tag:blogger.com,1999:blog-5387301992987204742024-02-21T08:17:18.270+02:00Monetary research, official sources and relevant materialBIS, ESCB, ECB, FSB, G30, IAS2, IMF, IMS, OECD, OPEC, LBMA, WorldBank, UN ... Evolution of Monetary System in relation to Gold & Oil as asset classes...@mortymer001http://www.blogger.com/profile/13047624328777522777noreply@blogger.comBlogger787125tag:blogger.com,1999:blog-538730199298720474.post-56440511173195002032017-06-08T21:39:00.000+03:002017-09-01T09:52:40.368+03:001973 - IMS, Oil, Gold and CurrenciesThis post explores relationship between the development of the <b>International Monetary System</b> (IMS) with the development in the<b> gold</b> and <b>oil markets</b>. It concentrates on important <b>dates</b> and looks into <b>official relevant documents</b>. Lets now look into the year <b>1973:</b><br />
Japan lifts prohibition on imports of gold. Singapore liberalized the Gold market for residents.<b> </b><br />
<b><br /></b>
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<b>January: </b>The <a data-mce-href="http://en.wikipedia.org/wiki/1973%E2%80%931974_stock_market_crash" href="http://en.wikipedia.org/wiki/1973%E2%80%931974_stock_market_crash">1973–1974 stock market crash</a> begins, as a result of inflation pressure, the <a data-mce-href="http://en.wikipedia.org/wiki/Nixon_Shock" href="http://en.wikipedia.org/wiki/Nixon_Shock">Nixon Shock</a> and the collapsing monetary system.<br />
<b>January 11:</b> U.S. Phase III price controls begin. Allows for voluntary instead of mandatory price control on all U.S. prices. This does not prevent a sharp rise in heating oil prices caused by a severe winter and shortage of product.<b><br /></b><b>January 17</b>: President Nixon suspends mandatory oil import quota on No. 2 heating oil through April 30.<b><br /></b><b>January 23:</b> Shah of Iran announces that the 1954 operating agreement between a consortium of oil companies and Iran will not be renewed when it expires in 1979. The consortium was formed in 1954 as a means to settle a dispute between a new ministry in Iran and the Anglo-Iranian Oil Company (AIOC). The consortium included Standard Oil of New Jersey, Standard Oil of California, SOCONY-Vacuum, the Texas Company, Gulf, Royal Dutch-Shell, the Compagnie Francaise de Petroles, and the AIOC.<br />
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<b>February 1:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973THEHA00564_b.html" href="https://www.wikileaks.org/plusd/cables/1973THEHA00564_b.html">EC PROPOSALS ON COOPERATION AGREEMENT WITH OIL PRODUCERS - 1973THEHA00564_b</a><b></b><br />
<b>February 6:</b> <a data-mce-href="http://history.state.gov/historicaldocuments/frus1969-76v31/d3#fn5" href="http://history.state.gov/historicaldocuments/frus1969-76v31/d3#fn5" target="_blank">3. Conversation Among President Nixon, Secretary of the Treasury Shultz, and the Chairman of the Federal Reserve System Board of Governors (Burns) </a><br />
<b>February 28:</b> Iraq and IPC reach an agreement on compensation for nationalization.<b> </b><br />
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<b><b>March</b>: </b>Special Rule No. 1 reimposes mandatory (Phase II) price controls on the 23 largest oil companies. Smaller companies, representing 5 percent of the market, enjoy uncontrolled prices.<b> </b><br />
<b>March 9:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973LONDON02864_b.html" href="https://www.wikileaks.org/plusd/cables/1973LONDON02864_b.html">IRAQ OIL - 1973LONDON02864_b</a><b></b><br />
<b>March 10:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973PARIS06020_b.html" href="https://www.wikileaks.org/plusd/cables/1973PARIS06020_b.html">1973PARIS06020_b - AMBASSADOR IRWIN' S AMERICAN CLUB SPEECH</a><br />
<b>March 12:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973ECBRU01302_b.html" href="https://www.wikileaks.org/plusd/cables/1973ECBRU01302_b.html">MARCH 11-12 EC COUNCIL ( FINANCE) - INTERNATIONAL MONETARY CRISIS - 1973ECBRU01302_b</a><br />
<b>March 13:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973TOKYO02927_b.html" href="https://www.wikileaks.org/plusd/cables/1973TOKYO02927_b.html">PRESS REPORTS - GOJ RESPONSES IN DIET ON MONETARY SITUATION - 1973TOKYO02927_b</a><br />
<b>March 14:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973TOKYO03047_b.html" href="https://www.wikileaks.org/plusd/cables/1973TOKYO03047_b.html">MIN FIN AICHI STATEMENT ON PARIS MONETARY CONFERENCE - 1973TOKYO03047_b</a><b></b><br />
<b>March 14: </b><a data-mce-href="https://www.wikileaks.org/plusd/cables/1973JIDDA01059_b.html" href="https://www.wikileaks.org/plusd/cables/1973JIDDA01059_b.html">1973JIDDA01059_b - SAMA GOVERNOR: NO SPECULATION</a><b> </b><br />
<b>March 15:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973PRETOR00846_b.html" href="https://www.wikileaks.org/plusd/cables/1973PRETOR00846_b.html">1973PRETOR00846_b - SA GOLD AND FOREIGN EXCHANGE RESERVES</a><b> </b><br />
<b>March 16:</b> Shah of Iran and Consortium members agree to nationalize all assets immediately in return for an assured 20-year supply of Iranian oil.<b> </b><b> </b><br />
<b>March 16:</b> OPEC discusses raising prices to offset decline of U.S. dollar value.<br />
<b>March 17:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973BRUSSE01457_b.html" href="https://www.wikileaks.org/plusd/cables/1973BRUSSE01457_b.html">1973BRUSSE01457_b - SECRETARY SHULTZ TRIP</a><b> </b><br />
<b>March 19:</b> <a data-mce-href="http://www.wikileaks.org/plusd/cables/1973STATE050189_b.html" href="http://www.wikileaks.org/plusd/cables/1973STATE050189_b.html">CONVERSATION BETWEEN CHANCELLOR BRANDT AND SECRETARY OF THE TREASURY SHULTZ - 1973STATE050189_b</a><b></b><br />
<b>March 20:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973TOKYO03261_b.html" href="https://www.wikileaks.org/plusd/cables/1973TOKYO03261_b.html">CLARIFICATION OF AICHI VIEWS ON DOLLAR CONVERTIBILITY - 1973TOKYO03261_b</a><br />
<b>March 28:</b> <a data-mce-href="http://history.state.gov/historicaldocuments/frus1969-76v31/d168" href="http://history.state.gov/historicaldocuments/frus1969-76v31/d168">168. Memorandum From the President's Assistant for International Economic Affairs (Flanigan) to President Nixon</a><br />
<b>March 30:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973BONN04738_b.html" href="https://www.wikileaks.org/plusd/cables/1973BONN04738_b.html">ORTOLI ON US- EC RELATIONS - 1973BONN04738_b</a><br />
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<b>April 1: </b>OPEC increases posted prices by 5.7 percent.<b><br /></b><b>April 12:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973THEHA01721_b.html" href="https://www.wikileaks.org/plusd/cables/1973THEHA01721_b.html">1973THEHA01721_b - EMMINGER VIEWS ON FUTURE ROLE OF DOLLAR</a> <b><b><br /></b></b><b>April 18: </b><a data-mce-href="https://www.wikileaks.org/plusd/cables/1973BRUSSE02138_b.html" href="https://www.wikileaks.org/plusd/cables/1973BRUSSE02138_b.html">COMMISSION PAPER ON THE SECOND STAGE OF ECONOMIC AND MONETARY UNION - 1973BRUSSE02138_b</a><br />
<b>April 18:</b> U.S. Government ends Mandatory Oil Import Program. Program, established in 1959 by President Eisenhower, had limited imports of crude and product east of the Rocky Mountains to a percentage of domestic crude production.<b> </b><br />
<b>April 20:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973STATE075169_b.html" href="https://www.wikileaks.org/plusd/cables/1973STATE075169_b.html">LOCAL PRESS: YAMANI STATEMENT & PRESIDENT' S OIL MESSAGE - 1973STATE075169_b</a><br />
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<b>May 4: </b><a data-mce-href="https://www.wikileaks.org/plusd/cables/1973PARIS12302_b.html" href="https://www.wikileaks.org/plusd/cables/1973PARIS12302_b.html">1973PARIS12302_b - VIEWS OF FRENCH FINANCE MINISTER ON MONETARY SITUATION</a><br />
<b>May 11:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973VIENNA02951_b.html" href="https://www.wikileaks.org/plusd/cables/1973VIENNA02951_b.html">OPEC PARITY NEGOTIATIONS BREAK DOWN - 1973VIENNA02951_b</a><br />
<b>May 19:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973PARIS13924_b.html" href="https://www.wikileaks.org/plusd/cables/1973PARIS13924_b.html">1973PARIS13924_b - NIXON- POMPIDOU SUMMIT: AGENDA ITEM II A - INTERNATIONAL MONETARY REFORM</a><br />
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<b>June 1:</b> Eight OPEC countries raise posted prices by 11.9 percent.<b><br /></b><b>June 11:</b> Libya nationalizes Bunker Hunt concession; Nigeria acquires 35 percent participation in Shell-BP concession.<br />
<b>June 14</b>: Nixon administration imposes 60-day economy-wide price freeze, superseding Special Rule No. 1 for oil companies.<b></b><br />
<b>June 21: </b><a data-mce-href="https://www.wikileaks.org/plusd/cables/1973OECDP17066_b.html" href="https://www.wikileaks.org/plusd/cables/1973OECDP17066_b.html">1973OECDP17066_b - VAN LENNEP DECISION ON IMF JOB OFFER</a><br />
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<b>July 5:</b> <a data-mce-href="http://www.wikileaks.org/plusd/cables/1973BONN09594_b.html" href="http://www.wikileaks.org/plusd/cables/1973BONN09594_b.html">CONVERSATION WITH FINANCE MINISTER SCHMIDT - 1973BONN09594_b</a><br />
<b>July 13:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973ECBRU03975_b.html" href="https://www.wikileaks.org/plusd/cables/1973ECBRU03975_b.html">POSSIBLE EC COMMISSION REACTION TO MONETARY SITUATION - 1973ECBRU03975_b</a><b></b><br />
<b>July 17:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973PARIS19556_b.html" href="https://www.wikileaks.org/plusd/cables/1973PARIS19556_b.html">VIEWS OF GOF OFFICIAL ON LINK BETWEEN MONETARY SITUATION AND TRADE - 1973PARIS19556_b</a><br />
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<b>August:</b> Libya nationalizes 51 percent of Occidental Petroleum concession and of the Oasis consortium.<b> </b><br />
<b>August 2:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973PARIS20979_b.html" href="https://www.wikileaks.org/plusd/cables/1973PARIS20979_b.html">GISCARD REPORTS ON WASHINGTON C-20 MEETING - 1973PARIS20979_b</a><b></b><br />
<b>August 3:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973THEHA03402_b.html" href="https://www.wikileaks.org/plusd/cables/1973THEHA03402_b.html">DUISENBERG ON C-20 MEETING - 1973THEHA03402_b</a><b> </b><br />
<b>August 4:</b> <a href="https://www.wikileaks.org/plusd/cables/1973ECBRU05012_b.html">PETROLEUM MEETING BETWEEN GEORGE BENNSKY AND EC COMMISSION VICE PRESIDENT HENRI SIMONET</a><b><br /></b><br />
<b>August 7:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973PARIS21327_b.html" href="https://www.wikileaks.org/plusd/cables/1973PARIS21327_b.html">1973PARIS21327_b - HEIKAL ON OIL AS POLITICAL WEAPON</a><b> </b><br />
<b>August 7: </b><a data-mce-href="http://history.state.gov/historicaldocuments/frus1969-76v31/d50" href="http://history.state.gov/historicaldocuments/frus1969-76v31/d50">50. Memorandum From the President's Assistant for National Security Affairs (Kissinger) to President Nixon</a><b> </b><br />
<b>August 9: </b><a data-mce-href="https://www.wikileaks.org/plusd/cables/1973STATE157536_b.html" href="https://www.wikileaks.org/plusd/cables/1973STATE157536_b.html">1973STATE157536_b - ARAB LEAGUE CALLS MEETING TO DISCUSS ARAB RESERVES</a><b> </b><br />
<b>August 9:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973ECBRU04614_b.html" href="https://www.wikileaks.org/plusd/cables/1973ECBRU04614_b.html">1973ECBRU04614_b - ECONOMIC AND MONETARY UNION -- EC COMMISSION REPORT ON PROGRESSIVE POOLING OF RESERVES AND ADJUSTMENT OF SHORT-TERM MONETARY SUPPORT</a><b> </b><br />
<b>August 12:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973JIDDA03428_b.html" href="https://www.wikileaks.org/plusd/cables/1973JIDDA03428_b.html">1973JIDDA03428_b - MINIMAL SAUDI REVALUATION</a> <b> </b><br />
<b>August 13:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973JIDDA03461_b.html" href="https://www.wikileaks.org/plusd/cables/1973JIDDA03461_b.html">SUBJECTS FOR DISCUSSION AT SEPT 15 OPEC MEETING - 1973JIDDA03461_b</a><b><b></b></b><br />
<b>August 16:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973PARIS22080_b.html" href="https://www.wikileaks.org/plusd/cables/1973PARIS22080_b.html">FULL TEXT PROVIDES FURTHER POINTS IN GISCARD TIME INTERVIEW - 1973PARIS22080_b</a><b><b></b></b><br />
<b>August 17</b>: President Nixon's Cost of Living Council imposes two-tier price ceiling on crude petroleum sales: production of "old" oil (that produced at or below 1972 levels from existing wells) to be sold at March 1973 prices plus 35 cents; production of "new" oil (that produced above 1972 levels from existing wells and oil produced from new wells) to be sold at uncontrolled prices.<b> </b><br />
<b>August 23:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973STATE167505_b.html" href="https://www.wikileaks.org/plusd/cables/1973STATE167505_b.html">1973STATE167505_b - SAUDI GOVERNMENT CONSIDERATION OF CEILING ON OIL PRODUCTION</a><br />
<b>August 30:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973TEHRAN06189_b.html" href="https://www.wikileaks.org/plusd/cables/1973TEHRAN06189_b.html">YAMANI'S VISIT TO TEHRAN - 1973TEHRAN06189_b</a><br />
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<b>September</b>: Kuwait rejects gradual participation increase plan, insists on immediate 60 percent participation.<b> </b><br />
<b>September 1:</b> Libya nationalizes 51 percent of nine other companies' concessions: Esso, Libya/Sirte, Mobil, Shell, Gelensberg, Texaco, SoCal, Libyan-American (ARCO), and Grace.<b> </b><br />
<b>September 4:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973ROME09110_b.html" href="https://www.wikileaks.org/plusd/cables/1973ROME09110_b.html">1973ROME09110_b - CONFERENCE ON INTERNATIONAL MONETARY REFORM AT SIENA</a><b> </b><br />
<b>September 4:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973TEHRAN06277_b.html" href="https://www.wikileaks.org/plusd/cables/1973TEHRAN06277_b.html">OIL - NIOC POLICY AND COMMITMENTS FOR CRUDE SALES - 1973TEHRAN06277_b</a><b></b><br />
<b>September 5:</b> Conference of less developed countries approves forming "producers' associations," calls for withdrawal of Israeli forces from occupied Arab lands.<b> </b><br />
<b>September 15:</b> OPEC supports price hikes and designates six Persian Gulf countries to negotiate collectively with companies over prices. Other members to negotiate individually.<b> </b><br />
<b>September 18:</b> <a data-mce-href="http://www.wikileaks.org/plusd/cables/1973TOKYO12046_b.html" href="http://www.wikileaks.org/plusd/cables/1973TOKYO12046_b.html">DRAFT MEMCON SECY SHULTZ CONVERSATION WITH FONMIN OHIRA SEPT 13 - 1973TOKYO12046_b</a><b></b><br />
<b>September 25: </b><a data-mce-href="https://www.wikileaks.org/plusd/cables/1973LONDON10985_b.html" href="https://www.wikileaks.org/plusd/cables/1973LONDON10985_b.html">U.K. PRESS ON C-20 AND IMF - 1973LONDON10985_b</a><b> </b><br />
<b>September 26:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973STATE191329_b2.html" href="https://www.wikileaks.org/plusd/cables/1973STATE191329_b2.html">MORNING SUMMARY OF SIGNIFICANT REPORTS - 1973STATE191329_b2</a><br />
<b>September 26:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973NAIROB06498_b.html" href="https://www.wikileaks.org/plusd/cables/1973NAIROB06498_b.html">SEPTEMBER 24 PRESS BRIEFING BY SECRETARY SHULTZ THERE FOLLOWS THE TRANSCRIPT OF A PRESS CONFERENCE BY SECRETARY SHULTZ - 1973NAIROB06498_b</a><br />
<b>September 27:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973PARIS25380_b.html" href="https://www.wikileaks.org/plusd/cables/1973PARIS25380_b.html">1973PARIS25380_b - POMPIDOU CONFERENCE: INTERNATIONAL MONETARY SYSTEM</a><br />
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<b>October 5:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973LUXEMB00707_b.html" href="https://www.wikileaks.org/plusd/cables/1973LUXEMB00707_b.html">1973LUXEMB00707_b - PRIME MINISTER COMMENTS ON IMF MEETING</a><b> </b><br />
<b>October 28:</b> <a data-mce-href="http://history.state.gov/historicaldocuments/frus1969-76v31/d54" href="http://history.state.gov/historicaldocuments/frus1969-76v31/d54">54. Memorandum From Secretary of the Treasury Shultz to President Nixon</a> <b></b><br />
<b>October 5:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973PARIS26182_b.html" href="https://www.wikileaks.org/plusd/cables/1973PARIS26182_b.html">GOF DISAPPOINTMENT WITH NAIROBI MEETING - 1973PARIS26182_b</a><b></b><br />
<b>October 6:</b> Beginning of fourth <a data-mce-href="http://en.wikipedia.org/wiki/Arab-Israeli_War" href="http://en.wikipedia.org/wiki/Arab-Israeli_War" title="Arab-Israeli War">Arab-Israeli War</a>.<b> </b><br />
<b>October 7:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973STATE199684_b.html" href="https://www.wikileaks.org/plusd/cables/1973STATE199684_b.html">n/a - 1973STATE199684_b</a><b></b><br />
<b>October 7:</b> Iraq nationalizes Exxon and Mobil shares in Basrah Petroleum Company representing 23.75 percent equity in the company.<b> </b><br />
<b>October 8:</b> OPEC meets with oil companies to discuss revision of 1971 Tehran agreement and oil prices. Negotiations fail.<b> </b><br />
<b>October 11:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973STATE202121_b.html" href="https://www.wikileaks.org/plusd/cables/1973STATE202121_b.html">GOF ASSESSMENT OF NAIROBI MEETING - 1973STATE202121_b</a><b></b><br />
<b>October 12: </b>The United States initiates <a data-mce-href="http://en.wikipedia.org/wiki/Operation_Nickel_Grass" href="http://en.wikipedia.org/wiki/Operation_Nickel_Grass">Operation Nickel Grass</a>, an overt strategic airlift operation to provide replacement weapons and supplies to Israel during the Yom Kippur War. This followed similar Soviet moves to supply the Arab side.<b> </b><br />
<b>October 12:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973STATE202689_b.html" href="https://www.wikileaks.org/plusd/cables/1973STATE202689_b.html">OIL COMPANY OFFICIALS' MEETING WITH DEPUTY SECRETARY OCTOBER 10 - 1973STATE202689_b</a><br />
<b>October 16:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973JIDDA04548_b.html" href="https://www.wikileaks.org/plusd/cables/1973JIDDA04548_b.html">SAUDI WARNING TO EUROPEAN COMMUNITY - 1973JIDDA04548_b</a><br />
<b>October 16:</b> The Gulf Six (Iran, Iraq, Abu Dhabi, Kuwait, Saudi Arabia and Qatar) unilaterally raise the posted price of Saudi Light marker crude 17 percent from $3.12 to $3.65 per barrel and announce production cuts.<b> </b><br />
<b>October 17: </b>OPEC oil ministers agree to use oil weapon in Arab-Israeli War, mandate cut in exports, and recommend embargo against unfriendly states.<b> </b><br />
<b>October 19:</b> US President R.Nixon requests Congress to appropriate $2.2billion in emergency aid to Israel. This decision triggered a collective Arab response. Libya proclaims an embargo on oil exports to the United States; Saudi Arabia and other Arab states follow.<b> </b><br />
<b>October 20:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973JIDDA04616_b.html" href="https://www.wikileaks.org/plusd/cables/1973JIDDA04616_b.html">ARAB THREATS TO WITHDRAW FUNDS FROM U.S. BANKING AND FINANCIAL INSTITUTIONS - 1973JIDDA04616_b</a><b></b><br />
<b>October 20:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973JIDDA04615_b.html" href="https://www.wikileaks.org/plusd/cables/1973JIDDA04615_b.html">SAUDI MINISTER OF PETROLEUM'S ACCOUNT OF KUWAIT ARAB OIL MEETING - 1973JIDDA04615_b</a><b></b><br />
<b>October 23: </b>Arab oil embargo extended to the Netherlands.<b> </b><br />
<b>October 23: </b><a data-mce-href="https://www.wikileaks.org/plusd/cables/1973JIDDA04663_b.html" href="https://www.wikileaks.org/plusd/cables/1973JIDDA04663_b.html">SAUDI BAN ON OIL SHIPMENTS TO U.S - 1973JIDDA04663_b</a><b><b></b></b><br />
<b>October 24:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973JIDDA04688_b.html" href="https://www.wikileaks.org/plusd/cables/1973JIDDA04688_b.html">YAMANI INFORMS JAPANESE OF 14-15 PERCENT CUT UNLESS ACTION TAKEN - 1973JIDDA04688_b</a><b><b></b></b><br />
<b>October 30:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973JIDDA04769_b.html" href="https://www.wikileaks.org/plusd/cables/1973JIDDA04769_b.html">VIEWS OF SAUDI PETROLEUM MINISTER: SAUDI-AMERICAN RELATIONS AFTER PEACE IS RESTORED; THE CARROT (PART III OF III) - 1973JIDDA04769_b</a><br />
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<b>November 1:</b> <a data-mce-href="http://history.state.gov/historicaldocuments/frus1969-76v31/d55" href="http://history.state.gov/historicaldocuments/frus1969-76v31/d55" target="_blank">55. Memorandum From John Reynolds of the Federal Reserve System Board of Governors Staff to the Chairman of the Federal Reserve System Board of Governors (Burns)</a><b> </b><br />
<b>November 3:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973TELAV08901_b.html" href="https://www.wikileaks.org/plusd/cables/1973TELAV08901_b.html">1973TELAV08901_b - ISRAEL'S FOREIGN EXCHANGE POSITION</a><b> </b><br />
<b>November 5:</b> Arab producers announce 25 percent cut in production below September levels. Further cuts of five percent are threatened.<b> </b><br />
<b>November 6:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973BONN16051_b.html" href="https://www.wikileaks.org/plusd/cables/1973BONN16051_b.html">1973BONN16051_b - FRG FINANCE MINISTER SCHMIDT ON GOLD</a><b> </b><br />
<b>November 8: </b><a href="https://www.wikileaks.org/plusd/cables/1973STATE219566_b.html">MEETING OF UNDER SECRETARY CASEY WITH EC COMMISSION VICE PRESIDENT SIMONET</a><b><b></b></b><br />
<b>November 8:</b><b> </b><a data-mce-href="http://www.wikileaks.org/plusd/cables/1973LONDON13099_b.html" href="http://www.wikileaks.org/plusd/cables/1973LONDON13099_b.html">OAPEC MEETING IN KUWAIT: ATEEQI COMMENTS ON EC SHARING, NATIONALIZATION OF AMERICAN OIL INTERESTS AND USE OF MONETARY MEASURES - 1973LONDON13099_b</a><b><b><br /></b></b><b>November 13: </b><a data-mce-href="http://history.state.gov/historicaldocuments/frus1969-76v31/d56" href="http://history.state.gov/historicaldocuments/frus1969-76v31/d56">56. Editorial Note</a> alias (<a data-mce-href="http://history.state.gov/historicaldocuments/frus1969-76v31/d3#fn5" href="http://history.state.gov/historicaldocuments/frus1969-76v31/d3#fn5">Termination of Gold pool</a>) <b> </b><br />
<b>November 14:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973PARIS29366_b.html" href="https://www.wikileaks.org/plusd/cables/1973PARIS29366_b.html">BANK OF FRANCE GOVERNOR ON TERMINATION OF 1968 WASHINGTON GOLD AGREEMENT - 1973PARIS29366_b</a><b></b><br />
<b>November 15:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973LONDON13395_b.html" href="https://www.wikileaks.org/plusd/cables/1973LONDON13395_b.html">1973LONDON13395_b - BRITISH REACTION TO TERMINATION OF 1968 WASHINGTON GOLD AGREEMENT</a><b> </b><br />
<b>November 16:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973BRUSSE06563_b.html" href="https://www.wikileaks.org/plusd/cables/1973BRUSSE06563_b.html">1973BRUSSE06563_b - BELGIAN FINANCE MINISTER ON GOLD</a><b> </b><br />
<b>November 16:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973STATE227277_b.html" href="https://www.wikileaks.org/plusd/cables/1973STATE227277_b.html">1973STATE227277_b - TWO-TIER GOLD SYSTEM</a><b> </b><br />
<b>November 18:</b> Arab oil ministers cancel the scheduled 5 percent cut in production for EEC.<b> </b><br />
<b>November 18:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973JIDDA05099_b.html" href="https://www.wikileaks.org/plusd/cables/1973JIDDA05099_b.html">SAUDI LIMIT ON POL GROWTH MAY STILL BE LIBERAL - 1973JIDDA05099_b</a><br />
<b>November 19:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973PRETOR04211_b.html" href="https://www.wikileaks.org/plusd/cables/1973PRETOR04211_b.html">DIEDERICHS ON END OF TWO-TIER SYSTEM - 1973PRETOR04211_b</a><b></b><br />
<b>November 20:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973LONDON13568_b.html" href="https://www.wikileaks.org/plusd/cables/1973LONDON13568_b.html">1973LONDON13568_b - TWO-TIER GOLD SYSTEM</a><b> </b><br />
<b>November 20: </b><a data-mce-href="https://www.wikileaks.org/plusd/cables/1973JIDDA05136_b.html" href="https://www.wikileaks.org/plusd/cables/1973JIDDA05136_b.html">INDIA JOINS LIST OF PREFERRED COUNTRIES CONFIDENTIAL - 1973JIDDA05136_b</a><br />
<b>November 20:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973JIDDA05123_b.html" href="https://www.wikileaks.org/plusd/cables/1973JIDDA05123_b.html">SAUDI OIL PRODUCTION LIKELY TO RISE DRAMATICALLY FOLLOWING A PEACE SETTLEMENT SECRET - 1973JIDDA05123_b</a><b></b><br />
<b>November 21:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973PARIS30004_b.html" href="https://www.wikileaks.org/plusd/cables/1973PARIS30004_b.html">1973PARIS30004_b - TWO-TIER GOLD SYSTEM</a><b> </b><br />
<b>November 21:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973ECBRU06770_b.html" href="https://www.wikileaks.org/plusd/cables/1973ECBRU06770_b.html">1973ECBRU06770_b - EC COMMISSION VIEWS ON GOLD IN INTRA-EC SETTLEMENTS</a><b> </b><br />
<b>November 21:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973PARIS30027_b.html" href="https://www.wikileaks.org/plusd/cables/1973PARIS30027_b.html">STAGE TWO OF EMU - 1973PARIS30027_b</a><b></b><br />
<b>November 23:</b> Arab summit conference adopts open and secret resolutions on the use of the oil weapon. Embargo extended to Portugal, Rhodesia, and South Africa.<b> </b><br />
<b>November 23:</b> <a data-mce-href="http://www.wikileaks.org/plusd/cables/1973STATE230517_b.html" href="http://www.wikileaks.org/plusd/cables/1973STATE230517_b.html">MORNING SUMMARY OF SIGNIFICANT REPORTS - 1973STATE230517_b</a><b><b></b></b><br />
<b>November 23:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973STOCKH04169_b.html" href="https://www.wikileaks.org/plusd/cables/1973STOCKH04169_b.html">OIL SITUATION IN SWEDEN - 1973STOCKH04169_b</a><b><b></b></b><br />
<b>November 26:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973JIDDA05224_b.html" href="https://www.wikileaks.org/plusd/cables/1973JIDDA05224_b.html">PETROLEUM MINISTER YAMANI'S ALLEGED STATEMENTS ON ARAB NEXT STEPS - 1973JIDDA05224_b</a><br />
<b>November 26:</b> <a data-mce-href="http://history.state.gov/historicaldocuments/frus1969-76v31/d57%20" href="http://history.state.gov/historicaldocuments/frus1969-76v31/d57%20">57. Memorandum From Secretary of the Treasury Shultz to President Nixon</a><b> </b><br />
<b>November 27:</b> President Nixon signs the Emergency Petroleum Allocation Act (EPAA). Authorizes petroleum price, production, allocation and marketing controls.<br />
<br />
<b>December 3:</b> <a data-mce-href="http://history.state.gov/historicaldocuments/frus1969-76v31/d201" href="http://history.state.gov/historicaldocuments/frus1969-76v31/d201">201. Memorandum From the President's Assistant for National Security Affairs (Kissinger) to President Nixon</a><b> </b><br />
<b>December 4:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973PRETOR04405_b.html" href="https://www.wikileaks.org/plusd/cables/1973PRETOR04405_b.html">1973PRETOR04405_b - PRESS REACTIONS TO ARAB OIL BOYCOTT</a><b> </b><br />
<b>December 5:</b> <a data-mce-href="http://www.wikileaks.org/plusd/cables/1973PRETOR04436_b.html" href="http://www.wikileaks.org/plusd/cables/1973PRETOR04436_b.html">PRIME MINISTER'S STATEMENT ON OIL SITUATION - 1973PRETOR04436_b</a><b></b><br />
December 5: <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973STOCKH04318_b.html" href="https://www.wikileaks.org/plusd/cables/1973STOCKH04318_b.html">ARAB MINISTERS WARN SWEDEN ON OIL - 1973STOCKH04318_b</a><b></b><br />
<b>December 9:</b> Arab oil ministers announce a further production cut of 5 percent for January for non-friendly countries.<b> </b><br />
<b>December 11:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973ECBRU07183_b.html" href="https://www.wikileaks.org/plusd/cables/1973ECBRU07183_b.html">MEETING WITH EC COMMISSION VICE PRESIDENT SIMONET ON THE OIL SITUATION - 1973ECBRU07183_b</a><b></b><br />
<b>December 11: </b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973ECBRU07184_b.html" href="https://www.wikileaks.org/plusd/cables/1973ECBRU07184_b.html">CONTINUED EC COMMISSION CONCERN OVER THE OIL SITUATION - 1973ECBRU07184_b</a><br />
<b>December 20:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973ECBRU07417_b.html" href="https://www.wikileaks.org/plusd/cables/1973ECBRU07417_b.html">SECRETARY'S PROPOSAL FOR AN ENERGY ACTION GROUP; SIMONET'S VIEWS - 1973ECBRU07417_b</a> <b><b><b></b></b></b><br />
December 21: <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973STATE248798_b.html" href="https://www.wikileaks.org/plusd/cables/1973STATE248798_b.html">MORNING SUMMARY OF SIGNIFICANT REPORTS - 1973STATE248798_b</a><b></b><br />
<b>December 21:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973ECBRU07444_b.html" href="https://www.wikileaks.org/plusd/cables/1973ECBRU07444_b.html">SIMONET PRESS CONFERENCE ON OIL SITUATION - 1973ECBRU07444_b</a><br />
<b>December 21:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973TEHRAN09001_b.html" href="https://www.wikileaks.org/plusd/cables/1973TEHRAN09001_b.html">PRICING POLICIES AT OPEC MEETING - 1973TEHRAN09001_b</a><br />
<b>December 22: </b>OPEC Gulf Six decides to raise the posted price of marker crude from $5.12 to $11.65 per barrel effective January 1, 1974.<b> </b><br />
<b>December 25:</b> Arab oil ministers cancel January 5 percent production cut. Saudi Arabian oil minister promises 10 percent OPEC production rise.<br />
<b>December 27:</b> <a data-mce-href="https://www.wikileaks.org/plusd/cables/1973STATE250884_b.html" href="https://www.wikileaks.org/plusd/cables/1973STATE250884_b.html">POSSIBLE EC COOPERATION AGREEMENTS WITH OIL PRODUCERS GOVERNMENTS; SIMONET CONTEMPLATING TRAVEL TO MEDITERRANEAN - 1973STATE250884_b</a>@mortymer001http://www.blogger.com/profile/13047624328777522777noreply@blogger.com0tag:blogger.com,1999:blog-538730199298720474.post-33071051374468109082017-02-02T11:48:00.001+02:002017-02-02T11:48:37.926+02:00IMF - Global Reserve System Documents<br />
List of the paper on the IMS reform.<br />
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<h3 style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-weight: normal; margin: 10px 0px; padding: 0px;">
Fund's papers</h3>
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<strong>The Liberalization and Management of Capital Flows — An Institutional View</strong>; November 14, 2012<br /> - <a href="http://www.imf.org/external/np/pp/eng/2012/111412.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Paper</a><br /> - <a href="http://www.imf.org/external/np/sec/pn/2012/pn12137.htm" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">PIN</a><br /> - <a href="http://www.imf.org/external/pubs/ft/survey/so/2012/POL120312A.htm" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">IMF Survey article</a></div>
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<a href="http://www.imf.org/external/pubs/ft/wp/2012/wp12275.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Effects of Capital Flow Liberalization—What is the Evidence from Recent Experiences of Emerging Market Economies?</a>; Saadi Sedik and Sun; November 16, 2012</div>
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<a href="http://www.imf.org/external/pubs/ft/wp/2012/wp12271.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Long-Run and Short-Run Determinants of Sovereign Bond Yields in Advanced Economies</a>; Poghosyan; November 8, 2012</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.imf.org/external/np/sec/pr/2012/pr12391.htm" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Communiqué of the Twenty-Sixth Meeting of the International Monetary and Financial Committee (IMFC)</a>; October 13, 2012</div>
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<a href="http://www.imf.org/external/np/pp/eng/2012/101312.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">IMF Managing Director's Global Policy Agenda for the IMFC Meeting</a>; October 2012</div>
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<a href="http://www.imf.org/external/pubs/ft/wp/2012/wp12175.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">International Capital Flows and Debt Dynamics</a>; Evans; July 1, 2012</div>
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<a href="http://www.imf.org/external/Podcast/2012/Wolf.mp3" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Reforming the Economic System </a>; <strong>Podcast</strong> Martin Wolf; June 8, 2012</div>
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<a href="http://www.imf.org/external/pubs/ft/wp/2012/wp12162.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Leverage? What Leverage? A Deep Dive into the U.S. Flow of Funds in Search of Clues to the Global Crisis</a>; Bhatia and Bayoumi; June 1, 2012</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<strong>Liberalizing Capital Flows and Managing Outflows</strong>; May 4, 2012<br /> - <a href="http://www.imf.org/external/np/pp/eng/2012/031312.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Paper</a><br /> - <a href="http://www.imf.org/external/np/sec/pn/2012/pn1242.htm" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">PIN</a><br /> - <a href="http://www.imf.org/external/np/pp/eng/2012/031612.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Background Paper</a></div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.imf.org/external/np/cm/2012/042112.htm" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Communiqué of the Twenty-Fifth Meeting of the IMFC</a>; April 21, 2012</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.imf.org/external/pubs/ft/sdn/2012/sdn1201.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Two Targets, Two Instruments: Monetary and Exchange Rate Policies in Emerging Markets</a>; Ostry, Ghosh and Chamon; February 29, 2012</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.imf.org/external/np/seminars/eng/2012/imbalances/index.htm" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">IMF Conference: Analyzing (External) Imbalances</a>; February 2, 2012</div>
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<a href="http://www.imf.org/external/pubs/ft/wp/2012/wp1241.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Capital Inflows, Exchange Rate Flexibility, and Credit Booms</a>; Magud, Reinhart and Vesperoni; February 1, 2012</div>
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<a href="http://www.imf.org/external/pubs/ft/sdn/2011/sdn1117.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Internationalization of Emerging Market Currencies: A Balance Between Risks and Rewards</a>; Maziad, Farahmand, Wang, Segal and Ahmed; October 19, 2011</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.imf.org/external/pubs/ft/sdn/2011/sdn1116.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Financial Deepening and International Monetary Stability</a>; Goyal, Marsh, Raman, Wang and Ahmed; October 19, 2011</div>
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<strong>Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary System (IMF Book Event)</strong>; Eichengreen; October 19, 2011<br /> - <a href="http://www.imf.org/external/np/exr/bforums/2011/101911.htm" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Event page</a><br /> - <a href="http://www.imf.org/external/pubs/ft/survey/so/2011/POL102111A.htm" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">IMF Survey Article</a></div>
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<a href="http://www.imf.org/external/np/cm/2011/092411.htm" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Communiqué of the 24th Meeting of the IMFC: Collective Action for Global Recovery</a>; September 25, 2011</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.imf.org/external/np/pp/eng/2011/092411.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">The Managing Director’s Action Plan to the IMFC</a>; September 24, 2011</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.imf.org/external/np/pp/eng/2011/092411a.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Consolidated Multilateral Surveillance Report</a>; September 2011</div>
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<strong>The IMF and the International Monetary System: Lessons from the Crisis (Per Jacobsson Foundatation Lecture)</strong>; Weber; September 25, 2011<br /> - <a href="http://www.imf.org/external/np/speeches/2011/092511.htm" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Text of the lecture</a><br /> - <a href="http://www.imf.org/external/mmedia/view.aspx?vid=1181690833001" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Video of event</a></div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.imf.org/external/np/pp/eng/2011/061011.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">The Case for a General Allocation of SDRs During the Tenth Basic Period</a>; June 2011</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.imf.org/external/pubs/ft/survey/so/2011/NEW050511A.htm" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">IMF Survey: Panel Calls for a Greater Asian Role in International System</a>; May 2011</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.imf.org/external/np/cm/2011/041611.htm" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Communiqué of the Twenty Third Meeting of the International Monetary and Financial Committee of the Board of Governors of the International Monetary Fund</a>; April 2011</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.imf.org/external/np/pp/eng/2011/032311.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Strengthening the International Monetary System - Taking Stock and Looking Ahead</a>; March 2011</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.imf.org/external/np/pp/eng/2011/021411b.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Strengthening Assessing Reserve Adequacy</a>; IMF Policy Papers; February 2011</div>
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<a href="http://www.imf.org/external/np/speeches/2011/021011.htm" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Toward a More Stable International Monetary System</a>; Strauss-Kahn; February 2011</div>
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<strong>Enhancing International Monetary Stability—A Greater Role for the SDR?</strong>; February 2011<br /> - <a href="http://www.imf.org/external/np/sec/pn/2011/pn1122.htm" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Public Information Notice</a><br /> - <a href="http://www.imf.org/external/np/pp/eng/2011/010711.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Main Paper</a><br /> - <a href="http://www.imf.org/external/np/pp/eng/2011/010711a.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Supplement</a></div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<strong>Reserve Accumulation and International Monetary Stability</strong>; April 2010<br /> - <a href="http://www.imf.org/external/np/sec/pn/2010/pn1072.htm" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Public Information Notice</a><br /> - <a href="http://www.imf.org/external/np/pp/eng/2010/041310.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Main Paper</a><br /> - <a href="http://www.imf.org/external/np/pp/eng/2010/041310a.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Supplement</a></div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.imf.org/external/pubs/nft/op/270/op270.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Exchange Rate Regimes and the Stability of the International Monetary System </a><strong>: Overview only</strong>; Atish R. Ghosh, Jonathan D. Ostry, and Charalambos Tsangarides; 2010</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.imf.org/external/pubs/ft/spn/2009/spn0926.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">The Debate on the International Monetary System</a>; I. Mateos y Lago, R. Duttagupta, R. Goyal; November 2009</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://blog-imfdirect.imf.org/2009/09/24/reserve-currencies-in-the-post-crisis-international-monetary-system/" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Reserve Currencies in the Post-Crisis International Monetary System</a>; Moghadam; September 2009</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://blog-imfdirect.imf.org/2009/09/23/high-international-reserves-an-embarrassment-of-riches/" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">High International Reserves: An Embarrassment of Riches?</a>; Moghadam; September 2009</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.imf.org/external/pubs/ft/fandd/2009/03/boughton.htm" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">A New Bretton Woods?</a>; Boughton; March 2009</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.imf.org/external/pubs/ft/wp/2006/wp06229.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">The Optimal Level of International Reserves for Emerging Market Countries: Formulas and Application </a>; Jeanne and Rancière; October 2006</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.imf.org/external/np/speeches/1999/010399.htm" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">On the Need for an International Lender of Last Resort</a>; S. Fischer; January 1999</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.imsreform.org/reserve/pdf/keynesplan.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Proposals for an International Currency (or Clearing) Union (1942) and Proposals for an International Clearing Union (1943)</a><strong> -- Scanned document</strong>; Keynes, John Maynard; 1969</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.imsreform.org/reserve/pdf/whiteplan.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Preliminary Draft Proposal for a United Nations Stabilization Fund and a Bank for Reconstruction and Development of the United and Associated Nations (1942) and Preliminary Draft Outline of a Proposal for an International Stabilization Fund of the United and Associated Nations (revised 1943) </a><strong>-- Scanned document</strong>; White, Harry Dexter; 1969</div>
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Papers written for the G-20</h3>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.g20mexico.org/index.php/en/press-releases/537-final-communique" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Final Communiqué of the Meetings of the G-20 Finance Ministers and Central Bank Governors</a> Mexico City; November 5, 2012</div>
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<a href="http://www.imf.org/external/np/g20/pdf/110512.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Global Prospects and Policy Challenges - Note for Meetings of the G-20 Finance Ministers and Central Bank Governors</a> Mexico City; November 4-5, 2012</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.banque-france.fr/fileadmin/user_upload/banque_de_france/Eurosysteme_et_international/G20-Leaders-Declaration-Los-Cabos-18-19-June-2012-FINAL.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">G20 Leaders' Declaration;</a> Los Cabos, Mexico; June 9, 2011</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.imf.org/external/np/sec/pr/2011/pr11395.htm" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Statement by IMF Managing Director Christine Lagarde on the G-20 Cannes Summit;</a> Cannes; November 4, 2011</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.g20-g8.com/g8-g20/g20/english/for-the-press/news-releases/cannes-summit-final-declaration.1557.html" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">G20 Cannes Summit Final Declaration;</a> Cannes; November 4, 2011</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.g20-g8.com/g8-g20/g20/english/for-the-press/news-releases/g20-leaders-summit-final-communique.1554.html" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">G20 Leaders Summit Final Communique;</a> Cannes; November 4, 2011</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.g20-g8.com/g8-g20/root/bank_objects/ANG_G20_Principles_for_Cooperation_between_the_IMF_and_Regional_Financing_Arrangements.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">G20 Principles for Cooperation Between the IMF and Regional Financing Arrangements;</a> November 4, 2011</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<strong>Communiqué of Finance Ministers and Central Bank Governors of the G-20</strong>; Paris, October 15, 2011<br /> - <a href="http://proxy-pubminefi.diffusion.finances.gouv.fr/pub/document/18/11681.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">English</a><br /> - <a href="http://proxy-pubminefi.diffusion.finances.gouv.fr/pub/document/18/11680.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Français</a></div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://proxy-pubminefi.diffusion.finances.gouv.fr/pub/document/18/11548.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Communiqué of Finance Ministers and Central Bank Governors of the G-20</a>; Washington DC, September 22, 2011</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<strong>Palais Royal Initiative (Camdessus Group) Report</strong>; <a class="lmore" href="http://global-currencies.org/smi/gb/telechar/news/Rapport_Camdessus-integral.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Longer version</a> (February 2011) | <a href="http://www.elysee.fr/president/root/bank_objects/2011-007.Palais-Royal_Initiative-Final_version_of_the_Report-Jan_18.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Initial Report</a> (January 2011)</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<strong><a href="http://www.g20-g8.com/g8-g20/root/bank_objects/ANG_G20_Principles_for_Cooperation_between_the_IMF_and_Regional_Financing_Arrangements.pdf" style="color: #0d5b5e; margin: 0px; outline: none; padding: 0px; text-decoration: none;">G20 Principles for Cooperation between the IMF and Regional Financing Arrangements</a></strong>, as endorsed by G20 Finance Ministers and Central Bank Governors October 15, 2011</div>
<h3 style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-weight: normal; margin: 10px 0px; padding: 0px;">
Other papers/commentaries</h3>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.voxeu.org/article/renminbi-bloc-here-asia-down-rest-world-go" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">The renminbi bloc is here: Asia down, the rest of the world to go?</a>; Subramanian and Kessler; October 27, 2012</div>
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<a href="http://www.federalreserve.gov/newsevents/speech/bernanke20121014a.htm" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">U.S. Monetary Policy and International Implications</a>; Bernanke; October 14, 2012</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.project-syndicate.org/commentary/can-china-have-an-international-reserve-currency-by-barry-eichengreen" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">The Renminbi Challenge</a>; Eichengreen; October 9, 2012</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.ft.com/intl/cms/s/0/005370e2-1137-11e2-8d5f-00144feabdc0.html#axzz29NASQS5f" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">The dollar's days as reserve currency are numbered</a> -- <strong>Subscription required</strong>; Eichengreen; October 8, 2012</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.voxeu.org/article/exchange-rates-fixed-or-flexible-does-it-matter" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Fixed versus flexible exchange-rate regimes: Do they matter for real exchange-rate persistence?</a>; Bergin, Glick and Wu; October 4, 2012</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.project-syndicate.org/commentary/mantega-fed-ecb-monetary-quantitative-easing-by-jose-antonio-ocampo" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">The Federal Reserve and Currency Wars</a>; Ocampo; October 2, 2012</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.voxeu.org/article/time-international-monetary-coordination" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Time for international monetary coordination</a>; Manasse; September 3, 2012</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="https://download.dws.com/download?elib-assetguid=601208094d674730ac58bf91c8c74608" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Is the Age of Dollar Dominance Coming to an End?</a>; Eichengreen; August 1, 2012</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.voxeu.org/index.php?q=node/8102" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Foreign-exchange intervention and the fundamental trilemma of international finance: Notes for currency wars</a>; Bordo, Humpage and Schwartz; June 18, 2012</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.cepr.org/pubs/new-dps/showdp.asp?dpno=9007" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">The Dollar and its Discontents</a>; Olivier Jeanne, May 31, 2012</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.voxeu.org/article/next-steps-asean3-monetary-integration" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">The next steps in ASEAN+3 monetary integration</a>; Pradumna B. Rana, 27 May 2012</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
When did the dollar overtake sterling as the leading international currency? Evidence from the bond markets; Chitu, Eichengreen and Mehl; May 23, 2012<br /> - <a href="http://www.voxeu.org/index.php?q=node/8024" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Summary</a><br /> - <a href="http://www.nber.org/papers/w18097.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Paper (for subscribers only)</a></div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.voxeu.org/index.php?q=node/7757" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Beggar-thy-neighbours? Spillover effects of exchange rates</a>; Mattoo, Mishra and Subramanian; May 23, 2012</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://nber.org/papers/w18057" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Country Size, Currency Unions, and International Asset Returns</a> -- <strong>Abstract only, access to full paper for subscribers</strong>; Hassan; May 2012</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://nber.org/papers/w18052" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Bubble Thy Neighbor: Portfolio Effects and Externalities from Capital Controls</a> -- <strong>Abstract only, access to full paper for subscribers</strong>; Forbes, Fratzscher, Kostka and Straub; May 2012</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://nber.org/papers/w18031" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Prudential Policy for Peggers</a> -- <strong>Abstract only, access to full paper for subscribers</strong>; Schmitt-Grohe and Uribe; May 2012</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.bruegel.org/nc/blog/detail/article/717-reform-needed-before-chinese-currency-joins-top-league/" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Reform needed before Chinese currency joins top league</a>; Vallée; March 21, 2012</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.bruegel.org/publications/publication-detail/publication/706-the-turn-of-emerging-countries/" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">The turn of emerging countries</a>; Angeloni; February 23, 2012</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.voxeu.org/index.php?q=node/7630" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">The renminbi's prospects as a global reserve currency</a>; Prasad and Ye; February 16, 2012</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.nytimes.com/2012/02/15/opinion/europe-v-world.html?_r=2&hp" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Europe v. World</a>; Truman; February 14, 2012</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.ecb.int/press/key/date/2012/html/sp120206.en.html" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Global liquidity and its international repercussions</a>; Coeuré; February 6, 2012</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.bruegel.org/download/parent/693-dont-let-the-euro-area-crisis-go-east/file/1550-dont-let-the-euro-area-crisis-go-east/" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Don't let the euro-crisis go east</a>; Bénassy-Quéré, Fan, Kawai, Kim, Park, Pisani-Ferry, Vines and Yu; February 3, 2012</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.chathamhouse.org/publications/papers/view/182333" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Gold and the international monetary system</a>; Chatham House; February 2012</div>
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<a href="http://www.piie.com/realtime/?p=2669" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">How to Discourage Currency Manipulation–Tax It Heavily</a>; Gagnon; January 31, 2012</div>
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<a href="http://www.voxeu.org/index.php?q=node/7571" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Does the renminbi matter? Evidence from China's disaggregated processed exports</a>; Thorbecke; January 29, 2012</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.bruegel.org/publications/publication-detail/publication/672-the-ten-roots-of-the-euro-crisis/" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">The ten roots of the Euro crisis</a>; Darvas; January 11, 2012</div>
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<a href="http://www.econbrowser.com/archives/2012/01/financial_integ.html" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Report of the IEFS panel on "Financial Integration and Global Rebalancing"</a>; Chinn; January 9, 2012</div>
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<a href="http://www.project-syndicate.org/commentary/elerian12/English" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">The New International Economic Disorder</a>; El-Erian; December 21, 2011</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.voxeu.org/index.php?q=node/7455" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Reform of the international monetary and financial system</a>; Bush and Farrant; December 21, 2011</div>
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<a href="http://www.voxeu.org/index.php?q=node/7421" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">China’s dominance hypothesis and the emergence of a tripolar global currency system</a>; Fratzscher and Mehl; December 15, 2011</div>
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<a href="http://www.project-syndicate.org/commentary/sanyal4/English" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">The Dollar’s Long Tail;</a> Sanyal; November 28, 2011</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.voxeu.org/index.php?q=node/7340" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">How can the impossible trinity not apply to Asia?;</a> Grenville; November 26, 2011</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://content.ksg.harvard.edu/blog/jeff_frankels_weblog/2011/10/06/the-rise-of-the-renminbi-as-international-currency-historical-precedents/" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">The Rise of the Renminbi as International Currency: Historical Precedents;</a> Frankel; October 6, 2011</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://ftalphaville.ft.com/blog/2011/10/05/692351/what-makes-a-reserve-currency/" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">What makes a reserve currency?</a> -- <strong>Requires subscription</strong>; FTAlphaville; October 5, 2011</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.bancaditalia.it/interventi/intaltri_mdir/saccomanni_04102011.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">How to deal with a global Triffin dilemma;</a> Saccomanni; October 4, 2011</div>
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<a href="http://www.bis.org/review/r111005a.pdf?frames=0" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">The Triffin dilemma revisited;</a> Bini Smaghi; October 3, 2011</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.voxeu.org/index.php?q=node/7051" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Currency wars: Lessons from the US experience: 1973-95;</a> Bordo and Humpage; October 3, 2011</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://libertystreeteconomics.newyorkfed.org/2011/09/an-examination-of-us-dollar-declines.html" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">An Examination of U.S. Dollar Declines;</a> Roosevelt D. Bowman and Jan J. J. Groen; September 26, 2011</div>
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<a href="http://www.voxeu.org/index.php?q=node/7016" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Currency wars;</a> Dadush and Eidelman; September 23, 2011</div>
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<a href="http://www.ecb.int/pub/pdf/other/researchbulletin13en.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Managing exchange rate misalignment and current account imbalances</a> -- <strong>ECB Research Bulletin</strong>; Dedola; Summer 2011, pp. 2-7</div>
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<a href="http://www.project-syndicate.org/commentary/elerian9/English" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Countering the Contagious West;</a> El-Erian; September 19, 2011</div>
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Reforming the International Monetary System; Farhi, Gourinchas and Rey; September 19, 2011<br /><br /> - <a href="http://www.voxeu.org/sites/default/files/file/Reforming%20the%20International%20Monetary%20System.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">e-Book</a><br /> - <a href="http://www.voxeu.org/index.php?q=node/7000" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Article</a></div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://content.ksg.harvard.edu/blog/jeff_frankels_weblog/2011/09/18/the-2008-09-global-financial-crisis-lessons-for-country-vulnerability/" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">The 2008-09 Global Financial Crisis: Lessons for Country Vulnerability</a> Frankel; September 18, 2011</div>
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<a href="http://www.bruegel.org/publications/publication-detail/publication/604-will-the-us-dollar-be-dethroned-as-the-global-currency/" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Will the US dollar be dethroned as the global currency?</a> Darvas; September 2011</div>
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<a href="http://www.bruegel.org/publications/publication-detail/publication/602-monetary-challenges-in-a-multipolar-world-can-international-monetary-reform-succeed/" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Monetary Challenges in a Multipolar World: Can international monetary reform succeed?</a> Pisani-Ferry; September 2011</div>
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<a href="http://www.voxeu.org/index.php?q=node/6911" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Monetary policy before the crisis</a>; Gerlach and Moretti; August 2011</div>
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<a href="http://www.nber.org/papers/w17361" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">International Financial Crises and the Multilateral Response: What the Historical Record Shows</a> -- <strong>Abstract only, access to full paper for subscribers</strong>; Barkbu, Eichengreen and Mody; August 2011</div>
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<a href="http://www.nber.org/papers/w17359" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Dollar Illiquidity and Central Bank Swap Arrangements During the Global Financial Crisis</a> -- <strong>Abstract only, access to full paper for subscribers</strong>; Rose and Spiegel; August 2011</div>
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<a href="http://www.project-syndicate.org/commentary/eichengreen33/English" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">What Can Replace the Dollar?</a>; Eichengreen; August 2011</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.bruegel.org/publications/publication-detail/publication/592-global-currencies-for-tomorrow-a-european-perspective/" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Global currencies for tomorrow: a European perspective</a>; Bruegel; July 2011</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.voxeu.org/index.php?q=node/6786" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">From lender of last resort to global currency? Sterling lessons for the US dollar</a>; Flandreau, M. and Ugolini, S.; July 2011</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.voxeu.org/index.php?q=node/6718" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">The capital flow conundrum</a>; Dadush, U. and Stancil, B.; July 2011</div>
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<a href="http://www.voxeu.org/index.php?q=node/6698" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">The 'strong dollar' policy of the US: Alice-in-Wonderland semantics vs. economic reality</a>; Buiter, W. and Rahbari, E.; June 2011</div>
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<a href="http://www.project-syndicate.org/commentary/spence24/English" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">A Post-Crisis World of Risk</a>; Spence, M; June 2011</div>
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<a href="http://www.ecb.int/pub/pdf/scpwps/ecbwp1353.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Exchange rate anchoring - Is there still a de facto US dollar standard?</a>; Bracke and Bunda; June 2011</div>
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<a href="http://www.project-syndicate.org/commentary/eichengreen31/English" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">How to Kill a Dollar</a>; Eichengreen, Barry; June 2011</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.oxan.com/display.aspx?otk=d0vZZfNZBYGhsyJBx43low2~RBA1" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Dollar’s reserve currency status looks secure</a>; Oxford Analytica; May 2011</div>
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<a href="http://www.petersoninstitute.org/publications/pb/pb11-04.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">The Outlook for International Monetary System Reform in 2011: A Preliminary Report Card</a>; Truman; May 2011</div>
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<a href="http://www.bis.org/review/r110512c.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">The Future of the International Monetary System — Lessons from 1971 for Europe and the Rest of the World in Light of Past and Present Experience</a>; Stark; May 2011</div>
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<a href="http://www.bis.org/review/r110511b.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Towards a multi-polar currency and reserve system</a>; Trairatvorakul; May 2011</div>
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<a href="http://www.spiegel.de/international/business/0,1518,761398,00.html" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Rival Currencies Take Aim at Dollar’s Dominance</a>; Der Spiegel; May 2011</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.voxeu.org/index.php?q=node/6471" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Why are reserves so big? And who’s to blame?</a>; Dadush and Stancil; May 2011</div>
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<a href="http://www.voxeu.org/index.php?q=node/6337" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Global imbalances and the paradox of thrift</a>; Corden; April 2011</div>
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<a href="http://www.project-syndicate.org/commentary/eichengreen29/English" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">The Bear of Bretton Woods</a>; Eichengreen; April 2011</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.bruegel.org/download/parent/516-reform-of-the-international-monetary-system-some-concrete-steps/file/1377-reform-of-the-international-monetary-system-some-concrete-steps/" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Reform of the international monetary system: Some concrete steps</a>; Bénassy-Quéré, Pisani-Ferry and Yu; March 2011</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.banque-france.fr/gb/publications/seminaires/International-Symposium-of-the-Banque-de-France-Regulation-in-the-face-of-global-imbalances-programme.htm" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">International Symposium on “Regulation in the face of global imbalances”</a>; Banque De France; March 2011</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.voxeu.org/index.php?q=node/6156" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">The international monetary system: If it ain’t broke, don’t fix it</a>; Dadush and Eidelman; February 2011</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.piie.com/blogs/?p=2040" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">International Monetary System Reform: Will the G-20 Make Significant Progress?</a>; Truman; February 2011</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.cepii.fr/anglaisgraph/publications/lettre/summary/2011/let308ang.htm" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">The Long March Towards a Multipolar Monetary Regime</a>; Bénassy-Quéré and Pisani-Ferry; February 2011</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.ft.com/cms/s/0/d4845702-3946-11e0-97ca-00144feabdc0.html#axzz1Dx1yBKS3" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Why world needs three global currencies</a> -- <strong>Requires subscription</strong>; Bergsten; February 2011</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.ft.com/cms/s/0/c1cd29c2-33c9-11e0-b1ed-00144feabdc0.html#axzz1DHnxtmZ5" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Currencies: Strength in reserve</a> -- <strong>Requires subscription</strong>; Beattie; February 2011</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://faculty.london.edu/hrey/SMI_29_01_2011.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Quelle Reforme Pour Le Systeme Monetaire International?</a> -- <strong>in French</strong>; Farhi, Gourinchas and Rey; January 2011</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.ecb.int/pub/pdf/scpops/ecbocp123.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">The International Monetary System after the Financial Crisis</a>; Dorucci and McKay; February 2011</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.ecb.int/pub/pdf/mobu/mb201101en.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">The Financial Crisis and the Strengthening of Global Policy Cooperation</a>; pp. 87-97; January 2011</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://global-currencies.org/smi/gb/home.php" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">International Monetary System</a>; Banque De France; 2010</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://sites.google.com/site/michaelbordo/ParisDec2010remarks.pdf?attredirects=0" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">The Future of the International Monetary System</a>; Bordo; December 2010</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.imsreform.org/reserve/pdf/coats.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Reforming the International Monetary System</a>; Coats; December 2010</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www2.warwick.ac.uk/fac/soc/economics/staff/academic/miller/events/rwbcparis.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Macro-Governance and the Great Game of International Monetary Reform</a>; Miller; December 2010</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.imsreform.org/reserve/pdf/schenk.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">How Have Multiple Reserve Currencies Functioned in the Past? Why were the Rules-Based Adjustment Indicator and the Substitution Account abandoned in the past?</a>; Schenk; December 2010</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="https://www.flar.net/documentos/2761_Paper_and_proceedings_Ocampo.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Building an SDR-based Global Reserve System</a>; Ocampo; 2010</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.bis.org/publ/work328.htm" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">The Federal Reserve, the Bank of England and the rise of the dollar as an international currency, 1914-39</a>; Eichengreen and Flandreau; November 2010</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.banque-france.fr/gb/instit/telechar/discours/2010/International-monetary-arrangements-Pekin.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">International Monetary Arrangements</a>; Landau; September 2010</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://aric.adb.org/grs/" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">The Future of the Global Reserve System – An Asian Perspect</a>; Asian Development Bank; June 2010</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.wcfia.harvard.edu/sites/default/files/sdr.rev_.doc" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Does the SDR have a future? </a>; Cooper; March 2010</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.voxeu.org/index.php?q=node/4813" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">The exorbitant privilege from a global perspective</a>; Habib; 2010</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://voxeu.org/index.php?q=node/5998" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">The Dollar: Dominant no more?</a>; Eichengreen; January 2010</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.iie.com/publications/interstitial.cfm?ResearchID=1231" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Understanding SDRs</a>; Williamson; 2009</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.g24.org/jao0909.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Special Drawing Rights and the Reform of the Global Reserve System (G24)</a>; Ocampo; 2009</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.imf.org/external/pubs/ft/wp/2009/wp09116.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Out of the Box Thoughts about the International Financial Architecture</a>; Eichengreen; 2009</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.ft.com/cms/s/0/0b0ad07c-e50f-11de-9a25-00144feab49a.html#axzz1DHnxtmZ5" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">The dollar's fall reflects a new role for reserves </a>-- <strong>Requires subscription</strong>; Feldstein; December 2009</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://modelsagents.blogspot.com/search?q=triffin" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">What Triffin dilemma?!</a>; Chavelle; October 2009</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.petersoninstitute.org/realtime/?p=153" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">On the Agenda for Bretton Woods II</a>; Williamson; October 2009</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.iie.com/publications/pb/pb09-20.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Why SDRs Could Rival the Dollar</a>; Williamson; September 2009</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.un.org/ga/econcrisissummit/docs/FinalReport_CoE.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">UN Commission Report on the Reform of the International Financial Architecture</a>; September 2009</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.cato.org/pubs/dpa/dpa10.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">An International Monetary Fund Currency to Rival the Dollar? Why Special Drawing Rights Can’t Play That Role </a>; Aiyar; July, 2009</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.rgemonitor.com/roubini-monitor/257169/the_chinese_proposal_for_a_new_global_super_currency" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">The Chinese Proposal for a New Global Super Currency</a>; <strong>Requires Subscription</strong>; Roubini; June 2009</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.voxeu.org/index.php?q=node/3538" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Will SDRs supplant the dollar?</a>; Humpage; May 2009</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.ft.com/cms/s/0/7372bbd0-2470-11de-9a01-00144feabdc0.html" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">We should listen to Beijing's currency idea</a> -- <strong>Requires subscription</strong>; Bergsten; April 2009</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.voxeu.org/index.php?q=node/3327" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">The need for a global lender of last resort</a>; Calvo; March 2009</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.pbc.gov.cn/publish/english/956/2009/20091229104425550619706/20091229104425550619706_.html" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Reform the International Monetary System</a>; Zhou; March 2009</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.voxeu.org/index.php?q=node/3100" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">A grand bargain for the London G20 summit: Insurance and obeying the rules</a>; Goldstein; February 2009</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.ft.com/cms/s/0/43bf3e3a-aadc-11dd-897c-000077b07658.html#axzz1Dx1yBKS3" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Why agreeing on a new Bretton Woods is vital and so hard</a> -- <strong>Requires subscription</strong>; Wolf; Financial Times; November 2008</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://rbwf.org/cms/index.php?option=com_content&view=article&id=145:conference-new-york-november-2008&catid=35:past-events&Itemid=60" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Reinventing Bretton Woods Committee: Building an International Monetary and Financial System for The 21st Century: Agenda for Reform</a>; Conference Agenda and Papers; November 2008</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://modelsagents.blogspot.com/2008/10/imf-as-global-fed.html" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">The IMF as a global Fed</a>; Chavelle; October 2008</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://blogs.cfr.org/setser/2008/10/21/the-end-of-bretton-woods-2/#more-3906" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">End of the BWII regime</a>; Setser; October 2008</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.ft.com/cms/s/0/b8bc82a0-9eb2-11dd-98bd-000077b07658.html" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">The Fund must be a global asset manager</a> -- <strong>Requires subscription</strong>; Bordo and James; October 2008</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.roubini.com/roubini-monitor/252920/will-the-bretton-woods-2-bw2-regime-collapse-like-the-original-bretton-woods-regime-did-the-coming-end-game-of-bw2/" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Will the Bretton Woods 2 (BW2) Regime Collapse Like the Original Bretton Woods Regime Did? The Coming End Game of BW2</a> -- <strong>Requires subscription</strong>; Roubini; July 2008</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.ssc.wisc.edu/~mchinn/Chinn_Frankel_IntFin2008.pdf" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Why the euro will rival the dollar</a>; Chinn and Frankel; 2008</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.guardian.co.uk/commentisfree/2008/oct/21/globaleconomy-g8" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Blueprint for Reform</a>; Sachs; 2008</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://ideas.repec.org/a/bla/ecpoli/v22y2007ip435-467.html" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">Will there be a dollar crisis?</a> -- <strong>Abstract only, full text requires subscription</strong>; Krugman; 2007</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.nber.org/papers/w11563" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">From World Banker to World Venture Capitalist: US External Adjustment and the Exorbitant Privilege</a> -- <strong>Abstract only, full text requires subscription</strong>; Gourinchas and Rey; 2005</div>
<div style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 0.8em; line-height: 1.5em; padding: 10px 0px;">
<a href="http://www.nber.org/papers/w9971" style="color: #0d5b5e; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: none;">An Essay on the Revived Bretton Woods System</a>; Dooley, Folkerts-Landau and Garber -- Abstract only; 2003</div>
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<b>Source:</b> <a href="http://www.imsreform.org/reserve/docs.html">http://www.imsreform.org/reserve/docs.html</a><br />
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<br />@mortymer001http://www.blogger.com/profile/13047624328777522777noreply@blogger.com3tag:blogger.com,1999:blog-538730199298720474.post-32862613424757853102017-01-19T13:28:00.000+02:002017-01-19T13:29:10.359+02:00CIA - 1967 - An article about Gold Standard<span style="color: #333333; font-family: "arial" , "helvetica" , sans-serif; font-size: 12.020421028137207px; line-height: 15px;">THE GOLD STANDARD</span><br />
<span style="color: #333333; font-family: "arial" , "helvetica" , sans-serif; font-size: 12.020421028137207px; line-height: 15px;">Mr. BREWSTER. Mr. President, when</span><span style="color: #333333; font-family: "arial" , "helvetica" , sans-serif; font-size: 12.020421028137207px; line-height: 15px;">ever the subject of the gold standard</span><span style="color: #333333; font-family: "arial" , "helvetica" , sans-serif; font-size: 12.021623611450195px; line-height: 15px;"> </span><span style="color: #333333; font-family: "arial" , "helvetica" , sans-serif; font-size: 12.020421028137207px; line-height: 15px;">is raised as a topic of conversation, in</span><span style="color: #333333; font-family: "arial" , "helvetica" , sans-serif; font-size: 12.020421028137207px; line-height: 15px;">variably a great deal of misinformation </span><span style="color: #333333; font-family: "arial" , "helvetica" , sans-serif; font-size: 12.020421028137207px; line-height: 15px;">is presented. </span><br />
<span style="color: #333333; font-family: "arial" , "helvetica" , sans-serif; font-size: 12.020421028137207px; line-height: 15px;"><br /></span>
<span style="color: #333333; font-family: "arial" , "helvetica" , sans-serif; font-size: 12.020421028137207px; line-height: 15px;">The Washington Post on</span><span style="color: #333333; font-family: "arial" , "helvetica" , sans-serif; font-size: 12.021623611450195px; line-height: 15px;"> </span><span style="color: #333333; font-family: "arial" , "helvetica" , sans-serif; font-size: 12.020421028137207px; line-height: 15px;">Sunday, December 3, 1967, published an</span><span style="color: #333333; font-family: "arial" , "helvetica" , sans-serif; font-size: 12.021623611450195px; line-height: 15px;"> </span><span style="color: #333333; font-family: "arial" , "helvetica" , sans-serif; font-size: 12.020421028137207px; line-height: 15px;">article entitled, "It's Just a Lot of Bul</span><span style="color: #333333; font-family: "arial" , "helvetica" , sans-serif; font-size: 12.020421028137207px; line-height: 15px;">lion,"</span><br />
<span style="color: #333333; font-family: "arial" , "helvetica" , sans-serif; font-size: 12.020421028137207px; line-height: 15px;">by Mr. Harvey H. Segal, that</span><span style="color: #333333; font-family: "arial" , "helvetica" , sans-serif; font-size: 12.021623611450195px; line-height: 15px;"> </span><span style="color: #333333; font-family: "arial" , "helvetica" , sans-serif; font-size: 12.020421028137207px; line-height: 15px;">clearly sets forth the facts concerning</span><span style="color: #333333; font-family: "arial" , "helvetica" , sans-serif; font-size: 12.021623611450195px; line-height: 15px;"> </span><span style="color: #333333; font-family: "arial" , "helvetica" , sans-serif; font-size: 12.020421028137207px; line-height: 15px;">the value of gold</span><br />
<br />
-> The idea of closing the Gold window was floating in 1967, implemented by Nixon in 71.<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhTTz-Wb-lfnhszE0Ql0UpoOTkZSZCsXOUWzT0iFJ98zuvuI99j4zf5gSTAuIwQuvarBS11rgowcLGHewGpbai0bG9dLLSMCl9iw45bwNe91xcqrR6lFmQMcJQ1q5WmmzpP44BRSi1wQyg/s1600/1967+idea+Nixon+cut.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhTTz-Wb-lfnhszE0Ql0UpoOTkZSZCsXOUWzT0iFJ98zuvuI99j4zf5gSTAuIwQuvarBS11rgowcLGHewGpbai0bG9dLLSMCl9iw45bwNe91xcqrR6lFmQMcJQ1q5WmmzpP44BRSi1wQyg/s320/1967+idea+Nixon+cut.png" width="234" /></a></div>
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<b>Source:</b> <a href="https://www.cia.gov/library/readingroom/docs/CIA-RDP70B00338R000300110052-6.pdf">https://www.cia.gov/library/readingroom/docs/CIA-RDP70B00338R000300110052-6.pdf</a>@mortymer001http://www.blogger.com/profile/13047624328777522777noreply@blogger.com0tag:blogger.com,1999:blog-538730199298720474.post-42833929518058645692017-01-19T12:07:00.001+02:002017-01-19T12:07:31.311+02:00CIA - 1971 Intelligence Memorandum - The World Gold Market - A Semiannual review<br />
Covers aspects as Soviet and South African gold sales in details, and cover UK, Switzerland role in the market. Burma and Turkey had BoP difficulties and sold to US.<br />
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<b>Sources:</b> <a href="https://www.cia.gov/library/readingroom/docs/CIA-RDP85T00875R001700020050-3.pdf">https://www.cia.gov/library/readingroom/docs/CIA-RDP85T00875R001700020050-3.pdf</a>@mortymer001http://www.blogger.com/profile/13047624328777522777noreply@blogger.com0tag:blogger.com,1999:blog-538730199298720474.post-82138780050003507022017-01-18T14:56:00.001+02:002017-01-18T14:56:57.117+02:00CIA - The world Gold Market - Annual Review for 1971<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjhNtItZLsMCd3npPf0Dzp62lH-VjNZ2AWWPxQ5E4asJS5dChHBwxMY_3zvt9GflXZMJ6hyphenhyphenDw6nFvniGG__92aG8UlSmhSnhEg1pOXTRR3sFVFWirtbTDPbeahYHMbUuweLQb7IQEY5bFE/s1600/CIA+-+WGM.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="242" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjhNtItZLsMCd3npPf0Dzp62lH-VjNZ2AWWPxQ5E4asJS5dChHBwxMY_3zvt9GflXZMJ6hyphenhyphenDw6nFvniGG__92aG8UlSmhSnhEg1pOXTRR3sFVFWirtbTDPbeahYHMbUuweLQb7IQEY5bFE/s320/CIA+-+WGM.png" width="320" /></a></div>
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<b>Source:</b> <a href="https://www.cia.gov/library/readingroom/docs/CIA-RDP85T00875R001700030037-7.pdf">https://www.cia.gov/library/readingroom/docs/CIA-RDP85T00875R001700030037-7.pdf</a>@mortymer001http://www.blogger.com/profile/13047624328777522777noreply@blogger.com0tag:blogger.com,1999:blog-538730199298720474.post-90360421510085580252017-01-18T14:23:00.002+02:002017-01-18T14:45:32.901+02:00CIA - INTERNATIONAL FINANCE SERIES NO. 34 THE WORLD GOLD MARKET: ANNUAL REVIEW FOR 1971Intelligence memorandum<br />
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Special Drawing Rights: Paper Gold in Action<br />
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<b style="font-family: ''; text-align: start;">Source:</b><span style="font-family: ''; text-align: start;"> </span><a href="https://www.cia.gov/library/readingroom/docs/CIA-RDP85T00875R001600030133-1.pdf" style="font-family: ''; text-align: start;">https://www.cia.gov/library/readingroom/docs/CIA-RDP85T00875R001600030133-1.pdf</a></div>
@mortymer001http://www.blogger.com/profile/13047624328777522777noreply@blogger.com3tag:blogger.com,1999:blog-538730199298720474.post-72636549720269944162017-01-18T11:28:00.000+02:002017-01-18T12:21:27.584+02:00CIA - 1968 - Intelligence Memorandum - Competition for South African gold<div class="separator" style="clear: both; text-align: center;">
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<b>Source: </b> <a href="https://www.cia.gov/library/readingroom/docs/CIA-RDP85T00875R001600010006-4.pdf">https://www.cia.gov/library/readingroom/docs/CIA-RDP85T00875R001600010006-4.pdf</a>@mortymer001http://www.blogger.com/profile/13047624328777522777noreply@blogger.com0tag:blogger.com,1999:blog-538730199298720474.post-68801268453384760772017-01-18T11:03:00.003+02:002017-01-18T11:03:28.361+02:00Soviet gold policy and use of gold as international payment - 1957<br />
A very interesting insight into gold politics in sixties.<br />
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<b>Source:</b> <a href="https://www.cia.gov/library/readingroom/docs/CIA-RDP79T01049A001600090001-4.pdf">https://www.cia.gov/library/readingroom/docs/CIA-RDP79T01049A001600090001-4.pdf</a>@mortymer001http://www.blogger.com/profile/13047624328777522777noreply@blogger.com0tag:blogger.com,1999:blog-538730199298720474.post-44253110508559434612016-12-12T13:57:00.001+02:002016-12-12T13:57:39.565+02:00Global trend in - Evolution of International Monetary System Most traders and businesses walk knee deep in sea of information moving markets, feeling daily movements of exchange rate waves and periodic business cycles like high and low tides. But to feel the stream of ocean to know the direction one must swim further and deeper far outside of well travelled monetary sea roads where movements are tracked in years or decades. Let me bring you few Thoughts.<br /> Since the year 1971 and the day when Richard Nixon "broke the gold window" we live in a USD dollar dominated International Monetary system (IMS). Some say this is a non-system. Never the less the arrangement is very asymmetrical with only one debtor of international monetary reserves, the United States of America. So far it has proven to be rather very resilient but since seventies there are continuous discussions on a changeover and systemic improvements. Reserves of other states and monetary liquidity still depends on U.S. deficits - Itself a multilateral issue. Other possibilities like SDR have proven to be just a dead end, the complementary reserve asset is not to become major part of asset portfolios. The wider Triffin dilema is well present and still valid. It is to be seen if a shared responsibility in Multi polar multi reserve IMS would bring pareto-efficient solution of countries willing to share the burden. I do share thoughts, allegory of Tommaso Padoa-Schioppa on inventing a flying object, that inventing a fully aeroplane is another issue.<br /> The system is evolving, it has never stopped nor started. The ascent of first truly modern currency the € brought gradually the end of the chronic dollar inflation exports. These famous words of Nixon-era US Treasury secretary John Connally "The dollar is our currency but your problem" are now in reverse. The move to Bipolarity (€-$) is slowly enforcing US fiscal discipline. The Exorbitant privilege becomes Exorbitant burden. The biggest bull market in government bonds is at its end, while interest rates have fallen in defence of the system. Lifting them too fast now could bring the whole system down. International cooperation has created safeguards, institutions like IMF changed its modus-operandi, new were created, like for example the Financial Stability Board (FSB), or regional Asian AIIB.<br /> Many economists missed the 2002 Willem Frederik „Wim“ Duisenberg Aachen acceptance speech and do not understand its implications: <br /> “The euro, probably more than any other currency, represents the mutual confidence at the heart of our community. It is the first currency that has not only severed its link to gold, but also its link to the nation-state. It is not backed by the durability of the metal or by the authority of the state. Indeed, what Sir Thomas More said of gold five hundred years ago – that it was made for men and that it had its value by them – applies very well to the euro.”<br /> The Euro is simply irreversible. There are issues with fiscal rather than in monetary plane. Another issue many confuse. The Euro area may be seen not as Mundel´s optimal currency area but BoP surpluses are no more recycled into US Treasuries and US debt instruments but into deficit of close economic partners who need to implement structural reforms until then Target2 imbalances will still be with us.<br /> The system is evolving. The end of 2014 experienced the change in the mode for oil exporters when financial intermediaries are loosing pricing power and "high volume" becomes again the predominant mode rather than the maximization of profit based on high price. The market cap of oil market experiences a drop from 2,5T $ to about 1,2T $. The global FX activity peaked at the same time. The whole energy complex went down, commodities bubble naturally came down as well as energy is often a major part of commodity direct expenses. Not surprisingly central bank forex reserves peaked in the same time as well. Central banks became providers of liquidity expanding their balance sheet and monetary base. Oil producers return to pre 1971 "floating dollar" of no shortages era where long term strategy with about 10% readily available reserves in case of disruptions are readily available instead of just-in-time deliveries as in volatile post Nixon world and they have now changed their dollar pegs due to new currency regime to floating. <br /> € and $ together represent over 40% of the world economy and China´s Renmimbi about 14+%. Multi polarity grows. Currency area-wise, the Euro area is growing while the USD currency area camp is shrinking on the background of China creating slowly its own currency area. The Euro area has both accounts positive, capital and balance of payment (BoP), invests outside and it simply exports more stuff than it imports and given the fall in energy prices, it implies improvement of Europe´s competitiveness as it is a net importer of energy. The opposite of what happened to Italy during the Oil shocks (artificial 400% increase of oil price).<br /> Rules of the game are changing on the background of new economic system emerging. It is the surplus economies who direct the shape of monetary system. But in interdependent global system the win-win option is cooperation of debtors and surplus economies to bring inefficiency of surpluses and deficits with too high cost of holding reserves. Addressing the issue from int. reserves focus point of view the solution would be one world currency which is politically not reachable. Other more workable solution is fully functional floating rate world not requiring additional reserves but pure such system is just hypothetical. The world may even experience next gold fever would main reserve holders find workable solution for inherent undervaluation and two tier market, so this old asset may still be considered to bring IMS improvement. There are trends to be followed. One such is that all surplus economies EU, China, Oil exporters are located on EuroAsia continent while the system is underwritten by biggest debtor the US which lost its primacy as a major economical power.<br />
In other words monetary affairs is after 50 years of dormant hibernation slowly becoming very interesting topic.<br />
Now we watch together! @mortymer001http://www.blogger.com/profile/13047624328777522777noreply@blogger.com0tag:blogger.com,1999:blog-538730199298720474.post-56942915134169469522016-10-14T11:23:00.004+03:002016-10-14T11:51:51.036+03:00The French Factor in U.S. Foreign Policy during the Nixon-Pompidou Period, 1969–1974by <b>Marc Trachtenberg</b><br />
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"...The crisis, though long expected, came to a head in mid-1971. The new
secretary of the treasury, John Connally, laid out the policy in May. The crisis
would be allowed to develop “without action or strong intervention by the
U.S.” At an appropriate time, the gold window would be closed, and trade restrictions
would be imposed. This would lead, at least for the time being, to a
system of floating rates. The main goal was to get the surplus countries to revalue
their currencies, but the United States would make clear—both for bargaining
purposes and as a fallback position if revaluation negotiations
failed—that it could live indefinitely with the floating rate system.35 Nixon
approved this course of action and wanted to “move on the problem,” not
“just wait for it to hit us again.”36 The new measures were announced on
15 August. The gold window was closed, a border tax was imposed. Nixon
had gone on the offensive. The tone of U.S. policy in this area was nationalistic.
The emphasis was still on getting the Europeans and the Japanese to accept
a substantial realignment of exchange rates, but the goal of systemic
change had not disappeared entirely. According to Shultz, who was in a position
to know, the 15 August package “<span style="color: red;">was designed to be a signal that the
United States was seeking a fundamental change not only in existing exchange
rates but also in the monetary system itself.”</span>37
Shultz’s influence at this time was on the rise. By late 1971, Nixon had
evidently come to share the Shultz view that a major structural reform was
needed and that it would be a mistake to go back to the “old system of parities,
but with different exchange rates.”38 <span style="color: red;"><b>This was probably why the question
of a devaluation of the dollar in terms of its gold price was now so important.
If the price of the dollar could be set in terms of gold, then why should all the
exchange rates not be set by international agreement?</b> That was the old system,
and the basic goal now for Shultz and, increasingly, for Nixon, was to
move on to something better. But Connally, who was being criticized for his rough tactics, was under pressure to settle, and he in effect offered to devalue
the dollar as part of a rate realignment package.39 Nixon, who had made clear
he did not favor devaluation, was angry.40 But the Connally offer could not be
rescinded. A series of negotiations between the West Germans and the
French; then between Nixon, Kissinger, and Pompidou in the Azores; and,
ªnally, in late December 1971 between all the major trading nations at the
Smithsonian Institution in Washington—followed in rapid order, leading to
an agreement that set new parities but did not restore convertibility.</span>
The United States, however, did little to “defend” the new rates.41 Shultz
had taken over from Connally as secretary of the treasury in early 1972, and
the choice not to defend the rates was in line with Shultz’s basic approach to
the problem. His goals were more ambitious than Connally’s had been. He
wanted a fundamentally new system in which the market would play the central
role in setting exchange rates. But he was no Texas cowboy. His methods
were subtle and indirect. He thought of himself as a strategist who sought to
“understand the constellation of forces present in a situation” and tried to arrange
them so that they pointed “toward a desirable result.” The aim was not
to dictate the terms of a settlement but “to get the right process going” and allow
things to take their course.42
Shultz’s style was thus not to force his views directly on other people. He
was a “conciliator and consensus builder” and could “work with almost inhuman
patience to bring a group into agreement upon a decision that all could
support, at times submerging his own preferences.”43 The most striking example
of this was his willingness in mid-1972 to accept a “par value system supported
by official convertibility of dollar balances,” provided the burden of
adjustment was shared equally by both surplus and deficit countries.44 A plan
of that sort (which, however, would also allow countries to “float their currencies”)
was announced in September 1972.45 The plan was well received because it showed that the U.S. government was serious about reform. For
Shultz, however, a negotiation based on this kind of plan was not the only
way to bring a new system into being. For him, the road to reform had two
lanes, “one of negotiations and the other of reality. A conclusion would be
reached only when these two lanes merged and the formal system and the system
in actual practice came together.”46 A system of floating exchange rates
came into being de facto with the collapse of the Smithsonian agreement in
early 1973. The two lanes converged when the reality of the floating rate system
was recognized by the Jamaica agreement of January 1976..."<br />
<br />
<br />
<br />
<i>35. Treasury Paper, 8 May 1971, in FRUS, 1969–1976, Vol. 3, pp. 423–427, esp. 425.
36. Huntsman to Connally, 8 June 1971, in FRUS, 1969–1976, Vol. 3, p. 443. <span style="color: blue;">The Nixon tapes provide
some extraordinary insights into U.S. policymaking at this point. Some key passages were transcribed
and presented in Luke Nichter, “Richard Nixon and Europe: Confrontation and Cooperation,
1969–1974,”</span><span style="color: red;"> </span>Ph.D. Diss., Bowling Green State University, 2008, ch. 3.
37. Shultz and Dam, Economic Policy, p. 115.
38. Editorial Note, in FRUS, 1969–1976, Vol. 3, pp. 521–522. See also a letter of 8 September 1971
to Under Secretary of the Treasury for Monetary Affairs Paul Volcker from Shultz’s assistant director,
Kenneth Dam (he and Shultz later wrote a book together), cited in FRUS, 1969–1976, Vol. 3, 179
n. 1, and warning (in the editor’s paraphrase) that “focusing on quantitative goals before agreeing on
the type of international monetary system the administration wanted might constrain long-term options.”
See also Nixon-Kissinger Telephone Conversation, 28 October 1971, in Kissinger Telephone
Conversations Collection, DNSA/KA06727.</i><br />
<br />
<br />
"So the whole point of an interventionist policy in this area was not to
help the Europeans with their monetary problems, but to keep the Europeans
from coming together as a bloc. The idea was that the United States might be
able to achieve that goal by selectively intervening on a country-by-country
basis. U.S. officials took for granted that they could not oppose the Europeans
head on: “We couldn’t bust the common float without getting into a hell of a
political fight,” Kissinger said. The United States had to do what it could “to
prevent a united European position without showing our hand.” He emphasized
that this policy was not based on an assessment of U.S. economic interests:
his objection to what the Europeans wanted to do “was entirely political.”
He had learned from intelligence reports that all of the administration’s
enemies in the West German cabinet “were for the European solution,” a disclosure
that pretty much decided the issue for him.76 A year later, at a time
when U.S. problems with Europe were coming to a head, he laid out his
thinking on the issue in somewhat greater detail. <span style="color: red;">“We are not,” he said, “opposed
to a French attempt to strengthen the unity of Europe if the context of
that unity is not organically directed against us. So I am not offended by the
ºoat idea as such, or by common institutions.</span> <b><span style="color: red;">If, however, it is linked to the
sort of thing that is inherent in the Arab initiative [i.e., the Europeans’ plan at
that point for a “dialogue” with the Arabs, which Kissinger viewed as a hostile
move], as it seems to be, then we have a massive problem. Then we have the
problem that we have got to break it up now.</span></b>”77"<br />
<br />
<i>74. Nixon-Kissinger-Shultz Meeting, 3 March 1973, Tape Transcript, in FRUS, 1969–1976, Vol. 31,
p. 79.
75. Brandt to Nixon, 2 March 1973, in FRUS, 1969–1976, Vol. 31, p. 49; and Nixon to Brandt,
3 March 1973, in FRUS, 1969–1976, Vol. 31, p. 92.
76. Kissinger-Simon Telephone Conversation, 14 March 1973, in DNSA/KA09752; and KissingerSimon
Telephone Conversation, 15 March 1973, in DNSA/KA09779. Extracts were also published in
FRUS, 1969–1976, Vol. 31, pp. 123, 126. The following month another intelligence report about
Brandt was circulated to top U.S. ofªcials. “Apparently,” Federal Reserve chief Arthur Burns wrote in
his diary on 3 April 1973 that “we know everything that goes on at German cabinet meetings.” Arthur
Burns Journal II, p. 60, in FDPL.
<span style="color: blue;">77. Secretary’s Staff Meeting, 22 March 1974 (dated 26 March), p. 50, in DNSA/KT01079. Note also
a comment Kissinger made in a 6 March 1974 meeting with Secretary of Defense James Schlesinger:
“I am convinced we must break up the EC. The French are determined to unify them all against the
United States.” See DMPC:Nixon/FDPL.</span></i><br />
<br />
<b>Source:</b> <a href="http://www.mitpressjournals.org/doi/pdf/10.1162/JCWS_a_00073">http://www.mitpressjournals.org/doi/pdf/10.1162/JCWS_a_00073</a>@mortymer001http://www.blogger.com/profile/13047624328777522777noreply@blogger.com0tag:blogger.com,1999:blog-538730199298720474.post-28287074863052458792016-09-15T11:53:00.000+03:002016-09-15T11:53:12.728+03:00On oil in ground<div class="single-quote" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; color: #333333; font-family: "Open Sans", Arial, "sans serif"; font-size: 28px; font-stretch: normal; line-height: 33px; margin-bottom: 20px; margin-top: 20px; outline: none; padding: 0px; vertical-align: baseline;">
"Controlled Middle East oil, it would control the world. This oil represents 65 percent of world oil reserves. Therefore, America believes if it squashed Iraq, it would control the oil of the Middle East and consequently hold the oil in its hands [and] fix its price the way it likes."</div>
<div class="author" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; display: inline-block; font-family: "Open Sans", Arial, sans-serif; font-size: 16px; line-height: 1; margin: 5px 0px 10px; outline: none; padding: 0px; vertical-align: baseline;">
<a href="http://www.azquotes.com/author/7104-Saddam_Hussein" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #a94c1c; font-size: 0.9em; font-weight: bold; margin: 0px; padding: 0px; vertical-align: baseline;">Saddam Hussein</a></div>
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An earlier report:</div>
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<div class="headline" style="background-color: white; font-family: Lato, sans-serif; font-size: 18px; line-height: 32px;">
<h1 class="node-title" datatype="" property="dc:title" style="clear: both; color: #1a2f5a; font-family: museo_slab500, sans-serif; font-size: 40px; line-height: 52px; margin: 0px 0px 10px;">
Keeping Iraq's Oil In the Ground</h1>
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<div class="teaser" style="background-color: white; font-family: Lato, sans-serif; font-size: 22px; font-style: italic; font-weight: bold; line-height: 32px; margin-bottom: 15px;">
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Did the U.S. invade Iraq to tap its oil reserves or to make sure they stayed under the sand?</div>
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<div class="byline story" style="background-color: white; float: left; font-family: Lato, sans-serif; font-size: 16px; line-height: 32px; margin-bottom: 0px; max-width: 350px;">
<em>By</em> <em><a href="http://www.alternet.org/authors/greg-palast" style="color: #f1602c; font-weight: bold; text-decoration: none;">Greg Palast</a></em> / <span class="field field-name-field-sources field-type-node-reference field-label-hidden"><span class="field-items"><span class="field-item even"><a href="http://alternet.org/" style="color: #f1602c; font-weight: bold; text-decoration: none;">AlterNet</a></span></span></span></div>
<div class="story-date" style="background-color: white; border-left-color: rgb(204, 204, 204); border-left-style: solid; border-left-width: 1px; color: #cccccc; float: left; font-family: Lato, sans-serif; font-size: 18px; line-height: 32px; margin-left: 20px; padding-left: 15px;">
<em>June 13, 2006</em></div>
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<span style="line-height: 32px;">"</span><span style="line-height: 25px;">Did Dick Cheney send us in to seize the last dwindling supplies? Unlikely. Our world's petroleum reserves have doubled in just twenty-five years -- and it is in Shell's and the rest of the industry's interest that this doubling doesn't happen again. The neo-cons were hell-bent on raising Iraq's oil production. Big Oil's interest was in suppressing production, that is, keeping Iraq to its OPEC quota or less. This raises the question, did the petroleum industry, which had a direct, if hidden, hand, in promoting invasion, cheerlead for a takeover of Iraq to prevent overproduction?</span></div>
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<br style="background-color: white; font-family: Lato, sans-serif; font-size: 18px; line-height: 25px;" /><span style="background-color: white; font-family: Lato, sans-serif; font-size: 18px; line-height: 25px;">It wouldn't be the first time. If oil is what we're looking for, there are, indeed, extra helpings in Iraq. On paper, Iraq, at 112 billion proven barrels, has the second largest reserves in OPEC after Saudi Arabia. That does not make Saudi Arabia happy. Even more important is that Iraq has fewer than three thousand operating wells... compared to one million in Texas..."</span></div>
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Source: <a href="http://www.alternet.org/story/37371/keeping_iraq%27s_oil_in_the_ground">http://www.alternet.org/story/37371/keeping_iraq%27s_oil_in_the_ground</a></div>
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@mortymer001http://www.blogger.com/profile/13047624328777522777noreply@blogger.com3tag:blogger.com,1999:blog-538730199298720474.post-16100394765849331762016-09-03T00:32:00.003+03:002016-09-03T00:32:54.057+03:00DG - Negative Rates and Seigniorage: Turning the central bank business model upside down? The special case of the ECB<div style="border: 0px; box-sizing: border-box; color: #030303; font-family: helvetica, arial, sans-serif; font-size: 16px; line-height: 24px; margin-bottom: 1em; padding: 0px; text-align: justify; vertical-align: baseline;">
<span style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; font-variant: inherit; font-weight: 700 !important; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">Author:</span> Daniel Gros</div>
<div style="border: 0px; box-sizing: border-box; color: #030303; font-family: helvetica, arial, sans-serif; font-size: 16px; line-height: 24px; margin-bottom: 1em; margin-top: 1em; padding: 0px; text-align: justify; vertical-align: baseline;">
<span style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; font-variant: inherit; font-weight: 700 !important; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">Series:</span> CEPS Policy Brief No. 344 <span style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; font-variant: inherit; font-weight: 700 !important; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">No of pp:</span> 7</div>
<div>
<span style="color: #030303; font-family: helvetica, arial, sans-serif; font-size: 16px; line-height: 24px; text-align: justify;">"Negative rates have invalidated the normal business model of central banks, which consists of issuing zero-interest bearing cash as liabilities and earning a return on their assets (the resulting profits are called “seigniorage”). But many central banks are now earning a negative rate on their assets. Seigniorage, in fact, might now become negative in the euro area and in Japan.</span></div>
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Bond purchasing programmes (called usually QE for quantitative easing) offer central banks at least temporary profit opportunities since they can issue liabilities at lower rates than the long-term bonds they acquire. The resulting profits should be regarded in the same way as those of investment banks. For the time being, central banks are making large profits on their investment banking activities, but little in terms of traditional seigniorage.</div>
<div style="border: 0px; box-sizing: border-box; color: #030303; font-family: helvetica, arial, sans-serif; font-size: 16px; line-height: 24px; margin-bottom: 1em; margin-top: 1em; padding: 0px; text-align: justify; vertical-align: baseline;">
The QE programme of the European Central Bank does not increase its seigniorage revenues, because 80% of the euro area’s sovereign bond purchase programme is done by the national central banks on their own accounts.</div>
<span style="color: #030303; font-family: helvetica, arial, sans-serif; font-size: 16px; line-height: 24px; text-align: justify;">The policy implication of this assessment is that the seigniorage income of the ECB will be much smaller than many assume and one should thus not count on it as a source for any euro-area projects."</span><br />
<br />
<br />
Source - <a href="https://www.ceps.eu/publications/negative-rates-and-seigniorage-turning-central-bank-business-model-upside-down-special">https://www.ceps.eu/publications/negative-rates-and-seigniorage-turning-central-bank-business-model-upside-down-special</a>@mortymer001http://www.blogger.com/profile/13047624328777522777noreply@blogger.com0tag:blogger.com,1999:blog-538730199298720474.post-64895522247093916602016-08-18T10:46:00.000+03:002016-08-18T10:52:14.970+03:00FRB - AG - Remarks by Chairman Alan Greenspan - Currency reserves and debt<div>
<table style="width: 600px;"><tbody>
<tr><td><b>Remarks by Chairman Alan Greenspan<i>Currency reserves and debt</i></b><br />
<b><i><br /></i>Before the World Bank Conference </b><br />
<b>on Recent Trends in Reserves Management, Washington, D.C.</b><br />
<b><br />April 29, 1999</b></td></tr>
</tbody></table>
</div>
<span style="font-family: inherit;"><br /></span>
<br />
<table style="background-color: white; text-align: justify; width: 600px;"><tbody>
<tr><td><span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">One way to address the issue of the management of foreign exchange reserves is to <br />start with an economic system in which no reserves are required. There are two. <br />The first is the obvious case of a single world currency. <br />The second is a more useful starting point: a fully functioning, fully adhered to, <br />floating rate world.</span><br />
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">All requirements for foreign exchange in this idealized, I should say, hypothetical, <br />system could be met in real time in the marketplace at whatever exchange rate prevails. <br />No foreign exchange reserves would be needed.</span><br />
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">If markets are functioning effectively, exchange rates are merely another price <br />to which decisionmakers--both public and private--need respond. <br />Risk-adjusted competitive rates of return on capital in all currencies would converge, <br />and an optimized distribution of goods and services enhancing all nations' standard <br />of living would evolve.</span><br />
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">Only liquid reserves denominated in domestic currency would be required by public <br />and private market participants. And in the case of a central bank of a fiat currency regime, <br />such reserves can be created without limit.</span><br />
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">But, clearly, the real world is not perceived to work that way..</span><br />
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">Read in full here -></span><br />
<span style="font-family: inherit;"><br /></span>
<b style="background-color: transparent;"><br /></b>
<b style="background-color: transparent;">Source:</b><span style="background-color: transparent;"> </span><a href="https://www.federalreserve.gov/boarddocs/speeches/1999/19990429.htm" style="background-color: transparent;">https://www.federalreserve.gov/boarddocs/speeches/1999/19990429.htm</a></td></tr>
</tbody></table>
<br />
<br />
<div style="text-align: justify;">
<br />
<table style="background-color: white; text-align: justify; width: 600px;"><tbody>
<tr><td><br /></td></tr>
</tbody></table>
</div>
@mortymer001http://www.blogger.com/profile/13047624328777522777noreply@blogger.com0tag:blogger.com,1999:blog-538730199298720474.post-57552791797316658442016-08-17T12:09:00.000+03:002016-08-17T12:09:01.305+03:00OECD - Crisis Management in the International Monetary and Financial SystemCrisis Management in the International
Monetary and Financial System<br />
<br />
OECD Working Party 3 (1961-1979)<br />
<br />
by Kazuhiko YAGO<br />
<br />
<br />
"The postwar international financial system went along with several
“forums” of decision making, official as well as unofficial. Starting with the
Bretton Woods Institutions, namely the International Monetary Fund (IMF)
and the International Bank for Reconstruction and Development (IBRD, the
World Bank), bi-lateral negotiations between the United States and the European
countries took part in the “forum” for reconstruction; the Bank for
International Settlements (BIS) and the European Payments Union (EPU)
began to play important roles in the 1950s; several “Groups”, from the G10,
C20 to the G5, G7, faced the reform of the Bretton Woods System.
Of the above “forums”, one of the most enigmatic bodies was the Working
Party 3 (WP3) of the Organisation for Economic Cooperation and
Development (OECD). Set up in 1961 as a mere technical working group for
the Economic Policy Committee (EPC) of the OECD, the WP3 soon became
an important meeting place to discuss the overall strategies of the world
economy. Chaired by Emile van Lennep (later Secretary General of the
OECD), the WP3 brought together not only the brightest agents of the OECD
member countries, but also representatives of the BIS and the IMF..."<br />
<br />
<b>Source:</b> <a href="http://www.waseda.jp/w-com/quotient/publications/pdf/wcom439_09.pdf">http://www.waseda.jp/w-com/quotient/publications/pdf/wcom439_09.pdf</a>@mortymer001http://www.blogger.com/profile/13047624328777522777noreply@blogger.com0tag:blogger.com,1999:blog-538730199298720474.post-40161349511027802902016-07-25T02:53:00.001+03:002016-07-25T02:53:48.593+03:00Oldies 1969 goldies - 115. Talking Paper Prepared in the Department of the Treasury<div class="tei-div3" id="d115" style="background-color: white; box-sizing: border-box; font-family: Merriweather, Georgia, 'Times New Roman', serif; font-size: 15px; line-height: 25.5px;">
<div class="tei-dateline" style="box-sizing: border-box; color: #333333; font-family: inherit; text-align: right;">
<span class="tei-placeName" style="box-sizing: border-box; font-family: inherit;">Washington</span>, <span class="tei-date" style="box-sizing: border-box; font-family: inherit;">February 18, 1969</span>.</div>
<div class="tei-p3" style="box-sizing: border-box; color: #333333; font-family: inherit; margin-bottom: 10px; text-indent: 0em;">
VG/LIM/69-17 (Corr.)</div>
<div class="tei-p1" style="box-sizing: border-box; color: #333333; font-family: inherit; margin-bottom: 10px; text-align: center;">
PRESIDENT NIXON'S TRIP TO EUROPE</div>
<div class="tei-p1" style="box-sizing: border-box; color: #333333; font-family: inherit; margin-bottom: 10px; text-align: center;">
February-March 1969</div>
<div class="tei-p3" style="box-sizing: border-box; color: #333333; font-family: inherit; margin-bottom: 10px; text-indent: 0em;">
International Monetary System (for use in United Kingdom, Germany, Belgium, Italy; see separate talking paper for France)</div>
<div class="tei-p3" style="box-sizing: border-box; color: #333333; font-family: inherit; margin-bottom: 10px; text-indent: 0em;">
1. We are both interested in improving the international monetary system.</div>
<div class="tei-p3" style="box-sizing: border-box; color: #333333; font-family: inherit; margin-bottom: 10px; text-indent: 0em;">
2. In this context, it is essential to bring inflation under control in the United States. This is a major goal of my Administration.</div>
<div class="tei-p3" style="box-sizing: border-box; color: #333333; font-family: inherit; margin-bottom: 10px; text-indent: 0em;">
3. We have been looking in a preliminary way at a number of proposals to see whether there are responsible improvements that can be made in the system. On most of these we have no final view. I would be glad to hear what is in your mind.</div>
<div class="tei-p3" style="box-sizing: border-box; font-family: inherit; margin-bottom: 10px; text-indent: 0em;">
<span style="color: #333333;">4. </span><span style="color: red;">We have decided that an early and substantial activation of the Special Drawing Rights would be extremely useful</span><span style="color: #333333;">. This would be a demonstration to the exchange and gold markets that we “mean business”, as we say in the United States. </span><span style="color: red;">A hesitant approach in timing or magnitude would encourage those who profit from uncertainty. It would leave individual monetary authorities under political pressure to build up their gold reserves to an unnecessary and undesirable degree.</span><span style="color: #333333;"> I want to make clear that we do not regard activation of Special Drawing Rights as absolving us from the fiscal and monetary discipline needed to improve our balance of payments position.</span></div>
<div class="tei-p3" style="box-sizing: border-box; color: #333333; font-family: inherit; margin-bottom: 10px; text-indent: 0em;">
5. (If the discussion proceeds to more specific questions as to where and how many Special Drawing Rights we would like to see created, the following might be added.) I understand that during the negotiations, illustrative figures were mentioned for activation at the rate of about $1.5-$2 billion a year for the initial period of five years. My advisers say it would be the part of wisdom to begin with a substantially <a class="tei-pb1" href="https://history.state.gov/historicaldocuments/frus1969-76v03/pg_304" id="pg_304" style="background-color: transparent; box-sizing: border-box; color: #205493; display: block; float: right; margin-left: 4pt; text-decoration: none; transition: color 0.5s ease 0s;">[Page 304]</a>higher figure, particularly in 1969 and 1970. Ideally we would like to see activation before August, to be announced at the end of September at the <span class="tei-gloss" style="box-sizing: border-box; font-family: inherit;">IMF</span> Annual Meeting.</div>
<div class="tei-p3" style="box-sizing: border-box; font-family: inherit; margin-bottom: 10px; text-indent: 0em;">
<span style="color: #333333;">6. There is a second problem that concerns us. </span><span style="color: red;">The process of international adjustment of balances of payments has become too dependent upon selective controls and restraints.</span><span style="color: #333333;"> We would like to stop the drift in this direction and<b> search for other methods of reducing excessive and persistent deficits and surpluses</b>.</span></div>
<div class="tei-p3" style="box-sizing: border-box; font-family: inherit; margin-bottom: 10px; text-indent: 0em;">
<span style="color: #333333;">7. We owe it to ourselves to </span><span style="color: red;">explore every possible new proposal for improving the system, including those under discussion in academic circles. We must be careful to do so without upsetting confidence.</span></div>
<div class="tei-p3" style="box-sizing: border-box; font-family: inherit; margin-bottom: 10px; text-indent: 0em;">
<span style="color: #333333;">8. Whatever changes we might encourage in the monetary system, none will avoid periodic crises affecting individual currencies. As a result, we will continue to need </span><span style="color: red;">intensive financial cooperation.</span></div>
<div class="tei-p3" style="box-sizing: border-box; color: #333333; font-family: inherit; margin-bottom: 10px; text-indent: 0em;">
8a. (<span class="tei-hi2" style="box-sizing: border-box; color: inherit; font-family: inherit; font-size: inherit; font-style: italic; font-weight: inherit;">Only for Germany and Italy</span>) We appreciate the efforts made by your country to channel excessive inflows of capital out of reserves and into international monetary and capital markets, as well as your participation in financial assistance for countries facing exchange difficulties.</div>
<div class="tei-p3" style="box-sizing: border-box; font-family: inherit; margin-bottom: 10px; text-indent: 0em;">
<span style="color: #333333;">9. I share the view that, </span><span style="color: red;">unless we have reached a closer meeting of minds, it would be dangerous to undertake a formal international monetary conference</span><span style="color: #333333;">.</span></div>
<div class="tei-p3" style="box-sizing: border-box; font-family: inherit; margin-bottom: 10px; text-indent: 0em;">
<span style="color: #333333;">10. </span><span style="color: red;">Finally, you should know that I am not going to seek an answer to these problems through a change in the monetary price of gold.</span><span id="fnref:1.3.3.1.6.12.20.2" style="box-sizing: border-box; color: #333333; font-family: inherit;"><a class="note" href="https://history.state.gov/historicaldocuments/frus1969-76v03/d115#fn:1.3.3.1.6.12.20.2" rel="footnote" style="background-color: transparent; box-sizing: border-box; color: #205493; font-size: 0.75em; text-decoration: none; transition: color 0.5s ease 0s; vertical-align: super;">2</a></span><span style="color: #333333;"> I do not see the need or reason for such action.</span></div>
<div class="tei-p3" style="box-sizing: border-box; color: #333333; font-family: inherit; margin-bottom: 10px; text-indent: 0em;">
<span class="tei-hi2" style="box-sizing: border-box; color: inherit; font-family: inherit; font-size: inherit; font-style: italic; font-weight: inherit;">Final Note</span></div>
<div class="tei-p3" style="box-sizing: border-box; color: #333333; font-family: inherit; margin-bottom: 10px; text-indent: 0em;">
11. If any interest is expressed in pursuing bilateral discussions with the United States, you might say that Secretary Kennedy would be <a class="tei-pb1" href="https://history.state.gov/historicaldocuments/frus1969-76v03/pg_305" id="pg_305" style="background-color: transparent; box-sizing: border-box; color: #205493; display: block; float: right; margin-left: 4pt; text-decoration: none; transition: color 0.5s ease 0s;">[Page 305]</a>glad to meet with representatives of the country concerned in Washington.</div>
</div>
<div class="footnotes" style="background-color: white; border-top-color: rgb(204, 204, 204); border-top-style: solid; border-top-width: 1px; box-sizing: border-box; font-family: Merriweather, Georgia, 'Times New Roman', serif; font-size: 15px; line-height: 25.5px; margin-top: 1em; padding-top: 1em;">
<ol style="box-sizing: border-box; margin-bottom: 10px; margin-top: 0px;">
<li class="footnote" id="fn:1.3.3.1.6.12.4.2" style="box-sizing: border-box; color: #333333; font-family: inherit; margin-bottom: 0.53em;" value="1"><span class="fn-content" style="box-sizing: border-box; font-family: inherit;">Source: Washington National Records Center, Department of the Treasury,<span class="tei-persName" style="box-sizing: border-box; color: inherit; font-family: inherit; font-size: inherit; font-weight: inherit;">Volcker</span> Group Masters: <span class="tei-gloss" style="box-sizing: border-box; font-family: inherit;">FRC</span> 56 86 30, VG/LIM/1-VG/LIM/30. Confidential; Limdis. An attached cover note from <span class="tei-persName" style="box-sizing: border-box; color: inherit; font-family: inherit; font-size: inherit; font-weight: inherit;">Willis</span> to members of the <span class="tei-persName" style="box-sizing: border-box; color: inherit; font-family: inherit; font-size: inherit; font-weight: inherit;">Volcker</span>Group, dated February 19, indicates that page 1 was a corrected copy. A February 17 draft, labeled “2nd draft,” indicates Willis prepared it. (Ibid., Deputy to the Assistant Secretary for International Affairs: <span class="tei-gloss" style="box-sizing: border-box; font-family: inherit;">FRC</span> 56 83 26, Current Problems and Contingency Planning 11/68-4/69) President <span class="tei-persName" style="box-sizing: border-box; color: inherit; font-family: inherit; font-size: inherit; font-weight: inherit;">Nixon</span>traveled to Belgium, the United Kingdom, the Federal Republic of Germany, Italy, and France February 23-March 2. See <a href="https://history.state.gov/historicaldocuments/frus1969-76v03/d116" style="background-color: transparent; box-sizing: border-box; color: #205493; text-decoration: none; transition: color 0.5s ease 0s;">Document 116</a> for a Talking Paper prepared for the President's use in France.</span><a class="fn-back" href="https://history.state.gov/historicaldocuments/frus1969-76v03/d115#fnref:1.3.3.1.6.12.4.2" style="background-color: transparent; box-sizing: border-box; color: #205493; text-decoration: none; transition: color 0.5s ease 0s;">↩</a></li>
<li class="footnote" id="fn:1.3.3.1.6.12.20.2" style="box-sizing: border-box; font-family: inherit; margin-bottom: 0.53em;" value="2"><span class="fn-content" style="box-sizing: border-box; font-family: inherit;"><span style="color: #333333;">On February 20 Chairman of the Council of Economic Advisers </span><span class="tei-persName" style="box-sizing: border-box; color: inherit; font-family: inherit; font-size: inherit; font-weight: inherit;">McCracken</span><span style="color: #333333;">sent President </span><span class="tei-persName" style="box-sizing: border-box; color: inherit; font-family: inherit; font-size: inherit; font-weight: inherit;">Nixon</span><span style="color: #333333;"> a memorandum regarding </span><span class="tei-persName" style="box-sizing: border-box; color: inherit; font-family: inherit; font-size: inherit; font-weight: inherit;">De Gaulle</span><span style="color: #333333;"> and the price of gold. </span><span class="tei-persName" style="box-sizing: border-box; color: inherit; font-family: inherit; font-size: inherit; font-weight: inherit;">McCracken</span><span style="color: #333333;"> saw no need for the President to respond directly to an anticipated request, “on a metaphysical level,” to increase the price of gold but to emphasize “our interest in a better monetary system, and our concern about growing controls over trade and capital movements.”</span><span class="tei-persName" style="box-sizing: border-box; color: inherit; font-family: inherit; font-size: inherit; font-weight: inherit;">McCracken</span><span style="color: #333333;"> saw no advantage to increasing the gold price but concluded: “</span><span style="color: red;">It is equally important not to allow the French, or anyone else, to see any signs of flexibility on gold except in the context of our general position. If we are to be cooperative on gold, there must be a total package that makes it worth our while.</span><span style="color: #333333;">” (National Archives, </span><span class="tei-persName" style="box-sizing: border-box; color: inherit; font-family: inherit; font-size: inherit; font-weight: inherit;">Nixon</span><span style="color: #333333;"> Presidential Materials, </span><span class="tei-gloss" style="box-sizing: border-box; color: #333333; font-family: inherit;">NSC</span><span style="color: #333333;">Files, President's Trip Files, Box 442, Feb-March 69 Trip to Europe) On <b>February 22 Arthur Burns </b>also sent the<b> President a memorandum on gold</b>.</span><span class="tei-persName" style="box-sizing: border-box; color: inherit; font-family: inherit; font-size: inherit; font-weight: inherit;">Burns</span><span style="color: #333333;"> wrote: “</span><span style="color: red;">you have been correctly advised to show no interest on our part in an increase in the price of gold… . By all means let us try to keep the official price as it is, but let us also watch carefully the costs that we may incur through such a policy. And whatever else we may do, let us not develop any romantic ideas about a fluctuating exchange rate: there is too much history that tells us that<u> <b>a fluctuating exchange rate, besides causing a serious shrinkage of trade, is also apt to give rise to international political turmoil</b></u></span><span style="color: #333333;"><b><u>.</u></b>” (Ibid.</span></span></li>
</ol>
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@mortymer001http://www.blogger.com/profile/13047624328777522777noreply@blogger.com0tag:blogger.com,1999:blog-538730199298720474.post-56564447624773544912016-06-01T20:01:00.000+03:002016-06-06T22:58:45.267+03:00Two esseys by Jude Wanniski<br />
<h2>
<span style="font-size: small;"><span style="background-color: white; text-align: -webkit-center;"><span style="color: #102080; font-family: "arial";">1/ It's a Big World -</span></span><span style="background-color: white; text-align: -webkit-center;"><span style="color: #102080; font-family: "arial";">December 1, 1998</span></span></span></h2>
<span style="font-family: "arial";">"...</span><b style="background-color: white; font-family: Arial; text-align: justify;">The idea that mankind is cooking the earth by burning hydrocarbons makes sense when you hear an advocate explain it. When I heard opponents oppose it, I found they made sense too. If there is a political draw, the tendency is to split the difference. But I was not happy with this outcome and again went to Easterbrook, who covered the environment for <em>Newsweek</em>. I found in his book, <em>A Moment on the Earth</em>, that he comes down about 90% for the skeptics. I then decided to make some inquiries of my own. I began with ...</b><br />
<b style="background-color: white; font-family: Arial; text-align: justify;"><br /></b><b style="font-family: Arial;"><b style="background-color: white; text-align: justify;"><span style="font-family: "arial";">...That seemed like a lot of hydrocarbons. Holy smokes, billions of barrels!!! But I wanted to imagine it in one place. How much area would it cover if it were a giant pool of petroleum? After some simple arithmetic, I realized the pool was not as big as I thought it might be, and would not put a dent in any of the Great Lakes, I wondered how many Lake Tahoes it would fill. We called Tahoe and were quickly told they had a precise estimate of the number of barrels of water in that alpine lake on the Nevada/California border. Eleanor, can you believe 946 billion barrels? In other words, if you drained all the water out of Tahoe and filled it with all the oil ever consumer by mankind, it would not quite fill ONE FIFTH of the cavity!..." </span></b></b><br />
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<b style="font-family: Arial;"><b style="background-color: white; text-align: justify;"><span style="font-family: "arial";"><br /></span></b></b></div>
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<b style="font-family: Arial;"><b style="background-color: white; text-align: justify;"><b style="font-family: Arial;">Source: </b></b></b><b style="font-family: Arial;"><b style="background-color: white; text-align: justify;"><span style="color: #0000ee; font-family: "arial";"><span style="background-color: transparent;"><u>http://www.polyconomics.com/memos/mm-981201.htm</u></span></span></b></b></div>
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<b style="font-family: Arial;"><b style="background-color: white; text-align: justify;"><span style="color: #0000ee; font-family: "arial";"><span style="background-color: transparent;"><u><br /></u></span></span></b></b></div>
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<h2>
<span style="font-size: small;"><span style="color: #102080; font-family: "arial";">2/ One Energy Crisis After Another - </span><span style="color: #102080; font-family: "arial"; font-size: small;">December 8, 2004</span></span></h2>
<b style="font-family: Arial;">"...The reason there were no shortages prior to the “floating dollar” that we are still living with is that the energy industry knew that if the dollar/price of gold was $35 oz today and would be $35 oz ten years from now, the price of oil at $2.50 bbl today would be in the ballpark of $2.50 ten years from now. The oil market, without having meetings to regulate supply in an attempt to fix the oil price, would automatically operate in a way that always kept a 10% surplus of an oil delivery system ready to go if there was an unexpected disruption… a worker’s strike, a hurricane, a war, tensions in the Middle East that looked like war, etc. There was never, ever any discussion about the United States having a “strategic petroleum reserve” on hand to meet such contingencies. If there was a disruption over here, our private oil companies could easily switch to the buffer supplies over there. The price of delivery might increase by a few cents a barrel, but once the crisis passed everything would go back to normal...."</b><br />
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<b style="font-family: Arial;">Source: </b><span style="font-family: "arial";"><b><a href="http://www.polyconomics.com/memos/mm-041208.htm">http://www.polyconomics.com/memos/mm-041208.htm</a></b></span><br />
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@mortymer001http://www.blogger.com/profile/13047624328777522777noreply@blogger.com0tag:blogger.com,1999:blog-538730199298720474.post-40355349539101194562016-06-01T11:11:00.001+03:002016-06-01T11:11:14.285+03:00Spiegel 1971 - Karl Blessing interview<div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;">
<span style="background-color: transparent; color: black; font-family: Arial; font-size: 14.666666666666666px; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">"THIS LETTER IS UNFORTUNATELY STILL VALID TODAY"</span></div>
<b id="docs-internal-guid-ab3b2246-0b02-9430-75c8-4726b7a856e8" style="font-weight: normal;"><br /></b>
<div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;">
<span style="background-color: transparent; color: black; font-family: Arial; font-size: 14.666666666666666px; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Source: </span><a href="http://www.spiegel.de/spiegel/print/d-43257718.html" style="text-decoration: none;"><span style="background-color: white; color: #0068cf; font-family: Calibri; font-size: 15.333333333333332px; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">http://www.spiegel.de/spiegel/print/d-43257718.html</span></a></div>
<b style="font-weight: normal;"><br /></b>
<div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;">
<span style="background-color: transparent; color: black; font-family: Arial; font-size: 14.666666666666666px; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Karl Blessing died during his vacation in southern France last week aged 71. He was the president of the Deutsche Bundesbank from 1958 to 1969. The last major interview before his death was granted to SPIEGEL editor Leo Brawand for a nonfiction book, under the title "Where is the German economy heading?" that will be released next autumn in Munich based publisher Kurt Desch.</span></div>
<b style="font-weight: normal;"><br /></b>
<div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;">
<span style="background-color: transparent; color: black; font-family: Arial; font-size: 14.666666666666666px; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">From the interview we have extracted the following excerpt about inflation:</span></div>
<b style="font-weight: normal;"><br /></b>
<div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;">
<span style="background-color: transparent; color: black; font-family: Arial; font-size: 14.666666666666666px; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">QUESTION: Mr. Blessing, it is possible to have full employment, price stability and a balance of payments equilibrium at the same time?</span></div>
<div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;">
<span style="background-color: transparent; color: black; font-family: Arial; font-size: 14.666666666666666px; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">BLESSING: This is an idealism that is very beautiful, but not feasible in this world.</span></div>
<b style="font-weight: normal;"><br /></b>
<div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;">
<span style="background-color: transparent; color: black; font-family: Arial; font-size: 14.666666666666666px; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">QUESTION: Other countries don't take it as seriously with monetary. You know the quote of the "Financial Times" in London, there is always the German hunter Schmidt, who does a false step?</span></div>
<div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;">
<span style="background-color: transparent; color: black; font-family: Arial; font-size: 14.666666666666666px; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">BLESSING: I would assume the wrong step and would correct every time needed by a change in exchange rates, that is how far I am today.</span></div>
<b style="font-weight: normal;"><br /></b>
<div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;">
<span style="background-color: transparent; color: black; font-family: Arial; font-size: 14.666666666666666px; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">QUESTION: That would ideally mean floating exchange rates or very large bands for exchange rates?</span></div>
<div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;">
<span style="background-color: transparent; color: black; font-family: Arial; font-size: 14.666666666666666px; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">BLESSING: I would not introduce floating exchange rates, but I would ask: When does a balance of payments imbalance occur? If a fundamental imbalance is present, every two or every three years, you have to change the mark currency exchange rate.</span></div>
<b style="font-weight: normal;"><br /></b>
<div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;">
<span style="background-color: transparent; color: black; font-family: Arial; font-size: 14.666666666666666px; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">QUESTION: What do you think of the Brussels proposals, to get closer to monetary union in Western Europe initially through a coordinated monetary policy for a transitional period from 1971 to 1973, and especially in budgetary policy with a binding coordination rule ?</span></div>
<div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;">
<span style="background-color: transparent; color: black; font-family: Arial; font-size: 14.666666666666666px; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">BLESSING: It will be extremely difficult, a very difficult undertaking, the good Mr. Werner, I know him very well, I often had contact with him, is an idealist. If his plan were possible it would be wonderful. But the conditions are different. How do you want to force a national parliament to make certain things or not to do them?</span></div>
<b style="font-weight: normal;"><br /></b>
<div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;">
<span style="background-color: transparent; color: black; font-family: Arial; font-size: 14.666666666666666px; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">QUESTION: Exactly, because all that has a domestic political effect</span></div>
<div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;">
<span style="background-color: transparent; color: black; font-family: Arial; font-size: 14.666666666666666px; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">BLESSING: ... internal political effects that can lead to other election results or anything else. How can you do that? The French - the good Giscard d'Estaing is considered a monetarist. He wants to move forward through the currencies in the EEC. But when it comes to give up sovereign rights or to pool, then the French Government does not want to participate. So what is the logic in that. If a wage explosion comes as Italians did in the fall of 1969 or à la France in May 1968, how do you want to have a single currency, a monetary union? This is only possible if all the politicians are willing to waive sovereign rights and to transfer the sovereignty to a headquarters in Brussels.</span></div>
<b style="font-weight: normal;"><br /></b>
<div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;">
<span style="background-color: transparent; color: black; font-family: Arial; font-size: 14.666666666666666px; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">QUESTION: At a central European central bank?</span></div>
<div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;">
<span style="background-color: transparent; color: black; font-family: Arial; font-size: 14.666666666666666px; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">BLESSING: Yes, if one were to create a European central bank, a Federal Reserve System of Europe, which is autonomous from the governments - and within this system governments would only be able to finance budget deficits to some degree - then you could get it right.</span></div>
<b style="font-weight: normal;"><br /></b>
<div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;">
<span style="background-color: transparent; color: black; font-family: Arial; font-size: 14.666666666666666px; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">QUESTION: It is to be expected, that the dollar flow to Europe because of the American Chronic payment deficit contributes to our inflation ...</span></div>
<div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;">
<span style="background-color: transparent; color: black; font-family: Arial; font-size: 14.666666666666666px; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">BLESSING: ... it has contributed to a significant extent</span></div>
<b style="font-weight: normal;"><br /></b>
<div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;">
<span style="background-color: transparent; color: black; font-family: Arial; font-size: 14.666666666666666px; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">QUESTION: ... that inflow could be slowed down through the construction of such a European currency, so to speak, as a counterweight to the dollar.</span></div>
<div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;">
<span style="background-color: transparent; color: black; font-family: Arial; font-size: 14.666666666666666px; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">BLESSING: There is no doubt that we could, if we had really the political will in the EEC, to form a hard currency block whose rates could then fluctuate against the dollar. We could then leave the dollar standard, that we have today. Because in practical terms we a dollar standard.</span></div>
<b style="font-weight: normal;"><br /></b>
<div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;">
<span style="background-color: transparent; color: black; font-family: Arial; font-size: 14.666666666666666px; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">QUESTION: Yes, sure, and is it not that we - for example, and also you during your time at the Bundesbank and still today - by retaining American US Treasury securities, and large dollar holdings and by not exchanging dollars to gold we substantially support the Americans ...</span></div>
<div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;">
<span style="background-color: transparent; color: black; font-family: Arial; font-size: 14.666666666666666px; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">BLESSING: ... and have supported the Americans. I tell you today that I myself personally feel guilty regarding this question. I should have been more rigorous with America. The dollars that arrived in Germany should simply have been rigorously exchanged to Gold,</span></div>
<b style="font-weight: normal;"><br /></b>
<div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;">
<span style="background-color: transparent; color: black; font-family: Arial; font-size: 14.666666666666666px; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">QUESTION: With the support of the central banks, the Americans have never come under pressure?</span></div>
<div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;">
<span style="background-color: transparent; color: black; font-family: Arial; font-size: 14.666666666666666px; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">BLESSING: No, they have never come under pressure with their monetary policy. They always made promises: Well, next year it will be different, in the next two years we will get the budget and everything in order, we are strong. They are strong as an economic nation. But they never made it, there was always something else. Then came the Vietnam war, President Johnson and his financial policies, with a 25-billion-dollar budget deficit in one year. All those were reasons for the inflation. I often said to my American colleagues: It's always continues with you, then the story with the troops started.</span></div>
<b style="font-weight: normal;"><br /></b>
<div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;">
<span style="background-color: transparent; color: black; font-family: Arial; font-size: 14.666666666666666px; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">QUESTION: You mean the threat of the Americans: If you do not support the dollar in this way, we pull the troops back from the Federal Republic?</span></div>
<div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;">
<span style="background-color: transparent; color: black; font-family: Arial; font-size: 14.666666666666666px; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">BLESSING: It was never a verbal threat, but the threat was always there in the background. The former High Commissioner McCloy was once at the German Government and said: Listen, we had a Senate decision and there will be soon a majority that might want to get as back. We have to do something. He called me on a Sunday afternoon at half past three at home and said: "I have to fly back tonight, can we meet?" And I told him. "My dear McCloy, your situation is clear, you have a balance of payments problem and nothing more. You've seen we have been reasonable and have not converted our dollars to gold. I am willing to give you that even in writing for a certain period. Unfortunately the letter I wrote still applies today.</span></div>
<br /><span style="font-family: Arial; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;">DER SPIEGEL 19/1971</span><br />
<span style="font-family: Arial; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;"><br /></span>
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<span style="font-family: Arial; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;"><b>Repost from:</b> <a href="https://docs.google.com/document/d/1UnRwDaygM4aIkFMjnEbwBNMop5KPrhfdyXQ40LdYO2E/edit?pref=2&pli=1">https://docs.google.com/document/d/1UnRwDaygM4aIkFMjnEbwBNMop5KPrhfdyXQ40LdYO2E/edit?pref=2&pli=1</a></span>@mortymer001http://www.blogger.com/profile/13047624328777522777noreply@blogger.com0tag:blogger.com,1999:blog-538730199298720474.post-19340488289902730572015-12-18T10:46:00.003+02:002015-12-18T10:46:54.462+02:00Dick Ware - The IMF and Gold RESEARCH STUDY 26<br />
<br />
The IMF and Gold<br />
<br />
Revised edition, May 2001<br />
<br />
(originally published as Research Study 20 in July 1998)<br />
<br />
by
Dick Ware<br />
<br />
<br />
"...From the written material that survives it seems as though the possibility of a
basket including gold was never explicitly considered. In a subsequent article,
however,16 the late Sir Joseph Gold gave it as his opinion that even the partial use
of gold would be precluded. As the principle architect of the text of the 2nd
Amendment, his obiter dicta obviously carry weight. But, as I have suggested,
times have moved on and there is no longer any need to anathematize gold,
especially if its partial use in this way might improve the economic lot of a small
number of countries which need all the stability they can get.
The law, perhaps, is too important to be left to lawyers..."<br />
<br />
<br />
Source: <a href="https://www.gold.org/search/site/RS26Gold.pdf">https://www.gold.org/search/site/RS26Gold.pdf</a><br />
<br />
Based on older post <a href="http://anotherfreegoldblog.blogspot.fi/2013/11/wgc-euro-dollar-and-gold.html">http://anotherfreegoldblog.blogspot.fi/2013/11/wgc-euro-dollar-and-gold.html</a>@mortymer001http://www.blogger.com/profile/13047624328777522777noreply@blogger.com0tag:blogger.com,1999:blog-538730199298720474.post-538990952037422202015-12-16T08:54:00.000+02:002015-12-16T08:54:03.339+02:00Reforming the World Monetary System: Fritz Machlup and the Bellagio Group<span style="background-color: #f5f8fa; color: #292f33; font-family: Arial, sans-serif; font-size: 14px; line-height: 18px; white-space: pre-wrap;"><br /></span>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgxmCRW9ioafXgEcdM8G_d2BsNMfN_DOyPNzzzB03pSGsQXYR3ZEMQAX1umw0awSBkEv8BHYIyWhLkgfcRf78j4f81_QIT7QKKYywvRmVTj8xxujlqb91xR9tSQto4qI9PXAuthdW4tctk/s1600/Tab-Frank2.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgxmCRW9ioafXgEcdM8G_d2BsNMfN_DOyPNzzzB03pSGsQXYR3ZEMQAX1umw0awSBkEv8BHYIyWhLkgfcRf78j4f81_QIT7QKKYywvRmVTj8xxujlqb91xR9tSQto4qI9PXAuthdW4tctk/s320/Tab-Frank2.png" width="253" /></a></div>
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<span style="background-color: #f5f8fa; color: #292f33; font-family: Arial, sans-serif; font-size: 14px; line-height: 18px; white-space: pre-wrap;">Source: "Reforming the World Monetary System: Fritz Machlup and the Bellagio Group"
By Carol M Connell</span>@mortymer001http://www.blogger.com/profile/13047624328777522777noreply@blogger.com0tag:blogger.com,1999:blog-538730199298720474.post-81324372435942427862015-11-13T09:39:00.000+02:002015-11-13T09:39:15.226+02:00IMF - BoE - IMF LEGAL DEPARTMENT AND IMF INSTITUTE SEMINAR ON CURRENT DEVELOPMENTS IN MONETARY AND FINANCIAL LAWMay 7 – 17, 2002<br />
<br />
Emergency Liquidity Financing by Central Banks:<br />
Systemic Protection or Bank Bailout?<br />
<br />
Ross S. Delston and Andrew Campbell<br />
<br />
<br />
<br />
Source: <a href="https://www.imf.org/external/np/leg/sem/2002/cdmfl/eng/delst.pdf">https://www.imf.org/external/np/leg/sem/2002/cdmfl/eng/delst.pdf</a>@mortymer001http://www.blogger.com/profile/13047624328777522777noreply@blogger.com0tag:blogger.com,1999:blog-538730199298720474.post-46621534495941059942015-09-03T12:58:00.002+03:002015-09-03T12:58:27.469+03:00IMF - 1975 - Purchases under the Oil facility for 1975 - Prior use of Gold tranche<a href="http://www.businessdictionary.com/definition/amount.html" style="background-color: white; border-bottom-color: rgb(136, 137, 119); border-bottom-style: solid; border-bottom-width: 1px; color: black; font-family: Verdana, Arial, sans-serif; font-size: 14px; line-height: 24px; margin: 0px; padding: 0px;">Gold tranche - Amount</a><span style="background-color: white; font-family: Verdana, Arial, sans-serif; font-size: 14px; line-height: 24px;"> of </span><a href="http://www.businessdictionary.com/definition/gold.html" style="background-color: white; border-bottom-color: rgb(136, 137, 119); border-bottom-style: solid; border-bottom-width: 1px; color: black; font-family: Verdana, Arial, sans-serif; font-size: 14px; line-height: 24px; margin: 0px; padding: 0px;">gold</a><span style="background-color: white; font-family: Verdana, Arial, sans-serif; font-size: 14px; line-height: 24px;"> that each member </span><a href="http://www.businessdictionary.com/definition/country.html" style="background-color: white; border-bottom-color: rgb(136, 137, 119); border-bottom-style: solid; border-bottom-width: 1px; color: black; font-family: Verdana, Arial, sans-serif; font-size: 14px; line-height: 24px; margin: 0px; padding: 0px;">country</a><span style="background-color: white; font-family: Verdana, Arial, sans-serif; font-size: 14px; line-height: 24px;"> of the</span><a href="http://www.businessdictionary.com/definition/International-Monetary-Fund-IMF.html" style="background-color: white; border-bottom-color: rgb(136, 137, 119); border-bottom-style: solid; border-bottom-width: 1px; color: black; font-family: Verdana, Arial, sans-serif; font-size: 14px; line-height: 24px; margin: 0px; padding: 0px;">International Monetary fund (IMF)</a><span style="background-color: white; font-family: Verdana, Arial, sans-serif; font-size: 14px; line-height: 24px;"> </span><a href="http://www.businessdictionary.com/definition/contribute.html" style="background-color: white; border-bottom-color: rgb(136, 137, 119); border-bottom-style: solid; border-bottom-width: 1px; color: black; font-family: Verdana, Arial, sans-serif; font-size: 14px; line-height: 24px; margin: 0px; padding: 0px;">contributes</a><span style="background-color: white; font-family: Verdana, Arial, sans-serif; font-size: 14px; line-height: 24px;"> as part of its</span><a href="http://www.businessdictionary.com/definition/membership.html" style="background-color: white; border-bottom-color: rgb(136, 137, 119); border-bottom-style: solid; border-bottom-width: 1px; color: black; font-family: Verdana, Arial, sans-serif; font-size: 14px; line-height: 24px; margin: 0px; padding: 0px;">membership</a><span style="background-color: white; font-family: Verdana, Arial, sans-serif; font-size: 14px; line-height: 24px;"> </span><a href="http://www.businessdictionary.com/definition/obligation.html" style="background-color: white; border-bottom-color: rgb(136, 137, 119); border-bottom-style: solid; border-bottom-width: 1px; color: black; font-family: Verdana, Arial, sans-serif; font-size: 14px; line-height: 24px; margin: 0px; padding: 0px;">obligations</a><span style="background-color: white; font-family: Verdana, Arial, sans-serif; font-size: 14px; line-height: 24px;"> to the </span><a href="http://www.businessdictionary.com/definition/fund.html" style="background-color: white; border-bottom-color: rgb(136, 137, 119); border-bottom-style: solid; border-bottom-width: 1px; color: black; font-family: Verdana, Arial, sans-serif; font-size: 14px; line-height: 24px; margin: 0px; padding: 0px;">fund</a><span style="background-color: white; font-family: Verdana, Arial, sans-serif; font-size: 14px; line-height: 24px;">, and can readily borrow when facing economic difficulties. See also </span><a href="http://www.businessdictionary.com/definition/special-drawing-rights-SDR.html" style="background-color: white; border-bottom-color: rgb(136, 137, 119); border-bottom-style: solid; border-bottom-width: 1px; color: black; font-family: Verdana, Arial, sans-serif; font-size: 14px; line-height: 24px; margin: 0px; padding: 0px;">special drawing rights</a><span style="background-color: white; font-family: Verdana, Arial, sans-serif; font-size: 14px; line-height: 24px;">.</span><br />
<br />
<br />
<br />
<span style="background-color: white; font-family: Verdana, Arial, sans-serif; font-size: 14px; line-height: 24px;"><b>Source:</b> </span><span style="font-family: Verdana, Arial, sans-serif;"><span style="font-size: 14px; line-height: 24px;"><a href="http://adlib.imf.org/digital_assets/wwwopac.ashx?command=getcontent&server=webdocs&value=EB/1975/SM/171899.PDF">http://adlib.imf.org/digital_assets/wwwopac.ashx?command=getcontent&server=webdocs&value=EB/1975/SM/171899.PDF</a></span></span>@mortymer001http://www.blogger.com/profile/13047624328777522777noreply@blogger.com0tag:blogger.com,1999:blog-538730199298720474.post-25567116515761325762015-09-03T02:14:00.000+03:002015-09-03T02:14:36.803+03:00CVCE - Plans and studies drawn up after the Werner Report <br />
<b>... </b><br />
<br />
<br />
<b>Source:</b> <a href="http://www.cvce.eu/en/collections/unit-content/-/unit/56d70f17-5054-49fc-bb9b-5d90735167d0/6cd0fcad-2e67-4abc-a626-7cafbe1fcda6/Resources">http://www.cvce.eu/en/collections/unit-content/-/unit/56d70f17-5054-49fc-bb9b-5d90735167d0/6cd0fcad-2e67-4abc-a626-7cafbe1fcda6/Resources</a><br />
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@mortymer001http://www.blogger.com/profile/13047624328777522777noreply@blogger.com0tag:blogger.com,1999:blog-538730199298720474.post-48485727071677612002015-09-03T01:32:00.002+03:002015-09-03T01:47:56.244+03:00AEI - EMS - Texts concerning the European Monetary System <div class="separator" style="clear: both; text-align: center;">
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COMMITTEE OF GOVERNORS OF THE
CENTRAL BANKS OF THE MEMBER STATES OF THE
EUROPEAN ECONOMIC COMMUNITY
EUROPEAN MONETARY CO-OPERATION FUND<br />
<br />
<b><u>Texts
concerning the
European Monetary System</u> </b><br />
<br />
<br />
<b>Agreement
between the Central Banks of the Member States of .
the European Economic Community laying down the
operating procedures for the European Monetary System </b><br />
<br />
<br />
<div style="text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEidJjP_XNKNhF3MjtkDQHnqwxLjRMCIXbJcuKPGpf86P49vgZ4RiUooaNeJ5bHE61tEjBUXrCWggqAjarcHbip0XcL9ltzlOquRkLW-vlvnztktyT-aK2vF-ItjZ3AwyCGABGX3WkCxxPk/s1600/EMU+12-12-1978.JPG" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEidJjP_XNKNhF3MjtkDQHnqwxLjRMCIXbJcuKPGpf86P49vgZ4RiUooaNeJ5bHE61tEjBUXrCWggqAjarcHbip0XcL9ltzlOquRkLW-vlvnztktyT-aK2vF-ItjZ3AwyCGABGX3WkCxxPk/s320/EMU+12-12-1978.JPG" width="204" /></a></div>
<br />
<b>Decision (No.12/79)
of the Board of Governors of 13th March 1979 </b><br />
<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhvRglDZl3d22_u42hLhLnppNgAaEgR4D4LnTlSWSX8Tld5mpyjrZj8jXSaBVryzlW_xIJR85Q7SqzpE3ebY_NmrT2XKb1WlNpBmYfKgFsCJZFFI43tiZM8EHelEf0SWQWvVcqJuhQKBKM/s1600/EMU+12-12-1978+-+2.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhvRglDZl3d22_u42hLhLnppNgAaEgR4D4LnTlSWSX8Tld5mpyjrZj8jXSaBVryzlW_xIJR85Q7SqzpE3ebY_NmrT2XKb1WlNpBmYfKgFsCJZFFI43tiZM8EHelEf0SWQWvVcqJuhQKBKM/s320/EMU+12-12-1978+-+2.JPG" width="228" /></a></div>
<br />
<b>Agreement
between the Central Banks of the Member States of .
the European Economic Community laying down the
operating procedures for the European Monetary System </b><br />
<b><span style="-webkit-text-stroke-width: 0px; background-color: white; color: #545454; display: inline !important; float: none; font-family: arial, sans-serif; font-size: x-small; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 18.2000007629395px; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;">13 March 1979</span> </b><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgrWumK8QBWHgFrgcXVPPuirUFDf06UD20RH0z6IuwGfzRHw17E-XMN6uKq-ovj7sGDJQA0-HaSq8idqEKhoF2vh2tMcB2a5qhZ3rIHRq2dLM6yJYi1Y6ttVyQ9oK7XgQzFewg7ioOX0KA/s1600/EMS+agr+-+3.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgrWumK8QBWHgFrgcXVPPuirUFDf06UD20RH0z6IuwGfzRHw17E-XMN6uKq-ovj7sGDJQA0-HaSq8idqEKhoF2vh2tMcB2a5qhZ3rIHRq2dLM6yJYi1Y6ttVyQ9oK7XgQzFewg7ioOX0KA/s320/EMS+agr+-+3.JPG" width="214" /></a></div>
<br />
<br />
<b> Council Regulation (EEC) No. 3180/78
of 18th December 1978 changing the value of the unit
of account used by the European Monetary Co-operation Fund </b><br />
<br />
<br />
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<b><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgJhR11JM0F0d3wGhJEVUr5sUaH6oB3NgG2AGrO6gPzBVddKkifnzksTUGMhgpbPwErAEVISobZoy7oWIqtkZz_HFxwGa-jriCvBHR8_Ok3St8f2STmFvsZRjtONvT55YmKtcsYllj_U6c/s1600/EMS+agr+-+2.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgJhR11JM0F0d3wGhJEVUr5sUaH6oB3NgG2AGrO6gPzBVddKkifnzksTUGMhgpbPwErAEVISobZoy7oWIqtkZz_HFxwGa-jriCvBHR8_Ok3St8f2STmFvsZRjtONvT55YmKtcsYllj_U6c/s320/EMS+agr+-+2.JPG" width="226" /></a></b></div>
<br />
<br />
<br />
<b>Source: </b> <a href="http://aei.pitt.edu/38739/1/A3700.pdf">http://aei.pitt.edu/38739/1/A3700.pdf</a>@mortymer001http://www.blogger.com/profile/13047624328777522777noreply@blogger.com0tag:blogger.com,1999:blog-538730199298720474.post-76459124193796990312015-09-03T00:59:00.002+03:002015-09-03T00:59:56.874+03:00CVCE - The difficulties of the monetary snake and the EMCF"...the EMCF was established on 3 April 1973 <sup><a class="sdendnoteanc" href="http://www.cvce.eu/en/collections/unit-content/-/unit/56d70f17-5054-49fc-bb9b-5d90735167d0/2d84f078-672e-4ae9-92d5-b4969911442a#sdendnote30sym" name="sdendnote30anc"><sup>30</sup></a></sup>
and was the kernel of the future organisation of the central banks at
Community level. Its primary aim was to oversee the proper functioning
of the progressive narrowing of the fluctuation margins between the
Community currencies. It also had to monitor interventions in Community
currencies on the exchange markets. Finally, it was responsible for
settlements between central banks leading to a concerted policy on
reserves. The fund had legal personality and was administered by a board
comprising the governors of the national central banks <sup><a class="sdendnoteanc" href="http://www.cvce.eu/en/collections/unit-content/-/unit/56d70f17-5054-49fc-bb9b-5d90735167d0/2d84f078-672e-4ae9-92d5-b4969911442a#sdendnote31sym" name="sdendnote31anc"><sup>31</sup></a></sup>
and one representative from the Commission (who was not a member of the
board in the strict sense: he had the right of address, but not the
right to vote). Generally, it had to abide by the agreements between the
central banks on the progressive narrowing of margins and short-term
support. <sup><a class="sdendnoteanc" href="http://www.cvce.eu/en/collections/unit-content/-/unit/56d70f17-5054-49fc-bb9b-5d90735167d0/2d84f078-672e-4ae9-92d5-b4969911442a#sdendnote32sym" name="sdendnote32anc"><sup>32</sup></a></sup>
However, the fund did not have its own resources, and its powers were
limited because the principle of pooling reserves was not adopted. <sup><a class="sdendnoteanc" href="http://www.cvce.eu/en/collections/unit-content/-/unit/56d70f17-5054-49fc-bb9b-5d90735167d0/2d84f078-672e-4ae9-92d5-b4969911442a#sdendnote33sym" name="sdendnote33anc"><sup>33</sup></a>..."</sup><br />
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<b>Source: </b><a href="http://www.cvce.eu/en/collections/unit-content/-/unit/56d70f17-5054-49fc-bb9b-5d90735167d0/2d84f078-672e-4ae9-92d5-b4969911442a">http://www.cvce.eu/en/collections/unit-content/-/unit/56d70f17-5054-49fc-bb9b-5d90735167d0/2d84f078-672e-4ae9-92d5-b4969911442a</a>@mortymer001http://www.blogger.com/profile/13047624328777522777noreply@blogger.com0tag:blogger.com,1999:blog-538730199298720474.post-40257617707013337072015-09-03T00:13:00.004+03:002015-09-03T00:37:06.149+03:00ECB archive - 1978 - Outline of an agreement on the European Monetary System 12/12/1978<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg9V7t3oct9y3jogMvWaiZ9Gfme1cT4XXjkVkYiXXQTEnVHZ8ba3fwNjHweJ8wfVjy6-ZKqH5sE6vKV6UHmxLS0vUvkACvOrj2mhONARV_qzxV8AwlIaVkNEbX09l3II__IfIqJUP1aCOA/s1600/New+Means+of+settlement.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="279" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg9V7t3oct9y3jogMvWaiZ9Gfme1cT4XXjkVkYiXXQTEnVHZ8ba3fwNjHweJ8wfVjy6-ZKqH5sE6vKV6UHmxLS0vUvkACvOrj2mhONARV_qzxV8AwlIaVkNEbX09l3II__IfIqJUP1aCOA/s320/New+Means+of+settlement.JPG" width="320" /></a></div>
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<b>Source:</b> <a href="https://www.ecb.europa.eu/ecb/history/archive/pdf/released/1978-12-12_Outline_agreement.pdf?6b22d1c608512cdaeb35027327f06b4a">https://www.ecb.europa.eu/ecb/history/archive/pdf/released/1978-12-12_Outline_agreement.pdf?6b22d1c608512cdaeb35027327f06b4a</a><br />
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<b>MORE </b><br />
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<b>Records released:</b> <a href="https://www.ecb.europa.eu/ecb/history/archive/requested/html/index.en.html">https://www.ecb.europa.eu/ecb/history/archive/requested/html/index.en.html</a> @mortymer001http://www.blogger.com/profile/13047624328777522777noreply@blogger.com0