Thank you very much ! :)
I miss your videos over here. For those of you who did not enjoy them, do not miss them. Peace and best wishes. Xi On 9 nov, 00:59, antidefm <[EMAIL PROTECTED]> wrote: > Thanks to xieuling, economics at the international level is an very > interesting topic. > > On Nov 8, 3:01 pm, "[EMAIL PROTECTED]" <[EMAIL PROTECTED]> wrote: > > > > > G20 finance ministers, central bank governors meet in Sao > > Paulohttp://news.xinhuanet.com/english/2008-11/08/content_10328083.htm > > > SAO PAULO, Nov. 8 (Xinhua) -- Finance ministers and central bank > > governors from the Group of 20 (G20) major industrial and emerging- > > market countries begin their annual meeting here Saturday to seek ways > > to weather the global financial crisis. > > > Participants at the two-day meeting are expected to discuss the > > current global financial situation, said Marcos Galvao, international > > affairs secretary of the Brazilian Finance Ministry. > > > Discussions on the cause of the crisis, the worst since the 1930s, and > > its impact on commodity prices, inflation and exchange rates are also > > on the agenda, he said. > > > Addressing the gathering, Brazilian President Luiz Inacio Lula da > > Silva called for a "new world financial architecture" in the wake of > > the current financial crisis. > > > The Brazilian government had earlier said it would propose greater > > participation of developing countries in restructuring the global > > financial system at the meeting. > > > Any progress made at the event will be presented to the first G20 > > leaders' summit scheduled for Nov. 15 in Washington D.C. > > > Founded in 1999 as an informal arena to facilitate dialogue > > between major industrial and emerging-market countries, the G20 > > accounts for 85 percent of the world's economy and about two-thirds of > > the world's population. > > > G-20 Discusses More Interest-Rate Cuts, Flaherty > > Sayshttp://www.bloomberg.com/apps/news?pid=20601087&sid=a24GKseqaW7I&refe... > > > Nov. 8 (Bloomberg) -- Finance officials from the Group of 20 nations > > meeting in Sao Paulo today are discussing the possibility of further > > cuts in interest rates in a bid to limit the damage from the global > > credit crisis, Canadian Finance Minister Jim Flaherty said. > > > ``The U.K. made a fairly dramatic rate drop this week and there's more > > discussion here about that subject,'' Flaherty said in an interview. > > ``There's less room for the U.S. as you know than Canada.'' > > > Canada's central bank joined the Fed, the European Central Bank and > > the Bank of England in an unprecedented coordinated interest rate cut > > on Oct. 8 after the collapse of Lehman Brothers Holdings Inc. sent > > credit markets into seizure. All four banks have followed up with > > further reductions since then, with the U.K. announcing Nov. 6 the > > biggest rate cut since 1992. > > > Flaherty said coordinated fiscal stimulus, as is being proposed by > > U.K. Prime Minister Gordon Brown and the International Monetary Fund, > > may not win support because some countries can't afford to increase > > spending. > > > Central banks in emerging economies may also join a renewed rate- > > cutting effort as policy makers battle to contain the fall- out from a > > crisis that's set to drag the world's leading industrial economies > > into a recession together for the first since the Second World War. > > > China, India, Mexico > > > Mexican Deputy Finance Minister Alejandro Werner today said his > > country's central bank, which hasn't lowered borrowing costs since the > > credit crisis began 15 months ago, has scope to cut rates after food > > and commodities prices fell. > > > ``Interest rates like the one we have now are no longer necessary,'' > > Werner said in an interview. > > > China cut its key interest rate for the third time in two months on > > Oct. 29 while the Reserve Bank of India on Nov. 1 lowered its main > > interest rate for the second time in two weeks. > > > Flaherty said ``there are ongoing conversations about who plans to do > > what when'' on interest rates. ``I expect that these discussions will > > lead to some degree of coordinated action,'' he told reporters today > > ahead of the G-20 talks. > > > Governments in emerging countries are also stepping up their > > independent responses as the financial crisis spreads to their > > economies. > > > Brazil, Russia, India and China, the so-called BRIC nations, plan > > coordinated measures to increase trade and capital flows between their > > economies, Russian Finance Minister Alexei Kudrin said in an interview > > today. India, Russia and Brazil have already injected funds into > > commercial banks and South Korea last week unveiled a ($10.8 billion) > > fiscal stimulus plan. > > > `House of Cards' > > > ``This is a global crisis and demands global solutions,'' Brazilian > > President Luiz Inacio Lula da Silva said. ``The G-7 alone is not in > > conditions to conduct the world economy. The participation of the > > developing world is essential.'' > > > Lula told delegates that the world's financial system ``collapsed like > > a house of cards'' and called on rich nations to increase regulation. > > > The U.S. and the EU are tussling over proposals to tighten up > > financial regulation. European leaders want to give the IMF > > responsibility for financial stability around the world. The U.S. > > opposes any international regulator with cross-border authority, > > according to a senior U.S. official. > > > ``We are pleased that European leaders, in a statement released > > yesterday, recognized the importance of coordinating responses to the > > financial crisis,'' President Bush's spokesman Dana Perino said in an > > e-mailed note. ``The summit will be an important opportunity to > > highlight this common ground and our shared commitment to enhanced > > international cooperation and coordination, as well as to reaffirm a > > commitment to free market principles.'' > > > On 6 nov, 19:24, "[EMAIL PROTECTED]" <[EMAIL PROTECTED]> wrote: > > > > Your proposal is mostly inline to what will be approved. But, > > > > Is American media what transfer information to American people. I have > > > no idea how they will trasfer it along the next two years or so, the > > > shorter necesary period to accomplish all those tasks. I do not know > > > if they will decide to blame at Bush, or at Obama, or at China, or at > > > Muslims, or at inmigration, or at a new scapegoat that they fabricate. > > > > They had to make a decission. We either create a new currency for > > > international trade or we use the US dollar. > > > > The first choice will take a lot of time and a lot of regulations as > > > that currency would have to be stable against major currencies. We > > > should create an international mechanism to counter speculators and > > > keep major national currencies stable against such international > > > currency. Even it should have to counter speculation from national > > > central banks that could suddenly print trillions of their domestic > > > currency, and then, the rest of the world should have to pay for its > > > wrongdoings. Also, it would require to change trillions of contracts, > > > agreements, etc. among corporations involved in foreign trade. And > > > also, it would produce the collapse of the US dollar. > > > > The second choice allows to walk this path step by step. The price to > > > pay is that USA has no longer a central bank and a national currency. > > > But, in fact, the Fed does not belong to USA and the US dollar is the > > > currency of the Fed, not the currency of USA. I mean, USA already lost > > > its central bank and its national currency decades ago. Yes, this will > > > have a politic price in the public opinion arena, but not in real > > > economic arena, not in the global economy. The change is as easy as > > > some banks sell their shares to the IMF and the Fed gets "divorced" of > > > the US Congress requirements. Just formal steps that can be > > > accomplished in few days when everything will be ready. > > > > You wrote <<But why not have all solutions go through the IMF. In > > > other words, the sovereign funds can loan money to the IMF to be used > > > in accordance with such and such rules. If the US has complied then > > > they can borrow the money. If the US has not complied, the funds will > > > not be available to them.>>. Roughly, that is the plan. In further > > > steps, countries will allow the IMF to print money and/or to lend > > > money to national central banks acconding to the global needs, and > > > national economic needs under international monitoring. Probably using > > > US dollars. > > > > <<We will be "forced" by outside realities to bite the bullet.>> > > > Right, that is the plan. Not just USA, all countries will be part of > > > the global community on condition that their policies comply with such > > > minimum healthy requirements that the IMF will define. as the Peterson > > > Institute for International Economics stated in the link that I posted > > > above. But, as prof. Rogoff wrote "Without its own currency, the IMF > > > is poorly positioned to intervene with the overwhelming force needed > > > for lender-of-last-resort operations", or, in other words, as the > > > global central bank that can inject funds into economies though local > > > central banks. To make the IMF allowed to print US dollars, the Fed, > > > the true owner of the US dollar, must be formally and legally subject > > > to IMF jusrisdiction, not to US Congress nor to its current owners > > > (the Western major banks) only. You are ready for such announcement, > > > but I am afraid that most Americans and Westerners are not, it will be > > > as shocking at least, as when Nixon announced that the US dollar will > > > not be backed by gold any longer. > > > > The recent agreements of the Fed allowing other central banks to print > > > US dollars on swap premises, is a useful example on how this mechanism > > > will work in the future. It worked fine. However, it has to be > > > refined, national central banks have to commit to keep a certain > > > exchange rate and those agreements must be formally approved by the > > ... > > leer más » --~--~---------~--~----~------------~-------~--~----~ 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 -~----------~----~----~----~------~----~------~--~---
