The Black Death Essay Example for Free

The Black Death Essay A virulent plague strikes Europe in the 14th century in addition to its current over-population and malnutrition problems. Preconditions and Causes of the Plague 1. Nine-tenths of the people worked the land in the 14th century of Europe. 2. The 3 field system efficiently rose the production of crops however it was still not enough to meet the demands of the growing population. 3. Estimation shows the European population doubling within the years 1000 and 3000 outgrowing the food supply. 4. In addition to food shortage there was a shortage of jobs, and many Europeans faced extreme hunger conditions. 5. During 1315-1317 crop failures result in the largest famine of the Middle Ages. 6. Populated urban towns and areas, like the industrial towns of the Netherlands suffered the most under these conditions. 7. Overpopulation, economic depression, famine, and bad health coming together for decades surely weakened Europe’s population making it more susceptible to impending plague. 8. The Black Death was called so because of the black discoloration of the skin. It travelled from Asia to Europe through trade routes. 9. The fleas on rats held the plague and ships that travelled from the Black Sea to Europe were the likely cause of the plague spreading to Europe. 10. The Black Death first began appearing in Constantinople in 1346 and Sicily in 1347. Entering the ports of Venice, Genoa, and Pisa in 1348. From then on the plague began spreading through Spain and France and into north Europe. Regions off to the side of trade routes such as Bohemia remained unaffected by the plague. 11. The plague had much reappearance for decades after. Popular Remedies 1. The plague attacked the lungs of the victim while under it. Because it affected the lungs sneezing and wheezing easily passed it on from person to person. 2. Physicians at the time knew little of the body so basic fundamental procedures to prevent the disease failed. 3. Cotemporary physicians cannot explain the plague either and view it to be a catastrophe with no explanation and no defense. 4. Western Europe was greatly affected by an obsession with death and disease and caused a pessimism that lasted even after the plague had been over for years. 5. Some people believed the disease had come from a corruption in the atmosphere while others though it was caused by fumes that earthquakes released. 6. Many people believed a remedy was to wear an aromatic amulet. 7. Some believed a temperate life would be a remedy others gave into their passions; however others still chose flight and seclusion as the best medicine. 8. An extreme remedy believed by flagellants consisted of beating one’s self and that would bring on a divine intervention. The act of this was so socially disruptive and the blood spilled by this spread the disease even more, so the church finally banned these acts.

The Islam And Christian Holy War Religion Essay

The Islam And Christian Holy War Religion Essay For centuries Christians and Muslims have fiercely engaged in wars because they believed they will be rewarded by God for waging war in his name. In recent times we have become very familiar with the Jihad; as the media has covered this topic extensively after the September 11 attack that took place in the United States. This act of terror made the Islamic community a focal point of the media, which educated the populace on the violence of Islam or as they choose to call it Holy War. The truth is that, Islam is not the only religion that has committed violence in the name of God. Christianity also has its history of violence and Holy Wars, they were called the Crusades. The reasons for the Crusades were; to free fellow Christians from incursion and discrimination, Conquering lands in the possessed by other religions and fulfilling promises to partake in a crusade. Today we refer to Holy wars as Killing in Gods name, but war and religion have gone hand in hand for centuries. People go to battle after praying and making sacrifices to God, making them believe that God is on their side because they are fighting for his cause. An example is when Joshua destroyed the Anakites in the Bible. Involving God in such violent acts is not supposed to make a war holy. In the past few centuries, since the first crusades began to recapture the holy land from the Muslims Saracens, holy wars between these two religions have evolved along different paths. In the Christians context, we see a gradual decline in violence, the opposite is witnessed in Islam, and there have been a few recent cases of killing in the name of religion in Islam, the September 11 attack is one of the most serious in recent time. Islam is the fastest growing religion in the world and today it is amongst the religions with the highest amount of believers. The Jihad played a vital role in this rapid growth of Islam. Battles that were fought and won over a large geographical area, the captives were either converted by the sword or willingly changed to the religion of the army that conquered them. Fight in the cause of Allah those who fight you but do not transgress limitsAnd slay them wherever ye catch them. And turn them out from where they have turned you out; for persecution is worse than slaughter; but fight them not at the sacred Mosque unless they (first) fight you there; but if they fight you, slay them. Such is the reward of those who reject faith. But if they cease, Allah is oft-forgiving, most Merciful. And fight them on until there is no more persecution. And the religion becomes Allahs. But if they cease, let there be no hostility except to those who practice oppression (The Quran, Surah 2:190-193). The Quran is the holy book of Islam; the above quote is from the Quran it encourages the Holy war. Partly this explains the numerous battles the Muslims were involved in few centuries ago, fortunately in modern times the Jihad is no longer carried on a large scale as compared to the past but there are still some exceptional cases. The Hadith is another important book in Islam and it is second to the Quran. The Hadith contains the sayings and activities of the Prophet Muhammad and he encourages the Jihad, saying that anyone who dies fighting for Allah will be rewarded, by going to paradise. Many of these sayings have been interpreted in different ways and people have acted according to these interpretations which have lead to brutality and wars. Although in this modern age, with the help of globalization and westernization the frequency and scale of religious wars have declined over time. However, a small percentage of Muslims, the extremists and anti -western ones still dwell on the verses in the Quran that talk about war, conflict and violence. This is what has lead to terrorism and suicide bombings in recent times. In addition, the duty of all Muslims is to do the utmost against those who do not believe in Allah, this was meant for nearest enemies of Muslims but as more Foes arose with time, the statements supporting the Jihad were updated. The Muslims are acting according to what they read in their Holy books, most do not feel remorseful for whatever damage they have caused because they believe this are divine instructions of the holy book. Today we do not hesitate to link the word Jihad which means struggle in Arabic to Terrorism, especially after the September 11 attacks. Religious wars and violence happen in some other countries like Nigeria which is one of the most religious countries in the world. In Nigeria, Muslims and Christians clash frequently, fighting and rioting over one problem or the other, but yet the opposing religion knows very little about each others believes. Religious wars in Nigeria are fueled by ignorance, tribalism, poverty, politics and struggle for power. Another cou ntry that has experienced religious war this modern time is India; with a high population of Hindu, a small number of Muslims and a few Christians. Approximately hundred Christians were killed in a recent religious battles and another ten thousand left without a roofs over their head, telling us that religious wars may have reduced but still occurs in some societies. Furthermore, there are two forms of Jihad the greater and lesser Jihad. Internal Jihad or greater Jihad means the battle of believers to live their Muslim faith as the Quran instructs. This explanation is consequently, after a battle the prophet said We are finished with the lesser jihad; now we are starting the greater jihad. He explained to his followers that fighting against an outer enemy is the lesser jihad and fighting against ones self is the greater jihad. This means that the lesser Jihad will refer to the struggle against Unbelievers. (Heck) Muslims put in great effort to live the way Allah instructed them, the personal Jihad has to do with the teachings while the Jihad against unbelievers is the Practical. However, some scholars find the Quran teachings of morality and encouragement of violence very contradictory. Many historians believe that the true meaning of Lesser Jihad does not necessary encourage fighting and brutality but states that Muslim should take a stand for their religion only when Islam is threatened. The misinterpretation of the lesser jihad, as a cause or reason to fight and engage in violence and brutality does not make it holy. If Islam is not threatened and Muslims wage war against non-believers then this cannot be referred to as Lesser Jihad. Over the years various people have interpreted the Quran, their interpretations were influenced by the struggles that they were experiencing at that time. Factors such as oppression, depression, anger, suffering, hunger for power, hatred and other factors have influenced the interpreters perception of the scriptures. For instance, the Taliban strict and extreme version of Islam has even made other Muslim countries view the Ta liban with suspicion. Osama Bin Laden, the leader of the terrorist group Al Qaeda has quoted the Quran on several occasions to justify their violent actions on the west. Political leaders use religion to convince and justify their selfish desires. Using religion makes their argument convincing because they twist and interpreted the scriptures to serve the purpose and believers easily embrace them and believe it is just. Al Qaeda has used suicide bombing as tactics for attacks and the Quran forbids this. (Burk) The Crusades By large, Christianity is a religion that preaches peace but the record of killings and destruction in the past is contradictory to its teachings. In the past, wars were fought against those who opposed Christianity; the wars were fought primarily against Muslims. This is because the rise of lslam slowed down and threatened spread of Christianity. lslam under the rule of the Umayyad Caliphate spread from what is now Saudi Arabia in the Arabian Peninsula to Spain and parts of France. This made lslam a treat to Christianity and the Catholic Church, which was very powerful during the medieval times. The Church had enough political backing to crush anything or anyone that disobeys or treating the beliefs of the Church. Scholars and historians have argued about the cause or reason for the crusades. Some say that the crusades were crucial reaction by Christians to the domination of pilgrims in Muslim-controlled Jerusalem. Others argue that it was political imperialism disguised by religiou s piousness. Furthermore, others say that it was a social liberation for societies that were overburdened by landless nobles. Whatever the reason, it does not change the fact that a lot of lives and property were lost in the process. The first Crusades were organized by Pope Urban II in 1095. His main aim was to take Jerusalem from the hands of those he believed were non believers. Pope Urban II helped lay the foundation for many years of bitter and violent fighting between Christianity and other religions. The Crusades were triggered by popes at that time like Pope Urban ll and Pope Eugene III who called for the second crusade. The Popes felt that the crusades were particularly their duty and under their motivation, even if some of the expeditions sometimes got out of control. They believed the crusades were Gods work and that they were His instruments. Urban at Clermont used the following words: I speak to those who are present, I shall proclaim it to the absent, but it is Christ who commands. Moreover, if those who set out thither lose their lives on the journey, by land or sea, or in fighting against the heathen, their sins shall be remitted in that hour; this I grant through the power of God vested in me. The Pope organized the crusades, deciding the time, participants and also presents privileges to those that partook and threatened them with exile to all that do not realize their vow. (Dana) The crusades were used as a means of reclaiming the lost lands of Christians and acquiring more power for the Church. The age of the crusades was from 1905-1291 CE. In total, there were either eight or nine Crusades, depending on your view. Most historians consider the 9th Crusade to be part of the 8th. It was not only believers of other religions that suffered persecution, some Christians also suffered. Church theologians or leaders dealt with anybody who followed another religion or come up with rational thoughts that threatened Christian beliefs an example is the case of Galileo. Galileos teachings during the 17th century threatened the geocentric view of the universe. He said that the earth revolved around the sun. The church maintained that the earth was stationary and the sun and heavenly bodies revolved around it and this was an accepted fact. Thus were Galileos claims, labeled as the ranting of a heretic and he was confronted by the church leaders and told to recant his theory or face the consequences. The crusades also helped the Church and Popes acquire much wealth, with Crusaders freely giving to the Church before embarking on their journey. Crusaders were frequently taxed and this was handled by the Church. Consequently, the Popes became much more powerful, mainly because of their control over the appointment of the officials. (Dana) Heresy easily spread because of increasing mistrust of the Church, due to many reasons. For instance, all teachings in England, France and Germany had been carried out by the clerics and the crusaders discovered that they were continuously lied to. Others learnt that they misinformation, and began to doubt. The political crusades brought discredit and dishonor upon the Church and the Popes. Many men realized that they were being us ed and the Popes were using their power for worldly ends. In the thirteenth century it became more difficult to persuade men to take the Cross and fight.(Dana) In any case, there has been more recent violence attached to Christianity. Right after the civil war in the United States, the protestant-led white supremacist Ku Klux Klan members engaged in destruction of property, cross burning, beating, arson, murder rape and whipping against Jew, Catholics and African Americans and other social ethnic minorities. These are grave crimes exhibiting extreme violence and brutality. The mission of the Ku Klux Klan is to reestablish protestant Christian view in the United States. They believed that Jesus was the first Klansman. (Robert) They exhibited pure Christian radicalism. Similarly, the Arm of God (AOD) is an underground Christian terrorist organization active in the United States. This group has been involved in anti-abortion violence such as murder, property crimes and kidnapping. All these organization believe they are fighting for the morals of their religion and in the name of God. (Windle) Social Ramification Consequently, religious violence has lead to religious and ethnic profiling in society. The recent terrorist attacks have found to be rooted to religion and ethnicity thus causing countries to use profiling as a context for law enforcement and counter terrorism. Profiling can be defined as the use of racial, religious or ethnic stereotypes, rather than individual behavior, as a basis for making law enforcement and investigative decisions about who has been or may be involved in criminal activity. The global generalizations about a particular ethnic or religious groups propensity to commit a crime has made life difficult for people with certain ethnicity or religion. Society begins to look at such people as potential threats and this has negatively affects their daily lives at school, work and social interaction. Conclusion Finally, today religion is not considered an act of violence, Christians especially Catholics are not proud of the crusades that happened in the past. This point in history, are now looked upon as a dark period In Christianity. A group of Western Christians recently formed a body, their aim is to repair the damage caused by the crusades by apologizing to the other religions that were affected during that time. (Robin) But when have Christians demonstrated this love to Muslims or Jews? We have gone to them with swords and guns. We have gone to them with racism and hatred. We have gone to them with feelings of cultural superiority and economic domination. We have gone to them with colonialism and exploitation. We have even gone to them with the Gospel cloaked in arguments of superiority. Only a few have ever gone with the message of Calvary We must do more than carry the message; we must be the message. This kind of movement helps to show that Christians are not willing to carry out the crusade; no recent case has been heard. Todays Christians want to practice their religion without harming anybody. The same can be said for most Muslims, although some Muslims extremists are obsessed with fighting the west. As the study has shown religious violence was greatly influence my politics and selfishness desires of leaders. Over the course of time leaders have used religion as a tool and have twisted the word of God to suit their agenda and accomplish their desires. Without this influence, misinterpretation and deceit violence would have not been so wide spread in religion. Most religions preach God is of peace and we humans with our selfish ways have used religion as a way to control people and their beliefs. If we do not let our human imperfection influence the word of God and we follow the teaching of our scriptures diligently the world will be more peaceful. Ironically, our imperfection s are barely curable and even the greatest men fault. This is the paradox of life. Work Cited Baird-Windle, Patricia Bader, Eleanor J., (2001), Targets of Hatred: Anti-Abortion Terrorism, New York, St. Martins Press B.A Robins Christian apology for the Crusades: The Reconciliation Walk Religious Tolerance.org. 2005-NOV-04. Web. 3 April 2011 Dana C. The Popes and the Crusades Munro Proceedings of the American Philosophical Society Vol. 55, No. 5 (1916), pp. 348-356 JSTOR. Web. 3 April 2011 Josh Burek and James Norton A world-renowned scholar explains key points of Islam. Islamawareness.org. n.d. Web. 3 April 2011 Michael, Robert, and Philip Rosen. Dictionary of anti-Semitism from the earliest times to the present. Lanham, Maryland, USA: Scarecrow Press, 1997 p. 267. Paul Heck. Jihad Revisited The Journal of Religious Ethics Vol. 32, No. 1 (spring, 2004), pp. 95-128. JSTOR. Web 3 April 2011

Humorous Wedding Speech by the Best Man -- Wedding Toasts Roasts Speec

Humorous Wedding Speech by the Best Man When Daniel came to me and asked me to be his best man, it was a great honour but, when I looked at all the duties required of me, I felt he’d be better off choosing someone else. Then he offered me a fifty, but I told him that it wasn’t a decision that money could change. So then he offered me a hundred. Anyway, good evening Ladies and Gentlemen - My name is Rob and it’s my pleasure to be Daniel's best man today. So let me tell you about all those best man duties that originally concerned me, because I was immediately stumped by the first one: ‘ensure that the groom’s face and hair are in order.’ Well Daniel, I have to say that if nature didn't get them in order the first time around, what chance did I have? It was also my responsibility to ensure the groom choose his clothes wisely. Well, there wasn't a suit in the shop that he didn't try on. As many of you know, Daniel's job as a Policeman requires him to keep calm in stressful situations, so it was a bit of a surprise when he asked the shop owner if he could throw in a spare pair of underpants too. My second duty was to get Daniel to the church on time. Not an easy task, particularly since Kim's nickname for Daniel is 'Everlast' - not for his bedroom skills, but for his time keeping. We have GMT, we have BST, but is anyone here familiar with PWT? Well, Daniel Wilson Time runs about 40 minutes behind either ... ...2 of us on the trip and it’s only fair that the culprit for this unfortunate accident remains anonymous, because it could ruin his wedding day if anyone else found out. Thinking that was pretty much it, Kim reminded me of a duty that wasn’t on my list. As best man, it is my job to keep all Daniel’s past female acquaintances at bay. I told her not to worry as the wedding is on a Friday, and I doubt they'd be allowed the day off school. So now I come to my final wedding day duty which isn’t a duty really – it’s a real pleasure: on behalf of the bridesmaids and myself I sincerely wish you, Daniel, and your lovely wife, Kim, everlasting love and happiness! Ladies and gentlemen, to the bride and groom!

Guilty Conscience in Macbeth :: essays research papers

In my opinion, the statement â€Å"If you commit a crime and don’t get caught, it doesn’t really matter because your guilt over what you have done will destroy you in the end† is true and happens in reality. What is a crime? It is an evil act that breaks the law or the basic values of the society, harming the individuals of the society. So if you commit a crime, and don’t get caught the fact that you have committed a crime and your heart knows will haunt you forever and make you feel guilty. If you know that the act you did was wrong, but you did it anyways ignoring what you knew will definitely lead to your destruction. Even though, you would appear to be confident to others, after committing the crime, but your inner conscience will always curse you and will eventually destroy you. This is what happened to Lady Macbeth in the play written by William Shakespeare, â€Å"Macbeth†. When Macbeth informed Lady Macbeth of the witches’ prophecy of him being the king of Scotland, she incited him to kill Duncan (because of her desire or ambition to rule Scotland). She could not kill Duncan herself, so she told him to slay Duncan. Even though, Lady Macbeth did not kill Duncan, she knew it was because of her provocation that Macbeth was forced to take this step. In the beginning of the play, she is blood thirsty and cruel. In the middle, when she had to hide Macbeth’s hallucination of seeing Banqous ghost, she said â€Å"Good friends, think of this as nothing more than a strange habit. It's nothing else. Too bad it's spoiling our pleasure tonight† (III, iv, 101-103). She is still confident and is trying to stabilize Macbeth’s thoughts. Till this point she is not shown to be guilty of her act but confident. Gradually, as the play progresse s we hear about Lady Macbeth’s condition from her maid, who says to a Doctor â€Å"Since his majesty went into the field, I have seen her rise/from her bed, throw her nightgown upon her, unlock her/closet, take forth paper, fold it, write upon 't, read it,/ afterwards seal it, and again return to bed, yet all this/while in most fall asleep† (V,I, 3-8). Then Lady Macbeth says while sleep walking â€Å"Out, damned spot! Out, I say!—One, two. Why, then, 'tis time to do 't/. Hell is/murky!—Fie, my lord, fie! A soldier, and afeard?

Balzac and the Little Chinese Seamstress by Dai Sijie Essay -- Balzac

Balzac and the Little Chinese Seamstress by Dai Sijie Throughout his novel Balzac and the Little Chinese Seamstress, Dai Sijie illustrates the powerful influence that books have on their readers. Through his narrative, he establishes his stance on the controversial issue of whether or not storytelling is good. He combines countless events and feelings to create a novel that demonstrates the good of storytelling and the iniquity of book banning and burning. In the end, Sijie portrays storytelling as a means of good entertainment, enlightening experience and positive encouragement. First and foremost, Sijie displays storytelling as a means for entertainment, and in turn, as something good. He portrays Luo as an incredible storyteller. His creativity and ability to capture his audience sets him apart from the other boys on the mountain. The narrator describes the amazing effect that Luo’s film reenactments have on the village people. The headman is so enthralled that he gives Luo and the narrator the opportunity to view more films so that Luo can reproduce the stories developed in the films to both him and the other villagers (18-20). The headman’s fascination with these films portrays storytelling’s ability to entertain. While some readers may feel that entertainment is not necessarily a positive thing as it gives people new and possibly dangerous thoughts and ideas, Luo’s storytelling allows the people of the mountain village to escape the caged reality in which they live. These people use the stories to experience the excite ment and happiness that is absent from their lives. In this way, Sijie establishes storytelling as a form of positive entertainment. Through his own story, Sijie proves to the reade... ...dness found in all stories. As he follows the lives of three different characters and their experiences with stories, Sijie proves that storytelling plays an important positive role in the lives of many, if not all, people. Through his portrayal of storytelling as a channel of entertainment, enlightenment, and hope, he advocates the goodness of books. By leaving his audience with a sense of wonder, he makes concrete the effect that stories have on the lives of all people as striving intellectual individuals. Works Cited Plato. â€Å"The Allegory of the Cave.† The Arlington Reader: Canons and Contexts. Ed. Lynn Z. Bloom and Louise Z. Smith. Boston: Bedford, 2003. 723-26. Sanders, Scott Russell. The Force of Spirit. Boston: Beacon Press, 2000. Sijie, Dai. Balzac and the Little Chinese Seamstress. Trans. Ina Rilke. New York: Anchor-Random, 2002.

Homeschooling vs. Public Schooling Essay

Homeschool and public school, which one is better for my child? What about the cost? Which educational setting will my child benefit the most from? These are questions that parents need to ask before making a decision such as this one. Also, parents need to know that both homeschool and public schools appeal to people of all race, religion, and political viewpoints (Romanowski, 2001). Whether a parent chooses to homeschool their child or send them to public school, is a decision that needs to be researched on the performance, cost, and their child’s life after school. First, when choosing which educational setting is best for their child, parents need to research students’ performance for both types of schooling. Studies have shown that children who are homeschooled score better on test than those who are in public school (Some Fascinating Facts, n.d.). Possible reasons being that the homeschooled child has more one-on-one time with the teacher, and they are able to spend as much time as they need to on the subjects that they are struggling with, if any. The time that is allowed for each part of the curriculum may be too fast or too slow for the child who is attending public school (Homeschooling vs. Public, n.d.). Children who go to public schools are able to participate in group discussions and debates (Homeschooling vs. Public, n.d.). Students are able to develop their social skills, and learn to interact with children their own age. Next, the cost can also affect whether the parent decides to homeschool or  send their child to public school. Depending on the choices that a parent makes and the supplies that are needed, homeschooling one child can cost from $300-$2500 per year (Mohr, 2012). According to the National Retail Federation in 2012, the average cost for a parent to send their child to public school was around $634 per year (Klein, 2013). Lastly, depending on which educational setting the parent chooses can affect the student’s life after school. Children who were homeschooled had a GPA of 3.41 their freshman year of college, compared to other students who had a 3.12 (Some Fascinating Facts, n.d.). Students in public schools may even discover that the lessons they learned outside the classroom, in extracurricular activities such as basketball or chess club, help them cope with future challenges in the workplace (I Have A, n.d.). Therefore, choosing to homeschool or send a child to public school is not a very easy decision for parents to make; much thought and research needs to be done on students’ performance, the cost of each, and what is in store for the student after graduating. Homeschoolers score better on tests than those in the public setting. Though, children who are homeschooled are not able to participate in group discussions or even class debates. Homeschooling, for one child, can cost anywhere from $300 to $2500 per year; parents who decide to send their child to public school pay on average $634 a year. Homeschooled children had a better GPA their freshman year of college than the students who graduated from public school. The students who attend a public school and also are involved in some type of extracurricular activity, are able to cope better with the challenges in the workplace. Whatever educational setting the parent decides is best for their child, they need to know that there ar e both benefits and disadvantages with each decision. References â€Å"Homeschooling vs. Public Schooling.† (n.d.). _Homeschooling Ideas._ Retreived on May 24, 2014 from http://www.homeschooling-ideas.com/homeschooling-vs-public-school.html. I Have A Plan Iowa â„ ¢. (n.d.). _- Article_. Retrieved June 6, 2014, from https://www.ihaveaplaniowa.gov/Home/Article.aspx?articleId=IGeYH2kUApurN7JfmoFVeQXAP3DPAXXAP3DPAX&level=3XAP2FPAX6J7I3kztATGuYyXAP2BPAXDahIQXAP3DPAXXAP3DPAX. Klein, R. (August 20, 2013). â€Å"Back-To-School Shopping Costs: How Much Parents Should Expect To Spend This Year.† _Huffington Post._ Retrieved on May 24, 2014 from http://www.huffingtonpost.com/2013/08/20/back-to-school-shopping_n_3751079.html. Mohr, A. (August 27, 2012), â€Å"How To Start Homeschooling Your Kids.† _Investopedia._ Retrieved on May 24, 2014 from http://www.investopedia.com/financial-edge/0812/how-to-start-homeschooling-your-kids.aspx. Romanowski, M. H. (2001). Undoing the ‘Us vs. Them’ of Public and Home Schooling. _Education Digest_, _66_(9), 41. â€Å"Some Fascinating Facts About Homeschool vs Public School.† (n.d). _Homeschool World_. Retrieved on 24 May 2014 from http://www.home-school.com/news/homeschool-vs-public-school.php.

The Effect of Rmb Internationalization

Effects on China Advantages : Enterprises in China Enterprises in China may benefit a lot from the internationalization of Renmibi. First of all, the cost of currency exchange can be saved and the risk of exchange rate of using of other currencies can be reduced, if Renminbi become a trade settlement. Also, RMB as an investment currency, if foreign assets increased demand of it ,China can reduce the interest rates of RMB assets, thereby reducing their financing costs, and further, companies can go overseas to issue RMB-denominated bonds, thereby expanding the scope of financing and address the problem of currency mismatch. Furthermore, Domestic firms can use the RMB to invest abroad, to achieve Chinese enterprises â€Å"going out† strategy, integrating into the global economy. People’s Republic of China China may have quite a lot of advantages from it too. First, it may enhance the international status of China through internationalization of Renminbi by increasing China's voice in the international community and the influence of China in international economy, as the internationalization of its currency may promote the expansion of China’s financial service sector. Also, China may collect ‘ seigniorage’from the rest of world, which ‘ seigniorage’ defined as the margin between the denomination of the notes and the cost of issuing the notes obtained by the note issuer, if RMB get commodity pricing, which can use it to buy the worldwide resources and avoid U. S. dollar liquidity constraints, that leads to expansion of seigniorage revenue. More, China has accumulated foreign exchange reserves to ease the pressure, reduce the risk of reserve assets shrink, reducing the dependence of other countries (mainly U. S. ). China's foreign exchange reserves, mostly are U. S. overnment bonds, which makes China and U. S. in a delicate state. After global financial crisis , the Chinese foreign exchange reserves shrink every moments, but China is not found in other better investment options, holding dollar debt is the best choice for China at this moment. Financial organizations The financial organization may also take advantages throug h RMB internationalization. First, the import and export trade companies for RMB provide clearing services and financing for foreign importers to provide support to the RMB business so as to expand the scope of commercial banks and to increase the profits of commercial banks. Furthermore, The existence of economies of scope to improve the competitiveness of financial institutions, and the increased use of offshore yuan to improve market liquidity, more importantly, the central bank can protect the lender of last resort to provide liquidity for financial institutions to protect, Chinese financial institutions to reduce foreign exchange liquidity risk, which together with the economies of scope to improve the overseas Chinese financial institutions to conduct renminbi business competitiveness. Also, RMB overseas demand also contributed to the innovation of financial instruments and the development of renminbi derivatives market. Last nut not the least, it may benefit from increasing the influence of China's financial markets, and promote international financial center , like Shanghai, as well as an offshore financial center, Hong Kong, the development of renminbi, the Chinese financial markets and further integrate into the international financial markets. Disadvantages PRC government The PRC government , however, still has to face some challenges in order to achieve RMB internationalization. First of all, as China’s capital markets are still too shallow, any significant changes in cross-border capital flows may easily lead to large fluctuations in China’s asset prices. Overseas demand challenges the RMB of China's monetary policy , while people who holds the RMB assets may cause the increase of cross-border capital flows and exchange rate fluctuations, and thus affects the stability of China's financial system. Also, if a currency is fully internationalized, which means that it can easily be obtained in international financial markets, the country with an internationalized currency will be very vulnerable to speculative attacks from international speculators. More, â€Å"hot money† will enter China causing economic crisis. As Hot money will lead to economic crisis in China's property market and the stock market, as investors consider more to invest their money in high-return business. Like Guangzhou Tang Hang Metal Materials Co. , Ltd. eferred payment for imported goods in China so as to profit from the appreciation of the renminbi. Experts said that China's foreign exchange regulations, the RMB settlement may make this form of arbitrage is more profitable, because the company can enjoy a more favorable foreign exchange rate. According to the monetary policy report from the central bank( page 16), China was trying to fix the problem of hot money. ‘ â€Å" † , 2010 ? 11 ,2011 ? 3 , ?2011 ’ From Second quarter of the monetary policy report from People’s bank of China Last but not the least, it is more difficult for China to control the inflation rate. China's battle to curb inflation even more difficult, because People Bank of China must print more RMB to buy dollars flowing into the country. China has more than 6% inflation. And Beijing want to precisely control the level to curb the appreciation of the yuan revaluation, but the internationalization of the RMB has given tremendous upward pressure. Brookings Institution China scholar Prasad (Eswar Prasad) said that the management and increase appreciation of the RMB yuan in international trade and financial transactions of the importance, both in the short term this is a contradiction. According to the monetary policy report from the central bank, (page 1 ), there is still pressure in controlling the amount of RMB. ‘ , , 5 ,M2 M1 4. 6 8. 5 6 , ,M2 M1 0. 8 0. 4 , †¦.. ’ From Second quarter of the monetary policy report from People’s bank of China