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thnksfrthbttfck: some lyrics are so accurate i want to write them on my body and paint them on my...

Sun, 19 May 2013 02:36:51 +1000

some lyrics are so accurate i want to write them on my body and paint them on my walls and post them on every social networking site and scream them from the rooftops and get a t shirt with them on it and bathe in them and wow i just like nice lyrics

ohmymemes: Yo Mamma…

Sat, 18 May 2013 15:13:41 +1000

ohmymemes:

Yo Mamma…

Ideological and Philosophical differences in banking policy in Burma

Sat, 18 May 2013 15:05:00 +1000

Apparently I know a lot about this. Maybe this can be my category on Eggheads.

Go on, have a read about how interesting my degree is

Burma’s financial system has been subject to enormous amounts of change and confusing policy decision over the past century. This is mainly due to the severe political and military disruptions that Burma has been subject to during this period. The Colonial years saw a large focus on trade and private banks. The Parliamentary Democracy saw the introduction of state institutions including the creation of SAB. Finally, under the Military rule we saw the unification of banking and three demonetization initiatives. There was a stark difference in the ideas of the economic leaders throughout these periods, with very different goals for the already struggling Burmese economy.

The agriculture sector of the Burmese economy was an integral part of maintaining a functioning trading system with the world. Each era had its own approach on how to handle this engine of the economy. During the Colonial years, pre-war there were large numbers of foreign banks with branches in Burma. These providing experience and financial products from overseas, these institutions were much bigger than the two proper Burmese banks during this period. They would up until the Second World War, use bills of exchange to conduct business. As these provided credit for the producer and let the bank take on any foreign exchange risk. Any lending that occurred during this period was generally short term as long term loans required high amounts of security and required a buffer of between 10-25 percent depending on the security. During this period what we know today as the Standard Chartered Bank was the main source of agriculture financing. It used a ‘produce guarantee system’ to ensure the profitability of itself in Burma, this incorporated what we today call a ‘margin call’. This shows clear evidence of a strong financial banking sector. Most of the banks may have been foreign, but they provided well for a growing economy with resources and tools for them to use. At the time I do not believe the England, the motherland, was that vested in developing Burma through the banking sector. Yet despite this, in recent history this has shown to be one of the best periods of safe and secure banking in Burma.

During this period Dawson’s Bank, a domestically run bank, was growing, its balance sheet quadrupled between 1921 and 1930. Dawson’s bank aimed itself as a competitor and a local cheaper solution to the Chettiars who were money lenders from India. Lawrence Dawson, the founder, referred to purpose of the bank as ‘pakon puoungde’ or ‘changing shoulders’ (Paper 1, p. 10) an effort to try and shift the debt from the Burmese cultivator and onto a domestic company. This was the first sign of what was no doubt to come over the next few decades. A whole hearted shift from private international banking and trading to a solely owned and state run bank that would be set up in 1970.

However the Second World War injected itself into the country, resulting in many banks fleeing the country and the Japanese occupation and introduction of the occupation currency issued by the Yokohama Specie Bank (YSB). This caused a massive disruption to the banking system and despite careful backing up by most banks much was lost in the Japanese occupation.

It took until 1952, before some semblance returned to Burma’s banking system. Many banks returned to Burma post war and set up operations again but did not honor the Japanese occupation currency. It was now that the financial system received some much needed leadership from Burma’s political economy. A State Agriculture Bank (SAB), a State Commercial Bank and a network of state-controlled pawnshops were setup. The now parliamentary democracy years, showed clear signs that the goals of Burma had changed drastically. The Introduction of the 1948 Land Nationalisation Act was a turning point in the ideology of the Burmese leaders. This act was a very socialist policy, making the state the ultimate owner of all lands. Banking during this period, despite the presence of private banks in the economy still, was led by the state-run banks. The SAB was a large player in the social change occurring. SAB instructed that every branch must be owned by the village and have a village committee which would manage lending within the town. The capital behind the lending offered by SAB would come from the government as the SAB had no initial deposits. This was a tactical move from the government, allowing local towns to handle the business and issues themselves without needing enormous support from the government on local issues and spend up the decision making process. It was clear the government was wanting to stimulate the economy by simplifying the loan process. However they due to recent credit failure they created a process to ensure loans were secure, where each loan was secured against three landowners or tenants. The SAB committee had a very broad and idealistic view of what they wanted to happen to these village banks, “…each Village would be able to provide for its own requirements without looking for outside support; it would be financially autonomous.” This placed heavy responsibility on the Village Committee to perform to the best interests of the town. Thus another example of the government trying to ‘spread the wealth’ by providing jobs and positions in each town, but actually resulting in poor management due to the lack of qualified staff in each town.

At this stage the government has nationalised the exportation of rice under the SAMB, which along with price controls on agricultural production put a strong contractionary pressure on the once booming industry. Along with the Nationalisation Act, this put the whole economy into stagnation, where farmers had nothing to use as security against loans, and very small profits to be gained if any from farming.

Burma’s post-independence government wanted two things from the commercial sector. To encourage the growth of industralisation and to change from being overrun with foreign banks to one where domestic banks would be the market leaders. This goal would be mainly employed through the State Commercial Bank (SCB). Businesses however were not eager to move and as a result the government issued a statement to enforce all government and state run department and businesses to deal solely with the SCB. This led to the many banks, both domestic and foreign struggling.

It was again in 1962 when Burma again was thrown into disarray, with the overthrowing of the government. This immediately was shown throughout the many financial sectors. The new Revolutionary Council Government (RC) had major plans for the banking industry. Before long they had nationalised all the commercial banks in the country then arbitrarily given them a number from 1-24, before joining them all together under the title ‘People’s Bank of the Union of Burma’. A bank that would fulfill all the banking needs of Burma for the time to come. They then randomly assigned the first 8 banks to hold a particular division, there was not clear indication why they chose those particular banks apart from the fact that they were the first 8 banks on the list. The RC with all intentions to become an extreme nationalist country has in the process, set themselves up for disaster in the coming years. By merging and nationalizing these competing banks, and then rudimentarily assigning them roles seems by today’s standards, financial suicide. By doing this the RC has removed any market efficiencies gained by having these competing banks that specialize in their own areas.

In the following years the government attempted a big push on agriculture spending with a K700 million investment into agreeable loans. However the new committees were unequal to handling the task effectively and it fell K250 million short of its goal. The RC tried numerous tactics to stimulate the agricultural sector, a great goal for the new government, however they all failed to have any proper impact on the economy and many resulting in inflation. It was clear by this point that the now named Union of Burma Bank was no longer a separate entity from the government. Burma would then have its first ‘demonetisation’ event, rendering all K50 and K100 notes no longer legal tender. The goal of this was to prevent against hoarding cash by both domestic and foreign capitalists.

It wasn’t until 1974, when the ‘Socialist Republic of the Union of Burma’ came into power that the UBB would be broken up into its 4 sectors to operate separately. This was aimed to promoting a commercial viewpoint of the banks. It was now that the government was trying to encourage savings in banks by increasing interest rates to 8% in 1977. This did not work due to many factors, such as the fact that that savings rate still lagged considerably behind the inflation rate.

The economy then climaxed in both 1985 and then again in 1987 with two more demonetisations. Each proving to do nothing to slow the inflation or curb the black market transactions that were taking place. The end result being the kyat “essentially ceased to function as a store of value”

It is clear at this stage the apparent differences in banking that occurred throughout the history. With the ever growing nationalist ideology throughout the middle and latter parts of the century, changing from having many private banks, both domestic and foreign, to having one ‘monobank’ to cover all the banking needs of Burma. There was clear ideas throughout century, but however the knowledge and policy implementation skills were not present to come up with strategies to integrate these ideas into the economy. This is result of this is clear when you look at the agriculture industry and its performance over the periods, the 1960/61 paddy production was only 89% of the average over the 1936-1940 period.

death-by-lulz: greatleapingocelots: Ryan and Colin throughout...

Sat, 18 May 2013 14:33:15 +1000

death-by-lulz:

greatleapingocelots:

Ryan and Colin throughout the years.

This post has been featured on a 1000notes.com blog.

theclearlydope: Me during the entire finale.

Sat, 18 May 2013 10:00:11 +1000

theclearlydope:

Me during the entire finale.

Just a pool, disguised as a pond, with a trampoline instead of...

Fri, 17 May 2013 21:11:28 +1000

Just a pool, disguised as a pond, with a trampoline instead of a diving board.

I wrote a paper about these kinds of pools several years ago for a class when they were just prototypes. These pools have a natural filtration system that run based on the plants that are in the pool that give the water nutrients that allow it to not only be crystal clear, but you are also able to drink the water because it becomes so clean. And the best part is that once the initial filtration system is installed and calibrated, it maintains itself and eliminates the need for chlorine or constant maintenance like salt water pools.

hrtwrm: Goodbye Dunder Mifflin :(

Fri, 17 May 2013 20:33:33 +1000

hrtwrm:

Goodbye Dunder Mifflin :(

insidemyuselessmind: To think that I’ll never see these guys...

Fri, 17 May 2013 20:26:40 +1000

insidemyuselessmind:

To think that I’ll never see these guys again..

death-by-lulz: the-timelord-girl-who-hunts: I SWEAR THIS IS...

Fri, 17 May 2013 18:19:52 +1000

death-by-lulz:

the-timelord-girl-who-hunts:

I SWEAR THIS IS LIKE A BAD CHRISTIAN ROCK ALBUM COVER

Like this?

This post has been featured on a 1000notes.com blog.

Photo

Fri, 17 May 2013 18:19:23 +1000

Photo

Fri, 17 May 2013 18:19:03 +1000

wtfkits: pedalfromhell: Ouch No bueno

Fri, 17 May 2013 18:16:10 +1000

wtfkits:

pedalfromhell:

Ouch

No bueno

“….He therefore had to endure over an hour of Professor Trelawney, who spent half the...

Thu, 16 May 2013 22:06:07 +1000

“….He therefore had to endure over an hour of Professor Trelawney, who spent half the lesson telling everyone that the position of Mars with relation to Saturn at that moment meant that people born in July were in great danger of sudden, violent deaths. “Well, that’s good,” said Harry loudly, his temper getting the better of him, “just as long as it’s not drawn out. I don’t want to suffer.”

lovelifebreath: Best way to finish a jar of Nutella -...

Thu, 16 May 2013 21:51:53 +1000

lovelifebreath:

Best way to finish a jar of Nutella - FunSubstance.com on @weheartit.com - http://whrt.it/15PyHOx

death-by-lulz: thetumblr-thisisatumblr: I suppose you’re all...

Thu, 16 May 2013 18:55:56 +1000

death-by-lulz:

thetumblr-thisisatumblr:

I suppose you’re all wondering why I’ve gathered you here today

This post has been featured on a 1000notes.com blog.

Photo

Thu, 16 May 2013 15:55:55 +1000

dashmaverick: fireandshellamari: faithahall: Adam Young has...

Thu, 16 May 2013 01:17:30 +1000

dashmaverick:

fireandshellamari:

faithahall:

Adam Young has done it again. So precious.

Don’t care if I’ve reblogged this before, it’s completely precious.

I saw this while catching up on Mad Men. This is advertising done right. Amazing.

death-by-lulz: nathankemp: where can i acquire one of...

Wed, 15 May 2013 13:06:27 +1000

death-by-lulz:

nathankemp:

where can i acquire one of these

This post has been featured on a 1000notes.com blog.

Photo

Wed, 15 May 2013 13:06:18 +1000

tavington: Wind Waker Mirror Shield backpack Whew! Finally...

Wed, 15 May 2013 09:14:40 +1000

tavington:

Wind Waker Mirror Shield backpack

Whew! Finally finished!

This was a commission for my good friend Ubermidget as she wanted a backpack too when we hit America :)
Link’s Mirror Shield from Wind Waker is one of her favourite designs, so I thought I would pull out all the stops and have a crack at it!
Despite its rather complicated shape, it came out quite well!
The size is reasonable too, a little smaller than my gigantic Hylian Shield, but slightly bigger than Majora’s Mask.