Ashford ECO 316 Week 2 DQ 2 Risk and Reward.docxCurrently the.docx

Ashford ECO 316 Week 2 DQ 2 Risk and Reward.docx
Currently the interest yield on short term Treasury Bills is near
zero. Longer term rates for mortgages are under 4%. Why would
someone want to buy Treasury Bills as opposed to investing in
mortgage backed securities? Explain in terms of risk factors
(maturity, liquidity, default, etc.).
There are many reasons why a person would choose to invest in
short-term treasury bills rather than mortgage backed securities,
including risk, liquidity, maturity, and cost. As we all know,
many mortgages went into default during the recession, so
investors received lower payments than originally expected.
Since mortgages are typically a long-term investment, there is a
greater chance that borrowers would default on their loans at
some point. Additionally, it is harder to find information
regarding the types of loans contained in mortgage backed
securities, so investors do not always understand exactly what
they are getting. The time and effort it takes to investigate this
information could cut into potential profits. Investing in a short-
term treasury bill carries zero default risk since the government
guarantees payment (Hubbard & O’Brien, 2012). The fact that
these bills typically mature in one year means that your money
will not be tied up for very long and is more liquid than a long-
term investment. If you knew that you would need the money in
a relatively short time frame, then it makes more sense to utilize
a treasury bill since it will be easier to access the funds. It’s
also easier to gather information on a government bill, so the
information costs are likely to be less than the alternative.
Another benefit of treasury bills is that there is no state or local
income tax assessed on the interest income, as opposed to
mortgage-backed securities (Treasury Direct, 2012), Even
though the interest rates on treasury bills is a lot lower than
mortgage backed securities, they can have more benefits than

their long-term counterparts.
References:
Hubbard, R. & O’Brien, A. (2012). Money, Banking, and the
Financial System (1st ed.). Upper Saddle River, NJ: Pearson.
Treasury Direct. (11 October, 2012). Treasury Bills: Tax
Considerations. Retrieved from
http://www.treasurydirect.gov/indiv/research/indepth/tbills/res_
tbill_tax.htm
Ashford ECO 316 Week 3 Assignment The Day the Machine
Went Off.docx
Running Head: THE DAY THE MACHINES WENT OFF
1
THE DAY THE MACHINES WENT OFF 4
The Day the Machine Went Off – Outline
ECO 316
1. The Day the Machines Went Off
Information technology, in its true essence has become the
backbone of modern world. Several significant functions such
as communication, security, monetary and financial transactions
are entrusted to technological systems such as computers and
super-computers. In the financial sector, technology has evolved

to play a significant role. Several functions in the financial
sector are performed by machines now to ensure convenience,
speed and accuracy of the transactions. The heavy reliance of
financial sector on machines makes it prone to dysfunction if
the machines go off. This paper discusses the impact on
financial sector if the machines stop working for a day.2.
Functions of Money
Money serves four important functions in an economy; a
unit of value, medium of exchange, standard of deferred
payments and store of value (Hubbard, 2012). To ensure smooth
functioning, money as the medium of exchange, standard of
deferred payments and store of value are extensively dependent
on technology. In case of machines stopping working, these
three functions and their sub-functions would be impacted
severely. 3. Immediate Impact of Shutdown of Financial
Institution
Financial institutions such as Fed are the backbone of the
economy and any disruptions in their functioning would have
rippling effect on the business and economy. As the technology-
driven financial transactions would grind to a halt, the economy
would also pause for the time till the financial institutions
resume functionality. The impact of closing down of financial
institution would be noteworthy on some areas that are
discussed in detail in this section.
3.1 Inflation
To comprehend the impact of financial institutions closing
down on inflation, the concept of supply and demand would be
deployed. As the financial transactions halt, there would be a
state of panic among public and prices of good would increase
in the expectation of an emergency in country (Mohamed, 2012;
Hale et al., 2012). This would cause inflation to soar.4.
Emergency Measures to Deploy
Emergency measures to ensure that economy doesn’t pause
with the financial institutions would include; manual clearing of
the transactions, use of back-up machines and transferring the

data stored in financial institutions main server to new
machines.5. Primary Financial Institution
Fed is the primary financial institution that would be made
functional at the earliest. Fed is the inventory of all the
financial information and therefore, it has to be made online for
all other financial institutions to resume work smoothly
(Hubbard, 2012). 6. Conclusion
Financial institutions, owing to their complex and
extensive functions are heavily dependent on machines. In case
the machines go off, the entire economy would pause along with
adverse effect on inflation, demand for gold, employment and
interest rates.
References
Hale, G., Hobijn, B., & Raina, R. (2012, June 18). Commodity
prices and pce inflation. Retrieved from
http://www.frbsf.org/publications/economics/letter/2012/el2012
-14.html
Hubbard, R. (2012). Money, Banking, and the Financial System
. New York: Pearson.
Mohamed, I. A. (2012, April). The Impacts of Financial Policies
on Inflation Rates in Sudan. SSRN Working Paper Series, 1-25.
Ashford ECO 316 Week 3 DQ 1 stocks and derivative.docx
Describe how stock prices are determined in stock markets and
how derivatives can be used to hedge or speculate on stock
prices. Examples should include put and call options and stock
index futures.
The prices of stock are driven by the financial rule, "the price
of a financial asset is equal to the present value of the payments

to be received from owning it" Hubbard 2012, p. 163).
Therefore, the price of stock is determined by using discount
rate to calculate the present value of the stock. The discount
rate utilized in calculating present value is the required return
on equities that is, the expected return necessary to compensate
for the risk of investing in stocks (Hubbard, 2012). The
expected dividend yield is also utilized to calculate the price of
the stock. The formula is;
Pt = (Det+1/(1 + rE)) + (Pet+1/(1 + rE))
where, Det+1is the annual dividend expected at the end of year,
Pet+1 is expected stock price at the end of year and rE is the
required return on equities.
Derivatives are the financial securities that allow firms and
individual investors to make profit from the price movement of
the underlying asset that is bond or stock. Hedging is reducing
the risk that is associated with the price movement of stock and
the derivatives reduce the uncertainty in the profits. In essence,
derivatives work as the insurance for purchasing stocks thereby,
promoting this activity. Similarly, derivatives are also used to
speculate that is equivalent to placing bets on the movement of
prices of assets such as stocks and bonds. Stock options such as
call and put offer the flexibility and opportunity to earn profit
on their stock. Call increases in value with an increase in the
value of underlying asset and decreases with decrease in the
value of underlying asset. Put increases in value when the
underlying asset decreases in value and vice versa. These
options allow the investor to earn profit when the price
fluctuates in the market. Stock future index is another feature
that allows for the underlying asset to be sold on a specified
date and are traded in commodity market.
References:

Ashford ECO 316 Week 3 DQ 2 foreign exchange rates.docx
Use an example of a foreign currency and discuss how it has
changed in price relative to the U.S. dollar over the last year.
Discuss how exchange rates affect domestic economic activity.
Include the supply and demand factors that moved the relative
prices.
As of this moment, the exchange rate per Euro is $1.347, which
means that it costs about $1.35 for each Euro (or $1 = .74
Euro). There have been many ups and downs in the exchange
rate over the last year, but it looks like it there has been more
depreciation of the dollar rather than appreciation (Reuters,
2013). Exchange rates affect domestic economic activity due to
the fact that we import a large number of goods and services
from other countries. In order to import these goods, companies
have to pay with equivalent amounts of currency, so if the
dollar depreciates the product will end up costing American
consumers more money (Hubbard & O’Brien, 2012).
Fluctuations in the exchange rate will also affect how the
United States can sell its own goods overseas. It will be easier
for the US to sell products if the dollar is weak because
consumers can purchase more dollars with their foreign
currency. Lastly, exchange rates affect domestic spending
because U.S. companies may have to use foreign parts or labor,
so they have to pay foreign currency in return.
Similar to interest rates and bond prices, the exchange rate can
be affected by supply and demand. If the exchange rate for euro
per dollar declines, then foreigners may want to buy more
things from the United States, which increases their demand for
dollars (Hubbard & O’Brien, 2012). As for the supply side,
when the exchange rate is on the rise, the quantity of dollars
supplied will also increase. If the exchange rate is high and
favors the dollar instead, then the dollar supply will increase so
households and firms can buy more Euros. Americans spending

more money will certainly have an impact on our economy, as
well as the foreign one.
References:
Reuters. (n.d.) Currencies. Retrieved
fromhttp://www.reuters.com/finance/currencies/
Ashford ECO 316 Week 4 Assignment Bank Operations using T
accounts.docx
Running Head: BANK OPERATIONS 1
BANK OPERATIONS 3
Bank Operations using T accounts
ECO 316
Bank Operations using T accounts
Commercial Bank Balance Sheet
Assets
Liabilities
Vault Cash +$100 Checkable
deposits +$100

The deposit in the commercial bank of $100 is treated as asset
by the bank and is listed as vault cash. As $100 is checking
deposit, bank considers it a liability as well because the
depositor can withdraw it anytime using ATM or visiting
branch.
The required reserve ratio of 0.1 implies that bank has to hold
10% of the checkable deposit as reserves. This means that out
of $100, $10 is considered required reserve and $90 is
considered as excess reserves. Rewriting the T account,
Assets
Liabilities
Required reserves +$10 Checkable
deposits +$100
Excess reserves +$90
In order to generate income, the bank would want to loan
out the excess reserves. Loaning the excess reserve would make
following changes in T account;
Assets
Liabilities
deposits +$100
Loans +$90
After the loaned funds deposited in a different bank, the
balance sheet of that bank would be;
Assets
Liabilities
deposits +$90
Excess reserves +$81

Ashford ECO 316 Week 4 DQ 1 structure and function of
financ.docx
Contrast the structure and function of investment banks, mutual
funds, hedge funds, pension funds and insurance companies.
Support your discussion with examples from scholarly sources
other than the course text, such as reputable news organizations,
recognized trade groups, government sources, and the Ashford
Online Library. Sources such as Investopedia and Wikipedia
will not be accepted.
Contrast the structure and function of investment banks, mutual
funds, hedge funds, pension funds and insurance companies.
Investment Banks- Their primary activities include providing
advice on new issues, underwriting new security issues, and
providing advice for mergers and acquisitions. Secondary
activities include: Financial engineering including risk
management, Research, and proprietary trading. The first three
activities are central to investment banking, the secondary
activities have emerged more recently.(Hubbard &
O’Brien,2012, p.315).Investment banks differ from pension
plans in that anyone can invest at an investment bank, a pension
plan is solely created for a pool of employees. Investment banks
interact with all 5 structures listed for this question; investment
banks, mutual funds, hedge funds, insurance companies and
pension plans.
Mutual funds- Mutual funds sell shares that are comprised of a
portfolio of investments, including stocks, bonds, money market
securities and mortgages. There are many differ types of mutual
funds that allow investors to concentrate on one specific are of
the economy e.g. high-yield bonds, emerging markets, blue-chip
stocks, etc. These are poplar investments and reduce risk by
diversifying; therefore spreading the risk among the various
holdings.
Hedge Funds- Hedge funds are similar to mutual funds in that

they invest in a portfolio of investments. Typically a hedge fund
only has 99 or fewer investors that are usually very wealthy.
This small amount of investors allows less regulation and the
investments are usually riskier than a typical mutual fund.
Hedge funds have gained in popularity over the last few
decades:
“During the last decade there has been a much greater expansion
by hedge funds than by mutual funds. This rapid increase in the
size of the hedge fund industry could be attributed to the
relative absence of regulations regarding compensation
contracts and trading strategies. Unlike mutual funds, hedge
funds are able to charge an incentive fee that is a large
proportion of the capital gain above a pre-specified hurdle rate
because they are free from regulatory restrictions on the
investment advisory contracts”( Deuskar et.al,2011).
Pension Funds – These invest the contributions of employees
and employers into stocks, bond, and mortgages. “Pension funds
can be thought of as deferred workers wages”( Hebb &
Beeferman, 2008) .Pension funds then pay vested contributors a
set amount, usually monthly, that acts as retirement income.
Pension funds typically invest in corporate equities and mutual
funds as their primary holdings.
Insurance companies – A financial intermediary that specializes
in writing contracts to protect policy holders from risk of
financial loss associated with particular events.( Hubbard &
O’Brien, 2012, p.332). Most people are familiar with auto
insurance, homeowners insurance, and life insurance. Insurance
companies differ from the other business structures in that they
primarily manage risk for both policy holders and themselves.
References:
Deuskar, P., Pollet, J. M., Wang, Z., & Zheng, L. (2011). The
Good or the Bad? Which Mutual Fund Managers Join Hedge
Funds?. Review Of Financial Studies, 24(9), 3008-3024.
Hebb, T. M., & Beeferman, L. (2008). US pension funds' labour
friendly investments. Rochester:
doi:http://dx.doi.org/10.2139/ssrn.1123571

Ashford ECO 316 Week 4 DQ 2 structure and function of
fed.docx
From the reading in Chapter 13 explain the reasons for the
structure and function of the Federal Reserve System. What
special problems does a central bank have to solve? Should
Congress and the president be given greater authority over the
Federal Reserve System?
The Federal Reserve System was established in 1913 as part of
the Federal Reserve Act. Instead of being one bank located in a
central location, the system is broken into twelve districts in
which there is a Federal Reserve Bank in one city, as well as
other branches within the district (Hubbard & O’Brien, 2012).
Economic power within the system is divided among three
different interest groups: bankers/business interests,
states/regions, and government/private sector. Additionally, the
districts are set up in a way that they serve both urban and rural
areas that contain a diverse set of business fields. The reason
that the power is divided as well as the country split into
districts is so that no one person or entity has total economic
power. This division of power can be thought of as yet another
system of checks and balances set up within the government.
The role of the central bank is “to manage the banking system
and the money supply,” as well as influence monetary and
economic policy (Hubbard & O’Brien, 2012, pg. 395). In times
of economic crisis we look to the Fed and the Board of
Governors for direction and solutions. They are tasked with
objectives such as regulating member banks, managing
circulating currency, and adjusting the federal funds rate as
needed. Of course, it is many people that are involved in
making the decisions on behalf of the Fed, which again
eliminates the possibility of one person having too much power.

Should the president and/or Congress be given more authority
over the Federal Reserve System? I don’t believe so. Yes, it is
necessary to have some political involvement, but we need to
keep the system free from too much political influence in order
to prevent one side from furthering their own agenda. The Fed
is in place to benefit the public, not the politicians. Giving the
president or Congress more control would only give them more
power, which is something that the system was designed to
avoid.
References:
Ashford ECO 316 Week 5 DQ 1 potential money
multiplier.docx
Read the scenario below, and then answer questions 1 and 2.
Refer to this week’s readings in the text, if needed.
Scenario: Bank A has an increase in deposits (or excess
reserves) of $100M and the reserve requirement is 10% with
other banks not holding reserves beyond the requirement.
· How much money can Bank A create by making loans?
· How much money can the banking system as a whole create?
(Show calculation).
Since bank A has an increase in excess reserves and not
required reserves, then they are free to lend out all $100M. In
order to determine how much money the banking system as a
whole can create, you can use the equation for the simple
deposit multiplier. This multiplier can help you calculate “the
ratio of the amount of deposits created by banks to the amount
of new reserves created” (Hubbard & O’Brien, 2012, pg. 422).
To find the multiplier you will divide 1 by the required reserve
ratio of 10% (.10). A second way to solve this problem is take
the amount of the increase in deposits and divide it by the
percentage of reserves that must be retained. In our scenario the

equation(s) would be:
ΔD = 100,000,000 / .10 = 1,000,000,000 or 100,000,000 x 10 =
1,000,000,000
If this was an increase in checkable deposits, then they would
have to reserve $10M and then have $90M left to lend out.
The reason why the initial deposit can create so much more
money is because of the process of multiple deposit creation,
which is when funds keep getting recycled in a while through
loans and deposits. When one bank loans out funds to one
person, then that person may deposit them in another bank, who
will then loan them out again, continuing the cycle. Checkable
deposits keep getting created down the line, although the
amount decreases each time due to reserve requirements
(Hubbard & O’Brien, 2012). It is also important to note that it
is not Bank A that is solely creating all of this money, but it is
rather an effect of the banking system working together as a
whole as funds transfer from one institution to the next.
References:
Ashford ECO 316 Week 5 DQ 2 current monetary policy.docx
After reading the Week Five required readings, address these
questions in your post
· What are the current monetary policy goals?
· How has the Fed attempted to meet some of these goals? What
have been the outcomes?
· Do you agree or disagree with the Fed taking action to
intervene when the economy is not well-functioning? Why or
why not?
The current monetary policy goals are divided into six separate
items: price stability, high employment, economic growth,
stability of financial markets and institutions, interest rate
stability, and foreign-exchange market stability.

The goal for price stability is to keep inflation from causing too
many fluctuations in the price level of goods. High inflation
rates can make people hesitate before entering into long-term
deals and causes money to lose its value (Hubbard & O’Brien,
2012).
High employment is a goal because unproductive workers and
companies will not be able to contribute as much to the
economy, especially since they are most likely having a hard
time financially, so they are unable to buy a lot of goods and
services. Economic growth is a goal because we want to find
ways to increase the nation’s GDP at a stable rate in order to
encourage people to spend and companies to hire more people.
If the economy is strong, people will feel better about spending
their money, whereas if it is weak then they will save more than
they spend. This is tied to high employment because having
more productive employees will increase the output.
The last three goals all have to deal with stability in the market,
both foreign and domestic, as well as interest rates. It is
important to achieve stability in our own market and institutions
because it makes it easier to have a balance of savers and
borrowers, meaning that there are more attractive investment
opportunities available, as well as more people willing to lend
money (Hubbard & O’Brien, 2012). As for the foreign market, it
is important to try and keep the exchange rate of the dollar at a
stable level so that businesses can more accurately plan for
future transactions abroad. Finally, interest rate stability is
important for one of the same reasons previously mentioned:
keeping the rates stable will allow people to better plan their
investments and borrowing needs.
The Fed attempts to meet these goals by utilizing the monetary
policy tools at their disposal: open market operations, discount
policy, reserve requirements, interest on reserve balances, and
term deposit facilities. The last two were developed as a result
of the recent financial crisis as tools to manage bank reserve
holdings. The Fed has also used open market operations in order
to influence the federal funds rate. In 2008, the Fed lowered the

target for the rate and they ended up purchasing securities,
which increased bank reserves (Hubbard & O’Brien, 2012).
I agree with the Fed taking action when the economy needs help
because they are the experts on the situations and are better
qualified than the average politician. I believe that they try to
be unbiased, even though there may be times when they give
into political influence. We may not always agree with the
actions they take, but they have to take into account the entire
country, so the needs of the many outweigh the needs of the
few.
References:
Ashford Week 1 Activity Quiz 100% Score.docx
1. Bonds are an example of
2. Banks, brokers, mutual funds, and insurance companies are
all financial
3. A type of security that represents partial ownership in a firm
is called equity or common
4. Stocks and bonds that have already been issued to the public
are then traded in
5. To calculate your net worth you will subtract the value of
your ___________ from the value of your __________.
6. My checking account deposits are an asset to me but a
liability to
7. The central bank of the U.S. is the
8. The key interest rate that represents the cost of borrowing for
banks is
9. The ease with which an asset can be turned into money is
known as
10. Your _________ of assets can include money, stocks, bonds,
and real estate
1. Bonds are an example of

securities
2. Banks, brokers, mutual funds, and insurance companies are
all financial
intermediaries
3. A type of security that represents partial ownership in a firm
is called equity or common
stock
4. Stocks and bonds that have already been issued to the public
are then traded in
the secondary market
5. To calculate your net worth you will subtract the value of
your ___________ from the value of your __________.
liabilities, assets
6. My checking account deposits are an asset to me but a
liability to
my bank
7. The central bank of the U.S. is the
Federal Reserve
8. The key interest rate that represents the cost of borrowing for
banks is
the Fed Funds rate
9. The ease with which an asset can be turned into money is
known as
liquidity
10. Your _________ of assets can include money, stocks, bonds,
and real estate
portfolio
Ashford Week 1 Quiz 100% Score.docx
1. If a bank grants you a mortgage, the mortgage is
2. Why do individuals hold money when it does not provide the
services that, say, a house does
3. Which of the following is NOT a financial intermediary
4. Financial markets
5. If you purchase a Treasury bond, the Treasury bond is

6. Economists define liquidity as
7. When economists refer to the role of money as a unit of
account, they mean that
8. The financial system is primarily a means by which
9. Economists define risk as
10. Fiat money
1 If a bank grants you a mortgage, the mortgage is
a liability to you, but an asset to the bank
2 Why do individuals hold money when it does not provide the
services that, say, a house does
Money is the most liquid asset
3 Which of the following is NOT a financial intermediary
stock exchange
4 Financial markets
channel funds directly from lenders to borrowers
5 If you purchase a Treasury bond, the Treasury bond is
an asset to you, but a liability to the U.S. government
6 Economists define liquidity as
the ease with which an asset can be exchanged for money
7 When economists refer to the role of money as a unit of
account, they mean that
money gives traders a way of measuring value in the economy
8 The financial system is primarily a means by which
funds are transferred from savers to borrowers
9 Economists define risk as
the chance that the value of financial assets will change from
what you expect
10 Fiat money
is money that would have no value if it were not usable as
money
1. The supply curve for bonds would be shifted to the left by

2. A one-year discount bond with a face value of $1000 that is
currently selling for $900 has an interest rate of
3. Suppose that a new bond rating service is established that
specializes in rating municipal bonds that had not previously
been rated. The likely result would be
4. During a period of economic expansion, when expected
profitability is high,
5. Suppose that Congress passes an investment tax credit. The
likely result will be
6. If the federal government decreases its spending and doesn't
decrease taxes, the bond supply shifts to the
7. If the expected gains on stocks rise, while the expected
returns on bonds do not change, then
8. Businesses typically issue bonds to finance
9. Which of the following would NOT cause the demand curve
for bonds to shift?
10. As a result of higher expected inflation
1. The supply curve for bonds would be shifted to the left by
a decrease in government borrowing
2. A one-year discount bond with a face value of $1000 that is
currently selling for $900 has an interest rate of
11.1%.
3. Suppose that a new bond rating service is established that
specializes in rating municipal bonds that had not previously
been rated. The likely result would be
a decrease in the equilibrium interest rate
4. During a period of economic expansion, when expected
profitability is high,
the supply curve of bonds shifts to the right
5. Suppose that Congress passes an investment tax credit. The
likely result will be
the supply curve for bonds will shift to the right
6. If the federal government decreases its spending and doesn't
decrease taxes, the bond supply shifts to the
left and the equilibrium interest rate falls

7. If the expected gains on stocks rise, while the expected
returns on bonds do not change, then
the equilibrium interest rate will rise
8. Businesses typically issue bonds to finance
spending on new plant and equipment
9. Which of the following would NOT cause the demand curve
for bonds to shift?
a change in the price of bonds
10. As a result of higher expected inflation
the demand curve for loanable funds shifts to the right, the
supply curve for loanable funds shifts to the left, and the
equilibrium interest rate usually rises.
1. Forward transactions would be useful to
2. One implication of the efficient markets hypothesis is that
investors should
3. Hedgers are primarily interested in
4. Suppose you plan to hold a stock for one year. You expect
that, in one year, it will sell for $30 and pay a dividend of $3
per share. If your required return on equity is 10%, what is the
most you should be willing to pay for the share today
5. The rate of return of a stock held for one year equals
6. According to the efficient markets hypothesis, who is most
likely to benefit from frequently moving funds from one asset to
another
7. The required return on equity for an individual stock includes
which of the following?
8. Excess volatility refers to
9. Speculators in derivatives markets
10. The difference between a firm's assets and its liabilities is
known as
1. Forward transactions would be useful to
a business wanting to know the cost of its funds on future loans

2. One implication of the efficient markets hypothesis is that
investors should
hold a diversified portfolio of assets.
3. Hedgers are primarily interested in
reducing their exposure to the risk of price fluctuations
4. Suppose you plan to hold a stock for one year. You expect
that, in one year, it will sell for $30 and pay a dividend of $3
per share. If your required return on equity is 10%, what is the
most you should be willing to pay for the share today
$30
5. The rate of return of a stock held for one year equals
the dividend yield plus the rate of capital gain
6. According to the efficient markets hypothesis, who is most
likely to benefit from frequently moving funds from one asset to
another
your broker
7. The required return on equity for an individual stock includes
which of the following?
all of the above
8. Excess volatility refers to
the larger movements in market prices of stock than in their
fundamental values
9. Speculators in derivatives markets
accept risk transferred to them by hedgers
10. The difference between a firm's assets and its liabilities is
known as
equity
1. Any reserves beyond what is required are called
2. In banking, the spread refers to the difference between the
3. Required reserves are
4. Excess reserves equal
5. In managing its liabilities to deal with liquidity problems,
banks trade off

6. Securitization refers to
7. An most important service provided by underwriters is
8. If you have a checking account at First National Bank, the
account is
9. Short-term loans between banks are called
10. When investment banks buy or sell securities on their own
account, it's called
1. Any reserves beyond what is required are called
excess reserves
2. In banking, the spread refers to the difference between the
average interest rate earned on assets and the average interest
rate paid on liabilities
3. Required reserves are
the portion of demand deposits and NOW accounts banks must
hold
4. Excess reserves equal
total reserves less required reserves
5. In managing its liabilities to deal with liquidity problems,
banks trade off
the need for available funds to meet deposit outflows against
the desire for greater profit
6. Securitization refers to
selling directly to investors loans or securities that were
formerly held by financial intermediaries
7. An most important service provided by underwriters is
lowering of information costs
8. If you have a checking account at First National Bank, the
account is
an asset to you and a liability to First National
9. Short-term loans between banks are called
federal funds
10. When investment banks buy or sell securities on their own
account, it's called
proprietary trading

1. If the Fed purchases $1 million in securities from the
nonbank public, the monetary base will rise by $1 million
2. If the Fed buys securities worth $10 million, then
3. The percentage of deposits that banks must hold as reserves
is called the
4. If the Fed purchases $50,000 in T-bills from a bank, by how
much will the bank's excess reserves increase
5. Most of the increase in the monetary base between 2007 and
2012 was due to increases in
6. The aggregate M1 consists of
7. Open market operations generally involve
8. Which of the following assumptions made in deriving the
simple deposit multiplier is unrealistic
9. The Fed has the greatest control over which of the following
10. The Fed's portfolio of securities consists principally of
1. If the Fed purchases $1 million in securities from the
nonbank public, the monetary base will rise by $1 million
whether the public holds the proceeds as currency or deposits
them as checkable deposits
2. If the Fed buys securities worth $10 million, then
bank reserves will increase by $10 million
3. The percentage of deposits that banks must hold as reserves
is called the
required reserve ratio
4. If the Fed purchases $50,000 in T-bills from a bank, by how
much will the bank's excess reserves increase
by $50,000
5. Most of the increase in the monetary base between 2007 and
2012 was due to increases in
excess reserves
6. The aggregate M1 consists of
currency plus checkable deposits in financial institutions

7. Open market operations generally involve
the Fed buying and selling U.S. government securities
8. Which of the following assumptions made in deriving the
simple deposit multiplier is unrealistic
Banks loan out all of their excess reserves
9. The Fed has the greatest control over which of the following
the nonborrowed monetary base
10. The Fed's portfolio of securities consists principally of
U.S. Treasury obligations
Ashford eco 316 Week 5 finals The Day the Machines Went
Off.docx
Running Head: THE DAY THE MACHINE WENT OFF
1
THE DAY THE MACHINE WENT OFF
10
The Day the Machines Went Off
ECO 316
The Day the Machine Went Off
Use of information technology is continuously increasing and
touches all aspects of human life. Information technology plays
vital role across all major industries which results in economic
development and defies geographical boundaries. Financial
industry also got benefited with the use of advance technology
and resulting in increasing development processes. Similar to
other industries, financial sector also use advanced machinery
and equipment to perform functions at great speed and enhanced
accuracy. Banking sector utilizes technology for internal

functions such as processing of transactions, book keeping and
balancing and the deployment of technology is further advanced
to all customer dealing processes. These processes comprises of
internet banking, auto trailer machine, mobile banking etc. Such
technologies infuse convenience and accessibility to perform
banking transactions. Technology and machinery have altered
the way banking operations are performed.
In similar manner, other industries also utilize technology in
internal and external processes. Online money transaction
facility has changed the way of shopping. Unlike earlier, when
people were required to carry cash and check to make payments,
now shopping can be done just by swapping a card and online
from the comfort of home. Different electronic machineries
have become an integral part of the daily life and it is difficult
to imagine world without computers, internet, and other
electronic devices. This paper intends to discuss the impact on
the financial sector in case the machines stop working. The
paper elaborates impact of machinery dysfunction on economic
development and the subsequent impact on inflation,
unemployment, demand for commodities, and interest rate. The
paper further discusses impact of dysfunction of machineries on
central bank and money market along with deliberation upon
emergency measures and important institutions that would have
to be functional on priority basis. 2. Functions of Money
Money is an essential part of human life; people earn it and
spend it for exchange of goods. According to economists four
essential functions of money are: measurement of value,
medium of exchange or trade, standard of differed payments,
and store of value (Hubbard, 2012). Money defines the value of
products and services that are traded in economy hence money
function as unit of value. This function will work in absence of
machineries. Money plays vital role in all transactions of goods
and services by performing function as medium of exchange.
Companies produced or manufactured goods and traded them in
exchange of money. People also perform their services in
exchange of money. Money is commonly acceptable as medium

of exchange.
In modern economy, credits are paid only in the form of money.
Money maintained deferred payments in a manner that creditor
and debtor both do not incur loss. People can save their value in
the form of money; saving value in any other form is very
difficult. Money can be saved and used in future at the time of
requirements. Technology and machinery facilitates all three
functions of money i.e. medium of exchange or trade, standard
of differed payments, and store of value. In case machines
stopped working it will be difficult for people to trade online,
and from cards. People will be unable to withdraw their money
from the banks as well as from the ATMs. Complete trading
cycle is depended on money and in absence of money it will not
be possible to make payments for goods and services. Earning
of companies and employees will be stopped due to failure of
banking transactions machineries. People will be unable to
make pay credits and used their savings. Thereby dysfunction of
machines will impact the whole economy in no time.3.
Immediate Impact of Shutdown on Financial System
Information technology has become integrated part of modern
world by performing several financial functions with more
speed and accuracy. Financial institutions are essential part of
economy and dysfunction of machines and technology of
financial institutions would result in damaging the functioning
of economy and businesses. The moment machines and
technology will stop working, all technology driven financial
transactions would be halt. The major impacts of shutdown of
financial system are discussed below:
3.1 Inflation:
Prices of goods and inflation depend upon the supply and
demand of goods in the market. Rise in inflation reflects the
loss of value of money that is main medium of exchange in
economy. The time when banking institutions would be unable
to process any transactions there will be uncertainties and
doubts among people. People would be in stage of panic as they
are not sure about future situations (Mohamed, 2012, April).

People with some cash will try to buy goods quickly because
they are not sure about condition of future trading. Retailers and
wholesalers would not be in position to buy goods from the
manufacturers or companies because inaccessibility to the
money. Retailers who have inventory of products would try to
sell their goods at much higher cost in order to generate more
money. Overall machinery failure creates a sense of emergency
among public that will result in rising of inflation.
3.2 Unemployment in Financial Institutions:
Employment is important indicator of economic; rise in
unemployed people shows the declining performance of
economy. At the time when all machineries and technology
deployed in financial institutions will stop functioning number
of unemployed people will go up. There are two main reasons
for the rise in unemployment. First, people who are performing
technical operations, managing and maintaining machineries
will have no job to do. All works at financial institutions would
be performed manually hence there will be no requirement of
technical staff. Second, in absence of accessibility to money,
people who are working on hourly wages such as labors,
cleaners will not get ample work; people would prefer to do
their own work in order to save their cash.
3.3 Lack of functioning Central Bank:
Central bank regulates and monitors other banks to control
financial system of economy. Central bank is most important
player in American economy hence any impact on functioning
of central bank will impact overall economy. In absence
technology disbursement of credit would be slow which will
decrease the supply of money in market and to the other banks.
Technology provides immense support to bank in delivering
customized services with full efficiency (Gallagher and Andrew,
2007). In present competitive environment customers are more
demanding; they look for quick solutions to their problems
which only can be possible with the help of technology.
In absence of technology all banking works needed to be done

manually which is a time consuming process. At the moment
technology will stop functioning there would be a lot of
confusion in terms of work allocation, individual
responsibilities and job processes. Employee’s task would not
be clear, who is going collect check, who is responsible to
maintain the records, and who is going to make payments to the
public. This confusion will decrease the efficiency and
functioning of all banks including central banks.
3.4 Demand of Paper Money:
Over period of time, payment system has evolved significantly
due to implementation of advance technology. Earlier, people
were able to make payments only in cash or check but now they
are able to make payments by card, mobiles, and online
transfers. Any failure of machineries can push the payment
system towards two to three decades back and people would be
able to transact only in hard cash or through check. Machinery
failure will increase the demand of paper money significantly
which would be difficult for banks to manage due to manual
work, slow operations and poor supply of money from central
bank. E-commerce business is also gaining popularity; presently
a good percentage of people do online shopping by using online
payment facility. Dysfunction of machineries will stop such
transactions and those customers will end up buying products in
exchange of cash.
3.5 Interest Rates:
Interest rates are percentage charged by the lender on total
money that is landed. Similarly banks pay interest rate on the
money deposited by individuals to their banks. Interest rates are
governed by central bank according to the economic conditions
and value of money. In case when inflation is expected to rise,
chances are that central bank increases interest rates. Central
bank increases interest rates to govern value of money, liquidity
of money in market, cash reserve in banks and control inflation.
Increase in interest rates will de-motivate creditors to borrow
money, this eliminate some manual work burden from banks in
absence of machineries. Rise in interest rate will also occur due

to increasing demands of goods due to machinery failure at
financial institutions.
3.6 Demand of Gold:
Prices of gold are governed by various factors such as demand
and supply of metal in the market, gold policy of central bank,
economic conditions and value of money. Due to failure of
technology and machineries the economic conditions will be in
bad shape. Inflation will also increase which will increase the
price of gold. Economic conditions also governed the value of
currency and any decrease in value of US dollar will increase
the price of gold. Gold is considered as precious metal used for
hedging against economic uncertainties (Hale et al., 2012).
When functioning of financial institutions will be impacted by
dysfunction of machineries, economic uncertainties would go up
and people who have money will prefer to invest in gold. This
increase in demand of gold would result in higher prices of
gold.
3.7 Barter:
Money is important aspect of economy as it is the main medium
of trade. People rely on financial institutions for supply of
money. People have to rely on barter system for trade of
necessary products and services in absence of proper supply of
money due dysfunction of machineries. Barter system works on
demands or necessity of both parties involve in trading. In
barter system both parties involve in trading should offer goods
or service desired by second party (O'Sullivan and Steven,
2003). This characteristic makes barter system inefficient.
Reliance on barter system will damage the trade because it does
not consider value of goods or service instead based on needs
and requirements of people. Financial institutions will not be in
position to fulfill the demand of money hence people have to
rely on barter system for their basic needs. 4. Emergency
Measures to Deploy
Sudden stop in functioning of financial institutions will create
emergency situation. Dysfunction of machineries at banks will
stop all monetary transactions taking place via online or with

the help of machines. It is essential to deploy some emergency
measures to prevent the possible damages to economy that
would cause due to machinery failure. Such measures prevent
functioning of financial institutions from pause. Such
emergency measures would consist of:
4.1 Manuel Functioning:
In absence of machinery, it will be good to perform transactions
manually instead pausing all the transactions thus stopping
economy. Manual transactions will decrease the speed
significantly and may cause huge trouble to the customers as
they have to go to the banks to withdraw money. However
manual transactions will protect economy from major potential
threats such as rising inflations, unemployment, rising cost of
goods and services, and especially barter system.
4.2 Back-up Machineries:
It is recommended that financial institutions should keep buffer
of all important machineries and back-up of data in order to
avoid any trouble in functioning. In case of emergency bank can
transfer back-up data from main server to new machines. Back-
up machines will certainly attract some cost but benefits are
enormous.
4.3 Emergency Team of Technical Staff:
Financial institutions should keep emergency team that and
repair and replace machinery on urgent basis. It is not necessary
to keep such team on permanent basis; outsourcing and
contracting could be possible options for financial institutions
to get efficient service at low cost.5. Primary Financial
Institution
Federal bank is the main financial institution that governs
economy of country and control functioning of other financial
institutions. Federal bank maintains back-up of all financial
data hence it is important to first make federal bank online.
Federal bank also lends money to other financial institutions
and maintains flow of money. Therefore making other financial
institutions online will not resolve problem quickly. Other
financial institutions can be back online subsequent to federal

bank. Online functioning of Federal bank can also protect
economy from major threats that might emerge due to panic
among people and economic uncertainties; it will make people
calm and have patience for some time to improve the situation
till all financial institutions come back online.6. Conclusion
From the above discussion it is concluded that machinery plays
vital role in fast and efficient functioning of financial
institutions. Dependency of financial institutions on machinery
has increased significantly and all major financial processes are
directly or indirectly linked with machines. Any halt in
functioning of such machines will impact economy
significantly. It will increase inflation and unemployment,
prices of commodities will rise along with interest rate.
Technology will stop functioning of federal bank which will
impact whole economy of country significantly. It is important
to take emergency measures to mitigate the impact of machinery
failures on economy. Such emergency measures could be
manual functioning, back-up of important machineries and team
of technicians. These measures will protect economy from any
major adverse impact. Machineries have become important
aspects of daily life and it is used across all business to perform
functions more efficiently. Any failure of machine has negative
impacts depending upon the business and function of machine.
References
Hale, G., Hobijn, B., & Raina, R. (2012, June 18). Commodity
prices and pce inflation. Retrieved from
http://www.frbsf.org/publications/economics/letter/2012/el2012
-14.html
Hubbard, R. (2012). Money, Banking, and the Financial System
. New York: Pearson.
Mohamed, I. A. (2012, April). The Impacts of Financial Policies
on Inflation Rates in Sudan. SSRN Working Paper Series , 1-25.
O'Sullivan, A. and Steven M. S. (2003). Economics: Principles
in Action. USA: Pearson Prentice Hall.
T. J. Gallagher and J. D. Andrew. (2007). Financial

Management; Principles and Practice. Upper Saddle River, NJ:
Freeload Press, In.
Ashford ECO 316 Week 1 DQ 1 Money and its function.docx
Discuss how the money supply is measured and the four key
functions of money discussed in the text Chapter 2 and in the
Feducation: Money and Inflation video. Use examples from
everyday life (e.g. saving, spending, accounting) in your post.
Money serves four functions in our economy: medium of
exchange, unit of account, store of value, and standard of
deferred payment. A medium of exchange is when someone
accepts money in return for something else. For example, when
I go buy a new pair of shoes I will exchange money for the
shoes, instead of trading something else of similar value. Money
as a unit of account means that “each good has a single price
quoted in terms of the medium of exchange” (Hubbard &
O’Brien, 2012, p.28). Using the same measure of value on
goods and services will make it clear as to the single cost of the
product, which is easier than trying to figure out how to pay
with other items of different value. What if I went to buy those
shoes again and the price was two chickens, but I didn’t have
any chickens? I would have to figure out what else I had on
hand that would be of comparable value.
Another function of money is that it acts as a store of value,
which means that you don’t have to spend it all at once and can
put some of it away for another day. An example of this is when
I get paid and decide to put a portion of my paycheck in my
savings account. I don’t need the money now, so I will save it
for some point in the future when I do need it. When it comes
time to use it, the money will still hold the same face value as it
did when I put it into the account, but its purchasing power will
be adjusted for inflation (Snippet, 2013). Finally, money acts as

a standard of deferred payment, which means that it acts as an
agreed upon unit by which debts will be paid in the future for a
product received now. A common example of this is a car loan;
when you buy a car you will likely take out a loan to pay for it.
The bank gives you the funds to buy the car and you agree to
pay them back with money over the course of the loan period.
The fact that money is use as a unit of account means that it can
be measured in some way; however, it is not just cash that is
measured. The most basic measure of money, referred to as M1,
includes cash, checking accounts, and traveler’s checks. These
forms of money are the most liquid. The next measure, referred
to as M2, includes everything in M1 plus savings accounts,
short-term time deposits, and money market accounts. These
accounts are also liquid, but not as easily convertible as the
accounts in M1. According to our text there is no consensus as
to which measure is more effective (Hubbard & O’Brien, 2012).
References:
Snippet, U. O., & C. (2013). Feducation: Money and Inflation.
Federal Reserve Bank of St. Louis | Economic Data, Monetary
Rates, Economic Education. Retrieved from
http://www.stlouisfed.org/education_resources/feducation-
money-and-inflation/
Ashford ECO 316 Week 1 DQ 2 Bond Price and Interest
rate.docx
Explain why there is an inverse relationship between the price
of bonds and the relevant interest rate. Explain the effect of
each of the following upon interest rates and upon the price of
bonds:
· Maturity
· Risk
· Inflation

Bond prices and yields to maturity have an inverse relationship,
meaning that an increase in one results in a decrease in the
other. When interest rates on new bonds go up, the prices of
existing bonds fall, and vice versa. If you have a bond at a rate
of 7% and new bonds have a rate of 10%, then the price of your
bond falls because it will “become less desirable to investors”
(Hubbard & O’Brien, 2012, p.69). After all, who will want a
bond that’s paying a lower rate than what’s currently available?
You would have to calculate the market price of your bond in
order to make it attractive to other investors, and that new price
will probably be lower than the face value. On the flip side, if
you have a bond at a rate of 7% and rates fall to 5%, then your
bond will be more attractive since it is offering the better deal.
Other factors can affect interest rates and the price of bonds,
such as maturity, risk, and inflation. Having a longer maturity
means that interest rate changes will have a bigger impact on
your investment since it covers a longer time period. If your
bond is carrying a below-market rate for many years, then the
price will have to be lowered in order to try and sell it to
another investor (Hubbard & O’Brien, 2012). Interest rate risk
is tied into maturity because there is less likelihood of having
significant rate changes in a short-term bond; but that risk
increases the longer the bond is held. Inflation affects rates and
bond prices because it reduces the purchases power of your
interest payments and principal. Inflation can cause bond prices
to fall if interest rates are not adjusted accordingly because they
don’t hold as much value anymore, so there will be less demand
for them. If interest rates are raised to account for inflation,
then people will want to buy bonds at the higher rate instead.
Reference:
Ashford ECO 316 Week 2 DQ 1 Models and Bond Pricing.docx
Choose a particular bond and explain how the interest rate is

determined using the three models of bond interest rates
presented in Chapter 4.
An example of a coupon bond is one issued by Verizon
Communications Inc:
Price: 138.74
Coupon (%): 8.750
Maturity Date: 1-Nov-2018
Yield to Maturity (%): 2.595
Current Yield (%): 6.307
Fitch Ratings: A
Coupon Payment Freq: Semi-Annual
First Coupon Date: 1-May-2009
Type: Corporate
Callable: No
The classic model of supply and demand will have an effect on
interest rates because we are trying to find the balance, or
equilibrium, between the two sides. If demand for bonds
increases, then the price will increase and the interest rate will
decrease. If demand decreases, then so will the price, but
interest rates will increase. Factors such as wealth, expected
returns, risk, liquidity, and information costs can cause the
demand to shift (Hubbard & O’Brien, 2012). Shifts in the
supply curve will have similar effects, depending on the
direction. Factors that may cause supply to shift are expected
pretax profitability, business tax, inflation expectation, and
government borrowing trends.
Using the bond market model we can explain changes in interest
rates by looking at activity over a business cycle or using the
Fisher effect. During a business cycle there are periods of
expansion and recession. If there is a recession, then individuals
will have less wealth, so demand for bonds will decrease.
Businesses will also have a gloomy outlook on future profits, so
supply of bonds will also decrease. Both shifts will result in
higher bond prices and lower interest rates, as long as supply
shifts more than demand. The Fisher effect explains how

expected real interest rate will not change because nominal rates
will change “point for point with changes in the expected
inflation rate” (Hubbard & O’Brien, 2012, pg. 105). For
example, if the nominal rate is 7% and the expected inflation
rate is 4%, then the expected real interest rate is 3%; however,
if inflation is likely to increase to 5%, then the nominal rate
will increase to 8%, which leaves the real interest rate at 3%.
The loanable funds model looks at how money flows between
the United States and other foreign markets. The world real
interest rate is determined by the international capital market,
and the size of the economies could have the potential to
influence this rate. The behaviors of smaller economies are less
likely to affect others, so they will probably have no effect on
the world rate; however, in these instances the world and
domestic rates would be the same in order to ensure the lender
or borrower is getting the best deal. The behavior of large
economies could affect other foreign markets, so they could
influence the world interest rate in order to generate more funds
for international lending/borrowing.
References:
Current bond information courtesy of Yahoo! Finance.
1. Use economic theory of supply and demand, crime, addiction,
etc. to support your argument. This is not an opinion piece as
to whether or not you think marijuana should be legal.
2. Spelling, grammar, punctuation, structure, content, and tone
all count toward your grade. If you have 5 or more spelling
errors in your paper, you will receive a zero. Poor grammar etc.
will result in a poor grade. Note: If you write the paper in the
same way that people speak, then I will refer to it as
"conversational." This tone will reduce your score. It is an
academic paper and should reflect that fact.

3. You must use the Bowmaker compilation as a source. Use a
minimum of 3 sources.
4. Use a works-cited page. Parenthetical, in-text citations for
sources and lecture slides are acceptable.
5. 1100-1400 words.
6. Compose the essay in the style of an argumentative paper.
That is, use evidence from the literature to argue in favor of or
opposed to Washington's marijuana legislation.
7. Do not, under any circumstances, use some random blog as a
source. Doing this will result in a zero.
8. Enjoy the research and consider writing a paper from a
perspective that differs from your own position.
argue in favor of or against the death penalty in the case of
Nathan Dunlap.
Is there any risk of executing an innocent person?
Is it cheaper to execute or keep someone in prison their whole
life.
Is the death penalty a deterrent?
Hye Seo
Russell Kellogg
ECON 3400
8 November 2013
The death penalty is the decision of the state to execute an
individual on the account of their horrendous crimes. Those who
are in favor of the death penalty choose to make the individual,
responsible for the crime, pay for their actions through a
definite means. Those who are against the death penalty allow
the individual the luxury of life. The argument is that the
installment of capital punishment does not deter crime. If that
were the case, then all prisons should be abolished for they are
not preventing crime from occurring as well. In the case of
Nathan Dunlap, who has taken the lives of four innocent people
in a local Chuck E Cheese in Aurora, the people have decided to

hold him accountable for his ghastly actions made in August of
1993.
I would argue in favor of the death penalty in the case of
Nathan Dunlap. By choosing to hold him accountable for the
lives he has taken in cold blood, it would benefit society by
setting an example of him. Keeping him in prison would merely
be a waste of taxpayer’s money, which he should not have the
luxury to enjoy. Allowing such an individual to spend their
entire life in prison would merely allow him to live his life
without holding him accountable for his terrible actions. He
would be provided with healthcare, boarding, and food – simple
things that were taken from the individuals he has murdered. If
Nathan Dunlap didn’t have to face the fear of death, he
wouldn’t contemplate the consequences of his murderous
actions. This may also encourage others who have committed
crimes to not fear consequences for their own actions. It would
be an economic benefit by dealing with murderers through
capital punishment. The murderer has already been given the
right to a fair trial, in which he was found guilty and thus
convicted with the appropriate means. His execution has been
postponed for twenty years since the murders took place; this is
a sufficient amount of time for the legal processes to gather
evidence and support to rightly convict the man for his crimes.
He was given the same rights as any other individual who has
yet to commit a crime like his. Research and statistics show that
states who uphold the capital punishment have higher murder
rates than those who do not. This is due to population density as
well as urban infrastructure. Noting this, the urban states with
higher murder and crime rates would see an increase in those
rates if capital punishment was not installed in that state.
In the United States, when the death penalty was temporarily
suspended from 1972 to 1976, the number of murder crimes
went up significantly. For example, in Texas, where aggressive
capital was enforced in 1991-1999, there was a 60% decrease in
murder rates.

The argument that the death penalty does not benefit society can
be counterattacked through statistical research. If murderers had
the punishment of the death penalty hanging over their heads, it
would decrease the number of individuals to fully carry out
their murder rampage.
Murder is one of the worst crimes an individual can inflict upon
another human being. People fear death and using death as a
punishment will decrease the likelihood that certain individuals
will commit a crime. Those who are against the death penalty
lean towards alternate means of judgment, such as life without
parole. This should not be the preferred route because murders
and punishable crimes can be committed behind prison walls as
well. Merely spending time behind bars for the remainder of
one’s life will not necessarily make someone own up to actions.
They do not take responsibility for their actions by nonchalantly
passing time on taxpayers’ dollars. We have a justice system set
up for a reason, and it is through strong belief in that system
and how it operates, that we are able to find and convict guilty
criminals. Thorough analysis should surely be done to be sure
that the correct individual is paying for the crimes they
committed. Years of legal processes, focusing on murder trials
and severe crimes, are conducted before decisions are set in
stone. These matters are not taken lightly. A decision is not
made on a whim; there is significant data and evidence
supporting the ruling for capital punishment. There are rare
cases in which some individuals are wrongfully convicted, but
to withhold the death penalty due to those rare cases would not
benefit society as a whole. Though it would seem like a cynical
viewpoint, it would be better to sacrifice a few in favor for the
betterment of the majority. Capital punishment provides a safer
environment for society and it sets a foundation for the
deterrence of hideous murders.
http://justice.uaa.alaska.edu/death/history.html

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