Yoga OBservation Essay Example For Students

Yoga OBservation Essay The Rhythm of Your Breath. The Atlanta Yoga is a studio that is housed in a loft located in Midtown West. Atlanta Yoga has been opened for about six years and it offers many levels of yoga classes for the public. According to Ms. Adele Gale, the owner and director, Atlanta Yoga does not have a formal mission but is there to spread the form of yoga known as Ashtanga, which in Sanskrit means the eighth limb. This form of yoga works with synchronization of deep rhythmic breathing and movements. By regulating your breathing it aids your body with strengthening the body, helping with digestion, regulating metabolism and helps with decreasing blood pressure.Upon entering the building, I was engulf in a wave of heat which Ms. Gale explained was there to aid in releasing unwanted toxins through perspiration. The lights were dimmed and the atmosphere was very relaxing with a hint of incense lurking in the air. The class was relatively full with an aura sense of serenity and tranquility amongst the participants. After g rabbing a studio mat I joined the rest of the class in the scorching heat. I now know what the web site meant when it advised us to wear as little as possible. During the seventy-five minutes class we did several exercises which all focused on the awareness of the breath. Positions like lying dog and sitting dog focused on maintaining regular breathing patterns. As we got further along in the exercises and different positions, the unbearable heat actually began to feel comfortable and after a while the sweat dripping off my nose no longer existed. The only thing going through your mind was the steady beat of your breath. It is not a class for you to sit and observe but a class that you must participant in to fully understand the concept of Ashtanga. This class allows you to become in tuned with your body and the rhythm of your lungs as it inhale and exhale. This is a class that I would definitely recommend to anyone who wants to be in tune with their body. Words/ Pages : 365 / 24 We will write a custom essay on Yoga OBservation specifically for you for only $16.38 $13.9/page Order now Yoga OBservation Essay Example For Students Yoga OBservation Essay The Rhythm of Your Breath. The Atlanta Yoga is a studio that is housed in a loft located in Midtown West. Atlanta Yoga has been opened for about six years and it offers many levels of yoga classes for the public. According to Ms. Adele Gale, the owner and director, Atlanta Yoga does not have a formal mission but is there to spread the form of yoga known as Ashtanga, which in Sanskrit means the eighth limb. This form of yoga works with synchronization of deep rhythmic breathing and movements. By regulating your breathing it aids your body with strengthening the body, helping with digestion, regulating metabolism and helps with decreasing blood pressure. Upon entering the building, I was engulf in a wave of heat which Ms. Gale explained was there to aid in releasing unwanted toxins through perspiration. The lights were dimmed and the atmosphere was very relaxing with a hint of incense lurking in the air. The class was relatively full with an aura sense of serenity and tranquility amongst the participants. We will write a custom essay on Yoga OBservation specifically for you for only $16.38 $13.9/page Order now After grabbing a studio mat I joined the rest of the class in the scorching heat. I now know what the web site meant when it advised us to wear as little as possible. During the seventy-five minutes class we did several exercises which all focused on the awareness of the breath. Positions like lying dog and sitting dog focused on maintaining regular breathing patterns. As we got further along in the exercises and different positions, the unbearable heat actually began to feel comfortable and after a while the sweat dripping off my nose no longer existed. The only thing going through your mind was the steady beat of your breath. It is not a class for you to sit and observe but a class that you must participant in to fully understand the concept of Ashtanga. This class allows you to become in tuned with your body and the rhythm of your lungs as it inhale and exhale. This is a class that I would definitely recommend to anyone who wants to be in tune with their body. .

5 Common Misconceptions About Black Lives Matter

5 Common Misconceptions About Black Lives Matter Unpack the misconceptions that have been spread about the movement by separating fact from fiction about Black Lives Matter. All Lives Matter The top concern critics of Black Lives Matter say they have about the group (actually a collective of organizations with no governing body) is its name. Take Rudy Giuliani. â€Å"They sing rap songs about killing police officers and they talk about killing police officers and yell it out at their rallies,† he told CBS News on July 10. â€Å"And when you say black lives matter, that’s inherently racist. Black lives matter, white lives matter, Asian lives matter, Hispanic lives matter – that’s anti-American and it’s racist.† Racism is the belief that one group is inherently superior to another and the institutions that function as such. Black Lives Matter is not saying that all lives don’t matter or that other people’s lives aren’t as valuable as African Americans’ lives. It is arguing that because of systemic racism (dating back to the implementation of the Black Codes during Reconstruction) blacks disproportionately have deadly encounters with cops, and the public needs to care about the lives lost. During an appearance on â€Å"The Daily Show,† Black Lives Matter activist DeRay McKesson called the focus on â€Å"all lives matter† a distraction technique. He likened it to someone criticizing a breast cancer rally for not focusing on colon cancer as well. â€Å"We’re not saying colon cancer doesn’t matter,† he said. â€Å"We’re not saying other lives don’t matter. What we are saying is there is something unique about the trauma that black people have experienced in this country, especially around policing, and we need to call that out.† Giuliani’s accusation that Black Lives Matter activists sing about killing the police is unfounded. He’s conflated rap groups from decades ago, such as Ice-T’s band Body Count of â€Å"Cop Killer† fame, with the black activists of today. Giuliani told CBS that, of course, black lives matter to him, but his remarks suggest he can’t be bothered to tell one group of blacks from another. Whether rappers, gang members or civil rights activists are the topic at hand, they’re all interchangeable because they’re black. This ideology is rooted in racism. While whites get to be individuals, blacks and other people of color are one and the same in a white supremacist framework. The accusation that Black Lives Matter is racist also overlooks the fact that people from a broad coalition of racial groups, including Asian Americans, Latinos and whites, are among its supporters. In addition, the group decries police violence, whether the officers involved are white or people of color. When Baltimore man Freddie Gray died in police custody in 2015, Black Lives Matter demanded justice, even though most of the officers involved were African Americans.   People of Color Aren’t Racially Profiled Detractors of the Black Lives Matter movement argue that police do not single out African Americans, ignoring mountains of research that indicate racial profiling is a significant concern in communities of color. These critics assert that police have a greater presence in black neighborhoods because black people commit more crimes. On the contrary, police disproportionately target blacks, which doesn’t mean African Americans break the law any more often than whites do. The New York Police Department’s stop-and-frisk program is a case in point. Several civil rights groups filed a lawsuit against the NYPD in 2012, alleging that the program was racially discriminatory. Eighty-seven percent of the individuals NYPD targeted for stops and frisks were young black and Latino men, a greater proportion than they made up of the population. Police even targeted blacks and Latinos for most of the stops in areas where people of color made up 14 percent or less of the population, indicating the authorities weren’t drawn to a particular neighborhood but to residents of a particular skin tone. Ninety percent of people NYPD stopped anywhere did nothing wrong. Although police were more likely to find weapons on whites than they were on people of color, according to the New York Civil Liberties Union, that didn’t result in the authorities stepping up their random searches of whites. Racial disparities in policing can be found on the West Coast as well. In California, blacks comprise 6 percent of the population but 17 percent of people arrested and about a quarter of those who die in police custody, according to the OpenJustice data portal launched by Attorney General Kamala Harris in 2015. Collectively, the disproportionate amount of blacks stopped, arrested and who die in police custody explains why the Black Lives Matter movement exists and why the focus isn’t on all lives. Activists Don’t Care About Black-on-Black Crime Conservatives love to argue that African Americans only care when police kill blacks and not when blacks kill each other. For one, the idea of black-on-black crime is a fallacy. Just as blacks are more likely to be killed by fellow blacks, whites are more likely to be killed by other whites. That’s because people tend to be killed by those close to them or who live in their communities.    That said, African Americans, particularly pastors, reformed gang members and community activists, have long worked to end gang violence in their communities. In Chicago, the Rev. Ira Acree of Greater St. John Bible Church has fought against gang violence and police killings alike. In 2012, former Blood member Shanduke McPhatter formed the New York nonprofit Gangsta Making Astronomical Community Changes. Even gangster rappers have taken part in the effort to stop gang violence, with members of N.W.A., Ice-T and several others teaming up in 1990 as the West Coast Rap All-Stars for the single â€Å"We’re All in the Same Gang.† The idea that blacks don’t care about gang violence in their communities is meritless, given that anti-gang efforts date back decades and the African Americans trying to stop such violence are too numerous to name. Pastor Bryan Loritts of Abundant Life Christian Fellowship in California aptly explained to a Twitter user why gang violence and police brutality are received differently. â€Å"I expect criminals to act like criminals,† he said. â€Å"I dont expect those who are to protect us to kill us. Not the same.† Black  Lives Matter Inspired Dallas Police Shootings The most defamatory and irresponsible critique of Black Lives Matter is that it provoked Dallas shooter Micah Johnson to kill five police officers. â€Å"I do blame people on social media...for their hatred towards police,† Texas Lt. Gov. Patrick said. â€Å"I do blame former Black Lives Matter protests.† He added that law-abiding citizens with big mouths led to the killings. The month before, Patrick summed up the mass murder of 49 people at a gay club in Orlando, Fla., as â€Å"reaping what you sow,† revealing himself to be a bigot, so it’s not entirely surprising that he would choose to use the Dallas tragedy to accuse Black Lives Matter as being accomplices of sorts to murder. But Patrick knew nothing about the killer, his mental health or anything else in his history that led him to commit such a heinous crime, and the politician willfully overlooked the fact that the killer acted alone and was not part of Black Lives Matter. Generations of African Americans have been angry about police killings and racism generally in the criminal justice system. Years before Black Lives Matter existed, police had a strained relationship with communities of color. The movement didn’t create this anger nor should it be blamed for the actions of one deeply troubled young man. Black activists have raised the call for an end to violence, not an escalation of it, Black Lives Matter said in a July 8 statement about the Dallas killings. â€Å"Yesterday’s attack was the result of the actions of a lone gunman. To assign the actions of one person to an entire movement is dangerous and irresponsible.† Police Shootings Are the Only Problem While police shootings are the focus of Black Lives Matter, deadly force isn’t the only issue adversely affecting African Americans. Racial discrimination infiltrates every facet of American life, including education, employment, housing and medicine in addition to the criminal justice system. While police killings are a grave concern, most blacks won’t die at the hands of a cop, but they may face barriers in a variety of sectors. Whether the topic at hand is the disproportionate amount of black youth suspended from school or black patients of all income levels receiving poorer medical care than their white counterparts, black lives matter in these instances as well. The focus on police killings may lead everyday Americans to think they’re not part of the nation’s race problem. The opposite is true. Police officers don’t exist in a vacuum. The implicit or explicit bias that reveals itself when they deal with black people stems from cultural norms that signal it’s okay to treat blacks as if they’re inferior. Black Lives Matter argues that African Americans are equal to everyone else in this country and institutions that don’t operate as such should be held accountable.

Government Should Provide Free Public Education to Children of Illegal Research Paper

Government Should Provide Free Public Education to Children of Illegal Immigrants - Research Paper Example It’s good for them and the nation as well. In addition, school administrators do not have the time, resources or inclination to fill the role of immigration authorities or law enforcement. The U.S. Department of Education recently made the right decision when it instructed all school districts to offer an education to all students within their jurisdiction regardless of their immigration status or prevailing public opinion. Educating young persons living in the country should not be subject ideological battles or political agendas. People who work or attend school in the U.S. without proper authorization cannot be compared with drug or weapon smugglers. The vast majority people living in the U.S. illegally do not commit crimes. Immigrant families are much like any other family and their children are innocent bystanders. However, if those children are not allowed to go to school they will not likely become productive citizens and become a burden on society in the form of welfar e recipients or criminals which costs the public more than educating them would. â€Å"If the children of illegal immigrants are not educated, they are more likely to end up as adults mired in despair and crime. If they continue to live in this country - and many will - their problems will become ours and affect taxpayers in other  ways.† (â€Å"Should,† 2011). ... Until that happens all public schools should welcome all children who walk into a classroom. The evidence and common sense dictates that all children should receive an education but ardent ideologues insist the kids of illegal immigrants not receive publically funded schooling. They believe it encourages illegal immigration, an added incentive to come and stay illegally in the U.S. indefinitely. The financial burden on schools is already stretching available funds to the limit. Adding non-citizens simply adds to the problem. â€Å"Most public schools are struggling to educate the students who are enrolled legally. The open-door policy promoted by the U.S. Department of Education places a greater burden on taxpayers at the expense of their own  children.† (â€Å"Should,† 2011) For example, the cost to educate children in the State of California totals $11,649 per student annually. Nearly one million students are children of illegal immigrants. Therefore, these students take more than $11 billion from a state education budget that totals $72 billion. (Izumi, 2010) The thinking of those opposed to education children of illegal immigrants is they would be more willing to go back to their respective places of origin if their kids could not be educated in the U.S. â€Å"The battle against illegal immigration must be fought on many fronts. When we wall off important ways to reduce it, we undercut other  efforts.† (â€Å"Should,† 2011). Americans are divided about down the middle on the issue. Support for allowing these children to receive public education stands at 47 percent while 49 percent oppose it. These numbers vary slightly by region. People in the Midwest are evenly split 50-50. Those on the Northeast favor it 52-48 percent while

Rewrite paper Essay Example | Topics and Well Written Essays - 750 words

Rewrite paper - Essay Example The potential impacts of the project are highly economic in nature, standing to benefit Richland County, the region, and the state at large. The Richland County, the region, and the state at large will realize increased employment opportunities due to job creation that will be triggered by the Hillside Energy project. The project is expected to last for 42 months, a period within which construction and operation jobs will pique. The prospects reported above are primarily based on the Hillside One project. As earlier mentioned, Ziegler Energy, Inc. plans to construct and operate three Hillside Energy Projects. The impacts outlined in this report relate to Hillside One only. The two other energy projects target two other different cities in the Richland County. Successful development of Hillside Two and Three will result in greater potential impacts in the County and in the state. This family-friendly lodging facility acknowledges the importance of pets to their owners, especially guests in the facility. It also acknowledges that not every guest owns a pet. In this respect, it allows its guests to have pets within the premises, but under certain terms and conditions. This follows the concern that there are guests who prefer to have their vacations accompanied by their pets or in an environment where other guests have pets. On the other hand, the lodging facility does not dispute the opposite. There are guests who do not own pets, and neither do they want to spend their vacation accompanied by pets or in an environment where other guests have pets. The facility allows pets into the premises, but takes the concerns of both sides into

Religious and Ethnic Groups Essay Example for Free

Religious and Ethnic Groups Essay The religious group is chose was Jehovah’s Witnesses. I did some online research and also asked my children’s Foster Mother, Regina Metzger the questions. I wanted to see what the differences of what I found online and what she said the beliefs were. So this is a mixture of what I got from my online sources and what she said. Jehovah’s Witnesses differ from other religious groups because they believe that their entire bible is the inspired word of god, and instead of adhering to a creed based on human tradition, they hold to their bible as the standard for all their beliefs. Based on their bible, they believe that Jesus Christ is son of god, the first of god’s creations, that he had a pre-human existence and that his life was transformed from heaven to the womb of a virgin. They believe that god’s kingdom is the only hope for mankind. They are many different nationalities. They have no prejudices against any race or color. Their worship is through prayer, meetings and telling others about their bible. They believe that their bible is the inspired word of God, and instead of adhering to a creed based on human tradition, they hold their bible as the standard. The experience of the Jehovah’s Witnesses that other religious groups do not share is that they are viewed with moral standards that coincide with their bible. They are law abiding citizens that respect authority. They show, what they believe is, genuine Christian love to their neighbors. For example, let’s say there are two girls. One of which is a Jehovah Witness and one that is not. They both were asked to spit on the American Flag. In this situation, the Jehovah’s Witness won’t and the other would. One might ask â€Å"Why don’t you spit on the flag even though you don’t solute it? The answer from the Johana’s Witness would be simply, â€Å"I don’t pledge my allegiance to the flag, but I wouldn’t disrespect it either. † They are neutral. Jehovah’s Witnesses contribute to the American Culture because they feel they are the advocates of their God’s kingdom. They are not of the political, economic, or social system of any nation of the old world. They did have their modern day start in the United States. They do pay taxes, which means they work regular jobs just like any other person. Jehovah’s Witnesses do not interfere with what others do about sharing in patriotic ceremonies. Like, sharing in the armed forces and joining a political party or even voting. They worship their god only. They believe that if Christians under one nation go to war against another nation they would be fighting against fellow believers. They believe that fighting against the same people who prayed for help to the same god is wrong. That is why they won’t go to war and will serve time in jail or prison to avoid killing their Christian brothers and sisters. However they are not afraid to die for their faith. If they are threatened with death or to renounce their faith, they will die for what they believe in. I know that before my children went into foster care I had limited information on what Jehovah’s Witnesses were all about. I was under the impression that they only went house to house on Saturdays knocking on doors. I thought they were annoying. Feeling like everywhere I went I was approached by one saying that they are the only true word of God, when I thought my god was. I learned quickly that everyone has a different idea of what their God was. Jehovah’s witnesses have been known to not celebrate holidays like birthdays, Christmas, or thanksgiving. I would use their religion as a type of threat toward my children saying â€Å"If you don’t knock it off we will become Jehovah’s Witness and then you won’t get presents during birthdays or holidays. † Since, my children are in a home with this as the main religion and belief system, I feel like I should apologize to them because I must have sounded like a bigot. I think that the discrimination and stereotyping that Jehovah’s Witnesses experience comes from a lack of understanding by anyone of a different belief. I think that what I have learned about this religious group did help me nderstand it. It helped me to realize that Jehovah’s Witnesses, like any other religion, just want to show everyone that what they believe is not bad. They want to show what their religion means. They want the same as others do, the belief that you can be saved by a god. The racial/ethnic group that I chose is the Pacific Islanders. I chose this group because I don’t know nothing about it. I think getting information on this group will be extremely interesting. Pacific Islanders are from many different places. American Samoa, Cook Islands, Fiji, French Polynesia, Guam, Hawaii, Kiribati, Marshall Islands, Micronesia, Nauru, New Caledonia, Niue, Norfolk Island, Mariana Islands, Palau, Solomon Islands, Tonga, Tuvalu, Vanuatu, Wallis and Futuna, and the Independent State of Western Samoa. (http://www. pica-org. org/websurf/websurf. html). In 2011 there were approximately 1,371,564 Native Hawaiians/Pacific Islanders who live within the United States. They significantly reside in California, Washington, Utah, Texas, New York, Texas, and Florida. They make up about . % of the U. S. Population (http://minorityhealth. hhs. gov/templates/browse. aspx? lvl=2lvlID=71) On May 29, 2013 President Obama spoke about AAPI (Asian-American and Pacific Islander) Heritage Month. (http://www. whitehouse. gov/administration/eop/aapi/blog) I thought that was very interesting. He talked about his Pacific Islander ethnic background. He said: â€Å"We value these voices because from the very beginning, ours has been a nation of immigrants; a nation challenged and shaped and push ever forward by diverse perspectives and fresh thinking. And in order to keep our edge and stay ahead in the global race, we need to figure out a way to fix our broken immigration system-to welcome that infusion of newness, while still maintaining the enduring strength of our laws. And the service and the leadership of Asian Americans and Pacific Islanders have proved that point in time and again. † Listening to him give a speech about the greatness of Pacific Islanders made me appreciate that ethnic group even more. Pacific Islanders speak over 100 different languages and come from more than 56 ethnic groups. (http://www. cdc. ov/features/aapiheritagemonth/). They are parts of many different religions. Like the Church of Jesus Christ of Latter-day Saints. Growing up in my church there were many Pacific Islanders members of our church. I can remember many of them having big families with many children. The Pacific Islanders do many things to contribute to American Culture. They contribute by working jobs. 7. 4 million Asian Americans and Pacific Islanders are employed in the United States. They make up 5. 3% of the total workforce in the United States. About 300,000 workers are Pacific Islanders. (http://www. cepr. net/index. hp/publications/reports/diversity-and-change July 2011, Hye Jin Rho, John Schmitt, Nicole Woo, Lucia Lin and Kent Wong) Like many other cultures, they bring their delicious foods. They have a multitude of food from different countries. They bring that all to the table here in the United States. Although some of them have changed their diets to a more of an American way of eating, some still eat the foods of their lands. Throughout history, there has been many instances of racism and sexism toward Pacific Islanders in the United States Pacific Islanders continue to face oppression, racism, and discrimination in the United States. Since Pacific Islanders have a higher rate of diabetes they were charged higher rates for health insurance. The Affordable Care Act Will be a very good change for Pacific Islanders. They are known to suffer from higher rates of all types of circular diseases like, stroke, hypertension, and coronary heart disease. They also have the highest rates of obesity. The Affordable Care Act will change it so that it will be easier to get health care for them. Some states have had an English-only type of initiative. They seem to be for people who only speak English. I had no idea they were even allowed by law. It seems as though that people find ways to discriminate even with the laws that have been put in place. Just because some people cannot speak any other language, besides English. For them everything needs to be in English and no other language. About a century before, European-Americans did not allow people who didn’t speak English to learn English because they were afraid that they would become a minority. They were afraid of being â€Å"out-smarted† by others. They didn’t want to have to compete for fear of losing. I don’t believe this is fair. That is why I am glad there are some many laws coming into effect as well as more to come to make this country an even better place. (http://aspe. hhs. gov/health/reports/2012/ACAAsianAmericansPacificIslanders/rb. shtml) Most European Americans have discriminated against Pacific Islanders because they didn’t know English. The European Americans were afraid that if the Pacific Islanders learned English they would exceed them in many ways. They would become the minority. Many of the European Americans were believed to be threatened by this. I think I now have a better understanding of what it is like to be a Pacific Islander. The discrimination they have faced has seemed to make them a stronger people. I am happy to have them as part of my country. In conclusion, both Jehovah’s Witnesses and The Pacific Islander, people have experienced a discrimination that seems to have happened because of people who do not understand what they go through daily. They both seem to succeed in their lives because of the discrimination they have experienced. The Jehovah’s Witnesses hold up to their beliefs like the Pacific Islanders stand strong with their ethnic background. They are different because one is a religion and one is an ethnic group. An ethnic group is a group of people who have the same customs or origin. A religion is a belief in a god or a group of gods. I think that both the Pacific Islanders and the Jehovah’s Witnesses get discriminated against because of a lack of understanding.

As I Grow Older I Pay Less Attention to What Men Say :: Teaching Education School Essays

As I Grow Older I Pay Less Attention to What Men Say During our careers as students, many professors, many peers, and many mentors will try to tell us the many different ways that we â€Å"should† teach. One person is going to tell us how some thing should be done, while someone else is going to insist that it be done differently. However, if you just sit back and actually watch these professors and these mentors, you are going to find that they sometimes forget to head the words of Jesus and practice what they preach. Through out my career as a student I have came across teachers who make learning fun and have a genuine love for teaching. However, I have also encountered those teachers who make you want to pull the fire alarm, just so you can avoid their endless ramblings. It is a teacher’s responsibility to keep students interested and eager to learn. If a subject intrigues a child they will want to learn more about it, and what they learn will stay with them for a life time. Sadker and Sadker (2003) identify Idealists as teachers who: know the content very well, view teachers as role models, values each student as an individual, and who have very few discipline problems that result in trips to the principals office. The above are reasons that I would like to take and Idealist approach to teaching. I want to become a teacher because I want to be able to turn on CNN one day and say, â€Å"you see that young man boarding Apollo 45, I showed him that science could be fun.† Being a teacher is comprised of many duties and responsibilities. From day one we must take into account all of the things necessary for becoming a good teacher. The various components of an organized classroom, the different ways of motivating our students, the appropriate ways of disciplining our students, the different styles we will incorporate into the way we teach and the leadership styles necessary for being an effective mentor. First of all the organization of ones classroom is one of the most important factors that we must take into account. We must plan exactly how we want the room to look, and more importantly how we want it ran. A classroom for an elementary teacher needs to be bright and cheerful.

Quantitative Easing

Evan Schrager 11/14/2011 Quantitative Easing Research Paper The term  quantitative easing  (QE) describes a process in which the Federal Reserve expands its balance sheet through purchasing back government bonds from financial institutions with electronically created funds. The government purchases, by way of account deposits, give banks the excess reserves required for them to create new money by the process of  deposit multiplication  from increased lending in the fractional reserve banking system. As the supply of medium and long-term government bonds decreases, their prices increase. This leads to a decrease in their yield; yields are often a determinant of long-term interest rates, mortgages and most business lending. Since it is easier for individuals to borrow money, consumer wealth increases, which leads to investment and consumption increases as well. Risks include the policy being more effective than intended, spurring  hyperinflation, or the risk of not being effective enough, if banks opt simply to pocket the additional cash in order to increase their capital reserves in a climate of increasing defaults in their present loan portfolio. In the quantitative easing process, the Fed goes to a network of dealers, in search of Treasury bonds. The Fed buys the bonds in a competitive bidding process between the approved bond dealers. The Fed takes a bond certificate and gives the dealers freshly printed US dollars. The transactions are done electronically, but it is still referred to as printed money. The US  Federal Reserve  held between $700 billion and $800 billion of Treasury notes on its balance sheet before the current recession. In late November 2008, the Fed started buying $600 billion in  Mortgage-backed securities. By March 2009, it held $1. 75 trillion of bank debt, MBS, and Treasury notes, and reached a peak of $2. 1 trillion in June 2010. The primary dealers can offer to sell the Fed bonds held by their clients. The newly printed money moves from the Fed, to the dealer, to the client’s brokerage account. Cash is moving directly into the real economy. The customer can buy another bond, buy stocks, use it at the grocery store, or simply keep the cash. Right now, however, cash is earning next to nothing, so investors are motivated to find alternative stores of value. They are motivated to spend or invest their cash. With an ongoing battle taking place between inflationary and deflationary forces in the economy and financial markets, it is extremely important for investors to understand how â€Å"quantitave easing† programs will impact their investments and their long term purchasing power. Since quantitative easing represents a threat to our wealth based on its potential adverse impact, this topic warrants serious attention above and beyond a boilerplate analysis. Common references to â€Å"cash sitting at banks† will give investors a poor read on what quantitative easing is and the possible ramifications for our portfolios and the economy. In order to put QE in context, I will discuss the Japanese deflationary spiral of the ‘90s. Japan suffered from stagflation throughout the 1990’s, so the Bank of Japan instituted a quantitative easing program of its own, referred to as QEP. The QEP consisted of three key elements: â€Å"(1) The BOJ changed its main operating target from the uncollateralized overnight call rate to the outstanding current account balances (CABs) held by financial institutions at the BOJ (i. e. , bank reserves), and ultimately boosted the CAB well in excess of required reserves. 2) The BOJ boosted its purchases of government bonds, including long-term JGBs, and some other assets, in order to help achieve the targeted increases in CABs. (3) The BOJ committed to maintain the QEP until the core CPI (which in Japan is defined to exclude perishables but not energy) stopped declining. † The effect of the Bank of Japan’s liquidity injections on bank lending was muted by the substitut ion of central bank liquidity for interbank liquidity. Second, despite the dampening of the stimulus from the liquidity injections due to this substitution, there was a positive and significant effect of liquidity on bank lending. This implies that quantitative easing can affect the supply of credit, particularly during periods of financial stress. However, the overall effect was fairly small, so that huge amounts of liquidity would have been needed to achieve noticeable effects. Third, weak banks benefited more from QEP than stronger banks. However, â€Å"the rapid unwinding of liquidity infusions observed at the conclusion of QEP had little impact on lending growth once bank health and confidence in the banking system had been restored. † It is possible that QEP exerted ositive effects, but that these were simply overwhelmed by the drag on total spending coming from weakness in the banking sector and balance sheet problems among households and firms. Since there are a number of ways that QEP may have stimulated spending, we can infer that the QE programs in the United States will stimulate some spending as well, but perhaps we will overestimate the effects just like Japan did years ago. When you consi der some of the world’s largest sovereign wealth funds may participate in QE, you can understand the potentially broad impact of the Fed’s actions. The largest ones control billions of dollars. With the currency risk involved when foreigners hold treasury bonds, it is not a stretch to believe that some sovereign wealth funds will be interested in selling some of their treasuries to the Fed in exchange for newly printed US dollars. They may also quickly exchange the cash for gold, silver, copper, oil or stocks to reduce their currency risk. Fears of future inflation can make cash unattractive in the eyes of investors and consumers. A big part of the Fed’s approach is to increase the expectations of future inflation since it can change the investing and buying habits of businesses and consumers. Since there are many unknowns, and many moving parts, listen with skepticism to anyone who claims to know the long term impacts of QE programs on both the financial markets and the economy. † We need to better understand the QE process, and monitor and assess the market’s reaction to details as they are released by the Fed. We must be willing to make inflationary a nd deflationary adjustments based on market internals and economic data. Adopting a â€Å"QE will work or won’t work† approach in advance would be highly speculative. Flexibility is always important in the markets, but maybe more so when it comes to the possible long term impacts of QE. This newly printed money will find its way around the globe, impacting currencies, commodities, and foreign stock markets. According to Brian P. Sack of the NYFRB, â€Å"The effect of asset purchases on the economy remains a point of ongoing debate, with some uncertainty about the channels through which such purchases operate and the magnitude of those effects†¦ In particular, by purchasing longer term securities, the Federal Reserve removes duration risk form the market, which should help reduce the term premium that investors demand for holding longer term securities. That effect should, in turn, oost other asset prices, as those investors displaced by the Fed’s purchases would likely seek to hold alternative types of securities. † â€Å"Nevertheless, balance sheet policy can still lower longer-term borrowing costs for many households and businesses, and it adds to household wealth by keeping asset prices higher than they otherwise would be. It seems highly unli kely that the economy is completely insensitive to borrowing costs and wealth, or to other changes in broad financial conditions. † Notice the references to â€Å"boosting asset prices,† and â€Å"lowering borrowing costs,† and â€Å"adding to household wealth by keeping asset prices higher. From Mr. Sack’s perspective, the Fed buys intermediate term treasuries, which drives down the yield for new investors. Mr. Sack hypothesizes that those new investors will decide to purchase other bonds, perhaps with longer maturities as they search for higher yields. As the Fed pushes demand to other areas of the bond market, longer term interest rates would fall. As new investors look at their options, they may decide to purchase other high yielding assets since the Fed’s actions have made yields on more conservative investments unattractive. Since the Fed promises to remain in the market with QE for an extended period, the risk associated with holding stocks, higher yielding bonds, commodities, precious metals and real estate are reduced. If you think in extremes, if the Fed stated that all treasuries would pay no interest for the next 5 years, investors would move into investments with more risk in search of higher yields. A good way to summarize QE is as follows: QE attempts to lower long term interest rates, keep them low for a pre-defined period of time, while pouring cash into the economy in an effort to boost consumption and investment. Like gold, US dollars have value only to the extent that they are strictly limited in supply. The government has technology that allows it to produce as many US dollars as it wishes at essentially no cost. By increasing the number of US dollars in circulation, or by threatening to do so, the US government can reduce the value of a dollar in terms of goods and services, which is the same as raising the price in dollars of those goods and services. Thus, we can conclude that, under a paper money system, a determined government can always generate higher spending and hence, positive inflation. The important takeaway is the concept, which is to print money, and devalue the purchasing power of US dollars in your wallet/bank account. Based on the government and Fed’s extreme actions during the financial crisis, it is safe to say that we have a determined government. Investors cannot underestimate how determined our government will be, in terms of â€Å"how much money are they willing to print? † and â€Å"what assets are they willing to buy? † For example, if buying T-bonds doesn’t work, what prevents them from moving to corporate bonds, stocks, residential housing, or commercial real estate? That sounds extreme, but five or six years ago, having the Fed buy treasury bonds or having the government take over AIG seemed extreme. But that happened right before our eyes. A problem around the globe is weak balance sheets from consumers to corporations to municipalities all the way up to the United States’ assets and liabilities ledger. There are two ways to address weak balance sheets. You can attack the asset side or the liability side. During recessions, bad debt is removed from the system when entities go out of business, defaulting on their debts. This is a painful part of a recession, but is necessary to allow capital to reform, which eventually leads to new investment and sustainable economic growth. The hard way to address our problems with balance sheets is to let those who deserve to fail go out of business. Unfortunately for the country’s long term outlook, the hard way, or short term pain, does not sit well with those in positions of power—especially politicians, who are always concerned about the next election. This is a huge flaw: we need to think in terms of what is best for the future of our country instead of thinking in the short term. If we need to reduce our standard of living in order to combat the national deficit, then so be it. Americans need to stop complaining about the recessionary conditions and must make sacrifices now in order to guarantee future standards of living. In order to understand all of the bailouts, government takeovers, and money printing, you basically need to think about powerful people in business and government who are simply trying to stay in power, regardless of whether or not their actions are in the best long term interest of shareholders, taxpayers, and ordinary hard working citizens. These comments do not apply to the select few in positions of power who still make decisions based upon sound principles and integrity, but most politicians do not. I’ll stay away from this topic because it is a political issue, but quite relevant so I felt it was worth mentioning. In a healthy credit market, banks lend while consumers and businesses borrow to invest and consume. Demand, based upon available credit, boosts asset prices and profits. As asset prices rise, balance sheets strengthen. With healthy balance sheets, businesses and consumers feel wealthy, and borrow more, invest more, and consume more. This is known as the wealth effect. As asset prices rise, the collateral backing the loans remains sound, allowing the banks to lend even more, and around and around we go, until credit causes the creation of too much supply. A good example is the recent overbuilding in the housing market. Then asset prices begin to fall. Now the wealth effect becomes the reverse wealth effect, as consumers, businesses, and banks begin to see their net worth deteriorate. When the Fed lowers interest rates, they attempt to spur borrowing and lending. This, in turn, can get the wealth effect back into gear, as borrowed money creates demand for goods, services, and assets. In the present day, traditional banks are reluctant to lend, and many consumers either don’t want a loan, or cannot get a loan. In this environment, the Fed, via QE, is trying to spark the wealth effect by attempting to re-inflate asset prices. QE II refers to the decision in November 2010 in which the FOMC announced the purchases of 600 billion longer-term treasury debt. A fair question to ask is, â€Å"Why did we pursue QEII? There are several reasons the government went through with another round of QE. Firstly, the Japanese experience with mild deflation and a near-zero nominal interest rate has been poor. Second, inflation in the US was close to the implicit FOMC inflation target during the first part of 2010. However, during 2010, a renewed disinflation trend developed and the recovery slowed down in the summer of ’10. These developments leav e the US at risk of a Japanese-style outcome. Was QEII effective? The financial markets effects of QEII looked the same as if the FOMC had reduced the policy rate substantially. Specifically, real interest rates declined, the dollar depreciated, and equity prices rose. These are the classic financial market effects one might observe when the Fed eases monetary policy in ordinary times (in an interest rate targeting environment). The QEII experience shows that monetary policy can be eased aggressively even when the policy rate is near zero. However, it is difficult to observe the overall effects of QE and QEII because of the lags involved. Effects on the real economy would be expected to lag by six to twelve months. Real effects are difficult to disentangle because other shocks hit the economy in the meantime. This happened, apparently, during the first half of 2011, and is a standard problem in evaluating monetary policy. Overall, QE2 has shown that the Fed can conduct an effective monetary stabilization policy even when policy rates are near zero. Now I will discuss investment strategies for inflationary and deflationary outcomes of quantitative easing. Inflationary and deflationary forces coupled with possible Fed intervention require a flexible approach to financial markets. Common sense tells us that money printing is probably not the path to long term prosperity, but I do believe QE can impact asset prices in a manner not fully understood by many individual investors as well as many financial advisors. If the Fed is successful for a period of time, I would invest in inflation friendly and weak-dollar assets such as gold, silver, copper, oil, and emerging market stocks. If the Fed fails in the long run, then a deflationary spiral may be the outcome, making cash, gold, dividend payers, conservative bonds, and CDs attractive. Middle of the road choices include utilities, consumer staples stocks, and other dividend payers. Financial markets tend to anticipate Fed announcements. We always have to be on our toes for information/news relevant to QE. If you read the writings of Ben Bernanke and more recently writings by James Bullard, you know the Federal Reserve is willing to use every tool and printing press in their arsenal in attempt to re-inflate asset prices and restore some semblance of the wealth effect. However, we must understand that the Fed faces high hurdles, in the form of mountains of global debt and fragile asset prices. So far, the U. S. has been able to get away with massive debts and unsustainable deficits for one simple reason. The U. S. dollar is still the world’s reserve currency, as it has been effectively since World War II and literally since the early 1970? s. Because all governments and banks in the world accept and hold U. S. dollars as the majority of their reserves, the United States is able to simply print more money whenever it cannot afford to pay for things that it needs. Besides this, the country can borrow money in its own currency at incredibly low interest rates that we have seen approach almost zero. US citizens personally benefit in another critical way every time that they stop to get gas. With the U. S. dollar as the international reserve currency, oil and almost all  commodities  are all priced in dollars. As a result, you see an enormous amount of inexpensive goods available. Food items and other items that use oil/gas as inputs are extremely cheap. This makes restaurants and other attractions affordable in America. The level of wealth seen in the United States is simply unprecedented, and most of this results from the benefits of the dollar as universal reserve currency. There will be dramatic consequences difficult to imagine if the dollar finally ceases to be the reserve currency of the world. Should this happen, then the value of the dollar will plummet. The immediate painful effects will be that commodities prices skyrocket. These would no longer be priced in U. S. dollars, and you would see the falling value of the dollar buy fewer and fewer commodities. Gasoline at five to ten dollars a gallon is not only possible, but highly likely. Along with higher gas prices, we could see higher prices for anything that uses oil to ship goods around the world. This means practically everything that you buy would all cost dramatically more. As prices skyrocket, your lifestyle would sustain a punishing drop overnight. This is a very scary succession of possible events. Unfortunately, this is not the only consequence that you would see of a dollar that is no longer the reserve currency of the world. Interest rates would rise dramatically. They could easily reach ten to fifteen percent. This would wreck the housing market far worse than it is today. It would also cause the stock market to crash by almost half in a number of weeks. As the costs of supplies and materials go up with the falling currency value, businesses would be forced to cut back on  employees  because of their falling sales. Unemployment could reach twenty to thirty percent or more as a result of this. As if this is not bad enough,  inflation  would be sky high along with the rising prices and disappearing jobs. It is important to remember that the only thing that has to occur for all of these terrible things to happen is for other countries to prefer to be paid in anything besides U. S. Dollars. In the event that non-United States holders of dollar-denominated assets decided to shift holdings to assets denominated in other currencies, there could be serious consequences for the US economy. The possibility of QE3 has some serious implications, although Bernanke has denied that there will be another round easing. The dollar has plunged nearly 20% against the euro over the last year and a half, a period that includes the run-up to and aftermath of the last round of quantitative easing, the Fed's $600 billion bond-buying program known as QE2. But a QE3 may not pack the same dollar-slamming punch. If there is a QE3, the dollar's fall could easily approach 10% on a trade-weighted basis against rival currencies, said David Woo, head of G-10 global rates and currencies research at Bank of America Merrill Lynch in New York. But â€Å"the market is now more skeptical of the benefits of QE for the economy,† Mr. Woo said. â€Å"It is possible that by extension this means any short-term [dollar] decline on the back of QE3 will be also more limited. † Instead of QE3, Bernanke and the Fed decided to implement â€Å"Operation Twist,† a widely expected stimulus move reviving a policy from the 1960s. The policy involves selling $400 billion in short-term Treasuries in exchange for the same amount of longer-term bonds, starting in October and ending in June 2012. While the move does not mean the Fed will pump additional money into the economy, it is designed to lower yields on long-term bonds, while keeping short-term rates little changed. The intent is to thereby push down interest rates on everything from mortgages to business loans, giving consumers and companies an additional incentive to borrow and spend money. Some reputable names believe the dollar is going to depreciate in value over the next decade or two. Bestselling authors Robert Wiedemer of â€Å"Aftershock† and David Skarica of â€Å"The Great Super Cycle† both forecasted the housing collapse, financial crisis, and stock market collapse years ahead of them happening. They are calling for a collapse of the dollar. This could lead to many unsophisticated investors to â€Å"hop on the train†, causing a swing in technical expectations. QE attempts to lower long term interest rates, keep them low for a fairly well-understood period of time, while flooding the economy with cash in an effort to boost consumption and investment. In my opinion, quantitative easing in the US was a mild success. The markets were in a state of flux and we needed to do something. QE2 was necessary because we needed to increase the scale to which the LSAPs (large scale asset purchases) affected the economy. As for QE3, I don’t believe it is in our country’s best interest, because it would show even greater weakness, leading many foreign investors to flee from the dollar. Somewhere down the line, I predict that the IMF will attempt to overtake the dollar as the world reserve currency, but it certainly won’t happen overnight. If this happens, Americans will have to downgrade their wealthy standard of living due to increased commodity prices. However, I don’t believe the US Dollar will lose its currency reserve status anytime soon, nor do I believe that QE3 will happen. My recommendation is to continue QE in small amounts, unwinding it under Bernanke’s plan from his September speech in Minneapolis. Bernanke has stated that there will be no more easing, but you never know with the â€Å"Bernanke, Obama, Geithner brain trust. † Thus, our best option is to remain flexible in our policy schemes and monitor and react to relevant news as best as we can. Ben Bernanke concludes his Minneapolis speech in an attempt to reassure us that our country will be okay. â€Å"The Federal Reserve will certainly do all that it can to help restore high rates of growth and employment in a context of price stability. † Let us hope they act with rationality and in the best interest of the long term growth and stability of our economy. If America is ever going to dig itself out of the enormous debts it has taken, we must not devalue the dollar to the point that it is phased out as the world reserve currency. Perhaps a downgrade in American’s standard of living is necessary to reduce the deficit by a significant enough margin. There is some hope for a return to prosperity and consistent growth, but Americans need to be aware of the implications of QE on their portfolios and their long term purchasing power. Works Cited 1. United States. Richmond Federal Reserve. By Thomas M. Humphrey. The Theory of Multiple Expansion of Deposits: What It Is and Whence It Came. Mar. -Apr. 1987. Web. 14 Nov. 2011. . 2. A QE1 Timeline. † Calculated Risk, 03 Oct. 2010. Web. 13 Nov. 2011. . 3. Ciovacco, Chris. â€Å"Video Series: Quantitative Easing. † Ciovacco Capital Management. Web. 14 Nov. 2011. . 4. Sack, Brian P. â€Å"Managing the Federal Reserve's Balance Sheet – Federal Reserve Bank of New York. â€Å"Federal Reserve Bank of New York, 04 Oct. 2010. Web. 13 Nov. 2011. . 5. Bowman, David, Fang Cai, Sally Davies, and Steven Kamin. Quantitative Easing and Bank Lending: Evidenc e from Japan. †Ã‚  Www. federalreserve. gov. Board of Governors of the Federal Reserve, June 2011. Web. 13 Nov. 2011. ;http://www. federalreserve. gov/pubs/ifdp/2011/1018/ifdp1018. pdf;. 6. Eichengreen, Barry. â€Å"Dollar's Reign as World's Main Reserve Currency Is Near an End. â€Å"Foreign Exchange Report. The Wall Street Journal, 02 Mar. 2011. Web. 13 Nov. 2011. 7. Herold, Thomas. â€Å"What If The U. S. Dollar Loses Reserve Currency Status? † Wealth Building Course, 14 Jan. 2011. Web. 13 Nov. 2011. ;http://www. wealthbuildingcourse. om/dollar-loses-reserve-currency-status. html;. 8. Bullard, James. â€Å"QE2: An Assessment. † Federal Reserve Bank of St. Louis, 30 June 2011. Web. 13 Nov. 2011. ;http://research. stlouisfed. org/econ/bullard/pdf/Bullard_QE_Conference_June_30_2011_Final. pdf;. 9. Wieland, Volker. â€Å"Quantitative Easing: A Rationale and Some Evidence from Japan†, in  NBER International Seminar on Macroeconomics 2009  (2010), Univ ersity of Chicago Press   http://www. nber. org/papers/w15565 10. Cronin, Brenda. â€Å"Slow-Paced Recovery Feels Like a Recession. † The Wall Street Journal, 10 Oct. 2011. Web. 13 Nov. 011. ;http://online. wsj. com/article/SB10001424052970203499704576623053674426690. html;. 11. Fontevecchia, Agustino. â€Å"Central Banks Dump Treasuries As Dollar's Reserve Currency Status Fades. † Forbes, 03 Mar. 2011. Web. 13 Nov. 2011. ;http://www. forbes. com/sites/afontevecchia/2011/03/16/central-banks-dump-treasuries-as-dollars-reserve-currency-status-fades/;. 12. Case, Karl E. , John M. Quigley, and Robert J. Shiller. Wealth Effects Revisited. Yale University, Feb. 2011. Web. 14 Nov. 2011. ;http://cowles. econ. yale. edu/P/cd/d17b/d1784. pdf;. 13. Rooney, Ben. IMF Discusses Plan to Replace Dollar as Reserve Currency. † CNNMoney, 10 Feb. 2011. Web. 13 Nov. 2011. . 14. Weisenthal, Joe. â€Å"This Is How The Dollar Could Lose Its Reserve Currency Status. † Business Insider, 15 Nov. 2010. Web. 13 Nov. 2011. . 15. Bernanke, Ben. â€Å"The U. S. Economic Outlook–September 8, 2011. † Board of Governors of the Federal Reserve System, 08 Sept. 2011. Web. 13 Nov. 2011. . 16. Hamilton, James. â€Å"5 Key Arguments Against Quantitative Easing. † Business Insider, 20 Oct. 2010. Web. 14 Nov. 2011. . 17. Johnson, Andrew J. â€Å"Sizing Up Dollar's Pain From a QE3. † The Wall Street Journal, 05 Sept. 2011. 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