HBC Dollarama Article Example | Topics and Well Written Essays - 250 words

HBC Dollarama - Article Example Through product inspiration from other high-end stores, the owners of the chain store were never short of ideas. They would then develop new and better items that would be sold for a dollar, or less. Its main product manufacturers were Asian and Chinese who acted as the corporation’s direct sources. Direct sourcing, according to the owners, cut on costs that were incurred by importers (Perold 2). Another problem the chain store faced was the administrative expenses that were incurred per annum. The amount of capital used on labour costs was also variable to sales in most of the chain stores. Commodity prices affected the cost of production of most of the store’s items. Preserving margins was becoming an uphill task with the rise in prices. A rise in input costs also presents a challenge to the one-dollar chain store (Perold 3). The solution the owners of the store went for was to adjust some quantities for there to be a counteraction of inflation. So long as the consumer still got value for their money, there was the need to adapt to save the financial situation they were in during that period. As the input costs were on the rise, it was crucial for the chain store to source the item somewhere else, which was less expensive. The other alternative was to restructure an existing item in the store, and sell it at the same price (Perold 4). The only difference this might have is that; it might get to attract someone. In conclusion, the owners admit that it is not an easy task running a store that offers items at less than two dollars. This fixed price point has its limits, but they do manage to get customers, and boost their sales. They did see a rise in sales, and this is promising to them as they hope to open at least, 30 or 40 more stores per year (Perold 4). It may be a dream, but it is possible for the

Causes of the 2008 Sovereign Debt Crisis in Europe

Causes of the 2008 Sovereign Debt Crisis in Europe â€Å"Discuss the causes of the sovereign debt crisis in Europe since 2008 and critically analyse the proposed responses. It is important that you inform your arguments using academic literature.† Introduction The European sovereign debt crisis came to prominence in late 2009, when newly elected Greek Prime Minister George Papandreou announced that previous governments had been distorting the country’s deficit data (Nelson et al., 2012). A revision of the budget deficit forecast was revealed as 12.7% of GDP – a valuation that was almost double the previous figure of 6.0% (Gibson et al. 2012). The reaction to this was a fall in investor confidence, which caused sovereign bond yields to rise to an all-time high (see Appendix 1). This impacted not only Greece, but also other heavily indebted countries within the Eurozone – identified as peripheral nations (Greece, Ireland, Italy, Portugal and Spain). There is growing concern within the Eurozone that these periphery nations could ultimately default on their sovereign debt. European banks currently hold a large portion of the regions government bonds (see Appendix 2); if one nation was to default on its sovereign debt payments it would cause financial pressure throughout the Eurozone (Constà ¢ncio 2012). This is a known as financial contagion, a term described by Dornbusch (2000) as the spread of market shocks from one country to another. The fear of contagion has forced the European Central Bank (ECB) to bailout a number of the periphery nations; however, this is not viewed as a sustainable practice. The aim of this essay is to identify the causes of the sovereign debt crisis and analyse the proposed responses by the European Union (EU). Causes A complex phenomenon, such as the sovereign debt crisis, is built up of a variety of elements. Most analysts believe that the crisis was caused by structural weaknesses present both at the European and national levels, along with factors specific to (Dombret 2013). The structure of the Eurozone is a key factor contributing to the current crisis. A structural deficit exists within the Eurozone with the fact that there is a single monetary policy and decentralised fiscal policy. This creates an imbalance as the monetary policy is controlled by the ECB, whereas individual member states are trusted to set their own revenues and expenditures (Lapavitsas et al. 2010). Given this imbalance, it has led to ‘fiscal free-riding’ by the peripheral economies. These nations have had an increased incentive to borrow as the cost of debt is spread across the entire currency area. The Stability and Growth Pact was created to regulate fiscal expenditure, with one of its tenants being that annual government expenditure should not exceed 3% of GDP (see Appendix 3); however, due to a lack of automatic sanctions, these rules have been universally broken, thus setting the pathway to the current crisis (Anand et al. 2012). The mispricing of sovereign risk and subsequent misuse of capital is also a significant factor that has led to the sovereign debt crisis. As the periphery prepared to join the Euro, their sovereign bond yields began converging with those of the core nations (see Appendix 4). This allowed the periphery access to substantial amounts of low-cost credit, which traditionally, they had not experienced before. Voltz (2012) suggests that the sovereign risk of the periphery was mispriced by the capital markets, which has led to an â€Å"unsustainable accumulation of private and public debt†. In Greece, the inflow of capital financed excessive government spending, whilst in Ireland and Spain it led to creation of banking and real-estate bubbles. When capital markets tightened during the financial crisis of 2008, the unsustainability of these debts became apparent as the periphery struggled to finance its existing sovereign debt. Moreover, the governments were forced to assume private se ctor debt as national banks declined and speculative bubbles burst necessitating large bailout packages (Nelson et al. 2012). The Eurozone created an illusionary sense of prosperity. Lin (2012) explains that the sense of prosperity was illusionary as there was a progressive loss of competiveness of the periphery in relation to the core. This loss of competitiveness was partly a result of sharp wage rises in the non-core countries, leading to large current account deficits (Lapavitsas 2012). These deficits were funded by sovereign debt, with most of the debt being held by the core’s banks – a key factor in increasing contagion risk. Historically, nations running a current account deficit would devalue their currency in order to improve their position (Simkovic 2011); however, due to the monetary policy inflexibility within the Eurozone this is not possible. A culmination of the factors mentioned above has resulted in a huge fall in investor confidence, marked by a decrease in available credit (see Appendix 5). Due to the high levels of high risk sovereign debt, Standard Poor has downgraded the credit ratings of a number of Eurozone nations. To regain global confidence, the EU must provide a strategy that will tackle the underlying issues present within the Eurozone. Responses The immediate response from the EU has been to create financial firewalls. These have been in the form of rescue mechanisms, such as the EFSF (2010-2013) ESM (2012+), which have the ability to buy sovereign debt, recapitalise banks and provide bailout packages to the Eurozone nations (Thesing 2011). However, this is a short term solution to a long term problem. Regling (2012), CEO of EFSF, has stated that the mechanisms should only be used to â€Å"buy time† while the root causes are eliminated. This calls for responses aimed at reducing government debts and deficits, as well as structural reforms at European and national levels. A favoured approach by national governments to contain their finances has been an implementation of fiscal consolidation. AÄÅ ¸ca (2013) defines fiscal consolidation as policies that â€Å"cut budget deficits and reduce public debt levels†. The ECB and IMF have been aiding nations with the design, implementation and supervision of these policy reforms. Fiscal consolidation has, so far, proven to be a success, with Ireland’s sovereign bond yields falling from 11.8% to 3.5%. Undoubtedly, this route of austerity carries negative implications. As well as the social costs involved, fiscal consolidation is known to stagnate economic growth (Anand 2012). To regain investor confidence, the fiscal policies need to be coupled with national structural reforms aimed at increasing competitiveness (Dombret 2013). Ireland and Spain have both reduced their current account deficits through the use of these reforms (see Appendix 6), highlighting that the periphery must embrace this strategy. As we have discussed, the lack of fiscal control and regulation was a major factor in the birth of the sovereign debt crisis. To rectify this problem there has been major responses a European level. A new reform of the Stability Growth Pact, known as the fiscal compact, was created in 2011 with the aim of providing â€Å"enhanced coordination in fiscal and economic policy† within the Eurozone (Regling 2012). This reform ensures member states adhere to the 3% deficit and 60% debt-to-gdp rules of the Maastricht Treaty, through the creation of an automatic sanction procedure. A yearly review of Member States’ budgetary and structural policies, known as the European Semester, has also been put into effect (Bowler 2013). These structural reforms will help put government finances on track. However, it does not address the underlying issue that member states are trusted to set their own fiscal budgets. To address this issue, analysts have called for the creation of a European fiscal union. Weidmann (2012) believes that a fiscal union provides the â€Å"cornerstone of framework for the monetary union†. To achieve this, it would require deeper political integration within the Eurozone; this would necessitate legislative changes at both the European and national level. Accomplishing the required level of political integration, with the 18 member-states, would be a near-impossible task due to the conflicting agendas and ideals (Feust 2012). Hence, if they structural deficits within the Eurozone are to be fixed, these nations will need to work collectively. A current topic of debate has been to do with the potential introduction of so called â€Å"Eurobonds†, where bonds are issued on a European front and finances distributed accordingly. While the introduction of these bonds would send a statement of commitment to the Euro (Nelson et al. 2012), the incentive to increase debt would rise as the liability would be spread across the member-nations. This would result in a case of the core, again, paying for the actions of the periphery. Conclusion Nevertheless, the European sovereign debt crisis remains a growing problem for the global economy. I feel the elemental decision that needs to be made is whether the euro should be brought closer together, or whether it would be best for the future of the Eurozone to sever ties with the periphery. Although fracturing the euro is a radical response, it may be the only way to curb the threat financial contagion poses. Regardless of the decision made, the European sovereign debt crisis has exposed dangers of fiscal recklessness, and should serve as a lesson to future economists, governments and monetary unions (Sandoval et al. 2011). Reference List AÄÅ ¸ca, S. Deniz, I. (2013),Fiscal Consolidation and the Cost of Credit: Evidence from Syndicated Loans . IMF Working Paper[Online]. Available at:http://www.imf.org/external/pubs/ft/wp/2013/wp1336.pdf(Accessed: 2th February 2014). Anand, M. R., Gupta, G. L., Dash, R. (2012),The euro zone crisis Its dimensions and implications. Department of Economic Affairs (DEA), Minsitry of Finance, India.[Online]. Available at:http://mof.gov.in/WorkingPaper/euro_zone_crisis.pdf(Accessed: 10th February 2014). Constà ¢ncio, V. (2012), â€Å"Contagion and the European debt crisis†,Financial Stability Review,(No. 16), pp. 110. Dornbusch, R., Park, Y. C. Claessens, S. (2000), â€Å"Contagion: Understanding How It Spreads†,World Bank Res Obs,Vol. 15(No. 2), pp. 177-197. Dombret, A. (2011),Europes sovereign debt crisis causes and possible solutions,Available at:http://www.bis.org/review/r120111b.pdf(Accessed: 4th February 2014). Dombret, A. (2013),The European Sovereign Debt Crisis – Past, Present and Future,Available at:http://www.bundesbank.de/Redaktion/EN/Reden/2013/2013_08_26_dombret.html(Accessed: 7th February 2014). Fuest, C. Peichl, A. (2012),European Fiscal Union: What Is It? Does It Work? And Are There Really ‘No Alternatives’?. IZA Policy Paper No. 39[Online]. Available at:http://ftp.iza.org/pp39.pdf(Accessed: 3rd February 2014). Gibson, H. D., Hall, S.G. Tavlas, G. S. (2011),The Greek financial crisis: growing imbalances and sovereign spreads. Working Papers 124[Online]. Available at:http://www.bankofgreece.gr/BogEkdoseis/Paper2011124.pdf(Accessed: 1st February 2014). Lapavitsas, C., Kaltenbrunner, A., Lindo, D., Michell, J., Painceira, J. P., Pires, E., Powell, J., Stenfors, A. Teles, N. (2010), â€Å"Eurozone crisis: beggar thyself and thy neighbour†,Journal of Balkan and Near Eastern Studies,Volume 12(Issue 4), pp. 312-373 [Online]. Available at:http://researchonmoneyandfinance.org/media/reports/eurocrisis/fullreport.pdf(Accessed: 8th February 2014). Lin, J. Y. Treichel, V. (2012),The Crisis in the Eurozone,Available at:http://www.worldfinancialreview.com/?p=2303(Accessed: 6th February 2014). Lapavitsas, C. (2012),Crisis in the Eurozone, New York: Verso Books. Nelson, R. M., Belkin, P., Mix, D. E. Weiss, M. A. (2012),The Eurozone Crisis: Overview and Issues for Congress. US Congressional Research Service Reports[Online]. Available at:http://www.fas.org/sgp/crs/row/R42377.pdf(Accessed: 8th February 2014). Regling, K. (2012),Europe’s Response to the European Sovereign Debt Crisis. Anders Chydenius Free Trade Seminar[Online]. Available at:http://www.efsf.europa.eu/attachments/20120608_speech regling_anders_chydenius_seminar_kokkola_en.pdf(Accessed: 2nd February 2014). Sandoval, L., Beltran, E., Ulziikhutag, S. Zorigt, T. (2011),The European Sovereign Debt Crisis: Responses to the Financial Crisis. New Voices In Public Policy Vol. 5[Online]. Available at:www.journals.gmu.edu/index.php/newvoices/article/download/4/4(Accessed: 4th February 2014). Somkovic, M. (2011),Bankruptcy Immunities, Transparency, and Capital Structure,Available at:http://siteresources.worldbank.org/EXTGILD/Resources/Jan11-FC-Simkovic.pdf(Accessed: 6th February 2014). Thesing, G. (2011),European Rescue Fund May Buy Bonds, Recapitalize Banks, ECBs Stark Says,Available at:http://www.bloomberg.com/news/2011-01-22/ecb-s-stark-says-rescue-fund-may-buy-bonds-recapitalize-banks.html(Accessed: 9th February 2014). Voltz, U. (2012),Lessons of the European Crisis for Regional Monetary and Financial Integration in East Asia. ADBI Working Paper Series[Online]. Available at:http://www.adbi.org/files/2012.02.21.wp347.lessons.european.crisis.east.asia.pdf(Accessed: 3rd February 2014). Weidmann, J. (2012),Everything flows? The future role of monetary policy,Available at:http://www.bundesbank.de/Redaktion/EN/Reden/2012/2012_06_14_weidmann_everything_flows_the_future_role_of_monetary_policy.html(Accessed: 4th February 2014).

Standardized Testing Essay -- Standardized Testing Essays

Standardized Testing Scholar Bill Ayers believes standardized testing in schools does not accurately measure what is necessary to be successful in life. Ayers insists that Standardized tests such as the American College Test (ACT) and the Scholastic Aptitude Test (SAT) measure specific facts and function which are among the least interesting and slightest important information that children should know. In an article titled â€Å"Testing the Right Way for Talent†, written by Hugh Price, argues the fact that standardized tests fail to capture the qualities that are necessary to be successful in the business world. Another article labeled â€Å"Implementing NCLB Assessment and Accountability Requirements in an Imperfect World† composed by Stuart Kahl, is in agreement with both Price and Ayers. According to Bill Ayers, Hugh Price and Stuart Kahl, standardized tests are uncalled excuse for a traumatic and stressful time in a child’s life. Hugh Price and Stuart Kahl are among the large majority of people who do not believe one test is able to accurately measure what a child knows. Price states, â€Å"High-stakes standardized tests, like the Scholastic Aptitude Test, the SAT, fail to capture the qualities most essential for success in the corporate world, such as creativity, drive and leadership† (Price). Price claims that although these tests are able to rate children in topics such as Math, English and History, what really makes one who they are is more than book smarts, but their personality and leadership skills are also necessary. In addition to Price believing this fact, Kahl also articulates against standardized testing. In his article that analyzes The No Child Left Behind Act of 2001, Kahl is aware of the fact that ... ...ort and a motivation behind the tests may as well perform better than those who are not. Whatever the reason may be, many people, including Price, Kahl, and Ayers do not support standardized testing. These authors all have one opinion in common; they are all against testing for the sake of the children, because of the pressures kids already endure without the pressures of testing. They all claim that tests may be an unfair way to rank children in the world today due to: teachers not teaching children the right material in preparation for the test, family upbringing, and even worrying the children would affect the test results. As Ayers indicates, one single test could not determine where a child stands in the business world, due to the fact that the test analyzes specific topics on school and nothing about their personality or more personal traits.

Community Health Promotion Tool Essay

Kimberly Thomas: Good Evening, I am Kimberly Thomas. I’m interviewing Hypertension what is a disorder that affects cardiovascular system. Let’s talk about the population and treatment for hypertension. There are a lot of medications for hypertension. What is hypertension? Where do you start for treatment? Hypertension: Hypertension is high blood pressure. Well, there are several medication treatments for hypertension. Most doctor start patients with hydrochlorothiazide (HCTZ), which is a diuretic. Diuretics are basically known as a water pill, which helps remove excess sodium and water from the body. Second most common medicine for hypertension is beta blockers. Beta blockers help the heart to beat a slower pace with less force. Again, there are several other medication treatments for hypertension, and your primary care physicians will discuss what options are best for you. Kimberly Thomas: Ok, thank you. Who are at risk of hypertension? Hypertension: There are some cultures that are more at risk than others. However, certain conditions and habits can put anyone at risk for high blood pressure. According to â€Å"Hypertension† (n.d.), â€Å"It’s more common in African American adults than in Caucasian or Hispanic American adults.† African Americans tend to get high blood pressure early in life. Also, Puerto Rican adults have higher rates of hypertension than any other Hispanic group. Kimberly Thomas: Why do you think African Americans and Puerto Ricans are more at risk than any other culture? Hypertension: There are several factors why these two cultures are more at risk than other cultures. According to â€Å"Hypertension† (n.d.), â€Å"The main factor is the choice of food both cultures eat. Both cultures diet include too much salt.† Kimberly Thomas: Heredity is a factor correct? Can the individual manage some of the risk factors? Hypertension: Yes to both of your questions. There are a few things you can do to manage your high blood pressure. If you’re overweight, it’s highly recommend that you start exercising. Eat healthy food low in saturated fat, Trans fat, cholesterol and salt. Limit your alcohol intake, and stop smoking. Always, take medicine the way your doctor tells you. Kimberly Thomas: I absolutely agree with that. Kimberly Thomas: What about impact it has on cost? Hypertension: According to â€Å"Hypertension† (n.d.), â€Å"In 2010, high blood pressure was projected to cost the United States $93.5 billion in health care services, medications, and missed days of work.† Kimberly Thomas: How does hypertension impact the society? Hypertension: The number 1 cause of death in the United States throughout most of the 20th century. Unfortunately, whether the hypertension is treated or untreated, only 34% of Americans with hypertension have their blood pressure controlled to 140/90. An estimated 30 to 35 million Americans have uncontrolled hypertension, and are therefore at unduly increased risk of cardiovascular morbidity and mortality. Kimberly Thomas: I completely agree with you. I think the number one problem we still have today is that there are many people out there who are not being adequately treated. People who are denial of their problem, is unfortunate because there is help for them. Kimberly Thomas: Well, that’s all for today and Thank you for your time. References: Hypertension. (n.d.). Retrieved from http://www.cdc.gov/hypertension/faqs.htm http://www.mayoclinic.org/diseases-conditions/high-blood-pressure/basics/definition/con-20019580

Stress and Happiness–Cause and Effect

Tylynn Schaber Stress and Happiness Which sounds more fun, doing the dishes or playing a little Xbox? One would probably say playing their game and put the chores on the back burner because they could always do it later. This would be classified as procrastination. Procrastination may cause many negative effects including unnecessary stress and loss of one’s happiness. Procrastination is the practice of poor time management paired with lack of willpower. There are two different types of procrastination: behavioral and decisional.Behavioral procrastination is when one uses procrastination as an excuse to do poorly; for example, one may put off studying for an exam until last minute and blame a bad exam score on the procrastination. Another instant where one may have behavior tendencies is when one has low self-esteem or self-worth and believes that if he or she never finishes a task, he or she will not be judged. Those with decisional procrastination problems typically put off making a decision or choice; they typically are afraid of errors and are possibly perfectionists.Decisional procrastinators generally seek out other alternatives until they are made to make a decision, if they make a decision at all. 20% of the population is guilty of procrastination and recent studies show that it is on the rise. Everyone tends to procrastination, possibly not as often as most but definitely occasionally. One of the effects of procrastination is unnecessary stress. Everyone knows that stress has a very negative effect on oneself. Stress is a type of pressure or worry, usually unneeded.Stress has many effects in itself; it may take a toll on one’s body, one’s mood, and one’s behavior. The tolls it can take on one’s body include headaches, sleep problems, and stomach pains. It can affect one’s body by possibly giving a person anxiety, sadness, or even depression. Stress can affect one behavior be making one go through social withdra ws, angry outbursts, and drug and alcohol abuse. All of these additional symptoms of stress could lead to health problems, which are well worth avoiding.Upon all of the things that can come from stress, stress leads back to procrastination. So the more one procrastinates, the more stress one will get, so therefore the more they will procrastinate. Another effect of procrastination is the threat of one’s happiness. Happiness is the state of being content or completely satisfied. Happiness is important in one’s life because that is what gives one the motivation and will to wake up tomorrow and enjoy the little things of life that often go unnoticed, too.Without happiness, one will become depressed; depression has many, many additional negative symptoms. As you can see, by procrastinating, you can hurt more than just your grade. Procrastination can take effect on nearly every part of your life. It can lead to stress which in the end can take a toll on your health, which i s scary. Procrastination may also take away one’s happiness, which could lead to depression. One should note, it is much easier to do work that can be done today, today, and not put anything off for later.

Evolution and Planet Earth essays

Evolution and Planet Earth essays For some unknown reason, the belief that human beings came from monkeys has been a translation of the theory of evolution. This is one of the biggest misconceptions in the many myths regarding evolution. Evolution is a process that explains why life on Earth looks the way it does today. It provides a theoretical look at the changes that life, as we know it has undergone. Over time, plants and animals have changed and still change to adapt to their varying environments. These adaptations are a result of the catalyst of evolution known as natural selection. For any species, only the strongest and most well-adapted individuals will survive. This alone is why humans appear as they do today. Human evolution has nothing to do with the descent of humans from monkeys. Evolution has been widely discussed and heatedly argued. Although there are arguments against it, evolution has taken a strong foothold in the scientific community. Evolution has shaped and is still shaping life on Earth. However, a problem with looking at evolution is the amount of time it takes for this process to occur. Because of this, we must look at the evidence that has been found over long periods. One example is variation and change. It is evident to the naked eye that except for identical twins, which are easily explained not all living things (plants, animals, and mammals) are exactly alike. Life is constantly varying and changing to take on a form superior to its ancestors. This accounts for cattle being born with no horns, sheep with short legs, and in 1849, and a grapevine producing a new species of grapes now known as Concord. One powerful example is a new grass, formed from two species crossing, growing so quickly and efficiently it killed off its parents. Another example that favors evolution is the remains left behind in fossils. Although it is true not all living things become fossils upon death, variation and change can be viewed in fossil remains. One ...

The Currency Act of 1764

The Currency Act of 1764 The Currency Act of 1764 was the second and most impactful of two laws passed by the British government during the reign of King George III that attempted to take total control of the monetary systems of all 13 colonies of British America. Passed by Parliament on September 1, 1764, the act extended the restrictions of the Currency Act of 1751 to all 13 of the American British colonies. It eased the earlier Currency Act’s prohibition against printing of new paper bills, but it did prevent the colonies from repaying future debts with paper bills. Parliament had always envisioned that its American colonies should use a monetary system similar, if not identical, to the British system of â€Å"hard currency† based on the pound sterling. Feeling that it would be too hard for it to regulate colonial paper money, Parliament chose to simply declare it worthless instead. The colonies felt devastated by this and protested angrily against the act. Already suffering a deep trade deficit with Great Britain, colonial merchants feared the lack of their own hard capital would make the situation even more desperate. The Currency Act exacerbated tensions between the colonies and Great Britain and is considered to be one of the many grievances that led to the American Revolution and the Declaration of Independence. Economic Problems in the Colonies Having expended almost all of their monetary resources buying expensive imported goods, the early colonies struggled to keep money in circulation. Lacking a form of exchange that did not suffer from depreciation, the colonists depended largely on three forms of currency: Money in the form of locally-produced commodities, like tobacco, used as a means of exchange.Paper money in the form of a bill of exchange or a banknote backed by the value of land owned by an individual.â€Å"Specie† or gold or silver money. As international economic factors caused the availability of specie in the colonies to decrease, many colonists turned to bartering - trading goods or services between two or more parties without the use of money. When bartering proved too limited, the colonists turned to using commodities - mainly tobacco - as money.  However, only poorer quality tobacco ended up being circulated among the colonists, with the higher quality leaves were exported for greater profit. In the face of growing colonial debts, the commodity system soon proved ineffective. Massachusetts became the first colony to issue paper money in 1690, and by 1715, ten of the 13 colonies were issuing their own currency. But the colonies’ money woes were far from over. As the amount of gold and silver needed to back them began to dwindle, so did the actual value of the paper bills. By 1740, for example, a Rhode Island bill of exchange was worth less than 4% of its face value. Worse yet, this rate of the actual value of paper money varied from colony-to-colony. With the amount of printed money growing faster than the overall economy, hyperinflation quickly reduced the buying power of the colonial currency. Forced to accept the depreciated colonial currency as a repayment of debts, British merchants lobbied Parliament to enact the Currency Acts of 1751 and 1764. The Currency Act of 1751 The first Currency Act banned only the New England colonies from printing paper money and from opening new public banks. These colonies had issued paper money mainly to repay their debts to for British and French military protection during the French and Indian Wars. However, years of depreciation had caused the New England colonies’ â€Å"bills of credit† to be worth far less than the silver-backed British pound. Being forced to accept the heavily depreciated New England bills of credit as payment of colonial debts was particularly harmful to British merchants. While the Currency Act of 1751 allowed the New England colonies to continue using their existing bills to be used to pay public debts, like British taxes, it prohibited them from using the bills to pay private debts, such as those to merchants. The Currency Act of 1764 The Currency Act of 1764 extended the restrictions of the Currency Act of 1751 to all 13 of the American British colonies. While it eased the earlier Act’s prohibition against of the printing of new paper bills, it did forbid the colonies from using any future bills for payment of all public and private debts. As a result, the only way the colonies could repay their debts to Britain was with gold or silver. As their supplies of gold and silver rapidly dwindled, this policy created severe financial hardships for the colonies. For the next nine years, English colonial agents in London, including no less than Benjamin Franklin, lobbied Parliament to repeal the Currency Act. Point Made, England Backs Down In 1770, the New York colony informed Parliament that difficulties caused by the Currency Act would prevent it from being able to pay for housing British troops as required by the also unpopular Quartering Act of 1765.  One of the so-called â€Å"Intolerable Acts,† the Quartering  Act forced the colonies to house British soldiers in barracks provided by the colonies. Faced with that expensive possibility, Parliament authorized the New York colony to issues  £120,000 in paper bills for the payment of public, but not private debts. In 1773, Parliament amended the Currency Act of 1764 to allow all of the colonies to issue paper money for the payment of public debts - especially those owed to the British Crown. In the end, while the colonies had reclaimed at least a limited right to issue paper money, Parliament had reinforced its authority over its colonial governments. Legacy of the Currency Acts While both sides managed to temporarily move on from the Currency Acts, they contributed substantially to the growing tensions between the colonists and Britain. When the First Continental Congress issued a Declaration of Rights in 1774, delegates included the Currency Act of 1764 as one of the seven British Acts labeled as â€Å"subversive of American rights.† An Excerpt From the Currency Act of 1764 WHEREAS great quantities of paper bills of credit have been created and issued in his Majestys colonies or plantations in America, by virtue of acts, orders, resolutions, or votes of assembly, making and declaring such bills of credit to be legal tender in payment of money: and whereas such bills of credit have greatly depreciated in their value, by means whereof debts have been discharged with a much less value than was contracted for, to the great discouragement and prejudice of the trade and commerce of his Majestys subjects, by occasioning confusion in dealings, and lessening credit in the said colonies or plantations: for remedy whereof, may it please your most excellent Majesty, that it may be enacted; and be it enacted by the Kings most excellent majesty, by and with the advice and consent of the lords spiritual and temporal, and commons, in this present parliament assembled, and by the authority of the same, That from and after the first day of September, one thousand seven h undred and sixty four, no act, order, resolution, or vote of assembly, in any of his Majestys colonies or plantations in America, shall be made, for creating or issuing any paper bills, or bills of credit of any kind or denomination whatsoever, declaring such paper bills, or bills of credit, to be legal tender in payment of any bargains, contracts, debts, dues, or demands whatsoever; and every clause or provision which shall hereafter be inserted in any act, order, resolution, or vote of assembly, contrary to this act, shall be null and void.