Financial Innovations and Monetary Policy Term Paper

Financial Innovations and Monetary Policy - Term Paper Example on of debit and credit card into the economy was seen as a major step as this was believed to significantly curb the risks associated with carrying cash and eliminate the losses incurred by investors due to destruction of money as a result of losing cash or fire epidemic. Use of cash is also dispirited due to the continual problem of counterfeiting and the often contested argument that it makes it easy for criminals such as prostitutes and drug dealers to conduct business (Mishkin, 2009; Goodhart, 2000). While the prognoses for the eradication of cash have demonstrated to be quite challenging, the boom in internet shopping has sent a clear signal to futurists that the cashless society is almost becoming an overpowering reality which will present its benefits and drawbacks to consumers and banks, particularly when the whole concept of monetary policies is taken into consideration (Goodhart, 2000). Many developed economies are presently striving towards an economy where cash will be mi nimal and e-money, which in its broadest sense is electronic money often exchanged electronically through technical devices including mobile handsets and computers, is also significantly reduced (Goodhart, 2000). A cashless society implies that coins and currency will be absent but that does not imply a backward development towards barter system, but rather a development towards a society with widespread use of EFTS (Electronic Funds Transfer System). In the US, for instance, only 7% of transactions are in cash as over 90% of transactions are sealed via e-money (Palley, 2011). Apparently, these transactions are low-value transactions involving only small amounts of money. People have accepted EFTS, and it is not surprising that organizations have been forced to use EFTS to remain competitive. However, as the move towards a cashless economy proceeds incrementally, it raises significant issues with regard to monetary policy, the consumer, and payment system threats. Under the monetary

Reading response Assignment Example | Topics and Well Written Essays - 500 words - 3

Reading response - Assignment Example The book, in many ways, is a summary of the author’s journey of three decades as an author, an educator and social activist. The dominant themes of the essays featuring in this collection are the red power, the white church, the contradictory worldviews, liberating theology, practices of the state and ancient conventions relevant in the modern world. The author was of the view that the Native American style of life was reliant mainly on visions, whereas the life of the whites was centred chiefly on ideas. The same point of view is upheld in the essays in ‘For This Land’. Deloria, in this book, covers a wide variety of topics relating to religion and spirituality, which range from the protest movement of the Indians to the violation of agreements with the tribal communities in the US. He also talks about the immense struggle put forward by the Indians for the sake of preserving their holy sites and gaining access to the same on their traditional occasions. The author does not deter from mentioning even some seriously controversial issues concerning the federal agencies, museums and curio shops in the US. He candidly reveals issues such as the withholding of the human remnants and funeral offerings of American Indians. The focus of the essays in this book is on the religious facets and associations we find in the lives of human beings. Apparently his writing seems to be distant from ideological contexts and verging entirely on the theoretical framework of physical space. But as the thoughts progress, we realise that the author has been successful in involving our intellectual faculties by insinuating us to rethink our beliefs. He questions our established religious institutions and experiences, reveals all kinds of controversies that have engulfed those and compels us to ponder over our deep-rooted beliefs. ‘For This Land’ is a masterpiece from one of the foremost critics of American history. It presents a unique