Liberalism

This week exposition dependent on Gerald Macaulay, a week ago's articles Essay Assignment November fourth Instructions, Guidelines Topics Opinion dependent on explore (auxiliary) Extension of seven days to November 1 slat in any way, shape or form 1. What are philosophies 2. Key Feature of Ideologies 3. What Is â€Å"special† about Ideologies? 4. What is the historical backdrop of the idea? 5. Positive versus.. Negative origination of belief system 6.Complications of contemplating them What are philosophies? Contending applied structures Clusters/composites of political convictions, qualities and thoughts an example of social, political, monetary, innovative and philosophical convictions that assist us with sorting out our general surroundings. † P. X Grounded in convictions about human instinct and social chance (what is, and what could be) What do Ideologies do?Explain or Inform †what Is happening? Judge-what would it be advisable for me to think about this? Guide political activities what ought to do about this? Illuminate social relations-Who are my partners? My adversaries? What Is my relationship to other In this? And so on. Key Features of belief systems Historically unforeseen continually changing/moving Changes In focal ideas (implications) and furthermore In connection of ideas to different ideas (e. G. Charges of opportunity to equity) Include â€Å"core† and â€Å"adjacent† ideas Both judicious and passionate Normative and prescriptive In different affinities/partnerships with one another (generally moving) Include a range of perspectives Frequently guarantee to be valid, to be non-ideological 1 OFF Differentiating belief systems from political speculations/ways of thinking 1) Typicality 2) Influence 3) Conceptual Creativity 4) Communicability History of Ideologies Link to majority rules system, to worry with popular feeling ) As a logical term of study.

Scariest thing that has happened to me Free Essays

This exposition depicts my most terrifying involvement with life which happened two years back in the second year of my graduation term. The Disclosure The nearby Red Cross society had sorted out its half yearly blood camp, picking our school grounds as the setting. I had constantly a puzzling misgiving in giving blood, never having given an ounce. We will compose a custom exposition test on Most startling thing that has transpired or then again any comparable point just for you Request Now Yet, on that specific event, a considerable lot of my companions gave blood, which made a sort of social weight on me to take an interest in the occasion. On the most recent day of the camp, I felt free to join up with the rundown of contributors. It was slight agony and a little shortcoming, which was more fanciful than genuine, in my observation. After a day and I was feeling fine as could be. Things followed their typical everyday practice for two or three weeks and one day when I got an envelope from the Red Cross society, I expected it to be a note of thanks from them. The stun that the substance of that note gave me is as yet scratched strikingly in my memory. In only one line it expressed that my blood couldn't be acknowledged for gift as it was discovered HIV positive. Perspiring and trembling I attempted to grasp the significance of these words as they continued getting in and out of center Effect and Impact I’d consistently believed that ‘earth moving underneath the feet’ is a hyperbole at that point I discovered how obvious it could be. There was an abrupt feeling of breakdown and decimation around of my reality. My vocation plan, my companions, my family, my life, my fantasies, they all were cleared off by that solitary line. A second back I had a long time of time to accomplish all that I had arranged, and second later I had been given my capital punishment. The most exceedingly awful part was I didn't realize whom to look for counsel. I was considering myself to be utter horror and I was certain the second anybody catches wind of my state, I would be articulated as socially perilous and put into isolate. The ghost of looming passing encompassed my vision and its dread blocked my objective and typical methodology throughout everyday life. I kept awake through next couple of evenings, reluctant to squander my residual days or hours in sleep. I made an effort not to consider it, however dreamlike pictures of my last hours, with only me and neglected, continued skimming before me. They took an increasingly solid shape in my fantasies, which was another explanation behind my longing to neglect rest. There was a constant pounding inside me all the time-a dread that needed to tear me from inside and turn out in open. I battled to keep it inside, and shrouded my psychological anguish, experiencing and torment even best of my loved ones. Very soon, the possibility of self destruction began to request me. However, for an individual like me who had constantly wanted to live, self destruction had just an applied intrigue. On numerous events, I took a weapon in my grasp; or inclined out of our seventh floor condo, pondering a bounce, and got myself incapable to do not one or the other. On these events, I experience a flood of such unadulterated displeasure and dissatisfaction that I was terrified instead of ending it all, I could kill somebody in this state. Preposterously however a significant piece of my resentment was dedicated to Red Cross society itself-on the off chance that they had not composed the blood gift camp, I had never been brought to confront this fearsome circumstance. Eventual outcomes fourteen days after the fact, I was visited by a cluster mate who had made sure about confirmation in the clinical school. She was amazed at the unkempt condition of my loft I was known to be finicky about neatness and she concluded as much from my manner as by my general express that I was holding something inside. When she constrained out truth from me, she drove me over to the neighborhood clinic for a full body check up-including blood and pee culture. She had rejected point clear to acknowledge the consequences of Red Cross and guaranteed me that missteps could happen in their investigation. The nearby medical clinic needed to give its report following two days and those days were the tensest and maybe most frightening in my life-more unnerving than even all the earlier weeks which I had spent under shadow of death. It appeared to be mind blowing how my destiny was being chosen in an emergency clinic research facility a few traffic lights away, and I was unable to take care of business. I didn't close my eyes for a second in the two days, influencing between most profound disheartening and smallest expectation. After two days when I got the envelope from the medical clinic encasing my reports, I was unable to force myself to open it and read it. There in my grasp was my announcement of decisive and I was mortally reluctant to take a sneak in it. It was for a considerable length of time that I kept it grasped in my grasp, unfit to force myself to see its substance. At night my companion visited me once more, explicitly to know the consequence of tests. She took the report from me and as she was going to open it, I got some distance from, incapable to withstand the pressure and the likely demeanor of fate all over. For a few second she didn't talk and I believed I would implode-the pressure was excruciating for me to withstand. At that point she tapped me and said â€Å"Sorry to disillusion you.. however, you are as HIV negative as one can be! † Step by step instructions to refer to Scariest thing that has transpired, Papers

That wasnt skiing, that was falling with style!

That wasn’t skiing, that was falling with style! Hello everybody! My name is Katy and I’m a senior studying electrical engineering (6-1). Joel has kindly let me write a blog post for him about my favorite thing about MIT â€" the ski team! For those of you who don’t know, at MIT the month of January is not part of the normal school year. Instead, we have Independent Activities Period (IAP). During IAP students can choose to take condensed classes, conduct research, work on projects, work at an externship, travel, or really whatever the hell they want. I prefer to spend the duration of IAP with the MIT Alpine Ski team, living in a cabin in New Hampshire, and skiing all day every day. Yeah, I’m pretty much living the dream. I’ve always been a somewhat cautious person, or to put it another way, a total wuss. I avoid compromising situations, whether it be going to a party where I don’t know many people, or refusing to try a back dive off the board even when all the younger kids do it no problem. I guess you could say I have a finely tuned fight or flight (mostly flight) response. Freshman year, I avoided committing to extracurriculars, and the ones I did attempt didn’t really feel right. Desperate for something to distract myself from endless psets, I joined the Ski Team completely on a whim Sophomore Fall. I’d always enjoyed skiing growing up, though I’d never competed or formally trained in any way. As Winter Break drew to a close and the start of the season approached, I began to panic. WHAT WAS I THINKING I CAN’T SKI RACE. I didn’t even really know anybody on the team! I had no idea what to expect. I’d already paid team dues, bought a race license, and two new(ish) pairs of skis though, one for each event I’d be skiing (slalom giant slalom), so I was committed. Here goes nothing. We only had 3 short training days before our first race of the season (my first race ever!!!), but luckily I had two incredibly awesome and supportive ski coaches to show me the ropes â€" Ben ’07 and JC ’05. Naturally, I picked it up immediately. I’m a bit of a skiing savant. I mean, just look at me shred. Rule #1: Look good. Rule #2: Ski Fast. Rule #3: Safety Third HAHAHAHAHAHAHAHAHHAHAHAHAH JUST KIDDING I WAS TRULY HORRENDOUS. As a club sport, the MIT ski team accepts any confident skier, which means that at least half the team has little to no ski racing experience. We do have some people on the team who have raced previously and are pretty good though! (Shoutout to Mikey, whose body my head is subtly photoshopped onto above.) The first race of my ski racing career arrived incredibly quickly â€" after only 3 days of practice and less than one day in actual gates (the things we ski around), I was deposited on the top of an icy race course at Okemo, scared out of my mind. I frantically texted my dad on the verge of tears, sincerely regretting ever signing up. Somehow I managed to get myself through the start gate. I have no memory of that first race, but I must have made it down in one piece. I may have been DFL (dead [redacted] last), but I’D JUST SKI RACED. I was so, so proud of myself. If you want to get better at something fast, do it six hours a day, six days a week, for several weeks in a row. It’s hard to find words to describe how much better I’ve gotten at skiing since that first week. Let’s just say that I’m an unrecognizable skier. I obviously still have a long way to go before I turn pro (I’m so much better than them) (that was a Gnar reference I’m not actually better), but I’ve improved so much. Not without a lot of hard work though. Every morning during the season, we wake up at 7:15 am, scarf down some eggs and oatmeal, grab our gear and head out the door. We drive to our home turf, Ragged Mountain (also Chris Peterson’s home mountain!!!), and we’re on the first lift at 9am. We ski for most of the day, doing some combination of freeskiing, drills, and running practice courses. With a break for lunch, when we eat grilled sandwiches (ALL HAIL THE GEORGE FOREMAN), we often ski ‘til the mountain closes at 4pm. We head back to the cabin, go on a run, and then do a core workout. Each night, a different team member takes a turn at being head chef and cooking dinner for the entire team. It’s a very important job â€" we eat a lot. The rest of the team tunes their skis, or just enjoys each other’s company. Improvement took more than just hours spent skiing â€" it took falling. A lot. Lots of falling. Falling every day. I spend most of ski season with big, purple bruises on my hips. My first year on the team, I didn’t make it down back to back slalom runs all season. I fell every time. But each time I picked myself up and I put whatever gear back on I’d inevitably left strewn about the slope, and kept going. Ski team taught me how to fall. One of my most spectacular wipeouts wasn’t during the season. Sophomore spring, some ski teamers and I decided to conquer the legendary Tuckerman’s Ravine â€" famous back country ski route in the White Mountains. We woke up early in the morning, strapped our skis to our backs, and hiked several  hours up Mount Washington to get to the Tuckerman’s Bowl. The hike up is worth the ski down Johannes and Ben conquer the bowl Climbing up that bowl was utterly terrifying. It was so steep I had to kick my ski boots into the face to make little ice shelves. Halfway up I started hyperventilating I was so scared. I eventually made it up to a spot flat enough to put on my skis. We hadn’t started our hike early enough, so by the time we got up there, the slushy spring snow had started to crust over with ice as the sun sank. I took one turn, hit an ice bump, my ski popped off, and I screaming tomahawked down the length of the bowl â€" at least a 20 second fall â€" before finally coming to a stop. When I arrived at Ring Delivery a few days later in my cute short dress, it looked like someone had taken a baseball bat to my legs. Score 1 Mount Washington. Of course, it wouldn’t be the MIT ski team if we didn’t put our engineering skills to good use. Last year, then team Captain, Val (MIT ’15) and I decided we wanted to make a lightsuit, inspired by the Afterglow Lightsuit Segment video. (Watch it â€" seriously breathtaking). We bought a large black hoodie from Walmart, several LED strips, and a massive battery, and spent much of our free time that season sewing LEDs and sketchily soldering in the poor light. It turned out pretty awesome! We were a huge hit while night skiing at Pat’s Peak, and even took it to Beacon Hill in Boston for some street skiing laps during last year’s Snowmageddon! MIT ski urban segment We race in the McConnell Division in the Northeast, which is USCSA, and we have 10 races in the regular season â€" two per weekend. We race the tech events, which are slalom and giant slalom, and four of our races this year were FIS, which means we raced against great racers not in our league as well! It’s tradition in our league (and many other leagues) for seniors to dress up and race their final slalom race in costume. This year, 5 out of 13 of our racers were seniors, so we decided to do something extra special. We spent many hours hand sanding molds out of dense green foam, and pulled some pseudo all-nighters in the Edgerton Center thermoforming and laser cutting when we probably should have been psetting, but in the end it was all worth it. We took over Pat’s Peak by storm(troopers). I’m Luke Ski-walker, I’m here to rescue you! We race at a number of different mountains all over New England. They range from the tiny, T-bar served hill at Proctor Academy, to the notoriously steep icy run at Whiteface â€" the same hill they raced on in the 1980 Olympics, affectionately called “IceFace.” As we travel all over the Northeast we make sure to do our duty and test and rank as many breakfast sandwiches at rest stops and ski lodges as possible. Make sure if you’re in New Hampshire you check out Jake’s Market and Deli’s “special:” egg, cheese, shaved steak onion on a Portuguese muffin. To die for. Skiing doesn’t end when the season ends! For spring break two years ago and this year, the majority of the team traveled to Lake Tahoe together, where we stayed and skied at Squaw Valley for the week. I just got back from this year’s trip last week, and it was probably the best skiing I’ve ever had. We had a pow day early in the week and got fresh tracks through the glades in several places, and finished out the week with a day skiing in our swimsuits at Heavenly (spring break wooo!) I also skied the scariest thing I’ve ever skied in my life. There’s a rock formation at Squaw called the Palisades, and it’s about a 10 minute hike up from one of the lifts. Between these rocks are a number of steep chutes. Somehow I let my teammates talk me into doing it. I stood at the edge, looking at the “slope” below. It was pretty much straight down! My heart was beating out of my chest. I gathered myself and went, and somehow by some miracle remained standing! I successfully skied the Main Chute of the Palisades! Hyped on adrenaline I decided to go again. This time, more confident, I decided to try to take a straighter line. I dropped in, with my teammate Sophia Wu dropping in in the adjacent chute at the exact same moment unbeknownst to me. We simultaneously fell, lost skis, and tumbled down the face. Of course, the one where I made it down there’s no footage to prove it, but there’s a full video of the one where I ate it. You can watch the spectacle below (I’m the one on the right). Yes that’s me screaming, yes the sound carried to everyone on the mountain, yes I’m a tad ashamed. Despite the wipeout, the Palisades were a big deal for me. There’s no way in hell two years ago Katy would have skied that. Ski team has become such a huge part of my life at MIT I have trouble imagining what my college experience would be without it. During the season, all my worries fall away. I don’t think about psets or classes or grad school or jobs or anything â€" I eat, ski, sleep, and repeat. It’s like a month long therapeutic retreat. When I ski, I don’t think, my mind goes blank and I feel the icy wind on my face and the rhythmic turns. It’s pure joy. I’m not a very good racer, I will never be competitive in my league, but I don’t care. There aren’t many activities that are so inherently fun that even if you suck and fail you keep coming back for more with a grin on your face. The song that best describes my three years on the ski team is Chumbawumba’s “Tubthumping.” I get knocked down, but I get up again. I’m so glad I joined the team on a whim and got over my fears to actually do it. It’s the best decision I’ve made at MIT, and I’m so lucky to have had this experien ce. If you want to learn more about the MIT Alpine Ski Team, come say hi to us at our booth at CPW and Orientation! Pew! Pew pew!

The Civil War Essay - 631 Words

I. The Civil War was a time in American history built on growing tension and sectionalism. The constant battle over slavery between the North and the South would leave the Union anything but united. No number of compromises could stop the significant indifferences between the North and the South. Many events led to the horrific Civil War, but all of these events happened because of one reason; slavery.The Missouri Compromise, Fugitive Slave Act, and the Election of 1860 were the most significant of these events that led to the war. II. The Missouri Compromise would be the very beginning of the nation breaking apart. In 1817, Missouri applied for statehood, however, the people of Missouri wanted to be a slave state. Missouris statehood†¦show more content†¦They could break the law by not turning slaves in, showing the country how much they had supported abolition, but that would leave them fined and/or jailed. Their second option was to obey the law and turn in any fugitive, however it would decrease the abolition movement and may have encouraged slavery to take over the country. This act was also a problem for blacks who were not slaves. Free blacks were often captured and sold in to slavery, even if they had never been a slave in their life. There were also arguments about slaves/blacks rights. Accused fugitives were not tried in regular court, instead, a special commissioner would decide their fate. Those of free states argued that this violated a persons basic legal rights. IV. The Election of 1860 was a tight race between mainly two candidates, Abraham Lincoln and John Breckinridge. Both candidates were considered to have the most extreme views on slavery. Lincoln proposed to halt the expansion of slavery in to the territories, howver Breckinridge insisted that the federal government was entitled to protect slaver in any territory. The outcome of the election shows how close the competition really was, Lincoln won most Northern states, and Breckinr idge carried most of the South. However, the North had more people than the South, therefore Lincoln won. Lincolns victory scared the South. Before the election was over, the South threatenedShow MoreRelatedThe War Of The Civil War921 Words   |  4 PagesThere are no doubts that acts of war can have a negative impact on the individuals involved. There are countless stories of the soldiers’ experiences in the war, and how it affected their lives, families, and attitudes. However, there is a large demographic that is hardly accounted for: children, specifically during the Civil War era. Understanding the children that lived in the time of the Civil War is important because it affected their future careers, shaped their attitudes towards race, and affectedRead MoreCivil War And A Revolution1196 Words   |  5 Pagesthat a civil war is going on there. On the other hand, others argue that it is a revolution against oppression that has been brutally responded to. Evaluating the situation in Syria requires solid understanding of specific terms of a civil war and a revolution. Also, is there a general consensus on what a civil war or a revolution is? Can the situation in Syria simply be classified into one of these two? The first important thing to know is that there is no single definition of a civil war that historiansRead MoreThe War Of The Civil War964 Words   |  4 Pageswasn’t one sole cause of the Civil War but there were many events that took the country to war and put brother against brother and states against states. Abraham Lincoln wanted to preserve the union and that could only be attained by civil war. Slavery which was an underlying cause for the war played its role in the division that divided the North against the South. Ultimately the preservation of the union, slavery and the consequences and conflicts leading to the Civil War all rested on President Lincoln’sRead MoreThe War Of The Civil War1522 Words   |  7 PagesCosts The war produced about 1,030,000 casualties, including about 620,000 soldier deaths—two-thirds by disease, and 50,000 civilians. The war accounted for roughly as many American deaths as all American deaths in other U.S. wars combined. Based on 1860 census figures, 8% of all white males aged 13 to 43 died in the war, including 6% in the North and 18% in the South. Union army dead, amounting to 15% of the over two million who served, was broken down as follows: Notably, their mortality rateRead MoreThe War Of The Civil War1540 Words   |  7 PagesOver the course of the Civil War, approximately three million men (and a handful of women disguised as men) served in the armed forces. By comparison, before the war, the U.S. Army consisted of only about 16,000 soldiers. The mobilization that took place over the four years of the war touched almost every extended family North and South and affected the far reaches of the country that had split in two. By war’s end, approximately 620,000 men had died, an estimate that is currently undergoing scrutinyRead MoreThe War Of The Civil War777 Words   |  4 PagesThe widespread violence that turned into the Civil War began with the election of 1860. Abraham Lincoln won the election of 1860 without a single vote from the states below the Ohio River. South Carolina was the first state to respond to Li ncoln’s election. On December 20, 1680, South Carolina seceded from the Union. South Carolina was the first of the â€Å"Original Seven† who seceded from the Union, including Mississippi, Florida, Alabama, Georgia, Louisiana, and Texas. This became known as â€Å"secessionRead MoreThe War Of The Civil War1039 Words   |  5 PagesThe civil war is by far the bloodiest war in American history. In the four deadly years of war, over six-hundred thousand Americans were killed. Many disputes that led to the civil war. These conflicts started under President James Buchanan who was a Democrat elected in the election of 1856. The issue of slavery, states’ rights, the abolitionist movement, the Southern secession, the raid on Harper’s Ferry, the election of Abraham Lincoln all contributed to the start of the civil war. The civil warRead MoreThe War Of The Civil War Essay1444 Words   |  6 PagesThe story of this outlaw originated during the Civil War years, Apr il 12,1861-May 9, 1865. The War were the rich sat and watched, while the poor died. A War that wanted to keep black people as slaves permanently by the South (Confederates). Newton Knight quickly grew unhappy with the situation that the people of Jones County, where he was originally from were in. He also did not approved of slavery at all. Newt was the Outlaw who freed Jones County s people, whites and blacks alike when they mostRead MoreThe War Of The Civil War1284 Words   |  6 PagesEnglish 30 January 2015 The Civil War There are many facts most people generally do not know about the Civil War, so much research is needed to improve one’s knowledge about the Civil War. Authors such as: Robert G. Lambert, Rustle B. Olwell, and Kay A. Chick were all helpful in this research. Many people think that everyone on the Union side of the war believed that blacks should be equal to whites. Most people also think that everyone on the Confederate side of the war believed in slavery. SomeRead MoreThe War Of The Civil War1723 Words   |  7 PagesThe Civil War is by far the bloodiest war in American history. In the four deadly years of war, over six-hundred thousand Americans were killed. Many disputes that led to the civil war. These conflicts started even before the presidency of James Buchanan, who was a Democrat elected in the election of 1856. The issue of slavery, states’ rights, the abolitionist movement, the Southern secession, the raid on Harper’s Ferry, the election of Abraham Linc oln all contributed to the start of the Civil War

The Astronomer, Nicolaus Copernicus - 1026 Words

I bet when you were little, you looked up at the sky and wondered if the sun and the moon revolve around us. But I bet you didn’t realize that you weren’t the first person to wonder this. Most of everyone back in 1400s actually believed that the Earth was the center of the universe. But there was a select few of people who thought differently. One of those people, was Nicolaus Copernicus. Nicolaus Copernicus came into the world on February 19th, 1473 in Torun, Poland. He was the fourth and youngest child born to Nicolaus Copernicus Sr. and Barbara Watzenrode, an affluent copper merchant family. When Copernicus was 10 years of age, his father died. His mother’s brother, Bishop of Varmia Lucas Watzenrode, took the place as a father figure. Copernicus attended the University of Cracow in 1491. He studied many subjects, such as painting and mathematics. Even though he did not take an astronomy class yet, his interest in the cosmos grew. He began to collect books abou t astronomy. When Copernicus graduated from the Cracow in 1494, he traveled back to his home town of Torun to work as a canon. For all of you who do not know, a canon is a person in a clergy who works with the Church. He ended up holding on to the job for the rest of his life, even though it was only available to priests. Copernicus was very lucky to have this job because it gave him the chance to fund his studies of the stars. He was only able the study the stars on his own time because his job required a lot ofShow MoreRelatedEssay on The Life of Nicolaus Copernicus566 Words   |  3 PagesNicolaus Copernicus was a Renaissance mathematician and astronomer. He is famous for his formulation of a heliocentric theory of our galaxy. This theory suggested that the Earth and other planets revolve around the sun, which is in the center of our solar system. This heliocentric model was the opposite of what people had believed before, which was that the sun and other planets revolved around Earth. Copernicus was a genius of his time and had a breakthrough in astronomy. He is known as the initiatorRead MoreThe Contributions Of Nicholas Copernicus1684 Words   |  7 PagesToday Nicholas Copernicus is commonly known as the Father of Modern Astronomy. Over his lifetime he made many amazing contributions to the world of science. His love for astronomy first began when he was attending a university and from there it only grew. In his time some of his ideas were considered absurd, some were even frowned upon by the church. Though some of his theories were proven untrue, they have led to further study and new ideas of the astronomical world and have highly impacted theRead MoreEssay on Early Life of Nicolaus Copernicus846 Words   |  4 Pagesaccomplishments of Nicolaus Copernicus, who faced many of the same challenges that many great discoverers faced in earlier times. I am also going to tell you about some of the mistakes made by Nicolaus Copernicus. Early Life of Nicolaus Copernicus: Nicolaus Copernicus is the latin name for this famous astronomer’s real name. His real name was Mikolaj Koppernigk, but lets just stick with Nicolaus Copernicus in this essay. He born in Torun, Poland on February 19th, 1473. Copernicus was born in a wealthyRead MoreBiography Of Nicolaus Copernicus s Discovery Of Heliocentrism Transformed Astronomy1940 Words   |  8 Pageswritten in books. Nicolaus Copernicus’s discovery of heliocentrism transformed astronomy, his writings changed the people’s perspective of the universe further challenging the Catholic Church’s beliefs. Before Copernicus, people made scientific discoveries such as Aristarchus of Samos (310-230 BCE), had already identified the sun as the central unit of the solar system, but his ideas were quickly dismissed due to the overpower of the Catholic Church. He was a Greek astronomer, living during a timeRead MoreThe Physics Of The Universe Beyond Earth1023 Words   |  5 PagesAstronomers are the type of scientists who study the physics of the universe beyond Earth. Galileo Galilei is a famous astronomer and is often known as â€Å"the father of modern astronomy.† He created the first telescope with 30x magnification. Nicolaus Copernicus was a famous Polish astronomer who established the concept that the Sun, rather than the Earth, is the center of the solar system and is Earth’s main source of light. His discovery lead to the concept that the Earth and other planets rotateRead MoreCopernicus : A Renaissance Mathematician And Astronomer942 Words   |  4 PagesCopernicus Nicolaus Copernicus was a renaissance mathematician and astronomer. Born on February 19th 1473 in Torun, Poland. The youngest child born to Nicolaus Copernicus Sr. and Barbara Watzenrode. When Copernicus was 10 years of age, his father passed away. His uncle Lucas Watzenrode took up the parental role to ensure that Copernicus would get the best education possible for him. ` In 1491, Copernicus entered the University of Cracow, where he studied painting and mathematics. Although CopernicusRead MoreThe History and Factors Leading to Copernican Revolution1663 Words   |  7 Pageshelping hand. Nicolaus Copernicus was this type of man. He developed a theory of a sun centered or heliocentric solar system that went against the current popular belief of an earth centered or geocentric solar system. It took many centuries for the world to accept his theory. Kepler, Galileo and Newton were strong proponents to the Copernican model and continued to advance his research where they later proved that a heliocentric solar system was a correct model. Although Copernicus’ views sufferedRead MoreEssay on Nicolai Copernicus1208 Words   |  5 PagesNicolaus Copernicus Have you ever wondered who discovered that the sun is the center of our universe? If so, the answer is Nicolai Copernicus. This man was a well-respected as well as well educated man. He explored many different subjects including mathematics, medicine, canon law, and his favorite astronomy. The Earth-centered universe of Aristotle and Ptolemy were Western thinking for almost 2000 years until the 16th century when Copernicus proposed his theory. Copernicus was born on FebruaryRead MoreEssay about Human Beings and Nature: The Scientific Revolution1689 Words   |  7 Pagessociety. With leaders such as Nicolaus Copernicus, Galileo Galilei, Francis Bacon, Isaac Newton, and Rene Descartes, the Scientific Revolution proves to be a crucial piece to the puzzle of understanding the effects of humansà ­ interactions with the natural world. The changes produced during the Scientific Revolution were not rapid but developed slowly and in an experimental way. Although its effects were highly influential, the forerunners Nicolaus Copernicus, Galileo Galilei, Isaac NewtonRead More The Scientific Revolutions and Copernicus Book Essay721 Words   |  3 PagesThe Scientific Revolutions and Copernicus Book In the sixteenth and seventeenth century a Scientific Revolution swept over Europe. The start of this Scientific Revolution has been atributed to Nicolaus Copernicus and his Heliocentric Model of the Universe. Copernicus was born in Torun Poland on February 19, 1473. His parents both died when he was very young so he was sent to live with his uncle who was a high ranking official in the Church. Copernicus studied canon law, medicine, astronomy

The Impacts Of Hazardous Waste On Nature Environmental Sciences Essay Free Essays

Industrialization has caused a huge sum of risky compounds to come in our ecosystem and finally have a negative consequence on ecological diverseness, H2O handiness and human nutrient concatenation. The past century has seen worlds populate and present a big figure of risky chemical substances into the natural environments. Waste merchandises from industries, agricultural procedures, structural stuffs, medicine/drugs, e-wastes and pesticides which all destructively consequence the environment. We will write a custom essay sample on The Impacts Of Hazardous Waste On Nature Environmental Sciences Essay or any similar topic only for you Order Now The ambiance, biosphere and the hydrosphere, work in unison together to supply a habitable environment to the life being of the universe. Chemicals penetrate dirt, enter the air as emanations and the H2O as wastewater, finally poisoning aquatic beings and impacting the dirts ability to back up workss. Carbon dioxide which is the chief subscriber to the nursery consequence and clime alteration is besides caused by industrial emanations. Chlorofluorocarbons caused ozone depletion planet and over decennaries has caused an inflow of ultraviolent radiation into our planet. Pesticides and fertilisers from farms and gardens overflow into the H2O supply doing eutrophication, the physique up of algae in the river and lake systems doing decease to aquatic beings and doing it impossible to last. There are besides some unsafe chemicals which enter the dirt and groundwater doing familial defects in workss and beings doing it difficult to last and reproduce, therefore doing extinctions of certain workss and carnal species. A survey conducted in Southeast Ukraine found that 0.8 % of the Dnepropetrovsk Region remains portion of the one time 100 % natural ecosystem. This part is known for its huge supply of natural resources. Due to provide industries populated and began mining and fabrication, utilizing and huge sum of resources and bring forthing a big supply of waste, accordingly destructing the environing environment. Hazardous stuffs in ambiance, dirts, flora and H2O were badly contaminated and trials were conducted to find the badness of the issue. Gritsan, NP. , Babiy, AP. , 2000 found In Dnepropetrovsk Region, the release and composing of industrial emanations caused the hapless air quality. In respects to the dirt it was found countries non populated by industries where clean and pollution free, whereas the countries like Dnepropetrovsk and Dneprodzerzhinsk which had a high concentration of environmentally degrading industries consisted of chemicals such as Fe, Cu, Zn, lead and fluoride and where found in high concentrations. † It was determined that concentrations of fluorides in workss turning near big or specific industrial companies were up to 15 times higher than normal. † ( Gritsan, NP. , Babiy, AP. , 2000 ) Food is a necessity for endurance and get downing from hapless disposal or industrial waste we are faced with a job that produces a concatenation of events stoping up in the blood supply of developing fetuss and the blood and tissues of kids, grownups and wildlife species. Man-made risky compounds are come ining animate beings through exposure, inspiration or ingestion. These risky compounds produced by industrial procedures accumulate up the nutrient ironss, inappropriate disposal and leeching from waste and landfill sites and stop up in the natural environment and finally in the manufacturers and consumers. Worlds are the top of the nutrient concatenation and hence consume the overall accretion of risky compounds. A study conducted by Toegepast Natuurwetenschappelijk Onderzoek ( Netherlands Organization for Applied Scientific Research: TNO ) in the Netherlands shows that many of the different types of risky compounds exist in human blood indicating that worlds are exposed to these chemicals. Exposure can be through additives to consumer merchandises or through nutrient merchandises. Since many of these chemicals have a lipophillic nature they bioaccumulate in the nutrient concatenation. The TNO group tested manmade chemicals and found that many of th e compounds where nowadays in nutrients at a concentration of 0.1 to 10 ng/g. The World Wildlife Fund ( WWF ) study Chain of Contamination the Food Link found besides that the most of import exposure path for many of semisynthetic chemicals was through a bioaccumulation. Chemicals being DDT ( DDT ) a man-made pesticide and Polychlorinated Biphenyls ( PCBs ) which are organochlorine found in early industrial merchandises. DDT and PCBs are passed through diet. WWF conducted trials on organochlorine, polychlorinated Biphenyls, brominated fire retardent, perfluorinated chemicals, phthalates, unreal musks, Alkylphenols isomers of nonylphenol and organotins and found all these risky compounds to be present in nutrient merchandises across seven different states. The trials provide an penetration into the earnestness of this planetary job. Food being one concern, H2O handiness is another major concern. Many workss and animate beings need freshwater to last and risky compounds are come ining waterways and polluting fresh water, doing it unsafe and unsuitable for ingestion. Slavek Vasak, Rianne Brunt and Jasper Griffioen in their study â€Å" Arsenic in Groundwater † research maps of groundwater taint based specifically on ; happening of no fresh H2O, high flouride, high arsenous anhydride, high nitrate and the pollution from assorted beginnings. In their research they found many states to hold contaminatd H2O but really diffucult to nail less developed countries around the universe with the same job. Many states rely on groundwater for thier H2O supply and do non hold the resources and fundss to develop ways to take the chemicals from the H2O and are forced to devour contaminated H2O. Hazardous compounds have been used since the beginning of industralisation and it is merely in the past decennary or two where the effects of these compounds have affected our natural ecosytems and manner of life and still their full affect on iving things may non yet be known. New chemicals and merchandises are being manufactured mundane all in which may do injury to the the environment. E-waste is a authoritative illustration of recent merchandises incorporating types of chemcals which are harmful to the environment. In 2005 an estimated 697,000 metric tons of electronic and electrical equipment was consumed while 313,000 metric tons was disposed. ( hypertext transfer protocol: //www.environment.gov.au/settlements/waste/electricals/index.html, 12/05/10 ) E-waste contains risky stuffs including quicksilver, lead, arsenic brominated fire retardents, Be and Cd. If non desposed right potentailly all the compounds present can leach into natural ecosystems and cause terrible nowadays and future jobs. Australia and the universe recognize they are faced with a planetary job in respects to risky wastes. They strive to restrict and forestall any amendss on the natural environment. In 1992 â€Å" The Basel Convention on the Control of Transboundary Movements of Hazardous Wastes and their Disposal † ( hypertext transfer protocol: //www.environment.gov.au/settlements/chemicals/hazardous-waste/conventions.html 14/05./10 ) was implemented and in 2002 was sanctioned by 151 states including Australia. Australia signed the Basel Convention in 1992. The Convention is implemented in Australia by the Hazardous Waste ( Regulation of Exports and Imports ) Act 1989. ( http: //www.environment.gov.au/settlements/chemicals/hazardous-waste/conventions.html, 14/05/10 ) . It forced states to environmentally pull off risky wastes in a safe manner when importation and exporting. In implicating the minimisation of risky waste production, supplying disposal installations, cut downing the motion of risky waste, pull offing waste with respects to the environment and prevent and punish illegal traffic of waste. In visible radiation of the above there are options at a local graduated table where concerns and persons can forestall risky waste jobs in many ways ; risky compounds can be recycled, diminish the usage of risky stuffs in production, better labeling and record maintaining of stuffs, better storage and supply safer transit methods The environment is a complex system made up on interrelated ecosystems and any changes can do dramatic impacts on present and future environments. The impact of worlds is besides complex we live a complex life style and as we progress technologically and as a species we do it at the disbursal of the environment. The extinction of species along the concatenation may intend the loss of utile familial stuff or life salvaging malignant neoplastic disease drugs or safer options to the unsafe chemicals in usage at the minute. In order to battle this job we need to weigh out the hazard and benefits of a munificent life style and happen options to go on progressing without destructing the natural environment. How to cite The Impacts Of Hazardous Waste On Nature Environmental Sciences Essay, Essay examples

Our Town Essays (479 words) - Asheville Metropolitan Area, Asheville

Our Town Christian Ward 1/8/2000 What is the definition of a small town? Is it where everyone knows your name, like the theme song of Cheers, or is it where everyone cares about each other and knows what's going on in town. Grover's Corner fits the definition of the classic small town back in the early twentieth century. Our Town by Thornton Wilder shows that this small town is very close in manor and growth to Asheville, North Carolina. Grover's Corners as imagined today would have everything in common with Asheville. It would consist of one rather large shopping mall. This is where all the local teenagers spend their free time, even with the lack of money to spend. The fact that some students have ambitions, like Emily, and some really would rather just settle down near their hometown and be a farmer, like George. In truth today Emily with her drive to learn and be at the top of her class would have gotten her a lot farther in life than it did in the play. Emily would have become a surgeon and gone off to school somewhere. She would never be able to leave her hometown, Emily would move back with her husband and settle down and have those babies just like in the play. Grover's Corners, which occupied about 3 thousand people at that time, would be about the same today as Asheville as the growth rate is very similar. Asheville is at about 60,000 residents now within the city limits with many more outside in the suburbs. The city is not big enough to be called a big city with urban problems and industrial centers but is big enough to where people notice it. Life here is simple in that we don't have all of the violence and trouble of big cities. Grover's Corners was a place where you didn't have to lock your door at night. There was no evidence of crime and if there was it would be dealt with swiftly, and with a great cause of concern of the neighborhood. Grover's Corners would eventually come to be like Asheville, where breaking news and the top headlines of here would not even be reported in big cities. A local robbery of a disposable fork manufacturer would be the top headline of the night and we would all thank god we lived in a small town. So more or less Asheville is a good model of the change that Grovers Corners would encounter with the advancement of and rapidity of growth of life today. Life here is simple and we would like it to stay like that even with the economic growth that it would entail. The one thing that would not be found certain is the lifestyles would be the same as they are today with all the alternative ju ju floating around. Book Reports

Definition of Pogrom

Definition of Pogrom A pogrom is an organized attack upon a population, characterized by looting, destruction of property, rape, and murder. The word is derived from a Russian word meaning to commit mayhem, and it came into the English language to refer specifically to attacks perpetrated by Christians upon Jewish population centers in Russia. The first pogroms occurred in Ukraine in 1881, following the assassination of Czar Alexander II by a revolutionary group, Narodnaya Volya, on March 13, 1881. Rumors circulated that the murder of the Czar had been planned and executed by Jews. At the end of April, 1881, the initial outbreak of violence occurred in the Ukrainian town of Kirovograd (which was then known as Yelizavetgrad). The pogroms quickly spread to about 30 other towns and villages. There were more attacks during that summer, and then the violence subsided. The following winter, pogroms began anew in other areas of Russia, and murders of entire Jewish families were not uncommon. The attackers at times were very organized, even arriving by train to unleash violence. And the local authorities tended to stand aside and let acts of arson, murder, and rape occur without punishment. By the summer of 1882 the Russian government tried to crack down on local governors to stop the violence, and again the pogroms stopped for a time. However, they began again, and in 1883 and 1884 new pogroms occurred. The authorities finally prosecuted a number of rioters and sentenced them to prison, and the first wave of pogroms came to an end. The pogroms of the 1880s had a profound effect, as it encouraged many Russian Jews to leave the country and seek a life in the New World. Immigration to the United States by Russian Jews accelerated, which had an effect on American society, and particularly New York City, which received most of the new immigrants. The poet Emma Lazarus, who had been born in New York City, volunteered to help the Russian Jews fleeing the pogroms in Russia. The experience of Emma Lazarus with the refugees from the pogroms housed at Ward’s Island, the immigration station in New York City, helped inspire her famous poem â€Å"The New Colossus,† which was written in honor of the Statue of Liberty. The poem made the Statue of Liberty a symbol of immigration. Later Pogroms A second wave of pogroms occurred from 1903 to 1906, and a third wave from 1917 to 1921. The pogroms in the early years of the 20th century are generally linked to political unrest in the Russian empire. As a way to suppressing revolutionary sentiment, the government sought to blame Jews for unrest and incite violence against their communities.  Mobs, fomented by a group known as Black Hundreds, attacked Jewish villages, burning houses and causing widespread death and destruction. As part of the campaign to spread chaos and terror, propaganda was published and spread widely. A major component of the disinformation campaign, a notorious text titled  Protocols of the Elders of Zion  was published. The book was a fabricated document which purported to be a legitimate discovered text advancing a plan for Jews to achieve total domination of the world by means of deception. The use of an elaborate forgery to inflame hatred against Jews marked a dangerous new turning point in the use of propaganda. The text helped to create an atmosphere of violence in which thousands died or fled the country. And the use of the fabricated text did not end with the pogroms of 1903-1906. Later anti-Semites, including the American industrialist Henry Ford, spread the book and used it to fuel their own discriminatory practices. The Nazis, of course, made extensive use of propaganda designed to turn the European public against the Jews. Another wave of Russian pogroms took place roughly concurrent with World War I, from 1917 to 1921. The pogroms began as attacks on Jewish villages by deserters from the Russian army, but with the Bolshevik Revolution came new attacks on Jewish population centers. It was estimated that 60,000 Jews may have perished before the violence subsided. The occurrence of pogroms helped propel the concept of Zionism. Young Jews in Europe argued that assimilation into European society was constantly at risk, and the Jews in Europe should begin advocating for a homeland.

Queen Angelfish Facts

Queen Angelfish Facts The queen angelfish (Holacanthus ciliaris) is one of the most striking fishes found in the western Atlantic coral reefs. Their large flat bodies are of a brilliant blue color with vivid yellow-accented scales and a bright yellow tail. They are often confused with blue angelfish (H. bermudensis), but the queens are distinguished by a navy blue patch located above the eyes at the center of the head, which is freckled with light blue spots and resembles a crown. Fast Facts: Queen Angelfish Scientific Name: Holacanthus ciliaris  Common Names: Queen Angelfish, Angelfish, Golden Angelfish, Queen Angel, Yellow AngelfishBasic Animal Group: FishSize: 12–17.8 inchesWeight: Up to 3.5 poundsLifespan: 15 yearsDiet: OmnivoreHabitat: Western Atlantic ocean coral reefs, from Bermuda to central BrazilPopulation: UnknownConservation Status: Least Concern Description The body of the queen angelfish (Holacanthus ciliaris) is highly compressed and its head is blunt and rounded. It has one long dorsal fin along its top, dorsal and anal fins, and a range of between 9–15 spines and soft rays. Blue and queen angelfish look even more alike as juveniles, and the two species can and do interbreed. Researchers believe that the entire population in Bermuda may consist of hybrid blue and queen angels.   On average, queen angelfish grow to around 12 inches in length, but they can grow up to 17.8 inches and weigh up to 3.5 pounds. They have small mouths with slender brush-like teeth in a narrow band that can be protruded outward. Although they are primarily blue and yellow, different regional populations sometimes have different color variations, such as occasional gold coloration, and black and orange blotches. Queen angelfish are of the Perciformes order, the Pomacanthidae family, and the Holacanthus genus.   Colorful Queen Angelfish, Bonaire, Caribbean Netherlands. Terry Moore / Stocktrek Images / Getty Images Habitat and Distribution A subtropical island species, queen angelfish are found in coral reefs on coasts or surrounding offshore islands. The queen is most abundant in the Caribbean Sea, but can be found in tropical western Atlantic waters ranging from Bermuda to Brazil and from Panama to the Windward Islands. It occurs at depths between 3.5–230 feet below the surface.   The fish do not migrate, but they are most active during the day and are most commonly found near the bottom of coral reef habitats, from the nearshore shallows down to the deepest part of the reef where limited light inhibits coral growth. They are predominantly marine but can adapt to different salinities as needed, which is why the species is often seen in marine aquariums.   Diet and Behavior Queen angelfish are omnivores, and although they prefer sponges, algae, and bryozoans, they also eat jellyfish, corals, plankton, and tunicates. Apart from the courtship period, they are generally observed moving in pairs or singly year-round: some research suggests they are pair-bonded and monogamous.   During the juvenile stage (when they are about 1/2 inch long), queen angelfish larvae set up cleaning stations, where larger fish approach and allow the much smaller angelfish larvae to clean them of ectoparasites. Hawksbill sea turtle swimming over coral reef with stove-pipe sponge and a Queen angelfish, Bonaire, Netherlands Antilles, Caribbean, Atlantic Ocean. Georgette Douwma / Photographers Choice / Getty Images Plus Reproduction and Offspring   During the winter courtship periods, queen angelfish are found in larger groups known as harems. These pre-spawning groups are typically made up of a ratio of one male to four females, and the males court the females. Males flaunt their pectoral fins and the females respond by swimming upward. The male uses his snout to make contact with her genital area, and then they touch bellies and swim upward together to a depth of about 60 feet, where the male releases sperm and the female releases eggs into the water column.   Females can produce anywhere from 25,000 to 75,000 transparent and buoyant eggs during one evening event; and as many as 10 million per spawning cycle. After spawning, there is no further parental involvement. The eggs are fertilized in the water column and then hatch out within 15–20 hours, as larvae lacking working eyes, fins or gut. The larvae live on yolk sacs for 48 hours, after which they have developed enough to begin feeding on plankton. They grow rapidly and after three to four weeks they reach about one-half inch long when they sink to the bottom and live in coral and finger sponge colonies. Juvenile Queen angelfish Holacanthus ciliaris in the Caribbean. Damocean / iStock / Getty Images Plus Conservation Status   Queen angelfish are classed as Least Concern by the International Union for Conservation of Nature. They are used as part of the commercial aquarium trade. They are not typically a food fish, in part because they are associated with the phenomenon of ciguatera poisoning which is caused by fish eating other toxic creatures and keeping a reservoir of toxins which may be passed on to human consumers.  Ã‚   Sources Feeley, M. W., O. J. Luiz jr, and N. Zurcher. Colour Morph of a Probable Queen Angelfish . Journal of Fish Biology 74.10 (2009): 2415–21. Holacanthus ciliaris from Dry Tortugas, FloridaPatton, Casey and Cathleen Bester. Queen Angelfish Holacanthus ciliaris. Discover Fishes, Florida Museum.  Pyle, R., R. Myers, L.A. Rocha, and M.T. Craig. Holacanthus ciliaris. The IUCN Red List of Threatened Species: e.T165883A6156566, 2010.  Reis, Fernanda, et al. Diet of the Queen Angelfish Holacanthus Ciliaris (Pomacanthidae) in So Pedro E So Paulo Archipelago, Brazil. Journal of the Marine Biological Association of the United Kingdom 93.2 (2013): 453-60. Shah, Saara. Holacanthus ciliaris (Queen Angelfish).  The Online Guide to the Animals of Trinidad and Tobago. University of the West Indies, 2015

In the movie lions for lambs write an essay of argument in which you

In the movie lions for lambs write an of argument in which you assert your position on Americas future if the population continues to avoid involvement in politics and public affairs - Essay Example Despite the presence of many followers in political rallies conducted by popular political figures, there are more individuals – on the back end – who couldn’t care less, are less concerned and would just like to go on with their normal routine of getting on with their personal, family and work lives and not be bothered by other issues which are â€Å"not really their problem†. But what about the overall picture? Americas future is certainly doomed if it continues to avoid involvement in politics and public affairs, hence, it is recommended that more active participation should take place among its citizenry. This is exactly the subject that is brought forward in the movie Lions for Lambs, a 2007 movie directed by Robert Redford. From the movie’s title, you wouldn’t have the faintest idea what the movie is really about unless you get to see the film from beginning to end. Some argue that the film is preachy is more ways than one since it is a hackneyed topic (about war) and the discussions between Senator Jasper Irving (Tom Cruise) and the popular journalist Janine Roth (Meryl Streep), plus the dialogues between Professor Stephen Malley (Robert Redford) and his students Todd, Arian and Ernest seem to just go on and on in circles. Nevertheless, the film’s climax when Arian and Ernest stand up bravely to meet their end in enemy territory is the film’s saving grace, and is remarkably one of the film’s more unforgettable highlights. In spite of the film’s flaws, the issue of apathy in society is a significant concern which this movie raises and which actually requires urgent attention. In the face of the seemingly never-ending battle for supremacy in these Middle East territories, the US still continues to forge on with the arms race and assert its continuing existence in the region. The war issue has become an everyday fare with regards to the

The Wireless Networks and Installations in Municipals Essay

The Wireless Networks and Installations in Municipals - Essay Example In addition, Wi-Fi networks provide a platform for the municipals to  offer  connectivity for the city workforce, attract companies and businesses to  situate  in their downtowns,  develop  their  conference  centres to be sought-after and  provide  all citizens access to broadband internet. Municipal Wi-Fi networks are crucial in increasing the effectiveness of the  state  delivery services. They support the provision of government services, for example, utility monitoring, police or fire protection, meter reading and code enforcement. Furthermore, these networks  enhance  the existing city networks  thus, reinforcing the tasks undertaken by the workforces, as well as communications in the inter-governmental departments and organizations. Therefore, the Wi-Fi technology usage  provides  inexpensive and improved  network  coverage in the urban areas (Bing, 2008). This, in turn, enhances the performance of the government and reduces the  provisi on  costs of the services of the government. ... The city of Philadelphia plans to  construct  a Wi-Fi system, which will  cover  the whole 135-square-mile city area. The main objective of this project is to make Philadelphia to  stay  as a competitive city for businesses and an  appeal  to visitors. According to Kallen (2006), the municipal governments may not have the appropriate technological expertise and are highly  probable  to be  incompetent  in choosing the technological, business models, approaches and applications. In addition, Bing (2008) argues that the government involvement, supporting one technology, produces  alteration  by foreclosing  antagonism  among options in the marketplace. Private companies have appropriate technology that is up to date with the changes in the Wi-Fi networks and their installations. The collaboration between the government and the private sector will lead to the selection of the  suitable  Wi-Fi technology for the city. The local government thus can  f orm  agreements with the private companies. Bing (2008) argues that cities may  opt  to  promote  the  building  of Wi-Fi systems by several players. This can include retail businesses, local Wi-Fi co-operatives, or community businesses, in addition to commercial system providers. Consequently, this makes up an  extension  of the existing installation  format  for Wi-Fi, where a variety of  autonomous  public  and private efforts has steered to the  installation  of uncoordinated Wi-Fi  coverage  locations. As municipal governments  deliberate  their alternatives to  promote  more reliable services and  coverage, one of their preferences will  be  to exercise their  power  to  support  greater harmonization

Spousal Abuse in Sweat by Zora Neale Hurston :: Zora Neale Hurston, short story

  Ã‚  Ã‚  Ã‚  Ã‚  'You sho' is one aggravatin' nigger woman!'; this is only one example of the abuse in Zora Neale Hurston's short story, 'Sweat'. Spousal abuse is a very common issue in today's society. Hurston represents this form of abuse through the way the husband talks to his wife and the way he treats her.   Ã‚  Ã‚  Ã‚  Ã‚  Delia is a hard-working woman who is very obedient and faithful to her husband, Sykes. Through harsh words, he cuts her down about her work of washing white folks clothes and her looks saying that he 'hates skinny woman';. Delia's appearance resembles her hard work, with 'knuckly hands'; from using the washboard. Delia has put many hard- earned tears, blood, and sweat into her house while supporting Sykes' habits and taking all the abuse he could dish out. On many occasions Sykes has cut down Delia and her kind nature, even to her religious beliefs, accusing her of being a 'hipocrite'; because she worked on the Sabbath day.   Ã‚  Ã‚  Ã‚  Ã‚  Sykes not only abused Delia emotionally but also physically. One night after an argument between the two where Delia actually had the courage to stand up to him, Sykes got into to bed and threatened that, '[he] oughter mash [her] in [her] mouf fuh drawing dat skillet [on him].'; After they been married only a short few months he gave her the first beating. Others in town knew of the abuse Delia suffered from. One gentlemen from town made the comment one day, '[Sykes] done beat [Delia] 'nough tuh kill three women.'; Many people in the town had little to no respect for Sykes because he beat Delia and Sykes even tried making offers with presents to some of the other mens' wives.   Ã‚  Ã‚  Ã‚  Ã‚  Besides physical and emotional abuse Delia had to put up with mental abuse from her husband. At one time, Sykes put a snake into a soap box to scare Delia. Knowing that Delia had an enormous fear of snakes, not to mention anything as small as an earthworm. Other mental and emotional abuse was that Sykes ran another woman in town, making it known to Delia and everyone else in town. He made it no secret when he was going to see Bertha, his mistress. The only thing Delia ever said about his affair was, 'that ole snaggle-toothed black woman you runnin' with ain't comin' heah to pile up on mah sweat and blood.

Foundation of Leadership Essay

How do leaders of today become what they are now? What experiences did they gone through in stabilizing their foundations of good and ideal leadership? There are just too many aspects in life that will mold you to become an efficient leader. Every experience, person you will meet, and their ideals will contribute to create a leader out of you. 1. Create a diagram that demonstrates the interplay of your life. Include the aspects that you think are important. The diagram shows how an individual gain his skills and knowledge through social interaction. Personal experiences teach an individual what to do and what he will become in the future. The relationship and interaction with the people around you mold and stabilize your character. The work and experience that you have or have been engaged in will create the kind of leader you are or can be after surpassing circumstances and pressures. Your goals and desires will determine how far you can go. 2. What principles surfaced to you from your readings of â€Å"Synchronicity†? To what extent have you practiced any or all of the disciplines in the context of your personal life? Synchronicity, a book written by Joseph Jaworski, also discussed about important insights in leadership. He presented the value of servant leadership; wherein in an organization an individual is after the group instead of one’s self interest. Servant leaders should know how to listen, empathize, be aware, heal himself and the members, conceptualize, foresee, persuade, commit, and build his community. Servant leaders should also know how to keep the harmonious relationship among members. From my own experience, I have proven that servant leadership works. A leader who values the group members and their opinion has too far to go in leading. Listening, empathy and awareness are very important. Moreover, respect is also being gained in return. You can also expand and develop ideas through brainstorming. Jaworski also discussed the importance of advance planning and conceptualizing. You will be able to estimate and assume future events and circumstances, enabling you to know what to do or avoid in the future. Learning from the past is also important, past experiences can be one’s pattern in decision-making. Leadership skills can be developed and improved through one’s knowledge and experiences. Different styles can be used depending on the situation for a more efficient results, only proper decision-making should be done wisely. To be knowledgeable and ideal leader, explore the world and learn more things in life. Be responsible. 3. Locate one or more websites and journals that explore leadership traits and styles, and discuss management and leadership. A group of researchers led by Kurt Lewin, conducted an experiment in order to study and identify specific types of leadership. In result, the group established three major types: the authoritarian leadership (autocratic), Participative (democratic), and delegative (laissez-faire). (Kendra Van Wagner) In authoritarian leadership, clear expectations of all the details is provided such as what, when, and where something should be done. Leaders decide independently with a little contribution from the rest of the group, or even nothing at all. In this type of leadership, less creativity in decision-making is being formed by the group. However, it is applicable in situations wherein there is minimal time for group discussion or when the leader is the most knowledgable and reliable member of the group. (Kendra Van Wagner) Participative leadership allows everyone to take part in the discussion and decision-making processes and is guided by the leader. The output of the work lead by democratic leaders is more creative. Members are being more motivated and creative as the leader encourage them to participate, but preserve the final decision to him. (Kendra Van Wagner) Members under delegative leadership work independently with a little or no guidance at all from the leader and leave decision-making to the rest of the group. On the other hand, this style can be useful for members that are highly competent in an area of proficiency, but frequently results into weakly defined roles and lack of enthusiasm. (Kendra Van Wagner) Leadership goes hand in hand with management. Though the two are inseparable terms, it is important to know the distinction between them. Leadership deals with the concept and rationale while management is into the logistic details such as who, when and when. Leaders direct the organizarion while managers handle the process towards a certain goal. Leaders motivate others to go beyond their limit and explore whereas managers make others do what they need to do. Managers are focused on present circumstances; leaders conentrate on conceptualizing and foreseeing. Leaders plan; managers make things done. They have different jobs and responsibillities, yet the two are directly linked to each other. How can you plan for the future and lead if you don’t know how to manage and work things out? (Webb) Works Cited Jaworski, Joseph. Synchronicity: The Inner Path of Leadership . Berrett-Koehler Publishers; 1st ed edition , March 1996. Kendra Van Wagner. â€Å"Leadership Theories. † 2007. About. com. 26 September 2007 . Webb, Bert. My Two Cents: Leadership vs. Management. 26 September 2007 .

The Unwinding Of Currency Carry Trade Positions Finance Essay - Free Essay Example

Sample details Pages: 18 Words: 5483 Downloads: 3 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? This essay aims to study determinants of currency exchange rates, focusing in particular on one reason behind the failure of uncovered interest rate parity (UIP): the currency carry trade. The essay concentrates mainly on the unwinding of carry trade and its implications for the value of currencies and the real economy. By showing the links between the currency carry trade and indicators of risk appetite on financial markets using up to date data, I verify the validity of some previously found results about currency determination. Don’t waste time! Our writers will create an original "The Unwinding Of Currency Carry Trade Positions Finance Essay" essay for you Create order This section gives a brief explanation of the carry trade as a failure of UIP. Section 2 covers some of the related literature on carry trade, explaining some results previously obtained by Brunnermeier et al. (2008) and highlighting the importance of market risk appetite in exchange rate determination. An explanation of the variables as well as the source of the data is provided in the third section and the results are presented in Section 4. Section 5 discusses the relevance of the findings for macroeconomists and policymakers. Section 6 concludes. 1.1 Uncovered Interest Rate Parity 1 + it+1 = (1 + i*t+1 ) Et The above equation is simply the UIP condition. It says that the return on an asset denominated in domestic currency is equal to the return on an asset denominated in foreign currency, once the returns are converted back into the domestic currency in period t+1. In a world of perfect foresight, the above condition holds simply via the arbitrage argument. If the intere st on the foreign asset is too high, the foreign currency will depreciate such that the return from holding either asset is equivalent. However, no such self correcting mechanism exists in practice. Evidence on UIP shows that it only holds over long horizons. See for example, Meredith Chinn (1998) and Fujii and Chinn (2001). 1.2 What is a carry trade? Over shorter periods, the carry trade is one of the main reasons behind the failure of UIP to hold. Carry trade happens when investors borrow funds at low interest rates in one currency (the funding currency) and buy higher yielding assets in another currency (the target or carry currency). Thus, the higher yielding currency appreciates vis-à  -vis the funding currency. Instead of the exchange rate reverting to the value implied by UIP, it moves further away from it. The profitability of this leveraged position depends on low volatility which helps take advantage of the interest rate differentials. The profitability of carry tr ade is well documented; Meese Rogoff (1983) famously found that the carry trade was profitable on average. The expansion of carry trade positions cause target currencies to steadily appreciate while funding currencies weaken, against the predictions of the UIP. However, changes in expectations of future interest rates or higher volatility in the market can cause very sharp appreciation of the funding currency and sharp depreciation of the target currency as carry trade positions unwind. Carry trade investors are familiar with these movements and often say that the long currency goes up by the stairs and comes down by the elevator. Related Literature This essays focus is not on evidence of carry trade activity or its profitability but on the links with other financial indicators and how these can be rationalised. The work in this essay is largely based on a paper by Brunnermeier et al (2008). The paper derives many results pertaining to carry trade, but focuses mainly on the currency crash risk related to the carry trade, i.e. the sudden unwinding of investment positions which cause target currencies to crash. The paper starts by showing that carry trade returns have crash risk by using two measures of risk. The first one is realised skewness of currency pairs calculated from daily data. The second measure is implied skewness given by risk reversals: the price difference between two out-of-the-money options.  [1]  The results of a regression of these measures of skewness on interest rate differentials were unsurprising; typical funding currencies such as the Japanese Yen had a high positive skew meaning that risk of apprec iation against the US dollar was high. Target currencies with high interest rates such as the New Zealand Dollar and the Australian Dollar had high negative skew, meaning that risk of depreciation against USD was high. Using panel data from 1986 to 2006 for CAD, JPY, CHF, GBP and EUR against USD, Brunnermeier et al. confirm that carry trade returns, carry trade activity and crash risk (measured by skewness) all depend on the interest differential.  [2]  Looking at regressions (with country fixed effects and quarterly data) of these dependent variables in period t+1 to t+10, they determine how they correlate with interest rate differential in period t. The first regression gives an estimated ÃÆ'Ã… ½Ãƒâ€šÃ‚ ² of 2.17 (with low significance) for period t+1, showing that the currencies which have high interest rate differentials with the US have highly profitable carry trade. The effect of higher interest rate differentials on returns becomes smaller in subsequent periods. The r egression of skewness on interest rate differentials gives an estimated coefficient of -23.92 in period t+1. As with the previous regression, the effect is smaller in subsequent periods. This result is again unsurprising as it just posits that currency crash risk is higher when the interest rate differential is wider. This is because the carry trade will drive the price of the target currency way above its fundamental UIP value, implying that carry currencies are particularly vulnerable to sharp depreciations. Note that because of this, a crash after a currency bubble occurring when investors hold on to carry trade positions too long because they do not know when to unwind may be price correcting (see Abreu Brunnermeier 2003). The second regression shows how carry trade activity depends on interest rate differentials. Here, for the next quarter, the authors find an estimated ÃÆ'Ã… ½Ãƒâ€šÃ‚ ² of 8.26. This result simply says that the higher the interest rate differential, the larger the positions in carry trade. In section 4, I shall verify whether this result holds with up-to-date data using more currency pairs. I shall use the same measure of carry trade activity as Brunnermeier et al. (see next section on Data and Definitions) Brunnermeier et al. also present regressions of skewness (risk of currency crash) and risk reversals on interest rate differentials, returns and futures positions; once again using pooled panel regressions with fixed currency-pair effects.  [3]  Naturally, the results confirm that interest rates are a strong predictor of crash risk because of carry trade. 2.1 Unwinding Carry Trade These facts about carry trade laid out by Brunnermeier et al. are an interesting starting point for any work on the currency carry trade and how it affects currency exchange rates but the main focus of this essay is the unwinding of these carry trade positions. As mentioned earlier, carry trade positions tend to build up such that target c urrencies are valued very highly vis-à  -vis funding currencies. We also see empirically that these positions unwind very quickly such that target currencies suffer from sharp depreciations. These positions are typically unwound when investors feel more risk averse, i.e. when they withdraw their speculative capital. This may happen if speculators hit funding constraints due to adverse economic circumstances (e.g. the global financial crisis of 2008-2009 coincided with a marked slowdown of carry trade activity). While the risk appetite of investors cannot be measured directly, we can use proxies for them. A widely used proxy for risk appetite is the Chicago Board Options Volatility Index (VIX index), which is a popular measure of implied volatility. A high value of the VIX index corresponds to a volatile market and higher option prices. Although the VIX index is calculated from a basket of equity option prices from the SP500, it is a useful measure of risk appetite not only in eq uity and equity option markets but in many financial markets. Market analysts often refer to the VIX as the fear index because high values of the VIX often translate into high global risk aversion in financial markets in general. Financial crises such as the LTCM crisis of 1998 or the global financial crisis of 2008 were all accompanied by sharp increases in the VIX.  [4] Brunnermeier et al. also make use of the TED spread as a proxy for investor risk aversion in financial markets. The TED spread refers to the interest rate differential between interbank loans and short term U.S. government debt (Treasury Bills). As it is an indicator of credit risk in the economy, the spread can be a good proxy of risk aversion in financial markets. Treasury bills are risk-free assets and do not have a risk premium, but interbank loans are risky assets, and when risk of banks defaulting on their debts increases, the risk premium on interbank loans increases and the TED spread is higher. The T- Bill yield, however, falls due to a flight to liquidity. For example, in the 2008/09 financial crisis, when financial institutions had high levels of nonperforming loans on their balance sheets, they became reluctant to lend to each other and the interbank interest rate rose sharply, increasing the TED spread at a time when investors (including banks) were more risk averse. In section 4, I use the LIBOR-OIS spread instead of the TED spread as a regressor. The LIBOR-OIS spread is the spread between the LIBOR, or interbank lending rate, and the overnight index swap interest rate; it is a good indicator of market liquidity. The OIS rate is considered stable and less risky as it is a fixed rate that financial institutions pay in an interest rate swap (they swap floating interest rates for the OIS rate). The spread between the two is a risk premium, or a measure of how likely borrowing banks will default. As with the TED spread, during periods of crises and high risk aversion, the LIB OR rate will rise while the OIS rate will remain relatively stable. One of the main results of the Brunnermeier et al. paper is that carry trade positions unwind during times when risk aversion is particularly high among investors. ÃÆ'Ã… ½Ãƒ ¢Ã¢â€š ¬Ã‚ Carry Trade Positions = ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1 ÃÆ'Ã… ½Ãƒ ¢Ã¢â€š ¬Ã‚ VIX x sign(i*t-1-it-1) + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²2 Carry Trade positiont-1 By running the above regression, they calculate the sensitivity of weekly carry trade positions with respect to a change in the VIX index. They obtain an estimate of -1.47 for ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1, meaning that carry trade decreases at times when the VIX increases, i.e. when risk aversion is high among investors. A similar regression with the TED index yields a coefficient with the same sign, although not statistically significant. In section 4, I shall run the same regression with up to date data to verify the validity of this result. Like Brunnermeier, I will use futures (see next section) as a proxy for carry trade activity. There are a number of other ways to measure the extent of carry trade activity. A paper by Galati et al. (2007) looks for evidence of carry trade activity by looking at BIS international banking statistics on the international assets and liabilities positions of banks in different currencies. The attractiveness of carry trade can also be measured by carry-to-risk ratio, which is calculated by adjusting the interest rate differential by the risk of future exchange rate changes (the risk is proxied by implied volatility  [5]  of the currency pair). Hattori and Shin (2008) use interbank lending accounts to measure carry trade positions of USD against the Japanese Yen. By using data on borrowing positions of Wall Street banks from their Japanese branches, they measure how Yen carry trade activity comoves with the interest rate and VIX and find highly significant correlations. Much of the work on carry trade has focused on finding evidence of the profitability of carry trade and finding evidence of carry trade activity. The seminal paper which shows that carry trade is profitable on average was written by Meese and Rogoff (1983). Much later, Burnside et al. (2006), also showed that the carry trade is profitable on average in the short term, but also that the return from carry trade is typically quite low. In a paper on the yen carry trade, Bà ©ranger et al. (1999) point out that the unwinding of carry trade positions in JPY was accompanied by higher risk aversion on the part of investors. Gagnon Chaboud (2007) make similar remarks, again focusing on the Yen carry trade. They designate three main episodes of carry trade unwinding: October 1998 (LTCM crisis), May 2006 and Feb 2007. We can safely add October 2008, the period following the failure of Lehman Brothers to that list.  [6] Chart 1: USD/JPY spot exchange rates from December 1994 to March 2010 and VIX index for the same period. Source: Bloomberg. The chart above shows the USD/JPY exchange rates from the period 1994 to 2010. Two of the above episodes are marked. The first one is the LTCM crisis of 1998, where prior to the sharp crash in the exchange rate, we observe a steady increase in the VIX index, indicating higher risk aversion and thus possible unwinding of carry trade. The episode of 2008 shows a spike in the VIX index. However this is not accompanied by a large currency crash this time. This is because, while the yen carry trade did unwind during the period, there are still other factors influencing the exchange rate that need to be taken into account. In a paper specifically on exchange rates and global volatility, Cairns et al. (2007) calculate the sensitivity of exchange rates (a number of currencies against the dollar) to the changes in the VIX index. For many of these currency pairs, the coefficient was highly significant. However, this does not tell us anything about how carry trade positions comove with the VIX index. The authors identify four variables which capture the factors that could affect currency sensitivity to changes in VIX. Carry is one of them; the others are depreciation and credit risks, external financing needs and liquidity. To successfully study how carry trade positions are affected by risk appetite, we must therefore find a proxy for carry trade activity alone, purged of other effects on the exchange rate. Data and Definitions As Brunnermeier et al. have done, I will use currency Futures positions as a proxy for carry trade activity. I obtained the data on traders position on Futures position in the foreign currency (against USD) from the Commodity Futures Trading Commission (CFTC). The variable Carry Tradet is calculated from the net futures position of non-commercial traders as a fraction of total interest of all traders. I use non-commercial traders because the CFTC defines them as traders who do not use futures for hedging purposes, which essentially means they hold futures for purely speculative reasons. For example, if a speculative trader tried to make profit from a carry trade opportunity where the Australian Dollar is the investment currency and USD is the funding currency, i.e. a situation where the Australian base rate is higher than the Fed rate, the investor would go long on AUD futures. This is equivalent to a bet on a rise in the AUD/USD exchange rate. To measure the extent of carry tra de activity in AUD, one would take the net position in AUD futures (i.e. long minus short) as a proportion of total interest in AUD futures of all traders. Our variable Carry Tradet would thus show a positive value when the foreign currency is the target currency and USD is the funding currency. Using the CFTC reports, I obtained weekly measures of carry trade activity in 8 currencies against USD from 1995 to 2010.  [7]  For the period prior to the introduction of the Euro in January 1999, data for the German Deutschmark was used instead. Weekly Central Bank base rates for all these currencies were obtained from Bloomberg or directly from the Central Banks websites. Again, prior to the introduction of the Euro, historical Bundesbank interest rates were used. The variable intdifft is simply (i* i) where i* is the base rate of the country we are looking at and i is the Fed rate. Weekly data on the VIX index and the LIBOR-OIS spread for the period 1995 to 2010 were also obta ined on Bloomberg. Note that for the LIBOR-OIS spread, only data from November 2001 were obtained. In all the regressions with LIBOR-OIS spread as a regressor, observations prior to this date were ignored. 3.1 Extension of the analysis In section 4.1, I extend the analysis made by Brunnermeier et al. by looking at how firstly, a basket of long currencies and secondly, a basket of short currencies respond to changes in the VIX and the LIBOR-OIS spread. The rationale behind this is that speculators often construct portfolios of currencies rather than trading single currency pairs. While the fixed effects regressions show the sensitivity of the carry trade in general to changes in the VIX and LIBOR-OIS spread, looking at the sensitivity of those baskets to risk aversion gives us a more realistic idea of how speculative traders portfolios would respond. The table below shows the mean carry trade positions in each currency. CAD 0.04639 CHF -0.08497 MEX 0.36346 GBP 0.0246 JPY -0.094263 EUR 0.066839 AUD 0.142833 NZD 0.381235 Table 1: Mean Carry Trade positions for each currency against USD. A positive value means the currency is the target currency and USD is the funding currency on average. From the table above, it is clear that AUD, NZD and MEX are all, on average, target currencies. Judging from the high numbers, it is safe to include these three in our basket of long currencies. The composite position has been calculated from a simple average of the amount of carry trade activity (calculated as above) in the three currencies. The short basket will include JPY and CHF. Although the small numbers in the table above seem to indicate that while these two currencies are funding currencies, on average, against the dollar, it is sometimes the case that the carry trade goes in the other direction (See appendix). In the absence of data on carry positions of other currencies against JPY and CHF, I will use a simple average of carry trade positions against USD as I have done for the long basket. Results Performing a simple regression of carry trade activity on interest rate differentials, I first look at whether our data is consistent with the well known failure of UIP. I run the following panel regression with fixed effects: CarryTradet = ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1 + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²2 (i*-i)t-ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾ + ÃÆ'Ã… ½Ãƒâ€šÃ‚ µ for ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾ = 0, 1, 5, 13, 26, 39 And find the following results for estimated ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²2: ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾ ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²2 estimate 0 0.0233147 (0.0106) 1 0.0220177 (0.0106) 5 0.0195521 (0.0106) 13 0.042835 (0.0087) 26 0.0682099 (0.0080) 39 0.0647656 (0.0082) Table 2: Carry trade positions on interest rate differential. Standard errors in parentheses are robust with respect to heteroscedasticity and autocorrelation with 12 lags. These results seem to be consistent with the premise that there is carry trade activity in the futures market and it systematically reacts to the interest rate differential. The positive sign of our ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²2 estimate is unsurprising; the higher the interest rate differential, the larger the number of trades in a long position in that currency. The sign of our estimate thus shows that futures traders respond to interest rate differentials by investing in the carry trade and exploiting the failure of UIP, and that the variable CarryTradet is doing a good job of picking up carry trade activity. The low values of these coefficients are also unsurprising: since we measured carry trade activity as net long positions in a currency as a fraction of open interest of all traders, our observations for CarryTradet are all small fractions. The low significance of these estimates however indicates that there is uncertainty about the timing of the variation in futures positions in re sponse to changes in the interest rate differential. Like Brunnermeier et al, I find high significance for our estimates one and two quarters after the interest rate change. Note, however, that because I have used weekly and not quarterly data, the coefficients of these regressions are not directly comparable to those of Brunnermeier et al. To see the full picture, some measure of risk aversion needs to be included in the regression. As argued previously, speculators respond not only to interest rate differentials but also other economic factors such as liquidity constraints which may cause investor risk appetite to drop. More specifically, it was argued that carry trade positions unwind when indicators of risk appetite such as the VIX index or even the LIBOR-OIS spread increase. To study the relevance of the risk aversion factor in carry trade positions, I have included the VIX index and the LIBOR-OIS spread as regressors. The table below shows the results of the regressions, this time without country fixed effects. Carry Tradet Carry Tradet Carry Tradet Interest rate differential 0.09366 (0.0114) 0.15134 (0.01601) 0.14193 (0.01158) VIX x (sign) -0.00268 (0.0004) LIBOR-OIS spread x (sign) -0.14356 (0.01087) R2 0.2003 0.2183 0.249 Table 3: Determinants of the carry trade position of traders at time t. All explanatory variables are also at time t. OLS regressions with standard errors in parentheses robust with respect to heteroscedasticity and autocorrelation with 12 lags. R2 reported is adjusted R2. Sign is the sign of the interest rate differential. Note that in the regressions run so far, the sign of the explanatory variables did not matter since interest rate differential was the only regressor we used. Due to the way in which we defined the variable CarryTradet, both an increase and a decrease in the variable could imply reduced carry trade activity. For an investment currency such as AUD, for example, the variable would be positive. We would expect an increase in the VIX index (i.e. an increase in volatility and risk aversion) to reduce carry trade activity. The variable would therefore decrease in value. For a funding currency such as JPY, however, the variable would be negative and we would expect an increase in the VIX index to cause an increase in the values of the variable CarryTradet. In other words, it is the absolute value of the variable which determines the level of carry trade activity. To see the effects of the VIX index or the LIBOR-OIS spread on the level of carry trade activity, we must multiply these explan atory variables by the sign of the interest rate differential. All three regressions show a positive effect of interest rate differential on the level of carry trade activity (as seen in Table 2). More interesting is the effect of the VIX index and the LIBOR-OIS spread on the level of carry trade activity. The coefficients are negative and highly significant in both cases. The regressions yield results consistent with the hypothesis that the level of carry trade activity depends on the level of risk appetite in the market. It must also be noted that the significance of the interest rate differential, as well as the fit of the regression, improve with the introduction of the risk aversion proxies. It is clear that these indicators matter in foreign currency markets because of the adverse effect of higher risk aversion/lower availability of credit which cause traders to unwind their carry trade positions. It remains to be seen how sensitive these traders futures positions are to changes in the VIX index and the LIBOR-OIS spread. To measure the weekly sensitivity, I run the same regression as Brunnermeier et al, as well as the corresponding regression with the LIBOR-OIS spread. ÃÆ'Ã… ½Ãƒ ¢Ã¢â€š ¬Ã‚ CarryTradet = ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1 + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²2ÃÆ'Ã… ½Ãƒ ¢Ã¢â€š ¬Ã‚ VIX x sign (i*t-1-it-1) +ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²3 CarryTradet-1 The last variable is included to avoid omitted variable bias. Like Brunnermeier et al, I run panel regressions with country fixed effects and adjust the standard errors for heteroscedasticity and autocorrelation with 12 lags. ÃÆ'Ã… ½Ãƒ ¢Ã¢â€š ¬Ã‚ CarryTradet ÃÆ'Ã… ½Ãƒ ¢Ã¢â€š ¬Ã‚ CarryTradet ÃÆ'Ã… ½Ãƒ ¢Ã¢â€š ¬Ã‚ VIX x sign (i*t-1-it-1) -0.046 (0.1596) ÃÆ'Ã… ½Ãƒ ¢Ã¢â€š ¬Ã‚ LIBOR-OIS x sign (i*t-1-it-1) -0.0256 (0.1299) CarryTradet-1 -0.20832 (0.221) -0.52168 (0.2736) R2 0.06 0.22 Table 4: Sensitivity of carry trade positions to changes in the VIX index and the LIBOR-OIS spread. Panel regression with country fixed effects. Standard errors in parentheses are robust with respect to heteroscedasticity and autocorrelation with 12 lags. R2 reported is adjusted R2 net of fixed effects. The coefficients obtained from our regressions are not significant. These results are quite similar to those obtained by Brunnermeier et al (although not directly comparable due to slight differences in the measures of carry trade activity) despite using more recent data (1995 to 2010). Despite the low significance of the estimates, it is reassuring to see that the signs are negative for both VIX and the LIBOR-OIS spread, which imply unwinding of carry trade positions in weeks where the LIBOR-OIS spread or the VIX index increase. It is perhaps not surprising that the week to week sensitivity of carry trade positions to changes in the VIX index and the LIBOR-OIS spread is so low. From the results laid out in table 2, it is clear that there is some statistical uncertainty in the timing of the response of carry traders to changes in the interest rate differential. If it takes longer than a week for traders to respond to interest rate differentials, it is clear that the regressions in Table 4 may not yield satisfying results. 4.1 Extension To further examine the sensitivity of carry trade positions to the VIX index and the LIBOR-OIS spread, I have extended the analysis by constructing a basket of 3 long currencies and another basket of 2 short currencies (see Section 3.1 on Data and Definitions for details of these baskets). LONG BASKET SHORT BASKET CarryTradet ÃÆ'Ã… ½Ãƒ ¢Ã¢â€š ¬Ã‚ CarryTradet CarryTradet ÃÆ'Ã… ½Ãƒ ¢Ã¢â€š ¬Ã‚ CarryTradet (1) (2) (3) (4) (5) (6) (7) (8) VIXt x sign -0.0085 (0.0012) -0.007 (0.001) LIBOR-OISt x sign -0.1735 (0.0271) -0.0621 (0.0246) ÃÆ'Ã… ½Ãƒ ¢Ã¢â€š ¬Ã‚ VIXt x sign -0.2842 (1.42) -0.441 (0.516) ÃÆ'Ã… ½Ãƒ ¢Ã¢â€š ¬Ã‚ LIBOR-OISt x sign -0.7588 (0.706) 0.0615 (0.361) R2 0.27 0.7 0.01 0.02 0.23 0.05 0.16 0.08 Table 5: Standard errors in parentheses are robust with respect to heteroscedasticity and autocorrelation (with 12 lags). Reported R2 is adjusted R2. Sign is positive for regressions (1) to (4) and negative for regressions (5) to (8). Regressions (3) (4) (7) and (8) include CarryTradet-1 as a regressor to avoid omitted variable bias although the estimates are not reported. As before, we need to multiply the regressors by the sign of the interest rate differential. Since we are looking at baskets of long and short currencies, we assume the sign is positive for the long basket and negative in the short basket. The results for the long basket show significant negative coefficients for the VIX and LIBOR-OIS regressors, showing that the carry trade in the long basket correlate negatively with these variables, as expected. The responsiveness of weekly carry trade activity in the long basket is very low though and not statistically significant, as in the panel regressions run in Table 4 and by Brunnermeier et al. The coefficients are however negative, showing a movement in the right direction. We get significant negative correlations between carry trade activity and VIX and LIBOR-OIS in the basket of short currencies as well. However once again, the sensitivity of weekly positions to weekly changes in the VIX is low and not statistically significant, and the coefficient of sensitivity to the LIBOR-OIS spread is actually of the wrong sign. This result, however, is not very surprising. Not only is the result not significant but the construction of the short basket, as explained in section 3.1 , was done using two currencies which were only funding currencies on average against the USD. In many of the observations over the 15 years of data, the carry trade was actually going in the opposite direction (which is not the case for the long basket).  [8] Macroeconomic Implications 5.1 Exchange Rate Determination These findings suggest that there is systematic failure of the UIP for currencies which are affected by carry trade. The results are consistent with the view that macroeconomic fundamentals may dictate the determination of exchange rates in the long run; but in the short run risk appetite plays an important part. As shown, carry trade activity depends positively on interest rate differentials and negatively on the degree of risk aversion in the markets. Investors systematically take advantage of this failure of UIP to make profits and build up these speculative positions. Eventually, this drives the exchange rate away from its fundamental value; traders going long on the target currency drive up its value vis-à  -vis the funding currency, sometimes causing it to be overvalued. This exposes the target currency to crash risk; carry trade investors then typically unwind their positions to avoid making losses, causing the target currency to depreciat e very quickly. The analysis in Section 4 has attempted to shed light on the timing of this unwinding of carry trade positions. More specifically, carry trade positions tend to unwind during periods of low risk appetite or high funding illiquidity as proxied by high values of the VIX index and the LIBOR-OIS spread respectively. This has important consequences for currency determination and the real economy: certain countries with high interest rates may find their currencies vulnerable to large depreciations due to investors unwinding their carry trade positions. These large fluctuations in the exchange rates may have adverse consequences; too much uncertainty surrounding the exchange rates could be a deterrent to international trade for example. Additionally, the build up of carry trade positions and systematic overvaluation of target currencies may hurt the competitiveness of the countrys exports. The carry trade is not just a foreign currency transaction but an easily under stood and predictable phenomenon which is relevant to policy makers because of its role in exchange rate determination. Economic commentators often criticise carry trade investors for their role in increasing the volatility of certain currencies. The carry trade is widely believed to have caused damaging volatility in the Japanese yen in 1999 (see Chart 1) for example. Policymakers in certain countries, such as Brazil have already acted to deter carry traders by introducing a tax on short term capital inflows. 5.2 Financial stability Hattori and Shin (2008) also argue that the carry trade needs to be viewed not only as a pure speculative foreign currency transaction but in terms of its wider implications on financial stability and monetary policy. They show that the yen carry trade funded the expansion of balance sheets of US hedge funds and financial intermediaries during the financial boom. They also find, as we have, that the carry trade activity and the VIX index are inext ricably linked. This implies of course, that the unwinding of carry trade positions in periods where risk appetite and market liquidity are low not only have effects on the exchange rates of the currencies involved but also decrease the size of the balance sheets (if they are marked to market) of financial institutions. Hattori and Shin posit that the unwinding of the yen carry trade and the subprime crisis are linked through the financial sector deleveraging in the US. If banks do borrow largely in currencies with low interest rates, as was the case with US financial intermediaries and the Japanese Yen, it is clear that the carry trade has wider implications on financial stability. When financial institutions hold their loans in a cheap currency, they leave their balance sheets vulnerable to asset valuation effects. As the carry trade unwinds and the funding currency appreciates, the liabilities of the financial institutions rise, causing their balance sheets to shrink. Of cours e, this has the effect of reducing market liquidity and risk appetite and increasing risk premiums. If the carry trade is in fact strongly linked with bank balance sheets, there are important implications for monetary policy. Central Banks base rates should no longer be viewed solely as a means of communicating with the market and managing market expectations, but as an important factor in the determination of exchange rates. Although monetary policy is mostly conducted with the domestic economy in mind, there are international spillover effects from the level of interest rates, which determine the direction of the carry trade as we have seen. 5.3 Macroeconomic modelling In view of the results, it is clear that risk premia are affected by market liquidity and funding constraints, at least in the short term. It is necessary to include these factors in macroeconomic models in addition to productivity and output shocks. However, Burnside et al (2006) warn against inappropri ate ways in which to model this failure of UIP. More specifically, they warn against the addition of a risk premium shock to the UIP equation. In general equilibrium models, these risk premium shocks influence consumption and output through their effect on domestic interest rates. However, Burnside et al find no correlation between currency speculation payoffs and aggregate variables. The addition of the shock does improve the fit of the UIP equation, but at the cost of introducing a model misspecification. Conclusion This paper provides evidence that along with interest rate differentials, risk appetite and illiquidity are determinants of the level of carry trade activity. By using the VIX index as a proxy for market risk aversion and the LIBOR-OIS spread as a proxy for market illiquidity, we have shown that they both help explain the level of carry trade activity, and hence matter for exchange rate determination. These findings are consistent with the view that macroeconomic fundamentals determine the exchange rate between currencies in the long term (when the UIP holds) but that exchange rates underreact to changes in macroeconomic fundamentals in the short run, due to the carry trade. Furthermore, liquidity crises may sometimes cause currency crashes. This is relevant to policymakers not only because of the effect of currency values, but also on balance sheet of institutions which borrow cheaply in foreign currency. Finally, the results call for macroeconomic models in market liquidity influ ences risk premia.