...The 2009 Newsweek 50 Most Powerful People list has central bankers from the U.S. Federal Reserve, the European Central Bank, and the Bank of Japan listed at 4th, 5th, and 6th respectively. * Explain why these three men are thought to be more powerful than most countries' leaders. * Illustrate the far-reaching effects of monetary policy by choosing one action the U.S. Federal Reserve (the Fed) has taken in the past 10 years and explaining its effects. * What action did the Fed take? When did this happen (month/year)? * How did this action affect interest rates and exchange rates? * How were banks and businesses affected? * What was the impact on international trade? * Do you believe U.S. monetary policy should follow Keynesianism or Monetarism? Explain your reasoning. Be sure to cite all references using APA style. The three central bankers named in the list of most powerful men are influential because they handle the monetary policy. Monetary policy is a powerful and immediate tool to affect the demand side economics of any country. Monetary policy operations have far reaching effects which are much more immediate then fiscal policy. This also renders monetary actions a bit dangerous as at least five of the eight post war recessions in US can be attributed to anti inflationary policies of FED. (Tobin, 2008, ret: www.econlib.org). So the power that resides in central bankers hands in enormous. Lets take the example of Global Depression...
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...themselves in a period of depression and disunity. Unemployment in the US had risen to nearly 25%, while nearly one-third of Germany’s worker’s was unemployed. In a time of crisis, both countries turned to new leadership in Franklin D. Roosevelt and Adolph Hitler in hopes of finding salvation to pull them out of their economic and mental depressions. Looking at the terms of the depression in each country, each leader had wildly different views of the causes behind why they were put in such a terrible state. President Roosevelt believed the biggest cause of the problems the US faced was the corrupted rulers- in this case, the bankers. The United States was in a very concerned state of distress. “Primarily, this is because the rulers of the exchange of mankind’s goods have failed, through their own stubbornness and their own incompetence, have admitted their failure, and abdicated.” (Cite One) Instead of rectifying their actions, however, all of the major bankers and corporations in the US just offered to lend even more money instead, aiming to help themselves out more than the people they claimed to be helping. The corporations begged to be trusted again, but Roosevelt believed they assumed a position of false leadership. Hitler, on the other hand, believed that there were two major causes behind the economic and moral depression in Germany: the effects of the Treaty of Versailles and communism. According to his Proclamation to the German Nation, Germany “never received the equality...
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...leadership competencies? How leaders can be develop for the near future? For individual career success and organizational performance, the success of individual careers and the fate of organizations are determined by the effectiveness of leaders` behavior. Find out whether leaders encourage and motivate employees to come up with innovative ideas. Moreover, if employees are involved and can share their opinion in the decision...
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...Here Until 1980, the financial industry was relatively stable. Investment banks had primarily been small private groups of individuals who invested their own money on riskier investments and as a result closely monitored their investments. In the 1980’s, investment banks went public, which meant they had access to the public’s money to invest in these riskier ventures—since it wasn’t their own money, there was not the same close monitoring. Deregulation allowed for the comingling of government, investment bankers, and lobbyists. In 1981 the CEO of Merrill Lynch was appointed Treasury Secretary by Ronald Regan. Deregulation allowed the financial industry to explode and for those in power to make more and more money. The powers of Wall Street were invading government with the intent to change policy to their benefit. Deregulation resulted in the S & L crisis and losses of $124 billion to investors, and the 2001 dot-com meltdown with $5 trillion in losses. Investment bankers used public money to enrich themselves, without...
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...profit but, shouldn’t they give the good example? As we approach the end of 2015, the financial crisis is just as nearly over and people still suffer from it. But, banks are again beginning to speculate with the money of the hard working society. People are no longer willing to tolerate the greed of the financial system and thus put pressure on them as well as on the government to set a guideline for these institutes to be more sustainable. But what does it mean being more sustainable? What measures need to be put into considerations for a change towards sustainability? What can bank managers do to ensure that the deposits of customers will be invested in sustainable investments? This report will focus on the change management plans that can be structured by the Bundesbank to play a role in influencing a more sustainable economy in the EU. Through the guideline outlined in this report, enforced strategies can be developed to make sure that in 5 years all measures taken by Bundesbank will promote sustainability. This should influence banks in the EU to become more sustainable and reduce or even remove future risks from economic bubbles. In order for Bundesbank to implement change, this report will use the change models to describe how the bank can tackle internal and external issues as result of the governmental pressure for policy change. CHAPTER 1: REASON FOR CHANGE According to Dean and Linda Anderson, organization change is catalyzed by a number of...
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...apparatus of the Democratic Party, complete with local and state party units overseen by a national committee and network of local newspapers devoted to the party and to the election of Andrew Jackson. During the election, Jackson’s supporters made few campaign promises, relying on their candidate’s popularity and the working of party machinery to get the vote out. Nearly 57 percent of the eligible electorate cast ballots, more than double the percentage four years earlier. Jackson won a resounding victory, carrying the entire South and West, along with Pennsylvania. His election was the first to demonstrate how the advent if universal white male voting organized by national political parties, had transformed American politics. Andrew Jackson had little formal education and was a man of many contradictions. He held a vision of democracy that excluded any roles for Indians and African-Americans. Jackson believed that the states, not Washington, DC should be the focal point of governmental activity. By the time of Jackson’s presidency, politics had become more than a series of political contests-it was a form of mass entertainment, a part of Americans’ daily lives. Party machines, headed by professional politicians, reached into every...
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...complex relationship between government and business by showing how business under the auspice of capitalism and government under the mantle of democracy is collusive and incestuous in their ultimate pursuit of profit and power. The film clearly captures the systemic corruption of the United States by greedy and morally unbalanced industry leaders and their cohorts who engineered a financial catastrophe in 2008 not seen since the great depression. The film’s writer and director Charles Ferguson contends that the collapse of the financial industry could have been prevented had there been more regulation of Wall Street. He clearly establishes his line of reasoning through a series of interviews with many of the major players in government and the financial industry who indirectly and in some cases directly contributed to the financial fiasco of 2008. The financial collapse was caused by three main contributing factors; first, a toxic sub-prime mortgage market engineered by the financial industry; second, government’s failure of regulatory enforcement of the financial industry and Wall Street; and third, a collusive relationship between business leaders and government officials elected to curtail the same crisis they helped create. The financial collapse of 2008 resulted from a toxic sub-prime mortgage market engineered by an out-of-control industry that led to its inevitable implosion. In September 2008, the global financial market was rocked to its core when the sub-prime market tanked...
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...Hitler’s Rise to Fame Erin McDermott English 10 Mrs. Swain February 5, 2010 Hitler’s Rise to Fame I.) Hitler Enters Politics a. German Workers Party b. Promotion c. Succeeding d. Speeches e. Recruits II.) Rallies a. Blame b. Growth III.) Beer Hall a. Planning b. Take Over c. Kidnap d. Speech IV.) Trial a. Jailed b. Special Prisoner c. Trial Time d. Verdict e. Time In Prison V.) Bringing The Group Back a. Name Change b. Start to gather new troops c. Campaign d. Votes and Seats VI.) Presidency a. Run for Office b. Campaign c. Slogan d. Final Results VII.) Reichstag On Fire a. Plan b. Fire Set c. Set up and Arrested VIII.) Dictatorship a. Hitler takes over in Chaos b. Decree giving Dictatorship signed c. Hindenburg signs power over to Nazi’s as Police IX.) 1933 Elections a. Nazi Party Grew b. Hindenburg Dies c. Hitler Takes Over Officially d. Hitler’s powers approve e. Destruction Beings McDermott 1 Adolf Hitler is one of the most brilliant evil genius’s the world has ever seen. He slowly took power of Germany in a silent rise to power that spanned 14 years. Despite getting thrown in jail and on trial he still managed to keep the outside world oblivious to the happenings in Germany. By the time the world found out it was to late and millions already lay dead. Hitler’s...
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...when it comes to Pope Francis he envisions change and is acting on it. After reading this book I truly believe that he is going to be the change that the Catholic Church needs and that he will be able to have a positive impact not only on the followers of the Catholic Church but all people on our Earth. What I found to be most intriguing about the book was the amount of examples it was able to include regarding the various aspects of leadership and what makes an effective leader in today’s world. These aspects were carried with the Pope from his entire Jesuit journey that was laid out in the 1500’s by Ignatius of Loyola. I found the back-story of Ignatius of Loyola’s creation of the Jesuit order of priests to be very intriguing. Ignatius of Loyola was one of the many examples that strengthened this books representation of how Pope Francis’s leadership traits translate into other walks of life. He demonstrates such positive attributes that can be utilized by people across the world. I found the most powerful part of the book to be the description of the Pope’s character and what he stands for in today’s world. It was very hard to find weaknesses throughout this book but I found one aspect that could have made a difference would have been if the author had a personal relationship with the Pope. I understand that he also participated in the Jesuit lifestyle and experienced the journey that Pope did along with many other Jesuit Priests since the...
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...Change Introduction Organizational change occurs when business strategies or major sections of an organization are altered. It is defined as a change that has significant effects on the way work is performed in an organization. Innovation is more important than during this present day. Rainsoft a local company exhibits the positive benefits of change as the company continues to grow and expand with the current market. Company Overview Rainsoft is a water treatment company that has been operating since 1953. The company serves to improve the quality of drinking water. RainSoft started with one location in Bensenville, Illinois. Today RainSoft, a division of Aquion Inc., is an international company with dealerships in the United States and 20 other countries. The company headquarters are located in Elk Grove Village, Illinois, just outside of Chicago. RainSoft produces a host of water and air purifiers ranging from small household sizes to large industrial sizes. The company also produces portable purifiers and filtration systems for use in hotels and hospitals. Rainsoft has been cited for its customer service and superb quality products offered to its customers. The RainSoft company's products are sold, installed and serviced by more than 150 independent dealers in the U.S. and in Europe, Asia and the Middle East. A RainSoft dealer is an independent businessman or woman with exclusive rights to sell and install RainSoft water treatment equipment in a specified area(s). Each...
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...and boost their production of textiles and luxury goods. Town life was bigger in Italy than in other parts of Europe. Therefore, most Italians could easily discard feudalism and other medieval institutions. Because Italy was wealthy and successful, they became independent city-states, each of which included a walled urban center and the surrounding countryside. The Italian city-states started a new social order. It was that wealth and ability mattered more than aristocratic titles and ownership of land. Wealthy merchants and bankers replaced the nobles in the upper class. Shopkeepers and artisans ranked below the wealthy merchants, forming a moderately prosperous middle class that employed a lot of poor workers. Most of these workers came from the countryside. And at the very bottom of the social ladder, were the peasants who worked on the country estates for the wealthy classes. During the Renaissance, Italy was not under one government, but was divided into the city-states. Each of these were ruled by wealthy families whose fortunes came from commercial trading or banking. A lot of times, workers rebelled against the upper classes. Their demands for equal rights and lower taxes, however, remained unspoken. During the 1400s, social conflicts became so bad, that many city-states decided to turn over all political authority to one single powerful leader to restore peace. These leaders were known as signori. At times, city-states would have territorial disputes. Since military...
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...Dollar Diplomacy and Manifest Destiny The founders of the United States had an idea. Yes, they thought we should be an independent country. Yes, they thought Great Britain and the King were on the wrong side of history. And yes, they thought we could prove democracy worked. However, they had much bigger plans. There was an idea that our system of government was so good that, in fact, it was our job to spread it like a wildfire. They believed we had a right to control the Americas through the Monroe Doctrine, which was only strengthened by the Roosevelt Corollary. We were meant to expand, to showcase our ideals, and to prove that no matter the size, no matter the wealth, democracy worked. We used brute strength, moral values, and monetary influence to accomplish our goals. In William Taft’s 1912 State of the Union address, he specifically talks about the effects of Dollar Diplomacy. Taft is a perfect example of how the United States was able to bury its competition and rebels through means that aren’t traditionally looked at when talking about the ideas of our founders. Before diving in to the speech, this idea of expansion has to be fleshed out. It’s called “Manifest Destiny,” and it is our most important foreign policy. Scholars argue about when the term was officially coined, but no one argues that the ideas were there before there was a word. Thomas Jefferson wrote a letter to his successor, James Madison, about his vision for the American empire. He says, “we should...
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...118 inpatient rehabilitation hospitals, 5 medical centers, 1,379 outpatient rehabilitation centers, 230 surgery centers, 129 diagnostic centers and 124 occupational medicine centers.2 HealthSouth has always participated actively in the Medicare program and they’ve received Medicare reimbursements since the eighties and nineties, to extent that over 40% of their revenues came from the Medicare program and beneficiaries in that time period, and in their more recent filings this percentage has increased to a whopping 70% in 2010.3-4 HealthSouth’s stock trades on the New York Stock Exchange (NYSE) under the ticker symbol HLS, with a December 9, 2011 closing price of $16.94, a market capitalization of roughly $1.61 Billion. In 2010 their revenues were $1.99 Billion and their Net Income $899 Million.5 From 1996 to 2002 CEO Richard M. Scrushy received approximately $267 million in compensation from HealthSouth, including more than $7.5 million in base salary, more than $53 million in bonuses, and stock options valued at more than $206 million when exercised. He also received valuable benefits including company loans, and the use of automobiles, aircraft, and other HealthSouth assets.6 THE SALE The...
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...Native-Europeans Interactions The era of Imperialism was an era of discovery and conquests. It began in the early 16th Century. Imperialism is the extension of one country by forcefully taking over another area of land for economic growth. One country that had become the victim of imperialism was Africa. European countries discovered that they could easily take over the tribes, and they had an enviroment good for agriculture. Natives of the land became enslaved towards the more powerful Europeans. The leader of the countries had a hunger to be the more powerful, superior country in the Europe, and having the most land was one of the key factors. When The Americas were discovered it be the first type of imperialism. They not only almost take over the entire west coast of the world, they nearly wiped the entire population of the natives.(Britt) People like Hernan Cortes, Christopher Columbus, Amerigo Vespucci, and Cosme de Torres each arrived in a foreign country to try to expand their own beliefs to their country’s belief. Cosme de Torres went to Japan to try to convert the natives to Christianity, but while he was there he was heavily influenced by the Japanese. Hernan Cortes was a Spanish Conquistador who sought to take over the lands of Mexico. The author of the excerpt is an Aztec descendant, Miguel Leon-Portilla. He is an anthropologist who studied his ancestors very closely. He was successful with 4 of his novels, all having to do with the Aztec people. He was heavily...
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...history of money: how did it begin? how has it evolved to the present day? what has it enabled humans to achieve? and why do so many people in the world today have problems with it and suffer from the way it works? The book is also about the future: how may money develop further? how might we want it to develop? Humans are the only creatures that use money. Animals and birds and insects and fishes and plants exist together in the world without it. But in human societies the earning and spending of money has become one of the most important ways we connect with one another. Most of us have to have money. We need to get enough coming in to match what we need to pay out. We all need to understand at least that much about money. But there is more to it than that. Over the centuries, money has reflected changes in politics and government, in economic life and power, in science and technology, in religious and other cultural beliefs, in family and neighbourhood life, and in other aspects of how we live. And it has not just reflected those changes; it has also helped to bring them about. Knowing something about how that has happened can help us to see how the role of money in people's lives may continue to change, and how we think it should change, as an aspect of the future of our "global village". For young people growing up in the...
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