kzh54 » March 16th, 2014, 12:21 pm
I took the liberty of looking up Christine Lagarde's speech regarding multilateralism for those of you who are following Memphis's postings. I found it very interesting.
These are excerpts from her speech in London on Feb 3, 2014
Here is the set-up...the problem.
This will be a more diverse world of increasing demands and more dispersed power. In such a world, it could be much harder to get things done, to reach consensus on issues of global importance.
The risk is of a world that is more integrated—economically, financially, and technologically—but more fragmented in terms of power, influence, and decision-making. This can lead to more indecision, impasse, and insecurity—the temptations of extremism—and it requires new solutions.
Demographics and degradation of the environment are two major long-term trends—disparity of income is the third. This is really an old issue that has come to the fore once again.
It is easy to diagnose the problem, but far more difficult to solve it.
From our work at the IMF, we know that the fiscal system can help to reduce inequality through careful design of tax and spending policies. Think about making taxation more progressive, improving access to health and education, and putting in place effective and targeted social programs. Yet these policies are hard to design and—because they create winners and losers—they create resistance and require courage.
Then the solution...
I have talked tonight about the main pressure points that will dominate the global economy in the years to come—the tension between coming together and drifting apart; and the tension between staying strong and slowing down. I have talked about pressures that would have seemed familiar a century ago, and some that are entirely new.
Now, how do we manage these pressure points? Where are the solutions?
Overcoming the first tension really boils down to a simple question: do we cooperate as a global family or do we confront each other across the trenches of insularity? Are we friends or are we foes? Overcoming the second tension requires us to face common threats that are not bound by borders. Do we face adversity together, or do we build yet more borders and Maginot Lines that will be mere illusionary protections?
The response to both tensions is therefore the same: a renewed commitment to international cooperation; to putting global interest above self-interest; to multilateralism.
The beauty of the new multilateralism is that it can build on the old—but go further. The existing instruments of cooperation have proven extremely successful over the past decades, and they must be preserved and protected. That means that institutions like the IMF must be brought fully up to date, and made fully representative of the changing dynamics of the global economy. We are working on that
More broadly, the new multilateralism must be made more inclusive—encompassing not only the emerging powers across the globe, but also the expanding networks and coalitions that are now deeply embedded in the fabric of the global economy. The new multilateralism must have the capacity to listen and respond to those new voices.
It also requires collective responsibility for managing an international monetary system that has traveled light years since the old Bretton Woods system. The collective responsibility would translate into all monetary institutions cooperating closely—mindful of the potential impact of their policies on others.
In turn, that means we need a financial system for the 21st century. What do I mean by that?
Overall, the kind of 21st century cooperation I am thinking of will not come easy. It might get even harder as time passes, when the curtains fall on this crisis, when complacency sets in--even as the seeds of the next crisis perhaps are being planted.
Yet given the currents that will dominate the coming decades, do we really have a choice? A new multilateralism is non-negotiable.
HE77 » March 16th, 2014, 1:22 pm •
Treasury Secretary Jack Lew's Schedule
March 16, 2014
TIME: Daily schedule
EVENT: Treasury Secretary Jack Lew's Schedule
AGENDA: All times are local to the events.
-- Arrives in Sao Paulo, Brazil for meetings with Brazilian Finance Minister Guido Mantega and Brazilian Central Bank Governor Alexandre Tombini to discuss boosting global and regional growth.
-- Note: The secretary is on foreign travel to Brazil and Mexico, March 17-18.
DATE: March 17, 2014
We are hearing the RV and Gold Backed Currency announcements “MAY” happen on Sunday & Monday. All this is to occur by St. Patrick’s Day. St Patrick chased the snakes (bankers) out of Ireland.
We are also hearing the public exchange banking shall start on Tuesday. Read the warnings posted on this blog – be careful and discreet folks on exchanging.
AlreadyBlessed: THERE WILL BE A CALL TOMORROW AND AT REG TIME AS OF RIGHT NOW. TONY WILL SEND A TWEET IF THAT CHANGES FOR ANY REASON.....LIKE AN RV / TNT CALL MONDAY 3-17-14 1PM EST
UPDATED F.D.I.C. FAILED BANK LIST Posted by EXOGEN on March 16, 2014 at 11:46am
Number of Millionaires in US Hits New High
Posted by Vanessa on March 15, 2014 at 4:24pm
(They haven't even begun to count yet... just wait a week and see how many of us there are).
The rich are certainly getting richer.
More Americans are reaching millionaire status, according to a new study, with the number of wealthy households nationwide returning to pre-recession levels thanks in part to the stock market’s strong performance last year.
The number of wealthy households in the country has continued to increase over the past four years, according to investor research firm Spectrem Group and creator of the Annual Market Insights Report for 2014. The report finds wealth segments across the board saw major increases from 2012 to 2013.
The number of millionaires in the country reached a record 8.39 million last year, an increase of 440,000 since 2012 and 2.53 million more since the 2008 financial crisis. During that time, there were only 5.86 million millionaires in the U.S.
Spectrem reports that Mass Affluent Households, with net-worth’s between $100,000 and $1 million, grew to 28.97 million nationwide.The wealth number does not include primary residence and is an increase of 500,000 investors since 2012 and 2.77 million over the post-recession lows of 25.2 million.
The Ultra-High Net Worth segment, which includes those with $5-$25 million in net worth, hit 1.108 million in 2013, up 85,000 from the year earlier. And, an increase of 352,000 since 2008.
The wealthiest Americans, with $25 million in net worth or more, increased by 15,000 individuals from 2012, up nearly 10%. Spectrem reports that in 2008, there were only 84,000 investors with a net worth of $25 million or higher.
[xyz] Parliamentary source stated to AIN "The parliament started the first reading of Budget Law of 2014." http://www.alliraqnews.com/en/index.php?option=com_content&view=article&id=50421
[xyz] Breaking News Parliament lifts session for 30 minutes after concluding 1st reading of Budget Law http://en.alforatnews.com/modules/news/article.php?storyid=5481