Da qualche giorno è terminato l'incontro dei ministri delle finanze dei G20,anche se sarebbe più corretto dire G22 dato che sia Spagna che i Paesi Bassi sono stati eccezionalmente invitati in virtù della loro rilevanza economica. Tutti speravano che la riunione avrebbe gettato un po' di luce sulla via che i "grandi" del mondo intendono imboccare per condurci fuori dall'oscuro tunnel della crisi economica. Purtroppo ancora una volta i grandi ci hanno regalato una delusione. L'intero meeting si è ridotto a qualche mangiata, poche discussioni e nessuna reale conclusione.
Looking for some hot
article about the event, I had noted with disappointment, as a part of the Italian press found most interesting delay Tremonti of the group photo with the other ministers present at the meeting to the content of the meeting. Not that the statements by the G20 outputs are particularly exciting, but certainly a bit more important than Tremonti who stops to speak with a colleague forgot to pose.
The number one on the sidelines of the OECD, has made an obvious but always welcome statement reported by an article on Reuters :
Sembra che per certi banchieri l'opzione miracolosa resti quella principale ed il miracolo in questione lo dovrebbe compiere niente meno che Timoty Geithner, il ministro del tesoro USA. Un tizio che quando appare in pubblico emana la stessa aurea di sicurezza di uno studente che non ha fatto i compiti. Tanta è la fiducia che ispira Geithner nei suoi ascoltatori che l'ultimo discorso ufficiale sull'economia USA fu tenuto a sorpresa da Obama. Uno dei suoi soliti discorsi: ispirato, affascinante e generico. Un discorso da campagna elettorale (qualcuno dovrebbe avvisare Obama che ha già vinto le elezioni) in cui furono sciorinati una lunga sfilza di generici propositi su cambiamento, miglioramento, grandezza della società americana e bla bla bla e al termine del quale Obama, scendendo dal pulpito strinse la mano a tutti tranne Geithner. Evidentemente non deve aver apprezzato particolarmente l'inadeguatezza del suo ministro del tesoro.
Per fortuna non dovremo aspettare molto per scoprire che coniglio nasconda nel hat the old Tim. A few days ago the U.S. Treasury has said that this week will finally be good. Over the next few days should be disclosed details of ingenuity Geithner second floor that will heal the budgets of the banks, but something has transpired :
goes round and round we are always there. If individuals do not want to buy 100 and sell at 20 banks do not want the money to make up the difference will put the state. In part because they offer private paying more and some paying banks because it reduces the sales price.
If this is indeed the cornerstone of the whole project, what Geithner will pull a rabbit out of the hat will be flaccid, obese and sickly. A disease that could prove infectious spreading to Europe too.
The issue of toxic assets has been identified as the fundamental problem to be solved in a statement of intent issued in 7 points during the G20. The document also referred to as the fundamental fiscal stimulus and expressed a strong intention to make the books more transparent accounting rules for reviewing the budget and fighting the practice of off-balance sheet assets. How these ideas can marry with the predicted depletion of the mark to market is not known.
The G20 has also lashed out against the rating agencies, suggesting that in future their work is supervised by an international body. How and when this should happen, answers are not received. That rating agencies should be reformed, there is no doubt. I wonder though, because is so difficult to get to the root of the problem and remove the original sin: the conflict of interest arising from being paid by the same subjects that you give the rating. There is a small agency, the Egan Jones acting in the opposite way, for a fee from investors eager to know the rating of the various companies. As it happens, it had set out the principal evils which had afflicted the economy well before the crisis exploded. Once the other agencies operate in a similar way, in the 50's would be horrified all the idea of \u200b\u200baccepting money from companies to assign a rating, then during the 70's everything changed.
Maybe a little 'wisdom of the past would not hurt when you seeks to address certain reforms.
The point which has raised interest among those listed in the document of the G20, concerns the intention of the participating countries to double the funds available to the IMF, almost exhausted because of the financial assistance granted to a plethora of nations in distress. They proposed $ 250 billion to swell the coffers of the IMF, an operation that would raise the total available to fund 500 billion, but the U.S. will say about the amount of money: they say too little. They want it to be erected to a total of 750 billion dollars.
100 billion of the funds requested would be paid while another 100 would come from Japan the European Union. 50 billion would remain discovered that no one knows where they can get. The usual Yu Yongding, which seems to be now become the mouthpiece of the establishment said the Chinese economy has skeptical about the possibility that the Chinese president, decides to help increase funding for the IMF:
the G20, Europe and the U.S. have declared that the IMF and World Bank should be reformed to better reflect the reality of economic importance such as China. A sign of openness that could make us forget to President Hu Jintao, the annoyance that nourish his countrymen against the West, accused of having produced the current crisis and be forever in search of money with which to support their decadent economic system.
In an international situation like that, you might wonder where the U.S. think they can recover 250 billion additional dollars to bring the total money available to the IMF's 750 billion dollars.
In this article answers a the Telegraph: the IMF would simply print them out.
Basically it relies on the use of a sort of super transnational currency SDR (special drawing rights). Today, even the Kremlin has spoken :
The SDR is a claim that countries with trade surplus may have against countries with deficits. Instead of managing these differences using gold, expensive and logistically difficult to move, it is preferred to use a piece of paper. The unit value of SDR is based on a basket of currencies: euro, sterling, dollars and yen (on the website of the IMF are reported the various exchange rates).
In essence, after the U.S., England, Japan and Switzerland have offered to print money ... er, playing at the "quantitative easing", even the IMF is to join with the game ' going to flood it with new pieces of paper. Print
money is also called "nuclear option". One option that is being tested as never before (if we exclude some limited earlier) and supra-national scale, with consequences that are difficult to predict.
Looking for some hot
article about the event, I had noted with disappointment, as a part of the Italian press found most interesting delay Tremonti of the group photo with the other ministers present at the meeting to the content of the meeting. Not that the statements by the G20 outputs are particularly exciting, but certainly a bit more important than Tremonti who stops to speak with a colleague forgot to pose.
The number one on the sidelines of the OECD, has made an obvious but always welcome statement reported by an article on Reuters :
In the words of a number of the Organisation for Cooperation and Development (OECD), Angel Gurria, "there is no'apriti sesame ', it is not pulling rabbits out of a hat."What is finally penetrating the concept that there are no magic formulas is to be welcomed. Maybe stop behaving as if he had suddenly come to save us a miracle. At least that has always been my hope. Hope that was brutally shattered 10 lines down:
Perhaps what matters most now, economists say, are two things: the joint commitment to do everything possible to save the world economy and plans to combat Washington against the toxic assets from the crisis è partita e con i quali continuerà ad alimentarsi fino a quando resteranno nei bilanci delle banche.
"Restiamo appesi alla speranza che gli Usa trovino finalmente la ricetta magica per riportare la fiducia nel settore finanziario e che lo facciano presto", dice Marco Annunziata, chief economist di UniCredit a Londra.
In sintesi, i mercati finanziari in cui la bufera è iniziata cercano soluzioni facili e veloci per una situazione complicata
Sembra che per certi banchieri l'opzione miracolosa resti quella principale ed il miracolo in questione lo dovrebbe compiere niente meno che Timoty Geithner, il ministro del tesoro USA. Un tizio che quando appare in pubblico emana la stessa aurea di sicurezza di uno studente che non ha fatto i compiti. Tanta è la fiducia che ispira Geithner nei suoi ascoltatori che l'ultimo discorso ufficiale sull'economia USA fu tenuto a sorpresa da Obama. Uno dei suoi soliti discorsi: ispirato, affascinante e generico. Un discorso da campagna elettorale (qualcuno dovrebbe avvisare Obama che ha già vinto le elezioni) in cui furono sciorinati una lunga sfilza di generici propositi su cambiamento, miglioramento, grandezza della società americana e bla bla bla e al termine del quale Obama, scendendo dal pulpito strinse la mano a tutti tranne Geithner. Evidentemente non deve aver apprezzato particolarmente l'inadeguatezza del suo ministro del tesoro.
Per fortuna non dovremo aspettare molto per scoprire che coniglio nasconda nel hat the old Tim. A few days ago the U.S. Treasury has said that this week will finally be good. Over the next few days should be disclosed details of ingenuity Geithner second floor that will heal the budgets of the banks, but something has transpired :
The Government will provide further details on the level of public / private Geithner, aimed at remove toxic assets from bank balance sheets, at the end of the week, said a senior official of the Department of the Treasury. The official said the Treasury is willing to release enough information in the course of the week to allow potential participants to judge the best proposal. Based on information currently known, the plan should provide leverage for public and private capital to buy assets with government funding. The funds initially available should come from what remains of the 700 billion rescue fund (the TARP ed), but a measure included in Obama's tax plan for 2010 would require about 750 billion in new funds. Neel Kashkari, the interim administrator of the fund $ 700 billion, told lawmakers last week that private investors are ready to invest in asset-based loans in default, provided that they have access to finance. Without any form of financing available, they could only afford to pay low prices because they are accepted by banks.
goes round and round we are always there. If individuals do not want to buy 100 and sell at 20 banks do not want the money to make up the difference will put the state. In part because they offer private paying more and some paying banks because it reduces the sales price.
If this is indeed the cornerstone of the whole project, what Geithner will pull a rabbit out of the hat will be flaccid, obese and sickly. A disease that could prove infectious spreading to Europe too.
The issue of toxic assets has been identified as the fundamental problem to be solved in a statement of intent issued in 7 points during the G20. The document also referred to as the fundamental fiscal stimulus and expressed a strong intention to make the books more transparent accounting rules for reviewing the budget and fighting the practice of off-balance sheet assets. How these ideas can marry with the predicted depletion of the mark to market is not known.
The G20 has also lashed out against the rating agencies, suggesting that in future their work is supervised by an international body. How and when this should happen, answers are not received. That rating agencies should be reformed, there is no doubt. I wonder though, because is so difficult to get to the root of the problem and remove the original sin: the conflict of interest arising from being paid by the same subjects that you give the rating. There is a small agency, the Egan Jones acting in the opposite way, for a fee from investors eager to know the rating of the various companies. As it happens, it had set out the principal evils which had afflicted the economy well before the crisis exploded. Once the other agencies operate in a similar way, in the 50's would be horrified all the idea of \u200b\u200baccepting money from companies to assign a rating, then during the 70's everything changed.
Maybe a little 'wisdom of the past would not hurt when you seeks to address certain reforms.
The point which has raised interest among those listed in the document of the G20, concerns the intention of the participating countries to double the funds available to the IMF, almost exhausted because of the financial assistance granted to a plethora of nations in distress. They proposed $ 250 billion to swell the coffers of the IMF, an operation that would raise the total available to fund 500 billion, but the U.S. will say about the amount of money: they say too little. They want it to be erected to a total of 750 billion dollars.
100 billion of the funds requested would be paid while another 100 would come from Japan the European Union. 50 billion would remain discovered that no one knows where they can get. The usual Yu Yongding, which seems to be now become the mouthpiece of the establishment said the Chinese economy has skeptical about the possibility that the Chinese president, decides to help increase funding for the IMF:
If you do '- says Yu China Daily - will seem 'that the poor are helping the rich. "According to Yu, who heads the Institute of World Economics and Politics and Chinese Academy of Social Policy, the general public in China will not' agree with him, 'cause some European countries have anti-Chinese bias.
the G20, Europe and the U.S. have declared that the IMF and World Bank should be reformed to better reflect the reality of economic importance such as China. A sign of openness that could make us forget to President Hu Jintao, the annoyance that nourish his countrymen against the West, accused of having produced the current crisis and be forever in search of money with which to support their decadent economic system.
In an international situation like that, you might wonder where the U.S. think they can recover 250 billion additional dollars to bring the total money available to the IMF's 750 billion dollars.
In this article answers a the Telegraph: the IMF would simply print them out.
Simon Johnson, former IMF chief economist said: "The principle behind this is that everyone will receive bonus dollars without the Federal Reserve has to print them, all those who receive them.
" The goal is to create an avalanche monetary union. However, should all go out and spend this money this could be extremely inflationary "
Basically it relies on the use of a sort of super transnational currency SDR (special drawing rights). Today, even the Kremlin has spoken :
The Kremlin proposes that the G20 ask the International Monetary Fund (IMF) to examine the possibility of establishing a supranational currency reserves, which could be issued by international financial institutions. The site says the Russian presidency.According to Joseph Stiglitz, Nobel laureate for economics, the SDR could be the prelude to the emergence of a world currency. Were created to replace gold as a currency of international exchange. Since the amount of gold in circulation increases very slowly, while the size of the economies involved in the IMF increases with a higher speed, was introduced a form of "paper gold" the SDRs to compensate for this difference. The main feature of a gold card is just the fact that you can print at will.
"It seems appropriate to consider the role of the IMF in this process and determine the possibility and necessity of 'adoption of measures to facilitate the recognition of international reserve assets, SDRs of the IMF - as the currency of' super reserves' by the whole the world community, "is written on the site of the Kremlin.
The SDR is a claim that countries with trade surplus may have against countries with deficits. Instead of managing these differences using gold, expensive and logistically difficult to move, it is preferred to use a piece of paper. The unit value of SDR is based on a basket of currencies: euro, sterling, dollars and yen (on the website of the IMF are reported the various exchange rates).
In essence, after the U.S., England, Japan and Switzerland have offered to print money ... er, playing at the "quantitative easing", even the IMF is to join with the game ' going to flood it with new pieces of paper. Print
money is also called "nuclear option". One option that is being tested as never before (if we exclude some limited earlier) and supra-national scale, with consequences that are difficult to predict.
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