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BY RUISHA QIAN
ANCHOR ERICA COGHILL
At Saturday’s G20 meeting in Paris, world leaders are set to wrestle about whether to boost IMF’s aid in the European debt crisis. The Economic Times explains one side of the debate.
“Brazil, Russia, India and China are working on ways to contribute money rapidly to expand the effective funds of the International Monetary Fund... to increase the role of emerging economic nations in combating the eurozone sovereign debt crisis.”
The plan would give the IMF roughly $750 billion in normal lending capacity.
Bloomberg, quoting a Hong Kong-based strategist, says more involvement in funding could give emerging countries more say in the euro crisis.
“Emerging markets, in particular China, may feel the pressure at this point to make some gestures to help the West. They do not want to invest too much given that the West’s problems are of its own making, and if they help, they want to do so in a way that brings them benefits and recognition.”
The plan has been shot down by the US, UK, and Canada.
In an interview with CNBC, US Treasury Secretary Tim Geithner says Europe should be able to take care of itself.
“Of course Europe, as a whole, has very substantial resources available to help manage the problem. The financial problem that faces Europe is complicated to solve, but they are well within the resources that Europe has available.”
And the Financial Times explains why the U.K. isn’t fond of the idea of more IMF aid, either.
“The emerging economies’ offer put the UK in a particularly difficult position because David Cameron, prime minister, called this week for a much bigger “bazooka” to prevent contagion spreading from Greece, through Spain and Italy to the rest of the world economy, but does not want to commit UK funds to the effort.”
Despite the wrangling between developed and developing countries, the Wall Street Journal says ultimately, the plan is likely to encounter legal difficulties.
“Even if the G-20 backs the idea, however, doubling the IMF's resources requires legislative approval, a political hurdle that could stymie efforts in some countries. Some lawmakers in the U.S. Congress, for example, have discussed de-funding existing commitments to the IMF. Asking Congress for additional funding would be a major obstacle.”
Las constructoras necesitan ayudas aunque tengan plusvalías de miles de millones de euros, como Fadesa. George Soros dice que la crisis es por la burbuja financiera, no la inmobiliaria. Continua la guerra del banano.
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El Dr. Jesús Huerta de Soto, economista de la escuela austríaca y catedrático de economía política en la Universidad Rey Juan Carlos, explica en una entrevista otorgada a la AEMP, las consecuencias que tendria la salida de Grecia del Euro.
Watch the full 29-minute video at *******www.goldmoney****/vorndran-turk-interview. Philipp Vorndran, of Flossbach & von Storch AG, and James Turk, Director of the GoldMoney Foundation, talk about the unsustainable level of US government debt. They discuss the possible combinations of growth, taxes, austerity and inflation necessary to reduce the debt burden.
Watch the full 29-minute video at *******www.goldmoney****/vorndran-turk-interview. Philipp Vorndran, of Flossbach & von Storch, and James Turk, Director of the GoldMoney Foundation, talk about whether Greece can leave the euro. Philipp explains that there is no doubt that Greece is bankrupt. He talks of a 75% haircut on Greek debt and also expects strong opposition to austerity from Greek public opinion. He talks of the danger of bank runs in Portugal and other countries. Portugal, Greece and Ireland could still be contained and even leave the euro without destroying it.
This interview was recorded on October 1st 2011 in Vienna.
Watch the full 29-minute video at *******www.goldmoney****/vorndran-turk-interview. Philipp Vorndran, of Flossbach & von Storch, and James Turk, Director of the GoldMoney Foundation, talk about stocks. Philipp explains that dividends and cash flow has to be analysed together with risk, sustainability of earnings and risk. They also talk about the Eurozone’s new bailout fund and whether it will be enough to save the euro. Philipp explains the difference between the EFSF and the ESM and the process for their approval. He explains that the size of the EFSF is enough to rescue small countries like Greece or Ireland, but too small to deal with problems in Italy or Spain.
Watch the full 29-minute video at *******www.goldmoney****/vorndran-turk-interview. Philipp Vorndran, of Flossbach & von Storch, and James Turk, Director of the GoldMoney Foundation, talk about how to prepare ourselves for financial repression. He talks of the dangers of capital controls, limitations on ownership of certain assets, increased tax burden and a whole plethora of possible political measures that desperate politicians might take to attempt to get the debt situation under control. Philipp’s fund still has a great deal of gold; they consider gold “the final money” and still see a lot of potential for its price. He talks of $5,000 gold price and expects the bull market to eventually reach the same level of enthusiasm and participation as the dot-com bubble in the 1990s. He also talks about the possibility of the general public rediscovering gold as money and the danger that there could be legal restrictions on gold ownership. This interview was recorded on October 1st 2011 in Vienna.
Watch the full 15-minute video at *******www.goldmoney****/kolm-turk-interview. Barbara Kolm, of the Hayek Institute, and James Turk, Director of the GoldMoney Foundation, talk about the work of the Austrian Economic Center and the Friedrich August v. Hayek Institute to bring the teachings of the Austrian school of economics back to Austria and the rest of the world. After 10 years of warning about the crisis that we are now living through, Austrians are starting to get more attention, although academia is still dominated by Keynesian and Monetarist ideas.
This interview was recorded on September 30th 2011 in Vienna.
Watch the full 15-minute video at *******www.goldmoney****/kolm-turk-interview. Barbara Kolm, of the Hayek Institute, and James Turk, Director of the GoldMoney Foundation, talk about the importance of capital and how it comes from savings, not credit creation. Business and entrepreneurs should be naturally drawn to the Austrian school but in fact most are not familiar with it. Barbara explains the importance of innovation and economic growth for the material wellbeing of humanity. Barbara talks about the student competition that they are organising as well as their soon-to-come media lecture program. She talks about their mobile-based Austrian economics dictionary available in many languages on Blackberry, i-Phone and Android platforms. She also talks about the Free market Roadshow. Barbara explains how the Austrian school teaches individual freedom and individual responsibility, and that these are fundamental for prosperity.
This interview was recorded on September 30th 2011 in Vienna.
Italy's Prime Minister, Mario Monti, on Tuesday reassured the EU that Italy is on the right track to achieve the commitments agreed during Euro Summit talks on 26th and 27th of October. After a meeting with president of the European Commission, Jose Manuel Barroso, the Italian Premier said his new government can push ahead with bigger reforms than his predecessor.
However, Monti also told journalists in his first visit to Brussels that his meeting with Barroso wasn't focused on weather Italy can achieve the economic reforms by 2013, but rather on potential institutional reforms in Europe as a whole. When asked about fiscal policies in Italy, Monti stated that all technical details will be discussed with Olli Rehn, European Commissioner for economic and monetary affairs, on Friday in Rome.
For his part, president Barroso expressed his full support to Monti's determination of tackling the Italian problems. "In these times of crisis and despite huge economic head-winds, Italy is determined to tackle its enormous challenges once and for all", Barroso said.