Sunday, January 26, 2020

Impact of the Dollar Currency Base Metal on India

Impact of the Dollar Currency Base Metal on India Abstract: Currency Future is a future contract in which specified currency can be bought or sell at pre determined price and date. In developed nations like US and UK the currency price increment impact on physical trading volume, it decrease it on currency price increment and increase it on currency price decrement. Like this, same thing happened in developing nations. In India the base metals prices so much impacted due to currency future price volatility. In India, the currency future trading was started on 29th Aug. 2008 in National Stock Exchange (NSE), in Multi Commodity Exchange (MCX) on 7th Oct. 2008 and in Bombay Stock Exchange on 1st Oct. 2008. The objective of this paper is to measure the correlation of base metals with currency future trading i.e. US $. This research paper is an attempt to consider the investor behaviour regarding currency future trading in India. Some factors which have been considered for research are currency future, base metals and price movement in upward or i n downward side. The results are analyzed with the help of statistical tools and techniques. Introduction Currency Futures means a standardised foreign exchange derivatives contract traded on a recognised stock exchange to buy or sell one currency against another on a specified future date, at a price specified on the date of contract, but does not include a forward contract. Currency derivatives can be described as contracts between sellers and buyers whose values are derived from the underlying which in this case is the exchange rate. Currency Derivatives are mostly designed for hedging purposes, although they are also used as instruments for speculation. Currency Derivatives i.e. Currency Future are standardised in terms of contract sizes, trading parameters settlement procedures and traded on regulated exchange. The contract size is fixed and is referred to as lot size. Future contract are traded through exchanges, the settlement of the contract is guaranteed by the exchange or clearing corporation and hence there is no counter party risk. In INDIA the currency future trading was started on 29th Aug. 2008 in National Stock Exchange (NSE), in Multi Commodity Exchange (MCX) on 7th Oct. 2008 and in Bombay Stock Exchange on 1st Oct. 2008. Currency Future trading play a vital role in developed nations and developing nations. It makes the so much volatility in metal prices in terms of online trading as well as in physical trading. After the starting of currency future trading in India the volatility increase in the MCX non precious metal. The total number of contract traded before starting of currency future trading in non precious metal are 84186 (lots) and after the starting of currency future trading 69358 (lots). It shows that there is lot of volatility in the metal market sometime it increases the volume or sometime it decrease the volume. Multi Commodity Exchange of India Ltd (MCX) is a state of the art electronic commodity future exchange. The head quartered of MCX in Mumbai. The demutualised exchange set up by Financial Technologies (India) Ltd (FTIL) has permanent recognition from the Government of India to facilitate online trading and clearing and settlement operations for commodity futures across the country. The operations started in Nov 2003. MCX offers more than 40 commodities across various segments such as bullion, ferrous and non ferrous metals and a number of agro-commodities on its platform. The exchange is the worlds largest exchange in Silver, the second largest in Gold and Copper. MCX has been certified to three ISO standards including ISO 9001- 2000 Quality Management System standard, ISO 14001: 2004 Environmental Management System standard and ISO 27001:2005 Information Security Management System standard. Literature Review Since the beginning of trading in financial futures and options in the 1970s, the effect of financial derivatives trading on the underlying spot markets has been of great interest to both academics and practitioners. One of the issues commonly investigated by finance researchers is whether futures trading increases the price volatility of underlying markets and thus leads to destabilisation of these markets. Previous studies provide mixed evidence on this issue. To investigating the market behaviours (such as currency price volatility, metal market depth and trading volume) is an important aspect of research on the market microstructure literature. Tauchen and Pitts (1983)1 argue that these three variables are closely related. However, most studies deal with mutual contemporaneous relationship between two of those three dimensions and reach no consistent results. Very few empirical papers investigate the dynamic nature of the interactions, such as the feedback effects between those three variables. The relationship between currency future and trading volume has been examined frequently and usually is in a positive correlation between volatility and trading volume. Copeland (1976)2, develop sequential arrival of information models where new information flows into market to generate both trading volume and price movement. Karpoff (1987)3, reviews empirical and theoretical research on the relation between price changes and trading volume in financial markets. Eighteen of nineteen empirical papers support the positive correlation between volatility and trading volume. Bessembinder and Segun (1993)4 accommodate persistence in the positive relationship on eight futures market by ARCH-GARCH empirical method. In those studies above, it is consistently positive contemporaneous relation between return volatility and trading volume but lacks consistent in the relation between return volatility and market depth or between market depth and trading volume. Furthermore, there are few studies for the analysis of return volatility and trading volume incorporating with the market depth, which is proven to be fundamentally related to trading activity and market behaviour of return volatility (Bessembinder and Seguin, 1992)5. As suggested by Malliaris (1997)6, the origin of futures markets is related to the necessity to manage the risk associated with volatile spot price changes of certain assets. It can also be claimed that futures contracts became more popular since the economic deregulation in 1970s, which resulted in increased volatility in foreign currencies, debt instruments and stock indexes. Market observers and regulators have generally acknowledged the crucial role that futures markets have in risk transfer and price discovery, but they have often expressed concern over the potential role that futures activity may have in destabilizing the markets. Antoniou and Holmes (1995)7 examined the impact of trading in the FTSE-100 index futures on the spot price volatility and concluded that futures trading improves the quality and speed of information flowing to spot markets. Their evidence suggests that there has been an increase in spot price daily volatility, but that this due to increased information in the market and not to speculators having adverse destabilizing effect. Some studies provide empirical results that support the opinion that trading in futures can destabilize the spot market. For example, Figlewiski (1980)8 investigates the futures contracts for Treasury Bills (GNMA pass through certificates) and provides evidence that futures market activity increases the volatility of cash prices. More recent study by Bae, Kwon and Park (2004)9 focuses on the effect of the introduction of index futures trading in the Korean markets on spot price volatility. The authors concluded that introducing the futures and options trading on the Korean stock exchange resulted in both larger spot price volatility and greater market efficiency (allowing for quicker adjustment of market prices to information). The combined average daily turnover of the currency futures contracts in all the three exchanges (NSE, BSE, MCX) increased from USD 1.1 billion in March 2009 to 2.5 billion in September 2009 – which means a growth of more than 125% in just six months period. Objectives of Research Paper To know the impact of Currency Future US$ on base metal with reference to India. Hypothesis of Research Paper Null Hypothesis: There is positive impact of currency future US$ on base metals, if US$ increases than the price of base metals increases and vice versa. Data Analysis The impact of currency future i.e. US$ on base metals is totally depend on the day to day trading prices of currency as well as metals. To find out the impact of currency on base metals we need the daily transaction prices, for this we collect it from secondary resources. To find out the correlation of currency future and base metals I summarise the data in average form. I collected per day USD INR pricing data for twenty seven months and calculated its average per month. For the base metals, I selected five metals (viz. Aluminium, Copper, Lead, Nickel, and Zinc) collected their pricing data for each day for twenty seven months and calculated its average per month. Here we can see in the table no. 2 there is correlation coefficient between currency future and base metals. Aluminium, Copper, Lead, Nickel and Zinc are inversely correlated to currency future. There is impact on the Aluminium -0.787, the copper -0.267, lead -0.770, nickel -0.897 and zinc -0.850. When the currency future prices raise the base metals prices decrease and sometimes the base metals prices increase. It shows that the currency future and base metals are inversely correlated. Conclusion The data analysis of the currency future and the base metals shows that there is a correlation between them. When there is volatility in the currency future and base metals it impacts the relation between them. Sometimes it makes the positive relation between currency future and base metals and sometimes it makes the negative relation between them. Due to this the economic condition of India is so much impacted. When the prices volatility increases in base metals it creates the problem in physical metals trading that impact directly or indirectly to the economic condition of our nation. The data analysis represents the inverse linear relationship between currency future and base metals. Scope of research There is so much scope of this research because it is a new concept in India. Before two years ago the currency future trading was started in India. The currency future trading is a concept which is not very common. People are not so much aware about it. This paper is related with base metals only but further the whole metal market is influenced by it.

Friday, January 17, 2020

Texting Phenomena

Interpersonal communication is vital to humans and is used in everyday situations. â€Å"Interpersonal communication refers to face-to-face communication between people† (35), according to West and Turner (2007), authors of Introducing Communication Theories. West and Turner explain that exploring how relationships form, the upholding and continuation of these relationships, and the end of relationships, are the main characteristics of interpersonal context.Interpersonal communication began as face-to-face communication between two people, but as technology advanced, it expanded to include new communicative technologies such as telephone calls, email, instant messaging, chats, social media networks, and text messaging. Text messaging through cells phones, also known as texting or SMS (Short Message Service), is a form of interpersonal communication that can be represented through the Linear Model of Communication: A message is sent from a source to a receiver through a channel , which may be interrupted by some form of noise.Texts are person-to-person messages received from and sent to known individuals. Text messaging provides a one-to-one, personalized, and individuating social medium (Reid and Reid, 2007). The phenomena of text messaging, has researchers and scholars questioning whether this new communication technology adds or takes away from interpersonal communication and people’s learned communication skills. Review of Literature Texting as a New Phenomenon of Communication Everyday social arrangements and interpersonal contact are now routinely affected by mobile technology (Conti-Ramsden, Durkin, and Simkin, 2010).As opposed to 15 years ago, today’s youth have a greater variety of options to choose from when communicating with their peers. â€Å"Communication, via cell phone and the internet, are now widely available and very popular with the young† (Conti-Ramsden, Durkin, and Simkin, 2010, 197). The global cell phone market now stands at approximately 1. 8 billion subscribers, and is estimated to reach 3 billion by the end of 2010, by which time nearly half of all human beings on the planet are expected to own and use a cell phone (Reid and Reid, 2007).A recent survey of 2,000 teenagers in the United States revealed that 80% of teens, or approximately 17 million young people, have a cell phone. 96% of those teens use the texting function, and of that 96%, 1 out of 10 teens say that they text for 45 minutes a day (Conti-Ramsden, Durkin, and Simkin, 2010). Over 900 billion messages were sent in 2005, with expectations that this will rise to more than two trillion messages in 2010 (Deumert and Masinyana, 2008). Text messaging has become a common means of keeping in constant touch with peers, especially among young people all over the world.The phenomenon of texting is continuing to increase, raising substantial awareness of the â€Å"new† texting language. Researchers are proposing to treat electro nic communication as a distinct mode of intermediate communication, in between the oral and the written medium (Fandrych, 2007). According to Ingrid Fandrych (2007), author of Electronic Communication and Technical Terminology, â€Å"Online conversation takes place on the written level, while using specific stylistic conventions which are very similar to oral communication, especially abbreviations of frequently used phrases and emoticons to replace facial expressions† (148).Fandrych (2007) claims that acronyms, blends, and clippings are responsible for the characteristic style of Internet English, and that offline usage is increasingly influenced by Internet usage (148). Some new and creative word formations have even found their way into everyday usage including the acronyms â€Å"btw† (by the way) and â€Å"ttyl† (talk to you later), as well as the blending of certain words like â€Å"all right† into â€Å"alright. † Fandrych (2007) predicts som e changes in general (â€Å"off-line†) English due to texting language as well (151).People â€Å"talk† via text messages: using the keyboard, they make use of abbreviations, they omit non-content words, and they do not capitalize. Fandrych (2007) explains that: Electronic interlocutors replace contextual cues which would have been present in face-to-face communication with abbreviations and emoticons, which are, of course, consciously employed and sometimes intended to entertain, a feature which internet English shares with other jargons and in-group registers (151).Electronic communication, as a medium, shares characteristics with the written language and the oral language. Letters and symbols are used through typing which are displayed on a screen, but at the same time, it is very informal and conversational which replaces the linguistic context with special cues that do not exist in the traditional written mode (Fandrych, 2007, 151). Text language is neither identi cal to speech nor writing, but adaptively features characteristics of both.Fandrych (2007) titles this electronic communication language as â€Å"Netspeak,† and categorizes it as a fourth medium alongside written, spoken, and sign language (152). Communication through text is informal and characterized by new elements. Fandrych (2007) concludes that the electronic medium can be considered to constitute a separate level, between the spoken and the written modes and overlapping, to some extent, with both of them (152).The new texting phenomenon not only creates a new form of language between oral and written mediums, but it also develops a globalized texting standard. English language texts produced by bilingual speakers share many of the features which have been reported for English SMS communication internationally, and provide evidence for what one might call a global English SMS standard (Deumert and Masinyana, 2008). English messages are strongly represented in all communi cative functions of text messaging by bilingual individuals.Deumert and Masinyana (2008), co-authors of, The use of English and isiXhosa in text messages (SMS), study how English is combined with isiXhosa, one of the official languages of South Africa, in text messages between native South Africans. Deumert and Masinyana state that â€Å"The historical and continuing dominance of English on the world-wide-web has supported the popular belief that the language of electronic communication in general is English, and in some cases, English can replace a user’s first language in this medium† (123).In studies focusing on bilingual texting, most messages were written in English combined with the local language. Researchers concluded that there is the existence of a global English SMS norm because of brevity and speed, paralinguistic restrictions with the medium and local language, and the restriction of texting characters (Deumert and Masinyana, 2008). The phenomenon of texti ng has transformed individual’s lives by creating the possibility of being in constant communication at all times, as well as creating a tendency towards cross-cultural homogeny.Texting as a Negative Form of Communication Although texting provides the opportunity for constant and immediate contact with others, it tends to have a displacing effect on face-to-face communication. Similar to face-to-face communication, texting allows for conversational turn-taking, but excludes intonations, emotions, and the ability to send long messages. Llana Gershon (2008), author of, Email my Heart: Remediation and Romantic Break-Ups, performed a study looking at how Americans are experiencing and using new technologies to end relationships.Gershon (2008) discusses, through the use of American college student’s break-up narratives, the ways in which certain social media create new possibilities for disconnecting with others (15). Although a break-up may be happening, an individual has the opportunity through text messaging to hold separate or multiple conversations simultaneously with the break-up. This takes away from the personal aspect of intimate relationships and tends to enforce the displacement of face-to-face communication.Teens especially use instant messaging and texting in particular as substitutes for face-to-face communication with people from their physical lives, therefore, feeling less psychologically close to their instant messaging and texting partners (Subrahmanyam and Greenfield, 2008). This may also damage the emotional quality of a relationship. Online interactions lack important features of face-to-face communication, such as gestures, eye contact, and body language, making them less rich than offline interactions (Subrahmanyam and Greenfield, 2008).Although texting is still communication, social anxiety and anti-social behaviors can be an effect of the lack face-to-face communication with teens today. â€Å"Reports in the press and survey s from parents find points of view that range from exuberant, discussing how socially-interactive technologies can save youth from social isolation and depression, to alarming, focusing on how constant use of these technologies fosters anti-social behavior† (Bryant, Sanders-Jackson, and Smallwood, 2006, 557).The reality is that texting and other forms of social technology lie between these two extremes. A recent survey revealed that cell phone owners declaring a generalized preference for texting on their cell phones were both lonelier and more anxious than those who preferred talking (Reid and Reid, 2007). People who have social anxiety will not come to terms with their fears without experiencing face-to-face communication and, as an effect, use texting as a divergent, to kill time or avoid some other activity.Texting allows users to disengage from the demands of immediate interactive involvement, releasing time and attentional resources to compose and edit messages (Reid and Reid, 2007). Although texting may be an outlet and a preferred mode of communication for people with anxiety problems, it also may give others a false sense of the persons’ real personality. Along with peers, there is a growing concern that adolescents’ extensive use of electronic communication to interact with their peers may impair their relations with their parents, siblings, and other family members (Subrahmanyam and Greenfield, 2008).Subrahmanyam and Greenfield (2008) show how peer relationships are being enhanced at the expense of family relationships in an example role of technology in modern family life: When the working spouse, usually the father, came through the door at the end of the day, the other spouse and children were often so absorbed in what they were doing that they greeted him only about one-third of the time, usually with an obligatory â€Å"hi. † About half the time, children ignored him and continued multitasking and monitoring their var ious electronic gadgets (135).Parents are having a much harder time breaking into their children’s world because of the distance and privacy established through text messaging. Teens are using cell phones to institute generational boundaries, such as screening calls from parents into voicemail, as well as undermining family rituals, such as mealtimes and vacations (Subrahmanyam and Greenfield, 2008). Cell phones give adolescents the power to control the people with whom they talk and have more room into which they can share thoughts freely and privately from their family members.The landmarks of the electronic transformation stage include greater teen autonomy, the decline of face-to-face communication, enhancement of peer group relations at the possible expense of family relations, and greater teen choice (Subrahmanyam and Greenfield, 2008). According to Raymond Williams (1997), author of Mobile Privatization, new technologies only serve to further aggravate the modern human condition of â€Å"mobile privatized social relations† (129). This seems to be a concern that is provoked further by new mobile communication technologies with people talking of â€Å"detached presence† (Lin and Tong, 2007). Adolescent’s constant use of mobile communication can be seen as a symptom of a general loss of human connectivity in the modern condition† (Lin and Tong, 2007, 305). Texting as a Positive Form of Communication Although many studies have shown the negative effects of text messaging, other research has shown that this new form of communication has positive aspects as well. Text messaging is a form of communication that has many uses: coordinating plans, multi-tasking, friendship maintenance, information, and romantic relationships. Text messages are convenient, immediate, less disturbing, and have no constraints.Since there are so many communicative functions, text messaging has become a common means of keeping in constant touch, espec ially among young people in many parts of the world today (Lin and Tong, 2007). Today’s youth use text messaging especially to keep in touch and maintain either close or distant relationships. Recent research studies have explored how text messaging can offer a sense of intimacy between friends as well as between strangers. This is especially appealing to youth because they can be bonded to all of their social networks through one device. The virtual presence (or ‘absent presence’) of ‘persons elsewhere’ through mobile communication facilitates networking, deeper relationships, or simply increased contact. People who are physically far away can be brought into immediate cyber presence† (Lin and Tong, 2007, 305). Mobile texting allows people to be in constant social contact, which therefore gives them a sense of co-presence at all times. Lin and Tong (2007) explain that text messaging has created new kinds of modalities for co-presence and commu nication, which contributes to a sense of virtual intimacy (305).Text messages, rather than standard telephone calls, allow for total individual communication; there is no chance of anyone overhearing the conversation and thus supports a sense of security and privacy. It is appealing because the text is expected to reach a specific person directly, no matter where they are or the time of day. This form of communication is very popular between adolescents and their peers because they feel as if they can communicate privately, not under the supervision of their parents.Teens travel between their homes, school and nearby places that are all under a high degree of regulation by adults. â€Å"Mobile text messaging has thus fulfilled an important function which provides a sense of co-presence for young people who lack the means to share some private physical space free from adults’ surveillance† (Lin and Tong, 2007, 306). Because this form of communication is relatively free from adult supervision, teens often use texting to maintain romantic relationships as well as friendships.A study found that texting is used to negotiate â€Å"gender relations,† especially among couples (Lin and Tong, 2007). For instance, after a fight, couples may not want to directly speak to each other or hear one’s voice, but texting avoids the embarrassment of making romantic advances or even when saying ‘no’ to these advances. The informants of the study also expressed the fact that some messages are highly private and very meaningful, which can be saved and stored in the mobile device.Since the conversation remains private, even in public location ns, individuals tend to reveal more about their emotional selves through texts. Thus, youth text messaging end on an optimistic note about the positive uses of SMS by young people for gaining freedom from surveillance by adults and for negotiating subtle gender relations (Lin and Tong, 2007). Relationshi ps can actually be strengthened through text messaging because of its convenience, intimacy, and privacy among users. Another strength of text messaging is that it allows people to keep in touch with friends who are separated by physical boundaries.Although other forms of communication such as telephone, email, and written letters allow people separated by distance to keep in touch as well, texting allows both sender and receiver to keep in contact at both of their conveniences. The message is sent and received immediately regardless if the other person is â€Å"online. † It allows for multi-tasking while holding other conversations or tasks, and also is less disturbing, by far, than other forms of communication such as phone calls or face-to-face communication.While people may interact frequently in person with people who are in their lives every day, it may not be possible to meet other friends, family, or acquaintances face-to-face on a regular basis. To fill in-person com munication gaps, people used text messaging to stay connected and make plans to meet when convenient (Quan-Haase, 2007). Text messaging is a more suitable fit to maintaining distance relationships as opposed to other forms of communication.Aside from convenience, some people actually prefer text messaging because it gives them a chance to think about what they want to say, which is not always possible during face-to-face communication. â€Å"Text messaging gives people time to think about the wording of their messages, allowing them to be more informal and candid, even with close friends† (Reid and Reid, 2007, 425). Some people, due to SMS and other forms of text based communication, even develop an entirely separate, â€Å"brave SMS self,† which contrasts with their more reserved real-life personality (Reid and Reid, 2007).Text messaging can be used as an outlet to help expand communication and closeness with peers. For instance, in an essay that discusses the relatio nship between texting and social anxiety, Donna Reid and Fraser Reid (2007) write: By delaying or eliminating the audience reactions that normally accompany real-time spoken interaction, SMS may offer anxious individuals a way of making social contact without fear of immediate disapproval or rejection, allowing attention to be refocused away from the observer’s perspective and towards the composition of messages that more effectively achieve self-presentational goals (425).Interactive media, such as texting, allow people to individuate themselves, communicate with peers, and accomplish stages of intimate contact that they could not achieve in other interactional settings. Research Questions Texting helps maintain social relationships in modern society, and affords resources to achieve a sense of co-presence and intimacy with both existing friends and new acquaintances, while avoiding having to deal with face-to-face interaction or the intrusive disturbance of a phone call (Li n and Tong, 2007).Although texting may be a convenient source of communication that is direct, individualized, and private, it also may be taking away from the importance of face-to-face, interpersonal communication. If people are relying on a text based communication exchange, they are not experiencing or learning interactional conversations involving tonal inflection, reactions, and especially body language. Nonverbal communication is a big part of interpersonal communication because it shows the reaction of the individual after receiving the message, therefore giving the sender a form of feedback that strengthens the communication process.As technology continues to advance, there is rising concern that social, interactional, and communication skills of today’s youth and future generations will consequently decline. As a result, this study will address the following questions: RQ1: Is texting taking away from or adding to interpersonal communication and individual’s learned communication skills? RQ2: Will texting affect how children and adolescents communicate with one another? RQ3: Do people rely on texting to fulfill their emotional, psychological, and other forms of needs as opposed to other types of communicative technology or face-to-face communication?

Thursday, January 9, 2020

Essay about The Relationship Between Language and Worldview

The Relationship Between Language and Worldview There has been a raging debate over the relationship between language and worldview, and especially on cultural affiliations in different parts of the world. The main agenda is based on the origin of language, the unique features portrayed by humans, and its essence in the development of varying cultures, beliefs and practices. Different researchers have developed theories and arguments to explain the origin of the languages, its connection to worldview and its application in daily activities. Take Whorf hypothesis as your starting point and summarize it Sapir-Whorf’s hypothesis is based on several researches that were conducted to establish the relationship between language uniqueness†¦show more content†¦What position does Everett take on the question of the relationship between language and world? Everett claims that there is a close relationship between language and the world. The world is composed of different cultures, beliefs and practices. One of the issues that help in establishment of these cultures is language. Different communities are known to communicate in different languages and the effects that are realized are usually very different. Everett therefore believes that cognitive development is the fundamental stage within which culture is founded. Communities would therefore possess different cultural interpretations and worldviews, if there is a problem in the cognitive development stages. Everett identifies language as the main issue that sidelines some communities from getting into civilization. Language barriers are also important as communication among different communities influences the perceptions and the interpretations of world matters. There is therefore a huge correlation between linguistic and cognitive development among different communities in the world (Traxler 23). The linguistic development is expected to precede cognitive development, which is normally restricted in areas where language is not well founded. Members of different communities base interpretation of events on the ability to apply linguistic skills,Show MoreRelatedAnalyzing Two Multicultural Scenarios And Identifying The Worldviews And Communication Styles That Are Shown1346 Words   |  6 Pagesconcerning the worldviews and communication styles that are shown in each scenario. Based on one’s understanding, a worldview is something that develops throughout one’s lifespan. It is believed to be one of the most important elements that shape our values, beliefs and personality. In addition, worldviews play an important role in influencing one’s way of communication and decision making process. There are many people who come from different cultural backgrounds, and have different worldviews. 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But they do need to be ascertained and developed; unless this is done faith and knowledgeRead MoreReview of Integrative Approach to Psychology and Christianity by David Entwistle994 Words   |  4 PagesApproaches to Psychology and Christianity: an introduction to worldview issues, philosophical foundations and models of integration, by David N. Entwistle. As the title states, this book discusses how to integrate psychology and theology. It also dives into to why it is so important to be able to integrate the two. Entwistle explains that just because the two are different does not mean they should be separated and that we have to use both our worldviews. â€Å"Weaving together perspectives from psycholog y and

Wednesday, January 1, 2020

The Tragedy within the Success - 582 Words

The Tragedy within the Success In 1492 the Spanish being led by Christopher Columbus set voyage looking for a new trade route to Asia, instead he discovered the New World. This day is known as â€Å"Discovery Day.† Over the years, this day has evoked several different reactions. Parades and events have been cancelled in order to prevent a clash between participants and Native Americans. The conquest of the Americas was no longer being seen as a monumental success, but now being seen as the tragedy that occurred to reach that success. During the conquest of the New World explorers came in and captured islands in which natives already possessed. In Christopher Columbus’s journal you read, â€Å"The Admiral called to the two captains and to the others who had jumped ashore and to Rodrigo Descobedo, the escrivano of the whole fleet, and to Rodrigo Sanchez de Segovia; and he said that they should be witnesses that, in the presence of all, he would take, as in fact he did ta ke, possession of the said island for the king and for the queen his lords, making the declarations that were required, and which at more length are contained in the testimonials made there in writing† (8). Without permission, treaty, or compromise, they step on foreign land to them and claim it. Not only do they come in and take of what is not theirs, but they come here to convert the natives of this land to Christians. 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