Nonagénaire the hidden wish is doing very wellFive years later his dearest wish is yet to achieveThe medical issue is important as long term shortRadiohead succeeds the union of the oppositesThis time the proportion is mounted to 8311 million of which 45 were medium dependentThe Spain went to the same effect but more recentlyIt will be very hard says a top of the listVery bad omen for a few weeks of midterm legislative elections50 at the meeting of June 2010 rose above 50As during the second world war, banking systems (institutes of emission more commercial banks) have become officers of the public treasure.
Nothing more significant and, with a bit of decline, more alarming that the reaction of markets to the status quo announced last week by the Fed, the ECB, the Bank of England. The first named, which sets the tone, including now in Frankfurt, was particularly explicit: no question of calling into question the low rate "for a long time(foranextendedperiod). The magic formula that reassures today néo-capitaliste economy and devotes his guardianship. Would a little historical back - which is fundamentally unable to his misfortune - show clearly, yes clearly, that from the point of view financial, the United States and the countries of the eurozone (the third wheel "Western" world, the Japan preceded by this route) come to cross, in the sense of the descent, a second level. This second level, yet more slippery, if possible, that the first (the passage at the floating exchange rates in February 1973) closer model of the war economy. The US economy did not emerged suddenly. The agreement (with a large A) against nature - look une peace economy turned towards the future - passed to this effect in 1942 on the one hand between the Fed now for stabilizing interest rates and on the other hand the US Treasury will was repealed only in the first quarter of 1951.
Nothing more opposed, at first glance, that globalization equated with the abundance of products offered cheap King consumer and the war economy by generating need shortage and folding on itself. Indeed, the contrast is obvious with respect to the practice and the effects of free trade, to reserve nearly as our readers know. To be the longue beneficial to all of the participating nations, free trade implies nothing less than a very mobility for the means of production. The opposite of is happening. Also this scheme becomes of less and less bearable for developed countries. It causes a haemorrhage of their accumulated capital, the source of their development. Free commute in mercantilism or "economic war". The consumer at the end of the string does not have the last word. The economic warlords are in a position to trim its revenues.
But more than in the development of trade, globalization is a matter of financialisation of the economy. The most effective bulwark against this temptation was the recovery of Bretton Woods to a monetary regime where the supremacy of the dollar was tempered by his "unwavering" gold link. In Western Europe, the gold standard was even - unfortunately in general misunderstanding - restored in its main characteristic is the antithesis of the Treasury Board of war. While in the United States residents were not entitled to own gold, the countries of the Continent had provided the key to the vault at the base of the currency user. Everyone could buy the official fixed price of gold. Where demand exceeded offer dropped, central banks (including the United States) provided the make-up. Too lenient US policy led the whole of the Western countries to repudiate this system. With the end of the gold consumed in 1973, the floating exchange devenaient inevitable. Their erratic fluctuations made inevitable the development of techniques of coverage of the changes, then the speculation for speculation.
The second level at which we descend is large even more huge drifts. They away us even more free trade. Banks gained on the line. They engage more than ever to the delights of "trading". To restore a modicum of confidence in their place, they need profits and regular, free of risk. Only artificial visibility can provide them with the. Central banks the guarantee them. It provide liquidity without limit at neighbouring rates of 0 (as during the war). For what, they buy (in France) Treasury bonds at 5 and 10 year maturity related from 3.9 to 4.05. Who says better Banks do to stabilize the secondary market. Their interest is to purchase as many titles need to do this. The connivance between the Treasury and the banking system (institutes of emission more commercial banks), which is to lead towards the State and big business resources needed by such "entities".
