(((((Justice))))) Your message is really touching and honest. How could we let without effort that people like you pay for wrongdoings that you are not more guillable than the average human being?, for example me. We would be the same sort people that did those wrongdoings. Anyway, unfortunately, I doubt that we can find a proposal that can be good for everybody, hopefully we will find something that will not be too bad, that would be a great success. But I seriously doubt that we can find a solution that will not hurt seriously to any economy.
In any case, USA still has its own problems (federal deficit, economic model, savings vs. consumption, etc). US authorities are not addressing them yet, and internationl actions only target international issues. Only Americans can fix their domestic policies, nobody has the right to force them. The US crisis will not be fixed until those problems will be targetted and fixed. <<PLEASE EUROPE, CHINA, RUSSIA -- please don't trust these people.>> I think that they do not trust on themselves, as I told one or two weeks ago, they seemed lost. Fortunately, there are many wise people around the world who know how to handle this in the best posible way. That means to avoid as much as posible a dramatic economic crisis. That would be enough. <<I can only hope that Bush will NOT be the party that seals the deal on these proposals. Obama and his team can work something out so that the United States can become a true, honest partner. >> The only serious, and elaborated in some extend, proposal that I have read is basically the one that I described in my former message. Maybe there are others, maybe not, I do not know. If the proposal that finally is approved is this one, very probably its steps should be some like these ones: 1) Inmediate creation of a monitoring group that controls all important financial institutios and defines their rules, governance criteria, limits, etc.. It would take a few weeks. I guess that its kernel and a basic rules could be ready before the end of this year. Time counts a lot now. 2) Change of the structure and mission of the IMF. It could take several months, maybe one year, including hiring of new staff. 3) Deign and decission on the new global financial, banking and monetary policies. Although the urgent steps could be done in days and weeks, the final policy will not take less than one year, probably two. 4) Purchase of the Fed by the IMF.It would take 24 hours, but it will not happen until the IMF has the appropiate structure. However, I guess that the IMF would monitor all decissions by the Fed since they they set the monitoring group up in December or so. 5) I guess that the global politic conference to approve all the above will happen at the end of this process. 6) If USA decides to create a new currency for domestic use it could be done within two years, it would not delay the whole process. But in my opinion they will not, at least until they see how the new environment works for them. Maybe there is another proposal that can make that things happen faster, easier and less painful. I do not know and I cannot imagine it. To be honest, when I heard this proposal yesterday, I got shocked. It is an elegant and brilliant idea that they can run as discretely as they want. It is a change of era, it deserves a great meeting and great marketing. Therefore, the final global politic conference where global leaders meet and seal the final documents in front of thousands of journalists will happen in two years more or less, in my opinion. However, some documents have to be sealed as soon as in November or December, in order to create the emergency group into the IMF and to adapt to 2008 the IMF (and some other international institutions). Peace and best wishes. Xi On Oct 16, 8:32 pm, Justice <[EMAIL PROTECTED]> wrote: > These are way over my head. On a strictly feeling level, I am opposed > to any proposition that would allow the US to "get off lightly" for > the crimes committed under the Bush Regime. > > They have not even apologized to these leaders, let alone to the > American people for strealing trillions of dollars. What they first > called a bailout they changed to a Rescue Main Street proposal. It > was and is a bailout of Wallstreet, but they cynically changed the > name to get it past a bunch of reactionary republicans who are scared > of "communism" because they are too stupid to understand it. > > Of course we can't talk about realities in this country -- half of the > populace (we shall see if that's really true on November 4) is as dumb > as inert dirt. The other half have varying degrees of understanding > -- I include myself here and understand very little, but we know in > our guts that we have cheated the world for at least 8 years -- and > probably more and it's time to pay the price. > > If we don't pay our kids will pay. America is on its way down for the > count. > > I can only hope that Bush will NOT be the party that seals the deal on > these proposals. Obama and his team can work something out so that > the United States can become a true, honest partner. THAT's what I > care about. > > I don't want to be the warmonger. I don't want to be the crook of the > world. > > If the Europeans, Russians and Chinese can only linger over this a > while -- just until we have a new president. Bush is trying to set > his seal on this -- Paulsen and Bernanke are his lead people. THEY > GOT US HERE. > > PLEASE EUROPE, CHINA, RUSSIA -- please don't trust these people. I > don't. > > On Oct 16, 9:57 am, "[EMAIL PROTECTED]" <[EMAIL PROTECTED]> wrote: > > > > > Yesterday, I had a long chat with some people. > > > It seems that in the very short term, the standard currency will not > > be changed but ... > > > International institutions will be, in order to make them in line with > > the real circumstances in 2008, that is why Europe is repeating to > > give more power to the group of emerging economies. > > > About monetary policy, an interesting proposal that some people in > > China are offering (it is not the formal proposal of the Chinese > > government, at least not yet) is to continue the role of the US dollar > > as the standard tool. But the Fed would not be an American > > institution, it would be an international institution related to the > > IMF, once the IMF would have a democratic structure with broader power > > over global banking and financial system. It would help to prevent a > > collapse of the US dollar because all major powers would back that > > currency and, at the same time, it would not make that the US domestic > > issues have influence on the rest of the global economy. Also, the > > shock for US people would not be so hard as they would continue to use > > the US dollar as they do now. Somehow, it would be a currency tied to > > major currencies such as Euro, Yen, Yuan, Ruble, etc. therefore, in > > fact, it would be a basket of currencies. > > > The change is not too difficult formally as the Fed is a private > > institution. The IMF would buy all shares of the Fed. > > > Anyway, it is just a proposal under further elaboration in Beijing and > > I guess that in other places too. > > > I do not know whether there are other proposal under elaboration, I > > just know this one. > > > Peace and best wishes. > > > Xi > > > On Oct 16, 7:31 am, antidefm <[EMAIL PROTECTED]> wrote: > > > > I am not a economic or financial guy, but I know this is an exciting > > > time in the international financial world. It seems something will > > > change after this crisis is over. "New currency standard" or "new > > > financial order", that sounds like U.S. will be the loser in the > > > game. > > > > It remains to see how U.S. will defend its "dollar hegemony", how EU > > > will play with its Euro, and Chinese plays with its Yuan or RMB. > > > > The political implication is far reaching if U.S. lost its "dollar > > > hegemony." I can't wait to see that to happen. > > > > On Oct 15, 4:23 pm, "[EMAIL PROTECTED]" <[EMAIL PROTECTED]> wrote: > > > > > For further information see this thread: > > > > > China wants a new currency > > > > standard.http://groups.google.com/group/world-thread/browse_thread/thread/487d... > > > > > My comment: Things are moving ahead. We will hear a lot about banking > > > > and financial issues, nothing about monetary issues. The monetary > > > > issues are the best hidden secrets in the world as trillions are to > > > > make or to lose. But things are moving ahead. > > > > > EU Presses for Revamp of Bretton Woods Global Financial > > > > Systemhttp://www.bloomberg.com/apps/news?pid=20601087&sid=aJa1elVRv1tY&refe... > > > > > Oct. 15 (Bloomberg) -- European Union leaders pressed for an overhaul > > > > of the global financial system to prevent a repeat of the credit > > > > crunch that sparked the biggest stock-market selloff since the Great > > > > Depression. > > > > > EU leaders called for a global summit as soon as next month to rewrite > > > > the 1944 Bretton Woods accord that paved the way for Europe's post- > > > > World War II reconstruction and set up the institutions that oversee > > > > the world economy today. > > > > > ``We had the emerging market crisis, we had the Internet bubble, now > > > > we have this massive crisis,'' French President Nicolas Sarkozy told > > > > reporters after chairing the first session of an EU summit tonight in > > > > Brussels. Europe is united in calling for the ``re-foundation of the > > > > international financial system.'' > > > > > While stressing a global approach, European governments are split over > > > > how to go about it, with leading countries -- including Britain -- > > > > traditionally opposed to handing over business regulation to outside > > > > authorities.- Hide quoted text - > > > - Show quoted text - --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "World-thread" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/world-thread?hl=en -~----------~----~----~----~------~----~------~--~---
