Ritalin Abuse an Example of the Topic Health Essays by

Ritalin Abuse The pharmaceutical industry, working with the government and organized psychiatry, claim that such drugs as Ritalin, are a safe "treatment" for ADHD. School systems and courts have pressured and even forced parents to give stimulant drugs to their children. But hidden behind the well-oiled public relations machine is a potentially devastating reality. The problem with ADHD or ADD is already not whether or not ADHD is a subtype of ADD, but rather the problem is whether or not we should be medicating our children with drugs such as Ritalin. Need essay sample on "Ritalin Abuse" topic? We will write a custom essay sample specifically for you Proceed Questions like the following often arise when discussing the issue: Are the side effects worth getting our children under control? Are all the children who are on Ritalin on it for just cause or are the drugs being abused? What does the future hold for these children who are using Ritalin and other stimulants? All these questions leave a lot parents wondering if they should put there young child on medications and what it will do to their future. Millions of children are prescribed the stimulant drugs such as Ritalin, Adderall, Concerta and Metadate for Attention-Deficit Hyperactivity Disorder (ADHD) in the hope of controlling behaviors described as hyperactivity, impulsivity and inattention. These medications decrease restlessness, improve attention span, increase the ability to focus, decrease aggressive outbursts and improve social interaction. They are thought to work by adjusting the brain's chemical balance and reversing under-arousal, possibly by increasing the availability of certain neurotransmitters. About 75 % of children with ADHD respond well to stimulant medication with improved attention at school and increased academic productivity (Kidd, 2000). Ritalin, the most commonly prescribed stimulant for ADHD, peaks 1 to 2 hours after it's taken and effects last about 4 hours. For maximum benefit it's taken three times a day, seven days a week - in order to sustain home as well as school interactions. (Some find that although the afternoon dose eases home relationships, it may exacerbate side effects such as poor appetite and insomnia.) A slow-release form taken in the morning may last the day (at least 6 to 8 hours). A few develop "drug tolerance" and need increasing doses to suppress symptoms. (High amounts may have some growth-retarding effect, requring a drug change.) Side effects of Ritalin can include headaches, insomnia, reduced appetite and weight loss, stomach aches, occasional tics (grimaces, nail biting), a "zombie-like" stare, obsessive "over-focussing" (becoming over-engrossed) and emotional "constriction" (for instance shown by drawings where everything is miniscule or shoved tightly into a corner). Omitting the 4 p.m. dose might overcome the sleep problems but at the cost of disrupting home and family life. Most side effects can be avoided by giving smaller doses. Some children object to the "roller-coaster" feeling while on the drug, and want to feel "normal" again, leading to a drop-off in drug-taking. Some hate the idea of having their behaviour "controlled;" and some parents oppose the idea of "mind-altering" drugs for their kids (Kidd, 2000, p.20). In any case, there are always some ideals that do persuade parents into giving their children stimulants. The one of the appeals, and usually a selfish one, is that the drug gets their child under control. Parents who are fed up with their child and their behavior think that there is no other way of getting their child to behave and automatically look for a drug to get the situation changed sometimes when the child hasn't even been diagnosed with disorder yet. The appeal greatens when guilt settles in. Parents sometimes feel responsible for their child's outbreaks and by giving him or her a drug it makes the parents feel as if something chemically is wrong, and isn't because of the child's upbringing (Brink, 2004). But there are more reasonable and positive motives for using Ritalin for children with ADHD. A study was done by the National Institute of Mental Health (NIMH), which proved that children with ADHD and taking medication to relieve symptoms had a better chance of not dropping out school, not smoking, abusing alcohol and drugs, or going to prison compared to those who with the disorder but are not on drugs (Brink, 2004). An experiment that was also done by NIMH seemed to further strengthen the belief that Ritalin does indeed work, is necessary, and leaves us with few alternatives. This experiment, which was conducted for fourteen months and involved 576 children, gave evidence that psychological therapy does not have a significant impact on children with ADHD and that drugs had a far bigger change in the children's behavior and lessened the symptoms more than therapy (Brink, 2004). Besides short-term benefits for Ritalin, some studies show that there are some long-term ones as well. In 1988 scientists found improvements in cognitive functions in reading performances. Though it wasn't positive, and is also very controversial if the drug itself was creating the improvement or if it was the drugs ability to reduce the disorders symptoms, which helps the child focus, but in the end, there still was an obvious increase in learning. Though frustration of child obedience, previously mention guilt, and hope for better grades often play a vital role in the decision of whether or not to put one's child on medication, there are some outstanding negatives that also make an impact on parents' choices on the matter. One of the major problems with Ritalin is the side effects the medication causes its users. As mentioned before, these include effects as minor as stomach pains, sleep loss, loss or appetite and irritability. But side effects can be as serious as facial tics, anxiety, insomnia, and depression. (Hancock and Wingert, 1996) Other sever symptoms include increase in blood pressure, nausea, hypersensitivity, and temporary decrease in bone growth (White and Rouge, 2003). In February of 1996, the Food and Drug Administration released a study done on mice that showed that Ritalin might even have the ability to cause a liver cancer (Hancock and Wingert, 1996). Also, in relation to side effects, is a lawsuit that took place in 2000 in California and New Jersey. Parents sued the American Psychiatric Association (APA) and Novartis Pharmaceutical Corporation for "failed to advise potential consumers... of the nature and extent of potential side effects... despite information in medical and scientific literature concerning these side effects of Ritalin use." The side effects that are being referred to are cardiovascular, central nervous system and gastrointestinal problems. The suit also investigated teachers who persuaded parents to take their children to doctors who where known for giving children Ritalin (School Law News, 2000, p.1). It is being feared by many physicians that Ritalin is being overly prescribed to children. Some doctors are seeing patients that have been told to have ADHD, but in reality have other problems such as learning difficulties or depression. Parents often even ask doctors for Ritalin, even when their child does not have a need for it, but the child's parents want to see his or her grades rise. Some doctors even admit to giving children the drug without doing much background checking of the child or any psychological tests that may prove the child has other problems. (Hancock and Wingert, 1996). ADHD is diagnosed without much hoop jumping. There are sixteen different symptoms that ADHD is connected with, and if the child has eight of them then all too often he or she is automatically considered to have ADHD; often without taking any other disorders or problems into consideration such as anxiety or depression (Donnelly, 1998). It seems as though parents are able to get their children the drug almost at demand. If they feel their child is in need of the stimulant, there is little stopping them from receiving it. Skepticism of ADHD and stimulants continue getting more serious when taking in some of the statistics. One fact that may change someone's thoughts on the disorder is that 8 in 10 children with ADHD are boys (Donnelly, 1998) But does anyone put into consideration that girls develop and become mature faster than boys? Or is it being forgotten that kids are just kids and are not always going to act as teachers and parents desire? Another issue relating to Ritalin is the possibilities of unknown long-term effects that have not yet been discovered. There have not been any long-term studies done on children who have taken Ritalin. Since ADHD cannot be tested by blood tests or any other kind of testing, there is always the chance that children are being misdiagnosed and receiving stimulants for a disorder that they do not have (Hancock and Wingert, 1996). Children sometimes have symptoms that seem like ADHD but aren't at all. The child can have problems such as chronic fear, mild seizures or even chronic ear infections, all of which may make adults assume the child has the disorder, but in reality has something completely different. Often problems at home make children act up as well. There maybe an abusive parent at home that makes a child be difficult in the classroom. In cases like these the child is not in need of drugs, but needs counseling (White and Rouge, 2003). Another negative aspect of the drug is the abuse of it. Because of the increase in prescribing Ritalin, the number of high school and college students abusing the drug has also increased. The drug is often bought from other students who are either on the drug or whose brother or sisters are. Ritalin is used by it's abuses by either being snorted or injected which gives the user a six hour mellow high, often compared to the high that cocaine gives. On college campus, sixteen percent of students questioned admitted that they had used Ritalin in an illegal way. Because of the number of abusers has increased so quickly, the country of Sweden has withdrawn Ritalin from the country completely (White and Rouge, 2003) The concept of ADHD and its medications are really hard to justify. There are some very valid reasons for putting children on the drug, especially helping them pay attention in school and having the same opportunity as the rest of the children in their classes. But the side effects are just mind boggling. I think even the slightest chance of some of these side effects mentioned would want parents to search for alternatives for their children and keep them away from the drug. Another problem about ADHD is the fact that doctors cannot find anything psychically different from the children diagnosed with the disease from those that are "normal." Dr. Thomas Millar, a retired Vancouver child psychiatrist, goes as far as to say that ADHD is a "mythical disorder"(Donnelly, 1998, p. 2). He also says that the problem is not hyper children, but rather its poor parenting. Children that act as children do- easily excited, short attention spans, and hyper (all symptoms of ADHD)- are not considered to be acting as normal children, but rather as children with a disorder. I think Dr. Millar put it best when he said, "If Tom Sawyer was around today, he'd be Ritalin, as would any other normal boy in literature. Today, parents don't have any idea of what child behavior ought to be." Parents who start giving their children this drug at ages as earlier as two, I think, are looking for quick fix and are being lazy. How can parent decide that a two year old is being hyperactive (White and Rouge, 2003)? Most two year olds are active and have little to no attention spans. I think this only teaches children that drugs are the answer to all our problems. By putting a child on a mind altering drug at such a young age, when he or she has not even started school yet, it leaves a parent with very little evidence or reason for their action. The child does not have schoolwork yet, and has little need for paying attention for long periods of time, so what does this child need the drug for? Because the child is difficult and more active than a parent wishes? It almost seems as if parents want to change their child's personality and make their childhood less interesting. I think it's very important that parents do not view Ritalin as the first and only way of calming their child down. All in all, Ritalin is a very controversial drug in our country because of its side effects and the insecurities of diagnosing ADHD. The drug carries very important help for children who are struggling to pay attention and without a doubt do have a disorder. But the number of children who are on the drug for the wrong reason is a scary thought. Are we become so impatient with our children that we do not want to take the time to discipline or help them through their problems? Have our children become so bad that we are willing to risk their health so they calm down and do not embarrass us? Our society needs to learn more about this drug that too many of us are so quickly giving to our children. References Brink, Susan. (2004, Apr. 26).Doing Ritalin Right. U.S. News & World Report, 125 (20), 76. Dalsgaard, S. et al. (2001). Reassessment of ADHD in a Historical Cohort of Children Treated with Stimulants in the Period 1969-1989. European Child & Adolescent Psychiatry 10, 230-239. Donnelly, Patrick. (1998, June 15). How to Fix Tom Sawyer. Ablerta Report/Newsmagazine, 25 (26), 32. Hancock, LynNell and Pat Wingert. (1996, Feb 18). Mother's Little Helper. Newsweek, 127(12), 50. Kidd, Parris M. (2000, Sep/Oct). ADHD total health management. The safe and effective alternative to Ritalin. Total Health, 22 (5). Lawsuits Say Drug Company Hyped Kids' Need For Ritalin. (2000, Sept. 29). School Law News, 28 (20), 1-2. White, Hazel L. and Baton Rouge. (Winter 2003). Ritalin Update for Counselors, Teachers, and Parents. Education 124 (3).

Grammar Study Guide Essay Example

Grammar Study Guide Essay Example Grammar Study Guide Essay Grammar Study Guide Essay Vasso Skezas 3/9/11 ENGL 100 M17 Grammar Terms and Examples Noun: Dog Subject:Although Coordinating Conjuction-A word which connects two independent clauses. For, and, nor, but, or, yet, so. Simple Sentence-Contains a subject, a verb, and expresses a complete thought. The dog ate. Compound Sentence-Contains two independent clauses connected by a coordinating conjunction. The dog ate yet he was still hungry. Complex Sentence-Contains an independent clause and a dependent clause connected by a subordinating conjunction. The dog ate food which he enjoyed. Compound-Complex Sentence-Contains more than one independent clause and at least one dependent clause, joined by both coordinating and subordinating conjunctions. The dog ate food which he enjoyed, yet he was still hungry. Prepositional Phrase: At noon†¦ Topic Sentence-First sentence of a unified paragraph which signifies what the paragraph will be about. Unsafe food poses significant health hazards. Unified Paragraph-Paragraph in which all the sentences refer back to the topic sentence. Unsafe food poses significant health hazards. For instance, mad cow disease causes the brain to break down. Raw cookie dough can cause salmonella. Well Developed Paragraph-Contains a claim, supporting evidence, and a concluding statement. : A vegan lifestyle is healthier than eating meat. Meat contains casein, which has been linked to cancer and Alzheimer’s, among other diseases. A study in China showed that people who did not eat meat had a much lower occurrence of these diseases. This shows that eating meat is unhealthy. Run on comma splice, fused sentence-Two improperly joined independent clauses joined by a comma. Two independent clauses strung together without punctuation. I ate food, I was no longer hungry. The ball is yellow it bounces. Independent Clause-Contains a subject verb and complete thought. Can stand on its own as a simple sentence, or a part of a compound, complex, or compound-complex sentence. He ran. Dependent Clause-Not a complete thought, always contains a subordinating conjunction. While I was at the store. Fragment-. Dependent clause that does not stand on its own. Because I ate food. Transitional words/phrases-Help to continue a thought from a previous sentence. Therefore. Semi-Colon-Punctuation that can be used as a period or a subordinating conjunction. I slept in this morning; I did not get enough sleep last night.

How to Interview a Relative - About Genealogy

How to Interview a Relative - About Genealogy Getting relatives to share their stories isnt always easy. But it can be rewarding and allow you to document stories, such as in a memory book. Follow these step-by-step ideas for a successful family history interview! Schedule a time in advance. This gives everyone a chance to prepare.Prepare a list of questions beforehand and either share them with your relative or give them an idea of what you want to cover. Bring several notepads and pens to the interview. If you plan to make a recording, be sure to have a tape player, digital recorder, or smartphone on which to record the interview, plus extra tapes, memory cards, chargers or batteries, as appropriate for your recording device.Take good notes and make sure you record your name, the date, the place the interview is being conducted and the interviewee.Begin with a question or topic that you know will elicit a reply, such as a story you have heard her tell in the past.Ask questions which encourage more than simple yes or no answers. Try to elicit facts, feelings, stories, and descriptions.Show interest. Take an active part in the dialogue without dominating it.  Learn to be a creative listener.Use props whenever possible. Old photographs, favor ite old songs, and treasured items may bring memories flooding back. Dont push for answers. Your relative may not wish to speak ill of the dead or may have other reasons for not wanting to share. Move on to something else.Use your prepared questions as a guideline, but dont be afraid to let your relative go off on a tangent. They may have many things to say that you never thought to ask!Dont interrupt or attempt to correct your relative; this can end an interview in a hurry!When you are done, be sure to thank your relative for her time. Tips for a Successful Family History Interview Put your relative at ease by telling them that they will have a chance to see and approve of anything that you write before you share it with others.Keep the interview length to no more than 1 to 2 hours at a stretch. Its tiring for both you and for the person being interviewed. This is supposed to be fun!Consider preparing a transcript or written report as a tangible thank you to your relative for her participation.If the relative and other participants agree, setting up a recorder in the corner of a room while sitting around a dinner table may help to get family stories flowing.

Law Essay Example | Topics and Well Written Essays - 1000 words - 11

Law - Essay Example Lastly, the paper will also make suggestion for the further changes to be made in the statute in the light of the changing needs and requirements of the social establishments during the contemporary times. Hence, the paper will provide an in-depth examination of assault in accordance with the statutes of law. It is a reality beyond suspicion that the states and political authorities have always been interested in devising schemes and implementing them in order to maintain law and order as well as to ensure the safety and protection of all members of society. For this purpose, statutes of laws are articulated and enforced for discouraging criminal acts and punishing the offenders, so that crime rate could be controlled in society. The devising of statutes and making amendments in them, for combating the assaults, has always been an essential part of the same campaign launched by the New York legislature and administration. The term assault simply refers to the violent attack on some individual, group or community out of mens rea or criminal intention with the aim of inflicting physical hurt or harm subsequently. Battery and maiming are taken to be the crimes almost identical to assault, which observe proximity with assault in nature and scope, as all the three maintain similar intention and consequences, though effects of the three could witness slight differences (Bryn, 1966:614-5). Battery actually is the occurrence of physical contact between the offender and offended, while maiming could be regarded to be the combination of both assault and battery. Hence, the court of law announces punishment in accordance with the damages appeared in the wake of committing of the offence (615-6). While discussing the elements attributed to assault, there must be mens rea behind committing of this crime, and the act has actually been performed, either it has caused severe harm

Statistic analysis of an exporting apple company Essay

Statistic analysis of an exporting apple company - Essay Example Statistic analysis of an exporting apple company This is statistically significant for this indicates that in promoting slow moving dog products, these items will be placed on the waist level shelves. This also applies for goods that need to be sold immediately like old stocks and products approaching expiration dates. Through this, inventory and the First-In-First-Out products will be controlled. An apple exporting company is currently retrenching and would like to reduce the number of packers in one of their processing plants from 3 packers to only 2. In finding out the most efficient packers, they conducted a 8 hour study for 6 days based on their speed in packing apples. Below are six study results for the three packers indicating the number of boxes packed in 8 hours. Which packer is best? An industrial psychologist is interested in brainstorming among groups as a means of solving complex problems and she decides to manipulate two types of problem â€Å"sets† or attitudes. She selects 6 groups of four people to participate in the experiment. Three of the groups are given problem â€Å"set† 1 and three of the groups are given problem â€Å"set† 2. In addition, however, two of the participants in each group are males and two are females. She measures number of problems solved by each individual after group discussions at the end of each of three sessions (max = 30). Examine all interesting effects, present important data, and consider problems in the analysis. Total Problem "set" 1 G11 Males S1 8 S2 7 Females S3 27 S4 24 G12 Males S5 20 S6 24 Females S7 27 S8 28 G13 Males S9 14 S10 18 Females S11 27 S12 26 Problem "set" 2 G24 Males S13 26 S14 30 Females S15 4 S16 8 G25 Males S17 26 S18 29 Females S19 15 S20 18 G26 Males S21 28 S22 28 Females S23 8 S24 12 1) sH0 : AProblemSet 1 = 2 G/A 1 = 2 = 3 = 4 = 5 = 6 BGender M = F (A)B 1M = 2M = 1F = 2F sHa : Not sH0 2) Between Subjects Hierarchical S2(G3B2/A2) 2-tailed (A): (1,4) = 7.71 (G/A): (4,12) = 3.26 (B): (1,4) = 7.71 (AB): (1,4) = 7.71 (GB/A): (4,12) = 3.26 3) = .05 4) Final Source Table: Source DF Sum of Squares Mean Square F-Value F-crit A Problem Set 1 13.50 13.50 .29 7.71 G/A Groups 4 187.83 46.95 10.25* 3.26 B Gender 1 48.17 48.17 1.36 7.71 AB Problem Set*Gender 1 1204.17 1204.17 34.12* 7.71 (GB/A) 4 141.17 35.29 7.70* 3.26 S(GB/A) 12 55.00 4.58 T 23 1649.83 A Problem Set, B Gender, and AB Problem Set*Gender F values are different from SAS output. Why 1 - First, have to test to determine proper error term to use; Fcrit (4, 12) = 3.26 , = .05 G/A / S(GB/A) = 46.96 / 4.58 = 10.25* so must use G/A to test A. F ratio for A = 13.50 / 46.95 = .29, NS Fcrit (4, 12) = 3.26 , = .05 GB/A / S(GB/A) = 35.29 / 4.58 = 7.71* so must use GB/A to test B and AB F ratio for B = 48.17 / 35.29 = 1.36, NS F ratio for AB = 1204.17 / 35.29 = 7.70* significant! (Didn't really need to do this because the group error terms were significant at .05 and cannot be pooled) Subsequent Tests: LSDAB = 2.78 [2(35.29) / 6] = 9.53 M Female-P1 - M Female-P2 = 26.50 - 10.83 = 15.67* M Male-P1 - M Male-P2 = 15.17 - 27.83 = -12.66* 5) The data indicate there was no significant main effect for Problem Set, F(1,4) = 0.29, MSe = 46.95, or for Gender, F(1,4) = 1.36,

The Effect in Hong Kongs Economy Essay Example for Free

The Effect in Hong Kongs Economy Essay I. Introduction The financial crisis in the Asian economies in 1997 has created tremendous interests in the economic point of view. This report focuses on the economic situation of Hong Kong in 1997-98, which has some very special features among the economies in the region. In the Asian Financial Crisis, the economy in Hong Kong did not sufferer from any banking or currency crisis like some of the Asian countries such as Indonesia, Malaysia, South Korea and Thailand, which their troubles began with a severe depreciation in their currencies. This triggered capital outflow and bankruptcy of many financial intermediaries and firms. The currencies of these countries have long been maintained at a relatively constant rate with the US dollar until 1995. Their depreciation is due to the central banks were unable to defend speculative attacks. Regarding to this, the government of the Hong Kong Special Administrative Region of the Peoples Republic of China successfully supported the currency by paying the cost of having high interest rates. Hong Kong dollar is pegged with the US dollar, at a rate of HK$7.8 to US$1 since 1983. This is due to the effort of the Hong Kong Government and the Hong Kong Monetary Authority (HKMA), the central bank of the Hong Kong. However, the economy is expected to enter one of the most severe recessions in the post-war period after the Asian Financial Crisis. Section 2 in this paper will offer background information of the Linked Exchange Rate System. It defines how the monetary authorities defend the currency peg. Section 3 will summarize on how and why the Hong Kong dollar was under speculative attacks during the Asian Financial Crisis. Section 4 is a postscript on how the HK government reacts to the situation and the actions that was taken. II. The Background of the Linked Exchange Rate SystemAs a small opened economy, the currency of Hong Kong was used to be backed by stronger currency, pound sterling at first and later, US dollar. There was only about nine years (1974 -1983) in which a floating exchange rate regime was  adopted. By the end of 1983, under both external (speculative attacks) and internal (political uncertainty) factors, the authorities decided a fixed exchange rate regime and peg Hong Kong dollar with the US dollar at HK$7.8 to US$1. The latter is known as the Linked Exchange Rate System, which is effective since October 17, 1983. The Linked Exchange Rate System is in practice a modified version of a classical currency board. A classical currency board is a system where there is no place for a central bank. The current Hong Kongs currency board maintains certain functions of the HKMA as the central bank of the SAR. The rest of this subsection discusses their distinction. In general, currency board refers to a monetary institution that issues base money solely in exchange for foreign assets, specifically the reserve currency. (Williamson, 1995, p.2)With the currency board, the monetary authorities can not change money supply at will. If the currency board would like to issue new cash, it must first increase its stock of the chosen reserve currency given certain fixed exchange rate stipulated by law. Which means the supply of home currency can increase only when commercial banks puts an equal amount of reserve currency in the currency board. Usually, the foreign reserve is more than the monetary base (cash in circulation plus deposits from commercial banks), so there is a net worth on the liabilities side that equals to the excess amount of foreign reserve. With buying or selling domestic credits, the central bank can perform open market operations and sterilized intervention of exchange rate. The currency board can stabilize the value of the home currency to a stronger one. This is an attractive feature for small countries. With people having confidence in this monetary system and the fixed exchange rate, a stable economic environment will promote trade, and investment. Over the recent decade the Hong Kong Government has increased the power of the monetary authority as a central bank. In April 1, 1993, the Hong Kong Monetary Authority (HKMA) was established to perform many of the functions of a central bank. Due to historical reasons, instead of a central bank, three note-issuing banks, the Standard Chartered Bank, HDBC and now Bank of China are allowed to issue notes. In order to issue notes, under the management of HKMA they have to pay the Exchange Fund in US dollars and receive the Certificates of Indebtedness (CIs) at the official rate HK$7.8 to US$1. With this system, the money supply is determined when firms in the export sector gain more US dollars through trade. They still need to pay their workers in HK dollar so they will use the US dollar in exchange for the domestic currency with the licensed banks. When banks are short in HK dollar, they can exchange for HK dollar with the US dollar in their hand with the note-issuing banks at HK$7.8 to US$1. If the note-issuing banks are short of HK dollars, they will use the mechanism of currency board to obtain CIs and supply more domestic currency to the economy. In principle, the exchange rate in the market floats. There is no law that forbids any bank to use a rate different from the official one. It is an arbitrage mechanism that helps to fix the exchange rate in the market. For instance, if the rate in the market is HK$8 to US$1. Banks will submit Hong Kong dollar to the note-issuing banks for US dollar at the official rate HK$7.8. They will gain the differential 20 ¢ by selling the US dollar in the market. More banks will follow and thus the demands of HK dollars increase. As a result, HK dollar will appreciate and the above arbitrage process will end when the market rate goes back to the official rate. When there is pressure of depreciation in the domestic currency against US dollars, the note-issuing banks will have to use the CIs to exchange for US dollars with the Exchange Fund. Contagion in the market in response to the depreciation will finally lead to a huge reduction in the foreign reserve. III. Speculative Attacks on Hong Kong Dollar in 19971. Before October, 1997During the first two quarters of 1997, Hong Kongs economy performed extremely well. Even though other Asian economies began to expose their problem in the second half of the year, Hong Kong has no sign of down-turn even in the third quarter. 2. After October, 1997The Asia Financial Crisis began with the speculative  attacks on other Asian currencies: the Thai baht, Philippine peso, Malaysian ringgit, Indonesian rupiah and Singapore dollar. While the Thai and Indonesian governments seek assistance from the IMF, Philippines central bank attempted to intervene the market and the Singapore central bank allowed the currency to depreciate. Hong Kong dollar remained steady, but later the HKMA admitted that US$1 billion of the foreign had been used to defend the currency. A second attack occurred in mid-August. From the summer to October, the stock market is very volatile and the Hong Kong dollar is strong but under pressure, while other currencies depreciates against the US dollar; however, the Hong Kong Government reassured the public that the peg exchange rate will sustain and there was adequate reserve to defend from speculative attack. However, the speculative pressure on both Hong Kong finally stroke Hong Kong stock market at the end of October. On October 23, the Heng Seng Index dropped to 23% from the previous Friday. The HKMA used interest rate to intervene the market to defend the currency peg as overnight HIBOR increased drastically except in mid-July. Naturally, the corresponding impact on the stock market was negative and severe. 3. Why were there speculative attacks?With adequate foreign reserve, the HK government has for a long time maintained budget surplus every year and the fundamentals of the economy are sound in the first three quarters, so what has attract the international speculators to target the Hong Kong dollar? Unlike some Asian countries, the financial system of Hong Kong is well-regulated and well-supervised. Although a few investment banks and firms have bankrupted after October due to overinvestment, the sort of crises in Indonesia and South Korea did not occur in Hong Kong. In fact, being one of the most developed financial centers in the region, financial and banking regulations have been continuously introduced and strengthened in the past few decades, this has helped avoid the problem of moral hazards. For example:†¢The Protection of Investors Ordinance (1974): this prohibits firms using fraudulent, coercive and exaggerated means to induce investors of buying or selling securities. It also regulates the issue of associated documents and publications. (Edward, 1987, p. 82):†¢The Securities Ordinance (1979): this regulates the operations of the Stock Exchange, the  registration of dealers and investment advisers and trading practice. It forbids dealers to involve in transaction outside the exchange, allows investigation of malpractices, and provides for the establishment of a Stock Exchange Compensation Fund to compensate the clients of defaulting brokers. (Edward, 1987, p. 82)†¢The Banking Ordinance (1986): this ordinance (i) governs both banks and DTCs under the supervision of the Commissioner of Banking (now a part of HKMA); (ii) institutes a minimum capital to risk assets ratio requirement; (iii) imposes a new liquidity requirement and (iv) allow the commissioner to issue guide-lines for banking operations from time to time. (Ho, 1991, p. 98) Still, there are three possible reasons for speculative attacks:First, the real exchange of Hong Kong and US dollars has a large appreciation of Hong Kong dollars since 1983 which reflects Hong Kongs lack of competitiveness. Yet, Hawkins and Yiu (1995) compute the Real ERRI for traded goods and show no loss of competitiveness for traded goods sector. However, the fact that Hong Kong has transformed into a service-based economy, the competition Hong Kong faces might be more in financial services and tourism, rather then in manufacturing products. Since other Asian currencies have depreciated, Hong Kong might suffer from lack of competitiveness against financial centers like Singapore, or tourism industries in regions like Thailand and Malaysia. Furthermore, as an important entrepà ´t, between China and the rest of the world, because the Renminbi has not been devalued also reduces Chinas competitiveness. This might have a negative impact on Hong Kong re-export sector. There were increasing requests and rumors for the devaluation of Hong Kong dollars to put a lift of competitiveness in 1997, which gives political pressure on the local authorities, and under such environment, speculators might perceive that their attacks will succeed. Second, political uncertainty also increases the probability of speculative attacks. On July 1, 1997, the former British colony was handed over to the Peoples Republic of China. Foreign investors might be skeptical on the independence of Hong Kong economic policy. Some of the economists did not show confidence on this matter. Anna Schwartz (1993) thinks that Hong Kongs experience with a currency board represents a dilution of the features that distinguished the institution. It did not maintain a fixed  exchange rate between the Hong Kong dollar and sterling during the years when it was linked to sterling; it then shifted to a link to the US dollar, after which it let the exchange rate float; and it then returned to a fixed exchange rate with the US dollar. It has since introduced discretionary powers for the Exchange Fund to exercise. Limited as these powers may be currently, they strike me as a slippery slope that portends further erosion of rule-based behavior. Chinas willingness to maintain rule-based behavior once the island reverts to its control adds to the uncertain future of a currency board in Hong Kong. (Schwartz, 1993, p.176) Maurice Obstfeld and Kenneth Rogoff (1995) share Schwartzs concern, After China takes over in 1997, it will also assume ultimate ownership of Hong Kongs foreign currency reserves. Despite its promise not to tamper with Hong Kongs economy, China would not likely want to see its dowry squandered in battling speculators. Thus, even Hong Kongs currency ultimately could fall. (Obstfeld and Rogoff, 1995, p.91) Was George Soros as pessimistic (or optimistic) as these economists in 1997?Third, many people have suggested that the actual target of the speculators is really the stock market. If the speculators can successfully give pressure to the Hong Kong dollar and the only response of the HKMA is to increase interest rate; therefore, speculators will be able to gain by short selling stocks in the market. If this is the case, the authorities should be flexible in choosing the instruments to defend the currency. IV. A PostscriptWith the estimates of a -2% growth rates and 4.2% unemployment rate for the first quarter of 1998; and a recession was expected. This suggests that the full impact of the Asian crises on the real sectors have began. During this period, interest rates stayed high and Hong Kong dollar was under discretionary speculative attacks. In June, the further depreciation in Japanese Yen gave additional pressure. On June 22, as a result of internal political pressure, the government adopts the first budget deficit policy since 1982 in order to stimulate the economy without abandoning the currency peg. The policy turned an initial surplus estimate of HK$10.7 billion into a deficit of HK$21.4 billion. This HK $44 billion rescue package involves:†¢Suspending land sales until March 31, 1999 to slow down the collapse of the real estate market in Hong Kong†¢An exemption of  interest earned locally from profits tax †¢Putting out HK $2 billion to help small and medium firms in non-export related sector. †¢rates rebate for the first quarter (worth HK$3.85 billion)This expansionary fiscal policy has helped shorten the recession of Hong Kong. As the Asian economy slowly recovered from the Asian Financial Crisis, Hong Kong has also managed to climb back from its recession. Reference Corsetti, G., Pesenti, P. and Roubini, N. (1998). What Caused the Asian Currency and Financial Crisis?. New York University. Edwards, A. Hong Kong: a guide to the structure, development and regulation of financial services. The Economist, 1987Government of Hong Kong Special Administrative Region. (1998, February). 1997 Economic Background. Government of Hong Kong Special Administrative Region. (1998, May). First Quarter Economic Report. Government of Hong Kong Special Administrative Region. (1997, July) Hong Kong Monthly Digest of Statistics. Hawkins, J. and Yiu, M. (1995). Real and Effective Exchange Rates. reprinted in Money and Banking in Hong Kong, edited and published by the Hong Kong Monetary Authority. Ho, R. (1991). The Regulatory Framework of the Banking Sector. The Hong Kong Financial System. Oxford University Press. Hong Kong Monetary Authority. (1997, July) Monthly Statistical Bulletin. Hong Kong Monetary Authority. (1997, August). Quarterly Bulletin. Jao, Y. C. (1997). Of Pegs and Boards. reprinted in Hong Kong Monetary Authority, Quarterly Bulletin, November 1997, p.70-72. Kydland, F. E. and Prescott, E. (1977). Rules Rather than Discretion: The Inconsistency of Optimal Plans. Journal of Political Economy, 85, p.473-491. . Krugman, P. (1979). A Model of Balance-of-Payments Crises. Journal of Money, Credit, and Banking, Vol. 11, No. 3, p.311-325. Krugman, P. (1996). Are Currency Crises Self-fulfilling?. NBER Macroeconomic Annual, National Bureau of Economic Research, p. 345-378. Krugman, P. (1998), What happened to Asia. MIT. Lui, Y. H. (1991). The Foreign Exchange Market. The Hong Kong Financial System, Oxford University Press. Nugà ©e, J. (1995). A Brief History of the Exchange Fund. Money and Banking in Hong Kong, edited and published by the Hong Kong Monetary Authority. Obstfeld, M. (1994). Logic of Currency Crises. Monetary and Fiscal Policy in an Integrated Europe edited by Barry Eichengreen, Jeffry Frieden and Jà ¼rgen von Hagen, Springer-Verlag. Obstfeld, M. (1996). Models of Currency Crises with Self-fulfilling Features. European Economic Review, 40, p.1037-1047. Obstfeld, M. and Rogoff, K. (1995). The Mirage of Fixed Exchange Rates. Journal of Economic Perspectives, Vol. 9, No. 4, Fall, p.73-96. Schwartz, A. (1993). Currency Boards: their past, present, and possible future role. Carnegie- Rochester Conference Series on Public Policy, 39, p.147-187. Scott, R.H. (1986). Monetary Policy in Hong Kong. Hong Kongs Financial Institutions and Markets. Oxford University Press, 1986 South China Morning Post, June 23, 1998 Issue. Williamson, J. (1995). What Role for Currency Boards?. Institute for International Economics

A Lady of Letters and Cream Cracker under the Settee by Alan Bennett Es

"A Lady of Letters" and "Cream Cracker under the Settee" by Alan Bennett The two monologues I am going to be writing about are two elderly women who are lonely and trapped in their own homes. I will be talking about how Doris, one lady from 'Cream cracker under the settee' and Irene, the other lady in 'Lady of letters' are suffering from loneliness. Doris and Irene both live alone. They don't seem to have any special friends. For example, Irene doesn't like being people calling her Irene. People who come across Irene must call her Miss.Ruddock; nobody has called her Irene since her mother died. Only real friends may call 'Miss Ruddock' Irene. But both Doris and Irene have people who do you look out for them like the policeman who calls in to check on Doris from time to time. Both monologues are talking, and looking directly into the camera, at many different angles. This gives a great effect, as the person talking in the monologue seems to be talking to 'YOU', in the audience. In the monologues the women mainly talk about the past and by comparing the day they were 'kiddies' to the days of today. This is how monologues are a lot different to dramas. Monologues are an interesting way for the people in the audience to see the opinions and thoughts of another person, maybe older or maybe younger. Both these monologues don't have a grouped name such as, action, horror or comedy but if I had to catorgise these monologues, I would say they are 'real life tragedy's'. There are the little side comments which the author for both monologues, Bennett, has made to make the make the audience giggle but the whereas the individuals in the monologue, in this case Doris or Irene, aren't aware that whate... ...the Settee' my emotions stayed practically the same all the way through the monologue, as for 'Lady of Letter' I felt a number of emotions for Irene, Happy, angry, sad. I felt a lot of sympathy for Doris when she was talking about her family but i feel no sympathy for Irene. As I said, my feelings stayed the same for Doris but I did feel frustrated at times, as it is frustrating when 'you' know what's best for someone but that someone doesn't understand. My feelings varied a huge amount for Irene mainly because Irene's feelings varied an amount. Both monologue were encouraging in there own ways. 'Cream cracker under the settee' did get a bit tedious at times and sometimes made me want to fall asleep due to the same tone of voice droning on and on. I had a lot more to write about for Lady of Letters because I thought there was a much better story line.