new world order

IMF to Germany: “Fiscal over-performance should be firmly avoided”

"The two have clashed at each stage of the crisis, with the Bundesbank deriding the IMF as the 'Inflation Maximising Fund' under the control of Keynesians who have overstepped their 'institutional and legal' authority. The rebukes have infuriated the IMF Board members, especially those from Asia, Latin America, which think the Fund has been doing Germany’s work for it. They grumble that the IMF has been dragged into ill-designed rescue packages, and that the lion’s share of IMF resources have been used to prop up the currency experiment of rich countries well able to clean up their own mess." Continue reading →

Continue ReadingIMF to Germany: “Fiscal over-performance should be firmly avoided”

Immigration Reform — The Time for Free Trade

"During the 19th century, tariffs and other barriers restricted international trade in goods and services. However, for the most part, labor was free to enter or leave the United States. Following World War I, the federal government enacted a series of laws restricting immigration. The interwar years also witnessed significant restrictions on trade in goods and services. Market forces are necessary to coordinate the international labor market as well. Increasing the number of H-1B visa's or temporary work permits is a small step in the right direction but governments can no better plan the international labor market than the Soviets could plan their markets." Continue reading →

Continue ReadingImmigration Reform — The Time for Free Trade

BIS blames European banks for eternal euro crisis

"Europe's creditor powers bear as much blame as debtors for the eurozone's eternal crisis and are blocking recovery by failing to play a full part in righting the ship, according to the Bank for International Settlements. The BIS said European banks played a huge role in stoking the pre-Lehman credit bubble. They rotated $1.25 trillion into US debt alone between 2003 and 2007, greater than the combined purchases of Asia and OPEC. It said banks funnelled money into southern Europe regardless of risk in 'expectations of a bail-out' if any country got into trouble." Continue reading →

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IMF sees no end to French jobless crisis this decade

"The IMF said the jobless rate will rise yet further to 11.6pc in 2014 and will not drop below 10.6pc within Mr Hollande’s five-year term. If this grim scenario unfolds, it will be a political hammer blow for Mr Hollande. He asked the nation to judge him on his record in 'bending the unemployment curve'. The Fund said efforts to bring down the budget deficit should focus on spending cuts rather than fresh taxes, 'which are among the highest by international standards and have a negative effect on investment and job creation'. Two-thirds of Mr Hollande’s fiscal squeeze has come from taxes, to the fury of the business lobby Medef." Continue reading →

Continue ReadingIMF sees no end to French jobless crisis this decade

Norway Gets U.S. Help Chasing Citizens Dodging Income Taxes

"Federal courts in six states have allowed the Internal Revenue Service to issue summonses to U.S. banks at the request of the Norwegian government, and the banks may now have to give up information on people who used some kinds of credit and debit cards. The development signals increasing cooperation between governments to stop offshore tax evasion. The U.S. Foreign Account Tax Compliance Act may lead to dozens of agreements between countries to exchange information on bank accounts. The development is significant because the U.S. government went to federal court in eight states at Norway (NOUE)’s request." Continue reading →

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Ruinous Inflation Proposals

"In this day and age, one should never assume that 'educated' persons, especially those who have “earned” advanced degrees in economics, know the least bit of economics or possess the least bit of sense that might steer them away from the refuse that passes for economic thought. I speak specifically of Biagio Bossone and Richard Wood. Their ruinously inflationary ideas, if adopted, will destroy the economies that they think will be saved. The lofty positions they have held in such institutions as the World Bank, the IMF, the OECD, the Paris Club, and the Australian Treasury make them all the more dangerous." Continue reading →

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UN narcotics body warns Uruguay over marijuana bill

"The International Narcotics Control Board (INCB) says it is concerned by the approval by Uruguayan MPs of a bill which would legalise marijuana. The INCB says the law would 'be in complete contravention to the provisions of the international drug treaties to which Uruguay is party'. The INCB is an independent body of experts established by the United Nations to monitor countries' compliance with international drug treaties. It says that, if adopted, it 'might have serious consequences for the health and welfare of the population and for the prevention of cannabis abuse among the youth'." Continue reading →

Continue ReadingUN narcotics body warns Uruguay over marijuana bill

Bankers, bankers uber alles, uber alles in der welt

"The episode has long weighed on the reputation of the BIS. However, what has received less attention is the role of the BoE in the affair. What emerges from the history, which appeared on the BoE's website on Tuesday, is that the UK's central bank prioritised the appeasement of the BIS over the British government's wishes to freeze the sale of Czech assets. The history, written by BoE officials and completed in 1950 but never published, also records that the UK central bank sold gold after this date on behalf of the Nazis -- and without waiting for the consent of the British government -- on the back of pressure from the BIS." Continue reading →

Continue ReadingBankers, bankers uber alles, uber alles in der welt

Bank of England helped the Nazis to sell plundered gold

"The Bank of England insists its role in the episode was 'widely misunderstood.' The Nazis invaded Czechoslovakia in September 1938. In March the following year, the Bank of International Settlements (BIS) asked the Bank of England to switch £5.6m-worth of gold from an account for the Czech national bank to one belonging to the Reichsbank. Much of the gold - nearly 2,000 gold bars - was then 'disposed' of in Belgium, Holland and London. The BIS was chaired at the time by Bank of England director, German Otto Niemeyer. The UK central bank also sold gold for the Nazis in June 1939, without waiting for approval from Westminster." Continue reading →

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How Bank of England ‘helped Nazis sell gold stolen from Czechs’

"Bank of England records detailing its involvement in the transfer and sale of gold stolen by Nazis after the invasion of Czechoslovakia were revealed online on Tuesday. The gold had been deposited during the 1930s with the Bank of International Settlements (BIS), the so-called Central Banker's bank, as the Czechoslovak government faced a growing threat from Germany. The document goes on to detail how a request was made in March 1939 to transfer gold, then worth £5.6m, from a Czech National Bank account at the BIS to an account operated by Germany's Reichsbank. Some £4m of the gold went to banks in the Netherlands and Belgium, while the rest was sold in London." Continue reading →

Continue ReadingHow Bank of England ‘helped Nazis sell gold stolen from Czechs’