I. Introduction
Today, the need to manage the world’s dependency on the dollar is an issue that has been recognized and frequently addressed on academic and political platforms globally.1 Ever since the global crisis of 2008, the worst financial crisis witnessed since the 1930s, there has and continues to be a considerable amount of debate amongst not just leading economists but also leading nations across the world, to look towards finding alternatives to the dollar. In the wake of the recent government shutdown, China too, called for a “de-Americanized” new world order.2
In his essay, titled ‘Reform the international monetary system’, Zhou Xiaochuan, the governor of the People’s Bank of China suggested replacing the dollar with the IMF’s Special Drawing Rights, or SDRs, as the world’s new super-sovereign reserve currency (Xiaochuan 2009). Economist Barry Eichengreen, in his book Exorbitant Privilege, however, suggests that the implementation of China’s SDR proposal will remain an unrealized dream. This is because, as Eichengreen points out, China has other plans - “namely establishing the renminbi as an international currency” (Eichengreen 143). This prediction is indeed a current reality, as the Chinese, for the past two to three years, have been actively trying to internationalize their currency. In Exorbitant Privilege, Barry Eichengreen reaffirms this notion and claims that although the future of the Chinese renminbi as a global reserve currency looks possible, China still has a long way to go.
Thus, there is a light at the end of the tunnel, but the light is still far and the journey to the end of the tunnel hasn’t even halfway been realized.
II. The Renminbi As a Future Global Currency
“The challenge (of the Chines...
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...e International Monetary System. Oxford University Press, 2011. Print.
2. Eichengreen, Barry. "The Renminbi as an International Currency." Berkeley.edu. University of California, Berkeley, n.d. Web. 18 Nov 2013. .
3. “Prof Barry Eichengreen on the Prospects for Renminbi Internationalization”. Asian Development Bank. http://www.youtube.com/watch?v=r2BoMhzDfaU. Nov 18th 2013.
4. Schuman, Michael. "Is the Chinese yuan becoming a rival to the dollar?." TIME. (Feb 15, 2011): n. page. Web. 18 Nov. 2013. .
5. Xiaochuan, Zhou. "Reform the international monetary system." Bank for International Settlements. Bank for International Settlements, 23 Mar 2009. Web. 18 Nov 2013. .
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At what point does work life start interfering with family life to an extent that it becomes unacceptable? Is it when you don’t get to spend as much time with your family as you would like, or is it the point where you barely get to see your family due to long hours at work? Is it even possible to balance work with family life? Anne-Marie Slaughter, the author of “Why Women Still Can’t Have It All”, believes this balance is impossible to achieve in this day and age. In contrast, Richard Dorment, the author of “Why Men Still Can’t Have It All”, believes that there will never be a day when someone will have it all, certain sacrifices will always have to be made. Both of these articles are similar in the respect that they both examine balancing a demanding career with raising children. The two authors’ views on the subject differ greatly, especially regarding how gender roles have a significant impact on our society.
Power is earned, not given. There are many different types of power that people can earn. Power becomes a problem when it is not questioned or tested. Therefore, the one with the power would have total control over anything or anyone they wanted, or they would feel that way. People with power feel invincible when it is not questioned. Throughout history it has been proven that this creates a problem. For example, Richard Nixon and the Watergate scandal is similar to the scandal with Father Flynn in Doubt. Doubt, by John Patrick Shanley, exemplifies an underlying message that unquestioned faith leads to abuse of power. Specifically, shown in Father Flynn’s reputation, cover up, and resignation, which all correlate to Richard Nixon’s Watergate Scandal.
All human beings are born with genes that are unique to them and make us the individuals we become. The right to exist as an individual in society achieving the best possible potential of one’s existence irrespective of any bias is expected by most humans. In the essay, ‘The new Civil Rights’ Kenji Yoshino discusses how the experience of discovering and revealing his sexual preference as a gay individual has led to him proposing a new civil rights by exploring various paradigms of the rights of a human being to exist in today’s diverse society. In exploring the vast demands of rights ranging from political or basic human rights we have differentiated ourselves into various groups with a common thread weaving through all the demands which
In his piece, “Human Dignity”, Francis Fukuyama explores the perception of human dignity in today's society. This perception is defined by what Fukuyama calls “Factor X”. This piece draws attention to how human dignity has been affected recently and its decline as we go into the future. Using the input given by the Dalai Lama in his piece, “Ethics and New Genetics”, the implementing of factor X and human dignity on future generations will be explored. Through the use of the pieces, “Human Dignity and Human Reproductive Cloning by Steven Malby, Genetic Testing and Its Implications: Human Genetics Researchers Grapple with Ethical Issues by Isaac Rabino, and Gender Differences in the Perception of Genetic Engineering Applied to Human Reproduction by Carol L. Napolitano and Oladele A. Ogunseitan, the decline on the amount of human dignity found in today's society as well as the regression in Factor X that can be found today compared to times past. Society's twist on ethics as a result of pop culture and an increase in genetic engineering has caused for the decline in the amount of dignity shown by the members of society and the regression of Factor X to take hold in today's society.
The American Dream has never been available to minority citizens as easily as it is to American-born citizens. Affirmative action was first implemented around the year 1972, however it was not widely accepted or practiced. During this time society was just getting used to including women in higher education institutions so the concept of including minorities in higher education was almost non-existent. My Beloved World, by Sonia Sotomayor shows the challenges that a first generation, Puerto Rican, lower socioeconomic female had during this time. Through her autobiography she shows the struggles she faced throughout her life, focusing on her application to college, college experience and insight into her cultural background. My Beloved World present the ideology of White Supremacy and other phenomenon’s such as structural inequality, and socioeconomic inequality that interfere with Sonia’s inability to receive preparation for college and these things show the that America has not made good on its promise of equal opportunity for all.
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“Without Conscience" by Robert D. Hare is one aimed towards making the general public aware of the many psychopaths that inhabit the world we live in. Throughout the book Hare exposes the reader to a number of short stories; all with an emphasis on a characteristic of psychopaths. Hare makes the claim that close monitoring of psychopathy are vital if we ever hope to gain a hold over Psychopathy- A disorder that affects not only the individual but also society itself. He also indicates one of the reasons for this book is order to correctly treat these individuals we have to be able to correctly identify who meets the criteria. His ultimate goal with the text is to alleviate some of the confusion in the increase in criminal activity by determining how my of this is a result of Psychopathy.
Despite the fact that recent reports have shown that the Chinese currency is currently facing descending pressures, it is, however, likely to improve in the future because of the enhanced terms of trade, current account surplus that is growing, and high net saving. Another reason that will make the Chinese RMB to do well in the future it is because the currency has solid fundamentals and the economy of the country is significantly increasing at a higher rate than the GDP rates. Due to the growing Chinese economy to being the second largest economy, the Chinese currency yuan has been acknowledged by the International Monetary Fund (IMF) as a major global
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Xingzhong, LI Daokui David YIN. "The International Monetary System in the Era of Post-Financial Crisis: What Policy Options Does China Have?[J]." Journal of Financial Research 2 (2010): 005
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