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E se a Ásia tivesse uma moeda comum?

No 10º aniversário do lançamento do euro em 2009, houve algumas sugestões de que um dia o euro poderia mesmo assumir o papel do dólar dos EUA como moeda de reserva dominante. Afinal, o dólar norte-americano havia se desvalorizando contra o euro devido à crise subprime. Menos de um ano mais tarde, o euro está escorregando como resultado da crise da dívida grega. Os questionadores agora estão apontando para uma crise política e estrutural do euro, e centrando-se sobre a necessidade de uma maior disciplina fiscal. O Tratado de Maastricht, que levou à criação da zona do euro, não foi capaz de vincular os membros da zona euro ao reordenamento fiscal. Se até mesmo a super-fiscalmente conservadora Alemanha não poderia atender ao limite de déficit orçamentário de 3% do PIB por causa dos elevados custos de financiamento da reunificação, por que os estados menores aderiram ao tratado?

A falha estrutural da zona do euro é que, embora possa haver um Banco Central Europeu unificado e um convergente sistema da supervisão financeira europeia, não existe um sistema fiscal unificado. Assim , uma vez que um país membro corre um grande déficit fiscal, não há um órgão central para coordenar a política fiscal de forma eficaz. Os defensores da integração monetária asiática apontam para o crescimento da integração do comércio como pré-condição para uma futura união financeira. Aqueles que pensam que a integração da Ásia é um sonho dizem que atualmente não existe consenso político nem mesmo a elaboração de política monetária unificada ou moeda, e pouco sobre a política de supervisão. Além disso, praticamente não existem quaisquer discussões no seio da Ásia sobre políticas orçamentárias comuns.
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E mais:
Punindo os desempregados - Paul Krugman
'Reforma' financeira ou vingança? - Robert Samuelson
Bancos querem que FMI se manifeste sobre imposto financeiro na Hungria
Alemanha se concentra em corte de gastos

PunPunindo os desempregados

Paul Krugman
Houve um momento em que todos tinham como certo que o seguro desemprego, que normalmente termina após 26 semanas, seria prorrogado em tempos de desemprego persistente. Era, a maioria das pessoas concordavam, a única coisa decente a fazer. Mas isso foi antes. Hoje, os trabalhadores norte-americanos enfrentam o pior mercado de trabalho desde a Grande Depressão, com cinco candidatos a emprego para cada vaga, com a média de desemprego agora com 35 semanas. No entanto, o Senado voltou para casa no fim de semana de férias sem estender os benefícios. Como isso foi possível?

A resposta é que nós estamos enfrentando uma coligação de insensíveis, ignorantes e confusos. Nada pode ser feito sobre o primeiro grupo, e provavelmente não muito sobre o segundo. Mas talvez seja possível esclarecer algumas das confusões. Pelos insensíveis, quero dizer que os republicanos fizeram o cálculo cínico de que bloquear qualquer coisa que o presidente Obama tente fazer - inclusive ou, talvez, principalmente, tudo o que possa aliviar a dor econômica do país - aumenta as suas chances nas eleições intercalares. Não pretendo ser chocante: você sabe que eles estão lá e formam uma grande parte da legenda republicana.

Por ignorantes, quero dizer que pessoas como Sharron Angle, a candidata republicana para o Senado de Nevada, que tem repetidamente insistido que os desempregados estão escolhendo deliberadamente ficar desempregados, de modo que possam continuar recebendo os benefícios. A observação da amostra: "você pode ganhar mais dinheiro com o desemprego que puder aceitar e começar um daqueles trabalhos que são honestos, mas que não pagam tanto. Nós colocamos tantos benefícios em nosso governo que realmente estragamos nossos cidadãos"
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'Reforma' financeira ou vingança?

Robert Samuelson
"As reformas que passam pelo congresso deixarão Wall Street responsável para que possamos ajudar a evitar outra crise financeira da qual ainda estamos nos recuperando." Barack Obama, 25 de junho. É um mito pensar que a nova legislação de "regulamentação financeira", admitindo que será aprovada no Senado, vai nos isolar para sempre contra o pânico financeiro e a crise. As grandes crises do tipo que ocorreram em 2008 e 2009 são geralmente separadas por muitas décadas, e por isso será difícil determinar o quanto de proteção real a lei estipula. Mas os ingredientes subjacentes de pânicos financeiros são sempre os mesmos - incerteza, ignorância e medo - e nenhuma lei pode permanentemente suprimi-las.

Tivemos lembranças recentes de quão rapidamente as surpresas podem acontecer. Em 6 de maio, os preços das ações norte-americanas caíram assustadores 5% em poucos minutos. Algumas ações blue-chips momentaneamente desvalorizam para um centavo. O colapso ainda não está totalmente compreendido, mas é amplamente atribuído a uma interação entre as estratégias de negociação informatizadas (onde os computadores automaticamente compram e vendem ações) e diferentes mercados de valores mobiliários. Outro susto financeiro surgiu na Europa: a proximidade de moratória da Grécia. Isso poderia levar a uma enorme crise bancária se se temer que outros governos em moratória possam causar grandes prejuízos aos bancos que detêm títulos do governo.

A maioria dos choques financeiros não apavora. Estes são evitados através de uma combinação de auto-correção dos mercados, policiamento da indústria e regulação do governo. Mas a escassez de pânico não deve nos impedir de reconhecer a vulnerabilidade de um sistema financeiro que é global e dependente de tecnologias complexas. No final de 2009, por exemplo, os norte-americanos detinham US$ 18 trilhões em ativos externos (ações, títulos, imobiliário, sociedades inteiras), e os estrangeiros possuíam US$ 21 trilhões em ativos norte-americanos. Nem os investidores nem os reguladores podem antecipar toda ameaça a este massivo e fluido sistema.
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Bancos querem que FMI se manifeste sobre imposto financeiro na Hungria

Os bancos europeus esperam que o Fundo Monetário Internacional (FMI) eleve suas preocupações sobre o imposto bancário introduzido pelo novo governo da Hungria, que alegam que prejudicar a recuperação econômica. Budapeste planeja arrecadar 200 bilhões de florins (US$ 855 milhões) dos bancos, seguradoras e outras companhias financeiras neste ano e o mesmo montante em 2011, como parte do esforço de manter seu déficit orçamentário dentro da meta de 3,8% do PIB.

Mas os banqueiros têm alertado que o imposto - 120 bilhões de florins dos quais provavelmente cairão sobre eles - arrisca desestabilizar o sistema financeiro, aumentando o custo e a disponibilidade de crédito e enfraquecendo as taxas de adequação de capital. Há também a ansiedade de que outros governos com dificuldades de caixa na região copiarão a ideia, atingindo os bancos com amplas redes regionais e aumentando o risco de dupla tributação. O FMI deve iniciar conversações em Budapeste na terça-feira com autoridades húngaras, sobre as propostas de orçamento.
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Alemanha se concentra em corte de gastos

O gabinete da Alemanha se prepara esta semana para aprovar o orçamento de 2011 como parte de um programa de quatro anos de cortes de gastos públicos para servir de exemplo a outros governos europeus, sem comprometer a recuperação cada vez mais robusta da economia do país. Documentos informativos para a reunião de quarta-feira do gabinete, lançado por Berlim no domingo, argumentam que a redução de gastos - em vez de aumentar impostos - de 80 bilhões de euros (US$ 100,3 bilhões) do programa de poupança seria "fundamentalmente" diferente dos apertos fiscais anteriores e oferece "perceptíveis, melhores possibilidades de crescimento".

Os comentários parecem ter como objetivo evitar as críticas internacionais que a austeridade fiscal alemã teria atingiria as perspectivas de crescimento da Europa. A economia da Alemanha está desfrutando de um surto de crescimento, liderado pela indústria, com os engenheiros recontratando trabalhadores e a produção quase retornando aos níveis pré-crise. O crescimento mais forte do que o esperado e as quedas do desemprego estão tornando significativamente mais fáceis para a Alemanha reduzir o déficit do setor público.
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A história dos Estados Unidos.

 

 The history of the United States
home page
  I Want The Earth Plus 5% 
© Larry Hannigan 1971, Australia 

Note: This is the original edition. An updated edition can be viewed at 
Larry Hannigan's website. 

Fabian was excited as he once more rehearsed his speech for the crowd certain to turn up tomorrow. He had always wanted prestige and power and now his dreams were going to come true. He was a craftsman working with silver and gold, making jewelry and ornaments, but he became dissatisfied with working for a living. He needed excitement, a challenge, and now his plan was ready to begin. 

For generations the people used the barter system. A man supported his own family by providing all their needs or else he specialised in a particular trade. Whatever surpluses he might have from his own production, he exchanged or swapped for the surplus of others. 

Market day was always noise and dusty, yet people looked forward to the shouting and waving, and especially the companionship. It used to be a happy place, but now there were too many people, too much arguing. There was no time for chatting - a better system was needed. 

Generally, the people had been happy, and enjoyed the fruits of their work. 

In each community a simple Government had been formed to make sure that each person's freedoms and rights were protected and that no man was forced to do anything against his will by any other man, or any group of men. 

This was the Government's one and only purpose and each Governor was voluntarily supported by the local community who elected him. 

However, market day was the one problem they could not solve. Was a knife worth one or two baskets of corn? Was a cow worth more than a wagon … and so on. No one could think of a better system. 

Fabian had advertised, "I have the solution to our bartering problems, and I invite everyone to a public meeting tomorrow." 

The next day there was a great assembly in the town square and Fabian explained all about the new system which he called "money". It sounded good. "How are we to start?" the people asked. 

"The gold which I fashion into ornaments and jewelry is an excellent metal. It does not tarnish or rust, and will last a long time. I will make some gold into coins and we shall call each coin a dollar." 

He explained how values would work, and that "money" would be really a medium for exchange - a much better system than bartering. 

One of the Governors questioned, "Some people can dig gold and make coins for themselves", he said. 

"This would be most unfair", Fabian was ready with the answer. "Only those coins approved by the Government can be used, and these will have special marking stamped on them." This seemed reasonable and it was proposed that each man be given an equal number. "But I deserve the most," said the candle-maker. "Everyone uses my candles." "No", said the farmer, "without food there is no life, surely we should get the most." And so the bickering continued. 

Fabian let them argue for a while and finally he said, "Since none of you can agree, I suggest you obtain the number you require from me. There will be no limit, except for your ability to repay. The more you obtain, the more you must repay in one year's time. "And what will you receive?" the people asked. 

"Since I am providing a service, that is, the money supply, I am entitled to payment for my work. Let us say that for every 100 pieces you obtain, you repay me 105 for every year that you owe the debt. The 5 will be my charge, and I shall call this charge interest." 

There seemed to be no other way, and besides, 5% seemed little enough charge. "Come back next Friday and we will begin." 

Fabian wasted no time. He made coins day and night, and at the end of the week he was ready. The people were queued up at his shop, and after the coins were inspected and approved by the Governors the system commenced. Some borrowed only a few and they went off to try the new system. 

They found money to be marvelous, and they soon valued everything in gold coins or dollars. The value they placed on everything was called a "price", and the price mainly depended on the amount of work required to produce it. If it took a lot of work the price was high, but if it was produced with little effort it was quite inexpensive. 

In one town lived Alan, who was the only watchmaker. His prices were high because the customers were willing to pay just to own one of his watches. 

Then another man began making watches and offered them at a lower price in order to get sales. Alan was forced to lower his prices, and in no time at all prices came down, so that both men were striving to give the best quality at the lowest price. This was genuine free competition. 

It was the same with builders, transport operators, accountants, farmers, in fact, in every endeavour. The customers always chose what they felt was the best deal - they had freedom of choice. There was no artificial protection such as licences or tariffs to prevent other people from going into business. The standard of living rose, and before long the people wondered how they had ever done without money. 

At the end of the year, Fabian left his shop and visited all the people who owed him money. Some had more than they borrowed, but this meant that others had less, since there were only a certain number of coins issued in the first place. Those who had more than they borrowed paid back each 100 plus the extra 5, but still had to borrow again to carry on. 

The others discovered for the first time that they had a debt. Before he would lend them more money, Fabian took a mortgage over some of their assets, and everyone went away once moreto try and get those extra 5 coins whichalways seemed so hard to find. 

No one realised that as a whole, the country could never get out of debt until all the coins were repaid, but even then, there were those extra 5 on each 100 which had never been lent out at all. No one but Fabian could see that it was impossible to pay the interest - the extra money had never been issued, therefore someone had to miss out. 

It was true that Fabian spent some coins, but he couldn't possibly spend anything like 5% of the total economy on himself. There were thousands of people and Fabian was only one. Besides, he was still a goldsmith making a comfortable living. 

At the back of his shop Fabian had a strongroom and people found it convenient to leave some of their coins with him for safekeeping. He charged a small fee depending on the amount of money, and the time it was left with him. He would give the owner receipts for the deposit. 

When a person went shopping, he did not normally carry a lot of gold coins. He would give the shopkeeper one of the receipts to the value of the goods he wanted to buy. 

Shopkeepers recognised the receipt as being genuine and accepted it with the idea of taking it to Fabian and collecting the appropriate amount in coins. The receipts passed from hand to hand instead of the gold itself being transferred. The people had great faith in the receipts - they accepted them as being as good as coins. 

Before long, Fabian noticed that it was quite unusual for anyone to actually call for their gold coins. 

He thought to himself, "Here I am in possession of all this gold and I am still a hard working craftsman. It doesn't make sense. Why there are dozens of people who would be glad to pay me interest for the use of this gold which is lying here and rarely called for. 

It is true, the gold is not mine - but it is in my possession, which is all that matters. I hardly need to make any coins at all, I can use some of the coins stored in the vault." 

At first he was very cautious, only loaning a few at a time, and then only on tremendous security. But gradually he became bolder, and larger amounts were loaned. 

One day, a large loan was requested. Fabian suggested, "Instead of carrying all these coins we can make a deposit in your name, and then I shall give you several receipts to the value of the coins." The borrower agreed, and off he went with a bunch of receipts. He had obtained a loan, yet the gold remained in the strong-room. After the client left, Fabian smiled. He could have his cake and eat it too. He could "lend" gold and still keep it in his possession. 

Friends, strangers and even enemies needed funds to carry out their businesses - and so long as they could produce security, they could borrow as much as they needed. By simply writing out receipts Fabian was able to "lend" money to several times the value of gold in his strong-room, and he was not even the owner of it. Everything was safe so long as the real owners didn't call for their gold and the confidence of the people was maintained. 

He kept a book showing the debits and credits for each person.  The lending business was proving to be very lucrative indeed. 

His social standing in the community was increasing almost as fast as his wealth. He was becoming a man of importance, he commanded respect. In matters of finance, his very word was like a sacred pronouncement. 

Goldsmiths from other towns became curious about his activities and one day they called to see him. He told them what he was doing, but was very careful to emphasize the need for secrecy. 

If their plan was exposed, the scheme would fail, so they agreed to form their own secret alliance. 

Each returned to his own town and began to operate as Fabian had taught. 

People now accepted the receipts as being as good as gold itself, and many receipts were deposited for safe keeping in the same way as coins. When a merchant wished to pay another for goods, he simply wrote a short note instructing Fabian to transfer money from his account to that of the second merchant. It took Fabian only a few minutes to adjust the figures. 

This new system became very popular, and the instruction notes were called "checks". 

Late one night, the goldsmiths had another secret meeting and Fabian revealed a new plan. The next day they called a meeting with all the Governors, and Fabian began. "The receipts we issue have become very popular. No doubt, most of you Governors are using them and you find them very convenient." They nodded in agreement and wondered what the problem was. "Well", he continued, "some receipts are being copied by counterfeiters. This practice must be stopped." 

The Governors became alarmed. "What can we do?" they asked. Fabian replied, "My suggestion is this - first of all, let it be the Government's job to print new notes on a special paper with very intricate designs, and then each note to be signed by the chief Governor. We goldsmiths will be happy to pay the printing costs, as it will save us a lot of time writing out receipts". The Governors reasoned, "Well, it is our job to protect the people against counterfeiters and the advice certainly seems like a good idea." So they agreed to print the notes. 

"Secondly," Fabian said, "some people have gone prospecting and are making their own gold coins. I suggest that you pass a law so that any person who finds gold nuggets must hand them in. Of course, they will be reimbursed with notes and coins." 

The idea sounded good and without too much thought about it, they printed a large number of crisp new notes. Each note had a value printed on it - $1, $2, $5, $10 etc. The small printing costs were paid by the goldsmiths. 

The notes were much easier to carry and they soon became accepted by the people. Despite their popularity however, these new notes and coins were used for only 10% of transactions. The records showed that the check system accounted for 90% of all business. 

The next part of his plan commenced. Until now, people were paying Fabian to guard their money. In order to attract more money into the vault Fabian offered to pay depositors 3% interest on their money. 

Most people believed that he was re-lending their money out to borrowers at 5%, and his profit was the 2% difference. Besides, the people didn't question him as getting 3% was far better than paying to have the money guarded. 

The volume of savings grew and with the additional money in the vaults, Fabian was able to lend $200, $300, $400 sometimes up to $900 for every $100 in notes and coins that he held in deposit. He had to be careful not to exceed this nine to one ratio, because one person in ten did require the notes and coins for use. 

If there was not enough money available when required, people would become suspicious, especially as their deposit books showed how much they had deposited. Nevertheless, on the $900 in book figures that Fabian loaned out by writing checks himself, he was able to demand up to $45 in interest, i.e. 5% on $900. When the loan plus interest was repaid, i.e. $945, the $900 was cancelled out in the debit column and Fabian kept the $45 interest. He was therefore quite happy to pay $3 interest on the original $100 deposited which had never left the vaults at all. This meant that for every $100 he held in deposits, it was possible to make 42% profit, most people believing he was only making 2%. The other goldsmiths were doing the same thing. They created money out of nothing at the stroke of a pen, and then charged interest on top of it. 

True, they didn't coin money, the Government actually printed the notes and coins and gave it to the goldsmiths to distribute. Fabian's only expense was the small printing fee. Still, they were creating credit money out of nothing and charging interest on top of it. Most people believed that the money supply was a Government operation. They also believed that Fabian was lending them the money that someone else had deposited, but it was very strange that no one's deposits ever decreased when a loan was advanced. If everyone had tried to withdraw their deposits at once, the fraud would have been exposed. 

When a loan was requested in notes or coins, it presented no problem. Fabian merely explained to the Government that the increase in population and production required more notes, and these he obtained for the small printing fee. 

One day a thoughtful man went to see Fabian. "This interest charge is wrong", he said. "For every $100 you issue, you are asking $105 in return. The extra $5 can never be paid since it doesn't exist. 

Farmers produce food, industry manufacturers goods, and so on, but only you produce money. Suppose there are only two businessmen in the whole country and we employ everyone else. We borrow $100 each, we pay $90 out in wages and expenses and allow $10 profit (our wage). That means the total purchasing power is $90 + $10 twice, i.e. $200. Yet to pay you we must sell all our produce for $210. If one of us succeeds and sells all his produce for $105, the other man can only hope to get $95. Also, part of his goods cannot be sold, as there is no money left to buy them. 

He will still owe you $10 and can only repay this by borrowing more. The system is impossible." 

The man continued, "Surely you should issue 105, i.e. 100 to me and 5 to you to spend. This way there would be 105 in circulation, and the debt can be repaid." 

Fabian listened quietly and finally said, "Financial economics is a deep subject, my boy, it takes years of study. Let me worry about these matters, and you look after yours. You must become more efficient, increase your production, cut down on your expenses and become a better businessman. I am always willing to help in these matters." 

The man went away still unconvinced. There was something wrong with Fabian's operations and he felt that his questions had been avoided. 

 Yet, most people respected Fabian's word - "He is the expert, the others must be wrong. Look how the country has developed, how our production has increased - we must be better off." 

To cover the interest on the money they had borrowed, merchants were forced to raise their prices. Wage earners complained that wages were too low. Employers refused to pay higher wages, claiming that they would be ruined. Farmers could not get a fair price for their produce. Housewives complained that food was getting too dear. 

And finally some people went on strike, a thing previously unheard of. Others had become poverty stricken and their friends and relatives could not afford to help them. Most had forgotten the real wealth all around - the fertile soils, the great forests, the minerals and cattle. They could think only of the money which always seemed so scarce. But they never questioned the system. They believed the Government was running it. 

A few had pooled their excess money and formed "lending" or "finance" companies. They could get 6% or more this way, which was better than the 3% Fabian paid, but they could only lend out money they owned - they did not have this strange power of being able to create money out of nothing by merely writing figures in books. 

These finance companies worried Fabian and his friends somewhat, so they quickly set up a few companies of their own. Mostly, they bought the others out before they got going. In no time, all the finance companies were owned by them, or under their control. 

The economic situation got worse. The wage earners were convinced that the bosses were making too much profit. The bosses said that their workers were too lazy and weren't doing an honest day's work, and everyone was blaming everyone else.The Governors could not come up with an answer and besides, the immediate problem seemed to be to help the poverty stricken.

They started up welfare schemes and made laws forcing people to contribute to them. This made many people angry - they believed in the old-fashioned idea of helping one's neighbour by voluntary effort. 

"These laws are nothing more than legalised robbery. To take something off a person against his will, regardless of the purpose for which it is to be used, is no different from stealing." 

But each man felt helpless and was afraid of the jail sentence which was threatened for failing to pay. These welfare schemes gave some relief, but before long the problem was back and more money was needed to cope. The cost of these schemes rose higher and higher and the size of the Government grew. 

Most of the Governors were sincere men trying to do their best. They didn't like asking for more money from their people and finally, they had no choice but to borrow money from Fabian and his friends. They had no idea how they were going to repay. Parents could no longer afford to pay teachers for their children. They couldn't pay doctors. And transport operators were going out of business. 

One by one the government was forced to take these operations over. Teachers, doctors and many others became public servants. 

Few obtained satisfaction in their work. They were given a reasonable wage, but they lost their identity. They became small cogs in a giant machine. 

There was no room for personal initiative, little recognition for effort, their income was fixed and advancement came only when a superior retired or died. 

In desperation, the governors decided to seek Fabian's advice. They considered him very wise and he seemed to know how to solve money matters. He listened to them explain all their problems, and finally he answered, "Many people cannot solve their own problems - they need someone to do it for them. Surely you agree that most people have the right to be happy and to be provided with the essentials of life. One of our great sayings is "all men are equal" - is it not?" 

Well, the only way to balance things up is to take the excess wealth from the rich and give it to the poor. Introduce a system of taxation. The more a man has, the more he must pay. Collect taxes from each person according to his ability, and give to each according to his need. Schools and hospitals should be free for those who cannot afford them …" 

 He gave them a long talk on high sounding ideals and finished up with, "Oh, by the way, don't forget you owe me money. You've been borrowing now for quite some time. The least I can do to help, is for you to just to pay me the interest. We'll leave the capital debt owing, just pay me the interest." 

They went away, and without giving Fabian's philosophies any real thought, they introduced the graduated income tax - the more you earn, the higher your tax rate. No one liked this, but they either paid the taxes or went to jail. 

Merchants were forced once again to raise their prices. Wage earners demanded higher wages forcing many employers out of business, or to replace men with machinery. This caused additional unemployment and forced the Government to introduce further welfare and handout schemes. 

Tariffs and other protection devices were introduced to keep some industries going just to provide employment. A few people wondered if the purpose of the production was to produce goods or merely to provide employment. 

As things got worse, they tried wage control, price control, and all sorts of controls. The Government tried to get more money through sales tax, payroll tax and all sorts of taxes. Someone noted that from the wheat farmer right through to the housewife, there were over 50 taxes on a loaf of bread. 

"Experts" arose and some were elected to Government, but after each yearly meeting they came back with almost nothing achieved, except for the news that taxes were to be "restructured", but overall the total tax always increased. 

Fabian began to demand his interest payments, and a larger and larger portion of the tax money was being needed to pay him. 

Then came party politics - the people started arguing about which group of Governors could best solve the problems. They argued about personalities, idealism, party labels, everything except the real problem. The councils were getting into trouble. 

In one town the interest on the debt exceeded the amount of rates which were collected in a year. Throughout the land the unpaid interest kept increasing - interest was charged on unpaid interest. 

Gradually much of the real wealth of the country came to be owned or controlled by Fabian and his friends and with it came greater control over people. However, the control was not yet complete. They knew that the situation would not be secure until every person was controlled. 

Most people opposing the systems could be silenced by financial pressure, or suffer public ridicule. To do this Fabian and his friends purchased most of the newspapers, T.V. and radio stations and he carefully selected people to operate them. Many of these people had a sincere desire to improve the world, but they never realised how they were being used. Their solutions always dealt with the effects of the problem, never the cause. 

There were several different newspapers - one for the right wing, one for the left wing, one for the workers, one for the bosses, and so on. It didn't matter much which one you believed in, so long as you didn't think about the real problem. 

Fabian's plan was almost at its completion - the whole country was in debt to him. Through education and the media, he had control of people's minds. They were able to think and believe only what he wanted them to. 

After a man has far more money than he can possibly spend for pleasure, what is left to excite him? For those with a ruling class mentality, the answer is power - raw power over other human beings. The idealists were used in the media and in Government, but the real controllers that Fabian sought were those of the ruling class mentality. 

Most of the goldsmiths had become this way. They knew the feeling of great wealth, but it no longer satisfied them. They needed challenge and excitement, and power over the masses was the ultimate game. 

They believed they were superior to all others. "It is our right and duty to rule. The masses don't know what is good for them. They need to be rallied and organised. To rule is our birthright." 

Throughout the land Fabian and his friends owned many lending offices. True, they were privately and separately owned. In theory they were in competition with each other, but in reality they were working very closely together. After persuading some of the Governors, they set up an institution which they called the Money Reserve Centre. They didn't even use their own money to do this - they created credit against part of the money out of the people's deposits. 

This Institution gave the outward appearance of regulating the money supply and being a Government operation, but strangely enough, no Governor or public servant was ever allowed to be on the Board of Directors. 

The Government no longer borrowed directly from Fabian, but began to use a system of I.O.U.'s to the Money Reserve Centre. The security offered was the estimated revenue from next year's taxes. This was in line with Fabian's plan - removing suspicion from himself to an apparent Government operation. Yet, behind the scenes, he was still in control. 

Indirectly, Fabian had such control over the Government that they were forced to do his bidding. He boasted, "Let me control the nation's money and I care not who makes its laws." It didn't matter much which group of Governors were elected. Fabian was in control of the money, the life blood of the nation. 

The Government obtained the money, but interest was always charged on every loan. More and more was going out in welfare and handout schemes, and it was not long before the Government found it difficult to even repay the interest, let alone the capital. 

And yet there were people who still asked the question, "Money is a man-made system. Surely it can be adjusted to serve, not to rule?" But these people became fewer and their voices were lost in the mad scrabble for the non-existent interest. 

The adminstrations changed, the party labels changed, but the major policies continued. Regardless of which Government was in "power", Fabian's ultimate goal was brought closer each year. The people's policies meant nothing. They were being taxed to the limit, they could pay no more. Now the time was ripe for Fabian's final move. 

10% of the money supply was still in the form of notes and coins. This had to be abolished in such a way as not to arouse suspicion. While the people used cash, they were free to buy and sell as they chose - they still had some control over their own lives. 

But it was not always safe to carry notes and coins. Checks were not accepted outside one's local community, and therefore a more convenient system was looked forward to. Once again Fabian had the answer. His organisation issued everyone with a little plastic card showing the person's name, photograph and an identification number. 

When this card was presented anywhere, the storekeeper phoned the central computer to check the credit rating. If it was clear, the person could buy what he wanted up to a certain amount.

At first people were allowed to spend a small amount on credit, and if this was repaid within a month, no interest was charged. This was fine for the wage earner, but what businessman could even begin? He had to set up machinery, manufacture the goods, pay wages etc. and sell all his goods and repay the money. If he exceeded one month, he was charged a 1.5% for every month the debt was owed. This amounted to over 18% per year. 

Businessmen had no option but to add the 18% onto the selling price. Yet this extra money or credit (the 18%) had not been loaned out to anyone. Throughout the country, businessmen were given the impossible task of repaying $118 for every $100 they borrowed - but the extra $18 had never been created at all. 

Yet Fabian and his friends increased their standing in society. They were regarded as pillars of respectability. Their pronouncements on finance and economics were accepted with almost religious conviction. 

Under the burden of ever increasing taxes, many small businesses collapsed. Special licenses were needed for various operations, so that the remaining ones found it very difficult to operate. Fabian owned and controlled all of the big companies which had hundreds of subsidiaries. These appeared to be in competition with each other, yet he controlled them all. Eventually all competitors were forced out of business. Plumbers, panel beaters, electricians and most other small industries suffered the same fate - they were swallowed up by Fabian's giant companies which all had Government protection. 

Fabian wanted the plastic cards to eliminate notes and coins. His plan was that when all notes were withdrawn, only businesses using the computer card system would be able to operate. 

He planned that eventually some people would misplace their cards and be unable to buy or sell anything until a proof of identify was made. He wanted a law to be passed which would give him ultimate control - a law forcing everyone to have their identification number tattooed onto their hand. The number would be visible only under a special light, linked to a computer. Every computer would be linked to a giant central computer so that Fabian could know everything about everyone. 

________________________________________________________ 

By the way, the correct terminology used in the financial world for this system is "fractional reserve banking". 

The story you have read is of course, fiction. 

But if you found it to be disturbingly close to the truth and would like to know who Fabian is in real life, a good starting point is a study on the activities of the English goldsmiths in the 16th & 17th centuries. 

For example, The Bank of England began in 1694. King William of Orange was in financial difficulties as a result of a war with France. The Goldsmiths "lent him" 1.2 million pounds (a staggering amount in those days) with certain conditions: 

The interest rate was to be 8%. 
The King was to grant the goldsmiths a charter for the bank which gave them the right to issue credit. 
Prior to this, their operations of issuing receipts for more money than they held in deposits was totally illegal. The charter made it legal. 

In 1694 William Patterson obtained the Charter for the Bank of England. 
© Larry Hannigan 1971, Australia 
IMPORTANT UPDATE from the author, 
October 9 2008: 

This story was placed on the Internet to be used as an educational tool only.Many people have taken my story, translated into other languages and placed it on the Internet where it has been very helpful. 

Sadly, some people have taken my story and claimed it as their own with no acknowledgment to me. Not only that, they have changed my story to suit their own personal philosophy, by leaving some sections out and adding in extra parts, usually about conspiracies (true or false), so called ancient wisdoms, mysteries, and religions etc By doing this, these people are actually helping the enemy. How ? 

Sooner or later, the words of Lord Acton will materialise – he said – the issue which has swept down the centuries and will have to be fought sooner or later is THE PEOPLE VERSUS THE BANKS. This battle is getting closer every day in every language. Please do not give the enemy anything that he will use to divide THE PEOPLE with side issues which will give the enemy enormous advantage in distracting people from the real issue that 100 + 0 does not = 105 

PLEASE DO NOT INTERFERE WITH MY ORIGINAL ENGLISH TEXT on http://www.larryhannigan.com/TheEarthPlus5.htm 
and please have the integrity to acknowledge me. 

If you want to discover the real Fabian – visit - http://www.larryhannigan.com/pastpresentfuture1.htm 

Larry Hannigan 
www.wheylite.com.au 

  

Feel free to make as many copies of this article, and to reproduce this article, so long as you link to www.Relfe.com and say 
© Larry Hannigan 1971, Australia 
and make it clear that the original story is not to be altered. 

Quotations: 

Encyclopaedia Britannica, 14th Edition - "Banks create credit. It is a mistake to suppose that bank credit is created to any extent by the payment of money into the banks. A loan made by a bank is a clear addition to the amount of money in the community." 

Lord Acton, Lord Chief Justice of England, 1875 - "The issue which has swept down the centuries and which will have to be fought sooner or later is the People v. The Banks." 

 Mr Reginald McKenna, when Chairman of the Midland Bank in London - "I am afraid that ordinary citizens will not like to be told that the banks can, and do, create and destroy money. And they who control the credit of the nation direct the policy of governments, and hold in the hollow of their hands the destiny of the people. 

Mr Phillip A. Benson, President of the American Bankers' Association, June 8 1939 - "There is no more direct way to capture control of a nation than through its credit (money) system." 

USA Banker's Magazine, August 25 1924 - "Capital must protect itself in every possible manner by combination and legislation. Debts must be collected, bonds and mortgages must be foreclosed as rapidly as possible. When, through a process of law, the common people lose their homes they will become more docile and more easily governed through the influence of the strong arm of government, applied by a central power of wealth under control of leading financiers. 

This truth is well known among our principal men now engaged in forming an imperialism of Capital to govern the world. 

By dividing the voters through the political party system, we can get them to expend their energies in fighting over questions of no importance. Thus by discreet action we can secure for ourselves what has been so well planned and so successfully accomplished." 

Sir Denison Miller - During an interview in 1921, when he was asked if he, through the Commonwealth Bank, had financed Australia during the First World War for $700 million, he replied; "Such was the case, and I could have financed the country for a further like sum had the war continued." Asked if that amount was available for productive purposes in this time of peace, he answered "Yes". 

From "Hand Over Our Loot, No. 2, by Len Clampett: 

"There are four things that must be available for paid work to take place: 

The work to be done. 
The materials to do the work. 
The labor to do the work. 
The money to pay for the work to be done. 
If any of those four things are missing, no paid work can take place. It is a naturally self-regulating system. If there is work to be done, and the material is available and the labour willing, all we have to do is create the money. Quite simple." 

"Ask yourself why it was that depressions happened. All that went missing from the community was the money to buy goods and services. The labour was still available. The work to be done was still there. The materials had not disappeared, and the goods were readily available in the shops, or could be produced but for the want of money. 

Extract from a letter written by Rothschild Bros of London to a New York firm of bankers on 25 June 1863: 

"The few who can understand the System (Cheque Money and Credits) will either be so interested in its profits, or so dependent on its favours, that there will be no opposition from that class. While on the other hand, the great body of people mentally incapable of comprehending the tremendous advantage that capital derives from the system, will bear its burdens without complaint and perhaps without even suspecting that the system is inimical (hostile, hurtful) to their interests. 

The following quotation was reprinted in the Idaho Leader, USA, 26 August 1924, and has been read into Hansard twice: by John Evans MP, in 1926, and by M.D. Cowan M.P., in the Session of 1930-1931. 

 In 1891 a confidential circular was sent to American bankers and their agents, containing the following statements: 

"We authorise our loan agents in the western States to loan our funds on real estate, to fall due on September 1st 1894, and at no time thereafter. 

On September 1, 1894, we will not renew our loans under any consideration. 

On September 1st we will demand our money - we will foreclose and become mortgagees in possession. 

We can take two-thirds of the farms west of the Mississippi and thousands of them east of the great Mississippi as well, at our own price. 

We may as well own three-fourths of the farms of the west and the money of the country. 

Then the farmers will become tenants, as in England." 

From "Hand Over Our Loot, No. 2" 

In the United States, the issuing of money is controlled by the Federal Reserve Board. This is not a government department but a board of private bankers.Most of us would believe that the Federal Reserve is a federal arm of the national government….This is not true…In 1913 President Woodrow Wilson signed the document that created the Federal Reserve, and committed the American people to debt slavery until such time as they awake from their slumber and overthrow this vicious tyranny."… 

"The understanding of this issue of money into the community can be best illustrated by equating money in the economy with tickets in a railway system. The tickets are printed by a printer who is paid for his work. The printer never claims the ownership of the tickets … And we can never imagine a railway company refusing to give passengers seats on a train because it is out of tickets. By this same token, a government should never refuse people the access to normal commerce and trade by claiming it is out of money." 

Suppose the government borrows $10 million. It only costs the bankers a few hundred dollars to actually produce the funds, and a little more to do the book-keeping. Do you think it is fair that our citizens should struggle to keep their homes and families together, while the bankers grow fat on these profits? 

Credit created by a Government-owned bank is better than credit created by private banks, because there is no need to recover the money from people by way of taxes, and there is no interest attached to inflate the cost. The public work completed with the credit by the Government bank is the asset that replaces the money created when the work is finished. 

None of our problems will disappear until we correct the creation, supply and circulation of money. Once the money problem is solved, everything else will fall into place. 

Each of us can help to turn this ship around: 

The first thing is to teach people.  VERY FEW know about or understand this information yet.  Please pass this information on to those on and off the net. 
Research this subject for yourself to increase your understanding. 
Join with others who want to return the control of government to the people. Remember - they are 'public SERVANTS'! We are not their servant. They should do OUR bidding. 
Regardless of your political leanings, encourage your local Member to investigate and correct our money system. (They probably need to be educated too!). You can do this by email, letter, telephone or personal discussion. 
Legislators receive an average of only 100 letters on any given issue. So if you write you opinion and get others to write, say 25 letters, you send a strong message. (Have a letter writing evening). 
FURTHER INFORMATION 

A Phone Call to the Fed www.rense.com/general29/ringring.htm 

Money Game - The Greatest Scam Ever 
Excerpt from the book "Knowledge without Wisdom" by Paul Bond. 

Billions for the Bankers, Debts for the People www.justiceplus.org/bankers.htm 

American Monetary Institure www.monetary.org 

Liberty Australia: Banks & Money http://www.netbay.com.au/~noelozzy/ 

The Money Masters www.themoneymasters.com 

FAME-Foundation for the Adancement of Monetary Education www.FAME.org 

Rothschild Wealth & Influence www.mega.nu:8080/ampp/rothschild2.html#metatop 

The Money Myth Exploded www.prolognet.qc.ca/clyde/money.htm 

From Moses to Rothschild www.reformation.org/moneychangers.html 

Money Talks www.wealthmoney.org 

The Rothschilds: www.mega.nu:8080/ampp/rothschild2.html#metatop 
Noone knows what they are worth, but it's estimated that their wealth is estimated at $2 trillion - $491,409 trillion US 

WANTED!!! Help your country! Volunteers wanted to translate this page!!!  If you are willing and able to translate this page into another language, please email Stephanie Relfe atStephanie@relfe.com and say which language you can translate it into (BEFORE you start working on it). 

Please see the top of this page to see which languages have already been completed. 

I can put your translation on this site. However, it is even better if you can put it on a site of your own so all I have to do is link to it. If you use this option, please: 

1) Add the pictures, except for a few that have a lot of english words on them (as this may confuse readers of another language). 

2) Link to my site www.relfe.com 

3) Link to all the other translations that are listed at the start of this article, including this English translation. 

You may add whatever ad or links you like at the end of it (with a few exceptions, eg no porno or occult stuff). 

The languages that are already taken care of are listed at the top of this page, with links to those pages. 

www.relfe.com

 

Follow the money, follow the power.

Leste Europeu indo para o default da dívida soberana ? Não existe mais muito espaço para negociações visto que o povo se insurge contra a constituição e o Tribunal Superior.

 

Lá, como cá, é o default seletivo de um escrutínio minucioso da auditoria da dívida.

 

Acorda Lula !!! A moleza acabou.

Crisis In Romania: Constitutional Court Votes Pension Cuts Unconstitutional, IMF Loan In Jeopardy, Presidential Palace Stormed, CDS Blows OutTyler Durden's pictureSubmitted by Tyler Durden on 06/25/2010 16:02 -0500

 
 

Several days after the Romanian parliament passed a law to cut pensions by 15% in order to qualify for a critical $20 billion IMF loan, the Romanian Supreme Court found this law was not only unconstitutional, but unappealable (along the lines of what our own SCOTUS will do once the Fed's transparency appeal gets to the very top, resulting in confirmation once and for all that American laws are only made for the benefit of the Federal Reserve). The decision was reached hours after dozens of Romanian citizens stormed the presidential palace "to get an audience with President Traian Basescu." As a result of the Constitutional Court's decision, the IMF loan "may now be delayed, and this will be a big blow to the government of Prime Minister Emil Boc, the BBC's Nick Thorpe reports." Also as a result, Romanian (and by association, neighboring Bulgaria) CDS blew up today and closed +30 to 410 for Dracula's host country, and +20 to 360 bps for the country that served as the reverse engineering center of the former Communist Bloc.

From BBC:

A top court in Romania has ruled out a pension cut demanded by the country's government as part of a deficit-cutting financial austerity measure.

The government wanted to cut state pensions by 15%, as well as slashing wages and welfare allowances.

But the Constitutional Court said the pension cut was unconstitutional, a ruling which cannot be appealed.

Romania wants to cut spending to qualify for a $20bn loan from the International Monetary Fund.

That may now be delayed, and this will be a big blow to the government of Prime Minister Emil Boc, the BBC's Nick Thorpe reports.

The court decision came after dozens of people tried to force their way into the presidential palace to get an audience with President Traian Basescu.

Riot police repelled them from the palace.

The court did not publish its reasoning behind the ruling, but unions say pensions partly funded by worker contributions to are protected by the constitution.

Just wait until Greeks get wind of this ruling, and ask the logical question why their own constitution allows their pensions to be cut by as much as 30%. So much for the smooth and glitch-free passage of austerity across all of Europe. Oh, and it is about time, as we have long been claiming, that investors take a long hard look at Eastern European CDS. It is still not too late.

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Financial Crisis Leaves Romania Reeling
Dependence on Foreign Investment Bodes Ill for Once-Roaring Economy

By Craig Whitlock
Washington Post Foreign Service
Wednesday, November 5, 2008 

 

BUCHAREST, Romania -- In recent days, this once-booming country has been pounded by aftershocks from the global financial crisis. Speculators have attacked the local currency, the leu, betting that it would plunge in value. At one point last month, the stock market had dropped by 70 percent. By next year, some analysts predict, the jobless rate could double.

Like many of its East European neighbors, Romania is experiencing a sudden reversal of fortune. After years of record economic growth fueled by easy credit and heavy foreign investment, people here are bracing for a sharp slowdown that they hope does not turn into an outright crash.

Two of Romania's neighbors, Hungary and Ukraine, already have been forced to accept bailouts from the International Monetary Fund. Next-door Bulgaria, with a bulging current-account deficit, has troubles of its own. To the north, the Baltic states are also feeling a severe pinch, with consumers deeply in hock to stressed Scandinavian banks. The European Union, which many of the former Soviet satellite countries thought would bring them stability, hasn't offered much help.

"I'm afraid E.U. membership is not enough protection for Romania, Bulgaria and the Baltics," said Ilie Serbanescu, an economist and former government official. "The entire Romanian economy is in the hands of foreign companies. If the international situation is good, then it's no problem. But if the situation is not good, like now, we are in trouble."

Romanian officials have acknowledged some of their economic difficulties but said concerns about the country's stability are overblown. In an Oct. 22 speech, President Traian Basescu pinned the blame on "corrupt" outsiders.

"There were smart guys coming to Romania, who had studied at Harvard and Oxford, and they invented how to increase the value of one's shares without actually having money," he said.

Officials here have brushed aside talk of an IMF bailout, which would be a setback for a country that joined the E.U. just last year. They especially reject comparisons to Iceland, which has been hit so hard that bankrupt entrepreneurs are now looking for jobs as cod fishermen.

"I am sick and tired of comparing Romania to the Baltic states and Iceland. What do we have in common?" Mugur Isarescu, the governor of Romania's central bank, said in an interview. "This is the black part of globalization, the fact that you have all these ratings agencies and others putting together six or seven countries in the same boat."

At the same time, Isarescu and other officials said Romania has serious challenges to overcome.

The central bank has raised interest rates seven times in the past year. Last month, it was forced to intervene in the currency markets to prop up the leu, which traders were betting would collapse against the euro. "It was creating here a kind of panic," Isarescu said.

Romania plans to adopt the euro in 2014 but needs to meet a number of economic benchmarks before it can do so.

Romania's biggest problem is its current-account deficit: Far more money has been pouring into the country than going out. Much of the money comes from the estimated 2.5 million Romanians -- more than 10 percent of the population -- who work in countries such as Italy and Spain and send earnings back. But with those economies now suffering as well, many emigrants are expected to return home empty-handed.

The deficit has tripled in the past five years, making the Romanian economy vulnerable if foreign investors suddenly pull out.

"We were flooded with foreign capital after joining the E.U., and now it is drying up," Isarescu said. He said a slowdown in economic growth and devaluation of the leu could be good therapy for Romania in the long term -- but only if it happens gradually and in an orderly manner. "We have to prepare the country for a soft landing," he said. "In the morning, it is good to take a cold shower. I recommend it to everyone."

Private-sector analysts, however, have been predicting uncomfortable times. In a report last month, Goldman Sachs rated Romania the second-most vulnerable economy in Eastern Europe, after Hungary. And last week, the Standard & Poor's rating agency downgraded Romania's foreign currency credit rating to junk status.

Although the leu has stabilized in recent days, analysts said it is just a matter of time before currency traders mount another attack. "Based on history, these speculative attacks come in waves, so probably we're going to have more of these in the future," said Nicolaie Alexandru-Chidesciuc, a senior economist for ING bank in Bucharest. "I don't expect this to end here."

Since joining the E.U. last year, however, Romania has seen a surge in economic growth. Its gross domestic product jumped by 9 percent in the second quarter this year. Cranes crowd the skyline in downtown Bucharest, the capital. The streets are clogged with shiny new Dacias, a boxy sedan made at a plant owned by Renault, the French auto manufacturer.

Foreigners dominate the financial sector; three of the four biggest banks in Romania are based in Austria. In recent years, they were seen as a blessing. Consumers eagerly took out mortgages and car loans in currencies such as the euro and the Swiss franc, which offered much lower interest rates.

With the leu weakening, however, it has become more expensive for Romanians to pay off their foreign debts.

Bogdan Boca, 44, a radiologist from Bucharest, said he took out a loan of 20,000 Swiss francs, or about $17,400, two years ago to renovate a log cabin in the Transylvanian mountains. Now, he needs to work extra hours to keep up with his payments.

"It was the only way for me to take out a loan back then," he said. "I can't just give back the money, so I have to work more."

Many people are afraid to borrow money, slowing the real estate market and auto sales.

"People have stopped buying," said Bogdan Radan, a salesman at a Skoda car dealership here. "They expect that car companies should lower their prices very much and offer half-price or something."

Another worry is government spending. In recent years, Romanian lawmakers have been eager to lavish money on long-neglected public services, such as a promised 50 percent raise for schoolteachers. While such spending was affordable in good times, there are fears that politicians won't be able to cut back, especially with national elections scheduled for later this month.

"Our political system is not very well trusted," said Anton Vladescu, 66, an energy industry executive from Bucharest. "The influence of the election this year is very bad timing for the economy. The politicians will say and do anything to win votes."

Some analysts and lawmakers said the E.U. needs to provide more support to Romania and its neighbors to ward off a potential meltdown.

Daniel Daianu, a member of the European Parliament from Bucharest and a former finance minister, said central bank governors and finance ministers need to coordinate strategy. So far, he said, leaders of Europe's biggest economies -- Germany, Britain, France and Italy -- have been mostly talking among themselves.

"If there is a domino effect among the little guys, it could really affect the whole euro club," Daianu said. "We should be very, very cautious and not behave like we are an island of stability in an ocean of turmoil. There's an old Chinese saying: When elephants make love, you know what happens to the grass."

 

Follow the money, follow the power.

A Alemanha está se precavendo para possíveis desdobramentos desfavoráveis nas dívidas soberanas dos países da Europa e, em especial, dos do leste Europeu onde a Alemanha Oriental que hoje está unificada com a Ocidental pertenceu. O problema alemão é de duas vertentes, diferentemente da Hungria, Grécia e outros.

A história indica que crises financeiras no decorrer dos tempos têm levado a falência de muitos países e, ao que estamos assistindo, não vai ser diferente desta vez.

 

Faz todo o sentido os cortes drásticos que o governo Alemão está propondo e arrisco dizer que a maioria ocorrerá na parte que era a antiga Alemanha Oriental.

Segue artigo do FT sobre o assunto.

 

New sovereign debt management regime should be G20 focusJune 21, 2010 5:18pmby FT | 

By Kevin P Gallagher

Developing a sovereign debt crisis management regime should be at the top of the G20’s agenda.

As Carmen Reinhart and Kenneth Rogoff show in This Time is Different: Eight Centuries of Financial Folly banking crises are often followed by sovereign debt crises. Europe’s debt crisis might be topping the headlines now, but the problem won’t end here.

Reinhart and Rogoff find that the debt/GDP threshold where nations slip into crises has historically been 30-35 per cent of GDP.  According to the World Bank more than 60, mostly developing, countries reached that threshold in 2008.  A 2009 IMF report, which examined 71 low-income countries, suggested 28 of the poorest nations are at high risk of debt crises. 

But a nation need not have a high debt/GDP ratio now to tailspin; even nations with low budget deficits can quickly be affected as governments borrow for bailouts or stimuli and then experience slow growth and low tax revenue. All of a sudden then, debt burdens can look difficult to service.

Many countries, if not this time then the next, will need to reschedule, restructure, or even default on their debt.  At present there exists no adequate forum for nations to workout their debt problems.  Thus more often than not, debt workouts result in crisis-stricken debtors and disgruntled creditors.

The absence of a restructuring mechanism is both costly, unfair and, as argued in Barry Herman, Jose Antonio Ocampo, and Shari Spiegel new book Overcoming developing country debt crises, a glaring gap in international financial architecture.

This systemic lack has resulted in enormous IMF and national government bailouts, from $50bn for Mexico’s peso crisis to a staggering $1,000bn for Europe’s current crisis.  These bailouts go the pockets of private creditors and are paid for by taxpayers and citizens across the world.

Additionally, the economic losses of today’s ad-hoc restructuring system are significant.  Restructuring is often long and drawn out, often causing panic and capital flight all while creditors receive no interest payments and debtors have no access to finance.

As Eric Helleiner of the University of Waterloo has shown, the idea of a global system for excessive creditors and lenders to negotiate debt problems is not new.

Mexico proposed a mechanism in 1933, Harry Dexter White included such a function in his initial drafts of the IMF articles in the 1940s, UNCTAD saw such a regime as core to a “New International Economic Order” in the 1970s and most recently the IMF issued a call for a ‘Sovereign Debt Restructuring Mechanism’ in 2001 in the wake of Argentina’s financial crisis.

Common elements of many of these past attempts include proposals for a fair forum for negotiation; a standstill clause whereby bondholders cannot rapidly pull their investments out of a debtor nation; and clauses that limit the ability of disgruntled minority bondholders to file lawsuits against debtor nations.

These proposals have never matured partly because debtors’ fears that voicing support would signal that a nation was prone to default and affect its creditworthiness and creditors contentment with the status quo.   Helleiner rightly characterises this conundrum as a classic collective action problem given that an orderly restructuring is clearly in the interests of both creditors and debtors alike.

We are left with an ad-hoc system where some bonds have interesting but limited ‘collective action clauses’ that spell out terms for restructuring and voluntary codes of conduct with no teeth.

Collective action problems of this nature can only be solved by leadership.  That’s where the G20 should come in.  The G20 prides itself as a cooperative global steward for financial stability.  The overarching goal of such an effort should be to strike a single global standard for balanced and timely restructuring that satisfies the needs of creditors while enabling debtor nations the ability to recover and grow.  This is where the G20 can make its mark.

Kevin P. Gallagher is an associate professor of international relations at Boston University and author of the new G-24/UNCTAD report Policy Space to Prevent and Mitigate Financial Crises in Trade and Investment Agreements.

 

Follow the money, follow the power.

Contra o capitalismo, capitalismo.

Dinheiro na mão, calcinha no chão.

O negócio da Hungria é dar uma ensaboada na mão do fiscal do FMI, o resto é conversa prá boi dormir.

 

) comentário no estilo gíria Paraguaya (

 

Follow the money, follow the power.

<ironic mode>

Os húngaros só podem estar de brincadeira. Imposto para bancos?? Espero que o FMI enquadre logo esses impertinentes.

</ironic mode>

 

 
  • "Mas os banqueiros têm alertado que o imposto - 120 bilhões de florins dos quais provavelmente cairão sobre eles - arrisca desestabilizar o sistema financeiro, aumentando o custo e a disponibilidade de crédito e enfraquecendo as taxas de adequação de capital. Há também a ansiedade de que outros governos com dificuldades de caixa na região copiarão a ideia, atingindo os bancos com amplas redes regionais e aumentando o risco de dupla tributação. O FMI deve iniciar conversações em Budapeste na terça-feira com autoridades húngaras, sobre as propostas de orçamento":

La vai a fabrica de favelas encher o saco...

Porque eh que o FMI acha que imposto sobre bancos "arrisca desestabilizar o sistema financeiro" quando nunca viu nada de mais em desestabilizar o sistemas financeiros de paises de terceiro mundo com os seus juros?

Mesma pergunta pros bc's.

Atencao na segunda sentenca:  verdade pura.  O Brasil precisa fazer o mesmo.

 

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