Affiliate marketing has grown into a multi-billion dollar year business and projections show it only getting better as more people recognize the amazing opportunity. Unfortunately majority of people that venture into affiliate marketing fail due to not having the skills and a proven plan of action.
In 2005 two internet marketing gurus recognized this need and created Wealthy Affiliate University that in just four short years has grown to become the #1 internet marketing community online. In this article we will review Wealthy Affiliate and uncover what makes this site so valuable.
Everything you learn at Wealthy Affiliate is connected to a result. Kyle and Carson do not keep anything to themselves putting everything online for you to soak in. I have joined many membership sites over the years but can honestly say none provide the support and education as Wealthy Affiliate.
Wealthy Affiliate is not a system but rather an online community that provides a comprehensive proven training model, coaching, thousands of dollars worth of keyword/niche market tools and one of the best support systems online.
Speaking of support, Kyle and Carson the creators interact with everyone and provide one-on-one support to every member. Whether you need guidance with developing a new webpage to having them login to your Google Adwords campaigns giving advice how to properly setup everything up they are there for you.
How many ebooks or systems have you downloaded that does that?
The heart of Wealthy Affiliate is the WA Forum. If you take anything way from this review this is the one. The forum is the heart of the community and where you can learn exactly how to conduct keyword research, niche marketing research, article marketing, PPC and everything else. Everyone is willing to help each other and share ideas.
Kyle and Carson plus many other senior marketers will actually guide you step-by-step working with you to build a profitable business. The great thing is it is all recorded and documented in the forms for everyone to read and learn from.
Another powerful resource I would like to touch on is NicheQ. Kyle and Carson recently added this service to Wealthy Affiliate and is free to all members.
What makes NicheQ so valuable is Kyle and Carson has done all the research for you. They provide a comprehensive report about the niche market, audience, affiliate products for the niche, keywords, articles, ebooks, website templates and more.
Doing affective research prior to marketing a niche is imperative in order to make money. With this information you now know exactly who to market too and what products to promote. This is a real time saver.
If you continue to review Wealthy Affiliate I hope you have found this information useful and explore everything WA has to offer. I promise you will not be disappointed.
Come watch a video taking a deep dive into everything Wealthy Affiliate provides and learn how to get “Beating Adwords” free a $67 value…Wealthy Affiliate University Review
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With all the online business opportunities out there today it’s going to be very important for you to make some good decisions based on need-to-know information. This article will provide you with beginning direction.
Some of the opportunities available are really only best for those with previous experience. In other words if a company has a great product and/or service with a good business system- but doesn’t have any type of training program- it’s not for those just starting out.
Doing business on the internet can be learned by most anyone but things change so fast anymore that most people don’t have the time and energy to spend trying to figure it out. So find an opportunity or business that provides thorough training- preferably allowing you to be able to actually talk to a human.
There is good news.
There are internet training guides and aids that can coach you to success even if you’re currently signed up with a business that lacks training and mentoring. Many of these can work with just about any online business.
You need to know that if you want to build a successful online business you are going to have to invest quality time and some money in your education. If you don’t take that time and are impatient because you need to make money quickly then you’re setting yourself up for failure.
Remember the saying, “Haste makes waste”?
There are many quality e-books, seminars, courses, and personal coaching available. You can go to chat sites and get feedback from others on what has worked best for them.
This is why it’s best to get started with a company that provides in-depth training (and the best on-line companies do provide it). They also provide on-going education.
Sometimes it’s in the form of material you need to purchase and other times it’s free.
After you invest time with the initial education and get your business off the ground you mustn’t stop there.
Those that aren’t willing to continue to learn and grow will stagnate and will go the way of the dinosaur (remember Montgomery Wards?!).
There are some great informational sites out there, support groups, and material designed to aid in your growth and success.
Some of these may be available for a minimal fee.
You have to decide how much you’re willing to invest for potential success. There are no guarantees but some risks are better than others.
There is also some bad information and products out there that aren’t worth the paper (old term) they’re printed on. Networking with others can be very useful in assisting you in navigating these waters.
The bottom line is this- no matter how great the product or service, without proper training and education you’re unlikely to achieve great success with an online business opportunity.
Mal Keenan is a professional internet marketer that has successfully helped thousands of people work at home. Visit his work from home opportunities website and blog to learn more!
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Internet marketing training will help to prepare to those people, who want to bring the world of marketing services and products to the wide masses. In the last few years the marketing has changed significantly and with it came the knowledge of different ways to earn a quite appreciable income with the help of the internet. In the internet there are a lot of different e-books and instruction videos that everyone can choose from, but if you want that internet marketing training course will be effective, normally it has being explained and taught by someone who has been there and done all that.
From the internet marketing training course you will receive all the necessary information that will be needed for you to understand how internet marketing works and how to turn it into the successful your own business. Learning the basics and foundations of the internet marketing is a crucial factor in the understanding how whole the industry works and how to make it works on you and brings a profit. Within the internet marketing training course you should learn how with the help of internet marketing identify and attract the target audience with the help of different methods. For better understanding this process it is a good idea to use a hands-on training experience. If at the end of the internet marketing training course you will manage to stimulate how internet marketing works and you will know different ways hoe to make your internet marketing business successful, than you have chosen the proper internet marketing training course.
Also the one of the most important things that you should know is how to effectively plan and implement an e-mail marketing campaign. E-mail marketing is a very popular and successful resource for the marketers. There are a lot of different ways that may help you to understand e-mail marketing and receive all the benefits from it. Among all these factors the following could be outlined: writing an effective marketing campaign, effectively creating a target list, scheduling your mailings so that they are not deemed as span and creating subject lines that will attract readers to view the message rather than just delete it.
A good internet marketing training course should include a separate topic called search engine optimization or simply SEO. Without proper knowledge in the SEO your web site will just fail. With the help of SEO you receive the proper traffic to your web site in order to make your web site successful. If you will more as more techniques and effective methods of search engine optimization as possible, it would be better to your business and also it could be said that SEO will guarantee your success.
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FOREX trading refers to an international, 24/7, over the counter, exchange market where currencies of different nations are bought and sold. Trading is always done in pairs assuming the price of currency bought to go up and that sold to fall down. It is the largest liquid financial market making it impossible for any single investor to influence the prices of currencies.
There are two kinds of FOREX investing strategies:
TECHNICAL ANALYSIS
FUNDAMENTAL ANALYSIS
TECHNICAL ANALYSIS:
Technical analysis is mostly undertaken by small and medium size investors.
A technical analysis considers factors that are actually affecting the market rather than factors that can affect it. Thus the price quoted reflects all the factors that have influenced it. Only market generated facts and figures are taken into account and factors like fear, hope, expectations or other changes are not considered. Thus the analysis is generally based on these suppositions:
• Price reflects all actual market movements. That means price includes everything known to the market like supply and demand of foreign exchange, political factors, trade agreements etc. It is not concerned with what resulted in change rather deals with actual changes. It works on the assumption that price can take only one of the three directions:
? Upward
? downward
? sideward
• It rest on those market patterns that have been identified as significant. That means those factors which are repetitive in nature or will produce desired results.
• History always repeats itself as human psychology changes very slowly with time. That is market movements are predictable.
VARIOUS TECHNICAL INDICATORS ARE:
1. RELATIVE STRENGTH INDEX:
It takes into account the ratio of upward and downward movements in index and expresses it in the range of zero to hundred.
2.CHARTS:
Charts include various hills, slopes, curves that develop on a chart over a time and reflect some major and minor changes in pattern. Some of the chart formations include:
• TRIANGLE
• RECTANGLE
• HEAD AND SHOULDERS
• DOUBLE TOP AND BOTTOM
• SAUCERS
• V
3.GAPS:
A gap represents area on a bar chart where no trading took place.
• UPGAP: it is formed when the lowest price on a particular day is more than the highest price of previous day.
• DOWNGAP: it is formed when highest price of a certain day is less than the lowest price on previous day.
NUMBERS:
Various number theories are used in technical analysis like:
• Fibonacci theory
• GANN
STOCHASTIC OSCILLATOR:
This indicates the overbought or/and undersold condition. It uses a scale of zero to hundred percent.
FUNDAMENTAL ANALYSIS:
It is the one where current economic, political, financial situation of the country of currency is studied. A country’s economical and political condition depends upon many factors like the interest rate, unemployment level, exports and imports, per capita income, percentage of population living above and below the poverty line, inflation, trade relations with other countries, tax policies etc.
A fundamental analyst studies and evaluates all these factors before coming to any decision. Thus it helps in long tem decision making and making profits in short term by extra ordinary developments.
Some of the indicators that help in fundamental analysis include:
1. GROSS DOMESTIC PRODUCT:
It reflects total market value of all the goods and services produced in a country during a given year.
2. RETAIL SALES:
This reflects total receipts by all the retail stores in a country.
3. CONSUMER PRICE INDEX:
It reflects change in prices of consumer goods.
4. BUSINESS CYCLE:
It reflects various phases through which a business passes. These phases include:
• EXPANSION
• PEAK
• RECESSION
• DEPRESSION
5. MONETRY POLICY:
It controls the supply of money in an economy.
Trading successfully needs knowledge, time and understanding of a market. You cannot earn continuously in a Forex market due to its volatile nature. Thus as a trader you should try to consider both technical and fundamental strategies of forex trading and make decision based on market expectations and trends. Try trading with money that you can afford to loose without any regrets. Trade with logic and if you are not sure quit and take rest for some time.
When it comes to trading in any market, Forex currency trading has a huge advantage over other players in trading business. Firstly, the Forex market has the advantage of time freedom. You see in the 4x market one can trade around the clock from Monday through Friday. In the stock market that is simply not possible since the market closes at 4:00. This advantage of time freedom allows those who have not yet earned enough money trading in the 4x market to maintain their day jobs while trading at night. It is also quite plausible to trade in the morning before a person goes to work. Trading the Forex can become an excellent second job for you.
Unlike the stock market, the currency trading market does not require a trader to pay a commission to place a trade. This will come as a welcome sign of relief to those who have grown accustomed to the vast amount of money they must fork over to their brokers which go towards clearing, exchange and government fees. In the 4x market you also do not have to worry about having a large sum of money in your account to sell your currency pairs. This concept of selling as you may already know is commonly called shorting in the equities world. You can buy or sell at will in the currency trading arena.
It is so amazing to be able to participate in this market right now. You can do so from the comfort of your very own home. As long as you have a computer that is connected to the Internet you are in business. You can begin trading with as little as 300 dollars. I will show you how to turn this 300 dollars into some serious money in no time at all. This should be a lot easier to do given the advantages that you know the 4x market has over its competitors.
The Forex market is traded by some of the world’s richest individuals including Bill Gates and Warren Buffett. You now have access to the same opportunities as they do. What is stopping you from getting on the road to financial freedom. You can start now. You do not have to wait. You have already begun the journey by choosing to educate yourself on the pros of the Forex market.
I personally love the fact that you can trade whenever you want to with the Forex. You see, in the stock trading world you are flagged if you are deemed to be a daytrader. In other words if a trader of stocks chooses to trade every day, he or she must have an account balance of 50,000 dollars to do so. There are no such restrictions when it comes to trading the 4x. If you work at night, you may trade in the daytime. If you work during the day, you may trade at night. You simply trade according to the schedule that works best for you.
I want you to think about money for a moment. Who uses it? The whole world does in some form or another. Another advantage that the Forex market has is that there will always be a need for money. You are simply trading one currency for another in the currency market as the 4x is commonly reffered to. The Forex market is not going anywhere. It is here to stay. The only question is then who will be a part of it. We need money to buy the things we use everyday and so do those who live in the other parts of this world.
Another advantage that 4x has over stocks is the advantage of trading focus. Instead of having to choose between over 4,000 stocks you can deal with 4 main currency pairs. Any good business person knows that focusing on too many things is a recipe for financial disaster and this can hold equally true in the stock market. A stock trader also must grapple with the time issue doing research on all those potential stocks presents. It is also much easier to become familiar with 4 things as opposed to 4,000 things. Focus is the name of the game and 4x trading makes it much easier to do so.
The ball is now in your court. Will you take it and make the decision to win with currency trading? 4x is indeed the winner’s game and those who win consistently know how to play it well.
“Before long, all Europe, save England, will have one money”. This was written by William Bagehot, the Editor of “The Economist”, the renowned British magazine, 120 years ago when Britain, even then, was heatedly debating whether to adopt a single European Currency or not.
A century later, the euro is finally here (though without British participation). Having braved numerous doomsayers and Cassandras, the currency - though much depreciated against the dollar and reviled in certain quarters (especially in Britain) - is now in use in both the eurozone and in eastern and southeastern Europe (the Balkan). In most countries in transition, it has already replaced its much sought-after predecessor, the Deutschmark. The euro still feels like a novelty - but it is not. It was preceded by quite a few monetary unions in both Europe and outside it.
What lessons does history teach us? What pitfalls should we avoid and what features should we embrace?
People felt the need to create a uniform medium of exchange as early as in Ancient Greece and Medieval Europe. Those proto-unions did not have a central monetary authority or monetary policy, yet they functioned surprisingly well in the uncomplicated economies of the time.
The first truly modern example would be the monetary union of Colonial New England.
The four kinds of paper money printed by the New England colonies (Connecticut, Massachusetts Bay, New Hampshire and Rhode Island) were legal tender in all four until 1750. The governments of the colonies even accepted them for tax payments. Massachusetts - by far the dominant economy of the quartet - sustained this arrangement for almost a century. The other colonies became so envious that they began to print additional notes outside the union. Massachusetts - facing a threat of devaluation and inflation - redeemed for silver its share of the paper money in 1751. It then retired from the union, instituted its own, silver-standard (mono-metallic), currency and never looked back.
A far more important attempt was the Latin Monetary Union (LMU). It was dreamt up by the French, obsessed, as usual, by their declining geopolitical fortunes and monetary prowess. Belgium already adopted the French franc when it became independent in 1830. The LMU was a natural extension of this franc zone and, as the two teamed up with Switzerland in 1848, they encouraged others to join them. Italy followed suit in 1861. When Greece and Bulgaria acceded in 1867, the members established a currency union based on a bimetallic (silver and gold) standard.
The LMU was considered sufficiently serious to be able to flirt with Austria and Spain when its Foundation Treaty was officially signed in 1865 in Paris. This despite the fact that its French-inspired rules seemed often to sacrifice the economic to the politically expedient, or to the grandiose.
The LMU was an official subset of an unofficial “franc area” (monetary union based on the French franc). This is similar to the use of the US dollar or the euro in many countries today. At its peak, eighteen countries adopted the Gold franc as their legal tender (or peg). Four of them (the founding members of the LMU: France, Belgium, Italy and Switzerland) agreed on a gold to silver conversion rate and minted gold and silver coins which were legal tender in all of them. They voluntarily limited their money supply by adopting a rule which forbade them to print more than 6 franc coins per capita.
Europe (especially Germany and the United Kingdom) was gradually switching at the time to the gold standard. But the members of the Latin Monetary Union paid no attention to its emergence. They printed ever increasing quantities of gold and silver coins, which constituted legal tender across the Union. Smaller denomination (token) silver coins, minted in limited quantity, were legal tender only in the issuing country (because they had a lower silver content than the Union coins).
The LMU had no single currency (akin to the euro). The national currencies of its member countries were at parity with each other. The cost of conversion was limited to an exchange commission of 1.25%.
Government offices and municipalities were obliged to accept up to 100 Francs of non-convertible and low intrinsic value tokens per transaction. People lined to convert low metal content silver coins (100 Francs per transaction each time) to buy higher metal content ones.
With the exception of the above-mentioned per capita coinage restriction, the LMU had no uniform money supply policies or management. The amount of money in circulation was determined by the markets. The central banks of the member countries pledged to freely convert gold and silver to coins and, thus, were forced to maintain a fixed exchange rate between the two metals (15 to 1) ignoring fluctuating market prices.
Even at its apex, the LMU was unable to move the world prices of these metals. When silver became overvalued, it was exported (at times smuggled) within the Union, in violation of its rules. The Union had to suspend silver convertibility and thus accept a humiliating de facto gold standard. Silver coins and tokens remained legal tender, though. The unprecedented financing needs of the Union members - a result of the First World War - delivered the coup de grace. The LMU was officially dismantled in 1926 - but expired long before that.
The LMU had a common currency but this did not guarantee its survival. It lacked a common monetary policy monitored and enforced by a common Central Bank - and these deficiencies proved fatal.
In 1867, twenty countries debated the introduction of a global currency in the International Monetary Conference. They decided to adopt the gold standard (already used by Britain and the USA) following a period of transition. They came up with an ingenious scheme. They selected three “hard” currencies, with equal gold content so as to render them interchangeable, as their legal tender. Regrettably for students of the dismal science, the plan came to naught.
Another failed experiment was the Scandinavian Monetary Union (SMU), formed by Sweden (1873), Denmark (1873) and Norway (1875). It was a by-now familiar scheme. All three recognized each others’ gold coinage as well as token coins as legal tender. The daring innovation was to accept the members’ banknotes (1900) as well.
As Scandinavian schemes go, this one worked too perfectly. No one wanted to convert one currency to another. Between 1905 and 1924, no exchange rates among the three currencies were available. When Norway became independent, the irate Swedes dismantled the moribund Union in an act of monetary tit-for-tat.
The SMU had an unofficial central bank with pooled reserves. It extended credit lines to each of the three member countries. As long as gold supply was limited, the Scandinavian Kronor held its ground. Then governments started to finance their deficits by dumping gold during World War I (and thus erode their debts by fostering inflation through a string of inane devaluations). In an unparalleled act of arbitrage, central banks then turned around and used the depreciated currencies to scoop up gold at official (cheap) rates.
When Sweden refused to continue to sell its gold at the officially fixed price - the other members declared effective economic war. They forced Sweden to purchase enormous quantities of their token coins. The proceeds were used to buy the much stronger Swedish currency at an ever cheaper price (as the price of gold collapsed). Sweden found itself subsidizing an arbitrage against its own economy. It inevitably reacted by ending the import of other members’ tokens. The Union thus ended. The price of gold was no longer fixed and token coins were no more convertible.
The East African Currency Area is a fairly recent debacle. An equivalent experiment, involving the CFA franc, is still going on in the Francophile part of Africa.
The parts of East Africa ruled by the British (Kenya, Uganda and Tanganyika and, in 1936, Zanzibar) adopted in 1922 a single common currency, the East African shilling. The newly independent countries of East Africa remained part of the Sterling Area (i.e., the local currencies were fully and freely convertible into British Pounds). Misplaced imperial pride coupled with outmoded strategic thinking led the British to infuse these emerging economies with inordinate amounts of money. Despite all this, the resulting monetary union was surprisingly resilient. It easily absorbed the new currencies of Kenya, Uganda and Tanzania in 1966, making them legal tender in all three and convertible to Pounds.
Ironically, it was the Pound which gave way. Its relentless depreciation in the late 60s and early 70s, led to the disintegration of the Sterling Area in 1972. The strict monetary discipline which characterized the union - evaporated. The currencies diverged - a result of a divergence of inflation targets and interest rates. The East African Currency Area was formally ended in 1977.
Not all monetary unions ended so tragically. Arguably, the most famous of the successful ones is the Zollverein (German Customs Union).
The nascent German Federation was composed, at the beginning of the 19th century, of 39 independent political units. They all busily minted coins (gold, silver) and had their own - distinct - standard weights and measures. The decisions of the much lauded Congress of Vienna (1815) did wonders for labour mobility in Europe but not so for trade. The baffling number of (mostly non-convertible) different currencies did not help.
The German principalities formed a customs union as early as 1818. The three regional groupings (the Northern, Central and Southern) were united in 1833. In 1828, Prussia harmonized its customs tariffs with the other members of the Federation, making it possible to pay duties in gold or silver. Some members hesitantly experimented with new fixed exchange rate convertible currencies. But, in practice, the union already had a single currency: the Vereinsmunze.
The Zollverein (Customs Union) was established in 1834 to facilitate trade by reducing its costs. This was done by compelling most of the members to choose between two monetary standards (the Thaler and the Gulden) in 1838. Much as the Bundesbank was to Europe in the second half of the twentieth century, the Prussian central bank became the effective Central Bank of the Federation from 1847 on. Prussia was by far the dominant member of the union, as it comprised 70% of the population and land mass of the future Germany.
The North German Thaler was fixed at 1.75 to the South German Gulden and, in 1856 (when Austria became informally associated with the Union), at 1.5 Austrian Florins. This last collaboration was to be a short lived affair, Prussia and Austria having declared war on each other in 1866.
Bismarck (Prussia) united Germany (Bavarian objections notwithstanding) in 1871. He founded the Reichsbank in 1875 and charged it with issuing the crisp new Reichsmark. Bismarck forced the Germans to accept the new currency as the only legal tender throughout the first German Reich. Germany’s new single currency was in effect a monetary union. It survived two World Wars, a devastating bout of inflation in 1923, and a monetary meltdown after the Second World War. The stolid and trustworthy Bundesbank succeeded the Reichsmark and the Union was finally vanquished only by the bureaucracy in Brussels and its euro.
This is the only case in history of a successful monetary union not preceded by a political one. But it is hardly representative. Prussia was the regional bully and never shied away from enforcing strict compliance on the other members of the Federation. It understood the paramount importance of a stable currency and sought to preserve it by introducing various consistent metallic standards. Politically motivated inflation and devaluation were ruled out, for the first time. Modern monetary management was born.
Another, perhaps equally successful, and still on-going union - is the CFA franc Zone.
The CFA (stands for French African Community in French) franc has been in use in the French colonies of West and Central Africa (and, curiously, in one formerly Spanish colony) since 1945. It is pegged to the French franc. The French Treasury explicitly guarantees its conversion to the French franc (65% of the reserves of the member states are kept in the safes of the French Central Bank). France often openly imposes monetary discipline (that it sometimes lacks at home!) directly and through its generous financial assistance. Foreign reserves must always equal 20% of short term deposits in commercial banks. All this made the CFA an attractive option in the colonies even after they attained independence.
The CFA franc zone is remarkably diverse ethnically, lingually, culturally, politically, and economically. The currency survived devaluations (as large as 100% vis a vis the French Franc), changes of regimes (from colonial to independent), the existence of two groups of members, each with its own central bank (the West African Economic and Monetary Union and the Central African Economic and Monetary Community), controls of trade and capital flows - not to mention a host of natural and man made catastrophes.
The euro has indirectly affected the CFA as well. “The Economist” reported recently a shortage of small denomination CFA franc notes. “Recently the printer (of CFA francs) has been too busy producing euros for the market back home” - complained the West African central bank in Dakar. But this is the minor problem. The CFA franc is at risk due to internal imbalances among the economies of the zone. Their growth rates differ markedly. There are mounting pressures by some members to devalue the common currency. Others sternly resist it.
“The Economist” reports that the Economic Community of West African States (ECOWAS) - eight CFA countries plus Nigeria, Ghana, Guinea, the Gambia, Cape Verde, Sierra Leone, and Liberia - is considering its own monetary union. Many of the prospective members of this union fancy the CFA franc even less than the EU fancies their capricious and graft-ridden economies. But an ECOWAS monetary union could constitute a serious - and more economically coherent - alternative to the CFA franc zone.
A neglected monetary union is the one between Belgium and Luxembourg. Both maintain their idiosyncratic currencies - but these are at parity and serve as legal tender in both countries since 1921. The monetary policy of both countries is dictated by the Belgian Central Bank and exchange regulations are overseen by a joint agency. The two were close to dismantling the union at least twice (in 1982 and 1993) - but relented.
II. The Lessons
Europe has had more than its share of botched and of successful currency unions. The Snake, the EMS, the ERM, on the one hand - and the British Pound, the Deutschmark, and the ECU, on the other.
The currency unions which made it have all survived because they relied on a single monetary authority for managing the currency.
Counter-intuitively, single currencies are often associated with complex political entities which occupy vast swathes of land and incorporate previously distinct -and often politically, socially, and economically disparate - units. The USA is a monetary union, as was the late USSR.
All single currencies encountered opposition on both ideological and pragmatic grounds when they were first introduced.
The American constitution, for instance, did not provide for a central bank. Many of the Founding Fathers (e.g., Madison and Jefferson) refused to countenance one. It took the nascent USA two decades to come up with a semblance of a central monetary institution in 1791. It was modeled after the successful Bank of England. When Madison became President, he purposefully let its concession expire in 1811. In the forthcoming half century, it revived (for instance, in 1816) and expired a few times.
The United States became a monetary union only following its traumatic Civil War. Similarly, Europe’s monetary union is a belated outcome of two European civil wars (the two World Wars). America instituted bank regulation and supervision only in 1863 and, for the first time, banks were classified as either national or state-level.
This classification was necessary because by the end of the Civil War, notes - legal and illegal tender - were being issued by no less than 1562 private banks - up from only 25 in 1800. A similar process occurred in the principalities which were later to constitute Germany. In the decade between 1847 and 1857, twenty five private banks were established there for the express purpose of printing banknotes to circulate as legal tender. Seventy (!) different types of currency (mostly foreign) were being used in the Rhineland alone in 1816.
The Federal Reserve System was founded only following a tidal wave of banking crises in 1908. Not until 1960 did it gain a full monopoly of nation-wide money printing. The monetary union in the USA - the US dollar as a single legal tender printed exclusively by a central monetary authority - is, therefore, a fairly recent thing, not much older than the euro.
It is common to confuse the logistics of a monetary union with its underpinnings. European bigwigs gloated over the smooth introduction of the physical notes and coins of their new currency. But having a single currency with free and guaranteed convertibility is only the manifestation of a monetary union - not one of its economic pillars.
History teaches us that for a monetary union to succeed, the exchange rate of the single currency must be realistic (for instance, reflect the purchasing power parity) and, thus, not susceptible to speculative attacks. Additionally, the members of the union must adhere to one monetary policy.
Surprisingly, history demonstrates that a monetary union is not necessarily predicated on the existence of a single currency. A monetary union could incorporate “several currencies, fully and permanently convertible into one another at irrevocably fixed exchange rates”. This would be like having a single currency with various denominations, each printed by another member of the Union.
What really matters are the economic inter-relationships and power plays among union members and between the union and other currency zones and currencies (as expressed through the exchange rate).
Usually the single currency of the Union is convertible at given (though floating) exchange rates subject to a uniform exchange rate policy. This applies to all the territory of the single currency. It is intended to prevent arbitrage (buying the single currency in one place and selling it in another). Rampant arbitrage - ask anyone in Asia - often leads to the need to impose exchange controls, thus eliminating convertibility and inducing panic.
Monetary unions in the past failed because they allowed variable exchange rates, (often depending on where - in which part of the monetary union - the conversion took place).
A uniform exchange rate policy is only one of the concessions members of a monetary union must make. Joining always means giving up independent monetary policy and, with it, a sizeable slice of national sovereignty. Members relegate the regulation of their money supply, inflation, interest rates, and foreign exchange rates to a central monetary authority (e.g., the European Central Bank in the eurozone).
The need for central monetary management arises because, in economic theory, a currency is never just a currency. It is thought of as a transmission mechanism of economic signals (information) and expectations (often through monetary policy and its outcomes).
It is often argued that a single fiscal policy is not only unnecessary, but potentially harmful. A monetary union means the surrender of sovereign monetary policy instruments. It may be advisable to let the members of the union apply fiscal policy instruments autonomously in order to counter the business cycle, or cope with asymmetric shocks, goes the argument. As long as there is no implicit or explicit guarantee of the whole union for the indebtedness of its members - profligate individual states are likely to be punished by the market, discriminately.
But, in a monetary union with mutual guarantees among the members (even if it is only implicit as is the case in the eurozone), fiscal profligacy, even of one or two large players, may force the central monetary authority to raise interest rates in order to pre-empt inflationary pressures.
Interest rates have to be raised because the effects of one member’s fiscal decisions are communicated to other members through the common currency. The currency is the medium of exchange of information regarding the present and future health of the economies involved. Hence the notorious “EU Stability Pact”, recently so flagrantly abandoned in the face of German budget deficits.
Monetary unions which did not follow the path of fiscal rectitude are no longer with us.
In an article I published in 1997 (”The History of Previous European Currency Unions”), I identified five paramount lessons from the short and brutish life of previous - now invariably defunct - monetary unions:
To prevail, a monetary union must be founded by one or two economically dominant countries (”economic locomotives”). Such driving forces must be geopolitically important, maintain political solidarity with other members, be willing to exercise their clout, and be economically involved in (or even dependent on) the economies of the other members.
Central institutions must be set up to monitor and enforce monetary, fiscal, and other economic policies, to coordinate activities of the member states, to implement political and technical decisions, to control the money aggregates and seigniorage (i.e., rents accruing due to money printing), to determine the legal tender and the rules governing the issuance of money.
It is better if a monetary union is preceded by a political one (consider the examples of the USA, the USSR, the UK, and Germany).
Wage and price flexibility are sine qua non. Their absence is a threat to the continued existence of any union. Unilateral transfers from rich areas to poor are a partial and short-lived remedy. Transfers also call for a clear and consistent fiscal policy regarding taxation and expenditures. Problems like unemployment and collapses in demand often plague rigid monetary unions. The works of Mundell and McKinnon (optimal currency areas) prove it decisively (and separately).
Clear convergence criteria and monetary convergence targets.
The current European Monetary Union is far from heeding the lessons of its ill fated predecessors. Europe’s labour and capital markets, though recently marginally liberalized, are still more rigid than 150 years ago. The euro was not preceded by an “ever closer (political or constitutional) union”. It relies too heavily on fiscal redistribution without the benefit of either a coherent monetary or a consistent fiscal area-wide policy. The euro is not built to cope either with asymmetrical economic shocks (affecting only some members, but not others), or with the vicissitudes of the business cycle.
This does not bode well. This union might well become yet another footnote in the annals of economic history.
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The first and the most important thing why people fail in the internet marketing is that they are not doing the things in the correct ways. When people hear about making money with the help of internet marketing for the first time, they are very excited. In this case people are excited because they are thinking that it is very easy to make money with the help of the internet marketing and for doing it they do not need a lot to know about how to make it. But in the reality it is completely false. Earning money through the internet marketing is not just clicking the mouse some hours a day. If you will do things not in the correct way, than you would not reach the proper results and you would just waste your time. Four hours of unfocused work is not the same as four hours of the proper organized work based on the proven plan of action.
The proven plan of actions is exactly what distinguishes successful internet marketing business from the business which has not made even a cent. If you are going to make a full time income with the help of internet marketing, than you would need to have and to follow a proven model. Imagine that you are in the point A and you have to get to the point B. And now the question – how will do it, if you are completely lost and do not know a direction? The same is in the internet marketing business. A proven model of a business allows finding the needed direction to a success.
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Online marketing presents you with an opportunity to get more bang for your buck compared to traditional marketing. This is particularly true for word of mouth marketing.
Word of Mouth Marketing on The Web
Word of mouth marketing refers to a type of marketing that promotes something by enticing independent parties to promote the service, idea or product to friends. The idea is to create a buzz for the subject matter. In creating the buzz, the goal is to create enough word of mouth momentum to get the idea to spread quickly. People are the sole conduit for the momentum. If you get it right, an entire product can become an established success with little or no paid marketing.
A classic example of word of mouth marketing, often called viral, is the situation involving Red Bull. Red Bull is an energy drink. When it was first introduced in Europe, rumors spread that the drink was an aphrodisiac. Nobody knows who started the rumors, but Red Bull became very popular. It then evolved into a mixer for alcoholic drinks in nightclubs and the rest is history. It is a hugely popular product and much of the popularity arose through this word of mouth process.
Word of mouth marketing online works in much the same way. The primary difference is it tends to happen much quicker than in the real word. The Internet is full of forums where like minded people congregate. A new, cool product, idea or service can blow up a site over night. If you don’t believe me, consider the wild success of the My Space platform, Napster, EBay and so on. Most of these sites grew into behemoths because of word of mouth endorsements, not paid advertising.
Obviously, this type of marketing can lead to tremendous riches. Unfortunately, it isn’t particularly easy to accomplish. Everyone is trying to do it, so you really need to be pushing something unique. If you can come up with something, it is time to hit forums and other sites to create a buzz.
A traditional way to pursue viral marketing online is to offer a free e-book. The book will detail your thoughts on some subject matter, such as marketing. One makes the book available for downloading and also allows people to send it to others. If you are offering something of quality, the book should spread quickly to thousands and thousands of people.
The ultimate goal is to promote it over and over until hundreds of thousands of people have read it. At that point, you write another e-book which you sell for $3 to $5. If people liked the first book, they will buy the second. If 100,000 read the first one and only 10 percent buy the second, you will have 10,000 sales. This strategy has been pursued over and over by many authors.
The word of mouth approach is definitely a hit and miss strategy. The large online communities make it a viable strategy, but there are a lot of people trying to do it. If you fail 50 times, but succeed once, life will be very good.
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