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<DIV dir=ltr><FONT size=2 face=Arial>----- Forwarded Message -----<BR><B><SPAN style="FONT-WEIGHT: bold">From:</SPAN></B> G W Gardiner <geoffrey.gardiner@btinternet.com><BR><B><SPAN style="FONT-WEIGHT: bold">To:</SPAN></B> gang8@yahoogroups.com <BR><B><SPAN style="FONT-WEIGHT: bold">Sent:</SPAN></B> Friday, 8 June 2012, 18:09<BR><B><SPAN style="FONT-WEIGHT: bold">Subject:</SPAN></B> Re: [gang8] Fwd: The Soros view of the euro - Comments<BR></FONT></DIV><BR>
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<DIV>My recollection is that post 1945 the British government banned borrowing for the purchase of financial assets and the ban was removed very slowly until Thatcher had a clean sweep of controls. I remember being worried that she was making a repeat of 1929 possible.</DIV>
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<DIV>In the fifties some of the bank managers I knew, who had got their posts during the war when 80 per cent of bank lending was to the government, were happy to let things continue that way. As it always the case, both extremes are bad.</DIV>
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<DIV>Geoff</DIV>
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<DIV><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><B>Sent:</B> Tuesday, June 05, 2012 4:02 PM</DIV>
<DIV><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><B>Subject:</B> RE: [gang8] Fwd: The Soros view of the euro - Comments</DIV></DIV></DIV>
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<div class=yiv1455753132MsoNormal><SPAN style="COLOR: #1f497d; FONT-SIZE: 11pt">I agree, Michael. </SPAN></div>
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<div class=yiv1455753132MsoNormal><SPAN style="COLOR: #1f497d; FONT-SIZE: 11pt">The system-wide equality between assets and liabilities is one thing.</SPAN></div>
<div class=yiv1455753132MsoNormal><SPAN style="COLOR: #1f497d; FONT-SIZE: 11pt"></SPAN></div>
<div class=yiv1455753132MsoNormal><SPAN style="COLOR: #1f497d; FONT-SIZE: 11pt">From a policy point of view, there are two key points.</SPAN></div>
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<div class=yiv1455753132MsoNormal><SPAN style="COLOR: #1f497d; FONT-SIZE: 11pt">1. Ensure that the system-wide ratio between financial and non-financial components do not grow to a point where it threatens system-wide stability.</SPAN></div>
<div class=yiv1455753132MsoNormal><SPAN style="COLOR: #1f497d; FONT-SIZE: 11pt">In my Icelandic presentation in 1982, I likened it to the ratio between a ship’s superstructure and the ship itself.</SPAN></div>
<div class=yiv1455753132MsoNormal><SPAN style="COLOR: #1f497d; FONT-SIZE: 11pt">Excessive growth of the superstructure will at some point overturn the ship.</SPAN></div>
<div class=yiv1455753132MsoNormal><SPAN style="COLOR: #1f497d; FONT-SIZE: 11pt"></SPAN></div>
<div class=yiv1455753132MsoNormal><SPAN style="COLOR: #1f497d; FONT-SIZE: 11pt">2. Establish and enforce a Glass-Steagall-like firewall between provision of financial services to the financial and non-financial sectors.</SPAN></div>
<div class=yiv1455753132MsoNormal><SPAN style="COLOR: #1f497d; FONT-SIZE: 11pt">Institutions can become too-big-to-fail only if the non-financial sector is hostage to the uncertain financial investment/speculative outcomes.</SPAN></div>
<div class=yiv1455753132MsoNormal><SPAN style="COLOR: #1f497d; FONT-SIZE: 11pt">There will always be investment/speculative outcomes which threaten to bankrupt financial institutions.</SPAN></div>
<div class=yiv1455753132MsoNormal><SPAN style="COLOR: #1f497d; FONT-SIZE: 11pt">To bail them out without re-installing a Glass-Steagall-like firewall is to set the stage for an encore down the road.</SPAN></div>
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<div class=yiv1455753132MsoNormal><SPAN style="COLOR: #1f497d; FONT-SIZE: 11pt">Gunnar</SPAN></div>
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<div class=yiv1455753132MsoNormal><B><SPAN style="FONT-SIZE: 10pt">From:</SPAN></B><SPAN style="FONT-SIZE: 10pt"> gang8@yahoogroups.com [mailto:gang8@yahoogroups.com] <B>On Behalf Of </B>Michael Hudson<BR><B>Sent:</B> Tuesday, June 05, 2012 9:51 AM<BR><B>To:</B> gang8@yahoogroups.com<BR><B>Subject:</B> Re: [gang8] Fwd: The Soros view of the euro - Comments</SPAN></div></DIV></DIV>
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<div><SPAN style="FONT-SIZE: 14pt">But remember, Gunnar, there is a disparity between “imports” and exports” because of f.o.b., c.i.f. friction.<BR> Best to divide economies into financial and non-financial, or at least separate out the FIRE sector.<BR> Michael<BR><BR><BR>On 6/4/12 11:01 PM, "Gunnar Tomasson" <<A href="mailto:gunnar.tomasson@verizon.net" rel=nofollow target=_blank ymailto="mailto:gunnar.tomasson@verizon.net">gunnar.tomasson@verizon.net</A>> wrote:</SPAN></div>
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<div class=yiv1455753132MsoNormal><SPAN style="FONT-SIZE: 14pt"><BR> <BR> <BR> <BR><BR><BR><BR>Sent from my iPhone<BR><BR>Begin forwarded message:</SPAN></div>
<div class=yiv1455753132MsoNormal><B><SPAN style="FONT-SIZE: 14pt">From:</SPAN></B><SPAN style="FONT-SIZE: 14pt"> "Gunnar Tomasson" <<A href="mailto:gunnar.tomasson@verizon.net" rel=nofollow target=_blank ymailto="mailto:gunnar.tomasson@verizon.net">gunnar.tomasson@verizon.net</A>><BR><B>Date:</B> June 4, 2012 2:00:55 PM EDT<BR><B>To:</B> "'Gunnar Tomasson'" <<A href="mailto:gunnar.tomasson@verizon.net" rel=nofollow target=_blank ymailto="mailto:gunnar.tomasson@verizon.net">gunnar.tomasson@verizon.net</A>><BR><B>Subject:</B> <B>RE: The Soros view of the euro - Comments</B></SPAN></div>
<div class=yiv1455753132MsoNormal><SPAN style="FONT-SIZE: 14pt">Briefly, the world monetary system is a CLOSED system whose balance sheet is<BR>always in equilibrium irrespective of the volume of credit/money creation -<BR>the system's assets (loans) are always equal to its assets (IOUs of<BR>borrowers).<BR><BR><BR><BR>Read:<BR><BR><BR><BR>Briefly, the world monetary system is a CLOSED system whose balance sheet is<BR>always in equilibrium irrespective of the volume of credit/money creation -<BR>the system's liabilities (loan deposits) are always equal to its assets<BR>(IOUs of borrowers).<BR><BR><BR><BR><BR><BR>From: Gunnar Tomasson [<A href="mailto:gunnar.tomasson@verizon.net]" rel=nofollow target=_blank ymailto="mailto:gunnar.tomasson@verizon.net]">mailto:gunnar.tomasson@verizon.net]</A> <BR>Sent: Monday, June 04, 2012 1:56 PM<BR>To: 'gang8@yahoogroups.com'<BR>Subject: The Soros view of the euro - Comments<BR><BR><BR><BR>Dear Gang.<BR><BR><BR><BR>Here
are comments which I posted just now on Facebook on the Soros view of<BR>the euro as summarized at:<BR><BR><BR><BR><A href="http://www.businessinsider.com/george-soros-speech-goes-viral-2012-6" rel=nofollow target=_blank>http://www.businessinsider.com/george-soros-speech-goes-viral-2012-6</A><BR><BR><BR><BR>The euro crisis is rooted in the same set of international banking<BR>Ponzi-financing norms that sank the Icelandic banks and much else in October<BR>2008. <BR><BR>In turn, these banking norms evolved - slowly at first but then more rapidly<BR>- after, and as a result of, the scuttling in the early 1970s of the Bretton<BR>Woods System which had acted as a brake on domestic U.S. and<BR>(dollar-denominated) international credit expansion.<BR><BR>Leading mainstream and monetarist economic scholars applauded the demise of<BR>the BW System and welcomed what was thought to be the advent of more<BR>efficient allocation of capital across the
globe.<BR><BR>But one thing was overlooked: <BR><BR>"Capital" - as in real goods and services used for productive purposes - is<BR>not the same as "money" whose supply, for the world banking system as a<BR>whole, is subject to NO quantitative limitations. <BR><BR>How so?<BR><BR>Briefly, the world monetary system is a CLOSED system whose balance sheet is<BR>always in equilibrium irrespective of the volume of credit/money creation -<BR>the system's assets (loans) are always equal to its assets (IOUs of<BR>borrowers).<BR><BR>By overlooking this elementary lesson of double-entry book-keeping, the<BR>guardians of world monetary and financial stability (the U.S. Federal<BR>Reserve Board, the International Monetary Fund, and national Central Banks)<BR>collectively launched the international monetary system on a 40-year path of<BR>structural disintegration.<BR><BR>Now, with the end result looming, neither Angela Merkel nor an angelic choir<BR>of thousands can
undo what mainstream economic orthodoxy has wrought.<BR><BR><BR><BR>Gunnar</SPAN></div>
<div class=yiv1455753132MsoNormal><SPAN style="FONT-SIZE: 14pt"><winmail.dat></SPAN></div>
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