby Dick which had, on Ahabsprior voyage, ravenously devoured his leg, and Ahab harbored a resentful revenge on hispersecutor. Any mention of Moby Dick sent Ahab into a fu rious rage (Melville 155). Heriles against Starbuck, the first mate and Starbuck replies, vengeance on a dumb brute! . . . to be enraged with a dumb thing, Captain Ahab, seems blasphemous (Melville 155). It is through Ahabs speech and his subsequent dialogue with Starbuck that asecond major symbol is introduced into the story, Moby Dick. Blasphemy is irreverencetoward God or something sacred, not irreverence toward a dumb brutish whale. YetStarbuck accuses Ahab of blasphemy. Melville places this rather harsh accusatory wordin the mouth of the Christian-minded Starbuck, directed at a devilishly revengeful Ahab. The only way actions taken against Moby Dick could be blasphemous is if he is sacred. Through indirect descriptions of Moby Dick and direct rantings of an insane man,Melville peppers Moby-Dick with hints and clues at the true essence Ahab sees behindthe symbol of Moby Dick. According to sailors stories and legends, Moby Dick is seen in two places at onceat different places around the globe. In this trait Melville is suggesting omnipresence, agodlike trait (Melville 172). The sailors think he is immortal, another godlike trait,because he has been harpooned many times and still lives (Braswell 152). Ahab himselfbelieves Moby Dicks power is outrageous, like Gods omnipotence. Ahab states inChapter XXXVI, that inscrutable thing Moby Dicks power is chiefly what I hate(Melville157). In addition to the godlike characteristics of omnipotence andomnipresence, Moby Dick has garnered a reputation for tearing through sinners. Heshows godlike justice and mercy in saving Steelkilt and killing the unjust Radney, as thecrew learns from the sailors of the Town-Ho (Auden 11). Melville uses many other symbols to make the white whale a symbol of divinepower (Braswell 151). His awful austere beauty is godlike, as is his titanic power and hispyramidical white hump. His color, white, has signified a special sanctity; and Melvilledevotes an entire chapter, narrated by Ishmael, in which he explores the meaning ofwhiteness through the ages and through the eyes of many different cultures (Arvin221-222). In Chapter LI, the Pequod sights a mysterious silvery jet of water obviouslyemanating from a whale. The sails are spread and the ship gives chase, but thespirit-spout is never identified. If this spirit-spout is emanating from Moby Dick, it isreminiscent of Gods pillar of fire in Exodus. Through these and other small clues andsymbols, Melville insinuates that Moby Dick is sacred and godlike. Ball Bearings EssayMelville adds more symbolism near the end of the novel. When Ahab announcedhis devious intentions early in the voyage, he offered an Ecuadorian dubloon as a prizefor the first man who sighted Moby Dick. The coin shows the sun moving into thezodiacal constellation of Libra, the Scales. Did Melville plant this symbol to suggest thescales of fate were weighing in on Ahab? (Chase, Melville 59). Fate weighed Ahaband found him wanting because his evil quest ends in despair. He chases Moby Dick,Moby Dick does not chase him. Had he not pursued Moby Dick, Moby Dick would nothave destroyed the entire ship and its crew, save Ishmael who survived the encounter(Arvin 217). On day three of Ahabs hunt, the whale destroys the whaling boats and thePequod, thereby destroying those who seek to escape their human limitations andquestion their divinely ordained fate. Melvilles allegories and symbolism Ahabsymbolizing men who feel wronged by God and Moby Dick symbolizing a vengeful Go dwho will destroy those who wish to destroy Him are woven into a timelessmasterpiece of exposition and are revealed through a vast array of symbols, hints, andrantings. Works CitedArvin, Newton. The Whale. Parker and Hayford. 196. Auden, W. H. The Romantic Use of Symbols. Gilmore. 9. Bloom, Harold, ed. Herman Melvilles Moby-Dick: Modern Critical Interpretations.New York: Chelsea, 1986. Braswell, William. Moby-Dick Is an Allegory of Humanitys Struggle with God.Leone. 149. Buell, Lawrence. Moby-Dick as Sacred Text. Bloom. 62. Chase, Richard, ed. Melville: A Collection of Critical Essays. Englewood Cliffs, NJ:Prentice, 1965. Chase, Richard. Melville and Moby-Dick. Chase. 49. Gilmore, Michael T., ed. Twentieth Century Interpretations of Moby-Dick. EnglewoodCliffs, NJ: Prentice, 1977. Guiley, Rosemary. Harpers Encyclopedia of Mystical Paranormal Experience. NewYork: Castle, 1991. Hillway, Tyrus. Herman Melville. New York: Twayne, 1963. House, Paul R. Old Testament Survey. Nashville: Broadman, 1992. Kazin, Alfred. Introduction to Moby-Dick. Chase. 39. Leone, Bruno, ed. Readings on Herman Melville. San Diego: Greenhaven, 1997. Melville, Herman. Moby-Dick, or The Whale. 1851. New York: Bantam, 1981. Murray, Henry A. In Nomine Diaboli: Moby-Dick. Bloom. 39. Parker, Hershel, and Harrison Hayford, eds. Moby-Dick as Dubloon. New York: Norton,1970. Spiller, Robert, et al. Literary History of the United States of America. New York: Scott,1968.

J. D. Salingers the Catcher in the Rye

Introduction J. D. Salinger’s novel, The Catcher in the Rye highlights various issues that teenagers contend with in their lives. Having been published in the mid 20th century, the novel has captured the attention of numerous readers. In fact, some highlight that novel is among the best works of literature to date.Advertising We will write a custom research paper sample on J. D. Salinger’s the Catcher in the Rye specifically for you for only $16.05 $11/page Learn More It has won many prizes and praises from varied authors and readers. The protagonist of the novel, Holden Caulfield has influenced many teenagers and has become iconic figure in the context of the American society. Despite criticisms of the novel that criticize the explicit illustration of sexuality and other social issues like identity, it is imperative to notice that its influence throughout the century has been unsurpassed. This is a research paper on the novel that seeks to elucidate on the aspect of Holden’s detachment from reality. Is the Protagonist a Hero or emotionally unstable? While many readers have had an opportunity to analyze various characters throughout the book, it is important to note the protagonist, Holden Caulfield has various aspects that makes him to be a ‘hero’. At the outset, Graham points out that he has been able to resonate strongly with different readers of different social-economic backgrounds (45). Many of the readers find his work very influential owing to the way he portrays the perspectives he holds about life. This influence has made the readers to fall into the temptations of redundancy in that many of them do not question his failures and shortcomings but perceives him as a heroic character (Magill 12). This aspect of his character has made the book not only exciting but also able to elicit many commendations across all social-economic divides. There are various signs that the readers have persiste ntly ignored relating to his troubled life. Graham says that Holden falls out of four schools, an aspect that parents and readers ought not to take positively (41). To the contrary, readers opt to ignore these aspects of Holden’s life placing little emphasis on his apparent failures. As such, the book projects a character that is influential and able to convince people in what Booth and Mays refers to as minority influence (34). Further, it is recognizable that Holden suffers from mental disorders and traumas that obviously have had an effect on his perceptions and perspectives about life. The death of his brother has had an effect on his ability to project various aspects of life in a consistent and accurate manner. Besides, one of his fellow classmates commits suicide. These two sources of emotional stress have apparently impaired his ability to present his views about the world precisely and accurately (Graham 67). Nonetheless, it is through of the ability of the protagoni st to provide logical arguments that cannot match a mentally disturbed individual.Advertising Looking for research paper on american literature? Let's see if we can help you! Get your first paper with 15% OFF Learn More This makes the reader to assume that the character is of sound mind. Amazingly, it is these aspects of the book make him a hero to majority of the readers. The rationale is in his aptitude to convince his audience and influence them to dropping an objective perspective about the other characters and people in his society as depicted in the novel (Steinle 61). Another peculiar aspect of the book and a testimony that the emotional state of Holden is ailing is his apparent judgmental positions he takes about events and people. As Salinger hints, â€Å"†¦if the football team loses, and all you do is talk about girls and liquor and sex all day, and everybody sticks together in these dirty little goddam cliques† (131). Booth and Mays highlight tha t he disparages boring people and those who express insecurities (51). It is also his nature throughout the novel to philosophize about life by labeling some people as phony as the above quote depicts. The usage of the word phony to refer to members of the society who act in ways that befit their social class or their careers is rampant throughout the novel. The word phony as such, refers to those who act in a superficial way that contradicts the usage since we can argue that the protagonist is phony as well. Magill asserts that he uses his prejudice, attitude and values to judge other members of the society. This judgmental characteristic of the major character bespeaks his mental state. Nevertheless, the protagonist catches the attention of the audience by making conclusions and judgments to a heightened level that they become comical. For instance, Holden says that some people are so insensitive that their tombstones will bear the title â€Å"fuck you† (Graham 56). This ch aracteristic of the novel has made it popular and loveable among teenagers and other members of the society. The reason is that the face value of the content impairs the ability of the reader to dig deep into the book and unravel some disturbing traits about Holden.Advertising We will write a custom research paper sample on J. D. Salinger’s the Catcher in the Rye specifically for you for only $16.05 $11/page Learn More It is apparent that Holden has a particular negative attitude towards human sexuality. As Aaron claims, the book portrays him as a virgin although it is clear that he is usually interested in sexual activities (3). He spends a quite significant amount of time in his life attempting to have sex in order to be like the rest of his dorm mates and peers who have had sexual experiences. Salinger says that, â€Å"If you want to know the truth, I’m a virgin. I really am. I’ve had quite a few opportunities to lose my virgini ty and all, but I’ve never got around to it yet† (91). His perspective that sex ought to happen between people who experience deep emotions about each other is long drawn. Upon realization that casual sex is another aspect of sex that he did not explore, he becomes furious. For instance, he dated Jane whom he attests to have been in love with even now that she is seeing another boy who happens to be his classmate (Magill 63). According Booth and Mays, it depicts emotional insecurity and jealousy, which projects him as a mentally disturbed teenager (34). The aspect that draws suspicion about his mental state and subjective opinions is when the tourists whom he cared little about arouse him. He picks a prostitute named Sunny at the Lavendor Hotel and assumes that it was due to a mere human weakness that is typical of phony people whom he finds to be stupid. The author uses the right naming of his characters. Protagonists second name, caul, has a lot of significance in its meaning. In other words, the author tends to insinuate a person whose is ignorant of reality since he/she has been blinded by childish points of view. Aaron asserts that it is important to notice that the author tends to explain the ways in which different people are ignorant of the actual and complex problems that occur in the world. Graham articulates that Holden (from the phrase hold on) as the name of the protagonist was indeed deliberate as he indicates that there was the need to enhance the ability to see the world from a perspective that is devoid of childhood. There is also suspicion on the emotional state of the main character especially when relating to his interaction with other characters in the book. Phoebe, who is a sibling to the protagonist, becomes infuriated with Holden’s refusal to grow up. He claims to be the only perfect person able to resist the phoniness of the world and indeed concentrate on catching the rye for the innocent (Booth and Mays 45).Advert ising Looking for research paper on american literature? Let's see if we can help you! Get your first paper with 15% OFF Learn More His decision to leave his family and indeed become deaf mute was a question of contention that appraises the character’s state of mind. It is unusual for a character who claims to possess the ideal traits of a society to reverse his decisions owing to influence of a child (Graham 74). In reality, Phoebe is six years younger than he is and seems to understand the world better than he does. Salinger articulates this point by highlighting the protagonist saying, â€Å"The thing with kids is, if they want to grab for the gold ring, you have to let them do it, and not say anything. If they fall off, they fall off, but it’s bad if you say anything to them† (211). His shortcomings are also witnessed when he visits Mr. Antolini who had been his English teacher in search of a piece of advice. Although the former teacher seems to be wealthy of knowledge regarding human behavior in life, Holden seem to contradict even the most obvious pieces of advice he receives. He begin s to view the advice based on his prejudice and values. This is not only in contravention of a normal decision maker but also threatens to change the character’s values and beliefs. He also mistakes Mr. Antolini’s fatherly touch to homosexual urges making him to bear a negative attitude towards him (Steinle 13). Coupled with paranoia, the protagonist is explicitly suffering from mental disorder and it is surprising how the readers have opted to ignore these seemingly apparent negative traits possessed by the protagonist. Finally, the main character has realized that he has been largely swayed to assume idealistic approaches to life as opposed to being realistic. His convictions are only comparable to non-existent state in life that makes him wonder extensively about life (Aaron 73). His detachment from reality is also clear when the protagonist sees Phoebe riding carousal and joy overwhelms him. This is unusual, as it seems that the character is inclined to the idea th at joy is only present during one’s childhood. Booth and Mays assert that the character is in a mentally disturbing position that is a negative and an abnormal attribute that many readers have ignored and in turn viewed him as the main character. Nonetheless, we have seen in many occasions the protagonist changes his standpoints and his opposition to growth and is inconsistent with his values. First, the protagonist realizes that human sexuality is an important aspect of human life. Besides, it is entrenched in the culture of human beings. Holden also notices that he had been making wrong decisions about life and particularly his option to drop out of school. The protagonist’s ability to make radical changes in his life has also projected him as a hypocrite who is not consistent with his values. It is not amazing that his decisions to leave his family and head to New York were challenged by his younger sister who seems to make better decisions than he does (Graham 73). The protagonist also reviews his perception of life after his former English teacher, Mr. Antolini highlights to him that there was an apparent need to embrace humility instead of yearning to die nobly (Booth and Mays 72). This marks the realization that the world did not only require individuals who are able to cling to their convictions but also individuals who could easily adapt to the world. It seems apparent that the character also begins to view the world from a broader scope than he used to earlier before. It is also important to notice that Holden seemed to be at loggerheads with his parents, which is a cause of concern among many of his peers and siblings. As the author notes, Holden was not at the best of terms with his family and could only sneak into their home to visit Phoebe. This makes the massive influence that he imparts on the readers to be pointless. After the death of his classmates, Holden is also concerned on ways in which he can reconstruct his life and meet the demands of the society. His apparent loneliness has had a tremendous effect on his life and ought to reflect concerns that people ought not to underscore during the entire book. In fact, the author exclaims that the protagonists had gotten used to visiting the museums and had even comprehended the positions that different artifacts held within the gallery. Salinger highlights the protagonist saying, â€Å"Certain things they should stay the way they are. You ought to be able to stick them in one of those big glass cases and just leave them alone. I know that’s impossible, but it’s too bad anyway† (122). It is also important to notice that the author misunderstands the concept of catching the rye and believes that he had the role of protecting the innocent from falling into the trap of phony and pervasive life. Conclusion In sum, the level of detachment from the reality that the main character exhibits is overwhelming. Touted by many readers as the hero of th e book, Holden raises suspicions about his mental state and perception about life. Clearly, the character lacks emotional and mental stability making his conclusions and about life to be long drawn. Having suffered stress and psychological trauma, the perceptions held by the main character are inconsistent with reality making it a devastating mistake to assume the heroic role of the story. He is mistaken about people and labels people as phony in addition to making quick generalizations about life. As such, it is imperative to distinguish his emotional state and reality when branding Holden as the hero of the book. Works Cited Aaron, Jane. The Little, Brown Compact Handbook, New York: Pearson Education, 2009. Print. Booth, Alison and Mays, Kelly. The Norton Introduction to Literature, New York: Norton Publishers, 2011. Print Graham, Sarah. J.D. Salinger’s the Catcher in the Rye, New York: Routledge, 2007. Print. Magill, Frank. J. D. Salinger: Magill’s Survey of America n Literature, New York: Marshall Cavendish Corporation, 1991. Print. Salinger, Daniel. The Catcher in the Rye, New York: Blackwell Publishers, 1951. Print Steinle, Pamela. In Cold Fear: The Catcher in the Rye Censorship Controversies and Postwar American Character, Ohio: Ohio State University Press, 2000. Print. This research paper on J. D. Salinger’s the Catcher in the Rye was written and submitted by user Derr1ck to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Cover Letter Mistakes 5 Words and Phrases to Delete from Your Cover Letter

Cover Letter Mistakes 5 Words and Phrases to Delete from Your Cover Letter Cover letters are not dead, and cover letter mistakes can still cost you a job to someone who does a better job in their letter. One easy way to write a strong cover letter is simply to avoid certain overused and ineffective words. Heres why you dont want to use 5 of these too-common words and phrases, and what some alternatives might be. Read till the end. I saved the best for last. 5 Cover Letter Mistakes to Avoid 1)   Using the word â€Å"hope.† Examples I hope to hear from you soon. OR I hope to be able to contribute my skills to ABC company. Why You Should Avoid this Cover Letter Mistake Hope springs eternal.  The company doesn’t care about your hopes and dreams.  They care about what you can do for them. Alternatives to Hope I look forward to speaking with you further regarding my qualifications. OR My ability to take clear, decisive action will allow me to make an impact at ABC company from day one. OK, now we’re talking! 2)   Saying you want to improve or hone your skills. Example I am excited to hone my programming skills at ABC company. Why You Should Avoid It Companies do not hire you in order to train you. They want someone who will make a contribution. Just like â€Å"Objective† statements stating what you want are no longer desirable on resumes, don’t tell a company in a cover letter what you want to get from them. Alternative to Avoid this Cover Letter Mistake I look forward to contributing my programming skills to the efforts of ABC company to make the web accessible to everyone. (No neediness here. So much better.) 3)   Saying you are â€Å"drawn† to a company. Example I am drawn to ABC company because of its outstanding reputation and high-quality service. Why You Should Avoid It You get drawn to a person across a crowded room.  Companies don’t care to hear that you are drawn to them.  And a bonus tip:  companies with outstanding reputations don’t need to be told that you want to work there because of their outstanding reputations. Who wouldn’t be drawn to those companies? Alternative for Drawn The relationship management skills I built while working in a state office are a match for ABC company’s commitment to outstanding customer service. (That’s so much better, isn’t it?) 4)   Talking about how you â€Å"feel.† Example I feel the relationship management skills I built while working in a state office are a match for ABC company’s commitment to outstanding customer service. Why You Should Avoid It Can you see how adding â€Å"I feel† at the beginning of this sentence killed it completely?  Tell a psychologist how you feel.  Tell a company what you can do for them.  If you must, use the word â€Å"believe† instead of â€Å"feel.†Ã‚  But see if you can avoid this type of language altogether. Alternative for Feel The relationship management skills I built while working in a state office are a match for ABC company’s commitment to outstanding customer service. 5)   Referring to â€Å"Your company.† The worst possible cover letter mistake is to write a generic cover letter. Never, ever, write a cover letter where you only refer to the name of the company when you say â€Å"I’m applying for a the position of X at ABC Company.† Use the name of the company multiple times throughout the letter. Don’t just use the name of the company. Tell them why you want to work specifically for them. Speak to their mission and values. Do you know someone who worked there? Have you used their products for 20 years? Don’t be afraid to get personal. That human touch could be the thing that gets you the job. Examples My father and greatest insurance mentor, J.B. Krankshaw, who was mentored by ABC Insurance founder L.B.J, had a phenomenal 40+-year record as an ABC Insurance agent. In my mind, Jimmy’s has differentiated itself, prompting me to become a full-fledged, app-carrying brand fan. I was one of their first consumers when they first opened in my town, and last year, I enthusiastically helped the XYZ Digital Marketing team win the Jimmy’s competition. Take these five tips to heart when you’re writing your next cover letter and you’ll avoid some common cover letter mistakes. Not only that, but I promise you that more creative and powerful language will show up, making your cover letter more effective than you ever thought it could be. Did you try it?   Share examples in the comments please! Are you struggling to craft a creatively worded cover letter that gets attention? Wed love to help! The Essay Expert offers entry-level, mid-level, and executive-level cover letter writing services.

Multiculturalism Issue and Data-based Solution Article

Multiculturalism Issue and Data-based Solution - Article Example There seems to be no end in sight for rising tuition prices. Research has been done time and again to figure out why tuition prices continue to rise, especially when institutions, private or public, used to be free or of minimal fees. While there is no one definite answer to this dilemma, six factors have been figured out as to what could be causing the tuition rise, and they are as follows: economic and fiscal conditions of the individual states; demographic and postsecondary enrollment patterns; characteristics of state political systems; postsecondary governance patterns; regional influences; and various aid policies at the state, federal, and institutional levels. These aspects contribute to the costly fees that students must pay for higher education. â€Å"The Influence of Active Learning on the College Student Departure Process† is about the departure rates of students attending both two-year and four-year colleges. Approximately one-half of students leave after their first year at a two-year college, and almost one-fourth of students leave after the first year at a four-year college. These constant departures are thought to be caused by a lack of classroom-based academic experiences. Researchers have produced theories that have pointed to the fact that students really come to rely on what goes on inside of a classroom, not only during school hours but after. These theorists have come to the conclusion that students will depart a school if the school is not meeting their expectations in regard to their learning experiences. However, as is the case with the former article, this theory for student departure is just that – a theory. There is no definite way to know what makes students want to leave school after the fi rst year. Many students leave because they miss their home or their families, or they change their majors.

Week 7 Discussion Questions Assignment Example | Topics and Well Written Essays - 500 words

Week 7 Discussion Questions - Assignment Example The American website offers a feel of black & white picture of the product image and the product features, while the Indian website uses the color element variously, particularly red color in sub titles of the product traits besides showing total range of all series available in black & white and color MFD models, differentiating them through the use of colored text, on the left side of the web page. The Indian webpage of the product focuses on the external features of the product, such as its design and frame but pinpointing at the same that the product is the outcome of â€Å"cutting-edge technologies.† Another mentionable difference is that the American web page of the product also includes and presents another similar product description as features of both are same. That similar product is MX-3100N. The American web page does not mention that the Open System Architecture is 3.0, unlike its Indian counterpart. Whether a gray market product available in the US market poses any risk or not, depends on the kind of product. Some gray market products can be too risky to purchase, for instance purchasing of drugs from the gray market in the US; it could be risky to the extent of life-threatening. As per the survey conducted by Premier Healthcare Alliance in 2011, a call for gray market drugs was posted in the Premier Pharmacy Weekly Update in the last week of April 2011, specifying the national drug codes (NDCs) and their retail prices for comparison with Premier base contract prices (Cherici et al. 1). Comparison of the drugs of gray market with of Premier base contract prices proved that all gray market drugs were manufacturer back-ordered or short-supply drugs. The marketing strategy used by gray vendors to sell their drugs was in the form of emails and fliers, using language tool such, â€Å"We only have 20 of this drug left and quantities are going fast.† All marketing and sale offers online were made for those drugs

Organisational Behaviour and the Standard Chartered Bank Scandal Essay

Organisational Behaviour and the Standard Chartered Bank Scandal - Essay Example This was used to fund terrorist groups. The US branch of the bank hid 60,000 transactions with Iran for almost a decade. Speaking in a press conference on August 8th, Standard Chartered Bank CEO, Peter Sands stated that â€Å"there was no systematic attempt to circumvent sanctions in Iran†. He admitted that some deals violated US sanctions of Iran but that was not the whole representative policy of the bank. However, this incident wiped off $17billion from the bank's market value and shares fell by 7% within the 24-hour period (BBC News, 2012a). According to the Telegraph (2012) the US Treasury department showed suspicion that some US banks are collaborating with Iran to fund the nuclear weapons programme of Iran. However, Standard Chartered Bank kept this secret until the lid was opened upon them. A senior business writer for the Guardian in the UK did a thorough critique of the situation at hand (Palmer, 2012). In his critique, he identified important pointers and actions th at are relevant to the case and give a broader view of the concepts involved in the breach. He identifies that widespread illegal activities committed in different parts of the world cannot succeed unless some international banks cooperate with the persons indicted for the activity. In citing a similar case, Palmer identifies that HSBC bank was indicted for helping Mexican drug traffickers to circumvent sanctions by covering up their transactions and presenting them as legal (Palmer, 2012). In the events leading to the Standard Chartered scandal, it is said that the head of Standard Chartered Americas wrote to the director on 5th October, 2005 stating that the UK headquarters' transactions with Iran were â€Å"very serious and even catastrophic enough to cause major reputational damage of the bank† (Palmer, 2012). However, the warning was not heeded and this led to the scandal. However, Standard Chartered went on and altered wire transactions for the Iranian government (see A ppendix 1). Deloitte, the bank's auditors came out and claimed that they had no knowledge of the actions of the bank's employees and this activity was not disclosed to them (Palmer, 2012). However, Palmer insists that the current CEO, Peter Sands served as the finance director between 2002 and 2006 before assuming his current position and he had served long enough to know about this spate of illegal transactions. This is an offence and the management and staff of Standard Chartered Bank are indicted for their role in breaking an international legal convention. This is clearly the case of an unethical behaviour and requires a lot of attention from the major stakeholders. This paper undertakes analysis of the subject and its implications to organisational behaviour. Organisational Structures/Culture and the Scandal â€Å"In banking, there has always been an overlap between corporate governance and banking regulations† (Gup, 2007 p13). This implies that banking has always had a corporate governance culture that requires the people charged with directing the affairs of the bank to follow some important regulations and considerations in decision making and the running of the banks. Gup goes on to state that these rules and imperative requirements were in place since the 1930s where most banks in the developed world had to react to the major economic crises that came up prior to the Second World War (2007).

Objectives And Goals Of Central Banks Finance Essay

Objectives And Goals Of Central Banks Finance Essay Every central bank is responsible of implementing a monetary policy which aims at ensuring economic growth, low inflation and currency stability and to do that lowering inflation is the best way for enhancing economic growth and development. So eventually every year central banks with the help of the governments set indicative inflation target and try to maintain it within the target band. In addition central banks need to ensure price stability and regulate the money flow in order to control inflation and this is done by 2 ways: Inject the market with liquidity: By tradition, the Fed uses the produce-money-and-purchase approach (PMP): the Fed produces money in their computers and uses it to buy US Treasuries from the banking system. In exchange for the US Treasuries, the Fed creates money on the account that the selling bank holds at the Fed. The ECB, in contrast, uses the produce-money-and-lend (PML) approach. It produces money and lends it to the banking system for one week or three months. The preferred collateral for these loans to banks is government bonds. As a result of PMP and PML, banks receive new base money. Or Absorb extra funds by issuing treasury bills or central bank bills. So to conclude, a compromise has to be found between decreasing interest rates and encouraging borrowing and increasing inflation. Microeconomic Objectives When a bank finds itself in shortage of liquidity in order to meet fulfill its role, the central bank can lend additional funds to avoid bankruptcy of banks or other institutions deemed systemically important or too big to fail. Central Banks must be impartial in its lending process, thats why Central Banks are independent. Central banks can also require deposit insurance from commercial banks. Some central banks will hold commercial-bank reserves that are based on a ratio of each commercial banks deposits. This is also a way of controlling money supply in the market. The rate at which commercial banks and other lending facilities can borrow short-term funds from the central bank is called the discount rate (which is set by the central bank and provides a base rate for interest rates). It has been argued that, for open market transactions to become more efficient, the discount rate should keep the banks from perpetual borrowing, which would disrupt the markets money supply and the central banks monetary policy. By borrowing too much, the commercial bank will be circulating more money in the system. Use of the discount rate can be restricted by making it unattractive when used repeatedly. A third objective of central banks can also be added. It concerns long-term strategic objectives of financial sector development including the development of an effective payments system and secure the financial markets and transactions. Functions The major functions of central banks are the following: Monetary Policy Implementation and Money Supply Control Bank of Note issue lender of last resort and governments bank interest rate interventions Clearing Agent Banker, agent and adviser to the government banking supervision and regulation The central bank can also be entrusted with other crucial functions like credit control, management of public debts, rediscounting of bills, and custodian of foreign exchangeà ¢Ã¢â€š ¬Ã‚ ¦ Monetary Policy Implementation and Money Supply Control The aim of an effective monetary policy is to create employment in the country, resist undue inflation and achieve a favorable balance of payment. Central banks implement a countrys chosen monetary policy by choosing the type of the currency and by determining the size and rate of growth of the money supply, which in turn affects interest rates. Bank of Note issue Earlier every banks notes lacked uniformity and were different from each others in color, size, value and even market goodwill. Hence the paper currency system was unstable, unreliable, and used to yield to gold and silver currencies. It was then necessary for a single bank to centrally issue currency notes for different reasons: It brings uniformity in the monetary system The central bank can exercise better control over the money supply in the country. ==> it increases public confidence in the monetary system. Monetary management of the paper currency becomes easier. Being the supreme bank of the country, the central bank has full information about the monetary requirements of the economy and, therefore, can change the quantity of currency accordingly. It enables the central bank to exercise control over the creation of credit by the commercial banks. The central bank earns money by issuing currency notes and selling them to the public for interest-bearing assets, such as government bonds. Since currency usually pays no interest, the difference in interest generates income. In most central banking systems, this income is remitted to the government. Granting of monopoly right of note issue to the central bank avoids the political interference in the matter of note issue. Lender of Last Resort The central bank is the lender of last resort in cases of banking insolvency or illiquidity, which means that it is responsible for providing its economy with funds when commercial banks cannot cover a supply shortage. In other words, the central bank prevents the countrys banking system from failing by acting as a bank to commercial banks. By acting this way, central banks: Increases the elasticity and liquidity of the whole credit structure of the economy, Enables the commercial banks to carry on their activities, Provides financial help to the commercial banks in time of emergency, Enables the central bank to exercise its control over banking system of the country. Interest rate Interventions The central bank sets the official interest rate in order to manage both inflation and the countrys exchange rate and to ensure that this rate takes effect via a variety of policy mechanisms. Typically a central bank controls certain types of short-term interest rates. These influence the stock and bond markets as well as mortgage and other interest rates. Clearing agent As the custodian of the cash reserves of the commercial banks, the central bank acts as the clearing house for these banks. Since all banks have their accounts with the central bank, the central bank can easily settle the claims of various banks against each other with least use of cash. The clearing house function of the central bank has the following advantages: It economies the use of cash by banks while settling their claims and counter-claims. It reduces the withdrawals of cash and these enable the commercial banks to create credit on a large scale. It keeps the central bank fully informed about the liquidity position of the commercial banks. Banker, agent and adviser to the governments First As a banker to government, the central bank performs the same functions for the government as a commercial bank performs for its customers. It maintains the accounts of the central as well as state government; it receives deposits from government; it makes short-term advances to the government; it collects cheques and drafts deposited in the government account; it provides foreign exchange resources to the government for repaying external debt or purchasing foreign goods or making other payments; Second as an Agent to the government, the central bank collects taxes and other payments on behalf of the government. It raises loans from the public and thus manages public debt. It also represents the government in the international financial institutions and conferences; and finally As a financial advisor, the central bank gives advice to the government on economic, monetary, financial and fiscal matters such as deficit financing, devaluation, trade policy, foreign exchange policyà ¢Ã¢â€š ¬Ã‚ ¦ Banking Supervision and Regulation In some countries a central bank controls and monitors the banking sector. It examines the banks balance sheets and behavior and policies toward consumers. Apart from refinancing, it also provides banks with services such as transfer of funds, bank notes and coins or foreign currency. The subprime crisis Markets Pre-Crisis Situation Following the 2000 burst in the dotcom bubble, investors lost confidence in the equity markets and concentrated their investments in government bonds, and secure assets. However, this lack of confidence started to turn around at the end of 2003, fueled by: à ¢Ã¢â€š ¬Ã‚ ¢ The rise of real estate prices à ¢Ã¢â€š ¬Ã‚ ¢ improving figures of world economy and in particular the U.S. economy à ¢Ã¢â€š ¬Ã‚ ¢ the intervention of the Federal Reserve, helping banks by providing liquidity at particularly easy conditions (this liquidity injection by the Federal Reserve did not solve the problem, but only postponed it to blow up again in July 2007 in the form of the subprime crisis) à ¢Ã¢â€š ¬Ã‚ ¢ The short memory of investors To fully understand the origins and the impact of the current crisis on the world economy, it is crucial to understand the subprime loans and their use in the credit derivatives and structured products world. The term subprime lending refers to the practice of making loans to borrowers who do not qualify for market interest rates due to various risk factors, such as income level, size of the down payment made, credit history and employment status. Subprime loans are considered risky for both the borrower and the lender. Its risky for the lender because borrowers usually have lower incomes and a poor record of paying debt which increases their default probability. It is also risky for borrowers. To offset the risk of defaults, lenders will charge high rates of interest to offset the risk. The high interest rates however are strenuous for borrowers which further increases their likelihood of default. Two aspects of the subprime loans could give us a clearer image of the causes of the crisis. First, borrowers not being able to pay the interest rates on their mortgages have used the continuing rise in the value of their real estate to refinance their debt, thus taking on a higher debt. Second , every couple of years the interest rates on the subprime loans is reset in a way to take into account, the moves that have taken into the market. The final piece of the puzzle is the understanding of how these local loans issued by local brokers have made their way into the hands of Wall Street firms. Brokers match prospective borrowers with lenders who further lure borrower with exotic mortgages such as no doc mortgages, which do not require any evidence of income or savings. Bing banks and wholesale lenders buy the debt, repackage them and sell them to investment banks. These investment houses further repackage these loans in mortgage backed securities (MBS) and collateralized debt obligations (CDO). These structured products very often yield high rates of return and are sold to pension funds, hedge funds and institutions. It all started out in the end of 2006 and the beginning of 2007, when the rise of real estate that started in 1997 showed sign of slowing down. Not being able to refinance their debt, subprime borrowers found themselves in default, and faced foreclosure. In March 2007, General Motors announced that earnings plunged 90% during the first 3 months. The reason was due to losses at its mortgage loan subsidiary GMAC. UBS said that it will shut down its Dillon Read Capital Management arm after the hedge fund lost 150 million Swiss Francs on subprime investments. Finally, on June 21st 2007 data was released showing the record number of foreclosure, with biggest increase in the subprime sector. These signs are the start of a crisis that would cost investors, banks and almost all financial institutions enormous losses, thus forcing central banks around the world to intervene in order to maintain the grip on the financial system. Timeline of the subprime crisis: The pre-crisis 2001: Crises of confidence on the American Stock Exchange (Internet bubble, terrorist attacks of September 2009). The Fed lowered interest rates. 2002-2004: Invention of the subprime, low loan rate credit for 2 years, then variable rate based on the market rate: for households that have a high risk of non-repayment. if they cant reimburse it, their properties are seized by the bank. 2002-2004: The low interest rate allows an increase in the real estate purchases, which leads to higher market prices 2004: higher Inflation due to rising in oil prices. 2004-2007: interest rates increased by the Fed. 2006: real estate prices went down 2007: Increase in foreclosures in the United States due to the non-repayment of subprime loans. The crisis of 2008: 8 February 2007: HSBC global investment bank was the first to announce a liquidity problem due to the non-reimbursement of the subprime loans. June 2007: Bear Stearns, the U.S. investment bank, closes two of their investment fund related to real estate market. October 29, 2007: Merrill Lynch, the U.S. investment bank, announced $ 2 billion losses. Few months later other banks (American Bear Sterns, the French Socià ©tà © Gà ©nà ©rale, UBS Switzerlandà ¢Ã¢â€š ¬Ã‚ ¦)will announce identical losses. March 16, 2008: Bear Stearns was saved from bankruptcy by JPMorgan with the help of the U.S. government. 13 July 2008: Henri Paulson announces the refinancing of Freddie Mac and Fannie Mae, the two funds that guarantee mortgages in the United States. 7 September 2008: Refinancing Fannie Mae and Freddie Mac by nationalizing them. September 15, 2008: Bankruptcy, the first of a long list started by Lehmann Brothers. Merrill Lynch was saved by Bank of America. September 16, 2008: AIG the American insurance went bankrupt.it was bought later by the U.S. government. September 26, 2008: Bankruptcy of the first retail bank, Washington Mutual was bought by JPMorgan. September 30, 2008: Dexia went bankrupt; refinanced later by the Belgian and French governments. October 3rd, 2008: American Congress Voted for the Paulson rescue plan to save the financial market. 6 October 2008: The historical fall of the CAC40 and the Dow Jones, this continued throughout the week. October 8, 2008: Major central banks have lowered their interest rates based on a mutual agreement. October 12, 2008: European Union announced a bailout of the financial market. October 15, 2008: The French Parliament voted for a bailout of the banks. Quick remind of the banks losses: Banks Losses % of total losses recapitalization Citigroup 55,1 11,0% 49,1 Merrill Lynch 52,2 10,4% bought by Bank of America UBS 44,2 8,8% 28,4 HSBC 27,4 5,5% 3,9 Wachovia 22,7 4,5% bought by Citigroup Bank of America 21,2 4,2% 20,7 Morgan Stanley 15,7 3,1% 5,6 IKB Deutched 15,1 3,0% 12,4 Washington Mutual 14,8 3,0% bought by JP Morgan Chase Royal Bank of Scotland 14,5 2,9% 23,8 JP.Morgan Chase 14,3 2,9% 9,7 Lehman Brothers 13,8 2,8% Bankrupt Deutsche Bank 10,6 2,1% 6,2 Crà ©dit Suisse 10,5 2,1% 3,0 Wells Fargo 10,0 2,0% 5,8 French banks Crà ©dit Agricole 9,0 1,8% 8,7 Fortis 7,3 1,5% Nationalized Socià ©tà © Gà ©nà ©rale 6,7 1,3% 9,6 Natixis 5,4 1,1% 12,1 BNP Paribas 3,9 0,8% 0 Dexia 1,7 0,3% Source: Bloomberg Nationalized Caisse dà ©pargne 1,2 0,2% 0 Total 501,1 352,9 What the ECB did during the crisis : 2 big phases The first phase of the turbulence During the first phase of the turbulence on the capital markets, which lasted from August 2007 to mid-September 2008 and was characterized by a systemic shortage of liquidity, the ECB has amended the terms of the provision of technical applying liquidity in normal times. It has, at the same time, fully utilizing the flexibility offered by its operational framework for the implementation of monetary policy. First, the Eurosystem has adjusted the distribution of liquidity during the period of reserve in advance by providing liquidity, compared to what it does in normal times. Thus, at the beginning of the maintenance period, ECB systematically allocated volume of liquidity than the usual theoretical reference in its main refinancing operations, while still aiming for balanced liquidity conditions at the end of the maintenance period. In this way, the total supply of liquidity throughout the period remained unchanged. These measures tended to take into account changes in the profile of the liquidity demand made by the banks. Second, the Eurosystem has also provided liquidity to the banking system through procedures open market that had been little or no use before the onset of turbulence. Particularly in response to the increased demand for bank financing in the longer term, the Eurosystem has significantly extended the average maturity of its loans to banks in the euro area. Accordingly, and to leave unchanged the total outstanding refinancing, the amount of liquidity provided through MROs in a week was reduced in corresponding proportions. The second phase of the turbulence In mid-September 2008, however, concerns about credit risk have greatly increased, tensions immediately propagated in the United States in the euro area, and the money market has virtually ceased to function. Therefore, the Eurosystem has intensified its efforts to allow solvent banks to continue their activities. And several additional measures were taken unprecedented in this direction. Thus, in mid-October, the ECB adopted as quite exceptional, a tendering procedure fixed rate full allotment for all main refinancing operations and the weekly refinancing operations more long term, with maturities ranging from one week to six months. This procedure will remain in effect as long as necessary in light of the market situation. It also increased the number and frequency of refinancing longer term by three months each additional refinancing operations, two for a term of three months and a period of six months, and introducing a special-term refinancing operation with a maturity corresponding to the duration of the period of reserve. Meanwhile, the ECB has implemented a new series of exceptional measures to temporarily expand the list of assets eligible as collateral in credit operations by the Eurosystem. Finally, the ECB has increased the supply of dollars in funding to its counterparties in conducting tenders fixed rate, full allotment and maturities from one week to three months, through swap agreements with the Federal Reserve System of the United States. These measures, which reflect the important role of strengthening intermediation taken by the Eurosystem during this turbulent period helped ensure the continued access of solvent banks to liquidity despite the monetary market failure. In addition, they have helped to reduce tensions in some segments of the money market. For example, the difference between the rates of unsecured long-term Euribor rate and index swaps on a daily basis is significantly reduced, even if it remains at a level high, significantly higher than the levels observed prior to September 2008. In practice, these measures imply that banks in the euro area can get as much euro liquidity they wish, through both our weekly operations as our futures, and this by using a wide range of assets as collateral. In total, the balance sheet of the Eurosystem increased by a total of approximately EUR 600 billion since the end of June 2007 until today, an increase in the size of 65%, the assets reflecting the sharp rise in the volume of liquidity provided and liabilities resulting from concomitant use banks to the deposit facility. These measures were effective to address the shortage of liquidity in the interbank market. They cannot, however, remove the heightened concerns regarding credit risk. In this regard, the money market conditions are not yet standardized and remain strongly affected by a high degree of risk aversion. The increase in the intermediation role of the Eurosystem has proved a necessary measure to cope with the current money market malfunction, but it can, and should, be considered as a temporary measure. The Eurosystem would naturally resume interbank lending and traditional intermediation activity of banks. The recent decision of the ECB to reduce the corridor of standing facility rates to 200 basis points around the interest rate on the main refinancing operations aims to stimulate interbank activity. That s why we observe, in this context, a reduction in the demand for bank refinancing operations during our open market and a corresponding decrease in the use of the deposit facility. We see a parallel increase in the volumes underlying the calculation of the EONIA. What the fed did during the crisis : 5 big phases Phase 1: 2007 / mid-March 2008 | From late spring, the Fed began to note that the growth in the U.S.is slowing down and targets need to be lowered. However, the inflation and underlying inflation are going up. The Fed believes that with this rate of inflation the Fed Funds rate should stay at 5.25%. But in August 2007, the subprime crisis and tensions within the bank market appeared. On 10 August 2007, the Fed announced the first corrective measures to the problems, by injecting liquidity into the market via refinancing operations. The liquidity crisis remains stable, and the Fed lowers the penalty on the discount rate. on August 17, Penalty decreased from 100 bp to 50 bp. The Fed lost any hope of a possible economic growth so they lowered their key lending rate despite a strong inflation. The rate reaches the 3% after his 5.25% in only 6 months which is one of the fastest decline the USA ever had. At the same time, the Fed put in place specific measures to facilitate access to liquidity for U.S. and international banks. Refinancing operations are going up. Then the Fed launches in December 12th the Term Auction Credit Facility (TAF). It consists in lending $ 60 billion within 28 days by accepting as collateral a large range of assets at a lower rate (discount rate). Line Swaps had been implemented with European banks. Nevertheless, the crisis has continued to expand, hitting after the interbank market, the Mortgage Backed Securities (MBS) guaranteed by Government Sponsored Enterprise (GSE, primarily Fannie Mae and Freddie Mac), and the credit and equity markets. From March 2008, the Fed further increases its liquidity loans with the creation of the Term Repurchase Transaction ($ 80 billion) and the TAF increased from $ 60 billion to $ 100 billion. Then they created the Term Securities Lending Facility (TSLF) which can lend up to $ 200 billion. In 14 of March, the Fed saved the Bear Stearns bank which was one of the best news since the beginning of the crisis. Its the first time that the Fed intervenes directly on the market, since 1929 and rescues a bank on behalf of the Too big to fail. Disturbances become wider for that time, so the Fed decided to gives access to a last resort facility to the investment banks that remain. In addition, the penalty discount rate is reduced to 25 basis points against 100 bp before the crisis. Finally, the Fed decides to lower its key lending rate, from 3% to 2.25% in March and 2% in May. Then follows minor adjustments to the lending facilities (TAF increased to $ 150 billion, with an extend in the loans maturity, larger swap lines with other central banks). The Fed believes that the financial situation has stabilized and that the U.S. economy does not need more monetary stimulus. The rate is stable until September. we should notice that the money lent by the Fed do not inflate the monetary base: they sell bonds to finance its loans. Phase 2: September 2008 / February 2009 In September 2008, the market turmoil began with the announcement of the tutelage of Freddie Mac and Fannie Mae on September 7. Between Monday 8 and Friday 12, a lot of rumors alarmed the financial markets about financial stocks and a fall in prices. Sunday 14 September 2008, the announcement of the Lehman bankruptcy, but also the acquisition of Merrill Lynch by Bank of America and the profound difficulties of AIG and Washington Mutual, will be the trigger of one of the most tempestuous financial crisis. The Fed will react very quickly to ensure market stability and mitigate systemic risks. Then, to counteract deflationary pressures, it prepares the transition to an unconventional monetary policy. Without going into the details of all measures taken between September and December 2008, the Fed will support Fannie Mae and Freddie Mac, to participate in the rescue of financial institutions significantly expand the scope of collateral accepted for loans, buy directly from financial assets (MBS, GSE debt, short-term debt) and lower at lower interest rates. The risks to the global economy is now cataclysmic Fed with the ECB, SNB, Bank of Canada and the Riksbank (Sweden) undertake the first rate cut concerted history (-50 bp), the October 8, 2008. The U.S. rate is brought to the lowest in December (band 0% / 0.25%). Remember that this phase is that the Fed reduces interest rates to a minimum and that the liquidity injected quickly becomes unsterilized. Is to do quantitative easing without saying. From September 2008, the liquidity injected exceeds the amount of Treasuries (debt U.S. State) remaining on the balance sheet of the Fed. At first, the U.S. Treasury this imbalance, but the beginning of October, the dam broke. The Fed then engages in a policy of balance sheet expansion unsterilized, with an increase in the monetary base (reserve money). It passes 900 billion to $ 1 $ 800 billion between September 2008 and March 2009. Phase 3: March 2009 / July 2010 | 1 quantitative easing QE 1 From early 2009, the Fed began to wonder how to stimulate the economy with rates at 0%? In a speech on 13 January 2009, the Bernanke Doctrine is exposed. It is anchored rate expectations at low levels, changes in the composition of assets held by the central bank to increase the size of the balance sheet of the central bank (quantitativism). At the FOMC March 18, 2009, the central bank crossed the Rubicon and one announces quantitative easing targets for unsterilized purchases of debt: debt GSE ($ 200 billion), MBS ($ 750 billion) and debt (300 billion $). The program runs until the end of 2009. In addition, the Fed introduced the famous sentence The Committee will Maintain the ranks for the target federal funds rate at 0 to 1/4 percent and anticipates economic terms That are Likely to warrant exceptionally low levels of the federal funds rate for year extended period . It is committed over a long period (years) to keep rates low. Until late 2009, the U.S. economy out of the recession, there will be more movement towards monetary policy. Speech on growth becomes increasingly positive. The amount of purchased debt agency will even reduced to $ 175 billion. From the spring, the FOMC no longer evokes purchases in its communiquà ©s. It should be noted that liquidity injections become less important, quantitative easing 1 (EQ 1) resulting in an excess supply of liquidity growing. Loan facilities are largely removed. Phase 4: August 2010 / August 2011 | First fear of double dip QE 1.2 and QE 2 The Fed noted that the growth was not as strong as expected, that the labor market remains very poor and that underlying inflation plunges more. She decided in August not to allow its balance sheet to deflate some debt maturing (ie destruction of money injected). She reinvested the money recovered in U.S. government bonds so that the long-term balance sheet size remains unchanged. There is no additional injection, just a re-investment (EQ 1.2). Continuing economic deterioration (rising unemployment, inflation at its lowest for 50 years), the Fed launches quantitative easing 2 (QE2). She decided in November 2010 to buy $ 600 billion of debt] b (from November 2010 to mid-2011) and continue to reinvest. The balance begins to swell until June 2011. FOMC releases are progressively more positive, even if economic activity is considered at best a phase of moderate recovery. Then, from the late spring, it deteriorates again. Following the August 2011 FOMC, the Fed announced that it will keep the Fed Funds rate unchanged until mid-2013 (at least 2 years). The idea is to anchor expectations on Fed Funds, thus lowering the rate to maturity longer. Phase 5: September 2011 / | The twist, QE 2.2 Fear of double dip continues to strengthen. At the end of September 2011 FOMC, the Fed announces a twist. It extends the maturity of its holdings of U.S. government bonds. This operation twist is to sell the bonds in the short term (less than 3 years) to buy long-term loans (between 6 and 30 years). The Fed will twister for $ 400 billion. This was already implemented in the 60s (1961-1963). The Fed will now reinvest the money recovered on refunds of MBS and agency debt and MBS in more in bonds to support the mortgage market in the USA. The idea is to lower interest rates in the long term, short-term ones are already almost at its lowest. These two transactions will not generate inflation balance as purchases will be offset by sales or repayments (no printing money, no QE3 but QE 2.2). Comparison  : ECB vs FED Similarities: The European System of Central Banks and the US Federal Reserve are the two biggest and most active central banks. Although they present many apparent differences, they still have several similarities: à ¢Ã¢â€š ¬Ã‚ ¢ They are independent from any direct political authority and hence are protected from political interferences. à ¢Ã¢â€š ¬Ã‚ ¢ They have decentralized structures: a system of national/regional banks coordinating with a central entity, i.e. the Board of Governors. à ¢Ã¢â€š ¬Ã‚ ¢ They modify the interest rate structure by targeting short-term money-market rates, specially the Marginal Lending Rate in the EU or the discount window in the US and the inter-bank rates (Federal Funds rate in the US). à ¢Ã¢â€š ¬Ã‚ ¢ They use the basic monetary policy tools to achieve their objectives: reserve requirements, discount window lending and open-market operations. à ¢Ã¢â€š ¬Ã‚ ¢ They share the s