<html><body><div style="color:#000; background-color:#fff; font-family:times new roman, new york, times, serif;font-size:12pt"><div><SPAN><BR class=yui-cursor></SPAN></div>
<div><BR></div>
<DIV style="FONT-FAMILY: times new roman, new york, times, serif; FONT-SIZE: 12pt">
<DIV style="FONT-FAMILY: times new roman, new york, times, serif; FONT-SIZE: 12pt">
<DIV dir=ltr><FONT size=2 face=Arial>----- Forwarded Message -----<BR><B><SPAN style="FONT-WEIGHT: bold">From:</SPAN></B> Hugh Whinfrey <market@svarsmaal.dk><BR><B><SPAN style="FONT-WEIGHT: bold">To:</SPAN></B> gang8@yahoogroups.com <BR><B><SPAN style="FONT-WEIGHT: bold">Sent:</SPAN></B> Sunday, 3 June 2012, 9:00<BR><B><SPAN style="FONT-WEIGHT: bold">Subject:</SPAN></B> Re: [gang8] The international monetary system - Quo vadis?<BR></FONT></DIV><BR>
<DIV id=yiv1011944806>
<DIV><SPAN style="DISPLAY: none"> </SPAN> <!--~-|**|PrettyHtmlStartT|**|-~-->
<DIV id=yiv1011944806ygrp-mlmsg>
<DIV id=yiv1011944806ygrp-msg><!--~-|**|PrettyHtmlEndT|**|-~-->
<DIV id=yiv1011944806ygrp-text>
<DIV><FONT size=2 face=Arial><SPAN style="COLOR: #1f497d; FONT-SIZE: 11pt">>Hugh, would this be treasury-based fiat system plus fractional-reserve credit system for bankers?</SPAN></FONT></DIV>
<DIV><FONT size=2 face=Arial><SPAN style="COLOR: #1f497d; FONT-SIZE: 11pt"></SPAN></FONT> </DIV>
<DIV><FONT size=2 face=Arial><SPAN style="COLOR: #1f497d; FONT-SIZE: 11pt"></SPAN>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 :-)</FONT></DIV>
<DIV> </DIV>
<DIV><FONT size=2 face=Arial>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.</FONT></DIV>
<DIV><FONT size=2 face=Arial></FONT> </DIV>
<DIV><FONT size=2 face=Arial>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. </FONT></DIV>
<DIV><FONT size=2 face=Arial></FONT> </DIV>
<DIV><FONT size=2 face=Arial>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.</FONT></DIV>
<DIV><FONT size=2 face=Arial></FONT> </DIV>
<DIV><FONT size=2 face=Arial>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.</FONT></DIV>
<DIV> </DIV>
<DIV><FONT size=2 face=Arial>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.</FONT></DIV>
<DIV><FONT size=2 face=Arial></FONT> </DIV>
<DIV><FONT size=2 face=Arial>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.</FONT></DIV><FONT size=2 face=Arial>
<DIV><BR>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. </DIV>
<DIV> </DIV>
<DIV>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. </DIV>
<DIV> </DIV>
<DIV>Hugh<BR></DIV></FONT>
<BLOCKQUOTE style="BORDER-LEFT: #000000 2px solid" dir=ltr>
<DIV style="FONT: 10pt arial">----- Original Message ----- </DIV>
<DIV style="FONT: 10pt arial; BACKGROUND: #e4e4e4"><B>From:</B> <A title=gunnar.tomasson@verizon.net href="mailto:gunnar.tomasson@verizon.net" rel=nofollow target=_blank ymailto="mailto:gunnar.tomasson@verizon.net">Gunnar Tomasson</A> </DIV>
<DIV style="FONT: 10pt arial"><B>To:</B> <A title=gang8@yahoogroups.com href="mailto:gang8@yahoogroups.com" rel=nofollow target=_blank ymailto="mailto:gang8@yahoogroups.com">gang8@yahoogroups.com</A> </DIV>
<DIV style="FONT: 10pt arial"><B>Sent:</B> Sunday, June 03, 2012 3:42 AM</DIV>
<DIV style="FONT: 10pt arial"><B>Subject:</B> RE: [gang8] The international monetary system - Quo vadis?</DIV>
<DIV><BR></DIV>
<DIV class=yiv1011944806WordSection1>
<div class=yiv1011944806MsoNormal><SPAN style="COLOR: #1f497d; FONT-SIZE: 11pt">Hugh, would this be treasury-based fiat system plus fractional-reserve credit system for bankers?</SPAN></div>
<div class=yiv1011944806MsoNormal><SPAN style="COLOR: #1f497d; FONT-SIZE: 11pt"> </SPAN></div>
<div class=yiv1011944806MsoNormal><SPAN style="COLOR: #1f497d; FONT-SIZE: 11pt">Gunnar</SPAN></div>
<div class=yiv1011944806MsoNormal><SPAN style="COLOR: #1f497d; FONT-SIZE: 11pt"> </SPAN></div>
<DIV>
<DIV style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BORDER-TOP: #b5c4df 1pt solid; BORDER-RIGHT: medium none">
<div class=yiv1011944806MsoNormal><B><SPAN style="FONT-SIZE: 10pt">From:</SPAN></B><SPAN style="FONT-SIZE: 10pt"> <A href="mailto:gang8@yahoogroups.com" rel=nofollow target=_blank ymailto="mailto:gang8@yahoogroups.com">gang8@yahoogroups.com</A> [mailto:gang8@yahoogroups.com] <B>On Behalf Of </B>Hugh Whinfrey<BR><B>Sent:</B> Saturday , June 02, 2012 7:17 PM<BR><B>To:</B> <A href="mailto:gang8@yahoogroups.com" rel=nofollow target=_blank ymailto="mailto:gang8@yahoogroups.com">gang8@yahoogroups.com</A><BR><B>Subject:</B> Re: [gang8] The international monetary system - Quo vadis?</SPAN></div></DIV></DIV>
<div class=yiv1011944806MsoNormal> </div>
<div class=yiv1011944806MsoNormal> </div>
<DIV id=yiv1011944806ygrp-mlmsg>
<DIV id=yiv1011944806ygrp-msg>
<DIV id=yiv1011944806ygrp-text>
<DIV>
<div class=yiv1011944806MsoNormal><SPAN style="COLOR: #1f497d; FONT-SIZE: 11pt">>2. If such is in fact the case, then the world community can go without such a stable foundation OR attempt to develop one.</SPAN></div></DIV>
<DIV>
<div class=yiv1011944806MsoNormal> </div></DIV>
<DIV>
<div class=yiv1011944806MsoNormal><SPAN style="COLOR: #1f497d; FONT-SIZE: 11pt">I agree that it's positive to discuss it even if the level of</SPAN></div></DIV>
<DIV>
<div class=yiv1011944806MsoNormal><SPAN style="COLOR: #1f497d; FONT-SIZE: 11pt">desperation isn't so acute as to take it seriously yet.</SPAN></div></DIV>
<DIV>
<div class=yiv1011944806MsoNormal> </div></DIV>
<DIV>
<div class=yiv1011944806MsoNormal><SPAN style="COLOR: #1f497d; FONT-SIZE: 11pt">What other possible foundations are there? </SPAN></div></DIV>
<DIV>
<div class=yiv1011944806MsoNormal> </div></DIV>
<DIV>
<div class=yiv1011944806MsoNormal><SPAN style="COLOR: #1f497d; FONT-SIZE: 11pt">The only alternative I can see to purely "independent" CB-based </SPAN></div></DIV>
<DIV>
<div class=yiv1011944806MsoNormal><SPAN style="COLOR: #1f497d; FONT-SIZE: 11pt">money or its commodity-based alternative would be a </SPAN></div></DIV>
<DIV>
<div class=yiv1011944806MsoNormal><SPAN style="COLOR: #1f497d; FONT-SIZE: 11pt">treasury-based fiat system, i.e. with the role of bankers being </SPAN></div></DIV>
<DIV>
<div class=yiv1011944806MsoNormal><SPAN style="COLOR: #1f497d; FONT-SIZE: 11pt">solely to lend t o the public and not to governments. </SPAN></div></DIV>
<DIV>
<div class=yiv1011944806MsoNormal> </div></DIV>
<DIV>
<div class=yiv1011944806MsoNormal><SPAN style="COLOR: #1f497d; FONT-SIZE: 11pt">Money creation could then essentially be balanced by the </SPAN></div></DIV>
<DIV>
<div class=yiv1011944806MsoNormal><SPAN style="COLOR: #1f497d; FONT-SIZE: 11pt">creation of *publicly owned* infrastructure assets/goods</SPAN></div></DIV>
<DIV>
<div class=yiv1011944806MsoNormal><SPAN style="COLOR: #1f497d; FONT-SIZE: 11pt">which it could be claimed "back" the currency and give it its</SPAN></div></DIV>
<DIV>
<div class=yiv1011944806MsoNormal><SPAN style="COLOR: #1f497d; FONT-SIZE: 11pt">value.</SPAN></div></DIV>
<DIV>
<div class=yiv1011944806MsoNormal> </div></DIV>
<DIV>
<div class=yiv1011944806MsoNormal><SPAN style="COLOR: #1f497d; FONT-SIZE: 11pt">Hugh</SPAN></div></DIV>
<DIV>
<div class=yiv1011944806MsoNormal> </div></DIV>
<BLOCKQUOTE style="BORDER-BOTTOM: medium none; BORDER-LEFT: black 1.5pt solid; BORDER-TOP: medium none; BORDER-RIGHT: medium none">
<DIV>
<div class=yiv1011944806MsoNormal><SPAN style="FONT-SIZE: 10pt">----- Original Message ----- </SPAN></div></DIV>
<DIV>
<div style="BACKGROUND: #e4e4e4" class=yiv1011944806MsoNormal><B><SPAN style="FONT-SIZE: 10pt">From:</SPAN></B><SPAN style="FONT-SIZE: 10pt"> <A title=gunnar.tomasson@verizon.net href="mailto:gunnar.tomasson@verizon.net" rel=nofollow target=_blank ymailto="mailto:gunnar.tomasson@verizon.net">Gunnar Tomasson</A> </SPAN></div></DIV>
<DIV>
<div class=yiv1011944806MsoNormal><B><SPAN style="FONT-SIZE: 10pt">To:</SPAN></B><SPAN style="FONT-SIZE: 10pt"> <A title=gang8@yahoogroups.com href="mailto:gang8@yahoogroups.com" rel=nofollow target=_blank ymailto="mailto:gang8@yahoogroups.com">gang8@yahoogroups.com</A> </SPAN></div></DIV>
<DIV>
<div class=yiv1011944806MsoNormal><B><SPAN style="FONT-SIZE: 10pt">Sent:</SPAN></B><SPAN style="FONT-SIZE: 10pt"> Sunday, June 03, 2012 12:41 AM</SPAN></div></DIV>
<DIV>
<div class=yiv1011944806MsoNormal><B><SPAN style="FONT-SIZE: 10pt">Subject:</SPAN></B><SPAN style="FONT-SIZE: 10pt"> RE: [gang8] The international monetary system - Quo vadis?</SPAN></div></DIV>
<DIV>
<div class=yiv1011944806MsoNormal> </div></DIV>
<DIV>
<div class=yiv1011944806MsoNormal><SPAN style="COLOR: #1f497d; FONT-SIZE: 11pt">Dear Richard.</SPAN></div>
<div class=yiv1011944806MsoNormal><SPAN style="COLOR: #1f497d; FONT-SIZE: 11pt"> </SPAN></div>
<div class=yiv1011944806MsoNormal><SPAN style="COLOR: #1f497d; FONT-SIZE: 11pt">I have no more confidence in the saga city of central bankers than the next man!</SPAN></div>
<div class=yiv1011944806MsoNormal><SPAN style="COLOR: #1f497d; FONT-SIZE: 11pt"> </SPAN></div>
<div class=yiv1011944806MsoNormal><SPAN style="COLOR: #1f497d; FONT-SIZE: 11pt">Nor do I entertain any illusions about that of my erstwhile colleagues at the IMF.</SPAN></div>
<div class=yiv1011944806MsoNormal><SPAN style="COLOR: #1f497d; FONT-SIZE: 11pt"> </SPAN></div>
<div class=yiv1011944806MsoNormal><SPAN style="COLOR: #1f497d; FONT-SIZE: 11pt">As I see it, the problem is the following:</SPAN></div>
<div class=yiv1011944806MsoNormal><SPAN style="COLOR: #1f497d; FONT-SIZE: 11pt"> </SPAN></div>
<div class=yiv1011944806MsoNormal><SPAN style="COLOR: #1f497d; FONT-SIZE: 11pt">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.</SPAN></div>
<div class=yiv1011944806MsoNormal><SPAN style="COLOR: #1f497d; FONT-SIZE: 11pt"> </SPAN></div>
<div class=yiv1011944806MsoNormal><SPAN style="COLOR: #1f497d; FONT-SIZE: 11pt">2. If such is in fact the case, then the world community can go without such a stable foundation OR attempt to develop one.</SPAN></div>
<div class=yiv1011944806MsoNormal><SPAN style="COLOR: #1f497d; FONT-SIZE: 11pt"> </SPAN></div>
<div class=yiv1011944806MsoNormal><SPAN style="COLOR: #1f497d; FONT-SIZE: 11pt">Gunnar</SPAN></div>
<div class=yiv1011944806MsoNormal><SPAN style="COLOR: #1f497d; FONT-SIZE: 11pt"> </SPAN></div>
<DIV>
<DIV style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BORDER-TOP: #b5c4df 1pt solid; BORDER-RIGHT: medium none">
<div class=yiv1011944806MsoNormal><B><SPAN style="FONT-SIZE: 10pt">From:</SPAN></B><SPAN style="FONT-SIZE: 10pt"> <A href="mailto:gang8@yahoogroups.com" rel=nofollow target=_blank ymailto="mailto:gang8@yahoogroups.com">gang8@yahoogroups.com</A> <A href="mailto:[mailto:gang8@yahoogroups.com]" rel=nofollow target=_blank ymailto="mailto:[mailto:gang8@yahoogroups.com]">[mailto:gang8@yahoogroups.com]</A> <B>On Behalf Of </B>Dr. Richard Werner<BR><B>Sent:</B> Saturday, June 02, 2012 6:33 PM<BR><B>To:</B> <A href="mailto:gang8@yahoogroups.com" rel=nofollow target=_blank ymailto="mailto:gang8@yahoogroups.com">gang8@yahoogroups.com</A><BR><B>Subject:</B> RE: [gang8] The international monetary system - Quo vadis?</SPAN></div></DIV></DIV>
<div class=yiv1011944806MsoNormal> </div>
<div class=yiv1011944806MsoNormal> </div>
<DIV id=yiv1011944806ygrp-mlmsg>
<DIV id=yiv1011944806ygrp-msg>
<DIV id=yiv1011944806ygrp-text>
<DIV>
<div class=yiv1011944806MsoNormal><SPAN style="COLOR: navy; FONT-SIZE: 10pt">Dear Gunnar,</SPAN></div>
<div class=yiv1011944806MsoNormal><SPAN style="COLOR: navy; FONT-SIZE: 10pt"> </SPAN></div>
<div class=yiv1011944806MsoNormal><SPAN style="COLOR: navy; FONT-SIZE: 10pt">A single currency means even more power to unelected central bankers. This cannot be a good thing.</SPAN></div>
<div class=yiv1011944806MsoNormal><SPAN style="COLOR: navy; FONT-SIZE: 10pt"> </SPAN></div>
<div class=yiv1011944806MsoNormal><SPAN style="COLOR: navy; FONT-SIZE: 10pt">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. </SPAN></div>
<div class=yiv1011944806MsoNormal><SPAN style="COLOR: navy; FONT-SIZE: 10pt"> </SPAN></div>
<div class=yiv1011944806MsoNormal><SPAN style="COLOR: navy; FONT-SIZE: 10pt">Has the single currency of the eurozone not taught us any lessons?</SPAN></div>
<div class=yiv1011944806MsoNormal><SPAN style="COLOR: navy; FONT-SIZE: 10pt"> </SPAN></div>
<div class=yiv1011944806MsoNormal><SPAN style="COLOR: navy; FONT-SIZE: 10pt">Regards, </SPAN></div>
<div class=yiv1011944806MsoNormal><SPAN style="COLOR: navy; FONT-SIZE: 10pt">Richard</SPAN></div>
<div class=yiv1011944806MsoNormal> </div>
<DIV>
<DIV style="TEXT-ALIGN: center" class=yiv1011944806MsoNormal align=center>
<DIV style="BORDER-BOTTOM: #ccc 1px solid; BORDER-LEFT: #ccc 1px solid; PADDING-BOTTOM: 0px; LINE-HEIGHT: 0; MARGIN: 5px 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; HEIGHT: 0px; FONT-SIZE: 0px; BORDER-TOP: #ccc 1px solid; BORDER-RIGHT: #ccc 1px solid; PADDING-TOP: 0px" class=hr contentEditable=false readonly="true"></DIV></DIV>
<div class=yiv1011944806MsoNormal><B><SPAN style="FONT-SIZE: 10pt">From:</SPAN></B><SPAN style="FONT-SIZE: 10pt"> <A href="mailto:gang8@yahoogroups.com" rel=nofollow target=_blank ymailto="mailto:gang8@yahoogroups.com">gang8@yahoogroups.com</A> <A href="mailto:[mailto:gang8@yahoogroups.com]" rel=nofollow target=_blank ymailto="mailto:[mailto:gang8@yahoogroups.com]">[mailto:gang8@yahoogroups.com]</A> <B>On Behalf Of </B>Gunnar Tomasson<BR><B>Sent:</B> 02 June 2012 22:40<BR><B>To:</B> <A href="mailto:gang8@yahoogroups.com" rel=nofollow target=_blank ymailto="mailto:gang8@yahoogroups.com">gang8@yahoogroups.com</A><BR><B>Subject:< /b> [gang8] The international monetary system - Quo vadis?</B></SPAN><B></B></div></DIV>
<div class=yiv1011944806MsoNormal><B> </B></div>
<div class=yiv1011944806MsoNormal><B> </B></div>
<DIV id=yiv1011944806ygrp-mlmsg>
<DIV>
<DIV id=yiv1011944806ygrp-text>
<DIV>
<div class=yiv1011944806MsoNormal><SPAN class=yiv1011944806apple-style-span><B><SPAN style="COLOR: #1a1a1a">Dear Gang.</SPAN></B></SPAN><B></B></div>
<div class=yiv1011944806MsoNormal><SPAN class=yiv1011944806apple-style-span><B><SPAN style="COLOR: #1a1a1a"> </SPAN></B></SPAN><B></B></div>
<div class=yiv1011944806MsoNormal><SPAN class=yiv1011944806apple-style-span><B><SPAN style="COLOR: #1a1a1a">The recent comments by World Bank President Robert Zoellick on the euro crisis –</SPAN></B></SPAN><B></B></div>
<div class=yiv1011944806MsoNormal><SPAN class=yiv1011944806apple-style-span><B><SPAN style="COLOR: #1a1a1a"> </SPAN></B></SPAN><B></B></div>
<div class=yiv1011944806MsoNormal><SPAN class=yiv1011944806apple-style-span><B><SPAN><A href="http://www.greekcrisis.net/2012/06/europe-must-prepare-emergency-plan.html" rel=nofollow target=_blank>http://www.greekcrisis.net/2012/06/europe-must-prepare-emergency-plan.html</A></SPAN></B></SPAN><B></B></div>
<div class=yiv1011944806MsoNormal><SPAN class=yiv1011944806apple-style-span><B><SPAN style="COLOR: #1a1a1a"> </SPAN></B></SPAN><B></B></div>
<div class=yiv1011944806MsoNormal><SPAN class=yiv1011944806apple-style-span><B><SPAN style="COLOR: #1a1a1a">– were reported in an Icelandic web-based news service, <A href="http://www.eyjan.is/" rel=nofollow target=_blank>www.eyjan.is</A>.</SPAN></B></SPAN><B></B></div>
<div class=yiv1011944806MsoNormal><SPAN class=yiv1011944806apple-styl><B><SPAN style="COLOR: #1a1a1a"> </SPAN></B></SPAN><B></B></div>
<div class=yiv1011944806MsoNormal><SPAN class=yiv1011944806apple-style-span><B><SPAN>Here, in loose translation, are comments on the subject matter which I posted today:</SPAN></B></SPAN><B></B></div>
<div class=yiv1011944806MsoNormal><SPAN class=yiv1011944806apple-style-span><B><SPAN style="COLOR: #1a1a1a"> </SPAN></B></SPAN><B></B></div>
<div class=yiv1011944806MsoNormal><SPAN class=yiv1011944806apple-style-span><B><SPAN style="COLOR: #1a1a1a">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.</SPAN></B></SPAN><B></B></div>
<div class=yiv1011944806MsoNormal><SPAN class=yiv1011944806apple-style-span><B><SPAN style="COLOR: #1a1a1a"> </SPAN></B></SPAN><B></B></div>
<div><SPAN class=yiv1011944806apple-style-span><B><SPAN style="COLOR: #1a1a1a">The adoption of an international currency along the lines of the International Monetary Fun d’s Special Drawing Rights (SDRs).</SPAN></B></SPAN><B></B></div>
<div class=yiv1011944806MsoNormal><SPAN class=yiv1011944806apple-style-span><B><SPAN style="COLOR: #1a1a1a"> </SPAN></B></SPAN><B></B></div>
<div class=yiv1011944806MsoNormal><SPAN class=yiv1011944806apple-style-span><B><SPAN style="COLOR: #1a1a1a">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.</SPAN></B></SPAN><B></B></div>
<div class=yiv1011944806MsoNormal><SPAN class=yiv1011944806apple-style-span><B><SPAN style="COLOR: #1a1a1a"> </SPAN></B></SPAN><B></B></div>
<div class=yiv1011944806MsoNormal><SPAN class=yiv1011944806apple-style-span><B><SPAN style="COLOR: #1a1a1a">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).</SPAN></B></SPAN><B></B></div>
<div class=yiv1011944806MsoNormal><SPAN class=yiv1011944806apple-style-span><B><SPAN style="COLOR: #1a1a1a"> </SPAN></B></SPAN><B></B></div>
<div class=yiv1011944806MsoNormal><SPAN class=yiv1011944806apple-style-span><B><SPAN style="COLOR: #1a1a1a">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.</SPAN></B></SPAN><B></B></div>
<div class=yiv1011944806MsoNormal><SPAN class=yiv1011944806apple-style-span><B><SPAN style="COLOR: #1a1a1a"> </SPAN></B></SPAN><B></B></div>
<div class=yiv1011944806MsoNormal><SPAN class=yiv1011944806apple-style-span><B><SPAN>Gunnar</SPAN></B></SPAN><B></B></div></DIV></DIV></DIV></DIV></DIV></DIV></DIV></DIV></DIV></BLOCKQUOTE></DIV>
<DIV>
<div class=yiv1011944806MsoNormal><SPAN style="COLOR: white"></SPAN></div></DIV></DIV>
<DIV style="COLOR: white"></DIV></DIV></DIV></BLOCKQUOTE></DIV><!--~-|**|PrettyHtmlStart|**|-~-->
<DIV style="HEIGHT: 0px; COLOR: #fff">__._,_.___</DIV>
<DIV style="WHITE-SPACE: nowrap; MARGIN-BOTTOM: 10px; COLOR: #666; CLEAR: both; PADDING-TOP: 15px" id=yiv1011944806ygrp-actbar>
<DIV><A style="PADDING-RIGHT: 0px; MARGIN-RIGHT: 0px" href="mailto:market@svarsmaal.dk?subject=Re%3A%20%5Bgang8%5D%20The%20international%20monetary%20system%20-%20Quo%20vadis%3F" rel=nofollow target=_blank ymailto="mailto:market@svarsmaal.dk?subject=Re%3A%20%5Bgang8%5D%20The%20international%20monetary%20system%20-%20Quo%20vadis%3F"></SPAN>Reply to <SPAN style="FONT-WEIGHT: 700">sender</A> | <A href="mailto:gang8@yahoogroups.com?subject=Re%3A%20%5Bgang8%5D%20The%20international%20monetary%20system%20-%20Quo%20vadis%3F" rel=nofollow target=_blank ymailto="mailto:gang8@yahoogroups.com?subject=Re%3A%20%5Bgang8%5D%20The%20international%20monetary%20system%20-%20Quo%20vadis%3F"></SPAN>Reply to <SPAN style="FONT-WEIGHT: 700">group</A> | <A href="http://groups.yahoo.com/group/gang8/post;_ylc=X3oDMTJxanBxMjBsBF9TAzk3MzU5NzE0BGdycElkAzEyMTA1NTMEZ3Jwc3BJZAMxNzA1MDAxOTkwBG1zZ0lkAzE2NTkxBHNlYwNmdHIEc2xrA3JwbHkEc3RpbWUDMTMzODcxNjI3MA--?act=reply&messageNum=16591"
rel=nofollow target=_blank></SPAN>Reply <SPAN style="FONT-WEIGHT: 700">via web post</A> | <A style="FONT-WEIGHT: 700" href="http://groups.yahoo.com/group/gang8/post;_ylc=X3oDMTJlbXAwYm03BF9TAzk3MzU5NzE0BGdycElkAzEyMTA1NTMEZ3Jwc3BJZAMxNzA1MDAxOTkwBHNlYwNmdHIEc2xrA250cGMEc3RpbWUDMTMzODcxNjI3MA--" rel=nofollow target=_blank>Start a New Topic</A> </DIV><A href="http://groups.yahoo.com/group/gang8/message/16580;_ylc=X3oDMTM2b2g4bjQzBF9TAzk3MzU5NzE0BGdycElkAzEyMTA1NTMEZ3Jwc3BJZAMxNzA1MDAxOTkwBG1zZ0lkAzE2NTkxBHNlYwNmdHIEc2xrA3Z0cGMEc3RpbWUDMTMzODcxNjI3MAR0cGNJZAMxNjU4MA--" rel=nofollow target=_blank>Messages in this topic</A> (<SPAN style="FONT-WEIGHT: 700">12</SPAN>) </DIV>
<DIV style="PADDING-BOTTOM: 10px; BACKGROUND-COLOR: #e0ecee; PADDING-LEFT: 10px; PADDING-RIGHT: 10px; FONT-FAMILY: Verdana; MARGIN-BOTTOM: 10px; FONT-SIZE: 10px; PADDING-TOP: 10px" id=yiv1011944806ygrp-vital><SPAN style="TEXT-TRANSFORM: uppercase; COLOR: #333; FONT-WEIGHT: bold" id=yiv1011944806vithd>Recent Activity:</SPAN>
<DIV style="COLOR: #1e66ae; CLEAR: both; PADDING-TOP: 2px"><A style="TEXT-DECORATION: none" href="http://groups.yahoo.com/group/gang8;_ylc=X3oDMTJlcmM3MTZ2BF9TAzk3MzU5NzE0BGdycElkAzEyMTA1NTMEZ3Jwc3BJZAMxNzA1MDAxOTkwBHNlYwN2dGwEc2xrA3ZnaHAEc3RpbWUDMTMzODcxNjI3MA--" rel=nofollow target=_blank>Visit Your Group</A> </DIV></DIV>
<DIV style="PADDING-BOTTOM: 15px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-FAMILY: Verdana; FONT-SIZE: 12px; PADDING-TOP: 15px" id=yiv1011944806ygrp-grfd>The gang8 list is devoted to Creditary Economics.<BR>To unsubscribe, email: gang8-unsubscribe@yahoogroups.com<BR><BR></DIV>
<DIV style="PADDING-BOTTOM: 0px; MARGIN-TOP: 5px; PADDING-LEFT: 0px; PADDING-RIGHT: 2px; FONT-FAMILY: Arial; CLEAR: both; FONT-SIZE: 11px; PADDING-TOP: 0px" id=yiv1011944806ft><A style="FLOAT: left" href="http://groups.yahoo.com/;_ylc=X3oDMTJkZnZnam1xBF9TAzk3NDc2NTkwBGdycElkAzEyMTA1NTMEZ3Jwc3BJZAMxNzA1MDAxOTkwBHNlYwNmdHIEc2xrA2dmcARzdGltZQMxMzM4NzE2Mjcw" rel=nofollow target=_blank><IMG style="BORDER-BOTTOM: 0px; BORDER-LEFT: 0px; BORDER-TOP: 0px; BORDER-RIGHT: 0px" alt="Yahoo! Groups" src="http://l.yimg.com/a/i/us/yg/logo/us.gif" width=137 height=15></A>
<DIV style="FLOAT: right; COLOR: #747575">Switch to: <A style="TEXT-DECORATION: none" href="mailto:gang8-traditional@yahoogroups.com?subject=Change Delivery Format: Traditional" rel=nofollow target=_blank ymailto="mailto:gang8-traditional@yahoogroups.com?subject=Change Delivery Format: Traditional">Text-Only</A>, <A style="TEXT-DECORATION: none" class=yiv1011944806margin-rt href="mailto:gang8-digest@yahoogroups.com?subject=Email Delivery: Digest" rel=nofollow target=_blank ymailto="mailto:gang8-digest@yahoogroups.com?subject=Email Delivery: Digest">Daily Digest</A> • <A style="TEXT-DECORATION: none" href="mailto:gang8-unsubscribe@yahoogroups.com?subject=Unsubscribe" rel=nofollow target=_blank ymailto="mailto:gang8-unsubscribe@yahoogroups.com?subject=Unsubscribe">Unsubscribe</A> • <A style="TEXT-DECORATION: none" href="http://docs.yahoo.com/info/terms/" rel=nofollow target=_blank>Terms of Use</A></DIV></DIV></DIV>
<DIV style="MARGIN: 0px 0px 25px; WIDTH: 160px; BACKGROUND: #fff; FLOAT: right; CLEAR: none" id=yiv1011944806ygrp-sponsor>
<DIV id=yiv1011944806ygrp-reco></DIV></DIV>
<DIV style="COLOR: #fff; CLEAR: both; FONT-SIZE: 1px">.</DIV></DIV><img src="http://www.mailscanner.info/images/1x1spacer.gif" width="1" height="1" alt="Web Bug from http://geo.yahoo.com/serv?s=97359714/grpId=1210553/grpspId=1705001990/msgId=16591/stime=1338716270/nc1=4836037/nc2=4507179/nc3=3848643" /> <BR>
<DIV style="HEIGHT: 0px; COLOR: #fff">__,_._,___</DIV><!--~-|**|PrettyHtmlEnd|**|-~--></DIV><!--~-|**|PrettyHtmlStart|**|-~-->
<STYLE type=text/css>
<!--
#yiv1011944806 #yiv1011944806ygrp-mkp {
border:1px solid #d8d8d8;font-family:Arial;margin:10px 0;padding:0 10px;}
#yiv1011944806 #yiv1011944806ygrp-mkp hr {
border:1px solid #d8d8d8;}
#yiv1011944806 #yiv1011944806ygrp-mkp #yiv1011944806hd {
color:#628c2a;font-size:85%;font-weight:700;line-height:122%;margin:10px 0;}
#yiv1011944806 #yiv1011944806ygrp-mkp #yiv1011944806ads {
margin-bottom:10px;}
#yiv1011944806 #yiv1011944806ygrp-mkp .yiv1011944806ad {
padding:0 0;}
#yiv1011944806 #yiv1011944806ygrp-mkp .yiv1011944806ad p {
margin:0;}
#yiv1011944806 #yiv1011944806ygrp-mkp .yiv1011944806ad a {
color:#0000ff;text-decoration:none;}
#yiv1011944806 #yiv1011944806ygrp-sponsor #yiv1011944806ygrp-lc {
font-family:Arial;}
#yiv1011944806 #yiv1011944806ygrp-sponsor #yiv1011944806ygrp-lc #yiv1011944806hd {
margin:10px 0px;font-weight:700;font-size:78%;line-height:122%;}
#yiv1011944806 #yiv1011944806ygrp-sponsor #yiv1011944806ygrp-lc .yiv1011944806ad {
margin-bottom:10px;padding:0 0;}
#yiv1011944806 a {
color:#1e66ae;}
#yiv1011944806 #yiv1011944806actions {
font-family:Verdana;font-size:11px;padding:10px 0;}
#yiv1011944806 #yiv1011944806activity {
background-color:#e0ecee;float:left;font-family:Verdana;font-size:10px;padding:10px;}
#yiv1011944806 #yiv1011944806activity span {
font-weight:700;}
#yiv1011944806 #yiv1011944806activity span:first-child {
text-transform:uppercase;}
#yiv1011944806 #yiv1011944806activity span a {
color:#5085b6;text-decoration:none;}
#yiv1011944806 #yiv1011944806activity span span {
color:#ff7900;}
#yiv1011944806 #yiv1011944806activity span .yiv1011944806underline {
text-decoration:underline;}
#yiv1011944806 .yiv1011944806attach {
clear:both;display:table;font-family:Arial;font-size:12px;padding:10px 0;width:400px;}
#yiv1011944806 .yiv1011944806attach div a {
text-decoration:none;}
#yiv1011944806 .yiv1011944806attach img {
border:none;padding-right:5px;}
#yiv1011944806 .yiv1011944806attach label {
display:block;margin-bottom:5px;}
#yiv1011944806 .yiv1011944806attach label a {
text-decoration:none;}
#yiv1011944806 blockquote {
margin:0 0 0 4px;}
#yiv1011944806 .yiv1011944806bold {
font-family:Arial;font-size:13px;font-weight:700;}
#yiv1011944806 .yiv1011944806bold a {
text-decoration:none;}
#yiv1011944806 dd.yiv1011944806last p a {
font-family:Verdana;font-weight:700;}
#yiv1011944806 dd.yiv1011944806last p span {
margin-right:10px;font-family:Verdana;font-weight:700;}
#yiv1011944806 dd.yiv1011944806last p span.yiv1011944806yshortcuts {
margin-right:0;}
#yiv1011944806 div.yiv1011944806attach-table div div a {
text-decoration:none;}
#yiv1011944806 div.yiv1011944806attach-table {
width:400px;}
#yiv1011944806 div.yiv1011944806file-title a, #yiv1011944806 div.yiv1011944806file-title a:active, #yiv1011944806 div.yiv1011944806file-title a:hover, #yiv1011944806 div.yiv1011944806file-title a:visited {
text-decoration:none;}
#yiv1011944806 div.yiv1011944806photo-title a, #yiv1011944806 div.yiv1011944806photo-title a:active, #yiv1011944806 div.yiv1011944806photo-title a:hover, #yiv1011944806 div.yiv1011944806photo-title a:visited {
text-decoration:none;}
#yiv1011944806 div#yiv1011944806ygrp-mlmsg #yiv1011944806ygrp-msg p a span.yiv1011944806yshortcuts {
font-family:Verdana;font-size:10px;font-weight:normal;}
#yiv1011944806 .yiv1011944806green {
color:#628c2a;}
#yiv1011944806 .yiv1011944806MsoNormal {
margin:0 0 0 0;}
#yiv1011944806 o {
font-size:0;}
#yiv1011944806 #yiv1011944806photos div {
float:left;width:72px;}
#yiv1011944806 #yiv1011944806photos div div {
border:1px solid #666666;height:62px;overflow:hidden;width:62px;}
#yiv1011944806 #yiv1011944806photos div label {
color:#666666;font-size:10px;overflow:hidden;text-align:center;white-space:nowrap;width:64px;}
#yiv1011944806 #yiv1011944806reco-category {
font-size:77%;}
#yiv1011944806 #yiv1011944806reco-desc {
font-size:77%;}
#yiv1011944806 .yiv1011944806replbq {
margin:4px;}
#yiv1011944806 #yiv1011944806ygrp-actbar div a:first-child {
margin-right:2px;padding-right:5px;}
#yiv1011944806 #yiv1011944806ygrp-mlmsg {
font-size:13px;font-family:Arial, helvetica, clean, sans-serif;}
#yiv1011944806 #yiv1011944806ygrp-mlmsg table {
font-size:inherit;font:100%;}
#yiv1011944806 #yiv1011944806ygrp-mlmsg select, #yiv1011944806 input, #yiv1011944806 textarea {
font:99% Arial, Helvetica, clean, sans-serif;}
#yiv1011944806 #yiv1011944806ygrp-mlmsg pre, #yiv1011944806 code {
font:115% monospace;}
#yiv1011944806 #yiv1011944806ygrp-mlmsg * {
line-height:1.22em;}
#yiv1011944806 #yiv1011944806ygrp-mlmsg #yiv1011944806logo {
padding-bottom:10px;}
#yiv1011944806 #yiv1011944806ygrp-mlmsg a {
color:#1E66AE;}
#yiv1011944806 #yiv1011944806ygrp-msg p a {
font-family:Verdana;}
#yiv1011944806 #yiv1011944806ygrp-msg p#yiv1011944806attach-count span {
color:#1E66AE;font-weight:700;}
#yiv1011944806 #yiv1011944806ygrp-reco #yiv1011944806reco-head {
color:#ff7900;font-weight:700;}
#yiv1011944806 #yiv1011944806ygrp-reco {
margin-bottom:20px;padding:0px;}
#yiv1011944806 #yiv1011944806ygrp-sponsor #yiv1011944806ov li a {
font-size:130%;text-decoration:none;}
#yiv1011944806 #yiv1011944806ygrp-sponsor #yiv1011944806ov li {
font-size:77%;list-style-type:square;padding:6px 0;}
#yiv1011944806 #yiv1011944806ygrp-sponsor #yiv1011944806ov ul {
margin:0;padding:0 0 0 8px;}
#yiv1011944806 #yiv1011944806ygrp-text {
font-family:Georgia;}
#yiv1011944806 #yiv1011944806ygrp-text p {
margin:0 0 1em 0;}
#yiv1011944806 #yiv1011944806ygrp-text tt {
font-size:120%;}
#yiv1011944806 #yiv1011944806ygrp-vital ul li:last-child {
border-right:none !important;
}
-->
</STYLE>
<!--~-|**|PrettyHtmlEnd|**|-~--></DIV><BR><BR></DIV></DIV></div></body></html>