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Topic: Monetary reform


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In the News (Wed 10 Feb 10)

  
  The Constitutional Imperative in Reform of the Monetary and Banking Systems of the United States
Monetary and banking reform in the United States must be appreciated and approached a matter of law, as well as a matter of economics.
If disinterest in "monetary constitutionalism" can be explained in the case of the general public by ignorance and in the case of pundits by tunnel vision, in the case of high level public officials a more sinister reason is not without evidentiary support.
What we have now is a monetary authority that essentially has a monopoly on the issue of fiat money, with no guidelines to amount to anything; an authority that never would have been legislatively approved, that never would have been constitutionally approved, on any kind of rational calculus, no matter what the political system.
www.fame.org /HTM/Vieira_Edwin_The_Constituion_Imperative_in_the_Reform_of_the_Monetary_EV-003.HTM   (9875 words)

  
 Currency Areas, Exchange Rate Systems and International Monetary Reform - Robert Mundell
It is hard to think of a monetary union of one country with 160 million people, another country of 35 million, and two tiny countries of 3 or 4 million people, that would not be dominated by the larger country or at best the two largest countries.
Monetary union would have been easy immediately after the Hague summit in December 1969 because the European currencies were fixed to the dollar and had converged to dollar variables and therefore one another's; under the Bretton Woods arrangements countries knew that its was dangerous to run budget deficits that would threaten convertibility.
But monetary union was not politically possible in the first years and by the time the international monetary system had broken down, in two steps in 1971 and 1973, countries lost their convergence around the dollar.
www.columbia.edu /~ram15/cema2000.html   (12903 words)

  
 MONETARY REFORM FOR CUBA : IN TRANSITION Ricardo E   (Site not responding. Last check: 2007-10-07)
In the case the M-Auth decides to set only the national monetary policy (and consequently the monetary base is domestically determined) while allowing the exchange rate and convertibility to be out of their domain, it is considered to be operating under the " free floating system".
This is known as a "fixed exchange regime" and in it the monetary base is determined by the balance of payments in such a way that when the official net foreign reserves increase the monetary base increases and vice versa.
The reformer will have to dismantle the old institutions and the resulting vacuum to many must be quickly filled with a non-threatening alternative order.
www.ccsi.com /~calvo/cubaynue.html   (7959 words)

  
 ECB: Taxation, tax reform and monetary policy
The monetary analysis reflects our conviction that, in the long-term, inflation is a monetary phenomenon and hence serves mainly to identify longer-term risks to price stability.
Thus, by pursuing a credible monetary policy and through effective communication, the need for monetary policy to react to short-term price movements, including those stemming from taxation, can be reduced, thereby also limiting any potentially negative impact on output in the short-term.
In general, supply-side reforms which raise potential growth by creating a more flexible economy that is better able to withstand and adjust to shocks also facilitate the conduct of monetary policy.
www.ecb.int /press/key/date/2005/html/sp050513.en.html   (5552 words)

  
 Ministry of Foreign Affairs of Latvia: Officials laud early 1990s monetary reform as the most successful and ...
Monetary reform in Latvia at the beginning of 1990s has been one of the most successful and fundamental reforms undertaken in the country, the "reformers" themselves claimed on 5 March 2003, at a conference dedicated to the tenth anniversary of the Latvian national currency - the lat.
Repse looked back at monetary reform in Latvia and commented on the Latvian rouble, introduced prior to issue of the lat to put an end to Latvia's economic dependence on Russia.
Ivars Godmanis, Prime Minister at the time monetary reform was being carried out, told the conference that it was one of the most fundamental reforms of the beginning of the 1990s, building on other reforms of the time - liberalisation of prices, the launch of privatisation, land reform, and denationalisation.
www.mfa.gov.lv /en?id=670   (504 words)

  
 The Monetary Reform Act   (Site not responding. Last check: 2007-10-07)
Therefore, it is essential to monetary stability, and so to reform, as well as to maintaining national sovereignty, that the import and export of capital be kept in balance, so that the domestic money supply be not subject to manipulation nor to fluctuation in quantity, beyond the rule fixed in section 7., above.
Rather, consistent with the sound reform principle of subsidiarity, the private sector alone ought to engage in the various legitimate forms of lending, as set forth in section 12.
Thus, perhaps the most dangerous error of any monetary reform proposal would be to place the lending of money in the hands of the government, which is the essence of communist economics, carrying with it the power to destroy.
www.themoneymasters.com /monetary.htm   (4331 words)

  
 Brown, Constitution or Competition? Alternative Views on Monetary Reform: Library of Economics and Liberty
The by-now-mainstream response among monetary economists to the need for reform of the existing currency arrangements is the proposal that a "monetary constitution" be constructed and imposed upon those authorities who are vested with the responsibility for managing the nation's money supply.
In short, monetary systems granting monopoly privileges and permitting the wide use of discretion to those in power will most certainly function in a manner which maximizes the prospects for achieving political ends through monetary means.
Lack of descriptive precision on this matter is not surprising, however, since the monetary constitutionalists believe that the content of rule constraining the privileged producer, rather than the set-up of the producing agency, is crucial to the success of their proposals.
www.econlib.org /library/Essays/LtrLbrty/brnCCMR1.html   (4322 words)

  
 article   (Site not responding. Last check: 2007-10-07)
Therefore the first monetary reform principle to emerge is that control over the monetary system must be taken back out of the private hands who have usurped the power of the State by deceit, bribery and intrigue for their selfish or ideological ends, and be resumed by the State.
Sound monetary reform requires the issuance of all money (legal tender) by the State, exclusively; in amounts calculated to stabilize the general price level; without debt obligation to private persons; with all lending to be performed by private legal persons, exclusively; while safeguarding the widespread ownership of private property.
So realistic opportunity for authentic reform may present itself in the context of an economic/political crisis in which increasing numbers of our citizens, hitherto untouched, personally experience the harsh consequences of the lack of justice and charity in the present economic system, since the changes needed are ultimately of the heart and are therefore personal.
www.themoneymasters.com /article.htm   (5612 words)

  
 A Proposal for Monetary Reform - Global Policy Forum - Social and Economic Policy   (Site not responding. Last check: 2007-10-07)
The biggest thing that happened in the world monetary system since the l950s was the establishment of de facto complete convertibility among major currencies, and the development of intermediaries and markets, notably Eurocurrency institutions, to facilitate conversions.
Second, it may seem that we should welcome an exchange rate regime that increases the potency of monetary policy relative to fiscal policy; after all, monetary policy is the more flexible and responsive instrument of domestic stabilization.
The stimulus of expansionary monetary policy to domestic demand is limited by the competition of foreign interest rates for mobile funds.
www.globalpolicy.org /socecon/glotax/currtax/original.htm   (3941 words)

  
 Monetary Reform - Making it Happen   (Site not responding. Last check: 2007-10-07)
One is for monetary reform as proposed by Joseph Huber and James Robertson in 2000.
Simultaneous Policy is a general strategic approach, aiming to smooth the path to desirable reforms through their simultaneous implementation by enough countries to overcome the objection that a single country implementing them would risk capital flight and damage to its international competitiveness.
The historical perspective in Chapter 1 brings out some of the parallels between the aims of monetary reform in the 19th century and now, and some of the differences between that time and ours.
cog.kent.edu /lib/RobertsonBunzlMonetaryReform.htm   (628 words)

  
 Eastern Economic Journal: A proposal for monetary reform   (Site not responding. Last check: 2007-10-07)
The biggest thing that happened in the world monetary system since the 1950s was the establishment of de facto complete convertibility among major currencies, and the development of intermediaries and markets, notably Eurocurrency institutions, to facilitate conversions.
National economies and national governments are not capable of adjusting to massive movements of funds across the foreign exchanges, without real hardship and without significant sacrifice of the objectives of national economic policy with respect to employment, output, and inflation.
With a common currency, national financial and capital markets, and a single national monetary policy, movements of funds to exploit interest arbitrage or to speculate on exchange rate fluctuations cannot be sources of disturbances and painful interregional adjustments.
www.findarticles.com /p/articles/mi_qa3620/is_200310/ai_n9340776   (1353 words)

  
 The American Monetary Institute
These monetary reforms are minimal initial steps necessary to begin moving humanity back from the brink of nuclear war; away from a World dominated by fraud and ugliness and toward a World of justice and beauty.
The situation in which many knowledgeable monetary reformers find ourselves is that after years of studying monetary history and theory, we already know many if not most of the broad shapes that monetary reform should take.
The Monetary Reforms: The main focus of this conference - Researchers will describe and make the case for the kind of monetary reforms advocated, presenting both the logical and historical basis for them, and the mechanics of implementing them.
www.monetary.org /2005conference.html   (1753 words)

  
 Henry George's Concept of Money and Its Application to 21st Century Monetary Reform -- Concluding Remarks
Reform can begin, even without a complete and detailed blueprint of the ideal money system to be ultimately reached; so long as reform is consistent with the nature of money, and considerations of justice play the major role.
Short term it is crucial to institute enough monetary reform to place time on the side of Justice, instead of against it as at present.
In years of monetary research, it is noteworthy that such anti governmental propaganda is intimately connected with monetary proposals.
www.progress.org /2003/moneyz05.htm   (4618 words)

  
 Serbia Info / Facts and Figures / Monetary reform and economic recovery
The chief purpose of this reform was to halt the runaway inflation and stabilize the national currency, to be followed by revitalization of production and a gradual rise in the standard of living.
The linchpin of the monetary reconstruction program and economic recovery was the new dinar, which was given parity value with the German mark, had a gold base in hard currency and was convertible.
The economic recovery of the country was accompanied by a new tax system which took in the hitherto 'gray economy' that had benefited most from the inflationary taxation of the population at large.
www.serbia-info.com /facts/reform.html   (301 words)

  
 FRB: Speech, Bernanke--International Monetary Reform and Capital Freedom--October 14, 2004
The issue I would like to address today is the role of monetary policy, and in particular the choice of the exchange rate regime, in enabling economies to take the maximum advantage of the increasing openness and depth of international capital markets.
According to this view, the advantage of fixing the exchange rate as one element of an anti-inflation program (along with fiscal reforms and other policy changes) is that fixing the rate is more visible, more credible, and easier to explain than a commitment to stabilizing prices directly.
Politicians and policymakers around the world are being converted to the idea that monetary policy should focus on delivering low and stable inflation, with the determination of exchange rates left to free markets.
www.federalreserve.gov /boarddocs/speeches/2004/20041014   (4676 words)

  
 Stable hryvnia greets introduction of monetary reform in Ukraine (09/08/96)
KYIV - The hryvnia, Ukraine's new national currency, debuted on the streets of Kyiv on Monday morning, September 2, but on this first day of the long-awaited monetary reform, many residents combed the city looking for open banks and currency exchanges to trade in their old karbovantsi for the new, multi-colored bills.
Although pensions and wages were paid out to senior citizens and state sector employees in crisp new hryvni and shiny kopiyky (coins) on Monday morning, workers in the private sector, tourists and foreigners waited in long lines to change karbovantsi and dollars into the new currency.
"Although the government has assured us that we won't be cheated with this monetary reform, why take a chance," she said as she waited for her husband to exchange their life's savings of 50 million karbovantsi to 500 hryvni, which is less than $300.
www.ukrweekly.com /Archive/1996/369602.shtml   (1031 words)

  
 The American Monetary Institute
AMI Monetary Reform Conference in Chicago Sept. 29 - Oct. 2, 2005
Schedule of Speakers for AMI 2005 Monetary Reform Conference
A Brief Monetary History of the United States
www.monetary.org   (311 words)

  
 Monetary, Financial Reform On Agenda at Rome Meeting
One of those principally responsible for the economic collapse is the International Monetary Fund, an institution whose mission, as contemplated by the original architects of Bretton Woods, was entirely different from what it became.
Originally, the IMF was supposed to help developing countries to settle their trade imbalances, created by the necessity to import from industrial economies the capital goods, machinery, and equipment necessary to start an independent industrial development.
A pension system can work only if we have a situation in which the active part of the labor force is producing, in physical terms, enough to maintain themselves and the retired population.
www.larouchepub.com /pr/site_packages/2002/july_lar_breakout/2927lar_in_rome.html   (1692 words)

  
 Monetary Reform - Mises Institute   (Site not responding. Last check: 2007-10-07)
Bretton Woods was established near the end of World War II to provide a foundation to encourage international capital flows so that countries could rebuild their economies through foreign investment and world trade.
If a new stable monetary regime is not established, it is difficult to imagine how the global economy can recover from depressed conditions or achieve increased prosperity.
The IMF shrinks from discussing international monetary reform -- perhaps out of fear of reminding people that its own justification for existence ended with the dissolution of the Bretton Woods system nearly three decades ago.
www.mises.org /fullstory.aspx?control=116&id=78   (791 words)

  
 Greenwood Publishing Group I1   (Site not responding. Last check: 2007-10-07)
This volume demonstrates how monetary and financial organizations in the United States and abroad can be improved through a new addition to traditional monetary policy.
Monetary Reform and Cooperation Theory opens with a discussion of cooperation theory.
This work is full of useful information for the general economist, political scientist, and layman on the complex issue of monetary reform and the positive role cooperation theory can play in this vital process.
info.greenwood.com /books/0275931/0275931099.html   (253 words)

  
 Monetary Reform, Debt & Usury
CCMJ is taking an initiative to advance the readership in economic justice, and the knowledge of incremental steps towards peace and inclusive justice, especially where there is Christian resonance in the writing.
We are inviting publishers and booksellers to display and sell books/journals related to economic justice, and in particular to monetary justice.
I would be grateful to hear you response to this invitation and to answer any questions you may have.
www.pathwaysnetwork.co.uk /news/ccmj-031108.htm   (324 words)

  
 Henry George's Concept of Money and Its Application to 21st Century Monetary Reform
Attesting to the importance of Henry George’s life and work are the estimated 5 million copies of his books in circulation; the active Henry George organizations and schools around the globe with thousands of supporters and uncountable others who still respond to his name with “Oh yes - the single tax”.
This study was proposed because several years ago on first reading George, I found indications that his monetary views might have been quite advanced and potentially relevant to present day arguments over the proper monetary role of government.
The conclusion of AMI’s monetary research to date is that such monetary systems cannot be reconciled with two of George’s overriding requirements: that social institutions be consistent with individual self-determination; and with the principal of equal rights.
www.progress.org /2003/moneyz01.htm   (2217 words)

  
 Tract on Monetary Reform   (Site not responding. Last check: 2007-10-07)
But there is a fourth cost, namely, risk; and the reward of risk-bearing is one of the heaviest, and perhaps the most avoidable, burden on production....[T]he adoption by this country and the world at large of sound monetary principles, would diminish the wastes of Risk, which consume at present too much of our estate.
And his Tract on Monetary Reform is a review of economic theory and a look at the economic problems of post-WWI Europe through this set of monetarist spectacles.
The first chapter--"The Consequences to Society of Changes in the Value of Money"--may still be the best summary of the many and varied effects of deflation and inflation--on the distribution of income, on economic activity, on attitudes toward risk and reward--ever written.
econ161.berkeley.edu /Econ_Articles/Reviews/monetaryreform.html   (962 words)

  
 Estonica : Economy : The monetary reform as an important determinant of changes
The monetary reform which introduced the Estonian kroon, conducted in June 1992, was a major turning point in economic reform.
As the details of Estonian economic reform have already been extensively discussed in numerous articles, here only some of its more general features are described.
Estonia had also a relatively high level of inflation after the monetary reform.
www.estonica.org /eng/lugu.html?kateg=40&menyy_id=689&alam=81&leht=2   (379 words)

  
 Prosperity - Freedom from debt slavery   (Site not responding. Last check: 2007-10-07)
Money Reform (sometimes called, Monetary Reform) highlights the fact that our economy today is "debt-based", meaning that virtually all money is supplied into the economy as a debt owed to the private banking system.
Money Reformers advocate that the virtual Monopoly of Money Creation must be removed from the private banking system and we work to establish a publicly-created supply of debt-free money, created on behalf of the people, by a public body.
Bill Clarke explains The Case for Monetary Reform and emphasises the extent to which most people are unaware of the debt-based manner in which almost all money comes into existence.
www.prosperityuk.com   (553 words)

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