International Arbitrage and Interest Rate Parity free essay sample

There are three forms of international arbitrage: location arbitrage, triangular arbitrage and covered interest arbitrage. Location arbitrage is a process where a participant of the foreign exchange can go to one place, bank in a specified location, to purchase a currency at a lower price and then sell it to another location where the currency is priced higher. The prices of currencies are roughly the same; however, at times currency in one place can sell for more or less than in another place based on the supply and demand for the specified currency. This is the window of opportunity where arbitragers can immediately purchase the currency in one place and sell it to another before market forces naturally realign the prices. The act of location arbitrage is a way to readjust prices so that they are once again equal in all places. However, due to the advancement in technology within the exchange market, it is very difficult to use this process since computers are able to detect currency discrepancies. We will write a custom essay sample on International Arbitrage and Interest Rate Parity or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Triangular arbitrage is used by the discrepancy of prices within cross exchange rates which is the relationship between two currencies that are different from one’s base currency. If the cross exchange rate is less than the actual cross exchange rate of two currencies of the base currency, triangular arbitrage can be used in the spot market to capitalize on the difference. The greater the bid/ask spread the higher the profit from using triangular arbitrage. The impact of triangular is as follows: (1) When a participant uses their base currency to buy one currency, the bank, of which the currency is bought, increases its ask price of the currency with respect to the base currency, (2) the participant then goes to purchase the other currency with the bought currency which causes the bank, of which the currency is bought, to reduce its bid price of the initial currency bought with respect to the second currency bought and ultimately reduces the number of the second currency to be exchanged for the initial currency, and (3) finally, the participant uses the second currency bought to ult to conduct ecause it is rare to identify arbitrage opportunities due to the technological advancements in the foreign exchange market. Covered interest arbitrage is the process of capitalizing of the difference of interest rates between two countries while hedging the exchange rate risk with a forward contract. How this works is that one will invest a specif ied amount of money in a different country bank by converting one’s base currency to the other currency. At that same time, one can sell a forward of the amount of the exchanged currency plus the interest of the foreign bank. Once the deposit matures, one can fulfill the forward contract obligation by converting the amount of the forward into the base currency. This process will reveal a profit only if the foreign bank has a higher interest rate than one’s home bank or else, this would all be a waste of time and effort. What is different about this process as oppose to location arbitrage and triangular arbitrage is that this process requires funds to be held for the length of the contract. The other two forms of arbitrage do not require funds to be held and profits are immediately achieved. Covered interest arbitrage will, as the other forms do, cause the market to naturally realign itself. Investors capitalizing on this process will cause a downward pressure on forwards that are sold as a means of this form of arbitrage. The realignment of the forward rate might not be completed until several transactions have occurred. However, the realignment does not cause investors who have gained from arbitrage to loss their gains since they had obtained a forward contract on the day they made their investment. The act to sell the other currency forward would place a downward pressure on the currency but not enough to lessen or completely offset the benefits of the interest rate advantage. In the process of covered interest arbitrage only the forward rate is affected. It is possible for the spot rate to appreciate but the forward rate would not have to decline by as much. Overall, since the forward market is less liquid, the forward rate is more sensitive to market changes and there is likely to experience most or all of the adjustments need to realign the market. Once there are no opportunities of arbitrage because the prices of currencies have adjusted to where they should be based on the market, there is an equilibrium state referred to as interest rate parity (IRP). In equilibrium, the forward rate differs from the spot rate by a large amount to offset the interest rate difference between the two countries. The relationship between a forward premium for a foreign currency and the interest rates representing these currencies according to IRP can be determined by the following variables: Ah : The amount of the home currency that is initially invested S : The spot rate in the home currency when the foreign currency is purchased if : The interest rate on the foreign deposit F : The forward rate in the home currency at which the foreign currency will be converted back the home currency. The amount of home currency received at the end of the deposit period due to this strategy (An ) is An = (Ah / S)(1+ if) F This is how the rate of return (R) is calculated from this investment:

Scot-free

Scot-free Scot-free Scot-free By Maeve Maddox â€Å"To escape scot-free† means to elude merited consequences: [Construction] Site Deaths Soaring as Bosses Escape Scot Free No escape: independent directors won’t go scot free Now all the doctors at Mid Staffs escape scot-free over deaths. In the Middle Ages a scot was a tax or tribute paid by a feudal tenant to his lord. The word derives from a Scandanavian word meaning tribute. It came to stand for different kinds of payments levied for services. In Kent and Sussex, the scot was a tax for the maintenance of drainage systems and flood prevention. In some contexts the scot was simply the bill owed for drinks or entertainment. Explanations of the expression scot-free may be found on numerous web sites. Most of the sites I’ve browsed correctly trace the term to the word for a tax, but a few cling to a mistaken idea that the expression has something to do with the 1857 US Supreme Court ruling known as the â€Å"Dred Scott Decision.† For example, this confident explanation: Its spelt scott-free and refers to a famous US Supreme Court decision involving the black slave Dred Scott. Ironically Scott lost his suit, though you wouldnt know it from the well-known phrase. The misspelling scott occurs both as an error and as a play on the name of someone named Scott. For example: Lincoln’s Assassin Got Away Scott Free (misspelled headline at YouTube) American Idol recap: Getting off Scott-free (The reference is to a contestant named Scott MacIntyre.) The lingering association of scot-free with Dred Scott is probably owing to vague recollections of high school history: a man named Scott wanted to be free. To refresh your memory, here’s a recap of what the Dred Scott Decision was about: In 1846, Dred Scott, then 47 years old, sued the Missouri state government on behalf of his wife, two daughters, and himself; the suit contended that they were being illegally held in slavery. Scott was born into slavery in Alabama. When he was about 30, he was sold to an Army doctor in Missouri. During the following years, Scott married, fathered two daughters, and lived at different times in the free states of Illinois and Wisconsin. Scott’s lawsuit contended that residence in a free state conferred freedom. The case went all the way to the Supreme Court where, in 1857, Chief Justice Roger B. Taney wrote the majority opinion: the Scotts were property and property rights were protected by the Fifth Amendment of the Constitution. Although Dred Scott lost his case, he did not die in slavery. His owner’s widow married an abolitionist who returned the family to Scott’s original owner. The former slave owner had since moved to Missouri and become an abolitionist; he freed Scott, his wife, and their two daughters. Dred Scott died of tuberculosis after enjoying only seventeen months of freedom. His wife Harriet survived him by eighteen years. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Expressions category, check our popular posts, or choose a related post below:50 Synonyms for â€Å"Leader†Probable vs. PossibleContinue and "Continue on"

The Simple 10-Step Guide to Character Development

The Simple 10-Step Guide to Character Development The Ultimate Guide to Character Development: 10 Steps to Creating Memorable Heroes You’ve settled on the idea for your novel. You’ve narrowed it to a sentence or two, and you’re ready to tackle what seems an insurmountable task- breathing life into your lead character. If you’re an Outliner (one who outlines your novel first), it’s time for character development, an endeavor not for wimps. Spellbinding stories feature believable characters who feel knowable. Yes, even if your genre is Fantasy or Allegory or Futuristic. Your character may even be a superhero, but he* must be real and knowable within your premise. [*I use male pronouns inclusively here to represent both genders only to avoid the awkward repetition of he/she or him/her, fully recognizing that many lead characters are female and so are a majority of readers.] I’d love to impart some gem that would magically make you an expert at character development. But, sorry, no shortcuts. This is as hard as it sounds. Fail at this task, and it shows. You cheat your readers when your lead character doesn’t develop and grow. No growth, no character arc. No character arc, fewer satisfied readers. What About Us Pantsers? Our name comes from the fact that we write by the seat of our pants. No outlines for us. We write by process of discovery. As Stephen King advises, â€Å"Put interesting characters in difficult situations and write to find out what happens.† I identify as a Pantser, so I’m sympathetic if you can’t imagine creating a character and giving him a personal history before starting to write. My characters introduce themselves to me and reveal their histories as the story unfolds. To a new writer or an Outliner, it may sound exciting and dangerous to wade into a story counting on characters to emerge and take over. Believe me, it’s both. Frankly, Outliners have some advantages over Pantsers here. They know a lot about their lead characters before they start writing. Fellow Pantsers, don’t ignore or discount this training. We must start with some idea who’s populating our stories. And when we get stuck, there’s no shame in going back and engaging in this exercise. Regardless which kind of a writer you are, character development- character arc- can make or break your novel. Consider some of literature’s most memorable characters- Jane Eyre, Scarlett O’Hara, Atticus Finch, Ebenezer Scrooge, Huckleberry Finn, Katniss Everdeen, Harry Potter. Can you name the novels they come from and what they have in common? Larger than life, they’re also universally humanThey see courage not as lack of fear but rather the ability to act in the face of fearThey learn from failure and rise to great moral victories Compelling characters like these make the difference between a memorable novel and a forgettable one. So, what are the keys to making a character unforgettable? Want to save this 10-step guide to read, save, or print whenever you wish? Click here. Character Development in 10 Steps Introduce him early, by nameGive readers a look at himGive him a backstoryMake sure hes human, vulnerable, and flawedBut also give him classic, heroic qualitiesEmphasize his inner life as well as his surface problemsDraw upon your own experience in Character DevelopmentKeep Character Arc in mind throughoutShow, dont tellDont skimp on research Step 1. Introduce him early, by name The biggest mistake new writers make is introducing their main character too late. As a rule he should be the first person on stage and the reader should be able to associate his name with how they see him. Naming your character can be almost as stressful as naming a newborn. You want something interesting and memorable, but not quirky or outrageous. Leave Blaze Starr and Goodnight Robicheaux to the melodramas. (Actually, I wish I’d thought of Goodnight Robicheaux; Ethan Hawke plays him in The Magnificent Seven.) Allegories call for telling names like Prudence and Truth and Pride, but modern ones should be more subtle. I wrote a Christmas parable where the main character was Tom Douten (get it? Doubting Thomas), and his fiancee was Noella (Christmasy, a believer in Santa) Wright (Miss Right). For standard novels, typical names are forgettable. Ethnicity is important. You shouldn’t have a Greek named Bubba Jackson. Your goal is to connect reader and character, so the name should reflect his heritage and perhaps even hint at his personality. In The Green Mile, Stephen King named a weak, cowardly character Percy Wetmore. Naturally, we treat heroes with more respect. Give naming the time it needs. Search online for baby names of both sexes, and most lists will categorize these by ethnicity. Be sure the name is historically and geographically accurate. You wouldn’t have characters named Jaxon and Brandi, for instance, in a story set in Elizabethan England. I often refer to World Almanacs to find names for foreign characters. I’ll pair the first name of a current government leader in that country with the last name of one of their historical figures (but not one so famous that the reader wonders if he’s related, like Franà §ois Bonaparte). Step 2. Give readers a look at him You want a clear picture of your character in your mind’s eye, but don’t make the mistake of forcing your reader to see him exactly the way you do. Sure, height, hair and eye color, and physicality (athletic or not) are important. But does it really matter whether your reader visualizes your blonde heroine as Gwyneth Paltrow or Charlize Theron? Or your dark-haired hero as George Clooney or Ben Affleck? As I teach regarding descriptions of the sky and the weather and settings, it’s important that your description of your main character is not rendered as a separate element. Rather, layer in what he looks like through dialogue and during the action. Hint at just enough to trigger the theater of the reader’s mind so he forms his own mental image. Thousands of readers might have thousands of slightly varied images of the character, which is all right, provided you’ve given him enough information to know whether your hero is big or small, attractive or not, and athletic or not. Whether you’re an Outliner (in essence interviewing your character as if he were sitting right in front of you) or a Pantser (getting to know him as he reveals himself to you), the more you know about him, the better you will tell your story. How old is he?What is his nationality?Does he have scars? Piercings? Tattoos? Physical imperfections? Deformities?What does his voice sound like? Does he have an accent? Readers often have trouble differentiating one character from another, so if you can give him a tag, in the form of a unique gesture or mannerism, that helps set him apart. You won’t come close to using all of the information you know about him, but the more you know, the more plot ideas will occur to you. The better acquainted you are with your character, the better your readers will come to know him and care. Step 3. Give him a backstory Backstory is everything that’s happened before Chapter 1. Dig deep. What has shaped your character into the person he is today? Things you should know, whether you include them in your novel or not: When, where, and to whom he was bornBrothers and sisters, their names and agesWhere he attended high school, college, and graduate schoolPolitical affiliationOccupationIncomeGoalsSkills and talentsSpiritual lifeFriendsBest friendWhether he’s single, dating, or marriedWorldviewPersonality typeAnger triggersJoys, pleasuresFearAnd anything else relevant to your story Step 4. Make sure he’s human, vulnerable, and flawed Want to save this 10-step guide to read, save, or print whenever you wish? Click here. Even superheroes have flaws and weaknesses. For Superman, there’s Kryptonite. For swashbucklers like Indiana Jones, there are snakes. A lead character without human qualities is impossible to identify with. But make sure his flaws aren’t deal breakers. They should be forgivable, understandable, identifiable. Be careful not to make your hero irredeemable – for instance, a wimp, a scaredy cat, a slob, a dunce, or a doofus (like a cop who forgets his gun or his ammunition). You want a character with whom your reader can relate, and to do that, he needs to be vulnerable. Create events that subtly exhibit strength of character and spirit. For example, does your character show respect to a waitress and recognize her by name? Would he treat a cashier the same way he treats his broker? If he’s running late, but witnesses an emergency, does he stop and help? These are called pet-the-dog moments, where an otherwise bigger-than-life personality does something out of character- something that might be considered beneath him. Readers remember such poignant episodes, and they make the key moments even more dramatic. It was George Bailey’s sacrificing his travel-the-world dreams to take over the lowly savings and loan that made his standing up to the villainous Mr. Potter so heroic in the classic movie It’s a Wonderful Life. Want to turn your Jimmy Stewart into a George Bailey? Make him real. Give him a pet-the-dog moment. Step 5. But also give him classic, heroic qualities While striving to make your main character real and human, be sure to also make him heroic or implant within him at least the potential to be heroic. In the end, after he has learned all the lessons he needs to from his failures to get out of the terrible trouble you plunged him into, he must rise to the occasion and score a great moral victory. He can have a weakness for chocolates or a fear of snakes, but he must show up and face the music when the time comes. A well-developed character should be extraordinary, but relatable. Never allow your protagonist to be the victim. It is certainly okay to allow him to face obstacles and challenges, but never portray him as a wimp or a coward. Give your character qualities that captivate and compel the reader to continue. For example: a character with a humble upbringing (an underdog) rises to the occasion a character with a hidden strength or ability subtly reveals it early in the story and later uses it in an unusual or extraordinary way Make him heroic, and you’ll make him unforgettable. Step 6. Emphasize his inner life as well as his surface problems What physically happens in the novel is one thing. Your hero needs trouble, a problem, a quest, a challenge, something that drives the story. But just as important is your character’s primary internal conflict. This will determine his inner dialogue. Growing internally will usually contribute more to your Character Arc than the surface story. Ask yourself: What keeps him awake at night?What is his blind spot?What are his secrets?What embarrasses him?What passion drives him?   Mix and match details from people you know – and yourself – to create both the inner and outer person. When he faces a life or death situation, you’ll know how he should respond. Step 7. Draw upon your own experience in Character Development The fun of being a novelist is getting to embody the characters we write about. I can be a young girl, an old man, a boy, a father, a grandmother, another race, a villain, of a different political or spiritual persuasion, etc. The list goes on and the possibilities are endless. The best way to develop a character is to, in essence, become that character. Imagine yourself in every situation he finds himself, facing every dilemma, answering every question- how would you react if you were your character? If your character finds himself in mortal danger, imagine yourself in that predicament. Maybe you’ve never experienced such a thing, but you can conjure it in your mind. Think back to the last time you felt in danger, multiply that by a thousand, and become your character. What ran through your mind when you believed you were home alone and heard footsteps across the floor above? Have you had a child suddenly go missing in a busy store? Have you ever had to muster the courage to finally speak your mind and set somebody straight? There’s nothing like personal experience to help you develop characters. Step 8. Keep Character Arc in mind throughout Whatever message you’re trying to convey through your story, it must result in a transformation in the life of your character. A well-written novel that follows a Classic Story Structure plunges its main character into terrible trouble quickly, turns up the heat, and fosters change and growth in the character from the beginning. That’s the very definition of Character Arc. Remember, as I covered above, a perfect character isn’t relatable or believable. But every reader can relate to a flawed character who faces obstacles that force him to change. How does your character respond to challenges? Does he learn from them or face the same obstacle repeatedly because he fails to recognize his mistakes? Every scene should somehow contribute your to hero’s Character Arc. Step 9. Show, don’t tell You’ve heard this one before, and you’ll hear it again. If there’s one Cardinal Rule of fiction, this is it. It also applies to character development. Give your readers credit by trusting them to deduce character qualities by what they see in your scenes and hear in your dialogue. If you have to tell about your character in narrative summary, you’ve failed your reader. Your reader has a mind, an imagination. Using it is part of the joy of reading. As the life of your character unfolds, show who your character is through what he says, his body language, his thoughts, and what he does. Would rather be told: Fritz was one of those friendly, gregarious types who treated everyone the same, from the powerful to the lowly. Or be shown this: â€Å"How’s that grandson doing, Marci?† Fritz asked the elevator operator. â€Å"James, right?† â€Å"Jimmy’s doin’ great, thanks. Came home from the hospital yesterday.† â€Å"Vacation was the tonic, Bud,† Fritz told the doorman. â€Å"You’re tanned as a movie star.† As he settled into the backseat of the car, Fritz said, â€Å"Tell me your name and how long you’ve been driving Uber†¦Ã¢â‚¬  Show and you won’t have to tell. For more on this, see my blog post:Showing vs. Telling: What You Need to Know. Step 10. Don’t skimp on research Resist the temptation to write about something you haven’t experienced before conducting thorough research. Imagination can take you only so far. But you can bet the first time you guess at something, astute readers will call you on it. For instance, I can imagine myself as a woman. I had a mother, I have a wife, I have daughters-in-law and granddaughters, a female assistant, women colleagues. So I can guess at their feelings and emotions, but I’ll always be handicapped by the simple fact that I’m not a woman. I recently ran into an old friend who told me she was homeless. I mentioned to some women friends that I doubted her because she looked put together, as if she’d been to the beauty shop. I said, â€Å"If you were living in your car, would you spend money on getting your hair and nails done?† Naturally that’s the last thing a man would think about. But women in my orbit said, sure, they could see it. Camouflaging your predicament and maintaining a modicum of self-respect would be worth skipping a few meals. Say you’re writing about what you’d feel if you lost a child. I hope you would only be guessing about such a horror, but to write about it with credibility takes thorough research. You’d have to interview someone who has endured such a tragedy and has had the time to be able to talk about it. Is your character a teacher? A police officer? A CEO? Or the member of another profession with which you have no personal experience? Spend time in a classroom, interview a teacher, arrange a ride-along with a cop, interview a CEO. Don’t base your hero on images from movies and TV shows. The last thing you want is a stereotype readers cannot identify with and whom some would see through instantly. You’ll find that most people love talking about their lives and professions. The #1 Mistake Writers Make When Developing Characters Making a hero perfect. What reader can identify with perfect? Potentially heroic, yes. Honorable, sure. With a bent toward doing the right thing, yes! But perfect, no. In the end your hero will likely rise to the occasion and win against all odds. But he has to grow into that from a stance of reality, humanity. Render a lead character your reader can identify with, and in your ending he’ll see himself with the same potential. That way your Character Arc becomes also a Reader Arc. You can do this. Develop a character who feels real, and he could become unforgettable. Want to save this 10-step guide to read, save, or print whenever you wish? Click here. Questions about character development? Ask me in the comments below.

Paintings by Georges-Pierre Seurat and Vincent Van Gogh Essay - 1

Paintings by Georges-Pierre Seurat and Vincent Van Gogh - Essay Example The essay "Paintings by Georges-Pierre Seurat and Vincent Van Gogh" analyzes The Starry Night’s intricate details while comparing it to the ‘Grandcamp, Evening’ painting by Georges-Pierre Seurat. Looking at the ‘The Starry Night’, one gets a feel of boldness in the painting. There is the use of dark shades of color to bring out a general feel of the painting. There is also the use of lines of different shapes and lengths. The clouds seem to be in motion as they are drawn in a continuous circular motion, while the stars and moon have unusual light around them. The focal point is a flame resemblance of a cypress tree that is a contrast from the village below. Vincent drew this piece while in bad mental shape and was in an asylum at the time. Some critics say that the scenery from his window could have afforded him the general idea with the rest of the features borrowed from memory. This is especially true with the illustration of the church spike that i ndicates Netherlands as his home land. There has been analysis of this painting showing that all the objects in the picture stand for various meanings. This is an iconography of Vincent’s world at the time. On the other hand, George’s work of art in ‘Grandcamp, Evening seems to give a different atmosphere. Here, the painter has incorporated various hues of color to create a sense of calm and isolation. The landscape in the background has been developed by the use of short strokes of lines to indicate a town in the far horizon, a grim sky.

The Black Box Essay Example | Topics and Well Written Essays - 500 words

The Black Box - Essay Example The symbols she uses indirectly communicate the major theme of the work, in addition to the seemingly innocuous dialogue of the seemingly innocuous lottery happening in the town. One of the more potent symbols Jackson uses throughout her story is the black box, and, more generally, just the color black. Black, as it is traditionally interpreted, stands for death, decay, ignorance, and decline. The black box, of course, holds the lottery slips. While a similar ballot box would receive slips from voters in an election, this box only gives out slips, showing the lack of individual choice and freedom in this ritual. The blackness of the box gives off an ominous foreshadowing of events, and is itself a symbolic description of how the townspeople have sacrifice their individual wills to the social decree., as Jackson writes, â€Å"The black box grew shabbier each year: by now it was no longer completely black but splintered badly along one side to show the original wood color, and in some places faded or stained†. The keen reader recognizes that the box’s decay indicates not only the physical corrosion of the box but of the social and moral corrosion of what it represents: the lottery. As the process accelerates during the course of â€Å"The Lottery†, Jackson writes that the townspeople stay as far away from the box as possible. Once again, this description is clearly relating to physical distance; but it may also refer to the concept of responsibility, and the moral qualms people have about participating in the lottery. The townspeople avoid the black box as if it were some kind of evil spirit, and because of this endow the box with such great power. Jackson writes, â€Å"The villagers kept their distance, leaving a space between themselves and the stool†¦Ã¢â‚¬  What otherwise would be just some old dilapidated box is, as a result of the social order and status quo, is an

Puritan effect on Literature Essay -- essays research papers

Literature has always revealed a great deal about the attitudes and beliefs of different cultures. Puritan authors in the late 17th and early 18th centuries wrote poems, persuasive speeches, stories, and first hand accounts that reveal their thoughts, feelings, and beliefs. Described especially was the Puritan’s deep regard for religion and their fear and love of God. William Bradford’s Of Plymouth Plantation was written in 1630 as a description of Bradford’s experiences in the New World. The main purpose of his account was to persuade those who remained in England to come to America. He described in detail the benefits of religious freedom. Religion played an extremely important role in the lives of early Puritans. Bradford described how God helps the Pilgrims make their way safely across the perilous waters to safety. He wrote: â€Å"†¦they fell upon their knees and blessed the God of Heaven who had brought them over the vast and furious ocean†¦again to set their feet on the firm and stable earth†¦Ã¢â‚¬  Bradford was appealing to the high interest in God’s divine intervention amongst the people. Bradford also described in his documentation the sickness and famine faced by the people and the communal effort to help the suffering. Bradford said: â€Å"†¦in the time of most distress, there was but six or seven sound persons who to their great commendations, be it spoke, spared no pains night or day, but with abundance of toil and hazard of their own health, fetched them wood, made them fire...

Asceticism in Hasidic Thought as a response to the Sabbatean

Moodiness and the Hashish thinkers agreed to the concept of prohibiting a culture of unbridled licentiousness, reasoning that a life of excessive indulgence in the physical pleasures would not only serve to significantly detract from man's physical productiveness but would also derogate his spiritual qualities, adversely affecting his ability to understand and properly worship his God. Therefore, both placed considerable constraints on man's sexual life, ordinances extending far beyond the strict rabbinic decrees governing martial relations.Only with these guidelines in place did both Moodiness and the Hashish thinkers feel hat man could achieve the proper level of devotion to God and his Torah in the physical world, despite the seemingly ubiquitous pleasures of the flesh. However, while both Moodiness and the Hashish thinkers offer different principles for differing levels of religiosity, they do not follow the same guidelines for determining the requisite levels of devotion to God. Appropriately, both Moodiness and the Hashish thinkers divide their restrictions, positing two distinct levels of prescribed action: one for a higher spiritual man and another for a lower spiritual man. It appears that the level promulgated by Moodiness for his higher spiritual man is in practice parallel to that of the Hashish lower spiritual man. Thus, while both agree in principle to the utilization of ascetic means in an effort to increase one's religiosity, they diverge as to where the proper level of asceticism should be for their higher and lower spiritual men.What is to account for this difference in thought? I would like to posit that this change in thought came about, in part, due to the licentious sins of the Sabina movement and its inheritors. The ascetic lifestyle advocated by several Hashish leaders and thinkers, cumulating with Rabbi McCann of Burbles, may be viewed as a reactionary response to Sebastian movements, particularly Franking, and their well-known sexual mi sconduct. Moodiness Approach to Asceticism Moodiness presents a dual approach to asceticism's interaction with spiritual man's physical life.In his philosophical corpus More Invective, Moodiness writes: One should detach his thought from, and abolish his desire for bestial things†¦ The pleasures of eating, drinking, sexual intercourse and in general of the sense of touch†¦ We have it so far as we are animals like other beasts, and nothing that belongs o the notion of humanity pertains to it. 2 Further on in the More Invective he adds: (Eating, drinking, and copulation) should be reduced to the extent possible: one should do them in secret, should feel sorrowful because one does them†¦A man should be in control of all these impulses, (and) restrict his efforts in relation to them. 3 Here Moodiness describes a paradigm for the ascetic lifestyle. He endorses a pleasure-free existence, advocating for not only â€Å"control† and â€Å"restriction,† but for â €Å"sorrow' as well. Further, he stresses the inhumanity present within the annalistic shires of man, something which man should â€Å"detach his thought from, and abolish his desire for. † Yet, in his legal code Mishmash Torah, Moodiness adopts an entirely different perspective regarding man's involvement with and enjoyment of the physical pleasures.There he states: Possibly a person may say: Since envy, cupids, and ambition are evil qualities to cultivate and lead to a man's ruin, I will avoid them to the uttermost and seek their contraries. † A person following this principle, will not eat meat, or drink wine, or marry, or dwell in a descant home, or wear comely apparel, but will clothe himself in sackcloth and coarse wool like the idolaters priests. This too, is the wrong way, not to be followed†¦ Such have the sages said, â€Å"Do not the prohibitions of the Torah suffice you that you add other for yourself? And concerning this and similar excess Solomon exh orts us, â€Å"Be not over-righteous, nor excessively wise. Wherefore should you be desolate? 4 The passage from the Mishmash Torah contradicts the previously presented thoughts found in the More Invective. Moodiness writes not only about how one should participate in worldly pleasures, but also that whoever refrains from doing so is mimed a sinner. This suggests that an ideal exists to engage in the physical actions of the world, something which is reflected, no doubt, in the various Halation which demand pleasurable physical activity. Such an idea contrasts sharply with Moodiness's statement in the More Invective that man should feel â€Å"sorrowful† and perform the physical actions of eating and cohabitation â€Å"in secret. † In the next section of Mishmash Torah, Moodiness continues with this formulation, explaining exactly what one should sense when engaged in the physical activities of life: Man would direct his heart and all his actions only for the aim of kno wing God, and his sitting, arising, and speaking should all be considered in that light†¦When he eats, drinks, and cohabits, he should not intend to do these things only for the sake of pleasure, to the extent that he eats and drinks only that which is sweet to the taste, or engages in sex for the purpose of pleasure. Rather, he should eat and drink only for the purpose of making his body and limbs healthy†¦ He should not engage in intercourse when he desires it, but only when he knows that he must for reasons of lath emit seed, or for the purpose of propagation. 6 â€Å"Man,† Moodiness says, â€Å"Must direct his heart and all his actions only for the aim of knowing God. Thus, according to Moodiness, when man has both the proper intentions as well as the bodily need, there exists no reason to abstain from the physical activities. In fact, it seems that engagement in such acts, when done within the proper religious context, serve to enhance and increase one's relig iosity. Further, in the next section, Moodiness elevates this idea of physical permissibility, suggesting that man's actions, when fused with the proper intentions, re not only acceptable but even inherently good, as they are intrinsically forms of divine service.Here he states: Whoever throughout his life follows this course of will be continually serving God, even while engaged in business and even during cohabitation, because his purpose in all that he does will be to satisfy his needs so as to have a sound body with which to serve God. Even when he sleeps and seeks repose, to calm his mind and rest his body, so as not to fall sick and be incapacitated from serving God, his sleep is service of the Almighty.In this sense our sages charges s, â€Å"Let all your deeds be for the sake of God† And Solomon in his wisdom, said, â€Å"In all your ways know him†¦ â€Å"7 The statement â€Å"Even when he sleeps†¦ His sleep is service of the Almighty' stands in sharp con trast to the lowly position of religious value assigned to man's physical needs by Moodiness in his More Invective. In this section, not only are man's physical actions warranted and accepted as both natural and seemingly neutral facts of life, but rather they are also imbued with positive religious status.Man's actions, when practiced with the proper intentions and requisite control, serve not only as ids to one's strive for spiritual perfection, but even as genuine forms of serving God in and of themselves. For what reason does such a discrepancy between the thoughts of Moodiness in More Invective and Mishmash Torah exist? 8 Perhaps, the answer lies in the fundamental difference between More Invective and Mishmash Torah. Mishmash Torah was written for everyone; the intended audience includes both scholar and layman, and Moodiness therefore approached the topic of sexuality from the layman's perspective.To be sure, Moodiness did not warrant limitless sexual activity to any degree, yet he did grant man the right to sexual activity when an both desired it (I. E. Bodily needs) and his intentions were properly rooted in the service of God. In More Invective however, Moodiness's intended audience was of an entirely different nature. More Invective was written for the spiritually elite,9 the ones who engrossed themselves in the study of philosophy, what Moodiness himself termed â€Å"the zenith of all Torah study. 10 For these students of philosophy the level of asceticism presented in Mishmash Torah does not suffice. Indeed, they are held to a higher level of religious observance and hence must maintain a holier epistyle, one which includes more stringent ascetic practices than those required of the masses. Sebastian and Frankest Anti-Ascetic Practices Before discussing the particulars of the Sebastian and Frankest sexual practices, it is important to note that there are a number of corollaries between Sebastian and Hashish's.I would argue that these similarities were a factor in pushing the Hashish thinkers towards a more ascetic approach. To begin, both movements are ones of renewal while concurrently claiming to be movements of restoration. While undoubtedly new religious sects, each claim that they're teachings emanate for rotational Judaism. Second, Sabbaticals texts, which had not been central religious sources up to this era, take on a pivotal role in each movement. Third, both movements emerge not from the religious or intellectual elite, but rather from the plebian classes.This results in attitudes of skepticism and even contempt from the rabbinic authorities. Fourth, as popular movements, they are each shrouded in mystery, with neither program not platform in their nascent stages. Fifth, both movements share a doctrinal characteristic in their need for and reverence of a communal leader. This leader, a Attack for Hashish and Shabbiest Seven for the Sebastian (and later Jacob Frank and Eva Frank for the Franklins), is a key aspect in each movements thought, without whom the movement would collapse.Lastly, the two movements, particularly Franking and Hashish's, share geographic-temporal similarities, with the action centering on the area of Podia, Ukraine in the mid- eighteenth century. 11 Claims of sexual libertarianism and anti-ascetic behavior against Shabbiest Seven are well known. Surgeons Schools, in his magna opus on the Sebastian movement, describes Shabbiness strange, paradoxical ascetic behavior saying: When he became master over a large number of enthusiastic followers he loud indulge his fondness of alternating semiotic and semantic rituals†¦ E can easily imagine him clad in phylacteries, singing psalms and surrounded by women and wine. The picture fits the twilight atmosphere of Subtask's erotic mysticism. â€Å"12 Choler's depiction of Shabbiest leaves us with a clear image of a cult-leader, whose frequently vacillating whims and fancies were indulged at will. Indeed, Shabbiest is known to have been â€Å"a lewd person,†13 and several accounts speak of him confiscating betrothed and virgin women for short periods of time in what were allegedly platonic arrangements. When it comes to the Frankest movement, the claims of immorality grow ten-fold, making Shabbiest look like a celibate. Egregious sexual behavior was the norm, with instances of incest and other licentious acts commonplace. As described by Dad Rapport-Albert: There is evidence to suggest that the discipline of sexual abstinence was broken intermittently by orgiastic ceremonies conducted at precisely those times?the holiest days on the Jewish calendar?at which the Sebastian had traditionally engaged in antinomian activity.Ruches Frank, for example, is said to have summoned to his private chamber three nouns women whom he forced to carry out â€Å"shameful acts,† â€Å"abominations† and â€Å"wherefrom and other forbidden acts† on the Day of Atonement of 1800, and Jacob Frank himse lf was reported early in his career to have presided over a secret ceremony at which all the â€Å"brothers† and â€Å"sisters† were to Join him and his wife in a darkened room where partners were exchanged in a collective sex-act.The coexistence of sexual abstinence and profligate rites of illicit sexuality, which is by no means unusual in the history of sectarian religion, was a characteristic feature of Sebastian from the start†¦ 5 The Frankest approach to unbridled sexual ecstasy, whose rationale was based upon Sabbaticals scatological teachings of removing the yoke of Halvah in preparation for the redemption, found itself in these acts of extreme sexual perversion.Indeed, as Pale Emaciate describes, the Frankest truly believed that these acts were correct and sanctioned by God: Samuel of Buss states that â€Å"it is permissible to have children and to have sexual intercourse with someone else's wife or one's own sister, or even?though only in secret?with one 's own mother†¦ ‘ had carnal relations with the wife of my son†¦ And I believe that all this is permitted because God commanded us to do thus. Other testimonies described the breaking of the prohibition of incest, having sexual relations with menstruating women, masturbation (also in public) as well as the practice of sexual hospitality whereby a host offered his wife or daughter to a stranger coming as a guest to his house†¦ The women interrogated by the Station belt din reported that they slept with strangers â€Å"upon the wish of their husbands,† who â€Å"told them it was a positive commandment. â€Å"16 According to the above, Frankest Hashish Judaism Approach to AsceticismRegarding the interaction between man's sexuality and his strive for spirituality, Hashish literature does not leave us wanting. The Maggie of Mechanize spoke of converting oneself into an â€Å"main† or â€Å"state of nothingness† during the act of intercourse. In an obviously physical act it is quite telling that the Maggie calls for the absolute negation of one's physical self. Essentially, the Maggie states that sex, while both an important and necessary part of life, is not an act which should induce Joy or pleasure. 7 The Magic's foremost pupil Rabbi Eliminate of Lichens (1717-1786) rived this teaching from a verse in Genesis 4:1 which states: â€Å"And the man knew Eve his wife; and she conceived and bore Cain, and said: ‘I have gotten a man with the help of the LORD. '18 The question asked on this verse was why the Biblical author used the word ‘know for intercourse instead of a more descriptive word for the action. The answer given was that Adam did not act correctly during intercourse.Instead of directing all his thought to concentrate on God in heaven, he focused on his wife and her physicality, as well as his personal sexual enjoyment, thus â€Å"knowing† err. As David Bible explained, â€Å"Dam's sin was not sexuality itself but the desire and physical enjoyment that was aroused in him while having intercourse. â€Å"19 Perhaps then, this is speaking of not only the prerequisite negation of one's physical interaction and enjoyment, but also of the necessity to shun one's mental involvement with the act of intercourse.This idea is quite analogous to Moodiness's remarks in More Invective, namely that â€Å"one should detach his thought from, and abolish his desire for, bestial things. â€Å"20 Just as the Hashish thinkers discussed the actions and emotions associated with the act of intercourse, so too did they instruct regarding the proper times when the sexual act is permitted. Such an idea is found in the writing of Menace Mendel of Katz (1787-1859), who is considered to be one of the strongest advocates for asceticism among first generation Hashish's. 1 He writes in his work Meet Vehemence about how the biblical infraction of illicit sexual relations may be applied to unnecessary r elations with one's wife, even those outside of the prohibited Indian period. 22 Such a view essentially prohibits one to engage in elation's with his wife unless there exists a valid Halfback reason (such as the Matzoth of Noah or Pre Reeve) for doing so. This idea is quite similar to the guidelines which Moodiness prescribes for the spiritually elite in More Invective, 23 that one should â€Å"reduce to the extent possible†24 engagement in the physical pleasures of the world.Rabbi McCann of Burbles (1772-1810) took ascetic practice a step further than others, to a level which has no parallel in Moodiness's writings. Rabbi McCann is known for his famous claim of â€Å"for me men and woman are the name,†25 meaning that not only had he restrained his physical actions, but that he had also completely conquered his innate sexual drive. Yet, in the Hay Maharani, Rabbi McCann seems to vacillate between intense euphoria on his supposed overcoming of sexual desire and deep de pression at the realization that such a desire had yet again returned to tempt him. 6 Perhaps such a state of mind drove Rabbi McCann to the extreme edge of the ascetic spectrum. Rabbi McCann, in several of the works ascribed to him, describes the idea of sexual lusts as the root of all human sin and desire. Thus, it may be said that Rabbi McCann strives to not only curb his sexual passions and avoid all forms of illicit sexuality (such as lascivious thoughts), but also to uproot and eradicate the innate human sexual drive from his conscience. 7 Such an audacious endeavor was not intended for the masses; rather, it was reserved for the elite few, and quite possibly for Rabbi McCann alone, of whom it was said, â€Å"was keen on asserting that he, the true Addict,' had achieved the supreme indifference to sexuality that the earlier masters had only preached. â€Å"28 The idea of guarding oneself to the extent of not attaining pleasure in the act of intercourse may be found in the as cetic practices of Rabbi McCann.True, Rabbi McCann recognized the significance of the act of intercourse in its role as facilitator of the fulfillment of Halfback obligations, yet he did not find anything attractive or pleasurable in the act itself. Rather, for him the act took on a feeling of actual physical pain: Copulation is difficult for the true Addict. Not only does he have no desire for it at all, but he experiences real suffering which is like that which the infant undergoes when he is circumcised. This very same suffering, to an even greater degree, is felt by the Addict during intercourse. The infant has no awareness; thus his suffering is not so great.But the Addict, because he is aware of the pain, suffers more greatly than does the infant. 29 Rabbi Manama's concept of experiencing the pain of circumcision during the sexual act finds itself on the extreme outskirts of Hashish thought. While, as mentioned above, some advocate for a connection to God as opposed to one's p artner during intercourse, and some like Moodiness discuss denying oneself pleasure in the act itself, very few go so far as to assert that one should have negative, painful feelings during intercourse in an effort to facilitate a parietal, as opposed to a physical, nexus.Rabbi McCann however, stresses that only through the negation of physical pleasure could the Addict consecrate the act of intercourse; only with the physical pain of circumcision could the Addict raise the coarse annalistic nature of the sexual act to a sanctified performance, one which beholds divine partnership within the process of procreation. 30 Manama's call for a prerequisite asceticism to facilitate a proper spiritual cleaving to God places him far beyond anything previously advocated by normative or Hashish Judaism. Yet, RabbiMcCann clearly states that this is the level of the Addict, and not that of the ordinary man. Several authors quote him as saying that â€Å"every man can be worthy of achieving this level,31† and indeed on a theoretical plane this may be true. Practically though, Rabbi McCann never demanded this of his followers, rather reserving these ascetic ideals for the true Addict, the elite core of the Hashish community, someone like Rabbi McCann himself. Conclusion Sexuality poses a unique challenge to the religious man: how can one synthesize the pleasures of the flesh with his spiritual beliefs?The answer, according to Moodiness and several Hashish thinkers, is found in individuals acts of asceticism, actions which go beyond the raw restrictions and requirements of Halvah, deeds which serve to redeem the religious man from his bestial and perhaps even sinful instincts. While the need for such actions is agreed upon by both Moodiness and the Hashish thinkers, the extent to which they must permeate man's existence is a matter of controversy. Moodiness ‘s higher spiritual man is placed on par with the average spiritual man in Hashish thought, while the Hashi sh Addict, according to RabbiMcCann, takes upon himself ascetic measures far beyond those advocated for by Moodiness. As discussed above, I believe that this Hashish tendency towards asceticism came about, in part, due to its many shared factors with the Sebastian movement and desire to distance itself from the sexual immortality found among the Sebastian and Franklins. Whereas normative Maidenhead Judaism advanced two set forms of ascetic behavior, the Hashish movement saw it necessary to expand on these ascetic guidelines in an effort to distance itself from its wayward, licentious neighbors.