American Central Banking Impact

American Central Banking Impact Free Online Research Papers American Central Banking and Oil and the Impact of their Visual Depictions By: Teodor Serbanescu Submitted in Partial Fulfillment of The Humanities Arts Requirement Worcester Polytechnic Institute Worcester, Massachusetts This Seminar in the History of Science and Technology and the History of Scientific and Technical Illustration is the culmination of my five Humanities and Arts courses at Worcester Polytechnic Institute. Every class, in some way, related to the theme of the seminar, and helped maximize my final product. For example, HI 2314 set up a foundation of basic American history for me to build upon. HI1312 discussed American social history, which taught me about public opinions and behaviors through time. EN2211 helped improve my writing skills, which was crucial to my success in the seminar. Also, HI2331 and HI2332 taught me the history behind science and technology over a period of two centuries. The subject of the actual seminar was more focused on the technical images throughout the history of science, which required me to do some research that I have not done previously. The paper that I wrote was about American central banking and oil and the impact of their technical depictions. It ti es into the theme of the seminar because central banking and oil companies were, in a way, a type of science, and the images related to them and impacted them in a strong way. Introduction Since the nineteenth century, central banking and the oil industry have been areas of importance in regard to the shaping of American politics and society. Central banking and the Federal Reserve System have played a significant role in the country’s finances, but have also been scowled at by a number of people, especially during its early years. The oil business has affected our country in a variety of ways as well, and also has been frowned open at times. During this time, artists have drawn images in newspapers and magazines that portray what is happened in the country. Additionally, these images are drawn mainly to provide a theme of controversy, such as the one that banking and oil have provided. Central banking and the oil industry have been scrutinized with visual imagery throughout history, often times to depict their true nature to the public. Central Banking America’s first bank was founded by Alexander Hamilton in 1871. It was modeled after the Bank of England. Unlike today’s banks, it did not hold all of America’s money supply, rather only about 20%. The Bank was opposed by some, most notably Thomas Jefferson and James Madison, who thought that the system would lead to corruption, manipulation, and misuse. Five years later, a second bank was created to improve the first. The second bank, like the first, did not have an official name. It was structured mostly the same as the first bank, except it expanded across the US and was allowed to hold more money. However, the bank’s downfall was due to President Andrew Jackson, who denounced the bank in 1830 and claimed it to be a source of corruption. The image above is a political cartoon published in an 1832 newspaper. This drawing was inspired by Andrew Jackson’s battle with the second bank of the United States; Jackson vetoed the bank in 1832, saying that it served mainly to make the rich richer. Jackson told his vice president, Martin Van Buren, â€Å"The bank is trying to kill me, but I will kill it!† These words are portrayed in the above cartoon quite literally. While analyzing this picture, a few things are obvious: the main characters are Andrew Jackson, a young man, and the green monster, and it takes place in a bedroom at night. The bedroom belongs to Andrew, the young man is Andrew’s butler, and the green monster is the portrayal of the bank; I can only assume this through logic reasoning. Andrew Jackson is holding a sword and trying to attack the monster ‘bank’, while his butler is holding him back, and the monster is in an offensive position as well. The implications and themes of t his picture are as follows: Andrew Jackson is a small old man with a brave heart (a characteristic that is generally favored among people), because he is trying to fight a huge monster. The young butler is trying to hold Andrew back from this monster (this adds a comical affect). And the monster ‘bank’ is trying to attack Jackson (monsters are generally un-favored among people). When putting these three generalizations together, people during that time, and even today, will get the idea that the bank is evil and Jackson is brave and noble, which is exactly what the artist most likely intended. It turned out that Jackson was in fact favored by the majority of people, and succeeded in his battle with the bank; whether or not this newspaper cartoon had an impact on that is a question that cannot be answered, but I believe the answer is yes. After the downfall of the second bank, the Free Banking Era emerged. It lasted from 1837 to 1862. Each state was allowed to govern their own interest rates, loans, and other finances. Nevertheless, banks still existed, but only locally. In 1863, the National Banking Act was passed and a national currency was introduced. The system had certain flaws, such as the inability to back up their money with treasuries. This lead to the Panic of 1907, in which the government came to the conclusion that separate national banks were insufficient, and a main central bank was needed. The picture above is another political cartoon, published in 1908 by the Pioneer Press. It reads, â€Å"Uncle Sam’s Need Of An Elastic Currency // President Roosevelt: â€Å"You see, those galluses ought to have rubber in them, so that when Uncle Same stoops to move the sheaf there won’t be much strain on the buttons.†Ã¢â‚¬ 1 Galluses is an old way of saying a pair of suspenders for trousers, and sheaf is another way of saying a pile.2 What Roosevelt is implying is that the US government needs an elastic money supply in order to move the money to different locations. He is personifying the US bank as Uncle Sam, the ‘galluses’ as the money supply, the ‘sheaf’ as the portion of the money to be moved, and the buttons as the finance center. In this picture, the artist portrays Roosevelt’s analogy in a clever way. He drew Uncle Same about to ‘move the sheaf’, as Roosevelt had mentioned, and even drew out some of the impl ications that he made. For example, Uncle Sam’s ‘Galluses’ are drawn out and labeled ‘US Currency’, the buttons are labeled â€Å"Finance Center†, and the ‘sheaf’ is labeled ‘The Crops’, which is another term for the goods or money to be moved. The artist also added two gentlemen watching and Uncle Sam with a pondered look upon their faces; one of the men has ‘Congress’ written on his hat, implying that congress is overseeing this process and looking for ways to improve it. The humor is that Roosevelt took the serious idea of an elastic money supply, and created this witty scenario that we have above. The effects that this image had on the public, other than being funny, was to inform them about this new idea and raise their support towards it through amusement. After the Free Banking Era, in 1913, the Federal Reserve System came to power. This system was not exactly part of the government, but too far away from it either. It was responsible for holding money and deposits from other banks, i.e. reserving it, also called the ‘banker’s bank’. Since then, the Fed has gone through a number changes and provisions. Today, the Fed employs a monetary policy, which gives it the power to change prices, taxes, and credits to ensure positive economic growth in the country. It is responsible for controlling our national finance and debt. This cartoon was drawn by Greg Strid in 2007 and named ‘Uncle Sam’s Credit Brothel’. It portrays the Federal Reserve as sort of vacuum machine, sucking up the money coming from the window of the store. The store, labeled ‘Uncle Sam’s Brothel’ is in flames. Also, the man is driving the machine, with a hat labeled ‘Ben’, he has an unhappy look on his face. You can tell that the setting is during the early 1900s, because the automobile and store is made of wood. There is also a sign on the other side of the building saying ‘Moral Majority Entrance’.1 The implication of ‘Uncle Sam’s Credit Brothel’ is to represent an ordinary bank during that time, and brothel is used to represent the money and credits, not actual prostitutes, as the word actually means. The message that the artist is trying to send here is that the Federal Reserve is destroying small town banks by coming through the back entrance, i.e. using politics to destroy them, not actual force. The driver, named Ben, has a sad expression on his face because he is portrayed as an average working citizen. Oil Industry Oil has been around for thousands of years, but until the 1800s, oil was used for other purposes than fuel. It was used for disinfectants, vermin killers, hair oil, and boot grease. The oil industry in the US began in the mid 1800s when gas powered automobiles were invented.1 Soon after, a man named John D. Rockefeller took control of the oil industry by driving his competitors into bankruptcy and then buying them out. In 1870, he formed the Standard Oil Company, which took control of the entire oil industry in the US. This all ended in 1911, when the Supreme Court of the United States ruled that the Standard Oil Company was using illegal monopoly practices. Congress then divided the oil industry into 34 new companies. The image above is a political cartoon drawn by Udo J. Keppler in 1904. It appeared in a magazine, during that time, called ‘Puck’. The picture shows an octopus monster, labeled ‘Standard Oil’, devouring a manufacturing site and wrapping its tentacles around some buildings and people. The octopus is representing J.D. Rockefellers oil industry monopoly. The other figures in this picture are the steel, copper, and shipping industries, which are being crushed under the octopus. Also, the state house and U.S. Capitol located the left and right of the monster are being grabbed. The octopus is reaching towards the White House.1 The four people being attacked seem to be the owners of the other industries, whom are disgruntled by their defeat. This picture’s setting is on top of the globe, which emphasizes the power and strength of the standard oil octopus. The main theme of this drawing is to show how powerful the standard oil company is becoming, how aggres sive and scary it is, and how close it is to grabbing the white house and gaining full control of the country. Could this have played a role in the eventual downfall of Rockefeller’s Standard Oil Company? Up until World War II, the true value of oil was not entirely known to the US. After WWII, the government quickly realized the full extent of oil value, and started playing a vast role in the oil business. In 1933, the government paid $275,000 to Saudi Arabias King for an oil concession, and this was just the first of many transactions that the government would make with foreign countries. Since then, the value of oil has increased. Today, oil prices are rising drastically, and causing much controversy in public opinion. The problem is that US does not have enough oil supply to fulfill its demand. Due to this, the Bush and Cheney Administration stated that they would focus their attention more on the Middle East for future oil supply. Once the September 11th terrorist attacks occurred, the administration decided to engage Iraq. Many believe that the main reason for this was oil, although, President Bush says that the main reason was because they believed Saddam Hussein had weapons of mass destruction. Recently, Bush stated that the forces cannot leave Iraq because terrorists will use the oil refineries against us. This cartoon was drawn by S Greenberg and published in the Ventura County Star newspaper in 2003. It shows George W Bush in a blue business suit and army helmet, talking about reasons to go to Iraq. In white quote bubbles, he firsts asks why we must go to Iraq, then in the other bubble, he gives four reasons. These reasons are the same as the ones that he publicly states all the time, such as Saddam’s threat to the US and the threat weapons of mass destruction.1 The humor is how the artist bolded and capitalized the letters ‘O I L’, in the words ‘toil recoil boil and soil’. So if a person reads only the bold letters, they will read ‘oil, oil, oil, oil’ where Bush is explaining the reasons to go to Iraq. Also, Bush’s facial expression and posture show that he is trying to preach something, which adds more of a comical affect. Most citizens know that oil has a large role in the reason why we are in Iraq, even though Bush won’t admit it; cartoons like this one help emphasize that point. Conclusion A lot of times, when organizations, such as the Central Bank and Oil Industries of the US, try to do something immoral or unjust, an artist, somewhere, ends up drawing something about it. These depictions are seen in newspapers, magazines, and now, the Internet. Unfortunately for the organizations, public opinion matters, and visual images can change public opinion from the way they depict the organizations. To conclude, visual imagery can affect the way a country is run in an indirect way. References 1) Federal Reserve Bank of Minneapolis. A History of Central Banking in the United States. Minneapolis, Minnesota. April 25, 2008. minneapolisfed.org/centralbankhistory/bank.cfm Apr 23, 2008. 2) Random House Unabridged Dictionary. Dictionary. Random House, Inc 1997. http://dictionary.infoplease.com. Apr 25, 2008. 3) Andrew Jackson, U.S. President. www.answers.com/topic/andrew-jackson, Apr 25, 2008 4) Mukhtar Amin, Joshua Berkowitz, Suzanne Bremer, Kevin Gallagher, Julie A. Nelson, Brian Roach. Macroeconomics in Context. Global Development And Environment Institute Tufts University, Medford , MA. 5) Strid, Greg. Uncle Sam’s Credit Brothel. splendidmarbles.com/category/cartoonscultural, Apr 23, 2008. 6) Sjuggerud, Steve. History of Oil: The Single Greatest Prize in All History. The Oxford Club, 1999. investmentu.com/IUEL/2004/20040811.html. Apr 27, 2008. 7) Picture History. 1997. www.picturehistory.com/product/id/17529. Apr 27, 2008. 8) Duroy, Quentin. John Davison Rockefeller. Spring 1999. bgsu.edu/departments/acs/1890s/rockefeller/bio1.htm 9) Loven, Jennifer. Bush gives new reason for Iraq war. Associated Press, August 31, 2005. boston.com/news/nation/articles/2005/08/31/bush_gives_new_reason _for_iraq_war/. Apr 27, 2008. 10) Bush’s New Benchmark. http://marjorieanndrake.blogspot.com/2007/08/bushs- benchmark-oil- privitazation-mucho.html. Apr 28, 2008. Research Papers on American Central Banking and OilThe Effects of Illegal ImmigrationTwilight of the UAWWhere Wild and West MeetHip-Hop is Art19 Century Society: A Deeply Divided EraThree Concepts of PsychodynamicBionic Assembly System: A New Concept of SelfThe Relationship Between Delinquency and Drug UseDefinition of Export QuotasInfluences of Socio-Economic Status of Married Males

Analysis of The Military Strategies of The Campaign of Mantinea essays

Analysis of The Military Strategies of The Campaign of Mantinea essays Analysis Of The Military Strategies Of The Campaign Of Mantinea The Peloponnesian War spanned many, many years in which two main factions, the Spartans and the Athenians, were warring for the domination of Greece along with the many surrounding villages; many with their own agendas. I will be doing an analysis of one particular campaign; the campaign of Mantinea fought in the year 362 B.C.E. To do this I first must bring to light some of the key players in this campaign, especially Epaminondas. Epaminondas, a Theban general, was charged with the task to make the Peloponnese as weak as possible so they may overtake it with the least resistance. To do this the Thebans must play both sides of the war. The Thebans were supposedly allied with the Spartans but in those times that mattered little, treaties were broke and regained on a daily basis. Epaminondas had with him all the Boeotians, the Euboeans and many of the Thessalians; and while the Phocians were bound by treaty to assist the Thebans they found no reasoning in the treaty to justify them assisting with a foreign invasion. This was of little concern to Epaminondas seeing as once they were in the Peloponesse they had the help of the Argives, Messenians, the Tegeans, the Megalopolitans, the Aseans, and the Pallantians. (Xenophon. 396-397) Knowing he had the support of many factions, Epaminondas sped away into Peloponnese. He made it as far as Nemea and decided that this was the only way the Athenian army could come to invade Peloponnese. He assumed any loss to the Athenians would ultimately benefit Thebes and rally his allies and discourage those of the Athenians. Unbeknownst to him the forces opposing Thebes were gathering at Mantinea. Epaminondas' choice to use Nemea, as a striking point to wound the Athenians, was well justified but his intelligence was slow. The Athenians had decided instead of marching to Peloponnese they would sail into the gulf of Argolis...

Residential Law Case Study Example | Topics and Well Written Essays - 2000 words

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Economic Policy Recommendarion Research Paper Example | Topics and Well Written Essays - 1750 words

Economic Policy Recommendarion - Research Paper Example Relative poverty on the other hand, refers to the economic inequality that is experienced in a particular society. In the early times, poverty was a common social problem not only for the developing countries but also for the currently developed nations. The increased poverty level was not only due to insufficient and inadequate methods but also it was largely caused by the low demand of the products thus causing low production in the factories. Absolute and relative poverty are measured in different ways. According to the World Bank, $1.25 per day is the threshold for measuring absolute poverty. However, the threshold has been controversial based on the various thresholds used by some countries. For example, in 2010, the US maintained its threshold at $15.15 per day while China placed its threshold for absolute poverty at $ 0.55 per day (Banerjee and Esther, 2011). During the same year, India maintained that its threshold was standing at US$ 1.0 per day. On its part, relative povert y is depicted by the level of income inequality. It is measured by the percentage of individuals with income that is less than the median income. This paper seeks to discuss the impact of poverty and give policy recommendation on how this social problem can be solved using an economic policy. Impacts of poverty to society Poverty affects a society in different ways. One of the key effects is hunger. Due to lack of adequate funds to purchase food produce as well as lack of sufficient factors of production that includes land, labor, entrepreneurship and capital as a result of poverty, members of the society experience reduced food. The problem of hunger especially in some African countries results to illnesses that are caused by lack of vital nutrients for body growth. Another impact of poverty is unemployment. Despite the increase in population, poor countries have not adequate financial resources to initiate investment that acts as major sources of employment. As a result, high perc entage of the members of the society remains jobless thus leading to low households income and low purchasing power (Babb, 2009). Similarly, due to low income that the poor families are get either monthly or annually, they do not see the need for education. They in most cases use their low income to purchase cheap food products. As a result of lack of adequate education, and vital skills, the poor members of the society are not eligible to be employed thus raising the level of unemployment in a country. Poverty causes discrimination within a society. For example, due to their strong financial position, high income earners segregates their poor counterparts both in schools, hospitals and even in making decisions that affects the entire society. On their part, the poor individuals experiences low self esteem and inferior aspects that deteriorates their condition (Kerbo, 2006). Based on the increased cases of illnesses among the poor countries, the governments incur high costs in the f orm of low productivity and high financial expenditure on health care. Ultimately, such governments have to seek for grants from other countries or by increasing domestic taxes thus exerting more pressure on their economy. An economic policy solution to the poverty problem Based on the negative implications of poverty to the society and to a country as a whole, it is fundamental for

Enrollment System Essay Example for Free

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My Thoughts on Writing Essays -- Writing Education School Essays

My Thoughts on Writing The only thing I care about; the only thing I hope to get from this course, is some improvement in my ability to write what I think -- explain ideas and feelings to other people. I don't give a damn about anything else, and so far I haven't been disappointed. At the beginning of the course I was informed that we were going to be discussing exposition, which isn't so much a kind of writing as a purpose or attitude behind it. This purpose is to explore, unfold, or develop an idea or issue. And the sense I've gotten from our discussion is that the attitude is one of intellectual honesty, of dedication to learning something and reporting what's there , instead of protecting preconceived notions or projecting agendas or otherwise following some kind of "safe" path. "Themewriting" is what we've been calling everything which does the latter. The first example paper we read, the "3 E-Z steps to achieve success" one, is a perfect example of what I've come to consider themewriting. It takes on "success," which it acknowledges in the first paragraph is a complex and abstract concept open to many interpretations. It then says that whatever it is, success is something we can easily achieve by following a simple formula. The elements of the formula itself -- "set goals," "set achievable goals," and "achieve your achievable goals" -- are things we've all heard from self-help videos, counselors, and tea tins. So, cliche -- reliance on stuff the writer already knows and thinks is so True nobody can dispute it -- is a hallmark of themewriting. These reams of term papers are written in response to all sorts of assignments. I wrote one last year for meteorology about weather control which I constructed entirely as ... ...s absolutely necessary. In other words, they have little or no personal commitment to their writing. And why would they? This isn't a piece of writing which boiled up from inside them, driven by some artistic imperative. I got VERY good at the method I was taught in high school, and I've suffered for it. I am acutely aware of a "lost" feeling when faced with the need or desire to succinctly put my own thoughts down on paper -- in a personal letter, in a letter to the editor of the hometown newspaper, or one to a politician to tell him what a weenie he is -- or to write this paper expressing my ideas about writing. I find I have to concentrate hard to write what I want to say without resorting to cliches, bluffing assertions of alleged facts, and the printed equivalent of mumbling-and-hoping-people-get-it, but at least that means I'm learning what to watch for.

Prejudice Paper Essay

Through our own personal experience, Professor McAuliff would like us to use the topics we discussed throughout the semester to show an understanding of the concepts. Using my experience with prejudice I will be providing how what I learned in the social psychology textbook. Prejudice has been a very relevant topic I have related with throughout my life. In addition to reading and thinking about the concepts covered in the text, an important part of the learning process includes applying these concepts to your own life and experiences. Prejudice is a preconceived negative judgment of a group and its individual members (Myers). Prejudice is an attitude essentially that can be either positive or negative judgments. More than likely the prejudice someone is faced with is negative. Being that it is an attitude you also have to know about the ABC’s of attitudes. A is for the affect or feelings. B is for the behavior tendency or inclination to act. And C is for the cognitions or beliefs. They also help tie into stereotypes and discrimination. Stereotypes is a negative evaluation in which you generalize the personal attributes of a group. Discrimination is an unjustified behavior toward ones group. Whether it is conscious or automatic prejudice is your quick response to associations. â€Å"Although our [conscious] minds are in the right places and we may truly believe we are not prejudiced, our hearts aren’t quite there yet† (John Dovido, Time, 2009). With so many races in the world, it is often easy to see how quickly we are to label one another. Racial prejudice is Sco? 1 prime example of people labeled what a person should be. It goes far beyond enough for racial prejudice within the same groups some identify themselves with. People tend to point out what is wrong in their group before they admit their wrongs. In some groups you have anti- whatever the group is because a hatred developed from society. Prejudice is spread out throughout the world. Not strictly a racial epidemic it can be anything from youth disliking the elderly to genders disliking genders. It affects everyone the same especially from the negative side. When it is automatic your unconscious associations can be influenced by perceptions and reactions you have. Especially for gender prejudice, the gender role norms come into play. People have ideas on how men and women ought to behave. Often prejudice and stereotype do get confused in this area. Stereotypes only support prejudice beliefs and attitudes are separate. With more separation prejudice has social inequalities. They allow for one group to seek dominance over the other. Making groups break off into a particular status. Creating this social hierarchy that can create hostility amongst groups. Status is looked the most in regards to the negative feeling that appear in prejudice socially. Rich versus the poor is the most common social dominance orientation. The fact of the matter is people want to be on top of the hierarchy. Prejudice coming in so many forms is easy to grasp the idea of it being everywhere. Nothing beats facing prejudice for the first time. As an African American male I have been faced with plenty of different forms of prejudice. I can recall being discriminated against just for being not only black but intelligent within my own group of black people. My very own cousin would tease me and call me a â€Å"white boy†, which I am clearly not, because I was interested in school. I was the first of many of my cousins to graduate high school and instead of being proud me they would tell me I was uppity or not black enough for them. It is very hard when your very own Sco? 2 family doesn’t expect you. I wanted some much to conform to what they did but I wasn’t thety pe of person who wanted to live a life. My cousins definitely are your stereotypical black people. I have found myself in a different social class than them just because I have worked harder than they have to be something more than someone running the streets. I can agree with racial prejudice the author discusses in the textbook because it has yet to die out. However racial prejudice in the black community in my opinion is at an all-time high and very prevalent. Though we have changed since the 1940’s the anti-black prejudices haven’t. Social dominance is felt whether if it is whites being above blacks or other blacks be above other blacks. Prime example is how black rappers spend their money on material items instead of investing or saving just to compete with who have more money or more material items than they do. â€Å"†What you want, a Bentley? Fur coat? A diamond chain? All you blacks want all the same things†, a line from Kanye West’s song New Slaves. He plays off of the typical stereotypes imposed on the black community, usually considered as hood dreams. Condescendingly, he uses the term â€Å"blacks† as a euphemism and expands on this idea when he says â€Å"I know that we the new slaves† (rapgenius. com, Kanye West, 2013). Prejudice exists in our unconscious and conscious forms. It is a preconceived negative attitude that can affect some of our beliefs. It can arise in a social sources and lead people to split in groups. â€Å"Unequal status breeds prejudice† (Myers). Whether it is implicit or explicit all prejudice can mirrored from group to group. It may be a subtle action, but the small action that creates the worst problems. References Dovidio, John (2009). Prejudice Researcher. TIME. Sco? 3 Myers, D. G. (2013). Social Psychology (11th Ed. ). New York: McGraw-Hill. RapGenius. com (2013). Kanye West- New Slave Lyrics Sco? 4.