Is the Federal Reserve Necessary Research Paper Example | Topics and Well Written Essays - 750 words

Is the Federal Reserve Necessary - Research Paper Example One such mistake, in United States history, that seems to be repeating its self, is the Great Depression. The Great Depression was a twelve year span, lasting from 1929 to 1941, in which the U.S. market was down and unemployment was at an all time high. It is, by far, considered one of the lowest points in U.S. history, but what is really intriguing is it was preceded by the â€Å"roaring twenties† a time of great economic growth and wealth. Many are comparing this with the recent economic boom of the late nineties, early two thousands; followed by the â€Å"recession† the U.S. is currently in. So the question arises, what led to these two periods of growth, followed by a severe recession? By taking a look at what, the value of a dollar is, what fractional reserve banking versus free banking are, and what caused the increase in moral hazard; and by looking at the arguments for and against each of these, we can identify the factors that led to this tragic example of hist ory repeating itself. This first factor we are going to uncover is what determines the value of the U.S. dollar, how it has changed over the years, and we as a nation are now suffering from those changes. The majority of governments use to base their circulation of paper money, or notes, on the amount of gold that backs up the notes; this is known as the gold standard. Toward the end of the great depression many individual still did not trust banks and so they were holding on to a large portion of gold. This led to a deficit of gold to support the dollar, so President Roosevelt ordered the gold confiscation of 1933 in which all individuals were required, with some exceptions, by law, to bring their gold to the U.S. treasury in exchange for a dollar equivalent. Another by product of the great depression was the Bretton Woods System; this is a system that was agreed upon by most of the world’s powers in 1944 which hoped to govern the monetary regulations of the nations. As a re sult they established the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD), which today is part of the World Bank Group. One of the major implications to the U.S., however, was the fact that they agreed maintain exchange rates by tying its currency to the U.S. dollar. Then in 1981, under the presidency of Nixon, the U.S. terminated the convertibility of the dollar to gold. This meant that the dollar is now a fiat currency backed by nothing but the promise of the federal government; this, in essence, did away with the gold standard. Proponents of doing away with the gold standard based their logic on the fact that they assumed the U.S would remain the number one world power. Though this held true for the first fifteen plus years after the gold standard was removed, that reign soon ended. Now with the U.S. owing over fourteen trillion dollars, and rising, to other nations, and our economy in a deep recession, many are left to wonde r if allowing our currency to be backed by only our government’s worth was such a good idea. Other groups against this move away from the gold standard, also argue that these nations which the U.S. government now owes are growing weary of whether or not the will be repaid. This is leading them to do more trading and lending with the still gold based European market, pushing our country deeper into the recession. This leads to where the dollar is distributed and stored by individual Americans and corporations, which is the U.S. banking system. There are two types of

Personal Ethical Foundations Statement Example | Topics and Well Written Essays - 1250 words

Ethical Foundations - Personal Statement Example I have moral obligation to offer my patients the best care possible to alleviate their suffering because it is right to help a person in need. I would not perform abortions because it’s murder unless when saving the life of the mother. This is a dilemma but by saving the mother, I am following the natural law. I would not practice in eugenics or assist in voluntary suicide because it is morally wrong and is against the social norms of the society. These laws preserve the dignity of human life and the sanctity of life as it is God given. They uphold the dignity and respect of medical practice and all who practice it. Human nature makes upholding natural law very difficult. One must be virtuous to have consistency in medical practice. According to Aristotle, a virtue lies between two central vices and is described as the mean by reference to two vices. Cardinal virtues expounded by ancient Greek philosophers are courage, prudence, temperance, and justice. By using reason, we make the right decisions and this will make me achieve job satisfaction and eventually actualization. By being courageous and doing the right thing we get happier and better at our jobs, this law is fundamental to success in the work place, as the code of conduct will govern most of the key decisions in the work place eliminating unnecessary conflict of beliefs. It is my responsibility to care for my patients and be responsive to their needs at all times during their medical care. It is not right to say that this principle applies to females alone as all practitioners care for the sick in health facilities. My responsibility would be to reduce their physical and emotional suffering by using own experience and expertise in the medical field. I would not withhold necessary treatment and facilities to a sick individual for whatever reason because it is morally wrong and against the medical code of ethics. It would be wrong to offer