Causes of Economic Growth and Crashes

Causes of Economic Growth and Crashes Amy Zhi â€Å"How an Economy Grows and Why it Crashes,† â€Å"Too Big to Fail† and the 2008 Recession The film â€Å"Too Big to Fail† takes viewers down the 2008 financial meltdown, also known as the â€Å"Great Recession of 2008,† and emphasizes its impact on the economy. The crisis was avoidable and caused by â€Å"widespread failures in financial regulation (Fed’s failure to stem the tide of toxic mortgages); dramatic breakdowns in corporate governance including too many financial firms acting recklessly by taking on too much risk; an explosive mix of excessive borrowing and risk by household and Wall Street that put the financial system on a collision course with crisis; and simply lacking a full understanding of the financial system they oversaw.† ( University of North Carolina). The book â€Å"How an Economy Grows and Why it Crashes,† by Peter Schiff, comically interprets the effects of inflation, deficit spending, central banking, foreign trade, and the housing bubble and credit crunch of 2008. The U.S. economy boomed during the 2000-2007 period, as the global pool of fixed-income securities increased greatly from $36 trillion in 2000 to $80 trillion by 2007. In â€Å"How an Economy Grows and Why it Crashes,† the Usonian economy starts with production and trade soon follows. Usonia now had savings and credit, an increase in savings decreases real interest rates and an increase in credits increases demand, hence, there was expansion in the Usonian economy. As the economy prospered, it created a paper currency backed by fish, similar to currency backed by full gold reserves in the U.S. However, fractional reserve banking develops and only a fraction of bank deposits were backed by actual fish for withdrawal. The government decided to delink the paper currency from the fish. Usonia degraded the value of the fish by creating more fish out of the value of one. This process of â€Å"shrinking fish† eventually leads to â€Å"fishflation.† As people start spend ing more and producing less, the economy stops blooming and crashes. A king from Sinopia, an island that still had no savings, bank credit, or business, observed Usonia and saw their luxurious lifestyle of credit and commerce. The king thought that the possession of Fish Reserve Notes was the key to advancement. Notes were then used as money across the entire ocean, and the economy was saved as Sinopia traded their fish for Usonia’s fish reserves. Thus, Usonia was again piled with savings and credit, causing a spending binge atmosphere in Usonia. This is similar to when China supplies the essential items for U.S. fiat currency. Usonia largely consumed and Sinopia produced, hence, the trade relationship was skewed. However, as Goodbank said, â€Å"The people will get wise. They will worry about their savings and withdraw their deposits,† which is exactly what happened next. Foreign islanders realized that the fish reserve was worthless with no backing at all. Therefore, islanders started to withdraw fishes with their fish reserves all at once. In truth, there really were not enough fish in the economy, so Usonia had no choice but to close the fish reserves window. It is fiat currency and worthless, backed by nothing but the faith in the government. Producers were harmed by the expansion of the money supply because resources were more expensive and workers would soon demand higher real wages. Production decreased further and the Usonian bank loan officials targeted the islands â€Å"hut loan market.† As lenders and borrowers in the U.S. put their immense amount of savings to use, the â€Å"Giant Pool of Money† â€Å"overwhelmed the policy and regulatory control mechanisms in the country.† (Abir) Citizens jumped to buy houses all at the same time, either for greed, fear, or stupidity. There were risky investors and individuals who thought there was no ceiling price on real estates. There were individuals jumping into the housing market because they were concerned if they didn’t, they would lose out on easy profit. Mortgage regulators were not paying close enough attention to the market and business practices, commodity mortgage buyers were not researching the loans they were taking out, and speculators /builders were pricing homes entirely too high in the first place. All of which lead to the housing bubble of 2008. Senator Cliff Cod of Usonia created Finnie Mae and Fishy Mac to buy hut loans from the market. â€Å"The hut lending program was a massive hit amongst banks as they were earning risk-free profits. These agencies created a big industry where hut building, hut selling and hut decorating industries took off.† (Krishna) All of production and advancement occurred while no actual fish were being generated, so, nothing productive was actually happening. Although loans were not the best use of savings, political officials â€Å"encouraged hut ownership and education.† (Krishna) There were tax breaks on hut loans, which caused even more people to invest on these huts. Sinpoian fish were being imported to Usonia like rapid waves, credit levels were high and risk was ignored. Huts started becoming more luxurious and unreasonably expensive. Eventually, â€Å"the â€Å"hut market† took a down turn and every associated industry felt the pain.† (Krishna) As U.S. home pri ces declined steeply after peaking in mid-2006, it became more difficult for borrowers to refinance their loans. In addition, â€Å"assets dramatically plummeted, while the liabilities owed to global investors remained at full price.† (Abir) One of the primary causes of the recession was government intervention in the housing market. This intervention, primarily through Fannie Mae and Freddie Mac, helped inflate the housing bubble that triggered the crisis. Due to the lack of regulation, banks and credit card companies were freely lending out money to people. Even those who could not afford expensive houses took out loans that they seemingly couldn’t pay back to buy the expensive houses. During the 2008 recession, struggling banks and lenders cut back lending and created a sudden sharp reduction in availability, causing a credit crunch. Consumers were no longer able to borrow and spend, while businesses also cut back their investments as demand decreased. In â€Å"Too Big to Fail,† Dick Fuld, CEO of Lehman Brothers, a large investment bank, is seeking investment, but investors are hesitant because Lehman is exposed to toxic housing assets from the housing bubble. The Lehman’s counterparty risk, risk that a counterparty will not pay as obligated on a transaction, is impacting the entire financial market, while the stock market is in a free fall. The government could only do one thing, urge consumers to spend more. They wanted to keep spending though the crisis and borrow more, however, this would eventually lead to a depression. In the film, Henry Paulson, U.S. Treasury Secretary, plans to buy the toxic assets from the banks, so they wouldn’t go bankrupt and could lend out money again. Paulson later then decides to inject capital into the banks, for it was easier and could boost lending more quickly. By injecting the capital, he expected that the banks will have the money now to lend out to citizens and credit will flow again. The banks agreed, markets stabilized, and the banks repaid their Troubled Asset Relief Program (TARP) funds. However, Paulson’s expectations were wrong, banks didn’t lend out the money from the injections. As the epilogue of â€Å"Too Big to Fail† stated, â€Å"credit standards continued to tighten resulting in rising unemployment and foreclosures. As bank mergers continued in the wake of the crisis, these banks became even larger and ten financial institutions held 77% of all U.S. banking assets and have been declared â€Å"too big to fail.†Ã¢â‚¬  (Gould) Congress created â€Å"TARP in October 2008, part of which was used by the Treasury to inject much needed capital into the nation’s banks. The Fed aggressively lowered interest rates during 2008, adopting a zero interest rate policy by the end of the year. It engaged in massive quantitative easing in 2009 and early 2010, purchasing Treasury bonds and Fannie Mae and Freddie Mac mortgage-backed securities to bring down long term interest rates.† (Blinder and Zandi) â€Å"The Troubled Asset Relief Program of 2008 rescued our financial system from almost certain meltdown, saving the U.S. financial system at the brink of disaster.† (Weller) Shortly after TARP enacted, loan tightening and interest rates eased. The Recovery Act spending helped decrease unemployment and personal disposable incomes increased. â€Å"Industrial production turned around with infrastructure spending spurred by the Recovery Act. After-tax income grew more quickly following the payroll tax cut , followed by job growth accelerating and decrease in household debt. The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 â€Å"strengthened the fledgling economic recovery by cutting the payroll tax and continuing extended unemployment insurance benefits.† (Weller) In the end, Usonia was completely out of fish. They borrowed more and more to the point where most of their debt was funded by more debt. Citizens don’t save more since borrowing is a simple and easy process. Most people just walk in wanting more money, and walk out with more money and debt. Although higher taxes create more jobs and government revenue, it discourages work and investment. Plus, individuals and private businesses use money more efficiently than the government. In today’s society, spending is almost the route to happiness. That is, people spend to make themselves and others happy. We can’t spend less, but perhaps we can spend smarter. The book’s message itself is very clear. If the U.S. keeps spending and borrowing freely, it will soon meet with hyperinflation and an even more severe economic devastation. Bibliography University of North Carolina. Subprime mortgage crisis. 13 January 2008. 25 April 2014 http://www.stat.unc.edu/faculty/cji/fys/2012/Subprime mortgage crisis.pdf>. Abir, Zaber. THE Global Financial Crisis: Above Beyond. 6 December 2012. academia.edu. 25 April 2014 http://www.academia.edu/2344211/THE_Global_Financial_Crisis_Above_and_Beyond>. Blinder, Alan and Mark Zandi. How the Great Recession Was Bought to an End. 27 July 2010. economy.com. 25 April 2014 https://www.economy.com/mark-zandi/documents/End-of-Great-Recession.pdf>. Romer, Christina. Treatment and Prevention: Ending the Great Recession and Ensuring that It Doesn’t Happen Again. City Club of Cleveland. Cleveland: whitehouse.gov, 2010. 16. Krishna, Radha. How an Economy Grows Why it Crashes : Summary. 14 August 2011. 25 April 2014 http://radhakrishna.typepad.com/rks_musings/2011/08/how-an-economy-grows-why-it-crashes-summary.html>. Schiff, Irwin and Peter Schiff. How an Economy Grows and Why it Crashes. Hoboken: Wiley, 2010. Too Big to Fail. Dir. Curtis Hanson. Perf. Peter Gould. 2011. Weller, Christian. 10 Reasons Why Public Policies Rescued the U.S. Economy. 29 May 2012. 25 April 2014 http://www.americanprogress.org/issues/economy/news/2012/05/29/11593/10-reasons-why-public-policies-rescued-the-u-s-economy/>. Williams, Roy. Birmingham investment experts have mixed reactions to report on Great Recession. 20 February 2011. 25 April 2014 http://blog.al.com/businessnews/2011/02/birmingham_investment_experts.html>.

Liberty Bell

Sound of the Freedom- The Liberty Bell Figure 1 Liberty Bell Forever Stamp Figure 1 Liberty Bell Forever Stamp Meaning can be found even in the most mundane of objects. For instance, consider the USA First Class stamp. On its upper left corner, the number 2008 shows that this stamp was produced in year 2008. The right side of the stamp says â€Å"USA FIRST-CLASSS FOREVER†, meaning that this postage stamp is valid for First-Class postage in the United States no matter when it is used.There is an extraordinary metal bell is in the middle of the stamp – the Liberty Bell, a venerable historic relic that I am going to analyze in the rest of this research paper. The bell was first known by the world as a metal musical instrument in ancient China. Tuned bells in that age were created and played to be performed only for imperial families and noblemen, as a symbol of power and status. Later on, bells became widely used in different religions. For example, bells played an importa nt role in the Eastern world of Buddhism and Hinduism as temple bells.In western world, bells were commonly used as church bells or town bells for gathering people together. In 1752, the Quaker William Penn, legislator and founder of the Pennsylvania colony in 1682, had decided and commissioned the bell to be cast in London, and brought to North America to hang in the State House of the colony of Pennsylvania. â€Å"They had ordered very precisely that these prophetic words from the Old Testament be cast on the bell: ‘Proclaim Liberty throughout all the Land unto all the Inhabitants thereof. ’ † Obviously, the Liberty Bell represents the important value of liberty and freedom in Pennsylvania colony.Charlene Mires, the associate professor of history of Villanova University, thinks adults viewed the Liberty Bell as an object lesson – â€Å"a means for securing the nation’s future, children could experience it as enormous fun. But the lesson was not j ust the bell was more than an inanimate object. † There are many famous and great bells around the world: for instance, the Mingun Bell in north of Mandalay, Burma, the Largest ringing bell in the world; Tsar Kolokol III Bell, located in Moscow; the Big Ben in London and so on. Even though the Liberty Bell wasn’t the largest, eaviest, or most beautiful bell among these famous bells around the world, perhaps no other bell in the world has ever played a greater historic role than this cracked liberty bell. 2. The Liberty Bell as a symbol of the Declaration of Independence. The Liberty Bell is one of the most significant symbols throughout American history. Even through it is now one of the world’s great icons of freedom, the Liberty Bell wasn’t always so symbolic. At the beginning, the bell was only used to call the Pennsylvania assembly to meetings, just like a normal town bell.Many people think the story of the liberty bell started with it ringing to annou nce the Declaration of Independence on Fourth of July; however, the truth is, the bell did not ring until the eighth of July, the day when they called Philadelphians together for the first public reading of Declaration of Independence by Colonel John Nixon. The Declaration of Independence was an announcement that the thirteen American Colonies were at war with Great Britain as independent states and no longer a part of British Empire.The Declaration states, â€Å"When in the course of human events it becomes necessary for one people to dissolve the political bands which have connected them with another and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Natures God entitle them, a decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation. † I have found that there is much knowledge to be learned from the Declaration of Independence.It taught me think that all men are created equal, and all men have the rights of life, liberty, and the pursuit of happiness that was given by God. The Declaration of Independence shows that American people have suffered too much from the British Empire, and the American people do not want slavery, but liberty. It is for that reason that they rang the Liberty Bell on July 4th 1776. Many people may have noticed that the huge crack on the Liberty Bell. Because of it, this two-thousand-pound mass of unstable metal nearly ended up being garbage.There are various storys about how the bell was cracked. For instance, an eighty-six-year-old man told the New-York Times in 1911 that he cracked the bell in 1835 – he would have been 10 years old at that time! Among the numerous versions of the tales of the cracking bell, the most reputable and famous account is that the bell cracked when Philadelphia’s city government rung the bell on Washington’s Birthday in 1843. Luckily, instead of being forg otten and abandoned by the world because the loss of its voice, the liberty bell gradually became a priceless and great national treasure. . Liberty Bell travels around the United States between 1885-1915. After the Liberty Bell was no longer used as working bell, especially in the years after the Civil War, it started its patriotic trips that involved itself in many obscure events in American history. It traveled by rail car around the United States, and was also placed on exhibit at numerous World’s Fairs. From 1885 to 1915, the Liberty Bell traveled by rail on seven separate trips to eight different World’s Fair exhibitions, visiting nearly 400 cities and towns on those trips from coast to coast.Here are some of the major cities and events that the Liberty Bell has traveled to. Year| Major Events and Places| 1885| To New Orleans for the World’s Industrial and Exposition. | 1893| To Chicago for the World/s Columbian Exposition. | 1895| To Atlanta for the Cotto n States and International Exposition. | 1902| To Charleston for the South Carolina Interstate and West Indian Exposition| 1903| To Boston for the Bunker Hill Monument anniversary. | 1905| To St. Louis for the Louisiana Purchase International Exposition| 1915| To San Francisco for the Panama-Pacific Exposition. Are you wondering how large the influence of the Liberty Bell is? This was how New York Times reported the New-Orleans Exposition before Liberty Bell went to New-Orleans on December 17, 1884: â€Å"This has been a day of nerveless reaction after the great strain of opening day, there were but very few visitors to the grounds, not a thousand. † Everything was changed after the Liberty Bell came to the New-Orleans Exposition. January 26th, 1885, was a great day for the New-Orleans World’s Industrial and Cotton Exposition, and for New Orleans citizens.Because â€Å"extensive preparations had been made for the reception of the Liberty Bell from Philadelphia,† the New York Times proudly announced their venerable guest on Jan 27, 1885. Large numbers of citizens of New Orleans and Philadelphia met the Liberty Bell train at that point, surging forward to touch and kiss the bell. Salutes were fired, whistles blown, and flags were displayed on the exhibit with patriotic music. After the Liberty Bell was installed, it attracted visitors’ attention for nearly five months, achieving an iconic status.Figure [ 2 ] The Liberty Bell is placed on a truck in Philadelphia to be transported to the train. Figure [ 2 ] The Liberty Bell is placed on a truck in Philadelphia to be transported to the train. On the last of its seven trips, the Liberty Bell was moved to the Panama-Pacific Exposition in San Francisco, 1915, when the world had just been set afire by World War I. Nevertheless, the horrible World War I did not affect the enthusiasm of Californian people wanting to see the Liberty Bell.In fact, when the organizers of Panama-Pacific Internatio nal Exposition asked Philadelphia city officials to send the Liberty Bell to the Exposition, the city officials denied the request because they were afraid the big crack on the Bell would get larger during its travels and eventually the Bell would fall apart. However, the Philadelphians changed their mind after two hundred thousand Californian schoolchildren signed petitions begging Philadelphia to send the bell. A journalist in San Diego said that â€Å"there is not a single person in any state of the union who does not feel a personal interest in the bell. After the Panama-Pacific International Exposition ended at December 4th 1915, the exposition officials returned the bell and wrote, â€Å"You will be pleased to know that while the Liberty Bell was here in San Francisco, eight million people came to see it! † Even nowadays, several millions people visit the Independence Hall each year, pondering the meaning of the Liberty Bell. Figure 3 Route from home to San Francisco ( right end is Philadelphia, San Francisco at the left end)Even though some people think that other symbols such as the American flag, the Statue of Liberty, and the Uncle Sam draw more attention than Liberty Bell, the Liberty Bell still played a huge important role in the construction of American nationalism. During this travel to world’s fairs and exhibitions, â€Å"the Liberty Bell joined the array of American symbols that excited patriotic enthusiasm during this period in United States history, a time marked by regional reconciliation, high immigration, economic transition, and imperial expansion. â€Å"In its travels, the Liberty Bell did not lose its identity as a historic relic. Actually, the Liberty Bell became something more. † Instead of Philadelphians and other visitors going to Independence Hall in Philadelphia to experience the Liberty Bell, other Americans can also see the Bell at the center of lively hometown festivities. The trips of the Liberty Bell gav e wide public attention to each city and town where the liberty train stopped, so civilians were well prepared to welcome their historic guest.People brought their children from miles away to see the Liberty Bell, to hear its patriotic tunes, to reach out and touch it, and to stage ceremonies in the hopes that their children would long remember its national glory. Because of these travels, Americans beyond Philadelphia had a chance to enhance the relic’s reputation. Postage stamps are not just small pieces of paper. Their pictures are not chosen randomly, they are chosen to present certain thoughts or feelings that a nation wants to project to people. I believe there are reasons USPS (United States Postal Service) made this Forever Liberty Bell stamp. The Liberty Bell is an icon that resonates for freedom and independence for all of America, and those are exactly the qualities we want people to associate with the Forever stamp,† said Michael Plunkett, Acting Vice Presid ent of Pricing and Classification for the U. S. Postal Service. The Liberty Bell is definitely a national treasure, something that American people would be truly proud of and remember forever by the people and history. Who said nothing lasts forever? The Forever Liberty Bell stamp and the Liberty Bell do. Reference:Charlene Mires (2002), Independence Hall in American Memory Philadelphia: University of Pennsylvania Press. P148,155, PP151-152, P181. Gary B. Nash (2010), The Liberty Bell, Yale University press. PP. 11, 12, 34-35 John O’Brien, (2007), Our Liberty Bell, Henry Jonas Magaziner, P. 25 Lyoyd de Vries , In Stamps, The Liberty Bell is Forever; (February 11, 2009). CBSNEWS John Ficher, The Liberty Bell’s Journey – Humble Beginnings. Philadelphia About. com Espie Estrella, Famous Bells of the World, About. com The Liberty Bell At New –Orleans. (1885, January 27). New York Times (1857-1922), P. 2New-Orleans Exposition: A Rainy and Quite Day—Phil adelphia To Send The Liberty Bell. (1884, December 18). New York Times(1858-1922), P. 1 Figure 1: August 22, 2008, National Postal Museum http://arago. si. edu/index. asp? con=2&cmd=1&id=218791&img=1&pg=1 Figure 2: 1915. Independence Hall Association http://www. ushistory. org/libertybell/essay/stop04. htm Figure 3:1915, Independence Hall Association http://www. ushistory. org/libertybell/essay/stop03. htm ——————————————– [ 1 ]. Gary B. Nash (2010), The Liberty Bell, Yale University press. P. 11 [ 2 ].Gary B. Nash P. 11 [ 3 ]. Charlene Mires (2002), Independence Hall in American Memory Philadelphia: University of Pennsylvania Press. P. 155 [ 4 ]. Espie Estrella, Famous Bells of the World, About. com [ 5 ]. John Ficher, The Liberty Bell’s Journey – Humble Beginnings. Philadelphia About. com [ 6 ]. Charlene Mires P. 148 [ 7 ]. Harcourt, Brace( 1922), The Declaration o f Independence, Carl Lotus Becker press. P. 6 [ 8 ]. Thomas Jefferson(1776), United States Declaration of Independence. [ 9 ]. Gary B. Nash . PP 33-34 [ 10 ]. Charlene Mires PP. 151-152 [ 11 ]. Charlene Mires PP. 151-152 [ 12 ].New-Orleans Exposition: A Rainy and Quite Day—Philadelphia To Send The Liberty Bell. (1884, December 18). New York Times(1858-1922), P. 1 [ 13 ]. The Liberty Bell At New –Orleans. (1885, January 27). New York Times (1857-1922), P. 2 [ 14 ]. John O’Brien, (2007), Our Liberty Bell, Henry Jonas Magaziner, P. 25 [ 15 ]. Gary B. Nash P. 12 [ 16 ]. John O’Brien P. 25 [ 17 ]. Charlene Mires (2002), Independence Hall in American Memory Philadelphia: University of Pennsylvania Press. P148. [ 18 ]. Charlene P. 181 [ 19 ]. Lyoyd de Vries, , In Stamps, The Liberty Bell is Forever; (February 11, 2009). CBSNEWS Liberty Bell Sound of the Freedom- The Liberty Bell Figure 1 Liberty Bell Forever Stamp Figure 1 Liberty Bell Forever Stamp Meaning can be found even in the most mundane of objects. For instance, consider the USA First Class stamp. On its upper left corner, the number 2008 shows that this stamp was produced in year 2008. The right side of the stamp says â€Å"USA FIRST-CLASSS FOREVER†, meaning that this postage stamp is valid for First-Class postage in the United States no matter when it is used.There is an extraordinary metal bell is in the middle of the stamp – the Liberty Bell, a venerable historic relic that I am going to analyze in the rest of this research paper. The bell was first known by the world as a metal musical instrument in ancient China. Tuned bells in that age were created and played to be performed only for imperial families and noblemen, as a symbol of power and status. Later on, bells became widely used in different religions. For example, bells played an importa nt role in the Eastern world of Buddhism and Hinduism as temple bells.In western world, bells were commonly used as church bells or town bells for gathering people together. In 1752, the Quaker William Penn, legislator and founder of the Pennsylvania colony in 1682, had decided and commissioned the bell to be cast in London, and brought to North America to hang in the State House of the colony of Pennsylvania. â€Å"They had ordered very precisely that these prophetic words from the Old Testament be cast on the bell: ‘Proclaim Liberty throughout all the Land unto all the Inhabitants thereof. ’ † Obviously, the Liberty Bell represents the important value of liberty and freedom in Pennsylvania colony.Charlene Mires, the associate professor of history of Villanova University, thinks adults viewed the Liberty Bell as an object lesson – â€Å"a means for securing the nation’s future, children could experience it as enormous fun. But the lesson was not j ust the bell was more than an inanimate object. † There are many famous and great bells around the world: for instance, the Mingun Bell in north of Mandalay, Burma, the Largest ringing bell in the world; Tsar Kolokol III Bell, located in Moscow; the Big Ben in London and so on. Even though the Liberty Bell wasn’t the largest, eaviest, or most beautiful bell among these famous bells around the world, perhaps no other bell in the world has ever played a greater historic role than this cracked liberty bell. 2. The Liberty Bell as a symbol of the Declaration of Independence. The Liberty Bell is one of the most significant symbols throughout American history. Even through it is now one of the world’s great icons of freedom, the Liberty Bell wasn’t always so symbolic. At the beginning, the bell was only used to call the Pennsylvania assembly to meetings, just like a normal town bell.Many people think the story of the liberty bell started with it ringing to annou nce the Declaration of Independence on Fourth of July; however, the truth is, the bell did not ring until the eighth of July, the day when they called Philadelphians together for the first public reading of Declaration of Independence by Colonel John Nixon. The Declaration of Independence was an announcement that the thirteen American Colonies were at war with Great Britain as independent states and no longer a part of British Empire.The Declaration states, â€Å"When in the course of human events it becomes necessary for one people to dissolve the political bands which have connected them with another and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Natures God entitle them, a decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation. † I have found that there is much knowledge to be learned from the Declaration of Independence.It taught me think that all men are created equal, and all men have the rights of life, liberty, and the pursuit of happiness that was given by God. The Declaration of Independence shows that American people have suffered too much from the British Empire, and the American people do not want slavery, but liberty. It is for that reason that they rang the Liberty Bell on July 4th 1776. Many people may have noticed that the huge crack on the Liberty Bell. Because of it, this two-thousand-pound mass of unstable metal nearly ended up being garbage.There are various storys about how the bell was cracked. For instance, an eighty-six-year-old man told the New-York Times in 1911 that he cracked the bell in 1835 – he would have been 10 years old at that time! Among the numerous versions of the tales of the cracking bell, the most reputable and famous account is that the bell cracked when Philadelphia’s city government rung the bell on Washington’s Birthday in 1843. Luckily, instead of being forg otten and abandoned by the world because the loss of its voice, the liberty bell gradually became a priceless and great national treasure. . Liberty Bell travels around the United States between 1885-1915. After the Liberty Bell was no longer used as working bell, especially in the years after the Civil War, it started its patriotic trips that involved itself in many obscure events in American history. It traveled by rail car around the United States, and was also placed on exhibit at numerous World’s Fairs. From 1885 to 1915, the Liberty Bell traveled by rail on seven separate trips to eight different World’s Fair exhibitions, visiting nearly 400 cities and towns on those trips from coast to coast.Here are some of the major cities and events that the Liberty Bell has traveled to. Year| Major Events and Places| 1885| To New Orleans for the World’s Industrial and Exposition. | 1893| To Chicago for the World/s Columbian Exposition. | 1895| To Atlanta for the Cotto n States and International Exposition. | 1902| To Charleston for the South Carolina Interstate and West Indian Exposition| 1903| To Boston for the Bunker Hill Monument anniversary. | 1905| To St. Louis for the Louisiana Purchase International Exposition| 1915| To San Francisco for the Panama-Pacific Exposition. Are you wondering how large the influence of the Liberty Bell is? This was how New York Times reported the New-Orleans Exposition before Liberty Bell went to New-Orleans on December 17, 1884: â€Å"This has been a day of nerveless reaction after the great strain of opening day, there were but very few visitors to the grounds, not a thousand. † Everything was changed after the Liberty Bell came to the New-Orleans Exposition. January 26th, 1885, was a great day for the New-Orleans World’s Industrial and Cotton Exposition, and for New Orleans citizens.Because â€Å"extensive preparations had been made for the reception of the Liberty Bell from Philadelphia,† the New York Times proudly announced their venerable guest on Jan 27, 1885. Large numbers of citizens of New Orleans and Philadelphia met the Liberty Bell train at that point, surging forward to touch and kiss the bell. Salutes were fired, whistles blown, and flags were displayed on the exhibit with patriotic music. After the Liberty Bell was installed, it attracted visitors’ attention for nearly five months, achieving an iconic status.Figure [ 2 ] The Liberty Bell is placed on a truck in Philadelphia to be transported to the train. Figure [ 2 ] The Liberty Bell is placed on a truck in Philadelphia to be transported to the train. On the last of its seven trips, the Liberty Bell was moved to the Panama-Pacific Exposition in San Francisco, 1915, when the world had just been set afire by World War I. Nevertheless, the horrible World War I did not affect the enthusiasm of Californian people wanting to see the Liberty Bell.In fact, when the organizers of Panama-Pacific Internatio nal Exposition asked Philadelphia city officials to send the Liberty Bell to the Exposition, the city officials denied the request because they were afraid the big crack on the Bell would get larger during its travels and eventually the Bell would fall apart. However, the Philadelphians changed their mind after two hundred thousand Californian schoolchildren signed petitions begging Philadelphia to send the bell. A journalist in San Diego said that â€Å"there is not a single person in any state of the union who does not feel a personal interest in the bell. After the Panama-Pacific International Exposition ended at December 4th 1915, the exposition officials returned the bell and wrote, â€Å"You will be pleased to know that while the Liberty Bell was here in San Francisco, eight million people came to see it! † Even nowadays, several millions people visit the Independence Hall each year, pondering the meaning of the Liberty Bell. Figure 3 Route from home to San Francisco ( right end is Philadelphia, San Francisco at the left end)Even though some people think that other symbols such as the American flag, the Statue of Liberty, and the Uncle Sam draw more attention than Liberty Bell, the Liberty Bell still played a huge important role in the construction of American nationalism. During this travel to world’s fairs and exhibitions, â€Å"the Liberty Bell joined the array of American symbols that excited patriotic enthusiasm during this period in United States history, a time marked by regional reconciliation, high immigration, economic transition, and imperial expansion. â€Å"In its travels, the Liberty Bell did not lose its identity as a historic relic. Actually, the Liberty Bell became something more. † Instead of Philadelphians and other visitors going to Independence Hall in Philadelphia to experience the Liberty Bell, other Americans can also see the Bell at the center of lively hometown festivities. The trips of the Liberty Bell gav e wide public attention to each city and town where the liberty train stopped, so civilians were well prepared to welcome their historic guest.People brought their children from miles away to see the Liberty Bell, to hear its patriotic tunes, to reach out and touch it, and to stage ceremonies in the hopes that their children would long remember its national glory. Because of these travels, Americans beyond Philadelphia had a chance to enhance the relic’s reputation. Postage stamps are not just small pieces of paper. Their pictures are not chosen randomly, they are chosen to present certain thoughts or feelings that a nation wants to project to people. I believe there are reasons USPS (United States Postal Service) made this Forever Liberty Bell stamp. The Liberty Bell is an icon that resonates for freedom and independence for all of America, and those are exactly the qualities we want people to associate with the Forever stamp,† said Michael Plunkett, Acting Vice Presid ent of Pricing and Classification for the U. S. Postal Service. The Liberty Bell is definitely a national treasure, something that American people would be truly proud of and remember forever by the people and history. Who said nothing lasts forever? The Forever Liberty Bell stamp and the Liberty Bell do. Reference:Charlene Mires (2002), Independence Hall in American Memory Philadelphia: University of Pennsylvania Press. P148,155, PP151-152, P181. Gary B. Nash (2010), The Liberty Bell, Yale University press. PP. 11, 12, 34-35 John O’Brien, (2007), Our Liberty Bell, Henry Jonas Magaziner, P. 25 Lyoyd de Vries , In Stamps, The Liberty Bell is Forever; (February 11, 2009). CBSNEWS John Ficher, The Liberty Bell’s Journey – Humble Beginnings. Philadelphia About. com Espie Estrella, Famous Bells of the World, About. com The Liberty Bell At New –Orleans. (1885, January 27). New York Times (1857-1922), P. 2New-Orleans Exposition: A Rainy and Quite Day—Phil adelphia To Send The Liberty Bell. (1884, December 18). New York Times(1858-1922), P. 1 Figure 1: August 22, 2008, National Postal Museum http://arago. si. edu/index. asp? con=2&cmd=1&id=218791&img=1&pg=1 Figure 2: 1915. Independence Hall Association http://www. ushistory. org/libertybell/essay/stop04. htm Figure 3:1915, Independence Hall Association http://www. ushistory. org/libertybell/essay/stop03. htm ——————————————– [ 1 ]. Gary B. Nash (2010), The Liberty Bell, Yale University press. P. 11 [ 2 ].Gary B. Nash P. 11 [ 3 ]. Charlene Mires (2002), Independence Hall in American Memory Philadelphia: University of Pennsylvania Press. P. 155 [ 4 ]. Espie Estrella, Famous Bells of the World, About. com [ 5 ]. John Ficher, The Liberty Bell’s Journey – Humble Beginnings. Philadelphia About. com [ 6 ]. Charlene Mires P. 148 [ 7 ]. Harcourt, Brace( 1922), The Declaration o f Independence, Carl Lotus Becker press. P. 6 [ 8 ]. Thomas Jefferson(1776), United States Declaration of Independence. [ 9 ]. Gary B. Nash . PP 33-34 [ 10 ]. Charlene Mires PP. 151-152 [ 11 ]. Charlene Mires PP. 151-152 [ 12 ].New-Orleans Exposition: A Rainy and Quite Day—Philadelphia To Send The Liberty Bell. (1884, December 18). New York Times(1858-1922), P. 1 [ 13 ]. The Liberty Bell At New –Orleans. (1885, January 27). New York Times (1857-1922), P. 2 [ 14 ]. John O’Brien, (2007), Our Liberty Bell, Henry Jonas Magaziner, P. 25 [ 15 ]. Gary B. Nash P. 12 [ 16 ]. John O’Brien P. 25 [ 17 ]. Charlene Mires (2002), Independence Hall in American Memory Philadelphia: University of Pennsylvania Press. P148. [ 18 ]. Charlene P. 181 [ 19 ]. Lyoyd de Vries, , In Stamps, The Liberty Bell is Forever; (February 11, 2009). CBSNEWS

Can Money Buy Happiness

In our society, people often put great emphasis on materials and possessions. Many believe that having more money would make them happier in life; but does money really provide true happiness? Having the money to provide food, clothing, and shelter is essential for everyone’s well-being and happiness, but after those basic needs are fulfilled more money just offers materials not necessarily happiness. There are many ways I think money does buy happiness. Money increases quality of life which in turn buys happiness. This is only true if one lives within his means, lives a modest life style and pursues happiness the right way. I think most people believe happiness is bought in a store. People overestimate how much pleasure they’ll get when they buy something luxurious. We really don’t need all these extravagant luxuries around us. Are they necessities to life? Are they just things to show your vanity? Or are they just trying to keep up with the Jones’s? In today's materialistic world, the phrase that ‘money can't buy happiness' is tending to be proved hence otherwise. Social research and surveys have shown results based on an individuals income, health and the political scenario which is dominant in his or her region. It is quite obvious that the gap between the privileged and the not so is growing into a great divide giving rise to different class and status, thus defining ones social circle. It should therefore be understood how an individual’s economic status affects their personal happiness throughout all aspects of life. Many tend to refer to this age-old quote especially when they tend to belong to sector of people who can't afford the modern day luxuries of life. What they do not realize is that money, might in fact do just that, buy happiness. On the other hand, those who have pockets as heavy as themselves think that money Is nothing but a burden and a complication in life, which is too networked to figure out. First of all, a comfortable life can be brought if we are rich. Nowadays, it is not uncommon to see people complain about their low standard of living. The low educated groups always have to worry about their living. They may worry about losing their jobs as they always work as low skilled workers. Their jobs are not stable at all. They may not be able to cope with their daily lives, let alone being happy. Under such circumstances, money can buy happiness. If they have got more money, they no longer have to worry all the time. The idea of money buying happiness is interesting. Yes, most people feel they do need more money to be happy, but what is that â€Å"happiness† they are speaking of? If that idea means owning newer appliances than before, then money can buy you happiness. If that idea is going out to eat dinner more often, then money can buy you happiness. But, if happiness is truly living one's life to the fullest, then money cannot buy happiness. People know that this idea of happiness is materialistic and shallow, and they are quick to point it out in others, but cannot see it in themselves. Money cannot buy happiness, unless happiness is measured by possessions. Happiness from money is very short lived. While the happiness of people who receive large sums of money might rise immediately after they receive that money, that happiness declines to only slightly above or equal to their level of happiness before the money came to them. Different people have different beliefs of what happiness really is. However, money is often the bane of happiness, as is evidenced that affluent societies are often considerably more unhappy than poorer (not necessarily poverty stricken) countries. This is a sign that too little, or too much money is not a good thing. A balance needs to be struck between earning money and more fulfilling activities. This is because happiness is not a state to be ‘achieved’ but a virtue, and all happiness is relative. Happiness is a virtue. Happiness cannot be ‘achieved’ or ‘attained’ through earning money. Money can be seen as the opposite of happiness. The rich often wield power, due to their wealth, which in turn corrupts their morals.

Syrian Civil War - Free Essay Example

Sample details Pages: 3 Words: 772 Downloads: 10 Date added: 2019/05/18 Category History Essay Level High school Tags: Civil War Essay War Essay Did you like this example? About a week ago, you wake up to the news of the U.S. sending strikes of missiles attacking the nation of Syria. President Donald Trump claims that the international community is to blame for not settling the conflicts in Syria. Don’t waste time! Our writers will create an original "Syrian Civil War" essay for you Create order As a result, the U.S. took the problem into their own hands and further involved themselves to calm the situation. This event is a result from the Syrian Civil War and the Syrian government attacking its own people with poisonous gas, killing dozens. This and many other incidents have caused Syrians to gather their belongings and travel away from Syria, attempting to go anywhere. It first began with lesser significant occurrences, like droughts and lack of work. These problems are not trivial, but slight in comparison to the war going on within the country. The Syrian refugees started migrating to countries across the Mediterranean Sea, like Greece and Turkey, Now, refugees have been recorded to migrate to other countries to avoid the war of Syria, like those in Eastern Europe and North America. As far as the cause of the Syrian War, it all began around March 2011. Protests began to occur after teenagers were captured and tortured over paintings of revolutionary mottos. Once the protestors had organized a large group and stop obeying the security, the nations security forces had enough and began opening fire. This only opened up room for more activists to take to the streets. It ultimately became a battle between those who supported the government and those who rebelled it. Activists were upset from constant lack of freedom, economic troubles, and global problems like global warming. The rebels hoped to accomplish in the removal of President Assad and his forces to make room for a new government in which they can decide. President Assad wanted to stop all forces opposing the government and rule with a dictator-like command. The war ended up taking place on its own country. According to ASSESSMENT OF THE IMPACT OF SYRIAN REFUGEES IN LEBANON AND THEIR EMPLOYMENT PROFILE, over twelve million Syrians have fled their homes because of their communities and homes becoming the battleground of the Syrian war (Masri, 2014). During the Syrian war, there were multiple levels of conflict. During the protesting for the captured teenagers, this was a time of civil disobedience. The protestors were challenging the law and standing up for what they believed in. Even though it ended up with the government killing activists, they stood up against a law they saw as unjust. Since 2012, the war progressed to a LIC (Low Intensity Conflict) which included asymmetrical warfare. The captured teenagers drew paintings terrorism when they painted revolutionary mottos on a school. They used these pictures to express their anger toward the government. This helped gather more people for their cause and struck fear in the opposition. They also were involved in asymmetrical warfare while the rebels faced off against the Syrian army along the civilians who agreed with President Assad. Since the start of this war, over 465,000 Syrians have lost their life from the war, over a million injured from the war, and over 12 million hav e been displaced from their original homes 12 million was half the countrys prewar population. President Assad has not been battling fair either. Assad dropped bombs filled with poisonous agents on a town with only women and children that basically wiped most of their civilians. The U.S. and other countries are attempting to help the rebels fight out Assad and his army. Like I stated earlier, the U.S. bombed a Syrian air force base where Assad has control to weaken his forces. Russia bombed parts of Syria owned by terrorist groups. Surrounding and Arab countries like Saudi Arabia and Turkey helped supply the rebels with weapons and other materials. It can now be evaluated to a point where the war can seem like a Shia versus Sunni war. The government of Majority-Shia Iran and Iraq support Assad and his government while Sunni-majority states like Turkey, Saudi Arabia, and Qatar stand ready for the rebels. As far has the war has come, it is not over yet. For the consequences, they will have a divided country to bring together which may take years. Their civilians are spread throughout the continents and may never come back. This also put a strain on the Shia-Sunni relations. This has been a long battle coming and I dont believe thing can go back as they used to. The only way I see for this to end peacefully is for Assad to give up his presence as president and allows the rebel to decide their government.