June 2012 - P2P-Foundation - lists.ourproject.org

Blog Post - Freicoin - Bitcoin with Demurage
by Kevin Flanagan 28 Jun '12

28 Jun '12

Hi, Check this out Freicoin - Bitcoin with Demurage http://www.indiegogo.com/freicoin I wrote a blog post on this dated for the 4th but I'm having problems uploading an image to wordpress. Any idea whats up?? Kevin

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Fw: Europe Can Rescue Europe
by robert searle 26 Jun '12

26 Jun '12

----- Forwarded Message ----- From: George Soros <info(a)georgesoros.com> To: dharao4(a)yahoo.co.uk Sent: Monday, 25 June 2012, 13:32 Subject: Europe Can Rescue Europe Dear Friends and Colleagues: I thought you might be interested in reading the two documents included below. The first is a concept paper that George will present at a conference later this week and which he has already shared widely with European leaders. The second is an Op-Ed based on the paper published in the Financial Times this morning. George calls for a European Fiscal Authority, a Debt Reduction Fund and European Treasury Bills. All best, Michael Vachon ************ Proposal for a European Fiscal Authority (EFA), a Debt Reduction Fund and European Treasury Bills Rationale In retrospect it is now clear that the member states entered the monetary union that was incomplete in its construction. The main source of trouble is that the member states surrendered their right to print money to the ECB without fully realizing what that entails- and neither did the European authorities. When the euro was introduced the regulators allowed banks to buy unlimited amounts of government bonds without setting aside any equity capital; and the central bank discounted all government bonds on equal terms. Commercial banks found it advantageous to accumulate the bonds of the weaker countries to earn a few extra basis points. That is what caused interest rates to converge. The large fall in the cost of credit helped fuel housing and consumption booms, which went unchecked. At the same time, Germany, struggling with the burdens of reunification, undertook structural reforms and became more competitive. This led to a wide divergence in economic performance. Then came the crash of 2008 which created conditions far removed from those prescribed by the Maastricht Treaty. Governments had to bail out their banks and some of them found themselves in the position of a third world country that had become heavily indebted in a currency that they did not control. Due to the divergence in economic performance Europe became divided into creditors and debtors countries. When financial markets discovered that supposedly riskless government bonds may actually be forced into default they raised risk premiums dramatically. This rendered commercial banks whose balance sheets were loaded with those bonds potentially insolvent. That gave rise to an adverse feedback loop between the solvency of the banks problems of the banks and the risk premium on sovereign debt. The Eurozone is now replicating how the global financial system dealt such crises in 1982 and again in 1997. Then the international authorities inflicted hardship on the periphery in order to protect the center; now Germany is unintentionally playing the same role. The details differ but the idea is the same: the creditors are shifting all the burden of adjustment onto the debtors and the “center” avoids its own responsibility for the imbalances. Interestingly, the terms “center” and “periphery” have crept into usage almost unnoticed. Yet in the euro crisis the responsibility of “the center” is even greater than it was in 1982 or 1997: they were the architects of a flawed currency system and failed to correct its defects. In the 1980’s Latin America suffered a lost decade; a similar fate now awaits Europe. At the onset of the crisis a breakup of the euro was inconceivable: the assets and liabilities denominated in a common currency were so intermingled that a breakup would have led to an uncontrollable meltdown. But as the crisis progressed the financial system has been progressively reordered along national lines. This trend has gathered momentum in recent months. The LTRO enabled Spanish and Italian banks to buy the bonds of their own countries and earn a large spread. Simultaneously banks are giving preference to shedding assets outside their national borders and risk managers are trying to match assets and liabilities within national borders rather than within the eurozone as a whole. If this continued for a few years a break-up of the euro would become possible without a meltdown but even then the creditor countries would be left with large claims against the debtor countries which would be difficult, if not impossible, to collect. In addition to all the rescue packages and ECB interventions the central banks have large claims against the central banks of the debtor countries within the Target2 clearing system. The Bundesbank had claims of €644 billion on April 30th and the amount is rapidly growing due to capital flight. The creditor countries led by Germany are always willing to do what is necessary to avoid a cataclysm. But that is not enough to resolve the crisis so it continues growing. Tensions in financial markets have risen to new highs. Most telling is that Britain, which retained control of its currency, enjoys the lowest yields on government bonds in its history while the risk premium on Spanish sovereign debt is at a new high despite Spain’s deficit and debt to GDP ratio being lower than those of the UK. The real economy of the Eurozone as a whole is declining while Germany is still booming. This means that the divergence between debtors and creditors is getting wider. The political and social dynamics are also working toward disintegration. Public opinion as expressed in recent election results is increasingly opposed to austerity and this trend is likely to grow until the policy is reversed. What is needed is a set of bold initiatives that are convincing enough to persuade both the public and the financial markets that the authorities have both the will and the resources to make the euro work. These initiatives have to conform with the existing Treaties yet they have to be bold enough to bring conditions back closer to those that were prescribed by Treaties. The Treaties could then be revised in a calmer atmosphere so that the current excesses will not recur. It is difficult but not impossible to construct a set of initiatives that will meet these tough requirements. They would have to simultaneously tackle the banking and the sovereign debt problems without neglecting to reduce divergences in competitiveness. There are various ways to provide it but they all need the active support of Germany as the largest creditor country. At the Rome meeting on Thursday June 22 the four heads of state agreed on steps towards a banking union and a modest stimulus package to complement the fiscal compact but Chancellor Merkel resisted all proposals to provide relief to Spain and Italy from the excessive risk premiums prevailing in the market. This threatens to turn the June summit into another fiasco which may well prove fatal because it will not provide a strong enough firewall to protect the rest of the eurozone against the possibility of a Greek exit. Even if a fatal accident can be avoided the divisions between creditor and debtor countries will be reinforced and the “periphery” countries will have no chance of regaining competitiveness because the playing field is tilted against them. This may serve Germany’s narrow self-interest but it will create a Europe that is very different from the open society that fired people’s imagination. That is not what Chancellor Merkel or the overwhelming majority of Germans stand for. Chancellor Merkel argues that it is against the rules to use the ECB to solve the fiscal problems of member countries and she’s right. President Draghi of the ECB has said much the same. There is a missing element in the current plans and this proposal is designed to provide it. The Proposal The June summit has to produce a Political Declaration which outlines not only the long-term vision of a political union but also practical steps towards a fiscal and a banking union. Since plans for a banking union are well advanced this proposal is confined to: • A European Fiscal Authority (EFA) which will serve as the embryo of the fiscal union and also provide fiscal backing for an embryonic banking union. • A Debt Reduction Fund (DRF) which will provide immediate relief to the periphery countries on refinancing their sovereign debt by issuing European Treasury Bills. These measures will require an Intergovernmental Agreement. With unanimity at the summit the process could be accelerated and, on the basis of the Political Declaration, some steps could already be taken in the meantime. This would bring immediate relief to the financial markets and reverse the political dynamics from conflict to cooperation. This is how it would work. European Fiscal Authority (EFA): To be established by inter-governmental treaty a.s.a.p. Membership: Finance Ministers of Eurozone countries Organization: Embryonic European Treasury Voting: According to shareholdings in ECB Majority • 80% when guarantees are involved that disproportionately affect creditor countries • 50% plus when members are affected proportionately Mission 1. Implement Debt Reduction Fund - a modified form of the European Debt Redemption Pact that has been proposed by the German Council of Economic Advisors. 2. Provide fiscal backing for banking union. 3. Assume solvency risk on government bonds held by ECB. 4. Provide financing for a growth policy to complement the fiscal compact. 5. After a suitable transitional period allow for annual settlement of Target2 balances. Financial resources 1. Control of ESM, EFSF 2. One tenth of 1% additional VAT contribution from member states- approved by 80% majority. This will demonstrate the political will necessary to carry out the mission. 3. Additional financial resources: to be mobilized as needed. The Debt Reduction Fund The EFA will conclude agreements with individual countries that will oblige them to abide by the fiscal compact and introduce specific structural reforms like labor market liberalization and pension reforms. In return the EFA would reduce that country’s stock of debt to 60% of GDP or such higher figure as the agreement specifies by acquiring bonds in 1) primary market 2) secondary market and 3) from the ECB and other official bodies. The EFA will finance its purchases by issuing European Treasury Bills and pass on the benefit of cheap financing to the country concerned. The bills will be assigned zero risk rating by the authorities and will be treated as the highest quality collateral for repo operations at the ECB. The banking system has an urgent need for risk-free liquid assets. Banks are currently holding more than €700 billion of surplus liquidity at the ECB earning only one quarter of 1% interest. This assures a large and ready market for the bills. Should a participating country subsequently fail to live up to its commitments the EFA may impose a fine or other form of penalty which would be proportionate to the violation so that it would not turn into a nuclear option that cannot be exercised. This would provide strong protection against moral hazard. For instance, it would make it practically impossible for a successor government in Italy to break any commitments undertaken by the Monti government. Having practically half the Italian debt financed by European treasury bills will have an effect similar to a reduction in the average maturity of its debt. That would make a successor government all the more responsive to any punishment imposed by the EFA. Only after the demand for European treasury bills has been exhausted will the EFA consider issuing longer-term bonds. After a transitional period long enough to insure that the Eurozone resumes growth, the participating countries concerned will enter into a debt reduction program which will be tailored not to jeopardize their growth. That will be the prelude to the establishment of a full fiscal union with the appropriate political arrangements which, in turn, will allow the replacement of the remaining 60% of sovereign debt by Eurobonds. A Euro Area Banking Union By taking control of the ESM and the EFSF, the EFA would be able to provide the necessary fiscal backing for a banking union. The EFA as a political authority acting in partnership with the ECB can do what the ECB as a monetary authority cannot do on its own. A banking union has to have three components 1. A European source of funding for recapitalizing the banks This could be provided by the ESM acting under the control of the EFA. While the ESM has substantial resources that could be used for this purpose, allowing it to borrow from the ECB would substantially reinforce it. It would require a banking license for the ESM, best provided by a modification of the Intergovernmental Agreement. This is highly desirable but not critical for the plan to work. 2. Eurozone-wide supervision and regulation of banks – this is best provided by the ECB acting together with the European Banking Authority. 3. A Eurozone-wide deposit insurance scheme. This is the thorniest immediate problem. German depositors are reluctant to pay for the extra risk posed by Spanish banks in the current economic climate and German taxpayers are unwilling to make up the difference. But the EFA assuming the solvency risk on government bonds held by the ECB provides a makeshift solution. Specifically, the EFA could take over the Greek bonds held by the ECB coming due on August 20th and thereby avoid a Greek default. The ECB could then continue to provide unlimited liquidity to the Greek banks which have recently been recapitalized. This would not eliminate capital flight but it would remove the most immediate threat confronting the euro-area – a run on the banks of other periphery countries. A more lasting solution will have to await the formation of a full-fledged banking union. The EFA taking over the solvency risk on the bonds held by the ECB would establish the principle that the EFA is responsible for solvency risks and the ECB for providing liquidity. Growth Policy By laying the groundwork for a banking union and substantially reducing the financing costs of sovereign debt, the June summit will offer an escape route from the deflationary debt trap in which the European Union is currently caught. Nevertheless, it would be highly desirable to develop a growth policy to accompany the fiscal compact. This could form part of the Political Declaration but time is too short to go into details. The Political Declaration could point out that the EFA is providing the institutional framework for developing a growth policy. Annual Settlement for Target Balances Similarly, the Political Declaration could contain a paragraph announcing that after an appropriate transitional period Target2 balances would be annually settled. This would be a reward to Germany and other creditor countries for their willingness to provide the guarantees implied by the issuance of European treasury bills. Creditor countries should remember that they have made practically no transfer payments; they have only made loans which will result in losses if they are not repaid. The proposals outlined here to are comprehensive enough to reduce the likelihood that any losses will be incurred. The more complete the guarantees the less likely they are to be invoked. Sequencing Immediately - at June summit issue a Political Declaration and set in motion and Intergovernmental Agreement establishing the EFA with the appropriate powers to carry out its mission. Very short term – in anticipation of Intergovernmental Agreement • ECB starts accumulating Italian and Spanish bonds. • ESM takes over ECB’s holdings of Greek bonds insuring the ECB against default risk. • No implementation of austerity measures as long a country has negative GDP growth rate. • Finance Ministers start negotiating structural reforms that will qualify “periphery” countries to benefit from debt reduction scheme. Short term – hopefully before year-end • Ratify and implement new Intergovernmental Agreement. • Develop growth policy. Medium term – next 3 to 5 years • Creation of fiscal, banking, and political union. ************ Germany's reticence to agree threatens European stability Financial Times June 25, 2012 At the meeting in Rome last Thursday the four heads of state agreed on steps towards a banking union and a modest stimulus package to complement the fiscal compact. But Chancellor Merkel resisted all proposals to provide relief to Spain and Italy from the excessive risk premiums prevailing in the market. This threatens to turn the June summit into a fiasco which may well prove fatal because it will leave the rest of the eurozone without a strong enough firewall to protect it against the possibility of a Greek exit. Even if a fatal accident can be avoided the division between creditor and debtor countries will be reinforced and the “periphery” countries will have no chance to regain competitiveness because the playing field is tilted against them. This may serve Germany’s narrow self-interest but it will create a very different Europe from the open society that fired people’s imagination. It will make Germany the center of an empire and put the “periphery” into a permanently subordinated position. That is not what Chancellor Merkel or the overwhelming majority of Germans stand for. Chancellor Merkel argued that it is against the rules to use the ECB to solve the fiscal problems of member countries – and she is right. President Draghi of the ECB has said much the same. There is a missing element in the current plans for the June summit: a European Fiscal Authority (EFA) which, in partnership with the ECB, can do what the ECB cannot do on its own. It could establish a Debt Reduction Fund – a modified form of the European Debt Redemption Pact that was proposed by Chancellor Merkel’s Council of Economic Advisors and is endorsed by the Social Democrats and Greens. In return for Italy and Spain undertaking specified structural reforms the Fund would acquire and hold a significant portion of their outstanding stock of debt. It would finance the purchases by issuing European Treasury Bills – a joint and several obligations of the member countries – and pass on the benefit of cheap financing to the countries concerned. The Bills will be assigned zero risk rating by the authorities and will be treated as the highest quality collateral for repo operations at the ECB. The banking system has an urgent need for risk-free liquid assets. Banks are currently holding more than €700 billion of surplus liquidity at the ECB earning only one quarter of 1% interest. This assures a large and ready market for the Bills at 1% or less. Should a participating country subsequently fail to live up to its commitments the EFA may impose a fine or other form of penalty which would be proportionate to the violation so that it would not turn into a nuclear option that cannot be exercised. This would provide strong protection against moral hazard. For instance, it would make it practically impossible for a successor government in Italy to break any commitments undertaken by the Monti government. Having practically half the Italian debt financed by European Treasury Bills will have an effect similar to a reduction in the average maturity of its debt. That would make a successor government all the more responsive to any punishment imposed by the EFA. After a suitable period the participating countries will enter into debt reduction programs which will be tailored not to jeopardize their growth. That will be the prelude the establishment of a full political union and the introduction of eurobonds. The issuance of European Treasury Bills would of course require the approval of the Bundestag but it would be in conformity with the requirement by the German Constitutional Court that any commitment approved by the Bundestag should be limited in time and size. It is not too late to turn into a Political Declaration which outlines not only the long-term goal of a political union but also a road map towards a fiscal and banking union. Guided by this Declaration the EFSF could immediately takeover the ECB holdings of Greek bonds, the ECB could start accumulating Spanish and Italian bonds and Italy and Spain could implement the structural reforms that will qualify them for the Debt Redemption Fund. This would have the same effect on markets as the finance ministers’ declaration in November 2009 which saved the financial system. It would also change the political dynamics. The main obstacle is in German politics which is mired in a “can’t do” mode. Chancellor Merkel insists that a political union should precede a full-fledged fiscal and banking union. That is both unrealistic and unreasonable. The three have to be developed together step-by-step. There can be no treaty or constitutional clause preventing the establishment of the EFA if the German electorate as represented by the Bundestag approves it – otherwise there could have been no ESM. If the rest of Europe is united behind this proposal and the Bundestag rejects it Germany must take full responsibility for the financial and political consequences. ***Please do not hit “reply” to this message. This email was generated automatically and responses are not monitored. © 2009 GeorgeSoros.com | All rights reserved | Unsubscribe | Privacy Policy

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Fwd: Coming to USA, giving talks
by Kevin Carson 25 Jun '12

25 Jun '12

---------- Forwarded message ---------- From: Kevin Carson <free.market.anticapitalist(a)gmail.com> Date: Mon, Jun 25, 2012 at 10:01 AM Subject: Fwd: Coming to USA, giving talks To: c4ss <c4ss(a)googlegroups.com> This might be of interest to Tom and anyone else living in the St. Louis area. ---------- Forwarded message ---------- From: Brian Kaller via LinkedIn <member(a)linkedin.com> Date: Mon, Jun 25, 2012 at 5:40 AM Subject: Coming to USA, giving talks To: Kevin Carson <free.market.anticapitalist(a)gmail.com> LinkedIn *Brian Kaller* has sent you a message. *Date:* 6/25/2012 *Subject:* Coming to USA, giving talks Kevin, I appreciated your mention of my writings a while back, and I wanted to let you know that I will be coming to the USA this week for the first time in years. I will be giving talks in St. Louis, Mo, and in St. Paul, MN. I plan to speak to Occupy St. Louis at 7 pm on July 4, at Legacy Books & Cafe, off Delmar & Union in the city. In Minnesota, I will speak at Macalester College Friday, July 13 at 6 pm, and Saturday, July 14 at 7 pm. The lectures will be on "O'Sterity: How the Irish thrived in desperate times." When my wife was growing up here in the 1970s, Ireland was poorer than many Third-World countries, and not everyone had electricity or indoor plumbing. Yet statistics show people were better-educated, safer, healthier and happier -- at least from survey responses -- than Americans today. If we can piece apart why, I argue, we can help Americans and other modern people thrive during the difficult times ahead. I’d love to get as big a crowd as possible from a variety of political backgrounds. If you have any contacts in either city, I'd appreciate your passing the information on. Brian Kaller View/reply to this message<http://www.linkedin.com/e/-9si1wb-h3vf0tps-72/X4Aome646FJQ9puJoBANtDUD3FSza…> Don't want to receive e-mail notifications? Adjust your message settings<http://www.linkedin.com/e/-9si1wb-h3vf0tps-72/X4Aome646FJQ9puJoBANtDUD3FSza…> . This email was intended for Kevin Carson. Follow this link to learn why we include this information. http://www.linkedin.com/e/-9si1wb-h3vf0tps-72/plh/http%3A%2F%2Fhelp%2Elinke… 2012, LinkedIn Corporation. 2029 Stierlin Ct. Mountain View, CA 94043, USA -- Kevin Carson Karl Hess Chair in Social Theory, Research Associate Center for a Stateless Society http://c4ss.org "You have no authority that we are bound to respect" -- John Perry Barlow "We are legion. We never forgive. We never forget. Expect us" -- Anonymous Homebrew Industrial Revolution: A Low-Overhead Manifesto http://homebrewindustrialrevolution.wordpress.com Desktop Regulatory State http://desktopregulatorystate.wordpress.com -- Kevin Carson Karl Hess Chair in Social Theory, Research Associate Center for a Stateless Society http://c4ss.org "You have no authority that we are bound to respect" -- John Perry Barlow "We are legion. We never forgive. We never forget. Expect us" -- Anonymous Homebrew Industrial Revolution: A Low-Overhead Manifesto http://homebrewindustrialrevolution.wordpress.com Desktop Regulatory State http://desktopregulatorystate.wordpress.com

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Fw: [gang8] Social credit versus productive money
by robert searle 14 Jun '12

14 Jun '12

----- Forwarded Message ----- From: Arno Mong Daastoel <amd(a)daastol.com> To: gang8(a)yahoogroups.com Sent: Thursday, 14 June 2012, 13:25 Subject: [gang8] Social credit versus productive money Hugh, I am not sure that the West need any scheme of social credit, be it the versions of Steve Keen's, Kitson or or Douglas. Given the uncompetitive state, it seems to me that the West need to upgrade its productive capacity, not distribute credit for whatever purpose (such as more import). Therefore, I would rather favour this productive tradition of Hamilton, List etc. Arno On 14.06.2012 11:59, Arno Mong Daastoel wrote: >dropping the effective tax rates > > >I guess the easiest way of doing it would be to up the minimum level of income liable for tax payment. > >It would also have the additional effects of, > >1) distributing resources to the most needy >2) making work for low wages more attractive >3) increase competitiveness of the nation's industry >4) increase employment >5) increase tax revenues (counter-acting the public costs of tax relief) > >Arno > >PS >In Norway, to my knowledge, the only party who has gone for this solution is the right wing populist party (the Progress Party) >Left is not always right, or was it the way around? >;-) > >On 12.06.2012 20:37, Hugh Whinfrey wrote: >There is less administrative overhead and it is generally more fair >>if all citizens are granted the same slump sum amount. I have made >>this proposal before in a forum where I believe Mr. Keen is familiar >>with the posts. I would hope that the lack of ability to claim credit for >>being the originator of the above idea is not what is making him stick >>to his guns on what is clearly an unfair and uncecessarily complex >>proposal. >> >>The IRS/Inland Revenue can simply administer the leftover lump sum as >>a whopping tax credit. That would cause a whole lot of folks to suddenly >>decide to engage in productive economic activity where there currently >>is no incentive to do so. "Anti-austerity", i.e. dropping the effective tax rates >>to allow a new private economy of small businesses to take root is actually >>the only way out. The sooner we get started, the sooner it will get fixed. >> >>Hugh >> >>----- Original Message ----- >>From: Arno Mong Daastoel >>>To: gang8(a)yahoogroups.com >>>Sent: Tuesday, June 12, 2012 9:02 PM >>>Subject: Re: [gang8] Re: Debt - Dick Eastman versus Steve Keen >>> >>>Geoffrey, >>> >>>Here is a message for you. >>>(Somehow it did not reach me, found it on the list's yahoo website) >>> >>>Arno >>> >>>From: John Hermann <hermann(a)chariot.net.au> >>>Date: Tue Jun 5, 2012 2:35 pm >>>Subject: Re: [gang8] Re: Debt - Dick Eastman versus Steve Keen >>> >>>To receive the money, one would need to fill in a debt-relief application form. And as part of the contract between you and the issuer of this public grant you would undertake (a) to list all of the debts satisfying specified criteria, eg home mortgages, credit card debt, etc., and (b) to pay off those debts up to a maximum allowed limit. It would be effectively enforced by the tax office (the department of internal revenue), to whom all of the debt payments must be reported -- by both you and those receiving the payments. I am well aware of some of the problems that this operation would entail, but nobody said it had to be easy. >>> >>>John Hermann >>> >>> >>>On 5/06/2012 9:06 PM, G W Gardiner wrote: >>> >>>Wonder how one enforces it? >>> >>>Geoff >>> >>> >>> __._,_.___ Reply to sender | Reply to group | Reply via web post | Start a New Topic Messages in this topic (10) Recent Activity: Visit Your Group The gang8 list is devoted to Creditary Economics. To unsubscribe, email: gang8-unsubscribe(a)yahoogroups.com Switch to: Text-Only, Daily Digest • Unsubscribe • Terms of Use . __,_._,___

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in spite of everything, very well worth reading
by Vasilis Kostakis 13 Jun '12

13 Jun '12

http://www.thebaffler.com/past/of_flying_cars

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Fw: [gang8] Int'l finance as a ponzi scheme -- Bloomberg, no less
by robert searle 11 Jun '12

11 Jun '12

----- Forwarded Message ----- From: Michael Hudson <michael.hudson(a)earthlink.net> To: GANG8 <gang8(a)yahoogroups.com>; David Kelley <davidikelley(a)gmail.com> Cc: Jeffrey Sommers <sommerjw(a)uwm.edu> Sent: Sunday, 10 June 2012, 16:48 Subject: [gang8] Int'l finance as a ponzi scheme -- Bloomberg, no less BloombergViewOur CompanyProfessionalAnywhereRegisterSign In Home Quick News Opinion Market Data Personal Finance Tech Sustainability TV Video Radio Is Global Finance a Ponzi Scheme? Aska RussianExpert By Leonid Bershidsky Jun 6, 2012 9:43 AM ET Facebook Share Tweet LinkedIn Google+1 31 COMMENTS Print QUEUE Q What's the difference between today's global finance system and a Ponzi scheme? This is the question that a 56-year-old veteran Russian financial scammer has been asking his victims. Chillingly, he almost has a point. Sergei Mavrodi is one of the most infamous names in Russia's recent history. Back in February 1994, amid the turmoil of the country's transition to a market economy, the mathematician organized a Ponzi scheme called MMM. He offered returns of 100 percent a month and advertised aggressively on national television. Before the pyramid crashed in July 1994, it attracted as many as 10 million depositors, making it more popular than the voucher privatization program that was supposed to give regular Russians a chance to take a stake in formerly state-owned enterprises. Mavrodi managed to avoid prison for nearly a decade, in part by getting elected as a parliamentary deputy and using the status to obtain immunity from prosecution. He ultimately served out a four-and-a-half-year sentence for fraud. While in prison, Mavrodi wrote books and movie scripts, one of which -- PyraMMMid -- was later made into a successful film. Now he's back with an even more audacious endeavor: the honest scam. Last year, he announced the new project, MMM-2011, by stating boldly that it would be another Ponzi scheme. “Even if you strictly follow all instructions, you can still lose," he wrote on a website describing the project. "Your 'winnings' may be withheld without any explanation or reason whatsoever.” Depositors would be paid solely from funds invested by other depositors. There would be no attempt to generate income in any other way. This, he said, was perfectly all right, and no different than the way some of the largest institutions in global finance operated, from the Russian pension fund to the U.S. Federal Reserve. "What is money?" he wrote. "Nothing! Nihil. A phantom. … It is backed by nothing at all and printed by the masters in any quantity, at will.” Such a case might have been hard to make back in 1994, when Russians saw the U.S. dollar as an unassailable store of value. But in today's post-financial-crisis world, it's easy to see how Mavrodi's arguments could convince an uninitiated observer. The U.S. is paying back its bondholders with money freshly printed by the Fed. Greece is paying back investors with money the European Union has borrowed from other investors -- or maybe some of the same investors -- via its bailout funds. The developed world's central banks have printed the equivalent of trillions of dollars in new money to keep their financial systems and economies afloat. Mavrodi's sales pitch worked. On May 31, MMM-2011 claimed 35 million participants throughout the world. The number may be wildly inflated, but there were certainly hundreds of thousands of people in Russia, Ukraine and other post-Soviet nations who invested with Mavrodi. Their money allowed him to buy outdoor advertisements (this time avoiding TV) and open up chains of “consulting offices.” The operation employed a structure borrowed from multi-level marketing. Early investors recruited new ones. A member who brought ten people into the fold could become a foreman and take a small cut from each investment by his “clients.” The first adopters could end up running an army of 100,000 or even a million. They offered returns from 20 percent for a one-month deposit up to 60 percent monthly for a 12-month deposit. This time around, the mathematician was careful to mitigate the risk that he would be accused of fraud, or of operating a financial business without a license. MMM-2011 was not a legal entity. Money was moved strictly between people's private bank accounts or electronic wallets. The network made extensive use of communication technology: Potential foremen were interviewed via Skype, and each member was required to use a Gmail account. Authorities were nonplussed. “The law enforcement agencies have a very high sensitivity threshold,” Russia's financial ombudsman Pavel Medvedev told TVRain. “They worry when someone gets killed, not when fraud is being perpetrated.” Criminal proceedings were started against Mavrodi in Novosibirsk, where he was accused of “aiding illegal enterprise,” but no move was made to arrest the MMM mastermind, who communicated with his followers only by posting videos on his website. In Ukraine, Prime Minister Nikolai Azarov promised that the government would “check on what grounds this company started operating” and warned citizens that “there is no such thing as a free lunch.” No decisive action was taken. Alexei Plotnikov, a parliamentary deputy from the ruling Regions Party, argued that action wasn't necessary: “There is a general rule that you should not stick fingers in an electrical outlet, but there will always be people who do that," he said. "It's the same with Ponzi schemes and other questionable operations. All the government should do is issue a warning.” MMM-2011 halted payments on May 31. “Unfortunately, I have to admit that a panic has started within the System,” Mavrodi wrote, blaming the media for spreading malicious rumors. “This is a pyramid! If everyone rushes to withdraw the money, there is no way there will be enough money for everybody. In fact, it would be the same with any bank.” Undaunted, Mavrodi launched a new pyramid, MMM-2012, saying that it would be used to prop up MMM-2011. “Don't worry, don't be nervous, we will fix everything, and you'll get paid in full,” Mavrodi wrote, adding immediately: “This is not a promise, just a feeling I have.” Experts pointed out the difference between those who lost their money to the first MMM in 1994 and the members of Mavrodi's modernized social network. “There is a different motivation now,” psychologist Akop Narvazyan told Russia's Channel One. “This is a gamble: People hope they will be smarter, more cunning than others. This is no longer mere inexperience, it's adventure-seeking.” Yet when the pyramid collapsed, Internet forums quickly filled with desperate pleas. “Please help me withdraw my deposit of 3.8 million rubles ($112,000). Am willing to pay 30 percent. Can anyone help or is it all over?” read one post. “Guys, save me, I borrowed serious money from serious people and now my foreman won't answer!” read another. Some MMM-2011 depositors, like their predecessors in 1994, have borrowed against their apartments to invest and are now facing homelessness. It may all be their fault. They had been warned repeatedly by various officials and by Mavrodi himself. It is, however, an interesting moral issue, if not a legal one, whether governments have any obligation to protect financial innocents from themselves. One also wonders whether the policy makers managing the world's financial system might be able to extract some lessons for themselves. (Leonid Bershidsky, an editor and novelist, is Moscow and Kiev correspondent for World View. Opinions expressed are his own.) To contact the writer of this column: bershidsky(a)gmail.com. To contact the editor responsible for this column: Mark Whitehouse at mwhitehouse1(a)bloomberg.net. __._,_.___ Reply to sender | Reply to group | Reply via web post | Start a New Topic Messages in this topic (1) Recent Activity: Visit Your Group The gang8 list is devoted to Creditary Economics. To unsubscribe, email: gang8-unsubscribe(a)yahoogroups.com Switch to: Text-Only, Daily Digest • Unsubscribe • Terms of Use . __,_._,___

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Fw: [gang8] The international monetary system - Quo vadis?
by robert searle 09 Jun '12

09 Jun '12

----- Forwarded Message ----- From: Hugh Whinfrey <market(a)svarsmaal.dk> To: gang8(a)yahoogroups.com Sent: Sunday, 3 June 2012, 9:00 Subject: Re: [gang8] The international monetary system - Quo vadis? >Hugh, would this be treasury-based fiat system plus fractional-reserve credit system for bankers? OK. This is all coming pretty much off-the-cuff. So I reserve the right to backtrack and change it in the face of feedback :-) The main idea I was looking at was to dispose of this hybrid system where money creation by fiscal polcy and monetary policy measures respectively negatively interfere with each other. The private banking sector should get out of the business of dictating to governments and the government should in turn get out of the business of dictating to the private banking sector. So I'm proposing a divorce. As Arno just posted while I'm writing this, I think it comes down to a 2-currency system being a really good idea. I would call it two classes of currencies though. Government-issued and privately-issued. With some simple rules for the interaction between the two. The government-issued currency would be the only legal tender for payments to and from the government. The existing tax system would be expanded to a system of accounts in which the users would essentially have checking accounts at the state bank with credit balances from which they could make transfers to other entities having accounts at the state bank. So one flavour of money would be government-issued money. The general rule here is that the government does not lend money under circumstances that are comptitive with what the private sector can offer. Rather, they spend it into existence. Discipline is enforced by the spending vs. tax revenue tradeoff. The other flavour of money would be private bank-issued money. Each bank is not only free to issue its own currency, but *must* issue its own currency. There are no government guarantees for any accounts at the private banks. If you want guarantees you have to keep your cash in the state bank. If you want interest you have to keep it in a private bank. Private banks cannot offer accounts in the government currency. They must use their own currency. So we have "Barclay's Britos" and "Citibank Ameros" and so on. When you go shopping you spend what "private brand" of currency that the merchant accepts. Arbitrage opportunities will become an industry in itself. Groups of banks can band together to keep their currencies having identical values. The point is that if the private banks lend too much or are otherwise mismanaged, discipline is enforced by the value of their currency dropping relative to that of better managed banks. You won't have bank runs, the value will just drop relative to the currencies of other banks. So,coming back to the original question about reserves. There would be no need for reserves - the private banks could issue all the currency they want to - backed but absolutely nothing. They would live and die by what the market thinks their currency is worth. The smarter banks would of course maintain something to back their currency with to keep its value up. The point though is that the customers of private banks would have to become a bit more educated and proactive about the choices they make. It becomes the consumer's responsibility in that sense. Hugh ----- Original Message ----- >From: Gunnar Tomasson >To: gang8(a)yahoogroups.com >Sent: Sunday, June 03, 2012 3:42 AM >Subject: RE: [gang8] The international monetary system - Quo vadis? > > >Hugh, would this be treasury-based fiat system plus fractional-reserve credit system for bankers? > >Gunnar > >From:[email protected] [mailto:[email protected]] On Behalf Of Hugh Whinfrey >Sent: Saturday , June 02, 2012 7:17 PM >To: gang8(a)yahoogroups.com >Subject: Re: [gang8] The international monetary system - Quo vadis? > > >>2. If such is in fact the case, then the world community can go without such a stable foundation OR attempt to develop one. > >I agree that it's positive to discuss it even if the level of >desperation isn't so acute as to take it seriously yet. > >What other possible foundations are there? > >The only alternative I can see to purely "independent" CB-based >money or its commodity-based alternative would be a >treasury-based fiat system, i.e. with the role of bankers being >solely to lend t o the public and not to governments. > >Money creation could then essentially be balanced by the >creation of *publicly owned* infrastructure assets/goods >which it could be claimed "back" the currency and give it its >value. > >Hugh > >----- Original Message ----- >>From:Gunnar Tomasson >>To:[email protected] >>Sent:Sunday, June 03, 2012 12:41 AM >>Subject:RE: [gang8] The international monetary system - Quo vadis? >> >>Dear Richard. >> >>I have no more confidence in the saga city of central bankers than the next man! >> >>Nor do I entertain any illusions about that of my erstwhile colleagues at the IMF. >> >>As I see it, the problem is the following: >> >>1. Neither the U.S. dollar nor the Euro – nor any other national currencies, singly or collectively – can serve as a stable foundation for future world monetary arrangements. >> >>2. If such is in fact the case, then the world community can go without such a stable foundation OR attempt to develop one. >> >>Gunnar >> >>From:[email protected] [mailto:[email protected]] On Behalf Of Dr. Richard Werner >>Sent: Saturday, June 02, 2012 6:33 PM >>To: gang8(a)yahoogroups.com >>Subject: RE: [gang8] The international monetary system - Quo vadis? >> >> >>Dear Gunnar, >> >>A single currency means even more power to unelected central bankers. This cannot be a good thing. >> >>A single currency will ensure that the monetary ‘mistakes’ of central ba nks of the past century will not only be repeated but have a much bigger impact. >> >>Has the single currency of the eurozone not taught us any lessons? >> >>Regards, >>Richard >> >> >>________________________________ >> >>From:[email protected] [mailto:[email protected]] On Behalf Of Gunnar Tomasson >>Sent: 02 June 2012 22:40 >>To: gang8(a)yahoogroups.com >>Subject:< /b> [gang8] The international monetary system - Quo vadis? >> >> >>Dear Gang. >> >>The recent comments by World Bank President Robert Zoellick on the euro crisis – >> >>http://www.greekcrisis.net/2012/06/europe-must-prepare-emergency-plan.html >> >>– were reported in an Icelandic web-based news service, www.eyjan.is. >> >>Here, in loose translation, are comments on the subject matter which I posted today: >> >>It has not been timely before now – but when the present international monetary system has finally seized up there will be only one way out of the problem. >> >>The adoption of an international currency along the lines of the International Monetary Fun d’s Special Drawing Rights (SDRs). >> >>The IMF has been on the sidelines since the early 1970s with no authority to stem the ongoing structural disintegration of the international monetary system. >> >>Now, some forty years later, it is clear that a future international monetary system cannot be based on the currencies of individual countries (U.S.A.) or country groups (EU). >> >>That leaves no option other than an international currency subject to supervision to ensure that the self-destructive developments of the past forty years will not be repeated. >> >>Gunnar __._,_.___ Reply to sender | Reply to group | Reply via web post | Start a New Topic Messages in this topic (12) Recent Activity: Visit Your Group The gang8 list is devoted to Creditary Economics. To unsubscribe, email: gang8-unsubscribe(a)yahoogroups.com Switch to: Text-Only, Daily Digest • Unsubscribe • Terms of Use . __,_._,___

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Re: [P2P-F] Ostrom and Climate Change..
by mail＠vegburner.co.uk 09 Jun '12

09 Jun '12

Hello Natalie, Dont know if you are suggesting that Hardins' work trumps the commons but 'the tragedy' has been proved to be void when looking at many real life commons. Not all commons are immune to tradegy but some most definately are. Ostroms work has been a big part in disproving 'tradegy'. See also 'the comedy of the commons' Best Darren -original message- Subject: Re: [P2P-F] Ostrom and Climate Change.. From: "Natalie Golovin" <10natalie(a)cox.net> Date: 09/06/2012 01:56 Haven’t posted in a long time...Suggest you & P2P “people” familiarize yourselves with Garrett Hardin’s work. He died, but you can GOOGLE the Garrett Hardin Society. Maybe start with The Tragedy of the Commons. From: robert searle Sent: Friday, June 08, 2012 10:27 AM To: P2 P Foundation mailing list Subject: [P2P-F] Ostrom and Climate Change.. Maybe of interest ofcourse.. http://www.irinnews.org/Report/95355/GLOBAL-Interview-with-Nobel-prize-winn… -------------------------------------------------------------------------------- _______________________________________________ P2P Foundation - Mailing list http://www.p2pfoundation.net https://lists.ourproject.org/cgi-bin/mailman/listinfo/p2p-foundation _______________________________________________ P2P Foundation - Mailing list http://www.p2pfoundation.net https://lists.ourproject.org/cgi-bin/mailman/listinfo/p2p-foundation

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Fw: The Living Building Challenge Wins 2012 Buckminster Fuller Challenge
by robert searle 09 Jun '12

09 Jun '12

----- Forwarded Message ----- From: The Buckminster Fuller Institute <contact(a)bfi.org> To: Searle88 <dharao4(a)yahoo.co.uk> Sent: Friday, 8 June 2012, 0:53 Subject: The Living Building Challenge Wins 2012 Buckminster Fuller Challenge Contact: Sharifah Taqi Tel: 718.290.9283 Email: challenge(a)bfi.org Challenge Website **For Immediate Release** VISIONARY PERFORMANCE STANDARD CATALYZING SEISMIC SHIFT IN THE WAY WE BUILD BUILDINGS NAMED WINNER OF 2012 BUCKMINSTER FULLER CHALLENGE June 7, 2012 NEW YORK CITY The Buckminster Fuller Institute (BFI) is pleased to announce that The Living Building Challenge, a building standard framework and certification program that is defining the highest possible level of environmental performance in the built environment, has been selected as the winner of the 2012 Buckminster Fuller Challenge. The Seattle based non-governmental organization (NGO), envisioning a built environment that is fully integrated with its ecosystem, was awarded $100,000 to further develop and scale its work at an award ceremony last night at Cooper Union in New York City. The Buckminster Fuller Challenge, named "Socially-Responsible Design's Highest Award" by Metropolis Magazine, is the world's premier annual global competition recognizing bold, visionary, tangible initiatives that take a comprehensive, anticipatory, design science approach to radically advance human well being and the health of our planet's ecosystems, named for one of the most important futurists and visionaries of the 20th century. "If Bucky Fuller were with us today," said Challenge Juror Kenny Ausubel, "he'd be smiling because the Living Building Challenge exemplifies his mission statement for humanity: 'To make the world work for 100 percent of humanity in the shortest possible time through spontaneous cooperation without ecological offense for the disadvantage of anyone.' The Living Building Challenge is especially important at this make-it-or-break-it moment when humanity must rapidly address climate change in disruptive, systemic ways. At a cusp when world populations continue to place increasingly radical strains on the biosphere, innovating on how we redesign the built environment is imperative." The Living Building Challenge emphasizes priorities on both a technical level and as a set of core values, engaging the broader building industry in the deep conversations required to re-imagine business-as-usual, and transform building occupants from passive consumers into active stewards of increasingly scarce resources. Since 2010, when The Living Building Challenge was a Buckminster Fuller Challenge finalist, it has gained a lot of momentum, extending its reach well beyond its initial base in the Pacific Northwest, and is influencing sites all over the world. They demonstrate that their principles are feasible, replicable and translatable to a wide range of contexts, including emerging economies and lower income neighborhoods. There are registered Living Building Challenge projects in Australia, Canada, France, Lebanon, Mexico, New Zealand, Romania and the United States, with emerging projects elsewhere. In the United States alone, there are sites in Arizona, California, Colorado, Connecticut, Hawaii, Iowa, Illinois, Kentucky, Louisiana, Massachusetts, Maryland, Maine, Minnesota, Missouri, Montana, New Jersey, New York, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, West Virginia, and Wyoming. The approach inspires a new level of collaboration between building owners, construction trade, architects, engineers and regulators. Not only do the principles in and of themselves hold the potential to catalyze widespread innovation within the industry, but they work training a network of ambassadors in every country with a registered building as well as in Brazil, Chile, Columbia, Costa Rica, Czech Republic, Denmark, Egypt, Guatemala, India, Ireland, Spain, South Africa, and the United Kingdom, dedicated to engaging their communities in collaboration. Future of Fish, a nonprofit accelerator for entrepreneurs launching market-based initiatives that drive sustainability, efficiency, and traceability in the seafood supply chain, was named Runner-Up. It focuses specifically on industry pioneers whose planned initiatives are directly aligned with their own mission and whose ideas are considered too nascent to secure traditional financing without the additional strategic and operational support Future of Fish provides. The Honorable Mentions were: Eco-Fuel Africa Limited works with rural farmers in Africa to make clean cooking fuel and organic fertilizers called biochar from agricultural waste like coffee husks and sugarcane waste. Providing farmers with access to free organic fertilizers, they are reducing indoor air pollution and cost of fuel, combating deforestation, enhancing the fertility of depleted farming soils, boosting rural incomes, and empowering communities. The Water Retention Landscape of Tamera, is a model for natural decentralized water management, restoration of damaged ecosystems and disaster prevention. It is a basis for reforestation, agriculture and aquaculture, especially in regions threatened by desertification, and is an integral part of a comprehensive model for sustainability in water, food, energy and social structures. The winner was announced after a day event hosted by The Cooper Union Institute for Sustainable Design. The day featured presentations by the winner and runner-up, a roundtable discussion with Challenge jurors, finalists, and Professor of Architecture at The Cooper Union, David Turnbull, and an award ceremony. Special guest Dr. John Todd delivered a keynote address. The Buckminster Fuller Challenge (now in its fifth year) celebrates innovation and creativity that takes a whole-systems approach to design. The Cooper Union Institute for Sustainable Design shares this approach and places whole-systems thinking at the core of its philosophy. The June 6th event inaugurated a formal partnership between the Buckminster Fuller Institute and the CUISD. Collaboration between these groups will allow us to co-promote a series of lectures, share resources and ideas, inspire our communities and streamline our efforts as we work together toward our common vision of a sustainable future. For the 2012 statements about the winner from BFI and the Jury, visit the winner page. Related Links - About the Buckminster Fuller Institute: http://bfi.org - About the Challenge: http://challenge.bfi.org/About - 2012 semi-finalists page: http://challenge.bfi.org/2011Semi_Finalists" - 2012 Challenge Jury: http://challenge.bfi.org/process/jurors - Previous Entries: http://challenge.bfi.org/ideaindex - Previous Winners:http://challenge.bfi.org/Winners - Press: http://challenge.bfi.org/Press - Connect on Facebook This email is sent from: The Buckminster Fuller Institute 181 N11th St, Suite 402 Brooklyn, NY 11211 United Statesp 718 290 9280 | f 718 290 9281 | bfi.org | contact To unsubscribe from this mailing list, click here. To never receive email from The Buckminster Fuller Institute, click here.

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Fw: Are Putin's Shale Hopes Doomed? An Investors POV....
by robert searle 09 Jun '12

09 Jun '12

----- Forwarded Message ----- From: Energy and Capital <eac-eletter(a)angelnexus.com> To: dharao4(a)yahoo.co.uk Sent: Friday, 8 June 2012, 16:36 Subject: Are Putin's Shale Hopes Doomed? Forward to a Friend Having trouble viewing this issue? Click here.Refer a Friend to Energy and Capital. Are Putin's Shale Hopes Doomed? By Keith Kohl | Friday, June 8th, 2012 Since 2008, the title of world's largest oil and gas producer has changed hands several times. Russia, the United States, and Saudi Arabia have all been battling for bragging rights. Most recently, Russia managed to regain its natural gas title from the U.S., but then lost its oil crown to the Saudis. I can almost picture Putin's inner sanctum during energy-related meetings... At the heart of the matter is how to bring on new production. Desperation must permeate the room. The heated conversation between Putin and his merry gang of drillers could be taken right out of movie script: “Are you sure you've searched everywhere?” he'd ask impatiently. “Yes, sir, we've looked everywhere,” they'd answer. “And what about the town? The forests? The mountains?” You get the idea... We're not talking about a trivial amount of oil here. No, Russia will need a lot more than the billions of barrels buried in the Arctic seabed if it plans on overtaking Saudi Arabia once again. Advertisement This CEO Accidentally Reveals a Big Secret Experts say North Dakota's Bakken Oil Pool may hold 4-6 billion barrels of sweet, light crude. But the CEO of the biggest Bakken oil company just let it slip that there's as much as 24 billion barrels. The thing is, there's very little land left for drilling leases... and that means Bakken oil companies may be worth 300%-400% more than most investors now believe. You can watch this CEO's incredible video footage HERE. In order to get an edge over the others, Russia will have to turn to the one thing that has breathed life back into the North American oil and gas industry since 2008. Developing our unconventional resources is the sole reason we've been able to reverse a decades-long production decline. The Russians have good reason to be envious of our success. The question is will Putin's shale dreams end happily. We're not so convinced they will — because while they're not short of supply, one look at other would-be shale booms across the globe reveals things aren't progressing as well as they are here in North America... China and Russia's Jealousy Rages On As holder of the largest shale gas resources in the world, China sure hasn't been very successful in developing it — and not for lack of trying. The Chinese are planning to increase shale gas production to 6.5 billion cubic meters in 2015 and to nearly 100 billion cubic meters in 2020. Considering Chinese output right now is one big goose egg, you can see how ambitious their plans are. Just how much natural gas are we talking about? If current estimates project about 36 trillion cubic meters (or 1.2 quadrillion cubic feet, for those of you keeping track) buried under Chinese soil, you can understand why they're so excited. But it's been slowgoing, to say the least. Learning the ins and outs of shale production is what led CNOOC to pump billions of dollars into the various shale plays across the United States. Advertisement I Have a Photograph that Could Hand You Thousands by this Time Next Year... I don't blame you if this sounds far-fetched... In fact, if I hadn't traveled hundreds of miles to frozen land — just to get the images — I wouldn't have believed it, either. But once you take a peek at what I found, as well as the reasons it could make you rich, I have no doubt you'll change your mind. Now it's Russia's turn to try their luck in the shale race. One of Siberia's shale formations is being touted as Russia's version of the Bakken. It's called the Bazhenov Formation — and at nearly 600 million acres, it's been said this area is 80 times the size of the Bakken Formation. But this isn't a new discovery. In fact, we've known the Bazhenov's potential this since 2000! And we're not completely convinced this formation is "the Bakken of Russia." Our skepticism has nothing to do with the size of the Bazhenov, or even the flow of production that will come from it... While it's been said output could reach a million barrels per day by the end of the decade, Putin and his comrades won't see a single drop of shale oil until they learn how to properly extract it. That said, betting on the Bazhenov could end up costing you dearly. Besides, why bother looking halfway around the world when there are much better opportunities available right here at home? U.S. drillers are more valuable than they appear... There's a reason China has been so eager to move into places like the Eagle Ford formation in Southern Texas. The Middle Kingdom and Russia are both in desperate need of the coveted technology to extract their resources — just one more reason we'll continue to see lucrative deals in U.S. shale. We saw this firsthand when Statoil shelled out $4.4 billion to buy Brigham... Here are three more shale stocks investors are cashing in on right now. Until next time, Keith Kohl @KeithKohl1 on Twitter A true insider in the energy markets, Keith is one of few financial reporters to have visited the Alberta oil sands. His research has helped thousands of investors capitalize from the rapidly changing face of energy. Keith connects with hundreds of thousands of readers as the Managing Editor of Energy & Capital as well as Investment Director of Angel Publishing's Energy Investor. For years, Keith has been providing in-depth coverage of the Bakken, the Haynesville Shale, and the Marcellus natural gas formations — all ahead of the mainstream media. For more on Keith, go to his editor's page. I liked this article | I did not like this article Follow Energy and Capital on The Bottom Line Related ArticlesFinding Long-Term Value in Natural GasInvest Without the RiskWhat the Saudis Aren't Telling UsInvesting in Fracturing Technology Recently...Investing in the Right SolutionA Case for Long CoalNatural Gas Vehicles Will Kill the Electric CarEnergy and Capital's Weekend EditionDon't Be Scared This email was sent to dharao4(a)yahoo.co.uk . You can manage your subscription and get our privacy policy here. Energy and Capital, Copyright © 2012, Angel Publishing LLC, 1012 Morton St, Baltimore, MD 21201. All rights reserved. No statement or expression of opinion, or any other matter herein, directly or indirectly, is an offer or the solicitation of an offer to buy or sell the securities or financial instruments mentioned. While we believe the sources of information to be reliable, we in no way represent or guarantee the accuracy of the statements made herein. Energy and Capital does not provide individual investment counseling, act as an investment advisor, or individually advocate the purchase or sale of any security or investment. Neither the publisher nor the editors are registered investment advisors. Subscribers should not view this publication as offering personalized legal or investment counseling. Investments recommended in this publication should be made only after consulting with your investment advisor and only after reviewing the prospectus or financial statements of the company in question. 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