ࡱ>   %` bjbjNN ?,,vu %lll6* FDFDFD8~DE_PE6F"GHHJJ KOOOOOOO$Qh}SO!zMJ"JzMzMOHHPzNzNzNzM4HHOzNzMOzNzNzNHE 3:RaFDM|zNN4/P0_PzNCT*N4CTzNCTzN$ KK^zNKL9LA K K KOO^N K K K_PzMzMzMzM55r& vr FINANCIALIZATION AND STRUCTURAL IMBALANCES IN THE GLOBAL ECONOMY PhD Luka Brki1 E-mail: luka.brkic@zg.htnet.hr Kristijan Kotarski2 E-mail: kristijan.kotarski1@kr.htnet.hr  Abstract: Finance is the historical antithesis of property, sanctifying its own right to expropriate indebted property owners. The monopoly of the control of the monetary system is the great over-riding monopoly of the world as it is worked at the present. The world is sinking into an epoch of neo-feudalism and debt peonage. This monopoly can be seen in the case of the Federal Reserve system which is a privately owned central bank. While the Federal Reserve Board is a government body, the process of money creation is controlled by the 12 Federal Reserve Banks, which are privately owned.The shareholders of the Federal Reserve banks (with the New York Federal Reserve Bank playing a dominant role) are among America's most powerful financial institutions.Current economic system rests upon the search for profit and accumulation of capital. What stimulates investment is, however, not just the absolute level of profits, but the rate of profit, which is the ratio of profits to investment. In the world economy, the rate of profit stayed more or less steady all through the late 1940s, the 1950s and the 1960s. But from the late 1960s until 1982, profit rates fell continuously, and global economy witnessed real decline in the rate of global GDP increase. A major reason why national economic growth slows in today's economies is that more and more income must be paid to carry the debt burden that mounts up. This can be labelled as a financialization which is defined as the increasing role of financial motives, financial markets, financial actors and financial institutions in the operations of the domestic and international economies. Financialization makes doing business more expensive along with raising the cost of living. Creditors in most countries have been able to turn their economic power into political power with the aim of shifting the tax burden off themselves and onto the labor and industry. No economy's productivity can keep pace with exponentially compounding debt. So there is always a gap in monetary terms between the value of what is manufactured and the purchasing power needed to consume it. Unlike industrial capitalism, which employs labor and invests in capital equipment to produce commodities, today's post-industrial financialized system only offers the virtual wealth of asset bubbles. Financialized wealth is extractive, not productive. That is because loans, stocks and bond securities are claims on wealth, not real wealth itself. History shows how economies that had been taken over by creditors were pushed into a series of financial crises as predatory lending sucks in the surplus, leaving nothing remaining for subsistence. KEY WORDS: FINACIALIZATION, PONZI SCHEME, ASSET BUBBLES, STRUCTURAL IMBALANCE, PROFIT INTRODUCTION Economic and financial crisis of 2007-2009 has reverberated through world financial markets and caused massive debt write-offs in financial sectors of many countries. It has struck a serious blow to world production and trade which is threatening to grind the world economy to a halt. At the same time asset values have dropped in an unprecedented wave of panic sales. The potential meltdown is a serious threat to world security and prosperity while there is very few detailed analyses in the mainstream media coverage and acamedic circles on the roots and underlying causes of this crisis which cannot be described as anything else but structural crisis. Lack of confidence and optimism of investors, consumers and producers has not undermined the very structure of financialized capitalism but it sank into abyss due to its own contradictions. INSTITUTIONAL PRIVILEGES The major flaw which has been manifested in the present economic crisis relates to the belief that bank credit represents key factor of production, conditio sine qua non of the modern economy. But this merely creates an intellectual platform for establishing monopoly right to issue interest-bearing bank credit in order to secure transfer from society to a privileged elite. This factor of production that has no actual labor-cost of production fits in the definition of institutional privilege. Monopoly power, business fraud, political insider dealing and special privileges for vested interests cannot be a part of an optimal medium for allocating resources referred to as a free market. Economic writers from the 16th through 20th centuries recognized that free markets required government oversight to prevent monopoly pricing and other charges levied by special privilege. The labor theory of intrinsic cost-value found its counterpart in the theory of economic rent: land rent, monopoly price gouging, interest and other returns to special privilege that increased market prices purely by institutional property claims. 3 According to vested interest groups, which are clearly the beneficiaries of the underlying institutional framework, free market means a market free of government regulation, "free" of anti-trust protection, and even of protection against fraud as opposed to deontological liberalism that highlights social regulation of economic affairs. One of the most remarkable institutional privileges in the history of modern industrialized economies is the complete privatization of the money creation process. Classical economists distinguished between earned income (wages and profits) and unearned income (land rent, monopoly rent and interest) whereby interests can be labelled as unearned increment.4 The monopoly over the control of the money supply is the great over-riding monopoly of the world as it is worked at the present time. (Nuri, 2002) For instance, by paying attention to US monetary system and its history one cannot avoid the conclusion that the Federal Reserve system is a privately owned central bank and that its property rights consist of directing the pace of U.S economy by inflation and deflation of national currency. While the Federal Reserve Board is a government body, the process of money creation is controlled by the 12 Federal Reserve Banks, which are privately owned. 5 MONEY CREATION EMBEDDED IN A PONZI SCHEME Fractional reserve lending, which allows banks to create credit or (debt) with accounting entries represents instable house of cards. As the sequence of development of the banking system shows (Table 1), the banks in the fourth stage can create credit completely freed from reserves constraint. Money expansion can be divided into publicly-owned money expansion and privately-owned money expansion. In the latter form of expansion private banks transform receipt money into fractional money, and the practice is regarded as a legal by the government (Griffin, 2006). Publicly-owned money expansion means that the goverment at the knowledge of its citizens debases the currency as a matter of policy for a revenue stream rather than taxation. This expansion ensues either via centralized banking or non-centralized banking where different banks issue their own banknotes in contrast to universal and standardized currency. If goverment lacks funds in order to finance its consumption, taxation is a viable option. But if taxation doesn't provide government with neccessary funds, government can issue bonds. In the case of straight borrowing a governmnet borrows money via issuing bonds at a discount on face value, promising to repay the purchaser the face value at some specified date in the future. Expansion borrowing represents a contrast in that it provides a government with funds and at the same time creates additional money to the existing supply. The issuer of the currency in case of expansion borrowing receives seignorage. If a bank buying bonds has assets on deposit equivalent to the borrowed funds, it is straightforward borrowing. Other case involves only a fraction of the loan backed by assets. The fraction of deposits-to-loans a bank is required to hold is called the reserve requirement. (Nuri, 2002) Table 1. The sequence of development of the banking system The stages of banking developmentBanks and spaceCredit and spaceStage 1: Pure financial intermediation Banks lend out savings Payment in commodity money No bank multiplier Saving precedes investmentServing local communities, wealth based, providing foundation for future financial centresIntermediation onlyStage 2: Bank deposits used as money Convenient to use paper money as means of payment Reduced drain on bank reserves Multiplier process possible Bank credit creation with fractional reserves Investments can now precede savingsMarket dependent on extent of confidence held in bankerCredit creation focused on local community because total credit constrained by redeposit ratioStage 3: Inter-bank lending Credit creation still constrained by reserves Risk of reserves lost offset by development of inter-bank lending Multiplier process works more quickly Multiplier larger because banks can hold lower reservesBanking system develops at national levelRedeposit constraint relaxed somewhat, so can lend wider afield Stage 4: Lender of last resort facility Central bank percieves need to promote confidence in banking system Lender-of-last resort facility provided if inter-bank lending inadequate Reserves now respond to demand Credit creation freed from reserves constraintCentral bank oversees national system, but limited power to constraint creditBanks freer to respond to credit demand as reserves constraint not binding and they can determine volume and distribution of credit within national economyStage 5: Liability managment Competition from non-bank financial intermediaries drives struggle for market share Banks actively supply credit and seek deposits Credit expansion diverges from real economic activityBanks compete at national level with non-bank financial institutionsCredit creation determined by struggle over market share and opportunities in speculative markets Total credit uncontrolledStage 6: Securitization Capital adequacy ratios inroduced to curtail credit Banks have an increasing proportion of bad loans because of over-lending in stage 5 Securitization of bank assets Increase in off-balance-sheet activity Drive to liquidity Deregulation opens up international competition, eventually causing concentration in financial centresShift to liquidity by emphasis being put on services rather than credit; credit decisions concentrated in financial centres; total credit determined by availability of capital , i.e by central capital markets  Source: Dicken (2007), p.382. In a fiat world, money is printed into existence by the central bank. Having in mind the fact that there is nothing backing up these huge quantities of money, one must conclude that it is inherently worthless.6 In addition to the money supply created by the central bank, fractional reserve lending allows credit to be extended by banks and financial institutions on top of the previously mentioned money supply. Indeed, banks and financial institutions have leveraged credit to base money at ratios of 30-1, 50-1 or even higher.7 So the present form of money system can be labelled as a credit money system with a fiat money subsystem that has some independence, but certainly doesnt rule the monetary roost. This can be reflected in a simple formula: Fm = Fb + MV(Fc) Fm = Fiat Money Total Fb = Fiat Monetary Base Fc = Fiat Credit, the amount of credit on the balances sheets of institutions in excess of Fb MV(Fc) is the market value Fc 8 At the moment Fc (credit) dwarfs Fb (base money) which can be seen in the data published by the New York Federal Reserve Board. In April 2008, M1 was approximately $1.4 trillion, more than half of which consisted of currency. While as much as two-thirds of U.S. currency in circulation may be held outside the United States, all currency held by the public is included in the money supply because it can be spent on goods and services in the U.S. economy. Global M1 was around 3.9 $ bn in October 2008. M2 was approximately $7.7 trillion and largely consisted of savings deposits. 9 Convetional money multiplier model is an outrageous flaw and can be challenged on two issues. Money multiplier model claims that credit money comes into existence after the creation of government money. Second claim, which is directly derived from the first one refers to the notion that the amount of money in the economy should exceed the amount of debt, with the difference representing the governments initial creation of money. Both of these claims are opposed by empirical evidence (Kydland and Prescott, 1990). The sequence was completely reversed and credit money came first and fiat money only a year later. In the real world, banks extend credit, creating deposits in the process, and look for reserves later. 10 The ratio of private debt to money shows that second claim is not consistent with reality. 11 Other problem with this doctrine and the system of money creation attached to it is that banks create the principal but not the interest necessary to pay back their loans; and that is where the Ponzi scheme emerges into our consideration. For instance, a dollar lent at 5 percent interest becomes 2 dollars in 14 years. That means the money supply has to double every 14 years just to cover the interest owed on the money existing at the beginning of this 14 year cycle. The Federal Reserve's own figures confirm that M3 has doubled or more every 14 years since 1959, when the Fed began reporting it. 12 Since loans from the Federal Reserve or commercial banks are the only source of new money in the economy, additional borrowers must continually be found to take out new loans to expand the money supply, in order to pay the interest collected by the bankers. However, the interest and the debt cannot possibly be paid back except by an ever expanding Ponzi scheme of lending. That scheme can last only as long as everyone believes the debt can be paid back and the market value of that debt keeps rising.13 Not only does the scale of credit-created money greatly exceed government-created money, but debt in turn greatly exceeds even the broadest measure of the money stockthe M3 series that the Fed some years ago decided to discontinue. Going further into our discussion on Ponzi scheme we must mention interesting claims by an Argentinian economic analyst Adrian Salbuchi, the giant Ponzi scheme consists of four pillars: 1. Programmed monetary insufficiency generated by independent central bank 2. Private banking based on fractional reserves - this allows banks to create money out of thin air and charge interest for it 3. Debt public and private sector are heavily indebted because both of them finance their activities by borrowing funds instead of enticing the increase in savings and investment pertained to it 4. Privatize Profits /Socialize Losses using taxpayers' money in order to cover the losses as a consequence of the prevailing too big to fail doctrine 14 To conclude this section on money creation process one must refer to the inexorabe flaw embedded in our own economy and that is rising debt in excess of the ability to pay. No economy in the history of mankind has been capable of doubling growth on a steady basis. The logic of compound interest cause debts to grow exponetially whereas real economies taper off in S-curves. Rising debt makes doing business more expensive along with raising the cost of living. This debt inhibits the modern industrial capitalism to deliver the promise of economic growth to the mankind. At the moment the world is plunging back to the future, to an epoch of neo-feudalism and debt peonage. Figure 1. Total Credit Market Debt  Source:  HYPERLINK "http://www.globalresearch.ca/index.php?context=va&aid=12121" http://www.globalresearch.ca/index.php?context=va&aid=12121 FINANCIALIZATION AND STRUCTURAL IMBALANCES Postindustrial faith that whatever increases wealth is productive from producing a car to puffing up real estate and other asset prices has led to various asset bubbles. At the same time, creating wealth by inflating asset prices has had a far reaching conseqences by omitting to spur tangible capital formation in order to raise wages and living standards. As a result, the value of financial wealth has grown considerably, so the relations between productive capital and financial capital were profoundly modiefied.15 Manufacturing was no longer the primary source of wealth accumulation and financial sector's role transformed from providing capital for manufacturing to buying and selling assets using borrowed funds for profits. All this vast financial sector expansion, overaccumulated financial capital, in other words the new centrality of the financial sector greatly advanced speculation. This process, widely referred to as financialization, is defined as ' the increasing role of financial motives, financial markets, financial actors and financial institutions in the operations of domestic and international economies'. 16 Finacialized economies have few characteristics: 1. Cost of living and cost of doing business is increased 2. Mortgage buyers are exempt to taxation as much as possible in order to leave enough surplus to be extracted by payments on interest 3. Shift of taxes onto labor and industry which undermines the competitive power of finacialized economies 4. Collection of revenues used to finance public sector by capitalizing it into interest charges and to inflate the price of housing and other real estate and privatized monopolies.17 From 1973 to 2008 the portion of manufacturing in the GDP of the USA fell from 25% to 12%.18 The share represented by financial services rose from 12% to 21%.19 Today, US households spend more of their disposable income to pay off debts (14%) than to buy foods (13%).20 Financial sector indebtedness was 21% of the GDP in 1980, 83% in 2000, and 116% by 2007.21 Bubble economies based on debt-financed real-estate and stock market inflation always burst at some point and this has led to boom and bust cycles. Traditional ways of making money by new capital investment has been completely inverted. The quickest path to riches in today's global financial system is to foreclose and make a profit by selling off property onto world financial markets that are being inflated by central banks. This is clearly a zero-sum game with losers that forfeit their assets and winners that take them over. In the course of this process resources are funneled away from real economy which employs labor and invests in machinery and capital equipment to transform raw materials and other inputs into commodities for sale. Financialized wealth is therefore extractive, not productive. That is because loans, stocks and bond securities are claims on wealth, not real wealth itself. 22 Modern industrialized economies are capable of producing wide ranges of commodities and services to meet the needs of everyone in society. But whole economies and societies are in a web of debt that prevents them from buying and consuming produced goods, while at the same time they are driven to produce more and more. This is because modern industiral production is merged with the monopoly of money-creation held by the banking system. There is always a gap in monetary terms between the value of what is being produced and the purchasing power needed to consume it. Famous economist C.H.Douglas stated in a 1932 pamphlet The Old and the New Economics: Categorically, there are at least the following five causes of a deficiency of purchasing power as compared with collective prices of goods for sale: 1) Money profits collected from the public (interest is profit on an intangible); 2) Savings; i.e., mere abstention from buying; 3) Investment of savings in new works, which create a new cost without fresh purchasing power; 4) Difference of circuit velocity between cost liquidation and price creation which results in charges being carried over into prices from a previous cost accountancy cycle. Practically all plant charges are of this nature, and all payments for material brought in from a previous wage cycle are of the same nature; 5) Deflation; i.e., sale of securities by banks and recall of loans. 23 DECLINE OF PROFIT Current economic system rests upon the search for profit and accumulation of capital. In the world economy, the rate of profit stayed more or less steady all through the late 1940s, the 1950s and the 1960s. It was frequently referred to as the golden age of capitalism.But from the late 1960s until 1982, profit rates began to fall and global economy witnessed real decline in the rate of global GDP increase. 24 Growth slowed, profits dropped, and serious levels of unemployment started to plague developed economies. One thing, which was essential in partial recovery of the rate of profit in the 1980s and 1990s, was the increase of the share of total profits in total national incomes at the expense of wages and this was mainly due to profits incurred in financial sector. Other ways of making profits were to impose wage constraints, tying wages to productivity in an asymmetrical way and labor-capital pacts that increased profits. With the growth of world markets, workers were seen merely as costs of production not as final consumers. Wages stagnated; social benefits were limited, curtailed or shifted onto workers. 25 Diminished wages paid to the workers led to a vast expansion in credit. As competition intensified, as new industrial powers emerged in Asia, US capital increasingly invested in financial activity.Industrial profits were re-invested (paperized) in financial services. Profits and liquidity grew in proportion to the relative decline in real value generated by the shift from industrial to financial/commercial capital. Over-exploitation of labor in Asia, and the over-accumulation of financial liquidity in the US led to the magnification of the paper economy and what liberal economist later called global disequilibrium between savers/industrial investors/ exporters (in Asia) and consumers/financiers/importers(in the US). Huge trade surpluses in the East were papered over by the purchase of US T-notes. 26 The whole dimension of this problem is additionally intensified by the dollar's role as the leading reserve currency which offers the U.S economy an opportunity to have a free lunch at the expense of global economy. 27 The capacity of the highly polarized economies was too limited in order to absorb capital in productive activity at existing high rates of profit. Therefore, the profit was spotted in investing in real estate, commodities, hedge funds, securities, debt-financing and merger and acquisitions. 28 CONCLUSION Some of the traits of the current financial and economic crisis are as following: there are too many goods chasing too few buyers, too much money chasing too few profitable investment outlays, too many workers chasing too few jobs; too many banks chasing too few impoverished savers and depositors. 29 The current financial and economic crisis is the outcome of deeply-rooted contradictions within the structure of global economic system so it cannot be labelled as a failure of the system but as an inherent part of its mode of functioning. Huge imbalances in the international monetary system can be recognized as unsustainable trade deficits and surpluses, skyrocketing official dollar reserves in some European and many Asian central banks, and the proliferation of Sovereign Wealth Funds which ends up in a myriad of bubbles, overleveraging, and other maladjustments already discussed above. This crisis is definately a part of a larger historical process. Officialy sanctioned and power-based institutional privileges enable the extraction of wealth purely by claims on that wealth. 30 The entire paper economy needs to be dismantled in order to free the productive forces from the constraints of unproductive capitalists and their entourage. 31 The present configuration of economic, political and social structures finds its expression in astronomical levels of state pillage of the public treasury in order to bail-out insolvent banks and factories, involving unprecedented transfers of income from salaried taxpayers to non-productive rent earners and to failed industrial capitalists and shareholders.32 Advanced countries at the core of global economy cannot sustain their economies without resorting to a huge build up of debt and speculative financial asset investment. There are limits to how far economies can be sustained by debt that is not based on any real economic values created. If the current global disequilibrium were not to be solved through elimination of the debts in excess of the ability to pay the world would end up in a debt peonage. The historical lesson is that economies taken over by creditors are plunged into depression as predatory lending strips away the surplus, leaving nothing remaining for subsistence, let alone capital renewal. The best example can be found in the collapse of the Roman Empire. 33 The only possible way to avoid it is to reverse the monetary policy worldwide in order to insure scarcity integrity. If scarcity-units (money) are allocated indifferent of production of goods and services in the real economy, scarcity-units are debased. (Nuri, 2002) Fair and sound money system is at the core of preventing serious financial and economic crises. Fair money system refers to the fractionally-based system which is publicly-owned, where there is legislative control over r. Ownership to the fully-backed money system is completely irrelevant. It can be concluded that the privately-owned fractional reserve money system is not a fair one because it implies and facilitates private confiscation of public property and leads to debt peonage. This is something which certainly does not contribute to the solution of the most contentious issues facing the global economy and risks global economic demise.The economic dystopia can be avoided by appropriate government tax policies that diminish the role and influence of rent-seekers as well as by reforming monetary system by restoring national sovereignty over money-creation, thereby reducing fiscal expenditures needed to repay outstanding and constantly growing public debt. REFERENCE LITERATURE Dicken, P. (2007), Global Shift- Mapping the changing contour of the world economy, Guilford Press Griffin, G.E. (2006), Die Kreatur von Jekyll Island: Die US-Notenbank Federal Reserve, Kopp Verlag Kydland, F.E., Prescott, E.C (1990), Business Cycles: Real Facts and a Monetary Myth, Federal Reserve Bank of Minneapolis Quarterly Review Nuri, Z. Vladimir (2002), Fractional Reserve Banking as Economic Parasitism,  HYPERLINK "http://www.scribd.com/doc/6152186/Fractional-Reserve-Banking-as-Economic-Parasitism-by-Vladimir-Z-Nuri" http://www.scribd.com/doc/6152186/Fractional-Reserve-Banking-as-Economic-Parasitism-by-Vladimir-Z-Nuri [Accessed 06/01/09] Moore, B. (1983), Unpacking the post Keynesian black box: bank lending and the money supply, Journal of Post Keynesian Economics, Vol. 4 Pp. 537 - 556  HYPERLINK "http://www.earthsharing.org.au/2009/02/24/hudson-orwellian-doublethink-nationalize-the-banks-free-markets/" http://www.earthsharing.org.au/2009/02/24/hudson-orwellian-doublethink-nationalize-the-banks-free-markets/ [Accessed 24/02/09]  HYPERLINK "http://www.laits.utexas.edu/poltheory/sidgwick/ppe/ppe.b03.c06.s05.html" http://www.laits.utexas.edu/poltheory/sidgwick/ppe/ppe.b03.c06.s05.html [Accessed 30/04/09]  HYPERLINK "http://www.guardian.co.uk/business/dan-roberts-on-business-blog/interactive/2009/jan/29/financial-pyramid" http://www.guardian.co.uk/business/dan-roberts-on-business-blog/interactive/2009/jan/29/financial-pyramid) [Accessed 30/01/09]  HYPERLINK "http://globaleconomicanalysis.blogspot.com/2009/02/fiat-world-mathematical-model.html" http://globaleconomicanalysis.blogspot.com/2009/02/fiat-world-mathematical-model.html [Accessed 21/02/09]  HYPERLINK "http://www.debtdeflation.com/blogs/2009/01/31/therovingcavaliersofcredit" http://www.debtdeflation.com/blogs/2009/01/31/therovingcavaliersofcredit [Accessed 01/03/09]  HYPERLINK "http://www.ny.frb.org/aboutthefed/fedpoint/fed49.html" http://www.ny.frb.org/aboutthefed/fedpoint/fed49.html [Accessed 08/01/09]  HYPERLINK "http://www.globalresearch.ca/index.php?context=va&aid=10430" http://www.globalresearch.ca/index.php?context=va&aid=10430 [Accessed 30/04/09]  HYPERLINK "http://www.globalresearch.ca/index.php?context=va&aid=13055" http://www.globalresearch.ca/index.php?context=va&aid=13055 [Accessed 10/04/09]  HYPERLINK "http://www.globalresearch.ca/index.php?context=va&aid=12283" http://www.globalresearch.ca/index.php?context=va&aid=12283 [Accessed 20/02/09]  HYPERLINK "http://www.globalresearch.ca/index.php?context=va&aid=6870" http://www.globalresearch.ca/index.php?context=va&aid=6870 [Accessed 02/05/09]  HYPERLINK "http://www.globalresearch.ca/index.php?context=va&aid=12955" http://www.globalresearch.ca/index.php?context=va&aid=12955 [Accessed 30/03/09]  HYPERLINK "http://www.globalresearch.ca/index.php?context=va&aid=12471" http://www.globalresearch.ca/index.php?context=va&aid=12471 [Accessed 29/02/09]  HYPERLINK "http://www.globalresearch.ca/index.php?context=va&aid=12517" http://www.globalresearch.ca/index.php?context=va&aid=12517) [Accessed 03/03/09]  HYPERLINK "http://www.federalreserve.gov/releases/H6/20060223" www.federalreserve.gov/releases/H6/20060223 [Accessed 25/05/09]  HYPERLINK "http://www.globalresearch.ca/index.php?context=va&aid=13702" http://www.globalresearch.ca/index.php?context=va&aid=13702 [Accessed 23/05/09] 1 Institution/Affiliation: Faculty of Political Science, University of Zagreb 2 Institution/Affiliation: Faculty of Political Science, University of Zagreb 3  HYPERLINK "http://www.earthsharing.org.au/2009/02/24/hudson-orwellian-doublethink-nationalize-the-banks-free-markets/" http://www.earthsharing.org.au/2009/02/24/hudson-orwellian-doublethink-nationalize-the-banks-free-markets/ 4  HYPERLINK "http://www.laits.utexas.edu/poltheory/sidgwick/ppe/ppe.b03.c06.s05.html" http://www.laits.utexas.edu/poltheory/sidgwick/ppe/ppe.b03.c06.s05.html 5  HYPERLINK "http://www.globalresearch.ca/index.php?context=va&aid=12517" http://www.globalresearch.ca/index.php?context=va&aid=12517 6 It is noteworthy to mention that central banks do still hold substantial reserves of gold and foreign currency as a buffer against financial turbulence. The size of this gold reserves (just 845 bn $ in central banks' vaults) reminds us of how much fiat money depends on confidence trick. ( HYPERLINK "http://www.guardian.co.uk/business/dan-roberts-on-business-blog/interactive/2009/jan/29/financial-pyramid" http://www.guardian.co.uk/business/dan-roberts-on-business-blog/interactive/2009/jan/29/financial-pyramid) 7  HYPERLINK "http://globaleconomicanalysis.blogspot.com/2009/02/fiat-world-mathematical-model.html" http://globaleconomicanalysis.blogspot.com/2009/02/fiat-world-mathematical-model.html 8 MV is a function of time preference and credit sentiment (i.e belief that one can be paid back). As long as that belief was high, banks were willing to lend. 9  HYPERLINK "http://www.ny.frb.org/aboutthefed/fedpoint/fed49.html" http://www.ny.frb.org/aboutthefed/fedpoint/fed49.html 10 Basil Moore 1983, Unpacking the post Keynesian black box: bank lending and the money supply, Journal of Post Keynesian Economics 1983, Vol. 4 pp. 537-556 11  HYPERLINK "http://www.debtdeflation.com/blogs/2009/01/31/therovingcavaliersofcredit" http://www.debtdeflation.com/blogs/2009/01/31/therovingcavaliersofcredit 12  HYPERLINK "http://www.federalreserve.gov/releases/H6/20060223" www.federalreserve.gov/releases/H6/20060223 (February 23, 2006) 13  HYPERLINK "http://globaleconomicanalysis.blogspot.com/2009/02/fiat-world-mathematical-model.html" http://globaleconomicanalysis.blogspot.com/2009/02/fiat-world-mathematical-model.html 14  HYPERLINK "http://www.globalresearch.ca/index.php?context=va&aid=10430" http://www.globalresearch.ca/index.php?context=va&aid=10430 15  HYPERLINK "http://www.globalresearch.ca/index.php?context=va&aid=13055" http://www.globalresearch.ca/index.php?context=va&aid=13055 16  HYPERLINK "http://www.globalresearch.ca/index.php?context=va&aid=12283" http://www.globalresearch.ca/index.php?context=va&aid=12283 17  HYPERLINK "http://www.globalresearch.ca/index.php?context=va&aid=13055" http://www.globalresearch.ca/index.php?context=va&aid=13055 18  HYPERLINK "http://www.globalresearch.ca/index.php?context=va&aid=12283" http://www.globalresearch.ca/index.php?context=va&aid=12283 19 Ibid. 20 Ibid. 21 Ibid. 22  HYPERLINK "http://www.globalresearch.ca/index.php?context=va&aid=13055" http://www.globalresearch.ca/index.php?context=va&aid=13055 23  HYPERLINK "http://www.globalresearch.ca/index.php?context=va&aid=6870" http://www.globalresearch.ca/index.php?context=va&aid=6870 24  HYPERLINK "http://www.globalresearch.ca/index.php?context=va&aid=12283" http://www.globalresearch.ca/index.php?context=va&aid=12283 25  HYPERLINK "http://www.globalresearch.ca/index.php?context=va&aid=6870" http://www.globalresearch.ca/index.php?context=va&aid=6870 26 Ibid. 27 Numerous financial crises which originated after the 1973 oil price shock can be attributed to this turning point in the second half of 20th century. Rules of the dollar dominated petroleum imports. OPEC countries used this proceeds to buy necessary goods and services. At the same time other oil-importing countries had to pay dollars for oil but could not print currency. The only way to do this was to produce goods and services. 1973 represents a very significant year having in mind a huge amount of petrodollars that has been accumulated in oil producing and exporting states since then. Generated surplus increasingly found its way to investments in financial markets because of higher profit margins.market were set after U.S Secretary of State Henry Kissinger organized US-Saudi Arabian Joint Commission on Economic Cooperation which sanctioned dollar as a sole means of payment for purchasing oil. After other OPEC member countries accepted the deal, U.S government could virtually print dollars in order to pay for oil and the American economy didn't have to produce goods and services needed to pay for increasing oil imports. OPEC countries used this proceeds to buy necessary goods and services. At the same time other oil-importing countries had to pay dollars for oil but could not print currency. The only way to do this was to produce goods and services. 1973 represents a very significant year having in mind a huge amount of petrodollars that has been accumulated in oil producing and exporting states since then. Generated surplus increasingly found its way to investments in financial markets because of higher profit margins. 28 The above mentioned dichotomy can be seen in the Dow-Gold ratio as the most important ratio between the relative prices of financial assets and real assets. The Dow component represents the valuation of financial assets; the gold component of real assets. When leverage in the financial system increases significantly, so does this ratio. A very high ratio is interpreted as an imbalance between financial and real assets financial assets are grossly overvalued, while real assets are grossly undervalued. It also implies that a correction eventually will be necessary either through deflation, which implies deleveraging and a collapsing stock market, or through inflation, which implies stagnant stock market for many years and steadily rising prices of real assets, commodities, and gold, usually associated with stagnant economy and typically resulting in stagflation. 29  HYPERLINK "http://www.globalresearch.ca/index.php?context=va&aid=12471" http://www.globalresearch.ca/index.php?context=va&aid=12471 30 The financial sector has been able to translate its influence into political power. One must bear in mind that the current global reserve system enables one particular country, more precisely the interest groups within, the extraction of economic surplus from other countries. U.S deficits absorb 70% of global savings. ( HYPERLINK "http://www.globalresearch.ca/index.php?context=va&aid=12471" http://www.globalresearch.ca/index.php?context=va&aid=12471 ) It pours dollars into the rest of the world for yet further financial speculation and corporate takeovers. Other nations' central banks recycle these dollar inflows to buy U.S. Treasury bonds to finance the federal U.S. budget deficit. Finally, military character of the U.S. payments deficit and the domestic federal budget deficit should not be neglected. When the U.S. payments deficit pumps dollars into foreign economies, these banks are being given little option except to buy U.S. Treasury bills and bonds  which the Treasury spends on financing an enormous, hostile military build-up to encircle the major dollar-recyclers  China, Japan and Arab OPEC oil producers. Yet these governments are forced to recycle dollar inflows in a way that funds U.S. military policies in which they have no say in formulating, and which threaten them more and more belligerently. 31 This can be seen in the case of U.S budget which will is subjected to radical austerity measures except in few areas such as: 1. Defence and the Middle East War: 2. the Wall Street bank bailout,3. Interest payments on a staggering public debt ( HYPERLINK "http://www.globalresearch.ca/index.php?context=va&aid=12517" http://www.globalresearch.ca/index.php?context=va&aid=12517) 32  HYPERLINK "http://www.globalresearch.ca/index.php?context=va&aid=13702" http://www.globalresearch.ca/index.php?context=va&aid=13702 33  HYPERLINK "http://www.globalresearch.ca/index.php?context=va&aid=13055" http://www.globalresearch.ca/index.php?context=va&aid=13055     PAGE  PAGE 2     X n p oTd!&'(3}~ijĥĄ{pdXPhICJaJh%hI5CJaJh3~3hI5CJaJhShICJaJhI5CJaJhIhI6CJaJmH sH h%AhI6CJaJmH sH h%AhI0J6CJaJ h%AhI6B*CJaJphh%AhI6CJaJ h%AhIh%AhI5CJaJhjhI5h>hI5 hI0J5 hI5 X '(~e{! $a$gdI $x`a$gdI $dha$gdI$x[$\$a$gdI $dha$gdI$[$\$a$gdI$[$\$a$gdIv~Mikacde]! x!y!z!{!!I%J%'8''((((ͲukukhI0JCJaJhIB*CJaJphhI0JB*CJaJph#h=hI6B*CJH*aJph h=hI6B*CJaJphh=hIB*CJaJphh=hI6CJaJh=hICJaJh-7hI5CJaJhI5CJaJhICJaJh"mhICJaJ*{!!J%(()0)@)Q) $$Ifa$gdI $xxa$gdI$sdh`sa$gdI $x`a$gdI$X`Xa$gdI(()R)y)H*I*n**+++,--D-- / /)/}/00002222233345 5 5 5666666*7888yyhICJaJh1chI0JCJaJh1chICJaJh+~ihI6CJaJh+~ihI5CJaJhI0JCJaJh+~ihICJaJ hICJ]hI6CJ]hI56CJ\] hICJhI56\]h@::hI6CJhI/Q)R)y)))))4*H*pdXXXXXX $$Ifa$gdI $$Ifa$gdIkd$$IfTlgF\ +# @  06    4 laytITH*I*n**** +-+e++pdXdddddd $$Ifa$gdI $$Ifa$gdIkd$$IfTlF\ +# @  06    4 laytIT +++,R,x,,,-pdXddddd $$Ifa$gdI $$Ifa$gdIkdr$$IfTlF\ +# @  06    4 laytIT--D---- .n. /pddXXXXX $$Ifa$gdI $$Ifa$gdIkd+$$IfTlF\ +# @  06    4 laytIT / /)/}///'000pdXddddd $$Ifa$gdI $$Ifa$gdIkd$$IfTlF\ +# @  06    4 laytIT0000E1c11122pdXdddddd $$Ifa$gdI $$Ifa$gdIkd$$IfTlF\ +# @  06    4 laytIT 222225566peeeWMMFxgdI $xa$gdI $x`a$gdI $dha$gdIkdV$$IfTlF\ +# @  06    4 laytIT68&<eA BoBBCQDRDFGG G!G"G#G$G%G&GGgdI$`a$gdI $Wx`Wa$gdI$:sx^:`sa$gdI $:x^:a$gdI $x`a$gdI8899];;;;;#<%<&<>>>>>???y@{@AANDPDRD]DFXFpFFFFFGG%G'G.G/G譡zrgrh hICJaJhICJaJhI5CJaJ"jhICJUaJmHnHuh hI6CJaJhICJaJmH sH h+~ihICJaJmH sH h|]0hI0JCJaJh+~ihI0JCJaJhI0JCJaJhICJaJh+~ihICJaJh+~ihI6CJaJ(/G0GyGzG{GGGGGGIIIKK]L^L`LLLLL'M)MYM\MMM{N}N~NNNNNO!OOOOO_PPRtSvSxStUzUUV VY影h+~ihI6CJaJhICJaJhI0JCJaJh+~ihICJaJh-7hI5CJaJhI5CJaJh hI0JCJaJ#jh hICJUaJh hICJaJjh hICJUaJ4GGGGLLZMMNNPyS VYY\`b $x`a$gdI $a$gdI $x`a$gdI $x^a$gdI $x^a$gdI $x`a$gdI$`a$gdIYYYYZZZZZO\\\\]]],_``````aaabbbbccccdLf g gggggggiiNjfjjjŻͯŻͯŻhI0JB*CJaJphhI5CJaJhZhICJaJh+~ihI6CJaJhIB*CJaJphhI0JCJaJhICJaJh+~ihIB*CJaJphh-7hI5CJaJh+~ihICJaJhZhI0JCJaJ1bbbLfgknppppppppppppppppppp $dha$gdI $x`a$gdI $xa$gdIjkkkllmnnppqqqTqeq|qqqqqqqqqr rTrUrqrrrrrssĻ{vog` h6AhIjhIU h hI hI6h&hI6 h&hIh&hI0J6hPhI6hIh6AhI6\ hI\h`hI5CJaJhI5CJaJh+~ihICJaJhICJaJhI0JCJaJmH sH hICJaJmH sH h'hICJaJmH sH #ppppppppqqeqfqqqUrVrss2t3t.u/uuuvvwgdIgdI$a$gdI $dha$gdIsssssssssst%t+t,t-t.t1t3t4ttttuu-u.u/u0uuuuuuuuuu߲ygy#j h hICJUaJ h hIhICJaJh hI0JCJaJ#jh hICJUaJh hICJaJjh hICJUaJ h9khIhhI6h`hI6 hhIhIhhI0JjhIUjhIU$uu]v^v_vvvvvvvDwEwFwwwwww x x xSxTxhxjxkxxxxxxxxxFyGyHyyyyyyyyy!z"z6z8z9zzjHh hIUjh hIUjfh hIUjh hIUjh hIUhIh hI0Jj h hIU h hIjh hIU3wwixjxxxyy7z8zzzq{r{||||Q}R}S}}}u~v~~gdIgdI$a$gdIzzzzzzzzz{ {!{[{\{p{r{s{{{{{{|||Z|[|\|||||||||˲˛ˍˆwlhKhICJaJjhKhICJUaJ hKhIj8hZ5hIUjhZ5hIUhZ5hI0JjBhZ5hIUjhZ5hIU hZ5hI h hIhIh hI0Jjh hIUjh hIU#|||8}9}:}=}P}Q}S}T}}}}}}}}} ~"~#~$~_~`~t~u~v~w~x~ƿwpew\wXR hI0JhNnhN7HhI0Jj}hIU h_hIjhIUhB hI0Jj2hB hIU hB hIjhB hIUhIh hICJaJhICJaJ hZ5hIhKhICJaJhKhI0JCJaJjhKhICJUaJ#jhKhICJUaJx~~~~~~~! 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