A WELL HUNG PARLIAMENT SIGNIFIES VIRILE DEMOCRACY.
Reject to the narrative of smaller parties holding the government to ransom, Democracy is not about Winner takes all, stuff everyone else once the bidding is over. Democracy should be a consultative inclusive process sensitive to all needs and wants across the whole spectrum of society, cultural, political and Economic. It is non-sensical in a functioning democracy to claim that minority views should not be heard where a case is made. Is it a democracy where a minority voice is able to be ignored? Many minority and yet Right minded voices have been ignored and taken for granted for far too long in British policies a hung parliament with a Coalition or more informal supply and support arrangement is precisely what British Democracy needs. Balance is the key to life itself and no less in political life where power should be balanced by accountability and alternative voices with access to full checks and balances against excessive lurches in favour of special interest groups. So go ahead and vote for what you believe in and if that delivers a Hung Parliament so much the better. A well-hung parliament signifies virile democracy.
See what your real voting intentions would be absent the spin and nonsense Click link to take the survey. https://voteforpolicies.org.uk/survey/1/select-issues
THE STAGNATION OF SOCIAL TECHNOLOGIES. ( POST BREXIT ANXIETY ELIXIR!)
WILLIAM GOODWIN, SHELLY AND THE STAGNATION OF SOCIAL TECHNOLOGIES. ( POST BREXIT ANXIETY ELIXIR!)
William Goodwin, Shelly and the stagnation of Social technologies. ( Post Brexit anxiety elixir!)
Paul Foot wrote this wonderful piece in the International Socialist review I read it several years ago and in all the furore of Post-Brexit Angst, I revisited it today. http://www.isreview.org/issues/46/shelley.shtml
Reading the notes this reprinted article from Godwin’s enquirer took my eye. One always finds so much more to read. Please take some time if you have any when you are done to, visit my own Epic Poem, Usury Hells Fuel and Mans oppressor.
hence it follows,
that, to subject the labouring classes to unnecessary labour,
is wantonly depriving them of any opportunities of intellectual
Improvement; and that the rich are heaping up for
their own mischief the disease, lassitude, and ennui by
which their existence is rendered an intolerable burthen.
true pension-list is the rent-roll of the landed proprietors:
they demand from us but a slender portion of industry. If
wealth is a power usurped by the few, to compel the many
to labour for their benefit. The laws which support this
system derive their force from the ignorance and credulity
of its victims: they are the result of a conspiracy of the
few against the many, who are themselves obliged to
purchase this pre-eminence by the loss of all real comfort.
The commodities that substantially contribute to the sub-
sistence of the human species form a very short catalogue,
these only were produced, and sufficiently produced, the
life, may be devoted to the cultivation of the understanding,
species of man would be continued.
SAME OLD TORIES SAME OLD NEO-LIBERALISM.THEY ARE NOT CONSERVATIVES!
succession event buzz hegemony had been
transferred and what ajp taylor called
the war of the british succession was
won convincingly by the united states
and it was in that idealistic post-war
that on either side of the Atlantic
there were attempts to build
institutions that could answer these
nagging questions of nations and
nationalism a group of European
countries responded to an instinct deep
in the history of the continent and
launched a project for a federal system
of government with a single court a
single legal system and of course a
customs union modeled on the sovereign
that was the precursor to a unified
German state it would be fair to say
that Britain and America had a different
approach and together they sought to
create a new system based not on power
not on centralized and federal more
making but on rules embodied by
genuinely global institutions alongside
our American ally we were present at the
creation of the United Nations of the UN
Charter on data of the of NATO and later
of the Helsinki final acts and of course
Europe and North America ultimately
worked together to build this new world
we stood together with our West European
allies throughout the Cold War and when
that Cold War ended 26 years ago we
hoped that our rules-based liberal order
would catch on and embrace the whole
world and alas that vision has not
rarely come to pass and instead the
great attempt at a post-war liberal
settlement is under unprecedented strain
the hard reality is that other nations
were not swept along by the euphoria
that I remember so well many of you
remember and there is a whole region of
the world the Middle East where the
nation-state system is itself in peril
and where we are struggling against
non-state actors who view the very
of a global liberal order with contempt
Boris almost had me at the start I thought he was being sincere but fresh off the 350 million quid a week for the NHS wheeze, post-Brexit &; plastered all over the side of a Bus. And given the scant acquaintance old Bozzer seems to have with telling the truth, I remained unhooked but admit almost lured. But then the tell, the giveaway, everything was,´´especially the blame of the Assad regime´´, who could possibly see them as the part of any solution? They alone responsible for the ´´greater part of the 400,000 deaths in Syria” and on and on he went with his own curious set of facts, and with an awed equine mastication of the acronym UNGA, after all, Caligula had done much the same and a borrowed fact here and there, who could possibly notice? So there dear reader we must depart the scene in the marbled atria of the Colonnades of the United nations and its most lauded Security Council with UNGA foremost in our hearts and minds. Let us envision bent over braced and head firmly in the sand Boris again, in position, to Expose his thinking parts. As Caligula Whips his Incitatus onwards. Gimp masks instead of Blinkers and much feasting on porcine fare, in best Bullingdon and Skull and Bones style. Perhaps they have both had a late night down the temple playing the biscuit game, beloved of posh Lads in posh schools and posher clubs. They had taken the seasons biscuit for scraping the bottom of the barrel after all.
Zhou Xiaochuan: Reform the international monetary system
Essay by Dr Zhou Xiaochuan, Governor of the People’s Bank of China, 23 March 2009.
* * *
The outbreak of the current crisis and its spillover in the world have confronted us with a
long-existing but still unanswered question, i.e., what kind of international reserve currency
do we need to secure global financial stability and facilitate world economic growth, which
was one of the purposes for establishing the IMF? There were various institutional
arrangements in an attempt to find a solution, including the Silver Standard, the Gold
Standard, the Gold Exchange Standard and the Bretton Woods system. The above question,
however, as the ongoing financial crisis demonstrates, is far from being solved, and has
become even more severe due to the inherent weaknesses of the current international
Theoretically, an international reserve currency should first be anchored to a stable
benchmark and issued according to a clear set of rules, therefore to ensure orderly supply;
second, its supply should be flexible enough to allow timely adjustment according to the
changing demand; third, such adjustments should be disconnected from economic conditions
and sovereign interests of any single country. The acceptance of credit-based national
currencies as major international reserve currencies, as is the case in the current system, is
a rare special case in history. The crisis again calls for creative reform of the existing
international monetary system towards an international reserve currency with a stable value,
rule-based issuance and manageable supply, so as to achieve the objective of safeguarding
global economic and financial stability.
I. The outbreak of the crisis and its spillover to the entire world reflect the
inherent vulnerabilities and systemic risks in the existing international
Issuing countries of reserve currencies are constantly confronted with the dilemma between
achieving their domestic monetary policy goals and meeting other countries’ demand for
reserve currencies. On the one hand, the monetary authorities cannot simply focus on
domestic goals without carrying out their international responsibilities; on the other hand,
they cannot pursue different domestic and international objectives at the same time. They
may either fail to adequately meet the demand of a growing global economy for liquidity as
they try to ease inflation pressures at home, or create excess liquidity in the global markets
by overly stimulating domestic demand. The Triffin Dilemma, i.e., the issuing countries of
reserve currencies cannot maintain the value of the reserve currencies while providing
liquidity to the world, still exists.
When a national currency is used in pricing primary commodities, trade settlements and is
adopted as a reserve currency globally, efforts of the monetary authority issuing such a
currency to address its economic imbalances by adjusting exchange rate would be made in
vain, as its currency serves as a benchmark for many other currencies. While benefiting from
a widely accepted reserve currency, the globalization also suffers from the flaws of such a
system. The frequency and increasing intensity of financial crises following the collapse of
the Bretton Woods system suggests the costs of such a system to the world may have
exceeded its benefits. The price is becoming increasingly higher, not only for the users, but
also for the issuers of the reserve currencies. Although crisis may not necessarily be an
intended result of the issuing authorities, it is an inevitable outcome of the institutional flaws.
BIS Review 41/2009 1
II. The desirable goal of reforming the international monetary system, therefore,
is to create an international reserve currency that is disconnected from
individual nations and is able to remain stable in the long run, thus removing
the inherent deficiencies caused by using credit-based national currencies.
1. Though the super-sovereign reserve currency has long since been proposed, yet no
substantive progress has been achieved to date. Back in the 1940s, Keynes had
already proposed to introduce an international currency unit named “Bancor”, based
on the value of 30 representative commodities. Unfortunately, the proposal was not
accepted. The collapse of the Bretton Woods system, which was based on the
White approach, indicates that the Keynesian approach may have been more
farsighted. The IMF also created the SDR in 1969, when the defects of the Bretton
Woods system initially emerged, to mitigate the inherent risks sovereign reserve
currencies caused. Yet, the role of the SDR has not been put into full play due to
limitations on its allocation and the scope of its uses. However, it serves as the light
in the tunnel for the reform of the international monetary system.
2. A super-sovereign reserve currency not only eliminates the inherent risks of creditbased
sovereign currency, but also makes it possible to manage global liquidity. A
super-sovereign reserve currency managed by a global institution could be used to
both create and control the global liquidity. And when a country’s currency is no
longer used as the yardstick for global trade and as the benchmark for other
currencies, the exchange rate policy of the country would be far more effective in
adjusting economic imbalances. This will significantly reduce the risks of a future
crisis and enhance crisis management capability.
III. The reform should be guided by a grand vision and begin with specific
deliverables. It should be a gradual process that yields win-win results for all
The reestablishment of a new and widely accepted reserve currency with a stable valuation
benchmark may take a long time. The creation of an international currency unit, based on the
Keynesian proposal, is a bold initiative that requires extraordinary political vision and
courage. In the short run, the international community, particularly the IMF, should at least
recognize and face up to the risks resulting from the existing system, conduct regular
monitoring and assessment and issue timely early warnings.
Special consideration should be given to giving the SDR a greater role. The SDR has the
features and potential to act as a super-sovereign reserve currency. Moreover, an increase
in SDR allocation would help the Fund address its resources problem and the difficulties in
the voice and representation reform. Therefore, efforts should be made to push forward a
SDR allocation. This will require political cooperation among member countries. Specifically,
the Fourth Amendment to the Articles of Agreement and relevant resolution on SDR
allocation proposed in 1997 should be approved as soon as possible so that members joined
the Fund after 1981 could also share the benefits of the SDR. On the basis of this,
considerations could be given to further increase SDR allocation.
The scope of using the SDR should be broadened, so as to enable it to fully satisfy the
member countries’ demand for a reserve currency.
Set up a settlement system between the SDR and other currencies. Therefore, the SDR,
which is now only used between governments and international institutions, could become a
widely accepted means of payment in international trade and financial transactions.
Actively promote the use of the SDR in international trade, commodities pricing, investment
and corporate book-keeping. This will help enhance the role of the SDR, and will effectively
reduce the fluctuation of prices of assets denominated in national currencies and related
2 BIS Review 41/2009
Create financial assets denominated in the SDR to increase its appeal. The introduction of
SDR-denominated securities, which is being studied by the IMF, will be a good start.
Further improve the valuation and allocation of the SDR. The basket of currencies forming
the basis for SDR valuation should be expanded to include currencies of all major
economies, and the GDP may also be included as a weight. The allocation of the SDR can
be shifted from a purely calculation-based system to a system backed by real assets, such
as a reserve pool, to further boost market confidence in its value.
IV. Entrusting part of the member countries’ reserve to the centralized
management of the IMF will not only enhance the international community’s
ability to address the crisis and maintain the stability of the international
monetary and financial system, but also significantly strengthen the role of
1. Compared with separate management of reserves by individual countries, the
centralized management of part of the global reserve by a trustworthy international
institution with a reasonable return to encourage participation will be more effective
in deterring speculation and stabilizing financial markets. The participating countries
can also save some reserve for domestic development and economic growth. With
its universal membership, its unique mandate of maintaining monetary and financial
stability, and as an international “supervisor” on the macroeconomic policies of its
member countries, the IMF, equipped with its expertise, is endowed with a natural
advantage to act as the manager of its member countries’ reserves.
2. The centralized management of its member countries’ reserves by the Fund will be
an effective measure to promote a greater role of the SDR as a reserve currency. To
achieve this, the IMF can set up an open-ended SDR-denominated fund based on
the market practice, allowing subscription and redemption in the existing reserve
currencies by various investors as desired. This arrangement will not only promote
the development of SDR-denominated assets, but will also partially allow
management of the liquidity in the form of the existing reserve currencies. It can
even lay a foundation for increasing SDR allocation to gradually replace existing
reserve currencies with the SDR.
BIS Working Papers No 444 Reforming the international monetary system in the 1970s and 2000s: would an SDR substitution account have worked? by Robert N McCauley and Catherine R Schenk Monetary and Economic Department March 2014
What does the historical record suggest about the current proposals to reform the international monetary system? 1 Catherine R. Schenk University of Glasgow
At the end of the Second World War, it was clear that the US dollar would be the dominant international currency in any global economic reconfiguration, and this became the core of the Bretton Woods system. Most rich countries pegged their currencies to the USD, while the US alone valued its currency directly in gold. Nevertheless, there continued to be a role for a secondary international currency to be used as a reserve asset, anchor currency and as a currency of settlement because the supply of USD assets and gold was restricted in the immediate post-war period by US balance of payments surpluses. The system thus assumed that more than one major reserve currency could operate at the same time over a prolonged period. In the 1950s the sterling area (35 countries and colonies pegged to sterling and holding primarily sterling reserves) accounted for half of world trade and sterling accounted for over half of world foreign exchange reserves. In the early post-war years, this share was even higher – the IMF estimated that official sterling reserves, excluding those held by colonies, were four times the value of official USD reserves and that by 1947 sterling accounted for about 87% of global foreign exchange reserves.
Nowadays, to reduce the USD share of global reserves would require a huge amount
of any new reserve asset: even after recent allocations SDRs now comprise only about
4% of total international reserves. Proposals to supplement rather than replace
existing reserves require the SDR to be as attractive as USD in terms of liquidity,
value and returns, but this poses a huge burden on the USA if they have to finance this
through a liability to the Fund. Holders of SDRs must have confidence in their
liquidity (marketability, acceptability by all countries, convertibility to USD as well
as other currencies) that will require a huge multilateral commitment to develop the
market for SDR. The C20 of the 1970s also provides lessons for the process of
reform. There was a clear trade-off between efficiency in policy-making and the
breadth required for legitimacy of any emerging proposals. Similar challenges will
affect the Group of 20 as it adopts more policy-making responsibilities. In the 1970s,
reform proposals were over-run by market solutions that reduced the need for
precautionary reserves. Rather than focusing on how to manage such huge imbalances
today, the emphasis might instead be on how to reduce the incidence of (or provide
other forms of insurance for) the sudden stops that encourage the accumulation of
meet the new boss
By process of elimination, it is clear that the dollar will remain the
principal form of international reserves well into the future. It will not
be as dominant as in the past, for the same reasons that the United
States will not be as dominant economically as it once was. In the
short run, the euro will gain market share, especially in and around
Europe. In the longer run, the renminbi’s role will also grow, especially
in Asia. But for as far as one can see clearly into the future, the dollar
will remain first among equals.
The Dollar Dilemma
foreign affairs . September / October 2009 [67
The Oligarchy was firmly secured by the Bankers in the 2008 ´´Crash´´. The Petrodollar sword of Damocles has haunted every US president since Gerald Ford and it is clear from published documents and correspondence that the Monetary System and Banking have been elevated to an importance above democracy and Laws. President Trump would have had some idea of the generality of the question as many do but only those who put on the shoes of A president or World leader will be made aware of the full picture, the rest of us can only guess as to what exactly is causing the successive apparent loss of all humanity and reason when office is assumed ( I must confess I felt this more acutely when it happened to Obama) . I have been reading the Pearson and Brandt Commission reports the past few days following up on a reference to the Committee of Twenty in the 1973 Bilderberg Minutes.
https://en.wikipedia.org/wiki/Brandt_Report the follow up to the Brandt report is a report called the Brandt Equation.
The Brandt Equation was written by this Guy James Quilligan http://wiki.p2pfoundation.net/James_Quilligan
Who´s work is fascinating and I will be reading more of his work.
This paper of Quilligans is very good although the Language is too Jargony for it to truly blossom and gain traction ( in my opinion, at any rate, the style does not resonate with me)) in a wider readership, this is a shame.
My own intentions in this reconnoiter over the past 15 months Brexit scribblings are not of course purely altruistic. My Novel ´The Conquest of Dough has been waiting for the Full Stop of the Trump presidency, the inauguration was a key event the other will be the debt ceiling scheduled some time in June? when the 20 Trillion dollar of debt mark is hit and that silly old charade of the ´´Fiscal Cliff++ will undoubtedly be played again, to my own yawns and the Corporate Medials squeals of indignation no doubt.
Le Pens designs on La Belle Francais and Mr Wilders intrigue with the Electorate of the Netherlands are of course all set to provide some more drama in the Affairs of our Lovely Elysium. But the page of history has already turned and the Paradigm
The Cutting is from my press cutting book, I am one of the fortunate ones. I received a grant aided education in Comprehensive, and for A levels at the Colchester Institute where I went back to take my A Levels after leaving home and having dropped out of the sixth form. Incidentally one of my A Level Law Lecturers was Mike O´Brien a Junior Home office minister in the naughties New Labour Government, but at that time 1982, was a Law Lecturer at The Colchester Institute. But that’s another story.
I went to South Bank poly and studied one of the most Conservative subjects you can, Estate Management majoring in Valuation. I am a trained Neo-Liberal Capitalist but here’s the thing I am a life Long Socialist. I know that my opportunities in Life and my most prized possession, My education, are owed to the sweat blood and tears of my Grand Parents generation in the first half of the 20th Century and largely down to the Labour Government of 1946 that bequeathed to us the NHS, National Insurance and the Education act.
I made good use of my education in one of the most conservative of professions qualifying as a chartered surveyor, becoming a successful property consultant and Estate Agent and also a Property developer. I am grateful for the luck I had but mostly acknowledge and am thankful for the opportunities that the state education system allowed me to pursue. I see those opportunities are diminishing where they still exist today, for people of similar backgrounds and education opportunities as the younger me. My ex-wife was the same she became a successful commercial lawyer. We both always voted labour, here’s a blog about the Elections we sat through the night to ultimate disappointment throughout the Thatcher years.
When I see Tom Watson insulting comrades who still fight to maintain opportunities to benefit people like me who go on to uncomplainingly pay their taxes when they meet with success. We should always remember that all success is achieved stood on the shoulders of Giants, most of who went and still go un-rewarded. Those selfless and unacknowledged heroes and heroines that still did and still do what they do so that others will not have to and did not have to. Well, when I hear Watson and others criticise those who I thank and always remember made a sacrifice for me and others.We have a commitment always to pay back and not kick away the ladder. I get Angry and not a little confused