Financial Markets and the Economy - Free Essay Example

Sample details Pages: 12 Words: 3471 Downloads: 6 Date added: 2017/06/26 Category Economics Essay Type Cause and effect essay Did you like this example? In Greece the government dept and the money owed to pension funds, summing up to 1,2 trillion was becoming a huge burden . All the national services were running on a deficit and they were showing great inefficiency. In addition to this, corruption was obvious in every sector and tax evasion was more than a common practice. Generally Greek banks followed a very conservative strategy and did not invested in high yield assets nor did they get involved in the toxic real estate mortgage bonds market in the US. In this environment, Greek banks had lend Greece 30 billion Euros that had been stolen and squandered. Seeking to buy high yield bonds, Greek banks invested in promising GGB and now but a 20-25 % decrease in the price of the bond is enough to wipe out the 25% of the Greek Banks equity. Don’t waste time! Our writers will create an original "Financial Markets and the Economy" essay for you Create order With Mr. Papandreou going public about the real dept of Greece, yield rates increased and the Greek bonds lost their value. Greeces debt is rated as BBB- (SP), A2 (Moodys) and BBB- (Fitch) and the European Central Bank (ECB) may not accept Greek debt securities as collateral any longer after the end of the year, creating a big problem on liquidity. As a result if the Greek Government defaulted on its debts, the Greek banks would go bankrupt. Greece is still believed to be the most possible member in the euro Area to default due to sovereign crisis. The results for the Greek Economy and its existence in the global market would be catastrophic (inability to pay for its necessities and inability to borrow money from the markets with a rational interest rate). Similarities between Portugal and Greek Financial Crisis Portugal is a similar country that was running on deficits although the problem isnt as hard as in Greece. Portugal faces public sovereign problems and this puts extreme pressure on Portugals banks. Although Portugals solvency is not in question, its debt affordability over the medium term and the economys ability to withstand fiscal consolidation downgrades its credit rating. On February 4, 2010 Portugal attempted to sell T-bills although it didnt managed to receive the expected number of bidders. One part of the problem has been the investors punishment in the Greek bonds issuing, as bonds plunged and yields rocketed. The cost of insuring Portugals sovereign debt against a default rocketed at November 2010 and speculation implied that the country may have to follow Greece and Ireland in seeking an international financial bail-out. Portugals credit ratings are better than Greeces and this poses Portugal not at risk of refinance its operations, however they should proceed in cuts in public spending, a move that was not welcomed by the people. To balance the budget the only way is to increase revenues or to cut expenses. Higher revenues can be succeeded by higher growth or higher taxes. In Greece as we know tax evasion and corruption in bureaucracy have been a burden in implementing an efficient plan. While Portugal is doing better than Greece in terms of controlling its budget deficit and public debt, its poor long-term growth prospects, drastic loss of competitiveness imply low expectations for growth. Moreover, Portugals reliance on Spain-itself vulnerable-as a market for 25 percent of its exports, adds to the contagion risk. The Portugal Banks are facing challenges and they have to rely on governmental support. The inability of government to support the Portuguese banks has led to the downgrade of the debt ratings. Ireland Crisis Ireland Financial crisis was created inside the country and could be considered home-made. It started in a period when globally there was an era of growth. Financial integration in the Euro area allowed financial institutions in Ireland to access cross border funding. And based on that, Ireland experienced a significant financial boom. Living standards rose by far, and that is what happened with asset values. The boom in property investment market was certain, but fiscal and banking policies and financial supervision should have been prepared for a bust. But in fact, budgetary policy veered more toward spending money while revenues came in. In addition to this, the tax pattern created a lot of troubles since it was connected to property and spending and Ireland had an unusual system with tax deductibility for mortgages, and significant and distortive subsidies for commercial real estate development, yet no property tax. Moreover competition from abroad increased and the need for bank governance and risk management was crystal clear. IMF and ECB were not very critical of the policies followed and no measures were taken there to let room for man oeuvre. Lending in property and especially commercial property and individuals had increased in a level that imposed high risks. The response of supervisors to the build-up of risks, despite a few praiseworthy initiatives that came late in the process, was not hands-on or pre-emptive. In 2007 a decline in Irish property values and the Freezing up of the worlds interbank system, showed that the Banking system would face problems in order to finance its operations. This implied threat of Banks default, caused the governments intervention in order to bail them out. Anglo Irish Bank exposed to the Irish property bubble, and been involved in scandal in 2008 had a major drop on its share price. Ireland had entered into recession in the beginning of 2009 and unemployment rose by 3 degrees. The residential and commercial property markets went into a severe slump with both sales and property values collapsing. The Government in order to face the recession started taking controversial measures that evoked an unexpected public outcry. However the cost of saving the Banks pushed the National Debt to 125% (by 2015). As we can see, these are two different debt structures. In the first case the problem was caused by fiscal imbalances that drove banks into the black hole and in the second case the problem started as a banking crisis that evolved into a sovereign debt crisis. 2. Describe and elaborate on the term Greek statistics. What is the role of Goldman Sachs? The term Greek Statistics stands for the effort the Greek statistical authorities did to disguise the huge budget deficits the Greek government created. Creative accounting took priority when it came to totting up government debt. For all the benefits of uniting Europe with one currency, the birth of the euro came with an original sin: countries like Italy and Greece entered the monetary union with bigger deficits than the ones permitted under the treaty that created the currency. Rather than raise taxes or reduce spending, however, these governments artificially reduced their deficits with derivatives. Since 1999 and the Maastricht treaty no country-member of the European economic union- should exceed the budget deficit limit of three percent, while total government debt must not exceed 60 percent. The Greeks have never managed to stick to the 60 percent debt limit, and they only adhered to the three percent deficit ceiling with the help of blatant balance sheet cosmetics. After recalculating the figures, the experts at Eurostat consistently came up with the same results: In truth, the deficit each year has been far greater than the three percent limit, when in 2009 it exploded over 12 percent. Greeces budget deficits had been badly understated. In order to lower them, all sorts of expenses, like pension debt or defense expenditures, were moved out of the books. This way Greece managed to retain the deficits so as to meet the targets. Nevertheless, Greece would be able to disguise its true financial state for only as long as lenders assumed that a loan given was as good as guaranteed by the European Union and no one outside of Greece paid much attention. Therefore, professional aid was necessary to achieve it. Here, in 2001, entered Goldman Sachs, which engaged in a series of apparently legal but nonetheless repellent deals designed to hide the Greek governments true level of indebtedness. Goldman Sachs first helped Greece to borrow billions of Euros in secret, and then told it how to get round the European restrictions on public debt. The deal involved so-called cross-currency swaps in which government debt-issued in dollars and yen- was swapped for euro debt for a certain period to be exchanged back into the original currencies at a later date. Such transactions are part of normal government refinancing. Europes governments obtain funds from investors around the world by issuing bonds in yen, dollar or Swiss fr ancs. But they need euros to pay their daily bills. Years later the bonds are repaid in the original foreign denominations. In the Greek case however, the US bankers devised a special kind of swap with fictional exchange rates. That enabled Greece to receive a far higher sum than the actual euro market value of 10 billion dollars or yen. In that way Goldman Sachs secretly arranged additional credit of up to $1 billion for the Greeks. This credit disguised as a swap didnt show up in the Greek debt statistics. Eurostats reporting rules dont comprehensively record transactions involving financial derivatives. That deal, hidden from public view because it was treated as a currency trade rather than a loan, helped Athens to meet Europes deficit rules while continuing to spend beyond its means. Critics say that such deals, because they are not recorded as loans, mislead investors and regulators about the depth of a countrys liabilities. Wall Street did not create Europes debt problem. But bankers enabled Greece and others to borrow beyond their means, in deals that were perfectly legal. Few rules govern how nat ions can borrow the money they need for expenses like the military and health care. The market for sovereign debt the Wall Street term for loans to governments is as unfettered as it is vast. While such accounting gimmicks may be beneficial in the short run, over time they can prove disastrous. Still, as recently as 2008, Eurostat, the European Unions statistics agency, reported that in a number of instances, the observed securitization operations seem to have been purportedly designed to achieve a given accounting result, irrespective of the economic merit of the operation. The involved parties became so experts in these transactions that the term Greek Statistics became a pun among the European Fiscal Authorities to describe any data that have been manipulated. A country, like a bank, is too big to fail. So Greece will be rescued at a price. The European Central Bank claims to know all about Wall Streets game, and ECB president Jean-Claude Trichet is taking a very hard line with the Greek government, warning that Greece will have to take vigorous steps to mend its ways, under close and constant EU supervision. In other words, hand over control of its economic affairs a nd reduce its 2009 deficit 12.7% of GDP to 3% by 2012. To cut the deficit by almost 10%, particularly in an area of weak growth, is an almost impossible task, requiring major surgery rather than discipline. Oddly enough, the aim of the exercise is to strengthen the euro at the very time when the US and China are devaluing their currencies in order to consolidate the process of recovery. 3. In what way does the Greek crisis affect the European Banks and other countries? Provide evidence on the existence of financial contagion during the recent financial turmoil? The integration of the Euro Area and the use of the common currency in the Euro Zone create a big dependence and a big concern towards the financial crisis in Greece. The Greek Financial crisis may have a negative effect on its euro partners and may affect even the healthiest and strongest economies like Germany. In the table below we can see the European banks exposure to Greece. EUROPEAN BANKS As we see Spain, Italy, Germany, France, Belgium and Portugal are holders of GGB. According to CIRA, over 50% of the Greek public debt is held abroad. French Banks have the greatest exposure to Greece ($79 bn), followed by Switzerland ($78,6 bn) and Germany ($43,2 bn). In this way they have been infected with the Greek Dept and they face losses as GGB downgrade. INFLATION Indirectly, the European Union affects the biggest members negatively. By keeping interest low to help countries like Greece in danger from sovereign debt, it increases liquidity in the Eurozone and creates opportunities for cheap lending for other countries. And this is a problem as Germany is diverging from countries that face economic turbulences like Greece Italy and Spain. Germany for the first time has expanded by 3,6% compared to 2009 and the inflation rose unexpectedly pushing the euro rate above 2%. Price stability, a major target of the EU, is been tested, however there is the danger that withdrawing money from the market will create panics and push up interests rates, exacerbating the crisis. Credit Risk Spread Since the belief that countries facing similar problems (ex Portugal) may default, negative trends in the market are formed and risk yields increase. An additional problem is that banks having invested in GGB may need to seek finance from the government and that transfers the risk to the state and finally to the taxpayer. Generally the problem derives from the downgrade of Greek Bonds that currently are in foreign hands (European Banks and other financial institutions hold more than 50% of the Greek Government Bonds). This way the Greek sovereign debt crisis directly affects all the euro zone. Financial contagion The risk here lies in Bulgaria and Romania, where Greek banks own 29% and 16% of banking sector assets. If Greek banks lost access to funding, that might encourage them to shrink their balance sheets in these two countries rather aggressively, putting downward pressure on growth there. Real contagion The role of the European Union is to propel price price stability throughout its members. There is an implicit need for actions to be taken in order to achieve this goal. If Eurozone falls due to to untreated rising sovereign risk or due to widespread fiscal tightening to address the rising sovereign risk, this will make banks very cautious concerning their balance in the region, and potential potential growth will suffer. Trade: With the need for low interest rates ECB have increased the amount of money in circulation and that makes the Euro more expensive towards the Dollar and the Yen. Consequently the demand for imports will be increased and the demand for exports will be decreased. Concuding Advanced economies have suffered large scale costs in the aftermath of the crisis.. A sharp decline in potential GDP and sizable bank rescue packages are likely to constrain the scope of scale consolidation over the coming years. At the same time, developed countries may be facing increasing risks to long-run debt sustainability if they fail to undertake structural reforms, particularly in their pension and healthcare systems. These circumstances suggest that, although defacto sovereign defaults may be a mere theoretical possibility, findings convey considerable policy implications in terms of European and global sovereign debt management policies. The main message is that, since sovereign debt markets involve asymmetric information and political risks due to the electoral cycle, even countries with relatively solid fundamentals cannot avoid international contagion. Furthermore, stronger commitments to the supranational coordination of debt policies may be inevitable. (Sovereign Cred it Risk Contagion in Advanced Economies, Norbert Metiu, September 30, 2010) 4. Describe the Greek debt structure and the possible resolutions of the current situation. What is the markets view of the Greek deficit problem? Explain. Greek Government Debt is estimated at 301 billion at 2009, 125% of the GDP. At 2010 the amount of the debt will reach 136% of the GDP and as announced by the accounting authorities the amount reaches 340,3 billion. The increase in the government dept in the latter year can be attributed to the coverage of the government deficit and in the increase of governmental material procurement and the coverage of organization of Regional Authorities. The dynamics of the public debt is affected by factors that are inside the direct control of policy like the privatization policies and the target of running primary surplus and privatization are of, the interest rate changes, the pace of growth factors as yet who are not in the rate of exchange and inflation influencing economic policy, but practitioners of direct control the public debt dynamics Debt composition regarding expiration Most of the debt issued in the period January to September 2010 was loans from the EU and the IMF (45%). The second higher concentration is on Treasury Bills (short term maturity) reaching 23%. Afterwards come the midterm maturity bonds of 5 years maturity (15%), 10 years maturity (8%) and other undefined of about 9%. All debt is denominated in Euros. Debt composition regarding rate As we can see from the chart Greek Government debt is based in fixed rate. Duration of the debt and average cost of borrowing Last but not least, cost for Greek borrowing shows a trend by which from the time Greece entered the European Union in 2001 costs were steadily decreasing from 6,2% in 2000 to a lower limit of 3,1% reached in 2005 and then rising again up until now, but not surpassing 4,3% in 2010. This is due to the entry of euro as currency in Greece, that stabilized the economy and produced phenomenal stability in the area, stability that was once again lost when Greece misreporting became known and the term Greek Statistics has since been used as a pun by the European fiscal authorities. Finally we have to mention that Greece lost its ability to borrow in the long term. As the following diagram shows the majority of the total debt is based on shorter loans that offer less risk and can be sold more easily. However the difference between the supply and the demand in the 3 years bond implies that the prices for long term bond Resolution and the markets view Greece is on a strong recovery run. The new taxation bill which includes significant rerating of profitable -dividend paying companies lets taxation priced in for some companies. From 2011 the corporation tax rate is set at 20% (from 24%), it applies to all profits and there is no longer any distinction between distributed profits and retained ones. Finally it reintroduces withholding tax on dividends at 25% (from 10%). The Greek government and the EU policy makers expect a comprehensive solution to the debt problem. Many scenarios are considered like the extension of lending facility, IMF package reprofiling, bond buy back program and more. The most likely scenario up to now seems to be an extension of the duration of the EU/IMF loan, something already discussed and agreed on, and maybe a lower rate of interest in the future if Greece manages to successfully restructure its operations in the manner the European Union imposes. If Greece becomes another last resort buyer for the GGBs with the ECB it could help restore confidence in the bond markets. However, for this and to meaningfully reduce the burden of debt, Greece must borrow hefty sums. Also some other problems, even if Greece gets to buy back most of its debt at a significantly lower price, still it is enormous, an unsustainable level, and this scenario of buying back the ECB holding of Greek debt only could imply haircuts for other holders, something that Both the Greek and the European financial system may not be willing to absorb now, while any buy back must be voluntary so as not to trigger the CDS. Nevertheless efforts must be made by the Greek fiscal authorities in order to improve the countrys financial picture. The new focus shifts towards structural reforms is more than welcome rather than pure austerity as it will promote growth. Yet this scenario may not come comprehensively. More austerity and structural reforms may be imposed for the financial aid to come, meaning more economic pressure. The third and final scenario would be not to involve in short term or medium term developments, something rather unlikely as it would mean that the sovereign crisis across Europe could escalate much further. The markets now have some reasons to be optimistic on Greece. To begin with now there is a base of operations to counter such phenomena, and major reforms are made to decrease deficits (pension plans). The government enjoys the support of the EU/ IMF and is committed to its austerity program and fiscal consolidation. There is a wish now for a permanent solution to the Greek debt problem. All these lead international investors to selectively look at Greek ideas again, especially deep value stocks as well as a cleansing up of the Greek system, where strong companies are to benefit from the closure of weak ones. Investors could properly return to Greece once they see that there is real improvement and commitment to change. An example that explains the former could be the new tax bill, a case where a government market friendly policy meets positive react from the markets..

I Got Off Of The Bus Three Stops Before Mine And Walk

I get off of the bus three stops before mine and walk the rest of the way, money has been running out since my parents died. We were always poor, but everyone s getting poorer and I am no exception. I take a shortcut through the back streets and rubble. I ve gotten used to climbing over the rubble, however I m still exceptionally clumsy and likely to trip over my own feet. Soon I arrive at the back of an old crumbling abandoned building. Home sweet home. I pull down the rusty fire escape ladder and climb up to the second floor. I slide in through the window and into my room. Me along with my possessions only occupy a bathroom, kitchen, and bedroom from the 4th flat on this floor. No one in the city (other than the few rich people) can afford to heat our homes, electricity or water delivered to their house, so I keep the water, matches and candles in each room. I keep all of my possessions in the bedroom. I heat up my last can of food over my small camping stove and eat it on my bed, - a heap of hand stuffed pillows, blankets and old rugs for a base - I ll have to go out searching again today before it gets dark. The best way to get things to trade in this city is to search through the rubble. I hate going out so close to sunset - crime is strongly monitored, but it s not unheard of for opens to be the main targets -, but I have to if I want to eat breakfast tomorrow. I change into my combat boots, tie my hair up, gather my bag, bow and arrows. I climb back through theShow MoreRelatedMy First Day Of School905 Words   |  4 PagesThe bus pulled around the corner and squealed to a stop. I groaned. The first day of school. I stepped onto the bus, trudged to the back, and threw my backpack onto a seat. I moved here from Geraldton just last month, in August. 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Medical Miracles on the Horizon Essay Example For Students

Medical Miracles on the Horizon Essay Medical Miracles on the Horizon The world and its inhabitants will face a multitude of problems in the21st Century, including drug addiction, deadly disease, violent crime, warfareand hostility, hunger, and homelessness to name a few. All of these criticalissues have been present to some extent in the 20th Century and, left unsolved,will continue to plague society and mankind as we enter the new millennium.Aswe rapidly approach the next era, new issues of equal or even greater importancefor mankind will almost certainly arise. I personally envision health issues,concerns related directly to medicine, as the central, most critical andcomprehensive problem facing leaders of the 21st Century. In my opinion, physicians and others associated with the medicalprofession will participate in one of the most vital and urgent roles enteringinto the new era. This is one of the reasons that I intend to pursue a careerin the medical field after I graduate from The University of Tennessee. Of alloccupations in the next millennium, medicine will be perhaps the most importantand influential in combating the problems of mankind and in solving them. People in the field of medicine will continue, as they have in thiscentury, to address and participate in almost all concerns. For example,methadone is currently being used as a therapeutic intervention for some drugaddictions. In addition, various medications are now being given in thetreatment of criminals, like anti-psychotic drugs to curb aggressive or violentbehavior in schizophrenics.A new and improved group of antidepressants isalso being used to treat and reduce the growing rate of suicide in all ages ofour society. Because a very high percentage of homeless people suffer frompsychological problems and/or drug addictions, doctors may also eventually playa larger role in prescribing medication for these individuals. Concerningwarfare that may be present into the 21st Century, the medical community will berequired to detect and treat a variety of injuries and illnesses, just as theyhave had to decipher and work on patients who fell victim to the Gulf WarSyndrome. Any future war s may have even more insidious side-effects due to theuse of lethal chemicals. Cures have been found for many illnesses, such as polio, smallpox, andvarious childhood diseases in the present century, but other health concerns aremanifesting rapidly. One of the most important task doctors and researchscientists may face is to fight new strains of deadly diseases in the comingyears. Outbreaks of eboli and the emergence of diseases that are drug-resistantto antibiotics threaten the survival of mankind. If humanity is to thrive and prosper in the 21st Century, eachindividual must do his or her own part to deal with the problems that arepresently in existence as well as to prepare for the potential problems of thefuture. The path I will choose in solving some of the current and futureconsiderations for mankind is the field of medicine. In other words, I want tobe a part of the solution for the issues that face my own generation, as well asbenefiting past and future generations. No one person can solve all of thedilemmas. It will take a concerted effort by a multitude of individuals in avariety of occupations and by concerned humanitarians who work for their owncauses to improve living conditions and the quality of life in the next era. Doctors, scientists, teachers, social workers, politicians, leaders,and virtually every other segment of the population must team up in a jointeffort to eradicate the serious issues facing our society in the 21st Century. .u108d02b3a06e98996da692e243951901 , .u108d02b3a06e98996da692e243951901 .postImageUrl , .u108d02b3a06e98996da692e243951901 .centered-text-area { min-height: 80px; position: relative; } .u108d02b3a06e98996da692e243951901 , .u108d02b3a06e98996da692e243951901:hover , .u108d02b3a06e98996da692e243951901:visited , .u108d02b3a06e98996da692e243951901:active { border:0!important; } .u108d02b3a06e98996da692e243951901 .clearfix:after { content: ""; display: table; clear: both; } .u108d02b3a06e98996da692e243951901 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u108d02b3a06e98996da692e243951901:active , .u108d02b3a06e98996da692e243951901:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u108d02b3a06e98996da692e243951901 .centered-text-area { width: 100%; position: relative ; } .u108d02b3a06e98996da692e243951901 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u108d02b3a06e98996da692e243951901 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u108d02b3a06e98996da692e243951901 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u108d02b3a06e98996da692e243951901:hover .ctaButton { background-color: #34495E!important; } .u108d02b3a06e98996da692e243951901 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u108d02b3a06e98996da692e243951901 .u108d02b3a06e98996da692e243951901-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u108d02b3a06e98996da692e243951901:after { content: ""; display: block; clear: both; } READ: Nelson Mandela EssayFor example, the leaders of the 21st Century must seek new methods andalternative plans to ensure the well-being of others as the Preamble of theUnited States Constitution declares as a basic right. The leaders in ourgovernment need to go out into society, talk with people, study the pertinentconcerns, and actively participate in finding solutions. They should askquestions such as: what should we do, how do we do it, and what is working foryou? These leaders need to enlist the help of the medical community so thatthey may better realize and more fully understand that the hospitals andresearch centers need additional funds for new treatments, better faci lities,and updated technology. In addition, a comprehensive health care program mustbe developed that is satisfactory to the citizens as well as to the health careprofessionals. In the field of medicine, we have much to look forward to as the newcentury begins. Great progress is currently being made in the medical field ofgenetics. In the 21st Century, it is very possible that many incurable diseasessuch as autism, diabetes, and others may be eliminated. Physicians andscientists are even showing some hope for a future cure for AIDS, a terrifyingand rapidly spreading disease that is now in the top ten causes of death. Another field of medicine that will be extremely vital in the next era is thatof geriatrics. As life expectancy continues to rise and our society continuesto age, the field will undoubtably become one of the most exciting and criticalof all. Many medical miracles are on the horizon because significantbreakthroughs are pending, for the flu, for spinal cord injuries, forParkinsons, and for many others. I truly believe that many diseases will beeradicated in the next millennium, and I look forward to being an activeparticipant in finding the cures as well as treating the needy. I am still in the process of exploring, investigating, and evaluatingthe various options of the medical profession and have not yet decided whichspecialized path to follow. But I know that the profession of medicine is whereI need to be, where I want to be, and where I will someday be. I am veryfocused, self-motivated, and determined in obtaining my goal to become aphysician. Being a successful Medical Doctor means helping other people andsolving complex problems in the next era, and this is what I will strive to do. I firmly believe that the world and its inhabitants will face amultitude of problems in the 21st Century, both old ones and new ones.In myopinion, the solution for most of these critical issues will be in some wayrelated to the field of medicine, either through diagnosis, research, ortreatment. Still, all segments of society must work together to make the newmillennium prosperous and successful for all.My first step in being an activepart of this concerted effort will be to earn my degree from the University ofTennessee so that I may one day reach my goal to be an active participant in themedical community and to fulfill my desire to help others.

Kindred Essays - Kindred, Rufus, Goodbye Deponia,

Kindred Dana and Rufus might look like friends from the outside, but Dana's feelings for him are quite different from what we think of them. To begin with Dana sees Rufus as a child needing or relying upon her protection. For instance, when Dana saved him from drowning in the river. Secondly, she views him as a man of his time. In another words Rufus's personality is the way that any other man would have been in that period of time towards his slaves. Lastly, he is a ruthless and vicious slaveholder, which Tom Weylin's fault. Just as Tom's behaviour on the slaves and on his son. Finally, I will explain in more details how Dana's feelings for Rufus are in the following paragraphs. As a child Rufus started depending on Dana. In another words, Rufus's survival was left in the hands of Dana. Just as when Dana went back to the past the first time to save Rufus from drowning in the river. "I reacted to the child in trouble". Also, Rufus depended on her to be his companion. Even more, when Alice killed herself and Dana came back to the past the last time and saw what happened Rufus told her "don't leave, Dana". As Rufus grew older he never really learned to take good care of himself. Rufus is a man of his time. To begin with he treats his slaves the way any man would do in his period of time. Like the time when his father died and then he started to buy and sell slaves like any other slaveholder would do. Like Alice said "He's all grown up now and part of the system". Further more Rufus had started to take whatever he wanted by force if he couldn't get it peacefully. For instance, the time when Alice said he didn't want to go with him and she decided to marry Issac. Just as then he thought he should get her by forcing her to come with him and when she didn't he tried to rape her. "She'll get what's coming to her. She'll get it whether I give it to her or not," he said smiling. To conclude, Rufus still needs to learn a lot about manhood of his time. As, Rufus grows older he becomes more offensive , brutal, and vicious. To begin with Tom Weylin's hatred for his as a little child had turned him this way . For example, when Tom hit Rufus for stealing a dollar from him and Rufus tried to get back at him by burning the draperies. Rufus "He said I took money from his desk, and I said I didn't. He said I was calling him a liar, and he hit me. Several times". Also, Rufus started to deal with his anger by punishing other people like his slaves. Like the time when Rufus blamed Dana for his fathers death and sent her to fields, and also got her whipped. "I guess I just had to make somebody pay. And it seemed that... well, people don't die when you're taking care of them" .Finally, Rufus had really shown his vicious side to Dana. For these reasons, you understand how Dana feels about Rufus. No matter how many times Dana saved his life, he paid her back by punishing her in one of his brutal and vicious ways. If Dana didn't have to save her future by waiting until Hagar was born she would have killed Rufus a long time ago. Put yourself in the place of Dana and think about what you would have done.