DSK coerced countries with a velvet broom ... while the predators wanted even more pain ... I guess this long-term and more compassionate view was anathema to the market fundi's ..<br><br><div class="gmail_quote">On Sun, May 22, 2011 at 5:09 PM, Dante-Gabryell Monson <span dir="ltr"><<a href="mailto:dante.monson@gmail.com">dante.monson@gmail.com</a>></span> wrote:<br>
<blockquote class="gmail_quote" style="margin: 0pt 0pt 0pt 0.8ex; border-left: 1px solid rgb(204, 204, 204); padding-left: 1ex;">further contexts ? <div><div><div><br></div><div><a href="http://english.aljazeera.net/indepth/opinion/2011/05/20115712428956842.html" target="_blank">http://english.aljazeera.net/indepth/opinion/2011/05/20115712428956842.html</a><br>
<div><br></div><div><table style="font-family: Arial; font-size: 13px;" width="100%" border="0" cellpadding="0" cellspacing="0"><tbody><tr>
<td style="font-family: Arial; font-weight: bold; font-size: 25px;" valign="top"><span>The IMF's change of heart</span></td></tr><tr><td style="min-height: 10px;">
</td></tr><tr><td><div><div style="font-weight: bold;">The International Monetary Fund has realised that a nation's economic well-being depends on social equality and justice.</div>
<div style="min-height: 5px;"></div><div style="padding-bottom: 5px;"><font size="2"><span style="font-family: Arial; font-weight: bold; padding-right: 5px;"><a href="http://english.aljazeera.net/indepth/opinion/profile/joseph-e-stiglitz.html" style="color: rgb(251, 157, 4); text-decoration: none;" target="_blank">Joseph E Stiglitz</a></span><span style="color: rgb(153, 153, 153); font-weight: bold; padding-bottom: 5px;"> Last Modified: <span>07 May 2011 15:14</span></span></font></div>
</div></td></tr></tbody></table><div><br></div><div><span style="border-collapse: collapse; font-family: Verdana; font-size: 10px;"><b>Under Dominique Strauss-Kahn, the IMF is looking to assist countries in stimulating their economies through long-term investments, boosting wages and strengthening collective bargaining</b></span><br>
<div><br></div><div><br></div><div><a href="http://english.aljazeera.net/indepth/opinion/2011/05/2011520123526685879.html" target="_blank">http://english.aljazeera.net/indepth/opinion/2011/05/2011520123526685879.html</a></div>
<div><br></div><div><span style="border-collapse: collapse; font-family: Verdana; font-size: 10px;"><b>Strauss-Kahn was in the process of making drastic changes in the IMF to benefit the developing world when he was suddenly caught up in a sex scandal </b></span></div>
<div><span style="border-collapse: collapse; font-family: Verdana;"><b><span style="font-family: Arial; border-collapse: separate; font-weight: normal;"><div style="font-size: 13px; font-weight: bold;">
<br></div><div style="min-height: 5px;"></div><div style="padding-bottom: 5px;"><span style="font-family: Arial; font-weight: bold; padding-right: 5px;"><a href="http://english.aljazeera.net/indepth/opinion/profile/pepe-escobar.html" style="color: rgb(251, 157, 4); text-decoration: none;" target="_blank">Pepe Escobar</a></span><span style="color: rgb(153, 153, 153); font-weight: bold; padding-bottom: 5px;"> Last Modified: <span>21 May 2011 11:54</span></span></div>
</span></b></span></div><div><br></div><div>/////</div><div><br></div><div>opinion : </div><div><br>...which does not build claims for innocence regarding the sex scandal in which he is involved - yet I question myself regarding the timing of it. It is unfortunate I tend to be surprised powerful people get indicted and brought to justice, as to me it seems to be an exception rather then a rule, and tend to feel there are other stakes that may have lead him not to be "protected" from claims leading to the demise of his position at the IMF.</div>
<div><div><div><br></div></div><div><br></div><br><div class="gmail_quote"><div><div></div><div class="h5">---------- Forwarded message ----------<br>From: <b class="gmail_sendername">Michel Bauwens</b> <span dir="ltr"><<a href="mailto:michelsub2004@gmail.com" target="_blank">michelsub2004@gmail.com</a>></span><br>
Date: Fri, May 20, 2011 at 7:09 PM<br>Subject: [P2P-F] Fwd: larger context ? : 10 Feb 2011 - Dominique Strauss-Kahn calls for new world currency<br>To: p2p-foundation <<a href="mailto:p2p-foundation@lists.ourproject.org" target="_blank">p2p-foundation@lists.ourproject.org</a>><br>
<br><br><div><div></div><div><br><br><div class="gmail_quote">---------- Forwarded message ----------<br>From: <b class="gmail_sendername">Dante-Gabryell Monson</b> <span dir="ltr"><<a href="mailto:dante.monson@gmail.com" target="_blank">dante.monson@gmail.com</a>></span><br>
Date: Fri, May 20, 2011 at 11:38 PM<br>Subject: larger context ? : 10 Feb 2011 - Dominique Strauss-Kahn calls for new world currency<br>To: <a href="mailto:econowmix@googlegroups.com" target="_blank">econowmix@googlegroups.com</a><br>
<br>
<br><br><div><a href="http://www.telegraph.co.uk/finance/currency/8316834/International-Monetary-Fund-director-Dominique-Strauss-Kahn-calls-for-new-world-currency.html" target="_blank">http://www.telegraph.co.uk/finance/currency/8316834/International-Monetary-Fund-director-Dominique-Strauss-Kahn-calls-for-new-world-currency.html</a></div>
<div><br></div><div><span style="color: rgb(40, 40, 40); font-family: georgia,'times new roman',times,serif; font-size: 10px;"><h1 style="margin: 0px; padding: 0px 0px 8px; color: rgb(30, 30, 30); font-size: 2.4em; font-weight: normal; line-height: 1.16em;">
International Monetary Fund director Dominique Strauss-Kahn calls for new world currency</h1><h2 style="margin: 0px; padding: 0px 0px 10px; color: rgb(64, 64, 64); font-size: 1.6em; font-weight: normal; line-height: 1.2em;">
Dominique Strauss-Kahn, managing director of the International Monetary Fund, has called for a new world currency that would challenge the dominance of the dollar and protect against future financial instability.</h2></span></div>
<div><br></div><div><span style="color: rgb(40, 40, 40); font-family: georgia,'times new roman',times,serif; font-size: 10px;"><span style="color: rgb(63, 63, 63); font-family: georgia,'times new roman',times,serif; font-size: 1.25em; font-weight: bold; padding-right: 5px;">By <a title="Andrew Trotman" href="http://www.telegraph.co.uk/journalists/andrew-trotman/" style="color: rgb(35, 75, 123); outline-width: 0px; text-decoration: none;" target="_blank">Andrew Trotman</a></span> <span style="color: rgb(63, 63, 63); font-family: arial,sans-serif; font-size: 1.2em;">5:14PM GMT 10 Feb 2011</span></span></div>
<div><span style="color: rgb(40, 40, 40); font-family: georgia,'times new roman',times,serif; font-size: 10px;"><span style="color: rgb(63, 63, 63); font-family: arial,sans-serif; font-size: 1.2em;"><br>
</span></span></div><div><div style="color: rgb(40, 40, 40); font-family: georgia,'times new roman',times,serif; font-size: 10px;">
<p style="margin: 0px; padding: 0px 0px 0.7em; font-family: arial,helvetica,sans-serif; font-size: 1.4em; line-height: 1.48em;">
“Global imbalances are back, with issues that worried us before the crisis - large and volatile capital flows, exchange rate pressures, rapidly growing excess reserves - on the front burner once again,” <a href="http://www.telegraph.co.uk/finance/dominique-strauss-kahn/" style="color: rgb(35, 75, 123); outline-width: 0px; text-decoration: none;" target="_blank">Dominique Strauss-Kahn</a> said. “Left unresolved, these problems could even sow the seeds of the next crisis.”</p>
</div><div style="color: rgb(40, 40, 40); font-family: georgia,'times new roman',times,serif; font-size: 10px;"><p style="margin: 0px; padding: 0px 0px 0.7em; font-family: arial,helvetica,sans-serif; font-size: 1.4em; line-height: 1.48em;">
“When we worry about the deficiencies of the international monetary system, we are mostly worrying about volatility,” he added. There is “a sense that money sometimes flows around the globe in too-volatile a fashion and that countries need a more stable, more predictable external environment in order to prosper”, he said.</p>
</div><div style="color: rgb(40, 40, 40); font-family: georgia,'times new roman',times,serif; font-size: 10px;"><p style="margin: 0px; padding: 0px 0px 0.7em; font-family: arial,helvetica,sans-serif; font-size: 1.4em; line-height: 1.48em;">
He suggested adding emerging market countries' currencies, such as the yuan, to a basket of currencies that the IMF administers could add stability to the global system.</p></div><div style="color: rgb(40, 40, 40); font-family: georgia,'times new roman',times,serif; font-size: 10px;">
<p style="margin: 0px; padding: 0px 0px 0.7em; font-family: arial,helvetica,sans-serif; font-size: 1.4em; line-height: 1.48em;">
China, which holds much of its $2.85 trillion mountain of reserves in US Treasury bonds, has repeatedly expressed unease about the value of the dollar, while American politicians have complained that Beijing gains an unfair advantage by keeping its own currency cheap.</p>
</div><div style="color: rgb(40, 40, 40); font-family: georgia,'times new roman',times,serif; font-size: 10px;"><p style="margin: 0px; padding: 0px 0px 0.7em; font-family: arial,helvetica,sans-serif; font-size: 1.4em; line-height: 1.48em;">
Strauss-Kahn saw a greater role for the IMF's Special Drawing Rights, which is currently composed of the dollar, sterling, euro and yen, over time but said it will take a great deal of international cooperation to make that work.</p>
<p style="margin: 0px; padding: 0px 0px 0.7em; font-family: arial,helvetica,sans-serif; font-size: 1.4em; line-height: 1.48em;">
<br></p><p style="margin: 0px; padding: 0px 0px 0.7em; font-family: arial,helvetica,sans-serif; font-size: 1.4em; line-height: 1.48em;">
<span style="font-family: georgia,'times new roman',times,serif; font-size: 10px; line-height: normal;"></span></p><p style="margin: 0px; padding: 0px 0px 0.7em; font-family: arial,helvetica,sans-serif; font-size: 1.4em; line-height: 1.48em;">
"Using the SDR to price global trade and denominate financial assets would provide a buffer from exchange rate volatility," Strauss-Kahn said, while "issuing SDR-denominated bonds could create a potentially new class of reserve assets".</p>
<p style="margin: 0px; padding: 0px 0px 0.7em; font-family: arial,helvetica,sans-serif; font-size: 1.4em; line-height: 1.48em;">
Russian President Dmitry Medvedev last month said the currencies of Brazil, Russia, India and China should be included in the SDR valuation basket. The same month, Sarkozy said that the yuan should be included, and US President Barack Obama’s administration said it supports such a transition “over time”.</p>
<p style="margin: 0px; padding: 0px 0px 0.7em; font-family: arial,helvetica,sans-serif; font-size: 1.4em; line-height: 1.48em;">
However, among the yuan's drawbacks is that it is not freely traded and China's capital markets are largely closed.</p><p style="margin: 0px; padding: 0px 0px 0.7em; font-family: arial,helvetica,sans-serif; font-size: 1.4em; line-height: 1.48em;">
Strauss-Kahn said: "Increasing the role of the SDR would clearly require a major leap in international policy coordination. For this reason, I expect the global reserve asset system to evolve only gradually, and along with changes in the global economy."</p>
<p style="margin: 0px; padding: 0px 0px 0.7em; font-family: arial,helvetica,sans-serif; font-size: 1.4em; line-height: 1.48em;">
Strauss-Kahn's views come a week before finance ministers from the Group of 20 developed and developing nations meet in Paris to discuss proposals by French president Nicolas Sarkozy for changes to global economic governance.</p>
<p></p></div></div>
</div><br><br clear="all"><br></div></div><font color="#888888">-- <br>P2P Foundation: <a href="http://p2pfoundation.net" target="_blank">http://p2pfoundation.net</a> - <a href="http://blog.p2pfoundation.net" target="_blank">http://blog.p2pfoundation.net</a> <br>
<br>Connect: <a href="http://p2pfoundation.ning.com" target="_blank">http://p2pfoundation.ning.com</a>; Discuss: <a href="http://lists.ourproject.org/cgi-bin/mailman/listinfo/p2p-foundation" target="_blank">http://lists.ourproject.org/cgi-bin/mailman/listinfo/p2p-foundation</a><br>
<br>Updates: <a href="http://del.icio.us/mbauwens" target="_blank">http://del.icio.us/mbauwens</a>; <a href="http://friendfeed.com/mbauwens" target="_blank">http://friendfeed.com/mbauwens</a>; <a href="http://twitter.com/mbauwens" target="_blank">http://twitter.com/mbauwens</a>; <a href="http://www.facebook.com/mbauwens" target="_blank">http://www.facebook.com/mbauwens</a><br>
<br><br><br><br><br>
</font><br></div></div>_______________________________________________<br>
P2P Foundation - Mailing list<br>
<a href="http://www.p2pfoundation.net" target="_blank">http://www.p2pfoundation.net</a><br>
<a href="https://lists.ourproject.org/cgi-bin/mailman/listinfo/p2p-foundation" target="_blank">https://lists.ourproject.org/cgi-bin/mailman/listinfo/p2p-foundation</a><br>
<br></div><br></div></div></div></div></div></div>
<br>_______________________________________________<br>
P2P Foundation - Mailing list<br>
<a href="http://www.p2pfoundation.net" target="_blank">http://www.p2pfoundation.net</a><br>
<a href="https://lists.ourproject.org/cgi-bin/mailman/listinfo/p2p-foundation" target="_blank">https://lists.ourproject.org/cgi-bin/mailman/listinfo/p2p-foundation</a><br>
<br></blockquote></div><br><br clear="all"><br>-- <br>P2P Foundation: <a href="http://p2pfoundation.net" target="_blank">http://p2pfoundation.net</a> - <a href="http://blog.p2pfoundation.net" target="_blank">http://blog.p2pfoundation.net</a> <br>
<br>Connect: <a href="http://p2pfoundation.ning.com" target="_blank">http://p2pfoundation.ning.com</a>; Discuss: <a href="http://lists.ourproject.org/cgi-bin/mailman/listinfo/p2p-foundation" target="_blank">http://lists.ourproject.org/cgi-bin/mailman/listinfo/p2p-foundation</a><br>
<br>Updates: <a href="http://del.icio.us/mbauwens" target="_blank">http://del.icio.us/mbauwens</a>; <a href="http://friendfeed.com/mbauwens" target="_blank">http://friendfeed.com/mbauwens</a>; <a href="http://twitter.com/mbauwens" target="_blank">http://twitter.com/mbauwens</a>; <a href="http://www.facebook.com/mbauwens" target="_blank">http://www.facebook.com/mbauwens</a><br>
<br><br><br><br><br>