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pharoah88
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29-Oct-2010 11:58
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Any BANK withOUT nOrmalised Interest Rate wIll nOt recOver. When Interest Rate is NEAR-ZERO, ecOnOmy is sIck and eXtremely FRAGILE, bank is at hIghest rIsk Of DEFAULT. STAY CLEAR OF NEAR-ZERO INTEREST RATE BANKS |
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pharoah88
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09-Oct-2010 17:05
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What if you can't afford to retire?
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pharoah88
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09-Oct-2010 15:46
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REVIEW & FORUM Saturday: 9 OCTOBER 2010 Beggaring the World Economy CHICAGO – Global capital is on the move. As ultra-low interest rates in industrial countries send capital around the world searching for higher yields, a number of emerging-market central banks are intervening heavily, buying the foreign-capital inflows and re-exporting them in order to keep their currencies from appreciating. Others have been imposing capital controls of one stripe or another. In recent weeks, Japan became the first large industrial economy to intervene directly in currency markets. Why does no one want capital inflows? Which intervention policies are legitimate, and which are not? And where will all this intervention end if it continues unabated? The portion of capital inflows that is not re-exported represents net capital inflows. This finances domestic spending on foreign goods. So, one reason countries do not like capital inflows is that it means more domestic demand “leaks” outside. Indeed, because capital inflows often cause the domestic exchange rate to appreciate, they encourage further spending on foreign goods as domestic producers become uncompetitive. Another reason that countries do not like foreign capital inflows is that some of it might be “hot” (or dumb) money, eager to come in when foreign interest rates are low and local asset prices are rising, and quick to leave at the first sign of trouble or when opportunities back home beckon. Volatile capital flows induce volatility in the recipient economy, making booms and busts more pronounced than they would otherwise be. But, as the saying goes, it takes two hands to clap. If countries could maintain discipline and limit spending by their households, firms, or governments, foreign capital would not be needed, and could be re-exported easily, without much effect on the recipient economy. Problems arise when countries cannot – or will not – spend sensibly. Countries can overspend for a variety of reasons. The stereotypical Latin American economies of yesteryear used to get into trouble through populist government spending, while the East Asian economies ran into difficulty because of excessive long-term investment. In the United States in the run up to the current crisis, easy credit, especially for housing, induced households to spend too much, while in Greece, the government borrowed its way into trouble. Unfortunately, though, so long as some countries like China, Germany, Japan, and the oil exporters pump surplus goods into the world economy, not all countries can trim their spending to stay within their means. Since the world does not export to Mars, some countries have to absorb these goods, and accept the capital inflows that finance their consumption. In the medium term, over-spenders should trim their outlays and habitual exporters should increase theirs. In the short run, though, the world is engaged in a gigantic game of passing the parcel, with no country wanting to take the habitual exporters’ goods and their capital surpluses. This is what makes today’s beggar-thy-neighbor policies so destructive: though some countries will eventually have to absorb the surpluses and capital, each country is trying to avoid them. So which policy interventions are legitimate? Any policy of intervening in the exchange rate, or imposing import tariffs or capital controls, tends to force other countries to make greater adjustments. China’s exchange-rate intervention probably hurts a number of other emerging-market exporters that do not intervene as much and are less competitive as a result. But industrial countries, too, intervene substantially in markets. For example, while US monetary-policy intervention (yes, monetary policy is also intervention) has done little to boost domestic demand, it has spurred domestic capital to search for yield around the world. The US dollar would fall substantially – encouraging greater exports – were it not for the fact that foreign central banks are pushing much of that capital right back by buying US government securities. Singapore Banks, Temasek, GIC, MAS, were SELLING US$ Bonds to weaken US$ and Strengthen S$ ? ? ? ?
All this creates distortions that delay adjustment – exchange rates are too low in emerging markets, slowing their move away from exports, while the ease with which the US government is being financed creates little incentive for US politicians to reduce spending over the medium term. Rather than intervening to obtain a short-term increase in their share of slow-growing global demand, it makes sense for countries to make their economies more balanced and efficient over the medium term. That will allow them to contribute in a sustainable way to increasing global demand. China, for example, must move more income to households and away from its firms, so that private consumption can increase.
++++++++ ALL BANKS nEEd to raIse DepOsIt Interest Rates tO mOve IncOme tO hOUsebOlds and retIrees frOm the fIrms. ********
The US must improve the education and skills of significant parts of its labor force, so that they can produce more of the high-quality knowledge and service-sector exports in which the US specializes. Higher incomes would boost US savings, reducing households’ dependence on debt, even as they maintained consumption levels. Unfortunately, all this will take time, and citizens impatient for jobs and growth are pressing their politicians. Countries around the world are embracing shortsighted policies that cater to the immediate needs of domestic constituencies. There are exceptions. India, for example, has eschewed currency intervention thus far, even while opening up to long-term rupee debt inflows, in an attempt to finance much-needed infrastructure projects. India’s willingness to spend when everyone else is attempting to sell and save entails risks that need to be carefully managed. But India’s example also provides a glimpse of what the world could achieve collectively.
After all, beggar-thy-neighbor policies will succeed only in making us all beggars. Raghuram Rajan, a former Chief Economist of the IMF, is Professor of Finance at the Booth School of Business, University of Chicago, and author of Fault Lines: How Hidden Fractures Still Threaten the World Economy. Copyright: Project Syndicate, 2010. For a podcast of this commentary in English, please use this link: http://media.blubrry.com/ps/media.libsyn.com/media/ps/rajan10.mp3 You might also like to read more from Raghuram Rajan
Pasted from <http://www.sharejunction.com/sharejunction/postMessage.htm?topicId=8799&msgbdName=User Research/Opinions> |
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pharoah88
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09-Oct-2010 13:56
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Oct 9, 2010Varsities should act on cyber bullyingONLINE (and offline) bullying has already been festering in our tertiary institutions ("What if online pranks go out of line here"?; Oct 2), except that such cases have all been kept away from the media's radar, perhaps because there have been no fatalities linked to them yet. Do these institutions have appropriate policies and procedures in place to help such victims? Students who are bullied often have no idea where to seek redress. Victims are too terrified to approach faculty members as they are worried that they might be perceived as making "petty" complaints. The victims dare not confide in their peers as well because the bullies usually control powerful informal cliques in schools. In short, they suffer in silence. If local tertiary institutions have a set of procedures in place, they should publicise them and let victims know where to seek refuge. At the same time, faculty members need to be advised on the appropriate course of action to take. Schools should also put the victims' welfare as the first priority and not be overly concerned about the institutions' reputations. Schools tend to tread too cautiously and instead of focusing on the bullying, spend more time on seeing if the news has leaked out to the public. The focus should be removing the victim from harm and working out plans to help the victim cope. Finally, the law should evolve to deter cyber bullies and real-life bullies. In Singapore, the police are powerless to act unless the bullying results in a criminal offence. Whether the problem in Singapore will deteriorate to the level of tragic incidents like suicide remains to be seen, but why should we wait till that happens? Bullying can kill; schools should not wait for misfortune to befall our loved ones before starting to address the problem. He Yanying (Ms) |
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pharoah88
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09-Oct-2010 12:47
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Report: Condoms clog Games village drains Thousands of condoms threatened to choke the Commonwealth Games village's drainage system, media reports said, in the latest problem to hit the venue. |
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pharoah88
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09-Oct-2010 12:42
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Obama won't sign foreclosure challenge bill President Barack Obama will not sign legislation that could have made it more difficult for homeowners to challenge unjustified foreclosure actions, the White House said on Thursday. |
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pharoah88
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09-Oct-2010 12:39
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Cosmic Log: Bacteria can walk on 'legs' Science editor Alan Boyle's Weblog: Bacteria have legs? Microbes have been observed wiggling themselves up into a vertical position and moving leglike projections to walk on a surface. |
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pharoah88
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09-Oct-2010 12:14
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Why the foreclosure mess could last for years Not only are there questions about whether seizures were legal, buyers of homes may not own them. |
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pharoah88
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08-Oct-2010 18:32
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pharoah88
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08-Oct-2010 15:44
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pharoah88
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08-Oct-2010 14:33
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ADOLF HITLER QUOTES ON MERITOCRACY CHANGE
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pharoah88
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08-Oct-2010 14:21
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pharoah88
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08-Oct-2010 14:19
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pharoah88
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08-Oct-2010 13:44
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pharoah88
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08-Oct-2010 13:35
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pharoah88
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08-Oct-2010 13:29
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pharoah88
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08-Oct-2010 13:22
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pharoah88
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08-Oct-2010 13:19
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pharoah88
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08-Oct-2010 12:37
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pharoah88
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07-Oct-2010 14:09
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