The Global Significance of the Middle East Essay - 66

The Global Significance of the Middle East - Essay Example From this paper it is clear that most leaders in the region as well as superpowers try to take control of the area so as to gain in this viable energy business. The large oil wells in the region have caused its global significance as it meets most of the oil needs in the world.  The global significance and dependence on the Middle East for oil and energy resources is known to have begun with the British navy that intended to use the petroleum from this region to give them a strategic advantage during the Great War.  From this time, the region has been dominated by the great powers who struggle to take control of the looming oil business.  Today leading nations are at conflicts in the struggle to control the lucrative oil market, and an example is the crisis in Iraq, which the United States and Britain invaded pretending that it had weapons of mass destruction, and this led to war in the region, causing death of many civilians, US and British soldiers. As the paper highlights the struggle for control of oil in the Middle East has led to wars, overthrow of leaders and dictatorships in the effort of taking over the oil business. An example is the Libyan crisis, which occurred due to the authoritarian rule of Gadhafi, and there were protests to remove him from power. Gadhafi was a dictator and had used the wealth generated from the oil wells in Libya for his own and family benefit while other citizens languished in poverty. The West intervened to remove him from office, which some people think was a plan of the superpowers to gain control of the oil in Libya, one of the Middle East countries.   

Fall of Eurozone Consumer Prices Essay Example | Topics and Well Written Essays - 750 words

Fall of Eurozone Consumer Prices - Essay Example The region is just recovering from the economic depression that affected the entire globe. A major concern in the region was that consumers would opt to postpone spending on investment opportunities, as they fear the downward spiral into a full-blown economic depression. So what is the European Central Bank doing to prevent the region’s economy from experiencing the adverse effects of a fall in consumer prices? Mario Draghi, the President mentioned that the bank was set to convene a meeting in Frankfurt, Germany to discuss aggressive strategies aimed at containing the fall in consumer prices before it became unmanageable. In addition, he inferred that the rumoured onset of deflation was unlikely to happen; however, he did not rule it out completely. Among the possible intervention strategies the Bank was likely to take was quantitative easing, which is similar to that undertaken by the US Federal Reserve. Although controversial in the region, this strategy proved helpful in stimulating the American economy. Quantitative easing entails the process by which a country’s Central Bank injects money into the country’s economy with the intention of managing inflation by increasing spending by the private sector. In this case, the Europe an Central Bank would purchase financial assets such as government bonds using money it has creates. It is crucial to note that the money used in this process is not tangible money, as it is generated electronically. Arguments against the use of Quantitative Easing are as follows.