History of Forex

History of Forex

Forex dates back to ancient times, when traders first began exchanging coins from different countries and groups. However, the foreign exchange industry itself is the newest of the financial markets.In the last hundred years, the foreign exchange market has undergone some dramatic transformations. In 1944, the postwar foreign exchange system was established as a result of a multinational conference held at Bretton Woods, New Hampshire. That system remained intact until the early 1970’s.At this conference, representatives from 45 nations met together to discuss the future exchange system. The conference resulted in the formation of the International Monetary Fund (IMF). It also produced an agreement that fixed currencies in an exchange-rate system would tolerate one percent currency fluctuations to gold values, or to the U.S. Dollar, which was established previously as the “gold standard.” The system of connecting the currency’s value to gold or the U.S. Dollar was called pegging.In 1967, a Chicago bank refused a college professor by the name of Milton Friedman a loan in pound sterling because he had intended to use the funds to short the British currency. Friedman, who had perceived sterling to be priced too high against the dollar, wanted to sell the currency, then later buy it back to repay the bank after the currency declined, thus pocketing a quick profit. The bank’s refusal to grant the loan was due to the Bretton Woods Agreement, established twenty years earlier, which fixed national currencies against the dollar, and set the dollar at a rate of $35 per ounce of gold.The history of the FOREX Market as it exists today begins before 1971 when the FOREX market departed from The Bretton Woods Accord to reflect a radical change in Universal fixed exchange rates. After World War Two, the Bretton Woods Accord was introduced to the FOREX market to stabilize the devastated world economy.The Agreement was finally abandoned in 1971 and the US dollar would no longer be convertible into gold.After the Bretton Woods Accord came the Smithsonian agreement in December of 1971. This agreement was similar to the Bretton Woods Accord but allowed for greater fluctuation band for the currencies. In 1972, the European community tried to move away from their dependency on the dollar. The European Joint Float was established by West Germany, France, Italy, the Netherlands, Belgium and Luxemburg. This agreement was similar to the Bretton Woods Accord, but allowed a greater range of fluctuation in the currency values.Both agreements made mistakes similar to the Bretton Woods Accord and, by 1973, collapsed. The collapse of the Smithsonian agreement and the European Joint Float in 1973 signified the official switch to the free-floating system. This occurred by default as there were no new agreements to take their place. Governments were now free to peg their currencies, semi-peg or allow them to freely float. In 1978, the free-floating system was officially mandated.Europe tried, in a final effort to gain independence from the dollar, by creating the European Monetary System in July of 1978. This, like all of the earlier agreements, failed in 1993.Important milestones in the history of ForexThe Gold StandardMoney was invented when barter was no longer an adequate means of trade, seeing that actual goods could quickly lose value, were subject to value discrepancies, and could many times not easily be divided (Morris, 4). Money, on the other hand, could function as a medium of exchange, a unit of accounting, and a store of value (Ethier, 402). The original form of money was typically something that had value in itself, such a precious metal. The metal itself, usually gold or silver (Eichengreen, 9), was valuable, both because of its scarcity and its inherent usefulness.By the nineteenth century, both coins and paper money were in popular use. Under the famous “Gold Standard,” currencies were not directly valued in terms of each other. Instead, each currency had a certain, the rate at which the currency could be exchanged for gold. This in turn produced an effective exchange rate between any two currencies.In 1900, for example, the mint parity for the U.S. dollar was $20.67, while that of the British pound was 3 pounds, 17 shillings, 10½ pence. To exchange U.S. dollars for British pounds, one would divide $20.67 by 3.17.10½, which produces $4.86 per pound after adjusting for the fact that U.S. gold coins had a somewhat greater gold content than did British coins (Aliber, 34).Paper money could then be used in place of the precious metal. A citizen could carry paper money while the central bank would, in which more money left the country than came in, there would be less U.S. dollars in circulation.Because central banks have large control over the interest rates, the rates at which banks borrow and lend money, they soon found that they did not have to passively wait for gold flows to be restored. In a trade deficit scenario, with gold supplies leaving the country, a central bank could raise interest rates which would make domestic savings more attractive.Floating Exchanges SystemsUnder a floating exchange system, on the other hand, currencies are not valued in terms of gold - they are valued in terms of other currencies.In the early 20th century, two world wars brought about social upheavals, rapid inflation, and the destruction of the setting which made the gold standard operable. Between the wars, many countries elected to temporarily abandon the gold standard and opt for floating exchange systems until their economies returned to the point at which in light of the fact that, if a currency drifted too far outside its band and could not be contained by central bank intervention, the country was allowed to adjust its peg by setting a new exchange price.There were three aspects of the system that were in conflict: constant exchange rates, autonomous domestic economic policies, and increasing international capital mobility. The existence of Bretton Woods did not stop states from using domestic economic policy (manipulating interest rates, for example, as under the gold standard) for domestic reasons, whatever their long-term effects on the exchange rate. Capital mobility simply makes the effects of domestic economic policies on the exchange rate happen sooner than they otherwise would.With the instability brought about by the Vietnam War, central banks finally began to convert their dollars to gold. To halt the loss of gold, in 1971 Nixon “closed the gold window” by refusing to provide gold to foreign dollar holders (Eichengreen, 133). In 1974 the Bretton Woods System of adjustable pegs was officially abandoned and the Jamaica Agreement basically allowed the presence of any exchange system a country chooses (Aliber, 52).Exchange Systems TodayThere are several exchange systems a country can currently choose from. A free floating exchange system, as mentioned earlier, would simply allow the market to determine the price of a currency. Trade surpluses and deficits, domestic investments versus foreign investments, and domestic taxation policies, to name a few factors affecting the exchange rate, would all be allowed to occur whatever their effects on the currency.A pegged exchange rate, on the other hand, would function exactly as the gold standard did a century beforehand, except that a country would its currency to the price of another currency, usually the U.S. dollar. If there is a balance of payments deficit, for example the central bank will buy the appropriate amount of the domestic currency in exchange for its foreign currency reserves, thereby returning the price of the currency to its peg but at the same time depleting the size of its reserves.Some countries practice by, while remaining officially free-floating, sometimes intervening in their currency rates in order to suite domestic interests - increasing (revaluing) their exchange rate before an oil shipment, for example (Luca, 17). Other countries, for example Brazil before its turn to a free floating system, peg their currencies to the U.S. dollar or some other currency but allow the rate to float within a certain band similar to the Bretton Woods adjustable peg system.The FOREX Market, often considered to be the playground of governmental institutions operating under the agency of central banks, expanded its horizons in recent years to include corporations, hedge funds, and speculators and most recently with the dot com boom and the expansion of the world wide web, now the private investors have been afforded the lucrative opportunity to be a part of the action.The appeal of The FOREX Market is one of non-stop, twenty four hour a day trading for the five business days of the week. The first tentative steps towards a global economy have created a fast moving liquid market facilitating a wide variety of transaction options. Combine this with the ability to make money in both winning and losing markets and you will see why The FOREX Market is considered by some to be the fastest developing most lucrative business opportunity open to the savvy investor who has the skill, intelligence, acumen and backing to create substantial profits.The FOREX Market provides a number of ways for investors to get in on the global high stakes action. From the spot market to spread betting, options, contracts for difference and futures, these are just some of the ways FOREX can turn a modest portfolio with moderate potential, into a heavy hitting enterprise totaling far in excess of what it once was. The BIS or Bank of International Settlements estimated in a recent survey that over $1,200,000,000.00 is exchanged everyday on The FOREX Market. Currently industry analysts think the market is not living up to its 1978 potential of $1,490,000,000.00 and still view this as an attainable goal for the FOREX Market of the future.

Currency Market

Currency Market

Currency Market Foreign Exchange MarketsParticipants of a foreign exchange marketThe main participants of a foreign exchange market are:Commercial banksExchange marketsCentral banksFirms that conduct foreign trade transactionsInvestment fundsBroker companiesPrivate personsCommercial banks conduct the main volume of exchange transactions. Other participants of the market have their accounts at the banks, conducting necessary conversion transactions. Banks accumulate (through transactions with the clients) the combined needs of the market in exchange conversions as well as in calling and distributing money, breaking with it into new banks. Besides satisfying clients’ requests, banks can operate independently, using their own assets. In the end, a foreign exchange market is a market of interbank dealings, and when speaking about the exchange rates movement, one should bear in mind the existence of an interbank foreign exchange market. In international foreign exchange markets, international banks with the daily volume of transactions of billions dollars have the biggest influence. These are Barclays Bank, Citibank, Chase Manhatten Bank, Deutsche Bank, Swiss Bank Corporation, Union Bank of Switzerland, etc.Exchange markets Contrary to stock markets and markets for terminal exchange dealings, exchange markets do not work in a definite building and they do not have definite business hours. Thanks to the development of telecommunications most of the leading financial institutions of the world use services of exchange markets directly and via mediators 24 hours a day. The biggest international exchange markets are the London, New York and Tokyo exchange markets. In some countries with transitional economies there are exchange markets for currency exchange by juristic persons and for forming a market exchange rate. The state usually regulates the exchange rate in an active manner, using the compactness of the exchange market.Central banks control currency reserves, realize interventions that influence the exchange rate, and regulate the interest investment rate in the national currency. The central bank of the United States, the US Federal Reserve Bank, or “FED”, has the greatest influence in the international exchange markets. It is followed by the central banks of Germany, (the Deutsche Bundesbank or BUBA) and of Great Britain (the Bank of England, nicknamed the “Old Lady”).Firms that conduct foreign trade transactions. Companies participating in international trade have a stable demand for foreign currency (importers) and supply (exporters). As a rule, these organizations do not have direct access to exchange markets, and they conduct their conversion and deposit transactions via commercial banks.Investment funds. These companies, represented by various international investment, pension,and mutual funds, insurance companies, and trusts, realize the policy of diversified management of portfolio of assets by placing there money in securities of the governments and corporations of different countries. The world-know fund, Quantum, is owned by George Soros, and it executes successful exchange speculations. Big international corporations as Xerox, Nestle, General Motors a.o. that make foreign industrial investments (creating branches, joint ventures etc.), also are firms of this kind.Broker companies bring together a buyer and a seller of foreign currency and conduct a conversion dealing between them. Broker companies take a broker’s fee. As a rule, in the FOREX market there is no fee as a per cent from the sum of a transa

Money - That’s what I want

Money - That’s what I want

Question: Is there anything wrong with asking family members to give me money for my birthday instead of sweaters I don’t care for, food I don’t want and gift cards to stores where I don’t shop? I don’t mean to sound unappreciative, but at my age (35), I’d really rather just have the money and buy things I like.Our answer: As that eminent ethicist Mick Jagger once observed, you can’t always get what you want.Unless, say, you plan to ask your doting grandmother who’s living on Social Security to write you a four-digit check, there’s nothing unethical about telling someone you prefer money over any other gift. But that still doesn’t make it a nice thing to do.You appear to believe the chief function of a gift is to provide you with what you want most. Often, however, gifts are intended mainly to express affection, to honor the relationship the gift giver has with you and to share the gift giver’s taste. While the folks who give you presents no doubt hope to please you, it’s unlikely they think of the occasion as a great opportunity to transfer money from their bank account to yours. What’s more, they probably realize that in order not to disappoint the recipient, checks need to be for a greater amount than they’d ordinarily spend on a gift or even a gift card.Our advice? You’re an adult, not a kid saving for college or a new computer. So unless someone very close specifically asks you what’s on your wish list, don’t announce that what you’re looking for is cold, hard cash. After all, you don’t want your relatives to think you have a cold, hard heart.Questions? Email Money Magazine’s ethicists – authors of the upcoming book “Isn’t It Their Turn to Pick Up the Check?” (Free Press) – at FlemingandSchwarz@right-thing.net.Filed under UncategorizedPosted 10:24 am 35 Comments Add a commentThe whole “cash as a gift” thing is something that has to be approached with some sensitivity. My family wholely enjoys shopping for gifts for others - so I wouldn’t dare ask them for money only. However, my husband’s family doesn’t care much for the whole experience - and we get money from his dad and gift cards from his mom. I would never dream of asking for it, but I’m not going to snub my nose at anything that someone chooses to give me. That being said, I always give gifts (not money), sometimes gift cards, but always provide the gift receipt in case they do not like it. I am not offended if they return it.Posted By Jennifer, Plainfield, Illinois : December 20, 2007 9:07 pmTo a certain extent I agree with the original poster. People here are saying, “Hey it doesn’t matter what they give you, it’s the thought that counts.” How much does it say about a friend or family member of yours when the gift they give you is way off base and completely impersonal? Like the OP stated, I’d rather that person donate money to charity then spend it on an impersonal gift. Don’t get me wrong, I would rather get a gift than money, but too often the gifts I receive around that holidays are impersonal tokens of appreciation, which seems to defeat the whole purpose of the season.Posted By Tyler, Fairfield, CT : December 20, 2007 4:41 pmSo, Asha, one person regifts to you so you decide no more? How extreme is that? Furthermore, there are a lot of extreme opinions on this topic. Frankly, it sounds like most complainers here have forgotten the meaning of it all. Someone wrote that the people who love giving gifts must give crappy gifts…WHAT??? You are clueless. So if you don’t want anything TELL people. Be anti social and not participate. That’s fine. Honestly, this subject just shows you how miserably consumerist and selfish many people have become. If you’re not going to spend $20 don’t give??? What kind of attitude is that? Giving a gift to someone is about expressing affection and love, it’s not really what you get, IT REALLY IS ABOUT THE THOUGHT THAT COUNTS!!! If you don’t like the gift, graciously accept and then do something useful with it. The person who bought you the gift did not waste their money on you, even if you think they did because you won’t enjoy the gift. You don’t have to buy gifts for others; you can make little things or give cards. Again, it’s about being thoughtful. If you don’t care enough about your family or friends to make a little effort once or twice a year, you are not much of a friend or relative.My .02Posted By Jake, Columbus, OH : December 20, 2007 1:47 pmIt is a matter of preference. More often than not you’ll receive gifts that you don’t like or intend to keep, in this case I’d prefer the cash equivalent instead. A store gift card will do it from a department or electronic store.Posted By Javier, Reading, PA : December 20, 2007 10:02 amPersonally, I believe too that cash is tacky and a small gift or giftcard is good. I like picking gifts on deals and “cool” gifts or “cute” gifts.However, when a carefully selected regift for somebody’s birthday ended up back in my hands on Christmas, that was it!! No more gifts. I will just stop the tradition.Posted By Asha, Fremont, CA : December 19, 2007 7:27 pmWow! I guess this is a topic many struggle with this time of year! I do not typically enjoy giving or getting gifts anymore, for all the reasons mentioned in other posts, nor is a gift of money the answer because I never do with it as the giver intended (a splurge for myself?…I usually stick it in my wallet and use it for groceries or other daily needs). It is particularly difficult if I feel the gift is bought/given out of obligation or expectation, and is from someone with more limited resources than me. I really dont need anything including gifts, cash, or gift cards. Yes I am fortunate. So what do I do? I dont ask for anything, I dont make suggestions, and when a gift is given I accept it and enjoy it for the thought and the well-meaning of the giver. If I am not going to use it, I do try and donate or give it to someone who might (with no guilt) because I know the original giver gave it to me to make me feel good and that’s what using it properly does for me! The 35 year old that just wants the cash has missed the point, and if he doesn’t have the time or inclination to be gracious and greatful, he will eventually also be lonely!Posted By Sally Raleigh, NC : December 19, 2007 4:46 pmThe people on this discussion who say they love giving gifts are probably the ones who give really crappy gifts. I think there should be more stringent rules for who gives who gifts. If you’re an adult and you’re not going to spend over $20 on a person (depending on your income level) then you shouldn’t get them anything. But I must say I do like the donation to charity in someone’s name idea. I’d be delighted if that was all I got this year.Posted By Jeff, Durham, NC : December 19, 2007 9:24 amWaaaaaah! I have people who care about me and they give me things out of kindness! Poor me! Don’t they know I just want money?How dare they come into my house with their good intentions and force me to be friendly? How dare they make me take a two minute stop at Goodwill to unload things I can’t use. Gift givers are truely the selfish ones in our society. The generous ones are those like me, who can admit that I just want money money money for myself.Posted By PB, portland, or : December 18, 2007 6:41 pmI think the guy who wrote in needs to grow up. He’s 35 and he still expects cash hand-outs from his family and friends? Gift giving is about thinking of the people you love, and trying to do something thoughtful and personal for them. Yeah, I do think it’s overhyped, and way to consumerist these days (can’t believe you are all insulting Russel, who is apparently giving his son a LAPTOP for christmas! I could never have fathomed that kind of gift for Christmas! I was lucky to get maybe $50-$100 worth of gifts and we were not poor!) But you’re not a baby anymore. If Grandma gives you a sweater you can’t stand, you thank her sweetly, give her a hug, and throw it away later (or exchange if receipt is included). Because you are 35 years old. You should be responsible enough to buy your own things you really want. Holiday gift giving is really for the benefit of the kids, but when whiney brats who are 35 years old want to ask everyone for money, there’s a problem! Maybe this is normal in China, but it’s not normal here. Politeness and respect for your family and friends is what stops you from asking for money. Either ask for nothing, and expect nothing, or be real specific and hope they get it right. Personally I ask for nothing, and am happy with what I am given.Posted By Miles, San Diego CA : December 18, 2007 6:27 pmWhen my family and friends are thoughtful enough to ask me what I want, I tell them…gift cards. This is often met (most defiantly, by my mother) with cries of “Oh, no! You HAVE to HAVE SOMETHING to unwrap!” And they proceed to buy me things I neither want nor need.I expect to have the following conversation next week…”Yes, Mom, I know we asked for throw pillows, but lacy chartreuse and magenta colors don’t go well with the decor we already have, and the dog is obsessed with trying to eat the kitsch, rubbery chicken potholder you got us for our decidedly un-country kitchen.”More headaches ensue when going to the store to exchange said gifts.My question is…if, when asked, you provide a viable response, is it more inappropriate to not honor the giftees response?Posted By Sabrina, Webster, NY : December 18, 2007 4:13 pm“The entire affair is a monumental farce, a sham, a fake, a public lie, and frankly I am overly tired of it.” - Posted By Russel Jeffords, Dallas, TXI agree with Russel here.The “holidays” are so full of it. Everyone tries to act nice and pleasant at one time of the year. But the rest of the year, nobody seems to give a crap about anyone else except for themselves. Why give meaningless gifts just to be perceived as generous during the holidays? You have been a pretentious and thoughtless jerk for most of the year. Why quit?I do not give gifts because I do not want to receive cheap, ugly, meaningless, generic, and artificial tokens of goodwill. Instead of buying that 5 dollar gift for someone, put that cash in the Salvation Army box or give it to a charity.I would rather see a drunk buy a bottle of rum or a drug addict buy a shot of dope instead of having a stupid gift collect dust around my house. At least they get to have fun with the money.Posted By Yadgyu, Harkeyville, TX : December 18, 2007 3:43 pmRussell,While your card indicating that a donation was made in my name is a nice gesture, frankly I’d prefer cash. Please send large bills or a check to……Chill out dude…..don’t give, don’t get. Simple equation.Posted By Jason, New York : December 18, 2007 3:37 pm“The entire affair is a monumental farce, a sham, a fake, a public lie, and frankly I am overly tired of it.” - Posted By Russel JeffordsWhich reminds me of the quote, “The difference between ordeal and adventure is Attitude.” Yes, much of the gift-giving is mechanical, but it can also be a wonderful opportunity to do some personal expressions of appreciation.Posted By Steve R., Phila., PA : December 18, 2007 3:10 pmAs a parent, I learned a long time ago, that cash or gift cards to stores my kids frequent are far more appreciated than a gift that will be trashed.Posted By jack,phoenix,az : December 18, 2007 2:25 pmSaying that buying a gift card is more ethical than giving a cash gift is a silly assertion. Buying gift cards just puts money into a specific company’s coffers, 1/3 of which is never redeemed.In China and the millions of Chinese abroad, giving money is entirely acceptable and in fact is considered more proper than giving a gift card which is in effect the same thing, or worse, an actual gift. Money is an honor not a form of shame. Perhaps we in Anglo-Saxon North America have it wrong?Posted By Michael, Vancouver BC : December 18, 2007 2:24 pmRussell, didn’t George Castanza “give” the same gift in a Seinfeld episode? Sounds pretty made up to mePosted By Eric, Euclid, Ohio : December 18, 2007 2:22 pmAs usual, most who mentioned my initial posting have missed the point.I am simply tired of the overarching need when presented with a “gift,” of little merit to make nice - even if the person giving is doing so out of some ludicrous perceived obligation that I didn’t ask for and certainly attempted to actively discourage.Too often this gift-giving ritual is a mutal mental masturbation ceremony accompanied by grins that cover groans.My wife and son are both honest and genuine enough to tell me - gently! - what they are hoping for. The former - a set of earings to replace those stolen. The latter - a laptop such that he can head off to college well-equipped.Everyone else on my “list,” will receive a nice note indicating that a donation in their name has been made to a charity they themselves have identified, or one I have picked - and they are further invited to nominate next years’ choice (but not the amount).I fail to see why my comments elicited so much rage - pee in cheerios, indeed - perhaps the writers of those messages need a teensy bit of awareness, themselves?Posted By Russell Jeffords, Dallas TX : December 18, 2007 2:12 pmWow! It’s very sad how many people see gift giving as an annoyance, a means to “get stuff,” and really as some sort of commercial enterprise. Especially Mr. Jeffords position. In his case, I don’t think he should even give them to wife and child. Gift giving is about closeness and caring. It has nothing to do with reciprocating or how well you come out of it. I enjoy gift giving and a good deal of thought goes into each gift. I’m also one of those who appreciates whatever I get simply because someone took the time and effort to think of me. If people can’t appreciate gift giving for these type reasons, then they shouldn’t participate in the activity. A wise person once noted that it’s the trouble you go through for things that show how much you care because then it isn’t a bother.Posted By Ken Hicks. Staten Island, NY : December 18, 2007 2:01 pmRussell, you should just kill yourself then. (Obviously, a joke.)Posted By Eric, Euclid, Ohio : December 18, 2007 1:56 pmI agree with the author (for once in a long time). Giving gifts is intended to show care, show that you thought about them and wanted to give them something nice because you love them. Now, I am not against giving money. What I am against is people not appreciating a gift, no matter if they like it or not. Sure the giver generally tries to find a gift they think the receiver would like. However, if the receiver does not like a gift and shows anger or discontent, next time, the giver should not give ANY gift.Bottom line is: I will STOP giving gifts to someone who does not appreciate my gifts. I mean, I am giving you something for free and you are mad at me for it? Might as well never give you anything again.Plus, you do know that they don’t HAVE to give you ANYTHING for a birthday right? (please do not feel entitled when no entitlement is actually there).Posted By Inferno Butterfly, LA, CA : December 18, 2007 1:51 pmTacky, immature, and unimaginative.Posted By Richard, Chassell, MI : December 18, 2007 1:15 pmLeave it to someone to inject global warming comments about an article on gift giving. Come on, let’s get back to what gift giving is supposed to be: personal. Gift cards and money are not very personal and not much thought goes into them - a sad commentary on our current consumerist society. Not because of global warming, but because people have stopped being thoughtful of others. I agree with the article writer that gift recipients need to be more appreciative of the reason for receiving gifts.Posted By Jake, Columbus, OH : December 18, 2007 1:12 pmIf you can’t think of a gift to give someone it means you don’t know that person well enough and there are two easy solutions:1. Don’t give them anything.2. Give them something that allows you to spend time together and get to know each other so next year you will have a better idea what to get them.Posted By Steve, Washington, DC : December 18, 2007 1:09 pmWhat a bunch of Grinches! Gift giving is an opportunity to express your affection by finding something uniquely appropriate for the recipient. We all fail at times, but seriously, I’d be happy giving to a charity as well if that’s what is preferred. What amazes me is the negative emotion around this issue. I personally enjoy the challenge of finding something to fit the unique personalities of my friends and family.Posted By J.R. Colorado : December 18, 2007 1:02 pmUnfortunately, another sign of where our value system has gotten truely distorted. Gifts are given as a sign of affection (love/support). And, for those who may want to give and exemplify that affection and who however may not be in a financial position to do so in many instances may go through great pain (financially destitute parent or financially unstable loved one)struggling with how to express their affection at a time when society designates (holidays) or even when one may want to do so randomly.Many may not ask what’s on your wish list because as the old saying goes, “You’re not in my pocket,” nor do you truly know another’s financial circumstances. If it appears that someone took the TIME to pick you up a gift be appreciative. And, there is nothing wrong with re-gifting with class (the person need not necessarily know - charities/ less fortunate - good deeds are profound).Long gone are the days of “Little House on the Prairie” when families had little too nothing but were happy to spend time with one another and whatever makeshift gifts. (i.e. today many still don’t have much though they pretend in all their debt and uppityness, coupled with their shallowness as a inadequate and insecure person) I’m in the writer’s age bracket and am thankful everyday in this day in particular too have not had much material wealth growing up (literally - much of basics not even provided, but an abundance of values and self-respect fostered). In no way can I understand anyone having the attitude of the writer, particularly a 35 year old and the commenter who seems to mirror the writer’s stance (averaging maybe 20-30 gifts a year to various persons in your affection group is not easy).I’m not lashing out at anyone in particular, but much of our societal issues relegate around many people not considering others outside their own needs. “We Are Not In The World By Ourselves - There are millions of Species and the majority of us are dependent on one another in one way or another.” Thank you, Grandma Bess for these lovely polka-dot, orange, pink and yellow shoes - “Is there a story behind this?” - You’re laughing so hard inside, that if it wasn’t for your love for Grandma Bess and the respect and values she instilled in your family, you would be carried out for cardiac arrest due to unrivaled laughter - however, you settle for the fun story to share w/ other loved ones and your rocking chair when you reach Grandma Bess’s age and hopefully have the opportunity to possibly reverse the trend without forgetting the warm feelings and memory of Grandma Bess, etc.Posted By Che Che, Brooklyn, NY : December 18, 2007 12:56 pmI agree with Mr Jeffords. Gift giving of crap is way overdone.We need to go back to having less and appreciating more. This holiday season, what will you give or receive that you would want to pass onto your grandchildren? Chances are, not one thing.Christmas does not come from CHINA.Posted By Chad Bennett, Austin Pennsylvania : December 18, 2007 12:53 pmWow Russel, who peed in your Christmas Cheerio’s?Posted By Matt, Cleveland, OH : December 18, 2007 12:44 pmAngela, are you kidding?? You don’t give gifts based on the environment. If that were the case, everyone would get a tree or a bag of organic carrots for Christmas. Exciting…Russel, you sound like a sad, lonely man. Don’t rain on the rest of the world’s parade.I see nothing wrong with giving cash. I’m giving my sister cash for Christmas because she wants to go to Italy, something I cannot give her, but something that I can help her with. With the whole family giving her cash, she ought to be able to afford the trip.Posted By Charlie, Indianapolis, IN : December 18, 2007 12:30 pmAnd I should have known that even gift giving promotes global warming. The proof that humans do enough to impact global warming has not been demonstrated. Just because the UN wants to impose a carbon tax on the global population does not make it so. So much so that many scientists previously associated with the UN have joined together to write an opinion stating as much. I just find it ironic that even in a discussion about proper and accepted manners someone throws global warming into the discussion.Posted By Rob, Frederick Maryland : December 18, 2007 12:26 pmThe writers point is well taken and was the norm in an age where most recipients were more gracious and did not have what my mother would say it everything. Gifts used to meet basic needs and perhaps were something a person could not afford to buy for themselves or would be considered a luxury item and not purchased. In todays society where debt is king and the I want what I want now mentality, it is difficult to know what to get someone. On top of that folks from a later generation are often not comfortable with giving cash as that just was not done in their time. Be thankful folks think of you to give you anything and accept it with graciousness and thankfulness. If you really don’t want the gift find a needy person who will be very greatful to receive it.Posted By Rob, Frederick Maryland : December 18, 2007 12:17 pmWell, if you look at it from an environmental point of you (and we all have to do that pretty soon) cash in a small envelope is much better then individual gifts that have to be packaged, shipped and eventually recycled. By giving money you reduce waste and resources. Yes, that might not be very romantic but global warming is not fun either.Posted By Angela, Walpole, MA : December 18, 2007 12:13 pmIn my family, we let folks know we want a gift card to a specific store.That way we get exactly what we want. It’s easy, practical and appreciated.After a while, telling folks to take it back immediately after opening a gift must have gotten old. Now we all get exactly what we want without wasting the giver’s time, energy, and money.Posted By Rex, Fairfax, VA : December 18, 2007 12:06 pmYes. It’s very tacky, and you’re old enough to know better.Posted By Miss Manners, Philadelphia, PA : December 18, 2007 12:00 pmFrankly, the whole gift-giving experience at Christmas or any other time is nothing short of a massive annoyance - for giver, recipient, and everyone else EXCEPT Wally World or the Chinese manufacturer of the item in question.I detest the practice, and aside from my immediate family - wife & son - I simply don’t engage in it.While some find it rude, I simply (and gently!) mention that I prefer no gifts and ask these folks to give a little something to someone in need if that is their choice.I do NOT reciprocate if someone purchases me a gift anyway - especially as these typically are from biz supplicants (usually wine or liquor) or from thoughtless, feckless folks (who provide cologne, even though I am deathly allergic to damned near everything and this is well known).The entire affair is a monumental farce, a sham, a fake, a public lie, and frankly I am overly tired of it.Posted By Russel Jeffords, Dallas, TX : December 18, 2007 11:48 amI see nothing affectionate about people giving you what they want to give you. It makes zero sense for people to ask what’s on your wishlist only to ignore it and buy you something that you’re just going to pass on in a game of white elephant. If I am going to spend my hard earned money on someone, I’ll be sure it’s something they’ll find delight in. That’s affection: for my money and the person recieving the gift. Giving cash as a gift makes perfect sense to me. Handing someone over a gift you know is not going to be of any practical use to them is not “intended mainly to express affection (to the other person)”.Posted By James, Austin, TX : December 18, 2007 11:23 am

ECONOMY

ECONOMY

Debt Settlement, Debt Management, Debt Termination – What's the Right Choice?When you're facing a mountain of credit card debt, the stress can be overwhelming at times. Collection calls, daily harassment, rude bill collectors, and nasty letters all add to an already intense situation. Consumers facing this kind of pressure naturally seek out the services of professional debt companies. But the search for reliable assistance can actually add to the stress! For example, just type in "debt help" on any search engine and you'll see page after page of results. There are literally thousands of debt companies out there. How to choose? How to tell the scams and schemes from the legitimate services? Should you consult with a non-profit credit counselor? One company tells you they can cut your bills in half. Another outfit says you really don't owe the banks any money at all and they can wipe the debt away for you. Who should you believe? Where should you turn?Consumers face a bewildering range of choices when seeking debt assistance. As with any service, when considering a debt reduction program, "let the buyer beware." Yes, there are some good debt companies out there. But many are only in the business to take your money. Some actually leave you much worse off than when you started.Where to start? Let's categorize the different types of debt program. This will cut down on the confusion and help you decide where to start your search. I'm assuming here that you are trying to avoid bankruptcy. I'm also assuming that you are struggling every month to keep up with the minimum payments on your debt obligations and have fallen behind or are about to start falling behind. Further, in what follows, I assume that you can't borrow against your home or otherwise pay off your debts off. In other words, we're talking about a financial rescue situation.To simplify matters, let's look at debt companies in terms of three rough categories:1. Debt management plans require 100% repayment of the debt through a structured payment plan. This is what non-profit credit counseling agencies do, as well as for-profit debt consolidators.2. Debt settlement or debt negotiation plans require payment of part of what you owe, usually around 50% or less, with the remainder forgiven by the creditor. Virtually all of these companies operate on a for-profit basis.3. Debt termination companies claim to wipe away 100% of your debt through special legal procedures, so your total payout consists only of their fees.Right off the bat, let's cross #3 off the list. Sorry, but this one is a scam. You can recognize this type of company very easily. They make the claim that because of how our monetary system works, you never really borrowed any money in the first place! Their system is based on the false belief that credit card banks are operating illegally by extending credit to you. Absolutely do not give your money to one of these outfits! The fees start at $2,500 and go up from there. I spoke with one fellow who lost $15,000 in this scam.Folks, there is no free lunch. The only thing such "debt termination services" will do for you is take your money. Their legal theories are total nonsense, and the courts do not recognize their arguments. These are the same people who also claim you don't need to pay your income taxes either. As tempting as it might be to try one of these services, you'll only get yourself in deeper trouble with your creditors.That leaves #1 (debt management plans) and #2 (debt settlement). Debt management plans (DMPs) are offered through credit counseling companies that generally operate on a non-profit basis, and also through for-profit companies that use a similar business model. The essential idea is that you write one monthly payment to the agency, and they in turn distribute that money to your creditors. Companies offering DMPs work with your creditors to lower your interest rates so that more of your money goes toward paying off the debt. Of course, there are fees involved. The non-profit organizations are not free - a point that often confuses consumers. Also, "non-profit" does not mean the company is any good at what they do. Sometimes, a for-profit company can afford to provide a better quality of service because they can pay their staff a higher wage! So don't automatically think that non-profit services are good while for-profit services are bad.When should you consider enrolling in a DMP? While many financial advisors seem to think that DMPs are the answer to every debt problem, in reality companies in this end of the business are basically acting like collection agencies for the banks. In the real world, a DMP only makes sense if you are in a relatively short-term financial crunch. Let's say you are between jobs but know that your income prospects will get better in 6-12 months. A DMP would make sense in such a situation because it would bring the temporary relief that you need until you can take your bills over again and start paying down your debts at a faster pace. On the other hand, if your situation is long-term and you don't see any light of the tunnel, then a more aggressive approach might make sense.Debt settlement or debt negotiation can provide a more aggressive approach to debt reduction that makes sense for many consumers. It should be viewed as an alternative to bankruptcy. In fact, it's a very good alternative to Chapter 13 bankruptcy in particular. (For a detailed comparison between debt settlement and Chapter 13 bankruptcy, see http://www.new-bankruptcy-law-info.com.) It also gives consumers a fighting chance to work their way out of serious debt problems without the feelings of failure and loss of privacy that come with bankruptcy. One of the best features of debt settlement is that it involves a reduction in debt principal (the amount you owe), rather than just interest rates as with DMPs. The result is a much faster path out of debt. It's also a much more flexible approach than other types of programs, because it's the ONLY approach that allows for adjustments up or down in the monthly funding commitment. That's especially important for consumers with unstable finances.Debt settlement isn't a perfect solution though. One of the major drawbacks is that the fees are usually quite steep, often amounting to 15% or more of your starting debt level. Also, settlement has a negative impact on your credit score (although your credit will take a hit under a DMP as well). However, when viewed as an alternative to bankruptcy rather than a cure-all for financial woes, it provides a good solution for many consumers. Essentially, debt settlement is really nothing more than a negotiated compromise with your creditors. It's actually a win-win scenario for you and the creditor.Further, you don't need to hire a professional to do this for you. Debt settlement has become so common and popular in the last few years that many of the major credit card banks will automatically offer 50% settlements (or less) in order to cut their losses. Why pay those big fees when you can do it yourself and save $1,000s? Even if you don't get as big a reduction as you would with a professional negotiator, you'll still come out ahead by not having to pay the fees. For more information on the DIY approach to debt negotiation and settlement, see the free 32-page consumer report, "How to Eliminate Your Debts Quickly and Safely Without Filing Bankruptcy," available for instant download at http://www.zipdebt.com/free_eliminate_debt_ebook.php.If you're drowning in debt, the time to act is now. Explore your options, establish a game plan, and take action!Meetings–Management Meetings–Why are they a waste of time? The 80/20 rule and 5 steps to successHow often have you sat in a meeting thinking “This is such a waste of time. I have so many others things to do. I wish I could be somewhere else” Sound familiar? I’m sure we all have had these thoughts at one time or another and maybe for some of us, it has been very recent!My experience as a line manager, senior manager and organisational psychologist over the last thirty years, means that I have attended and run many meetings. In my work, one of the most common complaints I get from all levels of the organisation, is that “We waste so much time here sitting around talking. Nothing gets done as a result”. Why are so many meetings a waste of time?My conclusion is that the vast majority of meetings: • Cover information that could be distributed by other means • Focus too much on the past – what has gone rather than what is to come • Do not have a clearly defined purpose with intended outcomesSo, if you have to run meetings, the first decision to make is to decide what type of meeting it is – • Is this an information sharing meeting or a problem solving meeting?If it is an information sharing meeting, then there are two guides to follow: 1. Can the information be distributed in another way (eg email etc)? In this case there is no need for the meeting, thus saving a lot of time. 2. If the need to share the information must be by way of a meeting, then the focus of the meeting (and time spent) should be • 20% past oriented - i.e. reporting on the information (e.g. results) and • 80% future oriented – i.e. deciding what we are going to do with the information.Using the “80/20 rule” for your meetings will ensure that everyone participates and can see some real advantage to having the meeting. By the way, if you are a participant in one of those boring meetings we mentioned earlier, it is possible to have some influence on the meeting process. Keep asking “What are we going to do with this information?” or, “How should we proceed now?”. In other words, every time the meeting starts to focus on the past, redirect it to the future.If it is a problem solving meeting, then there are five steps to follow to ensure the meeting is a positive one with some productive outcomes.As with Information sharing meetings, quite often problem solving meetings don’t reach their full potential because the meeting dwells too much on the present or past situation, rather than “how things ought to be”. Using the following five steps will ensure that your meeting stays focused on the future and is productive.1. Ask each participant to prepare for the meeting a few days in advance (one week is ideal, but not always possible) by jotting down some notes in answer to a short “meeting question”. They need to bring these notes to the meeting.2. The meeting pre-work question must be framed on the assumption that the problem has already been solved – ie. it must be expressed at some future time. For example, if a telephone service department were looking for ideas on how they might improve their service, the question might be put: “Assume that we have just had a very successful year, and that we have received heaps of feedback which suggested our service given to customers has been first rate over the last twelve months: • What things did we do to get such great success? • What problems or challenges did we have? • How did we solve these problems or meet these challenges?”3. At the meeting ask all participants for their ideas and list these on a whiteboard or flipchart paper etc. Note. It is very important to list these ideas so that everyone can see them – this helps maintain people’s interest, keeps people focused and is useful for keeping the meeting on track.4. When the meeting has reached consensus on which items are worthwhile and achievable, two further columns are added to each flip chart page. One column is headed “By when” and the other is headed “By whom”5. It is important that the workload is shared by all participants. In the first column “By when”, the group is asked to allocate a time for when this aspect could be achieved. When this is agreed, people are asked to volunteer to undertake responsibility for ensuring particular items are undertaken (not necessarily to do them, but to take responsibility for them), by placing their name in the “By whom” column. Once this is done, the meeting now has an action plan for solving the problem. This can be written up and distributed to people following the meeting.I have used this process at all levels of organisations and with mixed stakeholder groups with amazing success over the last 20 years. Whether your meeting is an information sharing one or a problem solving one, I’m sure that using the guidelines set out in this article will make them more rewarding for everyone. If you would like some free advice on how to construct your “problem solving” meetings, or to discuss any aspects of meetings, please contact me at www.nationallearning.com.au.Copyright 2006 The National Learning InstituteUnderstanding And Maintaining A Good Credit HistoryCredit history may be defined as a record of how a person has borrowed the debt and repaid the same over a period of time. A good credit history is an important aspect of your life.Keeping a good credit rating is of immense importance to maintain the quality of life. It helps you to have easy access to loans at competitive rates of interest and with lesser formalities.Establishing a credit history is the first step towards having a good credit rating. If you do not know your credit rating checking with the local credit bureau and getting a copy of the report would be the first step towards this end. Absence of credit history affects young and old. The problem of not having a credit history is also common among divorcees and widowed women as they might have shared the accounts with their spouse and that were reported in the latter’s name. Building a credit history by applying for credit in a local business unit or bank may be resorted to in such cases. Another option would be to open a savings or checking account to show your management of Money. Paying the bills on phones and pagers on time will demonstrate the capacity to pay. Securing a standard or secured credit card may also solve the problem in building up a credit history.Maintaining a good credit history shows your responsibility to pay off your debts. Should you feel that the debts are getting out of your control you should not hesitate to seek the help of a financial counselor who can assess the situation better and find the best option to bail you out of the trauma. A poor credit history may not only deny you further loans but also creates stumbling blocks in finding a job or letting out an apartment. The importance of rebuilding the credit history assumes significance in such a situation. Obtaining a credit card either standard or secured and making regular repayments and payments of various bills on time to mention a few would enable you to get back to a good credit rating. At the end a good credit history is your passport to the ever expanding world of credit...Debt Consolidation Uk : United It Can And It Will Make A Difference ...Desires keep on growing day by day but all of us have limited funds with him and to meet all the desires at one time is impossible Thus, to fulfill all the desires, one tends to borrow money from more than one lender to meet your funds requirement but later on these debts become a big problem for you , it becomes literally impossible to handle so many lenders at one time.There is a solution to this problem and that is the Debt Consolidation UK.Debt Consolidation UK helps in debt management. Debt Consolidation UK as the name suggest consolidate all your existing debt into one for a lower rate of interest. At times, it become difficult to deal with so many lenders and you may even forget to pay the loan installment to any of the lender so there is a risk involved. debt consolidation UK makes you liable to one and only one creditor . It can help a borrower in improving his credit rating by making the payment on the loan in full and on time.Its not about putting more debt burden on your shoulders rather its all about consolidating the clustered loans into one big chunk to make it more manageable, it just a transfer of debt to a new lender.As Debt consolidation UK replaces multiple existing loans and mortgages with a single loan from a new lender which reduces monthly payments by distributing the loan over a longer period of time so it usually bear lower rates of interest than the existing loan and offers more flexible repayment options.With the growing number of defaults on loan payments and bankruptcy cases, debt consolidation has become a common practice in UK. Debt consolidation UK is customized for UK residents to get them out of debts.With the increasing competition in the loan market, various lenders such as financial institutions and banks in UK offer loan for debt consolidation at low interest rate.There are various options available when you opt for debt consolidation UK You may choose from one of them that suit your circumstances and needs. If you have a property or home, which you can keep as a security with the lender, then you can opt for secured debt consolidation UK. This offers greater flexibility with a larger loan amount and a longer repayment term. A borrower can choose from the several interest rate options available such as fixed interest rate, variable interest rate and many mo In case you don’t want or don’t want to have your property at stake you can go for unsecured debt consolidation UK. Debt Consolidations UK suits you even if you have experienced: poor credit history ,defaults , arrears or bankruptcy

News

News

Key Themes for 2008 - What do Economists Expect for the New Year?2008 promises to be another interesting year. With significant variance in the range of forecasts on offer and fast changing perceptions of risk, financial markets could be in for a prolonged period of volatility. Key themes for 2008 include, have central banks averted a massive rise in corporate defaults or will further cash injections be […]December 24th, 2007 Posted in News No CommentsIs the Dollar Rally Over?After holding onto its gains for the past week, the US dollar finally came under pressure today, It fell against the Euro, the Japanese Yen, the Australian, New Zealand and Canadian dollars. The only currency it did not drop against was the Japanese Yen, which benefitted from overall carry trade demand. Does this mean that […]December 23rd, 2007 Posted in News No CommentsDollar Steady Against Pound, EuroU.S. dollar gained against other currencies today, showing a significant change in GBP/USD, along with a little less strong appreciation in EUR/USD. As no important positive data was released for USD, this growth may be accounted to the inertial buying of dollar and position closing on the previous good news and the loss of interest […]December 22nd, 2007 Posted in News No CommentsSingapore to spend 1.4 billion US dollars to expand portSingapore is set to spend two billion dollars (1.41 billion US) to increase its port’s annual capacity by about 40 percent, a newspaper reported Saturday.The project is scheduled for completion by 2013 and is expected to allow Singapore’s port to handle higher volumes from increased global trade, the Straits Times reported.The expansion will add 16 […]

NASDAQ

NASDAQ

The NASDAQ (acronym of National Association of Securities Dealers Automated Quotations) is an American stock market. It is the largest electronic screen-based equity securities trading market in the United States. With approximately 3,200 companies, it lists more companies and on average trades more shares per day than any other U.S. market.It was founded in 1971 by the National Association of Securities Dealers (NASD), who divested themselves of it in a series of sales in 2000 and 2001. It is owned and operated by The NASDAQ Stock Market, the stock of which was listed on its own stock exchange in 2002, and is monitored by the Securities and Exchange Commission (SEC).With the impending purchase of the Nordic-based operated exchange OMX, following its agreement with Borse Dubai, Nasdaq is poised to capture 47% of the controlling stake in the aforementioned exchange, thereby inching ever closer to taking over the company and creating a trans-atlantic powerhouse.Over the years, NASDAQ became more of a stock market by adding trade and volume reporting and automated trading systems. NASDAQ was also the first stock market to advertise to the general public, highlighting NASDAQ-traded companies (usually in technology) and closing with the declaration that NASDAQ is “the stock market for the next hundred years.” Its main index is the NASDAQ Composite, which has been published since its inception. However, its exchange-traded fund tracks the large-cap NASDAQ 100 index, which was introduced in 1985 alongside the NASDAQ 100 Financial Index.Until 1987, most trading occurred via the telephone, but during the October 1987 stock market crash, market makers often didn’t answer their phones. To counteract this, the Small Order Execution System (SOES) was established, which provides an electronic method for dealers to enter their trades. NASDAQ requires market makers to honor trades over SOES.In 1992 it joined with the London Stock Exchange to form the first intercontinental linkage of securities markets. NASDAQ’s 1998 merger with the American Stock Exchange formed the NASDAQ-Amex Market Group, and by the beginning of the 21st century it had become the largest electronic stock market (in terms of both dollar value and share volume) in the United States. NASD spun off NASDAQ in 2000 to form a publicly traded company, the NASDAQ Stock Market, Inc.On November 8, 2006, NASDAQ agreed to buy the Philadelphia Stock Exchange(PHLX) for US$652,000,000. PHLX is the oldest stock exchange in America—having been in operation since 1790.NASDAQ lists approximately 3,200 securities, of which 335 are non-U.S. companies from 35 countries representing all industry sectors. To qualify for listing on the exchange, a company must be registered with the SEC, have at least three market makers (financial firms that act as brokers or dealers for specific securities), and meet minimum requirements for assets, capital, public shares, and shareholders

What Can You Earn With Adsense????

What Can You Earn With Adsense????

What Can You Earn With AdsenseAdsense Publisher earnings range from less than $1 a day on one website to over $10,000 a day across a network of websites. The reality is that making money with Adsense has very little to do with Adsense and has everything to do with building websites that target and attract a market. Once you've got people, Adsense is made for monetizing them.Hence, succeeding with Adsense is largely tied to being successful online and requires that you learn and develop your website building, keyword research, niche market finding, copywriting, search engine optimization and link building skills.The "Take Over The Web" network aims to help you learn all these things.

Internet Home Based Businesses Anyone Can Do

Internet Home Based Businesses Anyone Can Do
3 Internet Home Based Businesses Anyone Can Doby: Kent ThompsonCopyright 2005 Kent ThompsonIf you’re serious about having a home based business, then you need to prepare. The leading reason for a failing home based business is the lack of preparation people commit after they’ve made a decision to start a home based business.So what kind of home based business opportunity should you take on? Do you want to have an internet-based home business? Millions have done it, are doing it and are earning good livings doing so.Here are three different kinds of Internet based business models you can try:1) Be an online retailer for reputable companies. Your home based internet business can give reviews about all the products and services of these companies. Your customers will browse around your website, and then click on to the link. The link will send the customer to the company’s customer service website, which takes care of processing and shipping their order.Your home based online business website does the marketing, promoting and advertising aspects for these companies. Your commission comes from the proceeds of the sale. You don’t even have to spend money for expensive e-commerce software.2) You may not be able to bear the pain of separating from your oldest possessions, but how about auctioning these things off? For a minimal entry fee and closing fee, you can put your prized possessions on auction at Ebay or other spin-offs found on the net. This is a virtually free home based business since you don’t pay for web presence. You’ll get traffic since Ebay receives as many as 4 million visitors a day, and you won’t need to worry about your e-commerce software. Plus your small home based internet business stays open even when you go fishing!3) Sell information. You can start your home based internet business by writing on a subject that you enjoy or are knowledgeable about. If you can do this, then this small home based internet business is for you. Write your e-book and sell it on sites like Ebay.com, ebookAd.com, or Clickbank.com.These home based internet business are all simple and easy enough to do. You can earn a living on these ideas if you view this small home based business with passion and commitment.Just remember these home based internet tip:Constantly fine-tune your marketing strategy and always test new ad copies to see what brings you the most sales!About the author:Find out how you can make $1000 per sale in one of the hottest home based businesses! Check out http://RunAdsForCash.com