What three explorers did you useand how did their travels benefit the conutry?

What is a lease?

A lease is the legal agreement to rent something. It means you will have the useand control of the leased item for a specific period of time. At the end of that time,you have to return the item to the owner. Most leasing is for property, such as ahouse or business location and for vehicles.A Contract

What is the difference between loving things and none living things in form and size?

the difference between living and non-living things is living things have life,some of the living things can produce it's own food,living things also depend on the other living things and non-living things is a thing that theliving thing useand it has no life .

How do you recover an iMessage on iPad?

iF you have backup your iPhone with computer,You can recover deleted imessage from backup. if you have no backup,you can retrieve deleted imessage by using a third party tool. You need knowto know that although the imessage were deleted on iPhone,the database is still there, you are unable to view them,at this time,a data recovery tool like iFonebox could help you access and retrieve deleted iMessage on your iPhone. it's also very easy-to-useAnd you can also use a too like PhoneRescue to help you selectively recover iMessages from iCloud or iTunes backups or from iPhone directly. For example, recover iMessages from iPhone directly:Step 1: Connect your iPad to computer > Run PhoneRescue > Choose "Recover from iOS Device".Step 2: Select Messages > click "Start Scan".Step 3: Preview and select the iMessages that you need.Step 4: Click "Recover" to recover them.

Can marijuana help Parkinson's disease?

YES,Nearly half of Parkinson's disease patients whohave tried marijuana say the drug helped relieve their symptoms, accordingto a survey of patients with the degenerative neurological disorder.Dr. Evzin Ruzicka, an attending neurologist at Charles University in Praguein the Czech Republic, reported the findings here at the Movement DisordersSociety's Seventh International Congress of Parkinson's Disease andMovement Disorders. Ruzicka is also a consultant at the Prague MovementDisorders Center."It's difficult to directly study the medical effects of cannabis in theCzech Republic, where we conducted our research, because of its illegalstatus," Ruzicka told Reuters Health. "Therefore, we had to conductanonymous surveys. To our knowledge, this is the first study to assess theeffect of cannabis on Parkinson's disease, and our findings suggest it mayalleviate some symptoms."Ruzicka and his colleagues chose to investigate marijuana's effects onParkinson's disease after hearing from several patients that they had triedthe drug and it had helped them.The investigators asked all patients who were treated for Parkinson'sdisease at their center to complete a questionnaire that asked aboutcannabis use and about several Parkinson's disease symptoms, includingoverall symptoms; tremor while at rest; bradykinesia, or slow movement;muscle rigidity; and dyskinesias, or involuntary movements. Dyskinesias arecaused by levodopa, the mainstay medication in Parkinson's treatment.Among the 630 patients to whom the investigators sent questionnaires, 339(54%) returned them. The responders' average age was about 66, and they hadhad Parkinson's disease for an average of roughly 9 years. Among theresponders, 25% reported that they had used cannabis. Most had used itorally, either as fresh or dried leaves.Within this group, 39 patients (46%) reported that their Parkinson'sdisease symptoms in general were relieved after they started usingcannabis. In terms of specific symptoms, 26 (31%) reported an improvementin tremor while at rest, and 38 (45%) experienced a relief of bradykinesia.Relief of muscle rigidity was reported by 32 (38%), and 12 (14%) said theyhad an improvement in levodopa-induced dyskinesias.The respondents reported that the improvement in symptoms occurred anaverage of 1.7 months after they had started using cannabis. Patients whoused it for at least three months were more likely to experience symptomrelief than those with shorter experience, the investigators reported.This delay between the beginning of cannabis use and the relief of symptomsmade it unlikely that the respondents were having a placebo effect, Ruzickasaid. A placebo effect can occur when the individual taking a treatmentexperiences a benefit even if the "treatment," such as a sugar pill,contains no active ingredients.They found no relationship between the length of cannabis use and theeffect on involuntary movements. However, daily marijuana users reportedmore improvement in their dyskinesias than those using it less often.The investigators speculated that the effect of cannabis on Parkinson'sdisease symptoms may be due to interaction among cannabis, certain brainreceptors that respond to cannabis and endogenous cannabinoids orcannabis-like substances within the body.He and colleagues plan to investigate a relationship between cannabis useand relief of Parkinson's disease symptoms by collaborating in furtherstudies with investigators in the United Kingdom, Ruzicka told Reuters Health.Scientists hope to use a marijuana-like chemical in the brain to treat Parkinson's Disease and schizophrenia. The chemical, known as anandamide, helps to regulate body movement and coordination. A team from the University of California Irvine believes it can be used to treat diseases which produce uncontrollable movements such as tics and shaking. The researchers have used anandamide to limit brain activity in rats. Writing in the journal Nature Neuroscience, they said anandamide interferes with the effects of nerve cells that transmit dopamine, the message-carrying chemical responsible for stimulating movement and other motor behaviour in the brain. Uncontrolled production of dopamine has been blamed for some of the symptoms of schizophrenia and the nervous tics and outbursts associated with Tourette's syndrome. A lack of dopamine is blamed for the shaking and motor hesitation that marks Parkinson's disease. Major breakthroughThe actor Michael J Fox has Parkinson's DiseaseDaniele Piomelli, an associate professor of pharmacology at UCI, said the research had shown for the first time how anandamides work in the brain to produce normal motor activity. He said: "Patients with schizophrenia and other diseases have reported that marijuana appears to relieve some of their symptoms, but scientists have never found a physiological reason why. "By understanding how the anandamide system works similarly to marijuana, we can explore new ways to treat these diseases more effectively." But Professor Piomelli said cannabis itself did not offer any kind of cure. "Marijuana doesn't provide the regulatory effects on dopamine in the brain that we're looking for," he said. Anandamide, named after the Sanskrit word for "bliss and tranquillity," is used by a network of nerve cells in an area of the brain called the striatum, which coordinates body movements and other motor behaviour, the researchers said. Normally nerve cells regulate this behaviour by releasing anandamides at the same time they release dopamine. The anandamides bind to cannabinoid receptors, which are where tetrahydrocannabinol (THC), the active ingredient in marijuana, docks onto cells. When the team blocked these receptors, rats experienced severe nervous tics and other uncontrolled motor activity. Professor Piomelli said new drugs that mimic the effects of anandamides could offer gentler treatments for some diseases. He said: "Current drugs certainly halt the actions of dopamine, but the side effects, including sedation and dizziness, are very severe," he said. In a commentary, Professor David Self of Yale University said the approach could be used to develop drugs that help Parkinson's treatments, which try to boost production of dopamine in the brain but whose effects wear off after a few years. Drugs that stimulate the cannabinoid receptor might also be used against Huntington's disease, a fatal and incurable disease first marked by jerks and spasms, Professor Self added.

What causes girls to lose their hair?

Here are some causes:physical stress such as illness, pregnancy or traumaemotional stress such as grief or worrytoo much Vitamin A (stop taking those massive supplements)lack of protein in your diethormone imbalance (can also be triggered by switching or going off birth control pills)anemia (low iron levels)low thyroid hormone levelsnot enough Vitamin Brare autoimmune disease (alopecia areata)lupusdramatic weight losspolycystic ovary syndromemedication (especially blood thinners, beta blockers, lithium, ibuprofen and some anti-depressants)overstyling (especially very tight braids)steroid useand of course, chemotherapy

How was indigo produced in India during British rule?

Indigo revolt From Wikipedia, the free encyclopediaThe neutrality of this article is disputed. Relevant discussion may be found on the talk page. Please do not remove this message until the dispute is resolved. (July 2008)An Indigo dyefactory in Bengal, 1867The Indigo revolt was a peasant movement and subsequent uprising of indigofarmers against the indigo planters that arose in Bengal in 1859. The back stage of the revolt goes back half a century[1]when the indigo plantation act was established. After the courageous fight by the Sepoy for independence in 1857 in February-March 1859 the farmers refused to sow a single seedling of indigo plant. The strength of the farmers' resolutions were dramatically stronger than anticipated from a community victimized by brutal treatment for about half a century. Most importantly it was a revolt of both the major religious groups of farmers in Bengal, notably a farmer Haji Molla of Nischindipur said that he would "rather beg than sow indigo".[2]The farmers were in no possession of any types of arms, it was totally a nonviolent resistance.[3]Contents[hide] 1 Causes of the revolt2 The revolt3 The effect on the British rulers in India4 Cultural effects5 See also6 ReferencesCauses of the revolt [edit]Indigo planting in Bengal dated back to 1777. Louis Bonardwas probably the first indigo planter. With expansion of British power in the Nawabate of Bengal, indigo planting became more and more commercially profitable due to the demand for Blue Dye in Europe. It was introduced in large parts of Burdwan, Bankura, Birbhum, Murshidabad, etc. The indigo planters left no stones unturned to make money. They mercilessly pursued the peasants to plant indigo instead of food crops. They provided loans, called dadon at a very high interest. Once a farmer took such loans he remained in debt for whole of his life before passing it to his successors. The price paid by the planters was meagre,only 2.5% of the market price. So the farmers could make no profit by growing indigo. The farmers were totally unprotected from the brutal indigo planters, who resorted to mortgage or destruction of their property if they were unwilling to obey them. Government rules favoured the planters. By an act in 1833, the planters were granted a free hand in oppression. Even the zamindars, money lenders and other influential persons sided with the planters. Out of the severe oppression unleashed on them the farmers resorted to revolt.The Bengali middle class supported the peasants whole-heartedly. Harish Chandra Mukhopadhyay thoroughly described the plight of the poor peasants in his newspaper The Hindu Patriot. However every such contribution was overshadowed by Dinabandhu Mitra, who gave a perfect account of the situation by writing a play named "Nildorpon", which rowed a huge controversy.The revolt [edit]The revolt started from Nadia where Bishnucharan Biswas and Digambar Biswas first took up arms against the planters. It spread like wildfire in Murshidabad, Birbhum, Burdwan, Pabna, Khulna, Narail, etc. Indigo planters were put into public trial and executed. The indigo depots were burned down. Many planters fled to avoid being caught. The zamindars were also targets of the revolting peasants.The revolt was ruthlessly suppressed. Large forces of police and military backed by the British Government and the zamindars mercilessly slaughtered a number of peasants. In spite of this the revolt was fairly popular, involving almost the whole of Bengal. The Biswas brothers of Nadia, Kader Molla of Pabna, Rafique Mondal of Malda were popular leaders. Even some of the zamindars supported the revolt, the most important of whom was Ramratan Mullick of Narail. The company is also facing competition from the Netherlands & France in International Market.The effect on the British rulers in India [edit]The historian Jogesh Chandra Bagal describes the revolt as a non-violentrevolution and gives this as a reason why the indigo revolt was a success compared to the Sepoy Revolt.R.C. Majumdarin "History of Bengal"[4]goes so far as to call it a forerunner of the non-violent passive resistance later successfully adopted by Gandhi. The revolt had a strong effect on the government, which immediately appoint the "Indigo Commission" in 1860.[5]In the commission report, E. W. L. Tower noted that "not a chest of Indigo reached England without being stained with human blood". Evidently it was a major triumph of the peasants to incite such emotion in the Europeans' minds even though the statement might have been an overstatement.Cultural effects [edit]Dinabandhu Mitra's 1859 play Nil Darpan is based on the revolution. It was translated into English by Michael Madhusudan Dutta and published by Rev. James Long. It attracted much attention in England, where the people were stunned at the savagery of their countrymen. The British Government sent Rev. Long to a mock trial and punished him with imprisonment and fine. Kaliprasanna Sinha paid the fine for him.The play is the first play to be staged commercially in the National Theatre in Kolkata.See also [edit]Sepoy RevoltHistory of BengalIndigo plantReferences [edit]^ Nildarpan (play by Mitra) - Britannica Online Encyclopedia^ Social Scientist. v 5, no. 60 (July 1977) p. 14.^ Social Scientist. v 5, no. 60 (July 1977) p. 14.^Majumdar, R. C. The Government in 1860 enacted the Indigo Act, according to which no planter could be forced to cultivate indigo against his will. The History of Bengal ISBN 81-7646-237-3^ Social Scientist. v 5, no. 60 (July 1977) p. 14.[show]vteIndian independence movementCategories:History of BengalBritish IndiaBengal Renaissance1859 in IndiaNavigation menuCreate accountLog inArticleTalkReadEditView historyMain pageContentsFeatured contentCurrent eventsRandom articleDonate to WikipediaInteractionHelpAbout WikipediaCommunity portalRecent changesContact WikipediaToolboxPrint/exportLanguagesDeutschहिन्दीEdit linksThis page was last modified on 17 March 2013 at 07:32.Text is available under the Creative Commons Attribution-ShareAlike License; additional terms may apply. By using this site, you agree to the Terms of Useand Privacy Policy.Wikipedia® is a registered trademark of the Wikimedia Foundation, Inc., a non-profit organization.Privacy policyAbout WikipediaDisclaimersContact WikipediaMobile view

What is the main idea in Antony's speech in Julias Caesar?

In the play, Julius Ceasar was killed by a mutiny of roman senators. Principal among them are Brutus, who was JC's best friend -- bright, charasmatic and naive, and Casius, who Shakespeare renders as heartless, ambitious and disingenuous.Mark Antony was the leader of one of Ceasar's armies. It was assumed knowledge in the Elizabethan era that Roman generals could not legally lead their armies over the Rubicon river, into Rome, lest they foment insurrection (hence the phrase, "crossing the rubicon"). Antony's motives are not clearly examined until after JC's death. Up until then it is apparent that Marc Antony is a soldier, not exceptionally witty, not terribly formidible without his troops, but a dear friend to JC (but perhaps less so than Brutus).To really grasp this part, you need to understand that this is a political drama of the highest order -- something Shakespeare loved to play with (consider his historical plays around the War of the Roses, Henry VI-1, Henry VI-2 and RIchard III). In Julius Ceasar, everyone has their own agenda and, in the end, perhaps only JC himself is guileless.After the murder of Ceasar, Brutus and the cadre that rna the assassination (including Cassius) temporarily lead Rome. And at the beginning, the ROman populace is convinced that Ceasar was about to dissolve the democracy and take of the crown of an emperor. Hence, this rebellion is popular but shaky. We enter as Antony asks Brutus if he can speak at Ceasar's funeral, over his body.ANTONYThat's all I seek:And am moreover suitor that I mayProduce his body to the market-place;And in the pulpit, as becomes a friend,Speak in the order of his funeral.BRUTUSYou shall, Mark Antony.Brutus, as we see, is actually sort of a noble spirit. He'll allow this. But Cassius, more cynical and a better politician, interjects:CASSIUSBrutus, a word with you.Aside to BRUTUS You know not what you do: do not consentThat Antony speak in his funeral:Know you how much the people may be movedBy that which he will utter?Evil, cynical or political realist, Cassius senses that this may be more than just a eulogy (and it is -- it is perhaps one of the most famous soliloquies of all time). Brutus considers this and claims the right to speak first:CASSIUSI know not what may fall; I like it not.BRUTUSMark Antony, here, take you Caesar's body.You shall not in your funeral speech blame us,But speak all good you can devise of Caesar,And say you do't by our permission;Else shall you not have any hand at allAbout his funeral: and you shall speakIn the same pulpit whereto I am going,After my speech is ended.ANTONYBe it so.I do desire no more.BRUTUSPrepare the body then, and follow us.Exeunt all but ANTONYShakespeare's appeal was to the masses and, as such, he felt a need to explain the subtleties of his plays to his not-too-noble audience. So we get to hear Antony's inner dialogue here. Antony truly does feel a loyalty to Ceasar and a heartfelt friendship, but he's going to be somewhat manipulative when he speaks to the crowd -- this, in order to preserve Ceasar's Rome -- and perhaps to elevate himself. So Antony, now alone with Ceasar's corpse, speaks to the body and explains:ANTONYO, pardon me, thou bleeding piece of earth,That I am meek and gentle with these butchers!Thou art the ruins of the noblest manThat ever lived in the tide of times.Woe to the hand that shed this costly blood!Over thy wounds now do I prophesy,--Which, like dumb mouths, do ope their ruby lips,To beg the voice and utterance of my tongue--A curse shall light upon the limbs of men;Domestic fury and fierce civil strifeShall cumber all the parts of Italy;Blood and destruction shall be so in useAnd dreadful objects so familiarThat mothers shall but smile when they beholdTheir infants quarter'd with the hands of war;All pity choked with custom of fell deeds:...In short, Antony appologies to the corpse of Ceasar, and says his wounds will speak, and the reality of the assassination will cause a revolution so awful that "...mothers shall but smile when they behold their infants quarter'd (killed most horribly) with the hands of war..." In other words, Antony is going to cause hell. In fact, he anticiipates and will try and cause a war, and says so when, near the end of this lengthy speech, he says,"Cry Havoc! And let slip the dogs of war!"Antony is so sure of himself, he calls Octavius Ceasar -- the next in line -- back to Rome, to prepare for the revoution that will overturn Brutus and company.As you recall, the next day, Brutus will speak first. And his speech to the people of Rome is wonderful. He says he loved Ceasar, but could not let him overturn the democracy of Rome. And the crowd agrees with him, finally saying they'll appoint Brutus in Ceasar's place.Then it's Antony's turn to speak. He has promised Brutus he won't say anything bad about Brutus's or his group's part in the assassination. Here then is what he says:ANTONYFriends, Romans, countrymen, lend me your ears;I come to bury Caesar, not to praise him.The evil that men do lives after them;The good is oft interred with their bones;So let it be with Caesar. The noble BrutusHath told you Caesar was ambitious:If it were so, it was a grievous fault,And grievously hath Caesar answer'd it.Here, under leave of Brutus and the rest--For Brutus is an honourable man;So are they all, all honourable men--Come I to speak in Caesar's funeral.He was my friend, faithful and just to me:But Brutus says he was ambitious;And Brutus is an honourable man.He hath brought many captives home to RomeWhose ransoms did the general coffers fill:Did this in Caesar seem ambitious?When that the poor have cried, Caesar hath wept:Ambition should be made of sterner stuff:Yet Brutus says he was ambitious;And Brutus is an honourable man.You all did see that on the LupercalI thrice presented him a kingly crown,Which he did thrice refuse: was this ambition?Yet Brutus says he was ambitious;And, sure, he is an honourable man.I speak not to disprove what Brutus spoke,But here I am to speak what I do know.You all did love him once, not without cause:What cause withholds you then, to mourn for him?O judgment! thou art fled to brutish beasts,And men have lost their reason. Bear with me;My heart is in the coffin there with Caesar,And I must pause till it come back to me.All through this speech Antony never says one bad thing about Brutus. However, he keeps repeating the phrase, "...and Brutus is an honorable man... ", each time more and more ironically, until it becomes more than an insult -- an accusation. And SURE He is an honorable man!...Then, rather miraculously (and possibly dishonestly?) Antony produces Ceasar's last will and testiment:ANTONYBut yesterday the word of Caesar mightHave stood against the world; now lies he there.And none so poor to do him reverence.O masters, if I were disposed to stirYour hearts and minds to mutiny and rage,I should do Brutus wrong, and Cassius wrong,Who, you all know, are honourable men:I will not do them wrong; I rather chooseTo wrong the dead, to wrong myself and you,Than I will wrong such honourable men.But here's a parchment with the seal of Caesar;I found it in his closet, 'tis his will:Let but the commons hear this testament--Which, pardon me, I do not mean to read--And they would go and kiss dead Caesar's woundsAnd dip their napkins in his sacred blood,Yea, beg a hair of him for memory,And, dying, mention it within their wills,Bequeathing it as a rich legacyUnto their issue.Antony now says, "If I tell you what's in the will, I'll break my word to Brutus and Cassius -- and stir you to revolution - because his will is going to break your hearts..." At this point, the mob has swayed from Brutus' standpoint and are now remembering Ceasar very kindly. And the will has them more than interested.The citizens beg and beg to hear the will, and Antony refuses, saying it will drive them to rebellion -- and all the time repeating "...and Brutus is an honorable man..."...ANTONYWill you be patient? will you stay awhile?I have o'ershot myself to tell you of it:I fear I wrong the honourable menWhose daggers have stabb'd Caesar; I do fear it.He's saying that he shouldn't even have mentioned the will. This is pure, overt manipulation of the mob, but they don't notice, rememebering the good in Ceasar now....Now he "warns" the mob not to be swayed against Brutus, because the will is a heartbreaker. He carefully notes each cut in Ceasar's gown, and each wound. And the final stroke -- Brutus -- Ceasar's most loved. By now the mob is frothing.ANTONYIf you have tears, prepare to shed them now.You all do know this mantle: I rememberThe first time ever Caesar put it on;'Twas on a summer's evening, in his tent,That day he overcame the Nervii:Look, in this place ran Cassius' dagger through:See what a rent the envious Casca made:Through this the well-beloved Brutus stabb'd;And as he pluck'd his cursed steel away,Mark how the blood of Caesar follow'd it,As rushing out of doors, to be resolvedIf Brutus so unkindly knock'd, or no;For Brutus, as you know, was Caesar's angel:Judge, O you gods, how dearly Caesar loved him!This was the most unkindest cut of all;For when the noble Caesar saw him stab,Ingratitude, more strong than traitors' arms,Quite vanquish'd him: then burst his mighty heart;And, in his mantle muffling up his face,Even at the base of Pompey's statua,Which all the while ran blood, great Caesar fell.O, what a fall was there, my countrymen!Then I, and you, and all of us fell down,Whilst bloody treason flourish'd over us.O, now you weep; and, I perceive, you feelThe dint of pity: these are gracious drops.Kind souls, what, weep you when you but beholdOur Caesar's vesture wounded? Look you here,Here is himself, marr'd, as you see, with traitors.Then the will:ANTONYHere is the will, and under Caesar's seal.To every Roman citizen he gives,To every several man, seventy-five drachmas.Serious money! But there's more....ANTONYMoreover, he hath left you all his walks,His private arbours and new-planted orchards,On this side Tiber; he hath left them you,And to your heirs for ever, common pleasures,To walk abroad, and recreate yourselves.Here was a Caesar! when comes such another?He leaves them land -- a huge deal because ownership of land, even as a populace, was very restricted. By this time, the mob has completely been won over and is ready to revolt.The citizens are screaming for the blood of Brutus and Cassius now, and the mob takes to the street.With Octavius on his way in, and the entire populace of Rome uprising against Brutus and Cassius, the power has swung completely to Antony. The crowd leaves and Antony is alone, when he reveals the fruits of his plan:ANTONYNow let it work. Mischief, thou art afoot,Take thou what course thou wilt!Antony has turned the mob completely against Brutus' cadre and, together with Octavius, make war on Brutus and Cassius....Thus ends the funeral scene :}

How was the national debt in the 1920's?

Government debt From Wikipedia, the free encyclopediaSee also: List of countries by public debtPart of a series on Government Public finance Policies[show]Fiscal policy[show]Monetary policy[show]Trade policy[show]Revenue and Spending[show]Optimum[show]Reform[show]vteGovernment debt (also known as public debt and national debt)[1][2]is the debtowed by a central government. (In the U.S. and other federal states, "government debt" may also refer to the debt of a state or provincial government, municipal or local government.) By contrast, the annual "government deficit" refers to the difference between government receipts and spending in a single year, that is, the increase of debt over a particular year.Government debt is one method of financing government operations, but it is not the only method. Governments can also create money to monetizetheir debts, thereby removing the need to pay interest. But this practice simply reduces government interest costs rather than truly canceling government debt,[3]and can result in hyperinflationif used unsparingly.Governments usually borrow by issuing securities, government bonds and bills. Less creditworthy countries sometimes borrow directly from asupranationalorganization (e.g. the World Bank) or international financial institutions.As the government draws its income from much of the population, government debt is an indirect debt of the taxpayers. Government debt can be categorized as internal debt (owed to lenders within the country) and external debt (owed to foreign lenders). Sovereign debt usually refers to government debt that has been issued in a foreign currency. Another common division of government debt is by duration until repayment is due. Short term debt is generally considered to be for one year or less, long term is for more than ten years. Medium term debt falls between these two boundaries. A broader definition of government debt may consider all government liabilities, including future pension payments and payments for goods and services the government has contracted but not yet paid.A new way to pay the National Debt, James Gillray, 1786. King George III, with William Pitt handing him another moneybag.Contents[hide] 1 Government and sovereign bonds2 By country3 Municipal, provincial, or state bonds4 Denominated in reserve currencies5 Risk6 Clearing and defaults7 Structure8 Scale9 Problems10 Implicit debt11 See also12 References13 External links13.1 Databases[edit]Government and sovereign bondsMain article: government bondPublic debt as a percent of GDP, evolution for USA, Japan and the main EU economies.Public debt as a percent of GDP (2010).Public debt as a percent of GDP (2011)A government bond is a bond issued by a national government. Such bonds are often denominated in the country's domestic currency. Government bonds are sometimes regarded as risk-free bonds, because national governments can raise taxes or reduce spending up to a certain point; in many cases they "print more money" to redeem the bond at maturity. Most developed country governments are prohibited by law from printing money directly, that function having been relegated to their central banks. However, central banks may buy government bonds in order to finance government spending, thereby monetizing the debt.Bonds issued by national governments in foreign currencies are normally referred to as sovereign bonds. Investors in sovereign bonds denominated in foreign currency have the additional risk that the issuer may be unable to obtain foreign currency to redeem the bonds. In the 2010 Greek debt crisis, for example, the debt is held by Greece in Euros, and one proposed solution (advanced notably by World Pensions Council (WPC) financial economists) is for Greece to go back to issuing its own Drachma.[4][5][6]1. Primary Market: Government Bonds are often issued via auctions at Stock Exchanges. There are several different methods of issuing such as Auctions, Guarantee, Combined Auction and Guarantee, and others. There are two main depository types: Book-Entry and Certificate. There are two different methods of the payments: at the beginning and at the end. There are two types of interest rates: Fixed and Floating.Procedure of an auction:a. Disclose auction information:• Information about the bonds: interest rates, maturity year, type, and issuers (Central bank or Treasury)… • Method of issuing • Method of payments b. Auction:• Bidding interest rate • Ceiling interest rate • Big lot or not • Maturity • Disclose information of the final interest rate c. Depository:• Book Entry • Certificate d. Pre-listing• Stock Exchanges send the information of the auction to Depository Center e. Listing:• At the Stock Exchanges 2. Secondary Market: The G-bonds are traded at Stock Exchanges. Unlikely equity system, the bond secondary market uses a completely different system with different method of trading. Most of the system is real time trading. At the secondary market, each bond will be assigned with very own bond code (ISIN code). There are two types of trading: Outright and Repos.[edit]By countryFurther information: List of countries by public debt and List of countries by future gross government debtPublic Debt Top 20, 2010 estimate (CIA World Factbook 2011)[7]Country Public Debt(billion USD) % of GDP per capita (USD) Note (2008 estimate)(billion USD) USA $ 9,133 62% $ 29,158 ($ 5,415, 38%) Japan $ 8,512 198% $ 67,303 ($ 7,469, 172%) Germany $ 2,446 83% $ 30,024 ($ 1,931, 66%) Italy $ 2,113 119% $ 34,627 ($ 1,933, 106%) India $ 2,107 52% $ 1,489 ($ 1,863, 56%) China $ 1,907 19% $ 5,430 ($ 1,247, 16%) France $ 1,767 82% $ 27,062 ($ 1,453, 68%) UK $ 1,654 76% $ 26,375 ($ 1,158, 52%) Brazil $ 1,281 59% $ 6,299 ($ 775, 39%) Canada $ 1,117 84% $ 32,829 ($ 831, 64%) Spain $ 823 60% $ 17,598 ($ 571, 41%) Mexico $ 577 37% $ 5,071 ($ 561, 36%) Greece $ 454 143% $ 42,216 ($ 335, 97%) Netherlands $ 424 63% $ 25,152 ($ 392, 58%) Turkey $ 411 43% $ 5,218 ($ 362, 40%) Belgium $ 398 101% $ 38,139 ($ 350, 90%) Egypt $ 398 80% $ 4,846 ($ 385, 87%) Poland $ 381 53% $ 9,907 ($ 303, 45%) South Korea $ 331 23% $ 6,793 ($ 326, 24%) Singapore $ 309 106% $ 65,144 Taiwan $ 279 34% $ 12,075Public Debt is the total of all government borrowings less repayments that are denominated in a country's home currency.* CIA's World Factbook list only percentage of GDP, the debt amount and per capita is calculated with GDP (PPP) and population figures of same report.[edit]Municipal, provincial, or state bondsFurther information: Municipal bondMunicipal bonds, "munis" in the United States, are debt securities issued by local governments (municipalities).[edit]Denominated in reserve currenciesGovernments often borrow money in a currency in which the demand for debt securities is strong. An advantage of issuing bonds in a currency such as the US dollar, the pound sterling, or theeuro is that many investors wish to invest in such bonds. Countries such as the United States, Germany, Italy and France have only issued in their domestic currency (or in the Euro in the case of Euro members).Relatively few investors are willing to invest in currencies that do not have a long track record of stability. A disadvantage for a government issuing bonds in a foreign currency is that there is a risk that it will not be able to obtain the foreign currency to pay the interest or redeem the bonds. In 1997 and 1998, during the Asian financial crisis, this became a serious problem when many countries were unable to keep their exchange rate fixed due to speculativeattacks.[edit]RiskMain article: Credit riskLending to a national government in the country's own sovereign currency is often considered "risk free" and is done at a so-called "risk-free interest rate." This is because, up to a point, the debt and interest can be repaid by raising tax receipts (either by economic growth or raising tax rates), a reduction in spending, or failing that by simply printing more money. It is widely considered that this would increase inflation and thus reduce the value of the invested capital (at least for debt not linked to inflation). This has happened many times throughout history, and a typical example of this is provided by Weimar Germany of the 1920s which suffered from hyperinflationdue to its government's inability to pay the national debt deriving from the costs of World War I.In practice, the market interest rate tends to be different for debts of different countries. An example is in borrowing by different European Union countries denominated in euros. Even though the currency is the same in each case, the yield required by the market is higher for some countries' debt than for others. This reflects the views of the market on the relative solvency of the various countries and the likelihood that the debt will be repaid. Further, there are historical examples where countries defaulted, i.e., refused to pay their debts, even when they had the ability of paying it with printed money. This is because printing money has other effects that the government may see as more problematic than defaulting.A politically unstable state is anything but risk-free as it may-being sovereign-cease its payments. Examples of this phenomenon include Spainin the 16th and 17th centuries, which nullified its government debt seven times during a century, and revolutionary Russia of 1917 which refused to accept the responsibility for Imperial Russia's foreign debt.[8]Another political risk is caused by external threats. It is mostly uncommon for invaders to accept responsibility for the national debt of the annexed state or that of an organization it considered as rebels. For example, all borrowings by the Confederate States of America were left unpaid after the American Civil War. On the other hand, in the modern era, the transition from dictatorship and illegitimate governments to democracy does not automatically free the country of the debt contracted by the former government. Today's highly developed global credit markets would be less likely to lend to a country that negated its previous debt, or might require punishing levels of interest rates that would be unacceptable to the borrower.U.S. Treasury bonds denominated in U.S. dollars are often considered "risk free" in the U.S. This disregards the risk to foreign purchasers of depreciation in the dollar relative to the lender's currency. In addition, a risk-free status implicitly assumes the stability of the US government and its ability to continue repayments during any financial crisis.Lending to a national government in a currency other than its own does not give the same confidence in the ability to repay, but this may be offset by reducing the exchange rate risk to foreign lenders. On the other hand, national debt in foreign currency cannot be disposed of by starting a hyperinflation; and this increases the credibility of the debtor. Usually small states with volatile economies have most of their national debt in foreign currency. For countries in the Eurozone, the euro is the local currency, although no single state can trigger inflation by creating more currency.Lending to a local or municipal government can be just as risky as a loan to a private company, unless the local or municipal government has sufficient power to tax. In this case, the local government could to a certain extent pay its debts by increasing the taxes, or reduce spending, just as a national one could. Further, local government loans are sometimes guaranteed by the national government, and this reduces the risk. In some jurisdictions, interest earned on local or municipal bonds is tax-exempt income, which can be an important consideration for the wealthy.[edit]Clearing and defaultsMain articles: sovereign default, clearing (finance), and default (finance)Public debt clearing standards are set by the Bank for International Settlements, but defaults are governed by extremely complex laws which vary from jurisdiction to jurisdiction. Globally, theInternational Monetary Fund can take certain steps to intervene to prevent anticipated defaults. It is sometimes criticized for the measures it advises nations to take, which often involve cutting back on government spending as part of an economic austerity regime. In triple bottom line analysis, this can be seen as degrading capital on which the nation's economy ultimately depends.Those considerations do not apply to private debts, by contrast: credit risk(or the consumer credit rating) determines the interest rate, more or less, and entities go bankrupt if they fail to repay. Governments cannot really go bankrupt (and suddenly stop providing services to citizens), thus a far more complex way of managing defaults is required.Smaller jurisdictions, such as cities, are usually guaranteed by their regional or national levels of government. When New York City declined into what would have been a bankrupt status during the 1970s (had it been a private entity), by the mid- 1970s a "bailout" was required from New York State and the United States. In general, such measures amount to merging the smaller entity's debt into that of the larger entity and thereby giving it access to the lower interest rates the larger entity enjoys. The larger entity may then assume some agreed-upon oversight in order to prevent recurrence of the problem.[edit]StructureIn the dominant economic policy generally ascribed to theories of John Maynard Keynes, sometimes called Keynesian economics, there is tolerance for fairly high levels of public debt to pay forpublic investment in lean times, which, if boom times follow, can then be paid back from rising tax revenues.As this theory gained global popularity in the 1930s, many nations took on public debt to finance large infrastructural capital projects - such as highways or large hydroelectric dams. It was thought that this could start a virtuous cycle and a rising business confidence since there would be more workers with money to spend. Some[who?] have argued that the greatly increased military spending of World War IIreally ended the Great Depression. Of course, military expenditures are based upon the same tax (or debt) and spend fundamentals as the rest of the national budget, so this argument does little to undermine Keynesian theory. Indeed, some[who?] have suggested that significantly higher national spending necessitated by war essentially confirms the basic Keynesian analysis (see Military Keynesianism).Nonetheless, the Keynesian scheme remained dominant, thanks in part to Keynes' own pamphlet How to Pay for the War, published in the United Kingdom in 1940. Since the war was being paid for, and being won, Keynes and Harry Dexter White, Assistant Secretary of the United States Department of the Treasury, were, according to John Kenneth Galbraith, the dominating influences on the Bretton Woodsagreements. These agreements set the policies for the Bank for International Settlements (BIS), International Monetary Fund (IMF), and World Bank, the so-called Bretton Woods Institutions, launched in the late 1940s for the last two (the BIS was founded in 1930).These are the dominant economic entities setting policies regarding public debt. Due to its role in setting policies for trade disputes, the World Trade Organization also has immense power to affect foreign exchange relations, as many nations are dependent on specific commodity markets for the balance of payments they require to repay debt.Understanding the structure of public debt and analyzing its risk requires one to:Assess the expected value of any public assetbeing constructed, at least in future tax terms if not in direct revenues. A choice must be made about its status as a public good - some public "assets" end up as public bads, such as nuclear powerplants which are extremely expensive to decommission - these costs must also be worked into asset values.Determine whether any public debt is being used to finance consumption, which includes all social assistance and all military spending.Determine whether triple bottom line issues are likely to lead to failure or defaults of governments - say due to being overthrown.Determine whether any of the debt being undertaken may be held to be odious debt, which might permit it to be disavowed without any effect on a country's credit status. This includes any loans to purchase "assets" such as leaders' palaces, or the people's suppression or extermination. International law does not permit people to be held responsible for such debts - as they did not benefit in any way from the spending and had no control over it.Determine if any future entitlements are being created by expenditures - financing a public swimming pool for instance may create some right to recreation where it did not previously exist, by precedent and expectations.[edit]ScaleGeneral government debt as percent of GDP, USA, Japan,Germany.Interest burden of public debt with respect to GDP.National Debt Clock outside the IRSoffice in NYC, July 1, 2010Global debtis of great concern since interest payments can often place great demands on governments and individuals. This has led to calls for universal debt relieffor poorer countries.A less extreme and more innovative measure would be to permit civil societygroups in every nation to buy the debt in exchange for minority equitypositions in community organizations. Even in dictatorships, the combination of banks and civil society power could forceland reform and overthrow unaccountable governments, since the people and banks would be aligned against the oppressive government.Using a debt to GDP ratio is one of the most accepted measures of assessing a nation's debt. For example, in theory one of the criteria of admission to the European Union's Euro currency is that a country's debt should not exceed 60% of that country's GDP.The debt of the United Statesover time is documented online at the Department of the Treasury's website TreasuryDirect.[9][edit]ProblemsSovereign debt problems have been a major public policy issue since World War II, including the treatment of debt related to that war, the developing country "debt crisis" in the 1980s, and the shocks of the 1998 Russian financial crisis and Argentina's default in 2001.Not all developing countries have been affected to the same extent. For example Yugoslaviahad low government debt (perhaps because it was unable to borrow on world markets)[citation needed] until its breakup and the coming of democracy, when the new national governments started to borrow money from the IMF. Croatia has a government debt of $47 billion today while the whole of Yugoslavia (six times as many people as Croatia) in 1980 had debt of $14 billion.[citation needed][edit]Implicit debtGovernment "implicit" debt is the promise by a government of future payments from the state. Usually this refers to long term promises of social payments such as pensions and health expenditure; not promises of other expenditure such as education or defense (which are largely paid on a "quid pro quo" basis to government employees and contractors).A problem with these implicit government insurance liabilities is that it is hard to cost them accurately, since the amounts of future payments depend on so many factors. First of all, the social security claims are not "open" bonds or debt papers with a stated time frame, "time to maturity", "nominal value", or "net present value".In the United States, as in most other countries, there is no money earmarked in the government's coffers for future social insurance payments. This insurance system is called PAYGO(pay-as-you-go). Alternative social insurance strategies might have included a system that involved save and invest.Furthermore, population projections predict that when the "baby boomers" start to retire, the working population in the United States, and in many other countries, will be a smaller percentage of the population than it is now, for many years to come. This will increase the burden on the country of these promised pension and other payments - larger than the 65 percent[10]of GDP that it is now. The "burden" of the government is what it spends, since it can only pay its bills through taxes, debt, and increasing the money supply (government spending = tax revenues + change in government debt held by public + change in monetary base held by the public). "Government social benefits" paid by the United States government during 2003 totaled $1.3 trillion.[11]In 2010 the European Commission required EU Member Countries to publish their debt information in standardized methodology, explicitly including debts that were previously hidden in a number of ways to satisfy minimum requirements on local (national) and European (Stability and Growth Pact) level.[12][edit]See alsoGovernment finance:Debt crisisGovernment bondGovernment budget deficitGovernment spendingGenerational accountingFinancial repressionFiscal policyPublic financeSovereign defaultTaxSpecific:2010 European sovereign debt crisisUnited States public debtGeneral:Bond (finance)Credit default swapWarrant (of Payment)List of countries by credit ratingList of countries by external debtList of countries by net international investment positionList of countries by public debt[edit]References^ "Bureau of the Public Debt Homepage". United State Department of the Treasury. Accessed October 12, 2010.^ "FAQs: National Debt". United State Department of the Treasury. Accessed October 12, 2010.^ The Economics of Money, Banking, and the Financial Markets 7ed, Frederic S. Mishkin^M. Nicolas J. Firzli, "Greece and the Roots the EU Debt Crisis" The Vienna Review, March 2010^ Louise Armitstead, "EU accused of 'head in sand' attitude to Greek debt crisis" The Telegraph, 23 June 2011^ "EU accused of 'head in sand' attitude to Greek debt crisis". Telegraph.co.uk. Retrieved 2012-09-11.^ "Country Comparison :: Public debt". cia.gov. Retrieved November 8, 2011.^Hedlund, Stefan (2004). "Foreign Debt". Encyclopedia of Russian History (reprinted in Encyclopedia.com). Retrieved 3 March 2010.^ "Government - Historical Debt Outstanding - Annual". Treasurydirect.gov. 2010-10-01. Retrieved 2011-11-08.^ "Report for Selected Countries and Subjects". International Monetary Fund. Retrieved 2010-10-12.(General government gross debt 2008 estimates rounded to one decimal place)^ "Government Social Benefits Table".[dead link]^ "COUNCIL REGULATION (EC) No 479/2009". Retrieved 2011-11-08.[edit]External linksWikimedia Commons has media related to: Government debtThe IMF Public Financial Management BlogOECD government debt statisticsCanadian Taxpayers Federation debt clockFrench public debt clockUK national debt clockGermany's taxpayers union and debt clock (at the top of the page)Japan's national debtRiksgäldskontoret - Swedish national debt officeUnited States Treasury, Bureau of Public Debt - The Debt to the Penny and Who Holds ItThe US National Debt Clock by Ed HallSlaying the Dragon of Debt, Regional Oral History Office, The Bancroft Library, University of California, BerkeleyA historical collection of speeches and hearings on or referring to the federal government debt and the debt ceiling, available on FRASER[edit]DatabasesCLYPS dataset on public debt level and composition in Latin America[show] vteDebt[show]vteDerivatives marketCategories:Fiscal policyGovernment debtNavigation menuCreate accountLog inArticleTalkReadEditView historyMain pageContentsFeatured contentCurrent eventsRandom articleDonate to WikipediaWikimedia ShopInteractionHelpAbout WikipediaCommunity portalRecent changesContact WikipediaToolboxPrint/exportLanguagesالعربيةБългарскиCatalàČeskyDanskDeutschΕλληνικάEspañolEsperantoEuskaraFrançaisHrvatskiItalianoעבריתҚазақшаLietuviųMagyarBahasa MelayuNederlands日本語Norsk bokmålPolskiPortuguêsRomânăРусскийSlovenčinaSuomiSvenskaTagalogУкраїнськаاردوTiếng Việt中文Edit linksThis page was last modified on 8 April 2013 at 23:23.Text is available under the Creative Commons Attribution-ShareAlike License; additional terms may apply. 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