Advantages And Disadvantages Of Fixed Exchange Rate Finance Essay

Advantages And Disadvantages Of Fixed Exchange Rate Finance Essay Introduction The exchange rate is the rate at which one currency trades in exchange of another currency. Exchange rate is value which is same as any other value, it is the same price to acquire other things, and in this case it is another currency. It is the price of one currency in terms of another. The exchange rate are differs from one country to another country, it is depends upon various economic factors such as monetary policy, fiscal policy, international policy, general balance, purchasing power of currency, internal as well as external factors and misbalance of market. The rate can be set in different ways; it can be fixed, floating, in terms of some external such as gold. However the best ways to set the value is fixed, as it will be determined by different terms such as price, demand and supply. The high level of demand of currency leads to force up its value means exchange rate. When the supply and demand of currency is equal, it is called as equilibrium exchange rate. Exchange rate i s also undertaking long term changes as per relative countries. As the rate of GBP is â‚ ¬ 4.50 in 1920. Example: As â‚ ¬ 1.00 = $ 1.55637, if I want to go to America and I would get $ 155 for â‚ ¬ 100. Similarly if any individual would come from America, he would get â‚ ¬ 100 for $155. Types of Exchange Rate There are two different procedures to determine the exchange rate; the first one is that to fix it in exchange of other currency and second one is set it free to float against other currency, it will find it own level. The both types are known as fixed exchange rate and floating exchange rate respectively. Floating Exchange Rate The floating exchange rate is the rate which finds its own level of rate as per the forces of demand and supply of currency. http://money.howstuffworks.com/exchange-rate3.htm http://www.investopedia.com/articles/03/020603.asp http://www.economywatch.com/node/10791/ http://tutor2u.net/economics/content/topics/exchangerates/fixed_floating.htm http://www.bized.co.uk/virtual/bank/economics/markets/foreign/theories2.htm Advantages and Disadvantages of Fixed Exchange Rate Advantages of Fixed Exchange Rate Beneficial for Importers and Exporters As fixed exchange rate provide certainty, it is beneficial for importers and exporters and it is because since certainty is need for international trade and there is a less chances for speculation. Lower Risk in International trade When fixed exchange rate is maintain, by agreeing fixed price of products, there is a lower chances for risk in trade. It will also encourage the traders to invest in the markets. Beneficial for domestic markets and employees By maintaining fixed exchange rate, domestic organization and employees can maintain their costs under control to cope up in international market; it will lead to inflation in under control. By maintaining this to long run, Interest rates should be down and increase trade and investment opportunities. Introduces discipline in economic management Fixed exchange rate gives opportunities to government to from following inflationary policies, and it will lead to be competitive market. This will helps in situation such as balance of payments. Reduce the risk of destabilizing the economy The fixed exchange rate is reducing the speculation, it is very risky for business in stable market. And by reducing the speculation will lead to reduce the risk of destabilizing the economy when the exchange rate is fixed. Beneficial for investment The vital benefit of fixed exchange rate is that organization can plan the amount of investment and business that organization gets in future. There is no risk of losing more money as it reduces the speculation in exchange. Disadvantages of Fixed Exchange Rate No automatic balance of payments adjustment The floating exchange rate is useful to deal with disequilibrium with interference of national government, and it does not affect the domestic economy also. It there is a situation arise such as deficit then it lead organization to be competitive again, The problem should be solve by reducing the level of aggregating demand, when there is a fixed exchange rate is used. And as demand of products less, will cause less consumption of imports and the price of products falling down and would make organization more completive. Large amount of foreign reserves require In order to maintain fixed exchange rate, government have to have large amount of foreign reserves require, and it will lead to opportunity costs to have this reserves. When the exchange rate is maintain artificially by the government, and it is not up to its level of the economic condition, the development is not up to its level or in other words not efficient as the rate has adjusted. As the interest rate is directly related to exchange rate, it can stop economic growth in case of their disparity to market needs. Stability of Fixed Exchange rate The government who adopts fixed exchange rate have follow diverse policies, and it may cause to inflationary sometimes. It creates some problems such as the countries which will have low inflation and it will be very competitive and high inflation and uncompetitive in some countries, have to devalue. Loss of liberty in internal policy The needs of fixed exchange rate is dominating policy, sometimes it may not good for the economy at this position. The value of exchange rate should be set by interest rates and other factors; It would be rather than more beneficial to the problems such as unemployment and inflation which is macro objectives. The main disadvantage of fixed exchange rate is that it will cause problems to economy to speculation attacks. When there is a situation arise such as excess supply and demand in national or other currency, and at that if the government is unable to maintain it, at that time the fixed changed rate needs to be changed, and it will reduces credibility of currency. Conclusion Globalization, innovation, technical development plays dominant role in recent world. These processes increase the opportunity of international trade. The economy should be flexible with these progresses, the both fixed exchange rate and floating exchange rate has advantages and disadvantages. Fixed exchange rate is preferable for those countries in which internal factors will creates problems to economy and floating exchange rate is beneficial to those countries in which there are more external shocks.

Growing demand for corporate governance reform

Growing demand for corporate governance reform 1. Introduction: In recent years, various researchers and scholars have argued that globalisation is leading to escalating convergence in the nature of corporate governance systems, across the corporate world. Hansmann and Kraakman (2000) states; a global compromise has now emerged that corporate managers and authorities must operate exclusively in the economic interests of shareholders, and as a result, all jurisdictions will inevitably move towards a newer model of corporate governance. However, before analyzing in-depth nuances of this concept, we should first try and understand this terminology. The definition of corporate governance can be traced back to the time of the formation of Cadbury Committee (C.C.) in the year 1992. This committee was appointed by the conservative government of the United Kingdom in this year, with obligations of addressing the financial aspects of corporate governance. The C.C. came into existence in response to a number of corporate scandals that radiate uncertainty o n the systems for controlling the ways corporations are run. This committee described Corporate Governance as the system by which companies are directed and controlled. Firstly, it is imperative to understand the significance that corporate governance as a concept holds to its beneficiaries. The importance of corporate governance lies in its contribution both to the concepts of business prosperity and to accountability. Its a strategic sword which has both its sides sharp enough, either to enhance the business efficiency or prove detrimental in the longer run. However, off-late the unprecedented inclination in the corporate scandals and failures around the world rather depicts a gloomy picture. Whilst progressing in this article I will illustrate various such corporate and financial fiascos and the reforms that have been put in place to avoid such massive failures around the corporate world. Besides, an in-depth analysis of the objectives and obstacles associated with corporate global reform measures would also be put forth. 2. Discussion: 2.1 Understanding Corporate Governance Reforms and its Implications. A corporate governance dilemma occurs, at the most basic level, whenever an outside investor desires to implement control differently from the manager in charge of the organization. Disseminated ownership amplifies the problem by giving rise to differences of interest between the various corporate stakeholders and by producing a collective action problem among shareholders  [1]  . More often, an elementary predicament of corporate governance surfaces from an overview that: regulation of large shareholder involvement may provide better security to small shareholders, but such policies may escalate managerial discretion and scope for abuse, (Becht, Bolton and Roell, 2003; Weiss, 1990). Since the year 2001, there has been renewed curiosity in the corporate governance practices of modern organizations, predominantly due to the high-profile disintegrations of a number of large corporations in the United States, such as  Enron Corporation  and  WorldCom. Such collapses have further led authorities to examine the necessity of improved and stronger corporate governance reform measures. Convergence among stakeholders is an essential part of the organization and economic stability, adhering to the corporate reform measures. According to OSullivan (1999: p.4), convergence arguments are emphasized by the neoclassical idea that the formation of liberal markets, which corporate governance reform is seen as facilitating, leads to finest economic outcomes and, in particular, greatest efficiency in terms of the distribution of scarce economic resources. Opinions such as these stiffen our beliefs of corporate governance measures being implemented. Besides, according to Rosse r (2003), corporate governance reform needs to be understood, not in terms of the extent to which it endorses development and effectiveness, but in terms of the extent to which it serves or harms particular political and social interests. It has become extremely essential for all the stakeholders to take into consideration various necessities of a deftly crafted governance reform. Efficient governance ensures that constituencies with a relevant interest in the companys business are completely taken into consideration. 2.2 Why Corporate Governance is an important issue? Claims that corporate governance systems are undergoing scrutiny have intensified in the wake of the Asian crisis and its aftermaths. Limitations in Asian corporate governance systems were widely seen as a primary cause of the Asian crisis and its consequences (Johnson et al, 2000; Dickinson Mullineux, 2001). With the advent of various colossal corporate crises all over the world, institutions such as The World Bank  [2]  have launched a range of schemes to promote corporate governance reform in developing and transition economies. Especially after what happened to corporations such as Lehman Brothers and Merrill Lynch, it has become all the more essential to adopt measure to streamline and conserve corporate governance policies. Corporate structures and governance agreements diverge widely from country to country. They are a product of the local economic and social environment. However, the fundamental issues of management accountability are more or less similar everywhere. The Cadbury Committee was a landmark in thinking on corporate governance. Cadburys suggestion were publicly endorsed in the United Kingdom and included in the listing regulations. The report also proved to be influential in many abroad countries and it has presented a benchmark against which standards of corporate governance in other markets are being measured. Traditionally, the corporate governance models have long been adopted from countries such as the US and the UK. With globalization, increasingly more corporations and governments have been driven towards the more efficient mode of conducting economic activities modelled after the Anglo-American system (Gourevitch, 2003; Jomo, 2004). According to Deakin et al (2005: p.1), The corpor ate governance atmosphere in the UK and the US is generally thought to be aggressive to the emergence of cooperative employment relations of the kind exemplified by labour-management partnerships. Becht, Bolton and Roell, (2003) have identified some factors which can be attributed to the prominence of corporate governance as a crucial issue. They state events such as, world-wide wave of privatization, growth of private savings and the takeover wave of the 1980s, which have put the limelight on corporate governance in developing markets. Besides, the colossal takeover wave in the US during the year 1980s and in Europe in the 1990s has further fuelled the public debate on corporate governance. 2.3 Understanding Corporate Governance Reform Policies and debates. Governance reform measure in the emerging and ripe markets has not progressed despite the willingness shown by the policymakers. According to a report developed by McKinsey Company, there are various ways in which a new life to a reform agenda can be given. Firstly they propose that governance reforms measures need to allocate more emphasis to driving transformation through institutional reforms of capital markets. Secondly, they stress upon the fact that family run business should have separate rights and must be recognized separately. Corporate governance reform continues to be a major concern for most of the emerging economies, throughout the world. International organizations have played a very active and determining role regarding this issue. The International Monetary Fund, The World Bank and The Organizations for Economic Cooperation have all been raising the profile of the corporate governance reforms across the corporate and financial sector. Despite their persistent effort s, corporate market standards in emerging markets are still far behind as compared to those of the US, UK and Europe, as stated by the McKinsey Report. It has been identified that there is a lack of progress and this topic or issue needs much more to be addressed towards itself. Typically, corporate governance practices are crafted to suit the needs of core shareholders of the organization. However, due to this very reason, there has been an increase in the amount and intensity of conflicts between all the stakeholders of the organizations. Problems: The state of Equity holders of corporations worldwide is gloomy, to say the least. According to a recent finding by a financial institution, stock markets are off 50% almost everywhere, banks and similar financial institutions are constantly under the threat of nationalization, dividends are being cut constantly, and to top it all there has been a constant upsurge in the number of frauds happening. According to Hadiz (1997), company employees have not been a key factor in corporate governance policy making, which in turn has given rise to the ever inclining ramshackle corporate governance. Other factors which contributed to this problem have been excessive risk taking by managers, failure on the part of the board and lack of knowledge of financial products. Besides, differences in ownership structure have two palpable consequences for corporate governance, as stated by Morck, Wolfenzon, and Yeung (2005). Apart from this, governing shareholders have both the enticement and the power to discipline management authority. On the other hand, concentrated ownership can create conditions for a new agency problem, because the interests of controlling and minority shareholders are not aligned. There have been a lot of failures in the corporate circuit, which have in a way fuelled the ongoing debate about the corporate governance reform measures. Some of these failures include undetected off-balance sheet loans to a controlling family, deliberate misleading of investors, insider trading and other such infamous events (Becht, Bolton and Roell, 2003). 2.4 Scandals in the corporate domain 2.4.1 Enron: This is the most popular of all the scams and is still being referred to after so many years. This scandal involved unrevealing of debts, increasing revenues and dishonesty. It resulted to the dislodgment of more than twenty thousand people, the death of Americas Most Innovative Company for many years in a row and the termination of one of the Big 5 global accounting firms (Andersen). 2.4.2 WorldCom: WorldCom is now known as MCI, Inc. is part of the Verizon Communications group, today. The company emerged from bankruptcy in the year 2003. The allegations included, inflating overall assets through capitalization of operating costs. The scam amount was estimated to be around, a whooping $11 billion. WorldComs intense bankruptcy filing comes second only to the Lehman Brothers which happened in the year 2008, in the history of such filings in the United States. 2.4.3 Qwest Communications: Its a telecommunications company offering services to 14 states in the in the economy of the US. In the year 2002, it was understood that the company engaged in counterfeit accounting practices which resulted in the inflation of its revenues generated from its deals with Enron Corporation. 2.4.4 Satyam Computer Services: This is a company based in India (now taken over by Mahindra Group). This is the most recent scandal in the financial domain, where the chairman overstated the cash and receivables by a total of over $100 million. Overall Satyams assets were inflated by about $1.85 billion. 2.5 Progress of efforts towards corporate governance reforms In spite of all that has been happening all over the world, pertaining to the fiascos of the financial infrastructures of corporations, there has been a lot of effort taken towards developing measures to curb such events. In the last couple of decades, three largest continental European countries (i.e. Germany, Italy and France) have enacted noteworthy corporate law reforms to strengthen the system of internal governance, empower shareholders better, improve revelation requirements and toughen public enforcement regulations (Enriques and Volpin, 2007). Special prominence is being placed on empowering minority shareholders of the organization, which can hugely contribute towards streamlining the way corporate governance functions. Apart from this, Ziegler (2000) points out that, a long era of political fight between workers and employers in places such as Germany has produced a corporate governance system in which employees in many companies are represented on supervisory boards and a re consequently able to play a role in company management. Also, economies across the world have now started to try and implement US corporate and securities and laws, pertaining to Americas well-developed legal framework. Besides researchers also suggest that, corporate governance framework should also ensure equitable treatment of all the shareholders, which also includes minority and foreign origin equity holders. As Nestor (2000) states, the board should be the main means for effective monitoring of the administration and for providing strategic supervision to the organization. There are many economies still, which are on the verge of falling down, due to the lack of corporate governance mechanisms. However, a proactive nature will have to be adopted by economies and its organizations to understand the nuances of corporate governance, so that they dont go bust all of a sudden. Some other measures include complementary legislations such as accounting law, commercial law, contract law, banking and dispute resolutions, and other such factors. Leuz and Verrecchia (2000) find evidence suggesting that firms cost of capital does decrease when they voluntarily switch to a reporting regime that requires gre ater disclosure. So there has been such a brawl adhering to the importance and significance of disclosure settings. Some of the key objectives of corporate governance reforms include maximizing economic value of the institutions, maximizing market value portfolios, furthering interests of other stakeholders of the organization, and alike. In a much talked about recent book, Roe (1994) Stiglitz (1975) disputes that politics rather than economic competency shaped American corporate law framework, at least at the Federal level. However, the reason why governance reforms come into existence is not the issue, the problem is whether they come forth or no. All the economies in the world must try and act towards the single most goal of increased efficiency in corporate governance. 2.5 Obstacles associated with global reform Although it is often stated that good corporate governance is mandatory, it is also a fact that one size does not fit all. So it becomes futile for economies where they try and imbibe governance measures based on other economies. There is a particular problem as noted by an author. The essence of Agency Problem (Shleifer and Vishny, 1997) is the separation of management and finance, or in simpler words ownership and control. This problem states that there is ideally a contract that financiers and managers sign, however they state trouble that most future contingencies are hard to describe and foresee which leads to mismatch in contract fulfilment. Apart from this, enforcement problems are a commonality. Most of the objectives and plans are not very simple to implement in a corporate structure. If one constituent stands out among the economies, it is that enforcement is an overruling concern. Most countries have significant substantive rules and regulation and disclosure requirements that cover most basic authority disclosures. However, without a market supervisor that can efficiently monitor for violations of law, the disclosure regime will not function One of the other major problems with the implementation of global reforms is the coordination of the parties involved in type of setting. More often than not, synchronization among the stakeholders becomes extremely complex, resulting in inefficient governance measures. Besides, a common global reform measure will not suffice the subjective needs of individual economies, as has already been explained above. 3. Conclusion: In summation, obligatory governance rules are necessary for two apex reasons; firstly, to conquer the collective action difficulty resulting from the dispersion among shareholders and secondly, to make certain that the interests of all applicable constituencies are put forth. Apart from this, it is essential on the part of the management to ensure that they cater to all the stakeholders of the organization. Not only will the management of various corporations, but also the government of the economies will have to stand in together to frame impeccable measure of corporate governance. All over the world, the regulatory framework for corporate governance reform measure has been substantially revised and strengthened, especially in the domains of financial reporting, minority shareholder rights and merger acquisitions (Rosser, 2003). Hermalin and Weisbach (2006) state that, economies across the world, in spite of a long era of studying regulation, has been slow, to provide a conceptual framework for their evaluation. They also mention that such framework requires treating governance organizations as endogenous, so it is easy to evaluate behavioural changes in reply to a new governance restraint. In the end a synchronized effort is required by the economies (on a macro scale) and by the organizations (on a micro scale), to sustain the measures of corporate governance for the longer run. Otherwise, the ongoing debate over the corporate governance reforms seems endless to me. Word Count 2,722

Understanding Crime Essay -- essays research papers

The Unabomber Tracing the steps of the criminal justice system through history one discovers that the main goal is to detain the suspected criminal(s) and restore security to society in general. Since the beginning of the criminal justice system attempts to understand the inner workings of a criminal mind and behavior which cause these deviations from normal thinking or acting have been a complex issue of comprehension. What causes people to exhibit certain behaviors that make them criminals? Why are the minds of criminals so hard to understand? What makes criminals act maliciously towards any aspect of society; whether it is towards people or just ideas upheld by people within society? No one really has a concrete answer to any of these questions. Certainly psychiatrists and psychologist would argue that criminal activity is developed through certain exposure and beliefs or simply the idea that someone is â€Å"crazy.† The Criminal Justice system says that people choose to commit crimes bu t what makes people want to perform these crimes. It all comes down to behavior of an individual and beliefs of that individual. Looking at a more recent case in the criminal justice system, the Unabomber, one needs to understand Theodore Kaczynski for childhood, through schooling, and up to his capture; made possible only by his brother’s aide to the F.B.I. Theodore John Kaczynski was born in a Chicago suburb to Wanda and Theodore Kaczynski on May 22, 1942. Kaczynski’s father taught him how to live and survive outdoors while his mother, Wanda, brought him up reading Scientific American. At a young age Kaczynski became very withdrawn and unresponsive to human contact. Kaczynski skipped two grades and graduated high school in 1958 at the age of 16 where he showed an aptitude for math and making small explosives; the early sings of what he was to become. He later earned a bachelor’s degree from Harvard University in mathematics. After Kaczynski graduated from Harvard he attended the University of Michigan earning a master’s and a Ph.D. in mathematics. Kaczynski life was looking good w hen he received a job at the University of California-Berkeley as a math professor but after only two years of working there he resigned without an explanation. Kaczynski decides to go back to his roots and live with nature in a shack in the woods of Montana. This is the time where Kaczynski life b... ...nature, than mankind would be doomed to be controlled by technology. That was the whole motive behind all the mail bombs in Kaczynski’s mind, that is why most of his targets where related to computers; a relatively new technological advancement. Kaczynski’s choice to rebel against technology and harm those who embraced it helps criminal profilers understand Kaczynski’s mindset and his behavior. The criminal justice system has been evolving throughout the course of history and has learned from its mistakes, but the one thing the system is improving on is understanding a criminal’s behavior and the psychoanalysis of that behavior i.e. why the person committed the crime and what could have caused the criminal to act the way they did. A set of theories has been developed to help people understand the criminal mind but I believe a criminal mind will never be completely understood. Work Cited Anderson, Patrick R, and Donald J Newman. Introduction to Criminal to Justice. New York: Longman Publishing Group, 1998. Will, George. A Close Look at the Kaczynski Trial. 8 Jan. 1998. ABC News. 7 March 2005 Unknown. Ted Kaczynski: Early Life, Education, and Career. Answers.com. 9 March 2005

The Arthurian Legends Room :: Essays Papers

The Arthurian Legends Room Sir Thomas Malory was born around the year 1416 and was the son of a country gentleman. He was an MP and a justice of the peace for a period of time. However, in the 1440's he was found guilty of a series of violent crimes, and he spent most of the 1450's in prison. By 1462, he was out of jail. Then, in 1468, he was charged with being involved in a plot against Edward IV, and he was sent to jail once again. It was during this later imprisonment that he finished Le Morte Darthur. Within a few months of finishing Le Morte Darthur, Malory was released from prison. He died soon after in 1471. Fourteen years later, in 1485, William Caxton printed an edited text and gave the work its name. Centuries later, in 1935, a manuscript version of the text was found in the Winchester College library. Le Morte Darthur is an eight-book story about the legendary King Arthur's life. Malory borrowed from a number of earlier works including the French Vulgate cycle (Arthurian prose romances) from the thirteenth century and Tristan, also French. Within the text itself, Malory often mentions the English books and French books from which he drew his story. Arthurian Romances tell the tale of King Arthur and his Knights of the Round Table. These knights live by a code of chivalry with a duty to serve God and their king; they strive to live a life of honesty and purity. In the modern world, Camelot is often used to symbolize this ideal of honesty and purity. (from St. Martin's Anthology of English Literature: Volume I - The Middle Ages and The Norton Anthology of English Literature) Sir Gawain and the Green Knight There is really very little known about the author of Sir Gawain and the Green Knight. There is speculation that he wrote the three other poems that are part of the same manuscript as Gawain. They are Pearl, Patience, and Purity. The story of Sir Gawain and the Green Knight is a combination of a number of separate plots that occur in folklore. These plots are the beheading game and the temptation.

Islam vs. Hinduism Essay -- Religion

The principles of early religious traditions hold an abundance of power for today’s students. A power teaching a number of lessons that all students are able to carry for years to follow. The view of an outsider is much different from that of an educated individual because the ignorant individual may perceive oppression within the caste and Islamic systems. Identifying similarities are essential because they demonstrate that the two belief systems are comparable, but recognizing the differences is more important because it is the variations that allow individuals to better understand the religious faiths. Islam is a complex faith that is comprised of a variety of different expectations based on one’s culture. The term Islam can be defined as the submission to God’s will. There are one billion Muslims throughout every part of the world that do not think or behave the exact same way (Kaltner, 2-4). Hinduism is a series of lives where the next life is the sum of all of one’s previous lives and is a very broad religious tradition because the core beliefs and practices are not focused around a single idea. The Hindu belief system is not only a religion, but a philosophy or viewpoint on life (Boyle). By understanding the moralities and core beliefs of Islam and Hinduism students have the opportunity to correct the misunderstandings and labels cast upon these religious traditions. Identifying the key elements of Islam and Hinduism displays that each religious tradition contrasts in how life after death is perceived, the creeds or guidelines to obey, as well as in whom the followers believe. Initially, the Islam and Hinduism belief systems contrast in how each faith perceives life after death. Much like Christians, Muslims ... ...and differences between Islamic and Hindu beliefs of afterlife, the sacred text and teachings, and their respective gods help students understand each religion exclusively. This gives students the power to rise above the majority of society and give Muslims and Hindus the respect and image that they truly deserve. Works Cited Boyle, Mary. "Hinduism, Buddhism, Confucianism, Daoism." Orange Humanities. Midland University, Anderson 304, Fremont. Mar. 2012. Lecture. Kaltner, John. "Islam Is a Religion of Orthopraxy - Chapter 2." Islam: What Non-Muslims Should Know. Minneapolis, MN: Augsburg Fortress, 2003. Print Manish, Chintamani. "Hinduism." Orange Humanities. Midland University, Anderson 304. Fremont. Feb. 2012. Lecture. "The Vedas." Hindu Texts:. Religion Facts, 17 Mar. 2004. Web. 14 May 2012. .

Banking and Finance Law Essay

Joint account holders, case: Arden v Bank of New South Wales (1956) VLR 569 Combination of account, the bank’s right to combine accounts is dependant on the accounts being the same or closely similar. The right to combine accounts without express agreement: accounts must be held by customer in the same capacity, must not be an agreement or course of dealing with the customer which has negated the bank’s right to combine accounts, customer’s indebtedness must have been incurred to the bank as an banker and not in relation to other business carried on by the bank eg travel business. The main case of this rule is: Garnett v McKewan 1872. Knowing Receipt: Case: Thomson v Clydesdale Bank Ltd (1893) AC 282 APPLICATION Fantastic Landscapes is a customer of the Red Bank because it has accounts in this bank which are overdraft account with has a borrowing limit of $100000 accepted by Red Bank and another account has $20000 (Account No 2) Applying to the content of the contact, Fantastic Landscapes has signed an agreement form that is an express terms made between Red Bank and Fantastic Landscapes. The general terms and conditions included the following clause 12: upon receipt of each monthly overdraft account statement, the account holder shall read the statement and notify the bank of any errors contained in the statement within 15 days. Failure to notify the bank of any errors within that time will be treated as a breach of contract by the account holder entitling the bank to its remedies at law. Applying to the bank’s duty of confidentiality, the Red Bank recorded transactions between it and its customer (Fantastic Landscapes) and reported to its customer every 15 days as written in the general term. However, Red Bank did not complete its duty to question valid mandate because the cheques drawn by Minnie (one of the director of Fantastic Landscapes) within a period of 3 months are unusual drawn on Fantastic Landscapes’ overdraft account. When according to joint account holders, Ben actually is an innocent joint account holder, so he has a right to sue the Red Bank for the breach of contract. However, applying to the duty of customer in section duty to organize business, following cases: Lewes Sanitary Steam Laundry Co Ltd v Barclay Co Ltd (1906) 95 LT 444; and (6. 1) National Bank of New Zealand Ltd v Walpole and Patterson Ltd (1975) 2NZLR 7. The Red bank has an absolute advantage in this case because of the express term written in the contract Another director of Fantastic Landscapes, Ben has failed when sue Red Bank to recredit account which Minnie has stolen because he did not check overdraft account during 3 months, and in the contract with Red Bank has asked he to rea d and notify the bank of any errors contained in the statement within 15 days. Therefore, Ben or Fantastic Landscapes could not claim back $50000. When apply to combination of account, the Fantastic Landscapes has won in this lawsuit. The Red Bank has combined overdraft account and Account No 2 without any notice because they hear that this company has just lot a large landscaping contract and not working any more. Moreover, Red Bank has agreed Fantastic Landscapes to borrow maximum $100000, so they can not combine account without any notice to this company even though its overdraft account has reached to $100000. Therefore, Red Bank has to pay $10000 penalty fee for Fantastic Landscapes to the finance company. According to duty of the banker, the BLB (Big Lender Bank) does not have any duty to Fantastic Landscapes because in this case, its customer Minnie just is its client. Therefore, BLB do not have any duty to her company although she is a director in that company and she has committed fraud. Moreover, BLB do not care about how Minnie paid off her debt because Minnie did not withdraw money in the trust account. In addition, according to Thomson v Clydesdale Bank Ltd (1893) AC 282. BLB does not need to care about its customer detail particularly. Hence, the chances for Fantastic Landscapes win in this case in not to high than the case it won before when against Red Bank to reclaim $10000 penalty fee for finance company. CONCLUSION In conclusion, the Fantastic Landscapes has won in the case against Red Bank for compensation for $10000 penalty fee when they applied their case to combination of account. They won because Red Bank has committed the rule when combine two accounts without any notice to its customer. On the other hand, although the main fault belong to Minnie, the Fantastic Landscapes has failed in the case to recredit, its account when apply express term between it and the Red Bank. After all, the BLB do not have any duty to Fantastic Landscapes for compensation because when apply knowing receipt rule via Thomson case.

This Way to the Gas

The holocaust, some know it to have been one if the most horrifying and bureaucratic events to be caused by man or a man in history. The man responsible for this event was the great tyrant Adolf Hitler who was responsible for the death of six million Jews, gypsies, poles, and Jehovah’s Witnesses. A polish writer and Auschwitz survivor Tadeusz Borowski buts in great detail how these people were treated in his then and now famous book this way for the gas ladies and gentlemen. Tadek a character in the story shows conflicting attitudes with other in the camp with sympathy, anger, and moral outrage.Borowski’s short stories show mans inhumanity towards man. There are events from the shorty stories that make his descriptions of the horrors of Auschwitz so shocking and memorable. Memories are short stories like the beginning of This Way for The Gas, A Day at Harmenz, The People Who Walked On, and Silence. In the beginning of the first story This Way for the Gas, Ladies and Gen tlemen Borowski starts off with supersizing details â€Å"all of us walk around naked†(29). This is all the Jews and other travelers are ticked on the train being promised to a safe place.Then stripped away of their luggage at Canada, â€Å"take your luggage with you†¦pile your stuff near the exits†(37). Then everyone is stripped of his or her clothing â€Å"thousand of naked men shuffle up and down the road†(29). Women would have their hair shaved off, and everyone is given stripped suits. â€Å"Their nude, withered bodies stink of sweat and excrement; their cheeks are hollow†(31). Again very descriptive about how the malnourished and over worked people looked. These people were as close to skeletons as you could get.On page43 a women denies her on child after she cries out â€Å"Mama! Mama! † just so she won’t have to go to the gas champers. Also in this short story Tadek experiences some things that any man or women wouldn’t d ream of doing. â€Å"I seize a corpse by the hand; the fingers close tightly around mine. I pull back†(48). Tadek in this situation in taking all the dead bodies off the ramp and was discussed and freighted with what he saw. At one point he runs off the ramp because the sight was unbearable. The short story in the book A Day at Harmenz also gives graphic details on ow not only Tadek, but also how others tried to survive. The story begins with Tadek doing hard labor for punishment for not getting up. Mrs. Haneczka Is a women that lives in the village of Harmenz that treats him nicely and gives him food. So Tadek seems to like this women but short with others when people ask him to ask her for food. Tadek’s attitude towards other victims of the camp is expressed there. â€Å"When your time comes to go to the gas, ill help you along personally, and with great pleasure†(53).Tadek showing extreme and hate towards Becker because he believes he was a camp senior at a J ewish camp out side of Poznan and had his own son killed for stealing. Could you blame Tadek for being mad? When the time came for Becker to go to the cremo Tadek actually felt a little sympathy for him. Another example of brutality being shown was in on part of the story a man named Ivan had stole a goose and was furiously whipped, â€Å"the whip hissed. Deep, bloody gashes stood out on Ivan’s face†(79).Another important short story in the book was The People Who Walked On. In the story there’s a shift in tone, at least in the beginning of the story. The story opens up in a peaceful setting; building a soccer field. This is the total opposite then the frenzied horror of the first story. A soccer game on the outside of the fence on a warm day and inside the fence was hard labor. There is a women in the story that secretly has a child Tadek looks at the child and whispered to the mother, â€Å"what a pretty child†(89). â€Å"All you know is pretty!It can die at any moment†(89). The mother is not so happy about the birth of her own child but worried that it’ll be a matter of time before it dies from the gas champers. After that Tadek walks away as if it’s not his concern. This shows not only Tadek’s sudden change of feelings towards this women and her child, but shows the worry in the peoples eyes they have of thinking when the day will come for them to be sent to the gas. The story Silence was somewhat of a turning point in the book that has conflicting instincts of forgiveness vs. evenge. The Americans with the freedom are oblivious of how the prisoners felt or had to deal with in the camps. The statement Silence is about the freedom of the prisoners. In this story Borowski also suggest that human beings have a need for vengeance. â€Å" With hate dragged him into a dark ally†¦ they began tearing at him with greedy hands†(161). The quote shows great detail on how they take their anger and hatr ed on the S. S. soldiers how treated them like dogs. This even tells how the camp drove them to insanity.Not event the motivated speech by the American on page 163 could stop the prisoners from trampling the S. S. solider to death, showing how deep their hate went. Borowski along with other writers who have written about the holocaust serve a good purpose. That purpose is remembrance. Remembering tragic events like this is important because it helps us know and appreciate life that we have now. It’s important that the past things like this should be recognized so we wont be doomed to repeat it.