Good vs Evil :: essays papers

Good vs Evil The ill-begotten town of Vec is in shambles. The churches have all been burned, and Satan's reign has spread to the top-land through the desire and meddling of five young men. The men call themselves the Satanic Cult of the Spirit. They, alone, are Satan's army brought from the bowels of the Nether regions to take arms against goodness and all that is holy in the world that exists today. The cult ritually performs seances to conjure the demon for further instructions. The body of lead clansmen Brom has been decided the cradle for Satan's spirit as the other members, representatives of the four elementals, form an inverted pentacle with "the spirit" Brom at the zenith. Meanwhile, in the town of Eladamri, the forces of good, led by Master Barrin, prepare for the coming battle. "Noble prophets and oracles, we must now rise for the battle of all ages. You have lived for the love of our Lord, will you now not die for it? We must be strong in our faith to conjure the spirit necessary to defeat the growing evils of Vec. The evil inside the men grows stronger by the hour and we must hold fast. Our belief shall be the lance that pierces the evil of Vec and frees the four men from their satanic shackles." With a dramatic ending to the resounding applause received, Barrin stepped away from the podium and back to his chambers for more meditation. Suddenly, a knock. "Master Barrin, it is I, sir DiTerlizzi. Might I have a word?" "Certainly, certainly...Please, do come in!" And with a little hesitance, DiTerlizzi rushed into the room panting and took a seat. "Sir, word has been spread that one of the oracles envisioned the image of Satan in one of his dreams. It was said Satan has spoken to him stating that he will come to our sitting and ‘flay the skin from the flesh of the townsmen and then flesh from bone scraping [our] bones dry, And still [we] will not have suffered enough for betraying [him].' Might I remind you of the old proverb sir that ‘ The bonds of loyalty can tie one to the grave.' Maybe our belief is to be the destruction of our kind." "Fear not young DiTerlizzi, one tends to overlook the previous prophecy given by the oracle that ‘There shall be vast shout and then a vaster silence. Good vs Evil :: essays papers Good vs Evil The ill-begotten town of Vec is in shambles. The churches have all been burned, and Satan's reign has spread to the top-land through the desire and meddling of five young men. The men call themselves the Satanic Cult of the Spirit. They, alone, are Satan's army brought from the bowels of the Nether regions to take arms against goodness and all that is holy in the world that exists today. The cult ritually performs seances to conjure the demon for further instructions. The body of lead clansmen Brom has been decided the cradle for Satan's spirit as the other members, representatives of the four elementals, form an inverted pentacle with "the spirit" Brom at the zenith. Meanwhile, in the town of Eladamri, the forces of good, led by Master Barrin, prepare for the coming battle. "Noble prophets and oracles, we must now rise for the battle of all ages. You have lived for the love of our Lord, will you now not die for it? We must be strong in our faith to conjure the spirit necessary to defeat the growing evils of Vec. The evil inside the men grows stronger by the hour and we must hold fast. Our belief shall be the lance that pierces the evil of Vec and frees the four men from their satanic shackles." With a dramatic ending to the resounding applause received, Barrin stepped away from the podium and back to his chambers for more meditation. Suddenly, a knock. "Master Barrin, it is I, sir DiTerlizzi. Might I have a word?" "Certainly, certainly...Please, do come in!" And with a little hesitance, DiTerlizzi rushed into the room panting and took a seat. "Sir, word has been spread that one of the oracles envisioned the image of Satan in one of his dreams. It was said Satan has spoken to him stating that he will come to our sitting and ‘flay the skin from the flesh of the townsmen and then flesh from bone scraping [our] bones dry, And still [we] will not have suffered enough for betraying [him].' Might I remind you of the old proverb sir that ‘ The bonds of loyalty can tie one to the grave.' Maybe our belief is to be the destruction of our kind." "Fear not young DiTerlizzi, one tends to overlook the previous prophecy given by the oracle that ‘There shall be vast shout and then a vaster silence.

Impacts of Rupee Appreciation/Depreciation on Import

INTRODUCTION CURRENCY APPRECIATION:- An increase in the value of one currency in terms of another. Currencies appreciate against each other for various reasons, including capital inflows and the state of a country's current account. Typically, a Forex trader trades a currency pair in the hopes of currency appreciation of the base currency against the counter currency. CURRENCY DEPRICIATION:- A decrease in the  value  of a  currency  with respect to other currencies. This means that the depreciated currency is worth fewer units of some other currency.While depreciation means a reduction in value, it can be advantageous as it makes  exports  in the depreciated currency less  expensive. For example, suppose one unit of Currency A is worth one unit of Currency B. If Currency A depreciates such that it becomes worth half of one unite of Currency B, then exports denominated in Currency A are only half as expensive when trading in a Currency B market. SIGNIFICANCE:- * When a c ountry's exports are high, the buyers of these exports need its currency to pay for those exports. When the country's central bank increases interest rates, people will want that currency to deposit in the banks to earn that higher interest rate. * When employment and per capita income in a country increase, the demand for its goods and services increases, along with demand for that country's currency in the local market. * Demand for any country’s currency on the foreign exchange market is determined by demand for that country’s exports of goods and services and by changes in foreign investment in that country.This is because when foreigners buy another country’s exports of goods or services they must pay for these in the currency of the exporting country. * In the same way, Supply of any country’s currency on the foreign exchange market is determined by that country’s imports of goods and services and by its investment in other countries. * Thus when the demand for a currency rises its price goes up and it becomes costlier. *   An increase in exports of a country will lead to an increase in demand for the currency and thus the value rises. *   Rapid domestic growth increases the demand for mports, while slow or no growth with foreign economies can cause a decline in demand for the country's exports. * If prices in both countries remain the same, depreciation will make foreign goods relatively more expensive to you, leading to a fall in imports. It also means that, even if prices remain the same, your goods will be cheaper to foreigners. They will buy more of your goods and exports will rise. As a result, your country's  net exports will increase. * The devaluation of the dollar will have a positive impact on the importers, while it will have adverse effect on the exporters.Importers of goods and services will be getting the goods and services by paying less THEORETICAL FRAMEWORK:- Currency depreciation is not at all g ood for economy of a country. Government always keeps an eye on currency fluctuation. More depreciation can cause major loss to a country. All this is related to export and import of a country. If a currency depreciates, it is the exporters who make good profit, where as importers are on the losing side. Depreciation discourages purchases of imported goods stimulating demand for domestically manufactured goods.The governments worldwide monitor appreciation and depreciation by using powerful tools like the base interest rates, which are usually set by the country’s central bank. Many a times this tool is often used to intentionally depreciate the currency rates to encourage exports. However, this can cause major damage to imports. Always a balance has to be maintained between export and import. Within a span of 5 year, the value of INR has significantly increased from around 40 to 54. 24 with respect to dollar. Indian economy is among the fastest growing economies of the world .The appreciation of the rupees against the dollar would be another giant sign towards its economic prosperity and augmentation. However, the economic epidemics like poverty, unemployment etc. , could not be dealt in the short-run. In the past one year, the dollar has dropped by around 15 per cent against Indian rupees. This reveals that positive or negative impact on volume of export or import would be around 15 per cent, which cannot be over looked as the exporters are suffering losses, whereas importer are on gain. However, the impact will remain until there is depreciation of dollar against rupees.If it continues, then a great change can be expected on a long run in international trade arena. Another impact would be the fantasy of dollar has been losing ground day by day. From analyses made it clear that earlier people were, fascinate about dollar due to its value against Indian rupees. However, the scenario has completely changed. Those, who were planning to move to US for job, now might plan to settle in Britain, as British economy is one of the strongest economies in the world REASONS BEHIND INR DEPRECIATION (SINCE AUGUST 2011)Since the transition from fixed exchange rate regime to market determined exchange rate regime in March, 1993, the INR value with respect to the United States Dollar [USD] had decreased manifold (Dua & Ranjan, 2010). The primary reasons that catalyzed the INR fall could be the increased trade between other countries. Post liberalization, the country witnessed an ever-increasing flux in the foreign inflows particularly due to the enticing growth potential of the country. However, this effect could not overpower the gap between import and exports [called the Trade Deficit].The offsetting effect of foreign inflows strengthened till mid-2008 (the rupee was once comfortably trading at 39. 15 INR/USD) when the banking crisis unfolded in the US leading to recession. Though commentators say that emerging economies like India and China wer e the least hit by the recession (in terms of output) (Ghosh & Chandrasekhar, 2009), the crisis took its toll on the INR. With the flight of foreign funds to safer haven currencies and better investment opportunities, the INR had no other choice but to fall. However, the recent round of depreciation of the INR is peculiar in some aspects.Though there was another crisis that hit the world markets, i. e. the Euro zone crisis, there was considerable lag in the effect, with the Euro zone crisis started looming as early as late-2010, the INR’s depreciation is felt only in August 2011. Major reasons behind this depreciation can be listed [in decreasing order of importance] as follows: * Outflow of funds (and/or) Impeded inflow. *   Ã‚  Ã‚  Increasing Current Account Deficit [CAD] *   Ã‚  Recovery of USD and Japanese Yen [JPY] – the long-term safe haven currencies. *   Ã‚  Ã‚  Lack of intervention from RBI FALLING RUPEE AGAINST DOLLAR 011 was the year of great stress fo r Indian Rupee. It has lost greater than 10 % of its value in the year 2011, making it one of the worst performing currencies in Asia. Logic says rupee appreciation shows the Indian economy is strengthening against US economy and depreciation makes the economy weaker. Overseas funds sold more than US$500 million worth of Indian-listed shares over the last 5 years, reducing net income for 2011 to less than US$300 million – a tiny sum compared with record investments of greater than US$29 billion earned last year, on November 21, 2011 alone.According to Federal Bank report, the premium banks pay to borrow dollars overnight from central banks will fall by half a percentage point to 50 basis points. The move was coordinated with the monetary authorities in Canada, the U. K, Japan and Switzerland and the Central Bank of Europe. ROLE OF GOVERNMENT OF INDIA AND RESERVE BANK OF INDIA The exchange rate is a significant tool used to examine the efficiency of economy. The exchange rate of the Indian rupee is dependent upon the market conditions, where the demand and supply play a major role.In order to adopt the effective exchange rates the RBI makes buy and sell transactions to keep the low variability and volatility in exchange rates. RBI also removes the excess liquidity from the economy by increasing the CRR and SLR. The Government of India also managed floating exchange rate mechanism. This means that the Indian government interferes only when the circumstances demand and/or if the exchange rate gets out of control by increasing or reducing the money supply. Hedging: Using forwards and futures contracts help in mitigating the risks arise due to exchange rate fluctuations.This process is known as Hedging, but none-the-less the impact is substantial. Reduce Trade Deficit: The main factors for the depreciation of rupee are slowdown in capital flows, high trade and current account deficit and high crude oil prices. To stop fluctuations in rupee it is necessary to reduce these deficits. RBI Control Policy: When rupee depreciates, it results in a price hike in the petroleum products and fertilizers. This increases the inflation. This becomes a challenging period for RBI. If they increase the key rates, it will affect our growth rate and there will be stock market crash.If it is not, inflation will kill the normal public. As per analysts, say the rupee depreciation is considered as a short-term scenario. The Indian market will be a good destination for FIIs in years to come. Huge investment is expected in the coming years. Gradually the rupee will gain its value. Investors need not worry about the rupee depreciation. Since March 2010, Reserve Bank of India [RBI] hiked the interest rates 13 times and thus compromising on growth. RBI’s interest rates hikes seemed futile since the inflation was due to supply falling short rather than the demand rising.Both inflation and RBI’s action reduced the color of the vibrant economy once Indi a displayed in 2007-2008. According to intelligence reports by the Associated Chambers of Commerce and Industry of India, sectors of India Exports are as follows- Sector of Import| Share in Total Imports| Petroleum| 77| Heavy Engineering Goods| 22| Pharmaceuticals| 19| The sectors of Import gain if the rupee appreciates. They would have to pay less for the imported raw materials, which would increase their profit margins. Likewise, depreciation in rupee value makes exports cheaper and imports expensive.Exports from India are of handicrafts, gems, jewelry, textiles, ready-made garments, industrial machinery, leather products, chemicals and related products. Since the 1990s, India is the world’s largest processor of diamonds. The mentioned export items contribute substantially to foreign receipts. During the periods when the dollar was moving high against the rupee, exporters stood to gain, when $1 = Rs. 48, was getting them Rs. 4800 for every $100. Since the beginning of the y ear 2007, rupee appreciated by about 10%.With its value of rupee Rs. 39. 35 = $1 as on 16 Nov 2007, for every $100, exporters would get only Rs. 3935. This difference is towing away the profit margins of exporters and BPO service providers alike. Imports to India are of petroleum products, capital goods, chemicals, dyes, plastics, pharmaceuticals, iron and steel, uncut precious stones, fertilizers, pulp paper etc. With the same scenario as given for export, if we analyze – an importer is paying Rs. 3935 now instead of Rs. 4800 paid during yester years for every $100.This gain on FX is likely to create savings in cost, which could be passed on to consumers, thereby contributing to control inflation Exhibit showing the quarterly values of Foreign Investment Flows in India Source:  Public Debt Management Quarterly Report (July-September 2011), Ministry of Finance, November 2011 CONCLUSION:- Conclusively, appreciation and depreciation of rupee cannot certainly be taken as benef icial to the Indian economy in general. On one hand, the rupee appreciation will affect exporters, BPOs, etc. , on the other, rupee depreciation will affect importers.So now, it depends on what the future has to reveal for, how effectively the central bank can balance the FX rates with little impact to the relative areas of FX usage. Though RBI is trying its level best in controlling inflation, due to the inherent supply-driven nature of the inflation, monetary controls remain as futile attempts. Systemic inefficiencies, like improper supply chains, must be immediately addressed by the Government to stall inflation. RBI has already done the damage by ruthlessly increasing the base rates and thus compromising the growth and discouraging investments.In order to control currency depreciation, any central bank is expected to hike the interest rates. Since the prevailing interest rates have already reached a high, RBI is helpless in managing the exchange rates through interest rate hike. Another option left with RBI is to use its foreign exchange reserves to sell dollars in the currency market to improve the value of INR. Though RBI’s argument of non-intervention is justified (Gokarn, 2011), it must strike the right balance between intervention and controlled-intervention.Generally, foreign exchange reserves deplete because of daily operations of central banks in the wake of domestic currency depreciation. Considering all the above factors, is the way ahead gloomy for the Indian rupee? Well, nothing can be told so surely in this uncertain environment. The market sentiments truly drove the INR to the edge. The INR may correct itself and settle in a lower value than that is prevailing currently as the market sentiments fade out. On the other hand, tight monetary control by the RBI, which led to high interest rates, widened the interest rate differential thus inviting inflows.Overselling of rupee than that is necessary might have caused the slide in the value o f INR. If the rupee starts rebounding, it would definitely start yielding high results due to the low base effect. Therefore, if the rupee is actually oversold, investors who are confident about the resilient Indian economy might put their money on the rupee since no other asset would give such high returns in this current scenario. However, there are conditions attached to the argument – rupee must bounce back and foreign inflows must find their way back into the Indian economy.

Biography of Catherine Howard, Queen of England

Catherine Howard (c. 1523–February 13, 1542) was the fifth wife of Henry VIII. During her brief marriage, she was officially the Queen of England. Howard was beheaded for adultery and unchastity in 1542. Fast Facts: Catherine Howard Known For: Howard was briefly the Queen of England; her husband Henry VIII ordered her to be beheaded for adultery.Born: 1523 in London, EnglandParents: Lord Edmund Howard  and  Joyce CulpeperDied: February 13, 1542 in London, EnglandSpouse: King Henry VIII (m. 1540) Early Life Catherine Howard was born in London, England, sometime around 1523. Her parents were  Lord Edmund Howard  and  Joyce Culpeper. In 1531, through the influence of his niece Anne Boleyn, Edmund Howard obtained a position as comptroller for Henry VIII in Calais. When her father went to Calais, Catherine Howard was placed in the care of Agnes Tilney, Dowager Duchess of Norfolk, her fathers stepmother.  Howard lived with Agnes Tilney at Chesworth House and then at Norfolk House. She was one of many young nobles sent to live under Agnes Tilneys supervision—and that supervision was notably loose.  Howards education, which included reading and writing and music, was directed by Tilney. Youthful Indiscretions About 1536, while living with Tilney at Chesworth House, Howard had a sexual relationship with a music tutor, Henry Manox (Mannox or Mannock). Tilney reportedly struck Howard when she caught the two together. Manox followed her to Norfolk House and tried to continue a relationship. Manox was eventually replaced in young Howards affections by Frances Dereham, a secretary and relative. Howard shared a bed at the Tilney home with Katherine Tilney, and the two were visited a few times in their bedchamber by Dereham and Edward Malgrave, a cousin of Henry Manox, Howards former love. Howard and Dereham apparently did consummate their relationship, reportedly calling each other husband and wife and promising marriage—what to the church amounted to a contract of marriage. Manox heard gossip of the relationship and jealously reported it to Agnes Tilney. When Dereham saw the warning note, he guessed it had been written by Manox, which implies that Dereham knew of Howards relationship with him.  Tilney again struck her granddaughter for her behavior and sought to end the relationship. Howard was sent to court, and  Dereham went to Ireland. At Court Howard was to serve as a lady in waiting to Henry VIIIs newest (fourth) queen, Anne of Cleves, soon to arrive in England. This assignment was probably arranged by her uncle, Thomas Howard, Duke of Norfolk and one of Henrys advisors.  Anne of Cleves arrived in England in December 1539, and Henry may have first seen Howard at that event. At court, she caught the kings attention, as he was quite quickly unhappy in his new marriage. Henry started courting Howard, and by May was publicly giving her gifts. Anne complained of this attraction to the ambassador from her homeland. Marriage Henry had his marriage to Anne of Cleves annulled on July 9, 1540. He then married Catherine Howard on July 28, generously bestowing jewelry and other expensive gifts on his much-younger and attractive bride. On their wedding day, Thomas Cromwell, who had arranged the marriage of Henry to Anne of Cleves, was executed. Howard was publicly made queen on August 8. Early the next year, Howard began a flirtation—perhaps more—with one of Henrys favorites, Thomas Culpeper, who was also a distant relative on her mothers side and who had a reputation for lechery. Arranging their clandestine meetings was Howards lady of the privy chamber, Jane Boleyn, Lady Rochford, widow of George Boleyn who had been executed with his sister Anne Boleyn. Only Lady Rochford and Katherine Tilney were permitted into Howards rooms when Culpeper was present. Whether Culpeper and Howard were lovers or whether she was pressured by him but did not acquiesce to his sexual advances is unknown. Howard was even more reckless than to pursue that relationship; she brought her old lovers Manox and Dereham to court as well, as her musician and secretary. Dereham bragged about their relationship, and she may have made the appointments in an attempt to silence them about their past. Charges On November 2, 1541, Cranmer confronted Henry with the allegations about Howards indiscretions. Henry at first did not believe the allegations. Dereham and Culpeper confessed to their part in these relationships after being tortured, and Henry abandoned Howard. Cranmer zealously pursued the case against Howard. She was charged with unchastity before her marriage and with concealing her precontract and her indiscretions from the king before their marriage, thereby committing treason. She was also accused of adultery, which for a queen consort was also treason. A number of Howards relatives were also questioned about her past, and some were charged with treasonous acts for concealing her sexual past. These relatives were all pardoned, though some lost their property. On November 23, Howards title of queen was stripped from her. Culpeper and Dereham were executed on December 10 and their heads displayed on London Bridge. Death On January 21, 1542, Parliament passed a bill of attainder making Howards actions an executable offense. She was taken to the Tower of London on February 10, Henry signed the bill of attainder, and she was executed on the morning of February 13. Like her cousin Anne Boleyn, also beheaded for treason, Howard was buried without any marker in the chapel of St Peter ad Vincula. During Queen Victorias reign in the 19th century, both bodies were exhumed and identified, and their resting places were marked. Jane Boleyn, Lady Rochford, was also beheaded. She was  buried with Howard. Legacy Historians and scholars have struggled to reach a consensus about Howard, with some describing her as a deliberate troublemaker and others characterizing her as an innocent victim of King Henrys rages. Howard has been depicted in a variety of plays, films, and television series, including The Private Life of Henry VIII and The Tudors. Ford Madox Ford wrote a fictionalized version of her life in the novel The Fifth Queen. Sources Crawford, Anne.  Letters of the Queens of England, 1100-1547. Alan Sutton, 1994.Fraser, Antonia. The Wives of Henry VIII. 1993.Weir, Alison.  The Six Wives of Henry VIII. Grove Weidenfeld, 1991.