How Realism caused the Global Financial Crisis

How Realism caused the Global Financial Crisis The global financial crisis is commonly believed to have begun in July 2007 with the credit crunch, when a loss of confidence by US investors in the value of sub-prime mortgages caused a liquidity crisis. The housing market in the United States suffered greatly as many home owners who had taken out sub-prime loans found they were unable to meet their mortgage repayments. As the value of homes plummeted, the borrowers found themselves with negative equity. With a large number of borrowers defaulting on loans, banks were faced with a situation where the repossessed house and land was worth less on todays market than the bank had loaned out originally. The banks had a liquidity crisis on their hands. The housing collapse in the United States is commonly referred to as the trigger for the global financial crisis. Liberalism is built on the fundamental assumption that human nature is rational and thus good. Humans are capable of cooperative behaviour, and destructive behaviour is a result of bad societies, institutions and/or governments. As such, the Liberal school of thought has a strong belief in progress, particularly the notion that humans are perfectible. Thus all humans deserve basic rights, liberty and equality. Consequently, Liberalism has a deep concern with improving the welfare of all people. In a highly developed nation like the USA, many would argue home-ownership is a vital aspect of welfare. In the modern world, constant economic growth is essential for progress of this nature. Liberals believe the optimal way of achieving economic growth is through free trade and markets. There must be freedom for private powers (business) at the expense of public power (government.) Free markets and trade will organically synchronise the supply and demand of resources and government attempts to control or regulate the market will only make that process less efficient. Free trade enables the execution of other core Liberal beliefs, such as the concepts of cooperation and integration. Through economic interdependence based on mutual benefit, the possibility of conflict between nation-states is reduced. Furthermore, economic cooperation creates wealth, development and growth for all involved. This process of rapid cross-border movement of goods, services, technology and capital is known as globalisation. However, with the positives of economic interdependence come the risks financial toxicity in the USA economic system spread world-wide like wildfire. Realism, created as a response to Idealism, is currently the dominant school of thought in international relations. The premise is that nation-states are the dominant actors in a value-free system of international relations, which take place in an environment of permanent international anarchy and revolves around power. The main tenets of the theory are statism, survival, and self-help. Realism accepts the power of the free trade, but not only rejects the notion that government intervention causes market inefficiency, but believes that public power exerting regulatory control leads to the optimal outcome. Realism favours the use of high tariffs to protect infant or venerable domestic industries from foreign competition until they have built up the capacity to compete on the world market. The Realist hijack (through intervention) of the Liberal free-market has undermined the Liberal system overall and is the primary cause of the global-financial-crisis. Other views of international relation schools of thought in the context of global economics include the Marxist view and the Constructivist view. Marxists believe that only vigorous application of strong public power can check the innate tendency of private power benefiting the elite at the expense of the population at large. Constructivists trust that a unit, in addition to its material interests, will also act based on political and economic identities and values. According to Realists, the global-financial-crisis was a result of the Liberal free market enabling Wall Street to act upon its greed unchecked. And today we see how utterly mistaken was the Milton Friedman notion that a market system can regulate itself. We see how silly the Ronald Reagan slogan was that government is the problem, not the solution. This prevailing ideology of the last few decades has now been reversed. Everyone understands now, on the contrary, that there can be no solution without government. The classical Liberal perspective is quick to point out that Realist public policy, hoping to control the market in order to achieve optimal outcomes (in this case a push for greater home ownership), distorted the natural market feedback loops of profit and loss. Capitalism is a profit and loss system. The profits encourage risk taking. The losses encourage prudence. When taxpayers absorb the losses, the distorted result is reckless and imprudent risk taking. The governments Realist policy to push for greater home ownership led to government-sponsored enterprises to, in essence, guarantee mortgages. In the US, householders can hand their property over to the bank and walk away if they cannot pay their mortgage. As the aforementioned government intervention significantly reduced the risk of underwriting mortgages for banks, they began to underwrite mortgages to anyone, even unqualified borrowers who were getting mortgages for houses they could never afford. As many of the sub-prime borrowers got behind in their repayments, they were evicted or they walked away. But with so many houses now coming up for sale, prices fell sharply. With so many borrowers defaulting on mortgages, the supply of houses far outweighed the demand. Consequently, the banks repossessed houses were worth less on todays market than when the banks had originally loaned them out. This liquidity crisis triggered the global-financial-crisis. Public-policy decisions have perverted the incentives that naturally create stability in financial markets and the market for housing. Over the last three decades, government policy has coddled creditors, reducing the risk they face from financing bad investments. Not surprisingly, this encouraged risky investments financed by borrowed money. The increasing use of debt mixed with housing policy, monetary policy, and tax policy crippled the housing market and the financial sector. Liberals argue that this is the reason the markets must be free of government control. As long as Realists believe that interfering with the market can make their nation-state better (i.e. greater home ownership for Americans), there will be opportunity and incentive for corporate lobbyists (in this case from Wall Street) to attempt to manipulate government for its own advantage. Free-markets work because they align the individual greed of man (ironically a fundamental aspect of Realism) with the common good of the nation-state. Realism intervention corrupts that alignment by creating a system that can be gamed. Realists often accuse Liberals of being idealistic to a fault. Ironically, it was the Realists making reality conform to their ideals that created the distortion of government economic policies, leading to short-sighted intervention in the relatively free market. This resulted in the unintentional long-term consequence of perverting the natural incentives of productivity profit and loss which, in turn, ultimately triggered the global-financial-crisis. It was government intervention in the markets that created the crisis and that less, not more, regulation is what the system needs to heal and to survive. Marcell Acs 109790

Jill Paton Walsh’s novel Fireweed shows this when two adolescents Bill

Jill Paton Walsh’s novel Fireweed shows this when two adolescents Bill and Julie who know nothing about each other. They are then thrown into an increasingly complicated relationship which has its ups and downs. Fireweed London is a very complex place, especially when you are 15 and on your own in the blitz of 1940. Jill Paton Walsh’s novel â€Å"Fireweed† shows this when two adolescents â€Å"Bill and Julie† who know nothing about each other. They are then thrown into an increasingly complicated relationship which has its ups and downs. At the beginning of the novel their relationship was simply a business partnership, as Julie had money and Bill knew his way about London. When they found out about this they went out for a bite to eat. When Julie and Bill first met they were complete strangers to one another, but because they were on their own, in London during the war they decided that a friend would be a good idea. At the restaurant Bill and Julie learned more about each other. At this point I think in the novel Bill and Julie have no feelings for each other whatsoever, it’s simply just a business partnership. They are both lonely, she has money he doesn’t and he knows his way about London and she doesn’t. At this point in the novel Bill is trying to impress Julie as this is quite normal for an adolescent boy. The first real problem in the relationship occurs when Bill and Julie are at the park having a good time, until Bill spots his dad. This is a major turning point in their relationship as one little problem grows and becomes a crisis when Bill can’t decide if he wants to go get his father or stay with Julie, if he chooses to go see his dad, he will be sent to Wales and she will be sent to Canada ... ...lising he can’t find her he visits every hospital in London asking for a Julie and they all reply no. He then runs until he can run no more. When Bill eventually does get in to see Julie he can’t really talk to her as her Mum and brother are in the room, so he sticks to small talk. Julie’s Brother Robin butts in and says â€Å"look pal thanks for everything but if there is anything more than a friendship then beat it†. Bill is about to talk when Julie says â€Å"don’t be silly Robin of course there is nothing in it, nothing at all†. After this Bill fells the worst he has ever felt in his life and thinks that the only way out is death. Bill is so hurt by Julie’s comment that he wants to kill himself. Many years later after the war he looks back on his relationship with Julie and thinks to himself what if it was only a cover up and she did have feelings for him.

“Cousin Kate” and “The Seduction” Essay

Both poems are written by female poets, who express their love by exploring physical and emotional aspects. Both poets imply that men are motivated by the physical side of love while women treasure the emotional side. The female characters in each poem to begin with are naà ¯ve, innocent and vulnerable. However each being mistreated left them both experienced before their time. The Seduction is set in the mid 1970’s when a teenage girl is at a party and is lured by a sleazy boy. Cousin Kate is about a young maiden who is taken advantage of by a lord ho then leaves her for her cousin Kate. Both are left with an experience and a child. The poems were written in very different periods and reflect love and marriage in different social manors through time. ‘Cousin Kate’ was written in the Victorian reign around the 1870s. Love and marriage in the 1870s was very different to present time, as the Victorian citizen’s approach and mind-set was to expect women to provide children especially sons to become an heir, ‘Your father would give lands for one, To wear his coronet.’ This shows that the father would be willing to pay a lot of money (land) to have a grandson. Birth out of marriage was considered wrong; ‘The neighbors call you good and pure, Call me an outcast thing’. Society saw Kate as a good person and a good marriage that they accepted into the community. Whilst they considered the cottage maiden as an outcast for having a child out of wedlock. They were also perceived to have a duty to marry and obey their husband; in the bible it says St.Paul in Ephesians 5:22: ‘Wives, be subordinate to their husbands as to the Lord. For the husband is head of his wife just as Christ is head of the church, he himself the savior of the body. As the church is subordinate to Christ, so wives should be subordinate to their husbands in everything.†Ã¢â‚¬â„¢ Similarly in the Seduction although much more recent, societies view of birth outside marriage especially among teenage pregnancy is still frowned upon. ‘And better, now to turn away, move away, fade away, Than to have the neighbors whisper that ‘you always looked the type.’ The Seduction reflects a more modern attitude to love, where people frequently meet at social gatherings.’ She met him at the party and danced with him all night’. This shows that relationships can be started without knowing each other, when you are drinking. The poem also shows that men and women are now perceived as equal, in that both men and women are at the party and both are drinking alcohol. Messages of love have been interlinked with the environment to help you portray their attitudes towards one another. The setting in the Seduction has been created by using imagery and personification which helps the reader to envisage the scene. ‘Far from the blind windows of the tower blocks.’ This could imply that no one is there to see what could happen or that no one cares. An industrial dock yard is not a nice place to be and most probably not many people go there. ‘Towards the frightening scum on the water’, because this setting is so unromantic it implies that the sleazy boy is only after one thing. ‘She chattered on, and stared at the water, The Mersey, green as a septic wound.’ Here the author has used a simile to help explain nervousness of the girl. These words are effective because it emphasizes her innocents, although it seems to be dark and ery. The opening of ‘Cousin Kate’ tells us that she is just a simple country girl working to live. ‘I was a cottage maiden Hardened by sun and air, Contented with my cottage mates,’. Having this opening shows the emphasis of her innocents and it gives us a small idea of who she is. The author Christina Rossetti has pieced together a small picture of what her life was like but tells you enough for you to finish the scene in you mind. This all changes when later on it contrasts with the mention of her cousin Kate and the new lords. Both poets have used the environment help them create an image and an atmosphere which when added to the dramatic monologue is very effective. Also it transfers the feelings and emotions from the character to the reader. The poets have both used a range of techniques to help present the atmosphere and attitude to love. The atmosphere at the beginning of ‘The Seduction’ is quieting down after leaving a party with a random person who has got her drunk. It slowly turns into a dark and depressing mood but the girl is excited, naà ¯ve and unaware. The poet has used words like ‘she giggled’ and ‘he muttered’. This is successful as it shows the contrast between the innocent girl and the sinister boy. At the end of the poem the atmosphere has changed to a despaired attitude this shows how the poets view has changed. The emphasis of the change is described using poetic techniques like Connotation, Imagery, Oxymoron’s and alliteration. ‘And a bag filled with shimmering, sweet paint thinner.’ This implies that the boy was going off to get high when he is meant to be at school, I have chosen this quote also as an example of imagery and alliteration. Similarly the beginning of ‘Cousin Kate’ is peaceful, illustrated though words such as ‘contended’, ‘care’ and ‘flaxen’. However later on in the poem the narrators’ feelings are mixed; ‘Even so I sit and howl in the dust’ shows that she does feel sorrow and the reader can empathise with her. Also the poet has used dust to create a sad atmosphere. Whereas she perceives her cousin as wealthy and happy; ‘You sit in gold and sing’. This gives contrast from poor and rich, sorrow and joy. The narrator is also angry with the lord, ‘I would have spit in his face’. This illustrates her anger towards him, which creates tension and increases the reader’s knowledge of the narrator. Another way the poets express their attitudes to love and marriage is through the relationships between men and women. ‘Cousin Kate’ suggests the role of the men in the Victorian society were much more superior to women as they are the ‘hunters and gatherers’. By this I mean that the men are the leaders and are loved by women and the women should do as they are told. Conversely the male in the poem is not seen as likeable character, ‘He lured me to his palace home’. The word ‘lured’ projects an image of an ungentlemanly character which has falsely persuaded the victim. This is effective as he treats her as she is an object; ‘He changed me like a glove’. Equally ‘The Seduction’ the male character is perceived as someone who is not a pleasant person and a bad influence, ‘He spat into the river’. This is valuable as it illustrates how shocking and uncouth the boy is. Eileen McAuley has used verbs to convey the actions of the characters in ‘The Seduction’; for example the girl’s movements are submissive toward the strong minded boy. Although the same as ‘Cousin Kate’ the women in that period of time are meant to be submissive to their ‘master’. Consequently both poems are exploring the role of women in relationships and despite the fact that there is over a hundred years between the poems they both seem to be implying that society still criticise young mothers. Although the men are described as sleazy and sinister, this could be a miss conception as these may be the views from a women perspective. These descriptions of the male characters are portrayed as a stereotypical chauvinist male and could be offensive from a mans point of view. Finally the two poets have used the structure to help represent the theme of love. Both poems are written in stanzas and each tells another part of the story. ‘Cousin Kate’ is set out in a very traditional manner which help you to grasp the thoughts and emotions of the narrator. It repeats certain words in the first person like ‘I’, ‘he’ and ‘you’ this is done to show the difference between the characters but mostly cousin Kate and the narrator because ‘Kate’ has stolen the narrators ‘man’ (father); also because of the style it has created the piece of writing to be a dramatic monologue. Similarly ‘The Seduction’ also uses a lot of repetition of words in the third person like ‘she’ and ‘he’ this helps to show that it is a narrative. The poem is almost split into two sections; the fir half concentrates on the build up to when she discovers that she is pregnant and the second half only talks about if only it had not happened; also the first half is showing her innocents forming into an experience. This is successful because she is a young girl who still day dreams and wishes to be out with her friends; ‘Day trips to Blackpool, jumping all the rides?’ McAuley has also used a rhetorical question as if to say should she be out with her friends or does she get what she is deserved; but then it carries on to question what does the girl deserve? I believe that there is a subliminal message beyond the words and technical styles of writing, in both poems which can be related to the present time. The most obvious one is not to be naive and fall for boys tricks. However boy tricks are not always bad and good things may come of it. I consider the most successful technique is not a poetic technique, but more the structure the poets have written them in because it creates the mood, the speed and most of all in my eyes the tension and suspense.

The Synoptic Relationship The Four Source Hypothesis

To analysis the synoptic relationship is to show the significance of the Synoptic Problem. In the New Testament, Matthew, Mark, and Luke are known as the Synoptic Gospels. All three of them share some of the same stories and some common materials, such as some of the arrangements of the common material follow Mark’s order and some common material from Matthew or Luke are different from Mark’s order, and then some agree with Mark’s order. According to the Eight General Rules of the Synoptic, Matthew includes roughly 90% of Mark and Luke includes roughly 50%. Since Mark is shorter than either Matthew or Luke, it includes a much smaller percentage of each of them. There are three theories that have been discussed to solve the Synoptic†¦show more content†¦For example, Matthew 4:17 reads, â€Å"From that time Jesus began to preach and say, Repent, for the kingdom of heaven is at hand† and Mark 1:15 reads, â€Å"The time is fulfilled, and the ki ngdom of God is at hand; repent and believe in the gospel.† The most important thing that these two scriptures have in common from the start is that Jesus is the speaker, due to it being written in â€Å"red.† This is the first agreement that both share in characterize of Jesus. Before viewing Matthew 4:17, let review back to Chapter 1, 2, and 3, in these three chapters, there is the ‘The Book of Generation, the Birth of the Messiah, and John the Baptist Preaching. In viewing Chapter one, Jesus comes down the blood line of David, which is prophecy in the Old Testament (2 Samuel 7:12). Matthew is speaking of God’s covenant with David that has been prophecy about God establishing and fulfilling a kingdom to come. This scripture falls, right in place after Jesus’ baptism, the temptation in the wilderness and John the Baptist is taken into custody, and the Sermon on the Mount, known as â€Å"The Beatitudes.† Matthew 4:17 is sandwiched in the mid dle of all of this Chaos that is going on between â€Å"The Genealogy of Jesus the Messiah† and â€Å"The Sermon on the Mount: The Beatitudes.† In reading, Matthew 4:17, Jesus was announcing that â€Å"He has come.† For He stated, â€Å"Repent, for the kingdom of heaven is at hand.† ThisShow MoreRelatedThe Synoptic Problem: Analysis Of The Two-Gospel Hypothesis Essays2071 Words   |  9 PagesIntroduction Throughout history scholars and theologians have sought to determine the chronological order regarding the synoptic Gospels of the New Testament canon. 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