Western Ecosystems Technology Vs. Greenhunter Wind Energy

One of the â€Å"worst business law decisions to emerge in the past decade† is Western Ecosystems Technology v. GreenHunter Wind Energy LCC. GreenHunter Resources, Inc. is a publicly-traded company from Delaware that focuses on water management solutions for oil and gas operations in the Eagle Ford, Marcellus and Bakken shale basins. GreenHunter Resources Inc. was formed to be â€Å"the first publicly traded renewable energy company based in the United States that provides to investors a portfolio of diversified assets in the alternative energy sector.† Their business plan was to acquire businesses and operate assests in the wind, solar, geothermal, biomass and biofuels (biodiesel and ethanol) renewable energy sectors. They aimed to change the way power and renewable energy fuels are produced and distributed. Their main goal was to be more efficient and facilitate increased stockholder value. GreenHunter had 3 separate divisions, one including wind energy space. On ce GreenHunter’s SEC filings had been reviewed, it showed that their operating divisions were organized in the form of a single-member LLC subsidiary below the parent company; the wind energy division was organized under GreenHunter Wind Energy, LLC. In 2006 GreenHunter Wind Energy, LLC participated in a reverse acquisition in which the company would become its sole member and corporate parent (GreenHunter Resources, Inc.) In 2008 Southern Ute Growth Fund and GreenHunter Wind Energy, LLC entered into an

Details of Imagery Essay Topics

Details of Imagery Essay Topics Describe how folks treat the monster. Various things to various men and women, since the situation demanded. There are times that you don't know it's foreshadowing until you get to the end. Write about the explanations for producing the monster. Imagery is not only used with these professionals, it is beginning to be used increasingly more on the college and even higher school level. A good deal of images fail this test immediately. Sometimes an image can earn a transition smoother. Simply make sure that you argue out your points in the current tense and you'll prevent any confusion. Love manifests itself in a large number of methods in the play. Young children and grownups have such distinct opinions and vocabularies and ideas. Explain the value of these a variety of messages and the issues with the messengers. How to Get Started with Imagery Essay Topics? Getting creative and descriptive can at times be a challenge. Make sure you're comfortable and have a better view of the topic so that you can effectively write about doing it. It is critical to select the topic that will interest you. You have to demonstrate the outcome of the author's speech and effect. Age is vital in stories, and the way the author presents the age is important too. When an author takes the opportunity to spell out the manner something smells, or the sound it makes, it is likely that it is a significant part of imagery for the story. At the beginning of the poem, he does not care about his surroundings because he is trying to get to his lover. Here are 3 essential points should learn about before you write your paper. You can pick out a character in the play and compose an argument based on their perspective. In discussing the themes and plot of Othello, however, it's possible to eliminate an eye on how the play is likewise an impressive and notable literary work, exemplifying Shakespeare's masterful hand that has many literary devices. The theme meaninglessness of life isn't a substantial topic of the play, but it might be a great topic to write about. Imagery is a rather unique thing particularly when it breaks down to unique sports. It is one of the most commonly used and most effective literary techniques to really transport the reader into the story. Visual imagery has become the most comfortable type of imagery for the majority of writers. As soon as we think about the writing craft, it's simple to concentrate on imagery writing. Vocabulary Utilize an assortment of vocabulary that you could think about. Using imagery is just one of the most frequently used techniques in poetry. When you consider imagery, you usually think about visualimagery. As said before,, imagery is every time an individual utilizes the senses to make an event in their mind. The term imagery is connected with mental pictures. There are lots of excellent essay collections readily available on the internet. With FreeEssayHelp you'll find hundreds of Imagery essay topics in a matter of many seconds. Don't become sloppy with your essay structure simply because you've got a couple more pages to express yourself. This list is endless as you are able to look at literary works and writers from various angles. Bridget's essay is extremely strong, but there continue to be a couple little things that could be made better. Please note that a few of these college essay examples might be responding to prompts that are no longer being used. The topics within this lesson provide various opportunities for students to take into consideration imagery in Othello. The essay topics within this lesson will help your students think about the use of symbolism in King Lear. Where to Find Imagery Essay Topics Deception plays an important part in shaping the plot of Macbeth. The sleepwalking scene could be among the memorable areas of the play. How they plan the crime and the way in which they succeed. Talk about the character of betrayal. Ideas, Formulas and Shortcuts for Imagery Essay Topics Experience will cause you to be a master of such means of writing. There are many different on-line tools that it is possible to use for proofreading, for instance, Grammarly, Ginger, After The Deadline, Pape r Rater among many more. It is important to commit ample time to learn unique techniques utilized by the current day writers and academics. If you believe you are having a difficult time writing, you always have the option to ask a specialist help. Rhetoric can likewise be implemented through using carefully selected words. Replace a number of the cliched language. Have a peek at popular topics.

Intertextual Authority Speech Production Media

Question: Discuss about the Intertextual Authority Speech for Production Media. Answer: Introduction: Intertextuality can be defined as an illustration of a text from another (Briggs et all, 1992). However a media intertextuality means must include media texts (Alvermann et all, 2000). Therefore from the text, when the man says that the two boys have no relatives that can take them in is an illustration that the boys have no family of their own. In addition to that he means that the boys have no parents to take care of them and no home. Also when the lady asks the man whether he is trying to make her feel rotten she may be meaning whether he is trying to make her feel guilty. This may be because she had refused to take the two boys in when the man expected her to. He expected her to show sympathy to the boys but she may have declined. When the man tells her to take the boys up to their rooms and him on the other he will show them around is a gesture of a warm welcome. Actually she picks up their bags and gladly relieves them of their luggage. Also he is trying to help them feel at home and comfortable in the house and even outside. He wants them to have a sense of belonging around them (Scolari,2009). The small boy however tell the lady to be very careful of his gold fish and calls it Abraham which means he is loved, cared for and very old. He wants her to take good care of the fish just like he had been doing because his intension is for him to live a long life. Also the man said that the older the gold fish gets the more it is worth and the boy wonders how they were sited on a fortune but they never it i.e. they were already rich but never knew. The boy means that they have been moving around with wealth and richness but without a home to live in(Matoesian, 2000). His reaction shows that the fish was surely worth much because it was old and in case the mans theory was true. Stereotypes in the Text Stereotypes are the things or characters that are believed in but are not real in nature (Duff, 2002). The man is represented as the sympathizing, caring and welcoming one. He generously wants to accept the two boys he may not know anything about and wants to give them a home and family (Jensen et all, 2013). He also tries to make the lady seem like she should be guilty for not helping the two boys. The man is also presented as the knowledgeable one and one who calls the shots in the family. This is when he comes up with ways in which they can warmly welcome the boys and make them feel like they belong. He tells the lady to take them to their bedrooms and he will show them around. Furthermore, he comes with the theory that the older the gold fish the more it is worth. The small boy is represented as the talkative and funny one. Before he gives the fish to the lady he gives her warnings and reasons. Also he tells her the name of the fish even before he is asked. He is very surprised about how he and his brother have been walking around with a fish that may be worth a lot of money and comments in a funny way to the statement given by the man. Encoded Message According to the text, the man and the lady seem to see the two boys as the poor ones. Also they say they have no relatives because they have no parents or home to live in. However the boys have each other and therefore they are related and that makes them family. In addition to that the boys have the gold fish that is worth much and therefore they are rich only that they never knew it. Observations The boys do not look like poor kids because they are very well dressed and have a good appearance. The gold fish that the small boy is talking about is not gold in color but he calls it a gold fish. In addition to that the gold fish is not even that large which should be the case for a very old and well cared for fish. When the man tells the boys that the older the fish the more it is worth he may only be trying to cheer them up which means the phrase may be false or just an idea. References Duff, P.A., 2002. Pop culture and ESL students: intertextuality, identity, and participation in classroom discussions.(Media Pop Culture).Journal of Adolescent Adult Literacy,45(6), pp.482-488. Matoesian, G., 2000. Intertextual authority in reported speech: Production media in the Kennedy Smith rape trial.Journal of Pragmatics,32(7), pp.879-914. Jensen, K.B. ed., 2013.A handbook of media and communication research: Qualitative and quantitative methodologies. Routledge. Scolari, C.A., 2009. Transmedia storytelling: Implicit consumers, narrative worlds, and branding in contemporary media production.International Journal of Communication,3, p.21. Alvermann, D.E. and Hagood, M.C., 2000. Critical media literacy: Research, theory, and practice in New Times.The Journal of educational research,93(3), pp.193-205. Briggs, C.L. and Bauman, R., 1992. Genre, intertextuality, and social power.Journal of linguistic anthropology,2(2), pp.131-172.

Russian Financial Crisis in 1998 free essay sample

These events led Russia’s international reserves to fall by $13. 5 billion and to the dissolution of the Kiriyenko government. One month later, Standard and Poor’s downgraded its rating of the Russian ruble to â€Å"CCC,† the lowest possible Standard and Poor’s rating, for its long-term outlook and â€Å"C† for short-term outlook. These events signaled the onset of the Russian financial crisis, which had its roots in the fundamental problems in the Russian economy but was triggered in part by the continuing financial crises in emerging markets in Asia and around the world. What were the causes of this crisis and near financial collapse? What are the so-called â€Å"experts† saying about the crisis and its spillover effects on other ENI countries? What are the possible courses of action that could minimize the adverse effects of the crisis and reduce the likelihood of future occurrences? The purpose of this paper is to summarize the divergent viewpoints expressed by leading scholars and practitioners in the field of international development and finance. We will write a custom essay sample on Russian Financial Crisis in 1998 or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page By surveying the literature, it is apparent that the Russian crisis, and to some extent the Asian crisis that preceded it, was caused by a combination of internal structural problems in the domestic economy (especially in the banking and fiscal systems) and growing problems with the international financial system that permits excessively rapid outflows of capital. However, there is significant divergence of opinion among scholars and practitioners as to which set of factors, those related to the Russian economy or those related to the international financial system, are the cause of the crisis. In addition to the differences of opinion as to the causes of the crisis, disagreement exists as to the remedies to the crisis. As a result, each group has recommended its own set of policy prescriptions. The first section of this paper discusses the divergent opinions on the causes of the crisis. The second section highlights the economic, social, and political effects of the crisis. The third section provides a list of the proposed remedies offered by the divergent camps. The final section summarizes the main findings and includes a timeline of the Asian and Russian crises. Divergent Opinions: Causes of the Russian and Global Financial Crises The divergent views regarding the causes and cures of the Russian and Asian financial crises can be broken down into two camps: (1) those that believe that the crises derived primarily from problems in the international financial system and (2) those that place blame primarily on the structural problems within the countries themselves which left them vulnerable to capital flight and other problems arising from external financial instabilities. Members of the first group tend to be critical of the IMF and other international financial institutions, saying that these institutions played a role in creating and exacerbating the financial crises rather than helping to reduce the negative impact, although the â€Å"fix the system† critics do agree that each of the crisis countries did suffer from internal structural problems as well. The second group of analysts—the â€Å"fix the countries† group—believes that the international financial system and the approach of the IMF in assisting these countries are more or less working, and that the current crises derived from a lack of sufficient regulatory and fiscal reforms in Russia and Asia. â€Å"Fix the Global Financial System† Critics Jeffrey Sachs. According to Sachs, â€Å"the Treasury and the IMF have driven a large part of the developing world into recession†¦And the Brazil case makes absolutely clear that the first step is not to defend overvalued currencies. The punishing cost of this is overwhelmingly high. This is a lesson that the IMF and the Treasury have continued to ignore† (Uchitelle 1999). In his view, the IMF exacerbated the crisis by demanding tight fiscal and monetary policies. He claims that perceiving the crisis to be one of balance of payments, rather than a financial panic, the IMF chose an approach similar to the mistaken policies implemented by the United States in the early stages of the Great Depression of the 1930s (Radelet and Sachs 1999). Furthermore, Sachs insists that since high interest rates and austerity measures are bringing disaster to many emerging markets, interest rates should be kept down to encourage economic activity and allow exchange rates to find their own equilibrium level. He does not attribute the devaluation of exchange rates as a cause of the crisis in Russia, nor does he believe that a currency board arrangement would have saved the country. He states that â€Å"when pegged rates become overvalued, [this] forces countries to deplete their foreign exchange reserves, in a vain defense of the currency peg. † In his view, it was the combination of broken promises (i. e. , the ruble will not be devalued) and depleted reserves that left the country vulnerable to panic (Radelet and Sachs 1999). He believes that a growing economy is more likely to restore investor confidence than a recessionary one burdened by high interest rates (Uchitelle 1999). An additional contributing factor to the crisis, according to Sachs, was â€Å"moral hazard. Investors clearly had doubts about Russia’s medium-term stability, and talked openly about the risk of collapse and about the safety net that they expected the IMF and G-7 to provide to Russia. Knowing that these international lenders would rescue Russia and guarantee investments in the event of a financial meltdown in Russia, international investors tended to underestimate the r isks—and hence tended to over-invest in Russia. Russia was viewed as â€Å"too big to fail,† and this led to an inflow of capital that was larger than appropriate for the actual level of risk (Radelet and Sachs 1999). George Soros. As one of the world’s most successful international investors, an important philanthropist with millions of dollars invested in democracy projects throughout the ENI region, and a public intellectual who has proposed that sweeping changes be made to the international financial system, George Soros is a key figure in the Russian and Asian financial crises. His disparate roles often create a conflict, as Soros-the-intellectual appears to many an advocate of the regulation of international capital flows to prevent potential damages from speculations by people like himself (Frankel 1999). Soros was Russia’s biggest individual investor prior to the crisis in August 1998. He held a $1 billion stake in Svyazinvest, a telecommunications concern, and millions in stocks, bonds, and rubles. In mid-August 1998 Soros sprang into action to try to stop the crisis. He contacted the U. S. Treasury department, influential former members of Yeltsin’s administration, a nd published a letter in The Financial Times saying that the meltdown in Russian financial markets â€Å"had reached the terminal phase† (O’Brien 1998). In his letter, Soros called for immediate action—a devaluation of the ruble and institution of a currency board—that would have eliminated the Russian central bank’s discretion over monetary policy. Not realizing that a letter from Soros would be perceived as coming from Soros-the-investor instead of Soros-the-intellectual, his letter helped to prompt a panic in Russian markets, where investors believed Soros was shorting the ruble. Soros’ funds ultimately lost $2 billion in Russia as a result of the financial crisis there. According to his testimony to the Congressional Committee on Banking and Financial Services on 15 September 1998, Soros pointed out that â€Å"the Russia meltdown has revealed certain flaws in the international banking system which had previously been disregarded† (Soros 1998a). These flaws can be summarized as follows: (1) Banks engage in swaps, forward transactions, and derivative trades among each other— in addition to their exposure on their own balance sheets—but these additional transactions do not show up in the banks’ balance sheets. So when Russian banks defaulted on their obligations to western banks, the western banks continued to owe their own clients. As these transactions form a daisy chain with many intermediaries, and each intermediary has an obligation to his/her counterparty, no simple way could be found to offset the obligations of one bank against another. As a result, many hedge and speculative funds sustained large losses, and had to be liquidated. This systemic failure led most market participants to reduce their exposure to emerging markets all around, and this caused bank stocks to plummet and global credit market to enter a crunch phase. 2) As individual countries attempt to prevent the exodus of capital from their economy by raising interest rates and placing limits on foreign withdrawal of capital (as in Malaysia), this â€Å"beggar-thy-neighbor† policy tends to hurt the other countries that are trying to keep their capital markets open. (3) Another â€Å"major factor working for the d isintegration of the global capitalist system is the evident inability of the international monetary authorities to hold it together†¦ The response of the G7 governments to the Russian crisis was woefully inadequate, and the loss of control was kind of scary. Financial markets are rather peculiar in this respect: they resent any kind of government interference but they hold a belief deep down that if conditions get really rough the authorities will step in. This belief has now been shaken† (Soros 1998a). He also adds that â€Å"†¦financial markets are inherently unstable. The global capitalist system is based on the belief that financial markets, left to their own devices, tend toward equilibrium†¦This belief is false† (Soros 1998a). 3 His proposed cure is to reconsider the mission and methods of the IMF as well as replenish its capital base. Additionally, he’d like to see the establishment of an International Credit Insurance Corporation to help create sound banking systems, which would be subject to close supervision by the international credit agency, in developing countries (Soros 1998b). His last recommendation is to reconsider the functioning of debt-swap and derivative markets (Soros 1998b). Academia and Other Nongovernmental Organizations. Initially, Paul Krugman, an economist at MIT, argued that problems with the Asian economies, combined with corruption and moral hazard, led to wild over-investment and a boom-bust cycle. More recently, however, Krugman explains that such weaknesses cannot explain the depth and severity of the crisis, nor the fact that it occurred in so many countries simultaneously, and instead he places the blame on financial panic and overly liberalized international and domestic financial systems (Radelet and Sachs 1999). According to Krugman, â€Å"all short-term debt constitutes potential capital flight. † The need to fix structural problems in individual countries should not stand in the way of broader macroeconomic measures, in particular those designed to stimulate growth in hard times. He states that â€Å"it is hard to avoid concluding that sooner or later we will have to turn the clock at least part of the way back. To limit capital flows for countries that are unsuitable for either currency unions or free floating; to regulate financial markets to some extent; and to seek low, but not too low, inflation rather than price stability. We must heed the lessons of Depression economics, lest we be forced to relearn them the hard way† (Uchitelle 1999). In other words, the global financial system is largely to blame for the recent crises. Fix the Countries† Analysts IMF. According to the IMF, Russia’s financial crisis was brought on by a combination of (1) weak economic fundamentals, especially in the fiscal area; (2) unfavorable developments in the external environment, including contagion effects from the Asian financial crisis and falling prices for key export commodities such as oil; and (3) its â€Å"vulnerability to changes in market sentiment arising from the financing of balance of payments through short-term treasury bills and bonds placed on international markets† (IMF December 1998). The IMF had pointed out in May 1998 that Russia had made insufficient progress in improving budget procedures and tax systems, establishing competent agencies to collect taxes and control expenditures, clarifying intergovernmental fiscal relations, and ensuring transparency at all levels of government operations. By August 1998, investor confidence in the ability of Russian authorities to bring the fiscal system under control began to decline, immediately leading to the financial crisis, after the Duma failed to approve fiscal measures planned under the augmented Extended Fund Facility (EFF). These measures were aimed at reducing the fiscal deficit, implementing new structural reforms addressing the problem of arrears, promoting private sector development, and reducing the vulnerability of the government’s debt position, including a voluntary restructuring of treasury bills. 4 The extent to which the Russian crisis is attributable to contagion effects from the Asian crisis instead of to internal problems stemming from insufficient reforms in fiscal management is difficult to determine. According to the IMF’s May 1998 assessment of spillover effects from the Asian crisis, Russia’s stock market was seriously hit by the crisis and by early spring 1998, stock prices in Russia had indeed not yet fully recovered from the lows reached in fall 1997. The Russian ruble had also been hit hard and the central bank had to intervene heavily in the foreign exchange market just to keep the currency within the new exchange rate band. As international capital fled from the risky Asian economies in the fall and winter of 1997, investors who were similarly wary of risky investments in the transition economies began to reduce their exposure to Russian and other ENI markets. Nevertheless, emerging market investors quickly began to differentiate between high- and low-risk countries. By first quarter 1998 the Czech Republic and Poland had become relatively attractive to investors, receiving considerable short-term capital inflows and by January 1998 Standard and Poor’s credit rating for Hungary had greatly improved. Russia and Ukraine, on the other hand, continued to suffer from structurally weak financial sectors and an over-dependence on short-term borrowing. To attract investment back into Russia, the Russian government had to raise interest rates in order to offer yields well above pre-crisis levels to cover for the increased perception of risk. As a result, foreign investment had started to flow back into Russia by early 1998. According to the IMF, differences in the severity of interest rate and equity price movements among the transition countries illustrate the importance of appropriate domestic macroeconomic and structural policies to limit vulnerability to international financial crises. In Russia and Ukraine, financial sector weaknesses and a high dependence on government borrowing, in addition to chronic revenue problems, especially in Russia’s case, explain why these two countries were more affected by the Asian crisis than the Central and East European countries. In other words, the Asian crisis exposed Russia’s underlying structural problems and made the need to address them more apparent. The IMF continues to assert that the financial crisis in Russia was a crisis of the state. Nearly a year and a half ago, Michel Camdessus, Managing Director of the IMF, claimed that the Russian state â€Å"interferes in the economy where it shouldn’t; while where it should, it does nothing. Camdessus pointed out that the Russian state needs to make progress in promoting an efficient market economy through transparent and effective regulatory, legal, and tax systems. At present, the IMF still supports these recommendations (IMF November 1998). Existence of a Virtual Economy. Clifford Gaddy of the Brookings Institution and Barry Ickes of Penn State University argue that although the immediate causes of Russia’s financial crisis are the large budget deficit, resulting from nsufficient revenue collection, and an inability to service the debt, especially short-term dollar liabilities, there are more fundamental problems with Russia’s economy. These problems stem from â€Å"illusions† regarding prices, wages, taxes, and budgets that permeate the Russian economy to such a great extent that the economy has become â€Å"virtual† rather than actual. This virtual economy 5 is derived from a public pretense that the economy is bigger and output more valuable than they really are. According to Gaddy and Ickes, the virtual economy primarily originated from the unreformed industrial sector inherited from the Soviet era, in which enterprises produced output that was sold via barter at prices that were higher than they would be if sold for cash. In general, these enterprises operate without paying their bills, as wages that should be paid to employees (but are not paid) become wage arrears, and required payments for inputs (which are also not paid) emerge as interenterprise arrears and payments through barter. In fact, Gaddy and Ickes assert, people make an effort to avoid cash transactions because they would expose the pretense of the virtual economy. They go on to state that although the virtual economy acts as a safety net for Russian society, it has serious economic repercussions since it negatively affects enterprise restructuring, economic performance measuring, and public sector reform (Gaddy and Ickes 1998). At this point, they argue that the West has two choices on how to help Russia. First, the West can concentrate on keeping Russia stable in the short term by bailing out the virtual economy, which will lead to further consolidation of a backward, noncompetitive economy and will guarantee the need for future emergency bailouts. The second option would be to refuse the bailout. The consequences of this option would be drastic—the ruble will lose its value, foreign capital will flee—but on the positive side, the Russian economic policy that is so addicted to borrowing would have to kick the habit as it found its supply of international credit cut off. They state that â€Å"denying Russia a bailout is not without risks. But bailing out the virtual economy is sure to increase those risks for the future† (Gaddy and Ickes 1998). U. S. Government. The U. S. Treasury Department points out that despite the many important reforms that have been carried out in Russia—including extensive privatization, price liberalization, and reduction of government spending—reforms in a few critical sectors have lagged behind, leading to the financial crisis. According to David Lipton, the principal problems include the failure to control the budget deficit and extensive government borrowing. The budget problems are a manifestation of the political struggle over the country’s economic direction and as long as these disputes over the proper role of government remain unresolved, he believes that budget difficulties and unnecessary government borrowing will continue unabated. He also argues that Russia’s high fiscal deficits have led to the country’s high interest rates since â€Å"Russias macroeconomic problem is fundamentally fiscal; interest rates are more properly viewed as a symptom of that problem, not a cause† (Lipton 1998). Lastly, he argues that the failure to build a favorable investment climate and adhere to the rule of law also helped to sow the seeds of the financial crisis (Lipton 1998). The Treasury Department also points to external factors that led to the crisis. According to Deputy Secretary Lawrence Summers, the Russian crisis was not inevitable. He avers that if the Asian crisis had not reduced confidence among emerging markets investors, and had the prices of export commodities (e. g. , oil) not fallen so dramatically—the August 1998 crisis might not have taken place (Summers 1999). Nevertheless, the crisis did occur because the Russian government attempted to pursue an enormously risky course of simultaneously 6 devaluing the ruble, imposing a debt moratorium, and restructuring government bonds in response to the external pressures (Lipton 1998). To avoid future crises, Summers points out that Russia needs a tax system that supports the government and legitimizes enterprises, which probably involves a new allocation of spending and revenues between central and regional governments. Summers, however, is also quick to point out that it is much easier to talk about what tax reforms need to be implemented than to discuss how the reforms can be accepted politically. He adds that bank restructuring is another area where reform is needed and that it should be done in a fair nd transparent way within a legal framework that makes current owners take responsibility for their losses before scarce public funds are used (Summers 1999). Russian Government and Nongovernmental Analysts. Yegor Gaidar, former prime minister of Russia, attributes the crisis to the combined continuation of soft budget constraints from the socialist period along with the weakening of previous administrative controls and government corruption, which led to the ban kruptcy of state enterprises. The early years of transition in Russia were marred by inefficient macroeconomic policy, weak budgetary and monetary constraints, and inflation that eroded budget revenues. Although later macroeconomic policy was more efficient and succeeded in controlling inflation, efforts to improve revenue collection or cut expenditure obligations have failed, leading to unsustainable deficits. The lessons learned here are that budget deficits should be reduced as quickly as possible, as inflation is also controlled, and the vulnerability of exchange rate regimes to potential crises should be addressed immediately (IMF 1999; Gaidar 1999). In terms of the current regime, Gaidar describes Primakov and his government as a â€Å"communist government in post-communist Russia,† because Primakov and his cabinet come from the â€Å"traditional Soviet economics establishment† and his post-crisis approach relies on strengthening and centralizing government control. According to Gaidar, the Russian government faced two possible paths to solve the crisis: (1) return to the approach employed in 1992–94, with soft monetary and budget policies, or (2) maintain a tight monetary policy, stabilize the ruble, and carry out fundamental budget reforms to allow the government to balance revenues and expenditures. The first path would lead to the return of high inflation rates, as the government relaxed its control over the money supply in an attempt to pay its debts, but the banks would benefit from the return of â€Å"cheap money† issued by the Central Bank. The second path would involve speeding up structural reforms, which would be good news for profitable enterprises but would mean painful consequences for unproductive enterprises—mostly firms in the industrial and financial sectors—as they would be allowed to go bankrupt if they could not compete in world markets. Both paths would be painful, Gaidar explains, but the first path of high inflation would also be inequitable, as the poorest layer of society tends to suffer most from increasing prices. Not surprisingly, Primakov chose to pursue a modified version of the inflationary approach, a sort of populist economics policy that had been implemented in many Latin American countries. The reason Primakov opted for this path, as Gaidar states, is because â€Å"in part, the lack of internal and external sources for financing after the 7 dismissal of the Kiriyenko government pushed [the Primakov government] toward choosing the inflationary variant† (Institute for Economics in Transition 1999). Andrei Illarionov, Director of the Institute for Economic Analysis in Moscow, while noting the IMF’s successes with respect to Russia, criticized the IMF for being too willing to compromise on Russian conditionality. Not one of the IMF programs developed in Russia, Illarionov claims, has been executed in full, as a result of the softening and revision of conditions in original agreements. He states that â€Å"decisions to provide financing for Russia, motivated by political rather than economic considerations, have given rise to the problem of moral hazard. As a result, the Russian government became spoiled after being granted unearned financial assistance, and policy became even more irresponsible than before (Illarionov 1998). Finally, Illarionov also criticizes the IMF for offering inappropriate policy recommendations to Russian authorities in two other areas: exchange rate and fiscal policies. The IMF program (mid-1998, pre-crisis) stipulated that the exchange rate policy should remain unchanged for the remainder of 1998, in order to preserve the low inflation rates, and prescribed that the Russian government should concentrate mainly on raising revenue rather than reducing expenditures. Although many poor 9 O c t 9 8 J u l 9 8 A p r 9 8 egaw muminim laiciffo J a n 9 8 O c t 9 7 .9991/20 ,PECER :ecruoS J u l 9 7 A p r 9 7 J a n 9 7 Dissatisfaction over the continuing problem of wage arrears led to an increase in strikes throughout the country toward the latter part of 1998; 1873 strikes were registered in December 1998, nearly 3. 4 times the number during the previous December. aissuR ni ecnetsisbuS dna ,snoisneP ,segaW ecnetsisbus woleb era % 92 level ecnetsisbus laiciffo ecnetsisbus woleb era % 12 0 001 002 003 004 005 006 007 008 R u bl e s p e r m o n t h . eople have become poorer, the impoverishing effects of the crisis have also hit other groups within Russian society. Workers involved in the business of selling imported goods have found that demand for their products has nearly evaporated as not only consumer incomes have fallen, but also ruble depreciation means higher prices on imports. As a result, many of these trade businesses have shed labor or closed. One of the longer-term consequences of the economic crisis in Russia may be the strain on society, which is likely to weaken the Russian government’s ability to continue to push for reforms. In some ENI countries, the crisis has given reform skeptics an excuse to abandon or reverse some reforms already implemented. The social pressure against further economic reforms, now seen by many as the cause rather than the cure for the economic crises, may become strong enough to counter-balance the pro-reform force. It may lead some ENI countries to get stuck in what Adrian Karatnycky describes as a â€Å"state of stasis† rather than of transition. Stability Versus Democracy Politically, the financial collapse has weakened Russia vis-a-vis the west, but its relative power in the region has in many ways increased. Not only has the crisis given Moscow an excuse to consolidate power over the regions throughout Russia, but it has also allowed many hard-liners within Russia to gain some ground in their push to reassert Russia’s traditional sphere of influence. In addition, many neighboring regions have found themselves with large arrears on their payments to Russia for natural gas deliveries, and have had to strike deals with Russia to find ways to settle these debts through deliveries of food and other barter arrangements. Following the onset of the crisis in August, the Russian government proposed many changes intended to promote economic stability at the cost of democracy. In February 1999, Prime Minister Primakov argued that Russia’s governors should be appointed by the President, rather than elected by their constituents, so that Moscow can take back control over the regions and avoid a collapse of the country. President of Belarus Alyaksandr Lukashenko rejoiced in the crumbling of IMF-backed reforms in Russia, considering the crisis to be a indication of his position in favor of state planning and price controls. The old proposal regarding a possible political union of Belarus, Ukraine, and Russia has also resurfaced, as Russia and some neighboring countries have concluded that further integration will help solve their problems. In the words of Ivan Rybkin, President Yeltsin’s envoy to the CIS, â€Å"the recent crisis taught us all that we must stand together in order to surviveâ₠¬  (Rutland 1999). Effects on Neighboring Countries The drop in real wages in Russia—coupled with the devaluation of the ruble—has translated into dramatically reduced Russian imports. For the neighboring countries that depend on Russia as a market for their exports, the shrinking market in Russia has been disastrous for their local economies. As Russians are shifting consumption away from the relatively more expensive imported goods, the producers of these goods in neighboring countries are faced 10 with a dramatic fall in demand for their products. This has translated into falling output and increased unemployment for the countries that are most closely tied to Russia through trade, especially Moldova (more than 50 percent of Moldovan exports go to Russia); Belarus, Ukraine, and Kazakhstan, (gt;33 percent of exports to Russia, as of early 1998); and Georgia (gt;30 percent of exports to Russia) (EC 1999). The drop in remittances from nationals living in Russia has led to decreased incomes in neighboring countries with large numbers of gastarbeiter working in Russia. Armenia, Georgia, and Azerbaijan have been most severely hit by this decline in remittances. In some cases the pattern seems to have been reversed, with families in neighboring countries now supporting relatives living in Russia (EC 1999). Finally, food prices have also increased in the neighboring countries of the NIS, as the cost of imports from outside Russia has risen as a consequence of the significant devaluation of local currencies. Some of the specific effects and impacts on other NIS and neighboring countries are summarized briefly below. Armenia—Accumulation of public sector arrears is likely, as government is facing difficulties in financing of education, health care, and other expenditures. Remittances from Armenians in Russia have decreased, placing additional pressure on family support systems, and this could result in increased poverty. Azerbaijan—Trade-related consequences in the short term are less than for other NIS countries, as the political instability in the North Caucasus region has already limited trade ties with Russia prior to the crisis. Government spending was cut in 1998, and further cuts in 1999 will affect key social sectors. As in other Caucasus countries, decreased remittances from Azerbaijani nationals residing in Russia has reduced family incomes in Azerbaijan. Baltic Region—Estonia, Latvia, and Lithuania—The Russian crisis forced some Baltic banks to fail, and several others to reveal their under-reporting of exposure to Russia in their September 1998 quarterly reports. Better developed financial systems, a reorientation toward western markets, and general political stability have helped to limit the damage and contagion effects from the Russian crisis. Belarus—One of the most affected countries in the NIS, Belarus was highly dependent on trade with Russia prior to the crisis. Exports to Russia plunged from $400 million/month in the first half of 1998 to just $170 million/month by September 1998. Shortages of basic foods forced the government to introduce rationing. Georgia—The Russian market accounted for 30 percent of Georgia’s exports prior to the crisis, and Georgian nationals living in Russia provided a significant amount of income to Georgian families through remittances. The trade deficit with Russia widened to 50 percent in October 1998, forcing the Georgian authorities to float the lari (which led to a sharp depreciation). 11 Kazakhstan—In the first half of 1998, half of Kazakhstan’s exports went to Russia, and the impact of the crisis has been felt in Kazakhstan primarily through the reduction of exports to Russia. Kazakhstan introduced a temporary ban on the import of some Russian foodstuffs, in order to control the inflow of cheapened Russian goods following the depreciation of the ruble. Kyrgyzstan—Nearly 60 percent of Kyrgyzstan’s exports went to Russia, prior to the crisis, so this country was also one of the more vulnerable to negative shocks through the trade mechanism. In this most pro-reform of the Central Asian Republics, price liberalization of utilities and privatization may be threatened, as consumers are less able to pay the higher tariffs as a esult of fallen incomes. Moldova—Trade with Russia is important to Moldova, as 50 percent of Moldovan exports went to Russia prior to the crisis. Many farms and other agro-exporters have been unable to pay wages, as their export market has dried up in Russia. Here, too, the crisis has threatened the reform and liberalization process implemented by the government, as investors’ interest in the Moldovan economy has diminished and a heavy withdrawal from commercial banks have signaled a lack of confidence in this country. Tajikistan—Low commodity prices for cotton and gold had already damaged the Tajikistan economy before the Russian crisis, and the fragile peace held together in part with the support of the Russian military (serving as border guards) has certainly not gained strength from the crisis. Apparently, Tajikistan is not as dependent on trade with Russia as other NIS countries, and this has helped to insulate Tajikistan from the direct effects of the crisis. Turkmenistan—Exposure of Turkmen banks to Russian markets has been limited, as the Turkmenistan economy is tightly controlled by the state. The Russian crisis therefore is not expected to have a strong direct impact on Turkmenistan. Ukraine—Closely linked to Russia through trade and financial ties, Ukraine has suffered greatly as a result of the Russian crisis. The hryvnia lost half its value against the dollar following the crisis, and reserves have fallen (as of early 1999) to only one month of imports. Inflation surged to 12. 8 percent in October 1998 alone, following a long period of relatively stable inflation before the onset of the crisis (2 percent inflation in first half of 1998). Uzbekistan—As Uzbekistan has been gradually reorienting its international trade profile away from Russia over recent years, the country has apparently been less affected by the crisis than other NIS countries. Further, the underdeveloped banking system and financial markets in Uzbekistan may have helped to insulate that country from the shocks emanating from Russia in August 1998, as Uzbekistan had relatively little exposure to Russia’s financial markets. 2 Proposed Remedies As discussed throughout this paper, two camps have emerged in academic and policy circles that seek to explain the causes of and remedies for the Russian financial crisis. This section highlights some of the remedies proposed by each camp. According to the â€Å"fix the countries† critics, such as the IMF and the U. S. Treasury Department, the Russian government must continue pushing for reforms in the public finance and banking sectors. According to Gaddy and Ickes, only two options exist for western creditors and international financial institutions: keep Russia stable in the short-term by bailing out the virtual economy or refusing a bailout. Denying Russia a bailout would have negative effects in the short-term by leading to the demise of large commercial banks and oligarchs, foreign capital flight, and currency devaluation. In the long run, however, Gaddy and Ickes prefer this option because they believe it will force Russia to adjust to economic life without a steady supply of credit available and adapt sound economic policies. They dislike the first option simply because they believe it will lead to the further development of a nonmarket-oriented economy that would require bailouts in the future. The Treasury Department adds that bank restructuring and reforms in tax administration and collection are necessary as well. The â€Å"fix the global financial system† critics, such as Jeff Sachs and George Soros, urge that the international financial system be reformed so that short-term borrowing by banks and governments be limited so as to avoid potential investor panics. In addition, Sachs recommends that domestic banking regulations, in the form of enhanced capital adequacy standards and policies that encourage partial bank-sector ownership by foreign capital, be implemented in order to limit vulnerability of the domestic economy to foreign creditor panics, and that exchange rates be kept flexible instead of pegged. In addition to these proposed remedies, others have gone further to propose mechanisms for recovering losses (Sexton 1998). According to Sexton, foreign creditors have at their disposal four mechanisms to recover losses to Russian firms: 1. Convertible debt securities: debtors could issue convertible bonds to creditors although Sexton argues that this probably won’t work too well in Russia 2. Treasury or redeemed shares: company may exchange its own shares, that were bought back, or interests to extinguish outstanding indebtedness; there should be no tax consequences to debtor on repurchase of shares; on resale to foreign creditor, debtor should be taxed on any gain on shares or should be able to deduct any loss sustained 3. Alternative debt refinancing structure: swapping debt for convertible debt which creditor converts into equity; issue by debtor to creditor of convertible bonds as a means of refinancing outstanding debt; creditor should make sure conversion ratio covers value of outstanding debt over term of loan; disadvantage to this 13 strategy is that creditor is refinancing and likely to have twice the outstanding debt for some time 4. Securitizing the debt: convert debt into security which creditor then contributes to debtor’s charter capital to pay for the shares (key issue facing creditors thinking of taking equity in a Russian debtor company in exchange for indebtedness is how to value that equity) Summary This paper has addressed the opposing views as to the causes of and remedies for the Russian financial crisis. †¢ Two central camps have emerged. One camp argues that the Russian economy has severe structural problems that were the primary cause of the crisis: fiscal deficit, banking sector problems. The other group points to the IMF and the problems with the international financial system, claiming that moral hazard problems led investors to underestimate the risk of investing in emerging markets such as Russia, and that unregulated short-term investment flows out of emerging markets can result from the panic. Each of these groups proposes different remedies for the crisis, based on their assessment of the roots of the crisis. The IMF and Treasury Department insist that the Russian government continue to push for reforms in public finance and the banking sector, claiming that weaknesses in these areas ultimately led to the onset of the Russian crisis. Jeffrey Sachs, George Soros, and others who are critical of the international financial systems and the role of the IMF in the recent financial crises, recommend that the short-term borrowing by governments and banks in emerging markets be limited and regulated, and that exchange rates are flexible rather than pegged. †¢ Although the worst of the Russian crisis may have already passed, as the Russian and other ENI stock markets appear to have recovered and the dramatic fall in production has been reversed, the original causes of the crisis still need to be addressed. Continued progress in banking and fiscal reforms in Russia will be necessary to ensure that the country is less vulnerable to future external shocks and foreign creditor panics. Improvements in these sectors would help restore investor confidence in the Russian economy and reverse the current outflow of capital. 14 ANNEX: What Happened in Russia? A Brief Chronology of Events Asian Crisis: Precursor to the Russian Crisis †¢ †¢ July 1997, Thailand—devaluation of Thai baht December 1997, Korea—devaluation of Korean won †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ ate October 1997— Pressure on ruble intensifies, as result of Asian crisis December 1997—Foreign exchange pressure temporarily recedes in Russia 19 December 1997—Standard and Poor’s Sovereign Ratings of Russian ruble: longterm—â€Å"BB-â€Å"; outlook—negative; short-term—â€Å"B† January 1998—Reemerging p ressure on ruble forces Central Bank to raise interest rates, increase reserve requirements on foreign exchange deposits, and intervene on ruble and treasury bill market March 1998—Stock market prices in Russia have not yet recovered from lows reached in late fall 1997 May 1998—Russia places major commercial bank under Central Bank administration; miners strike over wage arrears; Russia continues to intervene on foreign exchange markets to support ruble, but investors increasingly see this strategy as unsustainable Late May 1998—Interest rates in Russia increased to 150 percent; Russian government announces revisions to 1998 budget, including 20 percent cut in expenditures and new initiatives to boost revenues Early June 1998—Recent policy announcements temporarily ease tensions, allow partial reversal of earlier interest rate hikes 9 June 1998—Standard and Poor’s Sovereign Ratings of Russian ruble: long-term— â€Å"B+â€Å"; outloo k—stable; short-term—â€Å"B† Late June 1998—Russian authorities unveil anti-crisis program, aimed at boosting tax revenues, cutting expenditures, and speeding up structural reforms . 9991 lirp A , eci vre S et aR egn ahc xE CIFI C AP : ecruo S 15 4 / 2 / 9 9 3 / 2 / 9 9 2 / 2 / 9 9 1 / 2 / 9 9 1 2 / 2 / 9 8 1 1 / 2 / 9 8 1 0 / 2 / 9 8 9 / 2 / 9 8 8 / 2 / 9 8 7 / 2 / 9 8 6 / 2 / 9 8 5 / 2 / 9 8 4 / 2 / 9 8 3 / 2 / 9 8 2 / 2 / 9 8 1 / 2 / 9 8 03 Russian Crisis Timeline 0 5 01 51 02 52 After the devaluation of the Thai baht in July 1997, one Asian country after another had to raise interest rates sharply to avoid currency devaluation. But the combination of high interest rates and currency depreciation, which inflated the burden of foreign debt, provoked a financial crisis (Krugman 1999). SU$/selbuR :etaR egnahcxE elbuR †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ 16 1 2 / 2 0 / 9 8 9 / 2 0 / 9 8 6 / 2 0 / 9 8 3 / 2 0 / 9 8 1 2 / 2 0 / 9 7 9 / 2 0 / 9 7 6 / 2 0 / 9 7 3 / 2 0 / 9 7 1 2 / 2 0 / 9 6 .9991 lirpA ,semiT wocsoM :ecruoS 9 / 2 0 / 9 6 6 / 2 0 / 9 6 3 / 2 0 / 9 6 1 2 / 2 0 / 9 5 9 / 2 0 / 9 5 6 / 2 0 / 9 5 3 / 2 0 / 9 5 1 2 / 2 0 / 9 4 9 / 2 0 / 9 4 6 / 2 0 / 9 4 0 †¢ 003 †¢ xednI semiT wocsoM :egnahcxE kcotS naissuR †¢ Mid-July 1998—Russian authorities introduce additional policy package, in the context of an IMF agreement on an augmented Extended Fund Facility (EFF) arrangement 20 July 1998—IMF releases first $4. 8 billion tranche of $22. billion extra credit pledge, as policy package is approved by IMF Late July 1998—Initial effects of this package are positive, with equity prices rebounding 30 percent, treasury bill rates falling from 100 to 50 percent, and a low ering of the Central Bank refinancing rate from 80 to 60 percent Early August 1998—The Duma fails to approve new reform program; President forced to veto several Duma measures and introduce others by decree 13 August 1998—Standard and Poor’s Sovereign Ratings of Russian ruble: longterm—â€Å"B-â€Å"; outlook—negative; short-term—â€Å"C† 14 August 1998—Average treasury bill rates are about 300 percent, international reserves down to only $15 billion, and Russian banks are unable to meet payment obligations Russia on the verge of full-scale banking and currency crisis 15 August 1998—Boris Yeltsin announces that there will be no devaluation of the ruble 17 August 1998—Russian government defaults on GKO Treasury Bonds, imposes 90day moratorium on foreign debt payments, abandons ruble exchange rate corridor 17 August 1998—Standard and Poor’s Sovereign Ratings of Russian ruble downgraded: long-term—â€Å"CCC†; outlook—negative; short-term—â€Å"C† 21 August 1998—Russia’s international reserves fall to $13. 5 billion, after renewed heavy intervention in an effort to support the weakened ruble 26 August 1998—Following heavy intervention, the Russian Central Bank announces that it will stop selling U. S. ollars, and suspends trading of ruble on main exchanges Late August 1998—Kiriyenko government is dissolved, financial crisis intensifies 1 September 1998—Russia is the IMF’s largest borrowe r, with a combined total of credits at this date equal to nearly $18. 8 billion 2 September 1998—Russian Central Bank abandons exchange rate band, lets the ruble float 16 September 1998—Standard and Poor’s Sovereign Ratings of Russian ruble: longterm—â€Å"CCC-† [lowest possible S and P rating]; outlook—negative; short-term—â€Å"C† January 1999—Moody’s assesses financial strength (â€Å"E†) and credit ratings (â€Å"Ca†) of the Russian banks at the lowest possible levels; most banks are insolvent (or nearly so) 005 054 004 053 052 002 051 001 05 †¢ †¢ †¢ 15 January 1999—The Central Bank of Russia re-launches trading on the domestic debt market. The new securities are to be used in the restructuring of frozen GKO and other debt instruments 27 January 1999—Standard and Poor’s Sovereign Ratings of Russian ruble: Longterm—â€Å"Selective Default†; outlook—â€Å"Not Meaningful†; short-term—â€Å"Selective Default† 5 February 1999—The 1999 budget was passed by the Duma in its fourth and final reading. The budget estimates a 2. 5 percent budget deficit, and assumes that the government will receive $7 billion in external loans to help finance foreign debt service 17 BIBLIOGRAPHY European Bank for Reconstruction and Development (EBRD). March 1999. â€Å"Overview on Developments in the Operating Environment,† mimeo. European Commission (EC). 20 January 1998. â€Å"The Russian Crisis and Its Impact on the New Independent States and Mongolia. † Communication of the European Commission to the Council and the European Parliament. [http://europa. eu. int/comm/dg1 a/nis/russian_crisis_impact/1. htm] Frankel, Jeffrey A. 1999. Soros’ Split Personality: Scanty Proposals from the Financial Wizard. † Foreign Affairs 78 (2): 124-130. Gaddy, Clifford G. , and Barry W. Ickes. 1998. â€Å"Russia’s Virtual Economy. † Foreign Affairs 77 (5): 53-67. Gaidar, Yegor. February 1999. â€Å"Lessons of the Russian Crisis for Transition Economies. † Institute for Economies in Transition on-line publication. Illarionov, Andrei. 1998. â€Å"Russia and the IMF,† testimony prepared for hearing of the General Oversight and Investigations Subcommittee of the Banking and Financial Services Committee of the U. S. House of Representatives, 10 September. International Monetary Fund (IMF). 1999. IMF Survey. Volume 28, Number 4. International Monetary Fund. May 1998 and December 1998. World Economic Outlook. International Research and Exchange Board (IREX). 1998. â€Å"Russia’s Economic Crisis and Its Effect on the New Independent States,† a discussion report summarizing conclusions of an IREX policy forum held on 18 November. â€Å"Kommunisticheskie pravitel’stvo v postkommunisticheskoi Rossii: pervye itogi i vozmozhnye perspektivy [Communist Government in Post-Communist Russia: Initial Results and Possible Perspectives]. † 1999. Working Paper Series. Moscow: Institut ekonomiki perekhodnogo perioda [Institute for Economies in Transition]. Krugman, Paul. 1999. â€Å"The Return of Depression Economics. Foreign Affairs 78 (1): 5674. Lipton, David. 1998. â€Å"Treasury Undersecretary David Lipton Testimony Before the House Banking General Oversight and Investigations Subcommittee on Russia,† RR-2673, 10 September. Odling-Smee, John. 1998. â€Å"The IMF Responds on Russia: A Letter to the Editor,† 30 November. 18 O’Brien, Timothy. 1998. â€Å"George Soros Has Seen the Enemy. It Looks Like Him. † The New York Times, 6 December: . Phillips, Michael M. 1999. â€Å"Apocalypse? No. Round the Globe, Signs Point to Final Days of Financial Crisis. † The Wall Street Journal, 14 April: . Radelet, Steven, and Jeffrey Sachs. 1999. â€Å"What Have We Learned, So Far, From the Asian Financial Crisis? Paper sponsored by USAID/G/EGAD under Consulting Assistance on Economic Reform (CAER) II Project. Robinson, Anthony. 1999. â€Å"Russia: Coming in from the Cold. † The Banker 149 (877): 4849. Russian European Centre for Economic Policy (RECEP). 1999. â€Å"Russian Economic Trends. † Monthly Update, 10 February. Russian Market Research Company (RMRC). 1998. â€Å"Business Barometer Survey: Moscow, October 2-3, 1998,† published on the American Chamber of Commerce in Russia website. Rutland, Peter. 1999. â€Å"Moscow Casts a Long Shadow. † Transitions 6 (3): 27-31. Sexton, Robert. 1999. â€Å"Turning Russian Debt into Equity. † Euromoney no. 357: 75-76. Smirnov, Mikhail. 1998. Rubl’ kaput ili kak bank Rossii opustil rubl’ [The Ruble is Kaput, or, How the Bank of Russia Lost the Ruble],† National’naia sluzhba novostei [National News Service]. Soros, George. 1998a. Testimony to the Congressional Committee on Banking and Financial Services of the U. S. House of Representatives, 15 September. Soros, George. 1998b. â€Å"The Crisis of Global Capitalism: Open Society Endangered,† remarks before the Council on Foreign Relations, New York, 10 December. Summers, Lawrence H. 1999. â€Å"Russian and the United States: The Economic Agenda,† remarks by Deputy Treasury Secretary Lawrence H. Summers at the U. S. -Russian Investment Symposium in Cambridge, MA, 14 January. Uchitelle, Louis. 1999. â€Å"Crash Course: Just What’s Driving the Crisis in Emerging Markets? † The New York Times, 29 January: . 19

Speed Essay Example

Speed Essay Example Speed Essay Speed Essay Trevor Hale 10th Physical Science 01 / 16 / 09 1. A: Reference Point a point against which position is measured. B: Vector Quantity a physical measurement that contains directional information. C: Scalar Quantity a physical measurement that does not contain directional information. D: Acceleration the time rate of change of an objects velocity. E: Free Fall the motion of an object when it is falling solely under the influence of gravity. 2. No. Motion depends on the reference point that is used. 3. That depends on the reference point that is used. The glass is not moving relative to the counter. 4. A: The girl joggers. B: Child in inner tube. C: The first girl jogging. 5. 30 Min. x 1 Hr. = 0. 5 60 min. 10 Miles = 20 Miles/Hr. 0. 5 Hours 6. 6 Kilometers x 1000 Meters = 6000 Meters 1 Kilometer 45 Min. x 60 Seconds = 2700 Seconds 1 Min 6000 Meters = 2. 2 Meters 2700 Seconds Second 7. A: 10 meters scalar quantity, distance. B: 1. 2 meters/second? east. C: 3. 4 feet/hour and slowing scalar, speed. D: 56 liters, scalar, none of these. E: 2. 2 miles/min east, vector, velocity. F: 2. 2 milometer’s/year, scalar, speed. 8. Relative speed = 57 Miles 45 Miles = 12 Miles Hour Hour Hour 12 Miles/Hour toward each other. 9. Since velocity is constant, there is no acceleration. 10. 12 Meters Per Second = 6 Meters per second? west. 2 Seconds 1. 30 Miles Hour 12 Min. x 1 Hour = 0. 2 Hours. 60 Min. 30 Miles ? 0. 2 Hours. Hour 150 Miles/Hour? south. 12. Any object that is affected greatly by air resistance cannot experience free fall when dropped near the surface of the earth. In order to experience free fall, an object must be falling solely under the influence of gravity. Air resistance is an influence other than gravity. 13. All objects falling near the earth’s surface accelerate equally. 14. Both hit at the same time since there is no air resistance.

Words linked to Alzheimers - Emphasis

Words linked to Alzheimers Words linked to Alzheimers Your words could say more about you than you realise. New research suggests that changes in vocabulary could be an early sign of Alzheimers disease. The study by scientists at Southampton university focuses on the speeches of former UK Prime Minister Harold Wilson. It supports the theory that he was suffering from the condition but never diagnosed. Writing in the Journal of Neurolinguistics, the universitys Dr Peter Garrard says hes detected a marked change in the words Wilson used in the months leading up to his unexpected resignation. It seems that Wilson stopped using his trademark broad vocabulary shortly before he resigned, relying instead on much simpler words. Dr Garrard has detected similar changes in the work of the author Iris Murdoch, who died of the disease in 1999. Short words more powerful The use of short words, of course, is not in itself an indicator of Alzheimers. Another famous prime minister and orator, Winston Churchill, favoured short words over long ones, as he felt they were more powerful. Our work with hundreds of the UKs top organisations over the last ten years suggests that overuse of long words may actually be a sign of under-confidence. Click here for details of our course on Writing high-impact speeches and presentations.

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Coorinating Emergency Response - Crisis Management - Essay Example Myanmar Government preferred government to government aid. AmeriCares required permission for airlift supplies which was a challenging and proved to be time taking process. The efforts could have brought more differences in relieving people from suffering and dying. The political pressure was high in the case of efforts of AmeriCares. However during such kind of natural disaster the effort should be to ensure proper assessment of disaster, coordination among various teams of rescue efforts, proper flow of food, medical and other supplies for relief, coordinating response through public information officers and media channels, collaboration of global efforts for the rescue and relief operations, informing public about their lost relatives, friends and dear ones and informing general public about disaster. However political situation of Myanmar did not allow all these things. Once disaster takes place in certain area, depending upon the nature of disaster and damage caused to the communication network, disaster management team finds out alternatives for communication to ensure proper flow of communication. In major disasters, communication infrastructure gets damaged or destroyed. Government agencies and disasters management agencies should have an alternative communication strategy for disasters. The information sent or receive should be short, clear and simple. An effective communication strategy during any disaster supports the coordination activities and helps in rescue and damage control operations. The Transitional Fires are significantly dangerous as the exposure of firefighters is high on hourly basis and is very risky for them. It is highly risky for resulting in injuries and fatality. It is threatening for the firefighters and influences their level of motivations negatively. The crisis management and emergency response to the transition fire requires combined efforts of Forest Service Firefighters, researchers and analysts. These can

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Life Stage Interviews and Reports Paper - Essay Example If a person develops good eating habits, exercises daily, and possesses a positive attitude with regard to the everyday activities since early childhood. He/she will have higher probability to live longer as compared to a person who uses drugs, drinks alcoholic beverage excessively or lives a sedentary life. Many of the late adulthood in the developed countries live longer due to more medical assistance and educational resources available. However, living longer truly depends on the person’s mindset. The development and resulting lifespan of people may be dependent on such factors as their perception of death or afterlife, resiliency in confronting changes in adulthood and attributed value to life. This paper discusses how factors such as their perception of death or afterlife, resiliency in confronting changes in adulthood and attributed value to life have affected the development and quality of the lives of the interviewees who are in their late stages of adulthood. As their views are compared and further information gathered, the apparent role of adult development factors are exhibited. Fear of death or dying is natural and sometimes may cause individuals to become preoccupied and obsessive with the thoughts of death. At times, just the mere mention of death may even cause substantial anxiety for some people. To further illustrate how the fear of death is actually universal, the presence of death is often frightening and unwelcome or even taboo to discuss in some cultures. In more modern cultures, death has been accepted as eminent, thus, embraced. However, the restrictions to certain foods that can be eaten or clothing that can be worn to avoid death or prolong life still prevail. Based on recent psychological studies, there are five primal fears, i.e. fear of dying, the unknown, abandonment, loss of control, pain, and bodily deterioration (Garfield, 2001). All these

Stereotyping Genders from Everyday Use Essay Example for Free

Stereotyping Genders from Everyday Use Essay Stereotyping men and women have always been an issue in literature and media but it should not be so if one accepts that all people are different and it is this difference that affects the social perception being expressed in the different forms of literature and media. In a speech made by Professor Amy Wax of the University of Pennsylvania School of Law, she explained that stereotyping studies have become too focused on the achievement levels of men and women but never really gave in-depth analysis to why men seem to have more â€Å"success† in popular fields such as authorship in literature, engineering, etc. Professor Wax argues that men and women possess differences that explain this circumstance such as their views on competition, ambition and aggression. Women, she believes, â€Å"possess a greater attraction to and interest in people rather than things, a relative reluctance to focus on career advancement at the expense of domestic pursuits, and a stronger desire to achieve life balance† compared to men. (Silvester 2008) This can be seen in the short story, â€Å"Everyday Use† written by Alice Walker in 1973. The story portrays three very different women within one nuclear family. Mama is big-boned and strong enough to do work that men are fit to physically do. Maggie is timid and insecure about many things probably because she had always been the practical and not worldly sister. Dee, on the other hand, is very prone to social pressures and is more assertive than most women. These three different characters show that women live beyond what others are suggesting as stereotypical. Alice Walker is very vivid in her descriptions of these women. She used Mama as a narrator to show her strength of character and make many descriptions of how the two daughters had grown up to become who they are now. Maggie’s dialogues also gave many insights to the family’s heritage while Dee’s behavior created a very vivid picture of how she had succumbed to the media hype and commercialization of women being worldly. The exchanges of thoughts and words among the three women made the literature vibrant and technically excellent in its character depictions. Dee obviously had given in to the social pressure of being a modern woman who seemingly knew more about the world through her education and disdain for domestic life. She wanted to be the modern woman who never let limits stand in her way. Maggie, on the other hand, gave in to becoming just a simple shadow behind her sister because she looked up to her stronger personality. Mama, on the other hand, did not let anything stand in the way of things that had be done. She was practical and accepting of her circumstances and was content to do what was necessary to survive without minding what Dee thought of as domestic or backward. In creating intense mother figures in fiction or recalling them in memoir, African American writers such as Alice Walker have paid tribute to the beauty, struggles and sorrows of black motherhood. (Davis 2005) The theme of how these three women view the world and fight back at its pressures are still very relevant to today’s society simply because it showed that people, even within one gender type and blood type, can be different. People may or may not be affected by what the world throws at them through the different forms of media and social pressures that come their way. It is difference in perspective and personality that expresses character whether or not it is stereotypical of any gender. References Davis, Bernadette. â€Å"Remembering mama: images of mothers, good, bad, real or fictive abound in our literary tradition. † May-June 2005. Black Issues Book Review. 14 March 2009 http://findarticles. com/p/articles/mi_m0HST/is_3_7/ai_n13721824 Silvester, Tim. â€Å"Stereotype Threat: Fact or Fiction? † 25 November, 2008. Docket Online. 14 March 2009 http://media. www. docketonline. com/media/storage/paper744/news/2008/11/25/News/ Stereotype. Threat. Fact. Or. Fiction-3565977. shtml Walker, Alice. â€Å"Everyday Use. † Robert DiYanni, ed. Literature: Reading Fiction, Poetry, and Drama. 6th ed. Boston: McGraw-Hill, 2007. 743-749.

The Study of the Relationship (Satire) Essay -- essays research papers

The Study of the Relationship Introduction A relationship? Something meaningful? Forever? HA! All ploys and devious schemes devised by horifically cruel creatures, in order to have their every wish granted for all of eternity. These terms were created to destroy our lives, they were created by the most evil and demented of all creatures, The Female. Ask any boyfriend, or should I say "slave", and they will tell you that the Female is a very mean creature that gets her every way without any questions. They turn us into their servants and force us into a permanent relationship, or a permanent "slavery", as I prefer to call it. Step One: Scouting Their Prey The First thing you need to remember about these...things, is that they always, without exeption, travel in packs. So remember that when aproaching one of them. Back to the point at hand. When in the proper habitat that these Females inhabit, stay cautious, as they seem to sometimes pounce upon their prey, and ask you to preform something that you are currently incapable of (example: asking you to dance). These manuvers are used to make you semi-embaressed, and thus would do anything to regain your higher status, no matter how long it takes you. Thus they have control before any plans are even made. Step Two: Pulling Out The Whip After the initial request made by the male generally, thye begin to start a "relationship", or so it is called. By this time you are already stuck with her, and all of your friends...

Is Decoherence a Solution for the Measurement Problem

Abstract—Decoherence is considered as one of the important topics in quantum computing research area. Some researchers stated that decoherence solved the measurement problem and on the other hand many researchers stated the opposite. In this paper we will prove whether decoherence is a solution or not through an exhaustive survey of the different ideas, methodologies, and experiments. Index Terms—Quantum computing, decoherence, measurement problem INTRODUCTION Decoherence is considered as one of the important research areas since 1980s.Quantum decoherence is the Loss of coherence or ordering of the phase angles between the components of a system in quantum computing superposition and the consequence of this is classical or probabilistically additive behavior†¦ (Zurek Today 10 (1991)) Wave function collapse is the reduction of the physical possibilities into a single possibility as seen by observer can appear in quantum decoherence also it justifies the framework an d can predict using classical physics as an acceptable approximation†¦ Namiki and Pascazio 1991). However, decoherence is a mechanism that emerges out quantum stating point also it determines the location of the quantum classical boundary moreover decoherence appear when the quantum system interacts with its environment in a thermodynamically irreversible way and that lead to prevent different factors in the quantum superposition of the system and environments wave function from interfering with each other†¦ Zurek Today 10 (1991)) Decoherence can be viewed in different ways such as flowing information from the system to the environment lead to lose information this is known as heat bath since each system is losing some of its energetic state because of its surroundings environments†¦ (Kumar, Kiranagi et al. 012) There is also another view of decoherence that is called isolation; which is the combination of the system and the environment which known as non-unitary ther efore the dynamics of the system alone are irreversible also as a result of combination of system and environment the entanglements are generated between them and that will lead to sharing quantum information without transferring these information to the surroundings†¦ (Lidar and Whaley 2003) Describing how the wave function collaps occurs in quantum mechanics called measurement problem. The disability of observing the process directly lead to different nterpretations regard quantum mechanics, also it rises too many qustions that each interpretation must answer. However there are some researches provides aprove that the decoherence solved the measurment problem and some other researchers prove the opposite thus in this paper we will make a comparasion between these two different point of views†¦ (Kumar, Kiranagi et al. 2012) PROBLEM IDENTIFICATION Decoherence is a real challenge that prevents implementing quantum computers; because the machines rely on undisturbed evolutio n of quantum coherences†¦ (Chen, Ang et al. 003), (Flitney and Abbott 2004) Decoherence provides an explanations for the appearance of the wave function collapse it does not generate actual wave function collapse and that is the nature of quantum systems it leaks into the environment and that done by decomposing the component of the wave function from the coherent system and then applying phases to the environment†¦(Flitney and Abbott 2004) P. W Anderson claimed that decoherence has solved the Quantum measurement problem while S. L Adler prove the opposite†¦. Adler 2002) In this paper, we will conduct a comprehensive survey of the different views and experiments to come up with a solution for the relationship between decoherence and measurement problem. Decoherence is the Solution Zurek (1991), Tegmark and Wheeler (2001), and Anderson (2001) stated that decoherence has solved the quantum measurement problem by eliminating the necessity for Von Neumann’s wave fu nction collapse postulate. Osvaldo Pessoa Jr. wrote an article titled â€Å"Can the Decoherence Approach Help to Solve the Measurement Problem? He concluded that decoherence could help to solve measurement problem in open systems. From that point, he wanted to count on the open systems to solve the measurement problem of individual systems. He also mentioned that decoherence helps to get an approximate solution for the statistical version of the measurement problem. Wallace (2011) mentioned that decoherence explains why the measurement problem is a philosophical rather than a practical problem and stated that decoherence could solve the measurement problem.He claimed that the quantum state continues to describe the physical state of the world. So, decoherence finds its natural role in the measurement problem as the process which explains why quantum mechanics can be fundamentally deterministic and non-classical, but emergently classical. It does not dull the aspect of Everett's pro posal, which states that all are equally part of the underlying quantum reality. Decoherence is Not the SolutionThe decoherence initiative was to explain the transformation from large to conventional by evaluating the relationships of a program with a determining program or with the environment. It is realistic to think about a large specialized substance or program of pollutants as a divided program boating in unfilled space. Dynamical Failing Styles Somehow do not like the idea of failure due to professionals trying to rig the pattern function improvement so to advantage loss of the situation vector in a well described way.One way is to say that the pattern function, or at least an element of it, consistently gets â€Å"hit† in such a way as to cause localization in the position base. Another way is to add a not unitary term into Schrodinger’s program. There are suggestions stated that we can infer using mind ability to get the collapse of the wave function Tohmas Br euer at 1996 try to investigate these suggestions and apply it to recent results of quantum machines regard restrictions on measurement from inside.Tohmas Breuer count on these restrictions to come up with a phenomena of subjective decoherence therefore he split his article into parts. The first part is â€Å"measurement from inside† and he makes a presentation to illustrate why it is impossible for an observer to make a distinction between all states in a system in which an observer is contained and that consider as restriction on the measurability from inside, he conclude that bigger system O need more parameters to fix its state.However, this will lead to situations that big O can be determined of each physically possible state by the state of a subsystem A together with some constraint. Second part is â€Å"EPR-Correlations† and he focus on situation which stronger results hold when we take into account particular features of quantum mechanical situations for examp le if we have two systems A and some environment R then the union of two system A ? R equal to Big O. also if both systems A and R have Hilbert spaces HA and HR as state spaces then EPR correlations can be obtained in the vector states HA HR .Therefore he conclude that A con not make a distinction between states of O which is make difference only in the EPR correlations between A and R. however observers can only be able to make a measurement of EPR correlations between A and R in A ? R†¦(Breuer 1996) David Wallace wrote his article to achieve two goals the first one is to present an account of how quantum measurements are dealing with in modern physics in other word quantum measurements does not involve a collapse of the wave functions also to present the measurement problem from that account perspective of view.The second part is concentrate on clarifying the role of decoherence plays in modern measurement theory and what affects it has on the different strategies that have been proposed to solve measurement problem. Wallace concluded that it seems not possible to have a complete understating of the microscopic predictions quantum mechanisms without interpreting the state in a probabilistic way and that because of interference since quantum states cannot be thought of as probability distributions in physical states of airs.Therefore it is allowable to try to resolve the incoherence by two ways, the first one by philosophical methods which means trying hard to think about how to make a full understanding quantum states so as to come out with a non-incoherent way, also the second way done by making modifications on the physics which means trying to make a replacement of the quantum mechanics by using some new theory which does not prima facie lead to the conceptual incoherence.Finally, Wallace state that the natural role of decoherence can be found in the measurement problem as the process which provides an explanations regard why quantum mechanics, inte rpreted can be basically not classical and deterministic, but critically classical†¦(Wallace 2011) Dan Stahlke based on application he made state that the most important point of decoherence theory is that it provides understanding about the process of wave collapse. Some systems need to be built in way that it stays in coherent superposition.However, tendency of system that been in superposition can be immediately calculated. Also he stated that decoherence does not give the ultimate solution in the measurement problem but it bring some light to the matter†¦(Stahlke 1999) Maximilian Schlosshauer makes a distinctive discussion regard the role of decoherence in the foundation of quantum mechanics, and focusing of the effectiveness of decoherence regard the measurement problem. He concludes that within a standard interpretation of quantum mechanics that decoherence cannot solve the problem of definite outcomes in quantum measurement.Therefore he mention the effectiveness of environment super selection of quasiclassical pointer states along with the local superposition of interference terms can be put to large use in physical motivation, assumptions and rules regard alternative interpretation approaches that can change the strict orthodox eigenvalue-eigenstate link or make modification on the unitary dynamics to account for the awareness of definite outcomes†¦(Schlosshauer 2005) Elise M.Crull mention in his article that it has been claimed that decoherence has solved the measurement problem. In other hand, some researchers stated that it does not solve the measurement problem. However, the Crull target is â€Å"Which measurement problem? †, thus he argue three questions depending on Max Schlosshauer which has neat catalog on the different problems which called â€Å"the measurement problem†Ã¢â‚¬ ¦(Schlosshauer 2008; Crull 2011) Harvey Brown stated that there are many attempts to proof the insolubility of the measurement problem in non -quantum mechanics.We can use these attempts for quantum mechanics. These proofs tend to establish that if mechanical interaction between object system A and measuring instrument B is described through a suitable defined unitary operator on the â€Å"Hilbert† tensor product space, so the final state of the A + B together cannot be described by a density operator of a specific kind in that space.Therefore this leads us to a resolution in terms of weighted projections which be useful to interpreted as mixture of pure A + B states, which are eigenstates corresponding to the â€Å"pointer position† that observable connected with the instrument†¦(Brown 1986) Ford, Lewis and Connell count on a book â€Å"Decoherence and the Appearance of a Classical World in Quantum Theory† †¦(Giulini, Joos et al. 1996) which state that ‘‘irreversible coupling to the environment seems to have become widely accepted ~and even quite popular!During the last decade, not least through the various contributions by Woljciech Zurek and his collaborators. ’’ And he conclude that general and simple formulation of quantum measurement gives a good method regard discussing quantum stochastic systems†¦(Ford and Lewis 1986) . Also authors stated that decoherence appear at high temperature with or without dissipation and the time for both cases are the same furthermore at zero temperature, decoherence occurs only in the presence of dissipation†¦(Ford, Lewis et al. 001) In 1980s and 1990s techniques are established to cool single ions captured through a trap and to control their state by using laser light and the single ion can be observed using photons with minimal interaction with the environment. Photons can observed without being destroyed during interaction together with atoms in designed experiment. That leads to make a study regard pioneers that make a test for basis of quantum mechanics also the transition between microscopic and microscopic world.The most important stage in controlling the quantum state regard ion is cooling it to the lowest energy of the trap using a common technique called sideband cooling†¦(F. Diedrich, Bergqvist et al. 1989) this technique consists of exiting the ion, increasing inside energy also decreasing the vibration energy†¦(SCIENCES 2012) Bas Hensen starting his discussion by defining the measurement problem and he stated that measuemet problem begin naturally from quantum theory’s success through describing the realm regard microscopic particles also permitting them to have definite values for quantities like momentum and position.Then he split the problem into several parts. The first two parts are â€Å"the problem of outcomes: Why does one perceive a single outcome among the many possible ones in equation? †, â€Å"The problem of the collapse: What kind of process causes the state of the system to ‘collapse’ to the outcome one percei ved (in the sense that a repeated measurement yields the same answer)? † in these two part he found that in quantum the world must be divided into a wave quantum system and the rest stays in some classical system.Also in accuracy point of view the division is made one way or another in a particular application. The third part is â€Å"The problem of interference: Why do we not observe quantum interference effects on macroscopic scales? † in this part author stated that the best way to illustrate this problem by using the double slit experiment. The experiment shows that the physical setup suggests that grouping the probability distribution gained with either one of the slit opened should occur in the probability distribution regard the two slits opened.For this situation of electrons as particles the probability distribution regard course differs, but regard a similar setup using macroscopic particles it doesn’t†¦(Hensen 2010 ) Dieks reviewed several proposa ls that solved the quantum mechanical measurement problem by taking into account that in measurement interactions there are many unobserved degrees of freedom. He found out that such â€Å"solutions† are unsatisfactory as they stand, and must be supplemented by a new empirical interpretation of the formal state description of quantum mechanics (Dieks 1989).Zurek mentioned in † Decoherence, Einselection, and the Quantum Origins of the Classical† that decoherence is caused by the interaction in which the environment in effect monitors certain observables of the system, destroying coherence between the pointer states corresponding to their eigenvalues. Then, he mentioned that when the measured quantum system is microscopic and isolated, this restriction on the predictive utility of its correlations with the macroscopic apparatus results in the effective â€Å"collapse of the wave packet†; which implicitly states that decoherence did not solve the measurement p roblem (Zurek 2003).Elby scrutinized the claim that the measurement problem is solved by decoherence, by examining how modal and relative-state interpretations can use decoherence. He mentioned also that although decoherence cannot rescue these interpretations from general metaphysical difficulties, decoherence may help these interpretations to pick out a preferred basis (Elby 1994). Janssen mentioned that the alleged relevance of decoherence for a solution of the â€Å"measurement problem† is subjected to a detailed philosophical analysis.He reconstructed a non-standard decoherence argument that aimed to uncover some hidden assumptions underlying the approach. He concluded that decoherence cannot address the â€Å"preferred-basis problem† without adding new interpretational axioms to the standard formalism (Janssen 2008). Busch et al (1996) explained decoherence using the many-worlds interpretation and stated the decoherence cannot solve the measurement problem. Legge tt (2005) concentrated on the paradox of Schrodinger's cat or the quantum measurement paradox to prove that dechorence is not a practical solution.Other researchers and scientists including Gamibini and Pullin (2007), Zurek (2002), Joos and Zeh (1985), Bell (1990), Albert (1992), Bub(1997), Barrett (1999), Joos (1999), and Adler (2002) stated that decoherence did not solve the measurement problem. Conclusion There is a serious and unresolved quantum measurement problem. Some, like Ghirardi, Rimini, and Weber (1986), try to solve it by modifying quantum mechanics. If successful, such attempts would result in a theory, distinct from but closely related to quantum mechanics, that is no longer subject to a measurement problem. That problem may be unsolvable (Healey 1998).

Communications Essay

1. What is an implication, in general, and what are specific implications of the presence of the U.S. flag, Constitution, and Bill Of Rights in all the classrooms at the University of Arizona? a. A general definition of an implication is an assumption that can be inferred from a given scenario that is not obviously specified. The US flag, Constitution, and Bill of Rights are all important symbols of freedom in the United States. The Bill of Rights contains the first ten amendments to the Constitution that preserve the liberties and freedoms prevalent in the United States. The Constitution sets forth the structure of the government we created after rebelling against the British monarchy. The US flag contains a representation of the original 13 colonies that rebelled against the British monarchy as the stripes and the current 50 states as the stars, this representation holds a strong symbol of Americanism. A specific implication of having the U.S. flag, Constitution and Bill of Rights in all University of Arizona classrooms is to help remind students of the freedoms that are available to them in the United States. These symbols of personal freedom promote one’s ability to be an outspoken individual, go against the grain in everything they do, and maintain an individual spirit. 2. Problems in business, government, and relationships are frequently blamed on a lack of communication or a failure to communicate properly. Use the Tubbs communication model on page 9 of your Human Communication textbook to diagnose a communication problem and suggest a recommendation for fixing the problem. a. Tubbs’ communication model involves two communicators and contains three main components of communication: the messages, interference, and the channel. Communication problems can exist across all three components of Tubbs’ communication model. Messages can be intentional and unintentional, when we send an unintentional message we give a message that we didn’t intend to and will usually not find out about the error until we receive feedback from the receiver. Communication problems in channels can occur when sending a message through the wrong channel, each channel serves a primary purpose and sending the wrong message through a channel can lead to a breakdown in communication. Interference is what causes a sent message to become misunderstood or missed completely, usually due to a distortion in the message or the receiver becoming distracted. A fairly common problem that has become more prominent in communication since the rise in popularity of electronic messaging is the inability to relate sarcasm, irony, or other emotions effectively. Usually when someone says something sarcastic it can be taken as a serious statement and the receiver can view the sender as ignorant or senseless. To fix this the person either has to relate the message through a more emotionally efficient channel, such as a telephone call, or include a signifier that allows the person to realize the text should be taken as sarcasm, such as including the tag /sarcasm afterwards. 3. What subject matter is at the heart of the field of communication? To answer this question, imagine that a friend or family member asked you what ‘communication’ as an academic subject was about. How would you respond to that person so that they had a clear understanding? a. Communication has changed a great deal over the last 2400 years but has always maintained a primary center to its study while adding more and more elements. In ancient Greece, Socrates and Plato used communication (then called Rhetoric) as a means to discover the truth and draw it out of their students. Aristotle took Plato’s view and expanded onto it that truth is not always absolute and humans must therefore ascertain the â€Å"probable† truth. These early understandings still hold relevant today and create a framework for the contemporary study of human communication. At the heart of communication is the need for understanding, the need for people to be able to help others understand what they’re saying and understand what others are saying. With this need for understanding Plato stated that rhetoric would be used to promote falsehood over truth while Aristotle saw that either falsehood or truth could be promoted and it is the duty of the citizen to use rhetoric to defend the truth. Communication covers the central topic of providing information to other people through multiple channels in an efficient and effective manner. As communication progresses it will continue to hold its central subject matter while adding more and more relevant areas of interpretation. 4. How was the ancient Greek city-state of Athens involved in the history of communication? What connections exist between communication in ancient Athens and communication in the world today? a. Athens was home to the three scholars who created the two primary views to what we currently know as communication. Socrates, Aristotle and Plato provided a strong foundation for the study of communication while coming from two different views of rhetoric. Socrates and Plato were credited to creating the view of â€Å"Divine Truth† which sought to use reasoning and dialogue to â€Å"draw out† knowledge and understanding. Where as, Aristotle viewed that truth is all around in the environment and must be taken in through the senses. Much of what Socrates, Aristotle and Plato put into communication (rhetoric) is still valid today; Aristotle stated communication is â€Å"purposive† and can be evaluated on whether they accomplish their purpose. Socrates demonstrated a strong relationship between communication that would result in the discovery and appreciation of truth and beauty; this gave a precedent to the value of ethics in communication. Each view puts value into a different way of viewing the truth that surrounds us every day; one sees that there is truth in everything and it’s up to the individual to find that truth while the other views that truth is dependent on the person and can change depending on a persons view. These two views from ancient Athens will continue to lead the study of communication and help shape the continued understanding of the field.