tag:blogger.com,1999:blog-43699902608505233012024-03-19T10:41:51.492-07:00BLOGSEMSito di Educazione MonetariaUnknownnoreply@blogger.comBlogger123125tag:blogger.com,1999:blog-4369990260850523301.post-12234137960272259012017-07-02T10:21:00.001-07:002017-07-02T10:21:55.524-07:00Italia: vignetta per spiegare agli immigrati come funziona il governo<div class="separator" style="clear: both; text-align: left;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj4iId9pIHSF8el51zYnibnfgVbMn6Wia7Sq1y6-7IJIw-jqGyipUe8f6ifCPZQOlNfJLE8ebKHS1EcO6uijHIvxwCLO_fkq_2wpaiBYiQyjHTRId5Mxtc04ENWeXlb7FTbUxDwmjXiw-KZ/s1600/STORIABANCHE.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="282" data-original-width="407" height="276" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj4iId9pIHSF8el51zYnibnfgVbMn6Wia7Sq1y6-7IJIw-jqGyipUe8f6ifCPZQOlNfJLE8ebKHS1EcO6uijHIvxwCLO_fkq_2wpaiBYiQyjHTRId5Mxtc04ENWeXlb7FTbUxDwmjXiw-KZ/s400/STORIABANCHE.png" width="400" /></a></div>
<br />Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4369990260850523301.post-84957313018517850532017-07-02T03:42:00.003-07:002017-07-02T03:42:46.934-07:00SNB-BNS: Seigniorage rip-off in the Swiss Confederation<header>
<h1 class="flipboard-subtitle">
<a href="http://www.mauldineconomics.com/editorial/the-swiss-national-bank-owns-80-billion-in-us-stocks-heres-the-catch">The Swiss National Bank Owns $80 Billion in US Stocks—Here’s the Catch</a></h1>
<div class="date">
June 23, 2017</div>
</header>
BY <a href="http://www.mauldineconomics.com/about-us/john-mauldin">JOHN MAULDIN</a><br />
<span style="font-size: x-small;"><a href="http://www.mauldineconomics.com/editorial/the-swiss-national-bank-owns-80-billion-in-us-stocks-heres-the-catch" target="_blank">http://www.mauldineconomics.com/editorial/the-swiss-national-bank-owns-80-billion-in-us-stocks-heres-the-catch </a></span><br />
<br />
Switzerland is a small country of just 8 million people, but they make an outsized impact on economics and finance and money.<br />
Because Switzerland is considered a safe haven and a well-run
country, many people would like to hold large amounts of their assets in
the Swiss franc. This makes the Swiss franc intolerably strong for
Swiss businesses and citizens.<br />
So the Swiss National Bank (SNB) has to print a great deal of money
and use nonconventional means to hold down the value of their currency.
Their overnight repo rate is -0.75%.<br />
<a href="http://www.mauldineconomics.com/frontlinethoughts/negative-rates-nail-savers" target="_blank">That’s
right, they charge you a little less than 1% a year just for the
pleasure of letting your cash sit in a Swiss bank deposit</a>.<br />
<h3>
<strong>Switzerland Is Buying US Stocks on an Enormous Scale</strong></h3>
And the SNB is buying massive quantities of dollars and euros, paid for by printing hundreds of billions in Swiss francs.<br />
The SNB owns about $80 billion in US stocks today (June, 2017) and a
guesstimated $20 billion or so in European stocks (this guess comes from
my friend Grant Williams, so I will go with it).<br />
They have bought roughly $17 billion worth of US stocks so far this
year. And they have no formula; they are just trying to manage their
currency.<br />
Think about this for a moment: They have about $10,000 in US stocks
on their books for every man, woman, and child in Switzerland, not to
mention who knows how much in other assorted assets, all in the effort
to keep a lid on what is still one of the most expensive currencies in
the world.<br />
Switzerland is now the eighth-largest public holder of US stocks. It has got to be one of the largest holders of Apple.<br />
<h3>
<strong>What Happens When There Is a Bear Market? </strong></h3>
Who bears the losses?<br />
Print just more money to make up the difference on the balance sheet?
Do we even care what the Swiss National Bank balance sheet looks like?
More importantly, do they really care?<br />
We all remember <a href="http://www.mauldineconomics.com/frontlinethoughts/whatever-it-takes" target="_blank">European Central Bank President Mario Draghi’s famous remark, that he would do “whatever it takes” to defend the euro</a>. We could hear the Swiss singing from the same hymnbook soon.<br />
<h3>
<strong>Central Banks and Governments Exacerbate the Bubble</strong></h3>
The point is that central banks and governments are flooding the market with liquidity all over the world.<br />
That’s showing up in the private asset markets, in stock and housing
and real estate and bond prices. It creates an unquenchable desire for
what appear to be cheap but are actually overvalued assets—which is what
creates a Minsky moment.<br />
Now, remember what Minsky said: When an economy reaches the
Ponzi-financing stage, it becomes extremely sensitive to asset prices.
Any downturn or even an extended flat period can trigger a crisis.<br />
While we have many domestic issues that could act as that trigger, I
see a high likelihood that the next Minsky moment will propagate from
China or Europe. All the necessary excesses and transmission channels
are in place.<br />
<h3>
<strong>The Great Reset Is Close</strong></h3>
The hard part, of course, is the timing. The Happy Daze can linger
far longer than any of us anticipate. Then again, some seemingly
insignificant event in Europe or China—an Austrian Archduke’s being
assassinated, or what have you—can cause the world to unravel.<br />
It’s a funny world.<br />
Our central banks and governments exhibit unmistakable herd behavior
and continue to do the same foolish things over and over. They never
really intend to have the crisis that ensues.<br />
Remember Farrell’s Rule 3: There are no new eras. The world changes,
but danger remains. Gravity always wins eventually. It will win this
time, too. And when it does, <a href="http://www.mauldineconomics.com/frontlinethoughts/the-great-reset-how-should-we-then-invest" target="_blank">we will begin to undergo the Great Reset</a>.Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4369990260850523301.post-27618702869126159222017-06-29T06:19:00.005-07:002017-06-29T06:19:48.080-07:00Rouble Nationalization – the Way to Russia’s FreedomNykolai Starikov <br />
<span style="font-size: large;"><b>Rouble Nationalization – the Way to Russia’s Freedom</b></span><br />
St.Petersburg: Piter, 2013. — 304 p.: pic.<br />
<a href="http://lit.md/files/nstarikov/rouble_nationalization-the_way_to_russia's_freedom.pdf">http://lit.md/files/nstarikov/rouble_nationalization-the_way_to_russia's_freedom.pdf</a>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4369990260850523301.post-1754823756333444382017-06-28T15:30:00.002-07:002017-06-28T15:30:37.169-07:00UBS Whistleblower Offers Expert Consultation to UBS Clients<header class="container release-header">
<div class="row">
<div class="col-sm-10 col-sm-offset-1 col-xs-12">
<h1>
UBS Whistleblower Reveals the Secrets of Offshore Banking
and Offers Expert Consultation to Help UBS and Swiss Bank Clients Get
Their Rightful Compensation
</h1>
</div>
</div>
<div class="row">
<div class="col-sm-10 col-sm-offset-1 col-xs-12">
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</div>
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<div class="meta">
News provided by</div>
<a href="http://www.prnewswire.com/news/lucifers-banker"><strong>Lucifer's Banker</strong> </a>
<div class="mb-no">
07:00 ET</div>
</div>
</div>
<div class="row">
<div class="col-sm-10 col-sm-offset-1 col-xs-12">
<hr />
</div>
</div>
</header>
<section class="release-body container no-margin-bottom " itemprop="articleBody">
<div class="row">
<div class="col-sm-10 col-sm-offset-1">
<span class="xn-location" itemprop="contentLocation" itemscope="" itemtype="http://schema.org/Place"><span itemprop="geo" itemscope="" itemtype="http://schema.org/address"><span itemprop="addressLocality">LONDON</span></span></span>, <span class="xn-chron">June 28, 2017</span> /PRNewswire/ --<br />
<br />
For decades, the now-defunct façade of Swiss banking secrecy has cheated worldwide clients who deposited money in <span class="xn-location" itemprop="contentLocation" itemscope="" itemtype="http://schema.org/Place"><span itemprop="geo" itemscope="" itemtype="http://schema.org/address"><span itemprop="addressLocality">Switzerland</span></span></span>, alleges UBS Whistleblower and former banker, <span class="xn-person" itemscope="" itemtype="http://schema.org/Person"><span itemprop="name">Bradley Birkenfeld</span></span>. In his explosive book, <i>Lucifer</i><i>'</i><i>s Banker - The Untold Story of How I Destroyed Swiss Bank Secrecy,</i>
Birkenfeld details how UBS, one of the world's largest banks, helped
the ultra-wealthy commit tax fraud. Now, a team of senior ex-UBS bankers
and international lawyers are lending their expertise to help former
Swiss bank clients get their rightful compensation from "kickbacks"
taken.<br />
</div>
</div>
<div class="row">
</div>
<div class="row">
<div class="col-sm-10 col-sm-offset-1">
In 2012, in a landmark Swiss Federal Supreme Court ruling in <span class="xn-location" itemprop="contentLocation" itemscope="" itemtype="http://schema.org/Place"><span itemprop="geo" itemscope="" itemtype="http://schema.org/address"><span itemprop="addressLocality">Zurich, Switzerland</span></span></span>,
UBS was found guilty of knowingly taking "kickbacks" for years from
their global clients on structured products and asset management
activities.<br />
Presently, every UBS client
whether individual, corporation, endowment, foundation, trust and/or
government entity can now demand all of their rightful "kickbacks" from
UBS before <span class="xn-chron">October 2017</span>. Birkenfeld,
along with a group of senior ex-UBS private bankers and professional
international law firms, have been assembled to assist every Swiss bank
client to promptly file their rightful claims. To get the facts go to:<br />
<a class="linkOnClick" data-include="631268643" href="http://www.lucifersbanker.com/" rel="nofollow" target="_blank"><b>WWW.LUCIFERSBANKER.COM</b></a><br /> <b>UBS SCANDALS</b><br /> <b>UBS "Kickbacks"</b><br /> <br /> Publicist: <span class="xn-person" itemscope="" itemtype="http://schema.org/Person"><span itemprop="name">C.S. Lewis</span></span> & Company Publicists<br /> +1-845-679-2188 (Phone)<br /> <a class="linkOnClick" data-include="631268643" href="http://www.cslewispublicity.com/" rel="nofollow" target="_blank">http://www.cslewispublicity.com</a><br /> <br />
<br />
SOURCE Lucifer's Banker<br />
</div>
</div>
</section>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4369990260850523301.post-68576541612262138922017-06-28T10:55:00.004-07:002017-06-28T10:55:38.524-07:00Forum BCE sul central banking: lettera a Marco Buti sui cicli e la crisi<div style="line-height: 100%; margin-bottom: 0in;">
Mr. Marco Buti
</div>
<div style="line-height: 100%; margin-bottom: 0in;">
Director-General
for Economic and
</div>
<div style="line-height: 100%; margin-bottom: 0in;">
Financial Affairs
</div>
<div style="line-height: 100%; margin-bottom: 0in;">
European Commission
</div>
<div style="line-height: 100%; margin-bottom: 0in;">
B-1049 Bruxelles
</div>
<div style="line-height: 100%; margin-bottom: 0in;">
<br />
</div>
<div style="line-height: 100%; margin-bottom: 0in;">
<br />
</div>
<div style="line-height: 100%; margin-bottom: 0in;">
Roma, 27 giugno 2017</div>
<div style="line-height: 100%; margin-bottom: 0in;">
<br />
</div>
<div style="line-height: 100%; margin-bottom: 0in;">
Egregio,</div>
<div style="line-height: 100%; margin-bottom: 0in;">
<br /></div>
<div style="line-height: 100%; margin-bottom: 0in;">
domattina Lei
interverrà al panel sui cicli economici in Portogallo nell’ECB
Forum. </div>
<div style="line-height: 100%; margin-bottom: 0in;">
<br /></div>
<div style="line-height: 100%; margin-bottom: 0in;">
La crisi attuale è direttamente condizionata dalle pratiche
contabili bancarie che non considerano la creazione di liquidità
(Euro immateriale) all’attivo dei loro bilanci e che,
contemporaneamente, non segrègano i depositi della clientela dallo
Stato Patrimoniale. La creazione di nuova valuta FIAT che le banche
praticano quando fanno prestiti, investimenti o pagamenti di
fornitori, non risulta registrata nell'attivo dei flussi di cassa delle banche:
né della Banca Centrale, né delle banche commerciali. La BCE, come
ben sappiamo, risolve parzialmente il problema occultando al pubblico
il proprio Rendiconto Finanziario (Cash Flow Statement) – infatti
non lo pubblica. Nel caso delle banche commerciali, almeno in Italia,
il rendiconto finanziario viene pubblicato, ma senza indicare la
creazione di denaro. Stiamo parlando di cifre notevolissime (qui la
recente statistica pubblicata dalla Banca d’Italia:
<a data-saferedirecturl="https://www.google.com/url?hl=it&q=https://seigneuriage.blogspot.it/2017/06/quantita-di-moneta-creata-dal-sistema.html&source=gmail&ust=1498758837356000&usg=AFQjCNFELH0JeQGSSqANEqwTW3R9aVex1A" href="https://seigneuriage.blogspot.it/2017/06/quantita-di-moneta-creata-dal-sistema.html" target="_blank">https://seigneuriage.blogspot.<wbr></wbr>it/2017/06/quantita-di-moneta-<wbr></wbr>creata-dal-sistema.html</a>
)</div>
<div style="line-height: 100%; margin-bottom: 0in;">
<br /></div>
<div style="line-height: 100%; margin-bottom: 0in;">
Se le banche
indicassero la quantità di denaro creato nell’ATTIVO del bilancio,
non si troverebbero esposte ai fragili bilanci che risultano oggi. E’
vero che la creazione di denaro a sua volta rappresenta una
PASSIVITÀ, ma indicandola come “valuta in circolazione”, nel
caso della BCE, o come “debiti verso clientela”, nel caso delle
banche commerciali, questa passività rimane irredimibile. Questa
passività – che attualmente lo è solo di nome – dovrebbe essere
inverata come “debito da signoraggio” e diventare una passività
riscuotibile da parte dei Tesori dei paesi membri della UE i quali, a
loro volta, dovrebbero aprire una voce attiva in bilancio denominata
“signoraggio da creazione di valuta FIAT”.</div>
<div style="line-height: 100%; margin-bottom: 0in;">
<br /></div>
<div style="line-height: 100%; margin-bottom: 0in;">
La corretta lettura
degli standard contabili internazionali impone di considerare la
creazione di denaro come un aumento delle attività delle banche.
Solo allora si potrà trovare una adeguata soluzione alla crisi
incomprensibile di banche che, sole, hanno il potere di creare il
denaro, e quindi alleviare le tensioni che oggi affliggono le
politiche comunitarie. La politica dello struzzo, di nascondere la
polvere sotto al tappeto, potrà forse far guadagnare tempo. Ma
quando i nodi verranno pubblicamente al pettine potrebbe essere
troppo tardi e troppo difficile per Mago Draghi trovare un nuovo
coniglio credibile da estrarre dal vecchio cilindro e, per la
Commissione Europea, sarebbe una perdita letale di credibilità.</div>
<div style="line-height: 100%; margin-bottom: 0in;">
<br /></div>
<div style="line-height: 100%; margin-bottom: 0in;">
La invito quindi
cordialmente a trasmettere al Forum la possibilità di adeguare finalmente la
stesura dei bilanci bancari agli standard contabili IAS-IFRS che, in
questo particolare caso, (IAS 7.6) trovano pure corrispondenza nelle
US-GAAP (US GAAP ASC 942-230-20) e quindi non dovrebbero occasionare
alcun attrito con gli Stati Uniti che, fino ad oggi, non hanno ancora
pensato a questa semplice soluzione.</div>
<div style="line-height: 100%; margin-bottom: 0in;">
<br /></div>
<div style="line-height: 100%; margin-bottom: 0in;">
Rimanendo a Sua
disposizione per i dettagli, Le porgo cordiali saluti,</div>
<div style="line-height: 100%; margin-bottom: 0in;">
<br /></div>
<div style="line-height: 100%; margin-bottom: 0in;">
Marco Saba</div>
<div style="line-height: 100%; margin-bottom: 0in;">
Contabile forense ed
economista</div>
<div style="line-height: 100%; margin-bottom: 0in;">
Skype: marcosabait</div>
<div style="line-height: 100%; margin-bottom: 0in;">
Tel <a href="tel:+39%20331%20334%201239" target="_blank" value="+393313341239">+39 331 334 1239</a></div>
<div style="line-height: 100%; margin-bottom: 0in;">
Email:
<a href="mailto:marcosabait@gmail.com" target="_blank">marcosabait@gmail.com</a></div>
<div style="line-height: 100%; margin-bottom: 0in;">
<br /></div>
<div style="line-height: 100%; margin-bottom: 0in;">
Riferimenti:</div>
<div style="line-height: 100%; margin-bottom: 0in;">
- Cash Flow
Accounting in Banks— A study of practice, Ásgeir B. Torfason,
University of Gothenburg - 2014</div>
<div style="line-height: 100%; margin-bottom: 0in;">
<a data-saferedirecturl="https://www.google.com/url?hl=it&q=https://gupea.ub.gu.se/handle/2077/35272&source=gmail&ust=1498758837356000&usg=AFQjCNE0u3xpOyQ9NVTBzmRH-ha5eX0WnQ" href="https://gupea.ub.gu.se/handle/2077/35272" target="_blank">https://gupea.ub.gu.se/handle/<wbr></wbr>2077/35272</a></div>
<div style="line-height: 100%; margin-bottom: 0in;">
<br />
</div>
<div style="line-height: 100%; margin-bottom: 0in;">
- Cash Flow
Reporting by Financial Companies: A Look at the Commercial Banks By
Charles W. Mulford and Eugene E. Comiskey - 2009</div>
<div style="line-height: 100%; margin-bottom: 0in;">
<a data-saferedirecturl="https://www.google.com/url?hl=it&q=https://www.scribd.com/doc/315860944/Cash-Flow-Reporting-by-Commercial-Banks&source=gmail&ust=1498758837356000&usg=AFQjCNEPsotXtnN4Tv3c9oV2NYdleXajQw" href="https://www.scribd.com/doc/315860944/Cash-Flow-Reporting-by-Commercial-Banks" target="_blank">https://www.scribd.com/doc/<wbr></wbr>315860944/Cash-Flow-Reporting-<wbr></wbr>by-Commercial-Banks</a></div>
<div style="line-height: 100%; margin-bottom: 0in;">
<br />
</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4369990260850523301.post-89698203405209528972017-06-25T07:39:00.003-07:002017-06-25T07:39:51.646-07:00Lannutti (ADUSBEF) chiede l'arresto del governatore della Banca d'Italia (video)<iframe allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/chbYXGbkVt4" width="560"></iframe>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4369990260850523301.post-66179219654238495982017-06-24T04:16:00.000-07:002017-06-24T04:16:00.503-07:00Tribunale di Savona: la moneta non è uguale per tutti. E la legge ?<div style="display: block; font-family: "helvetica" , "arial" , sans-serif; font-size: 14px; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal; margin: 12px auto 6px auto;">
<a href="https://www.scribd.com/document/352136674/Tribunale-di-Savona-sull-euro-scritturale-NON-del-Popolo-Sovrano#from_embed" style="text-decoration: underline;" title="View Tribunale di Savona: sull'euro scritturale NON del Popolo Sovrano on Scribd">Tribunale di Savona: sull'euro scritturale NON del Popolo Sovrano</a> </div>
<iframe class="scribd_iframe_embed" data-aspect-ratio="0.7068965517241379" data-auto-height="false" frameborder="0" height="600" id="doc_62772" scrolling="no" src="https://www.scribd.com/embeds/352136674/content?start_page=1&view_mode=scroll&access_key=key-YUMCGnvLrzU0pihNNZ4j&show_recommendations=true" width="100%"></iframe>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4369990260850523301.post-68946317675293189742017-06-21T14:59:00.002-07:002017-06-21T14:59:08.933-07:00Money, trust, and central bank legitimacy<div style="display: block; font-family: "helvetica" , "arial" , sans-serif; font-size: 14px; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal; margin: 12px auto 6px auto;">
<a href="https://www.scribd.com/document/351935728/Money-trust-and-central-bank-legitimacy#from_embed" style="text-decoration: underline;" title="View Money, trust, and central bank legitimacy on Scribd">Money, trust, and central bank legitimacy</a> </div>
<iframe class="scribd_iframe_embed" data-aspect-ratio="0.7080062794348508" data-auto-height="false" frameborder="0" height="600" id="doc_78754" scrolling="no" src="https://www.scribd.com/embeds/351935728/content?start_page=1&view_mode=scroll&access_key=key-N3NEmu6eZk9xVHADBpN4&show_recommendations=true" width="100%"></iframe>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4369990260850523301.post-64520923753061599352017-06-20T03:52:00.001-07:002017-06-21T10:44:49.564-07:00About "the destruction of money" (myth?): email to Paul Mercier (BCL)<div class="ajy" role="menuitem" tabindex="0">
<img alt="" class="ajz" data-tooltip="Mostra dettagli" id=":yw" role="button" src="https://mail.google.com/mail/u/0/images/cleardot.gif" /></div>
<div>
<div>
<div>
<div>
<div>
<div>
<span style="font-size: large;"><b>About "the destruction of money" (myth?) in your last paper</b></span><br />
<div class="ha">
<span class="J-J5-Ji" id=":11v"></span></div>
</div>
<div>
</div>
<div>
<br />
June 20, 2017 - h.12:48 <br />
<br />
Dear Paul Mercier,<br />
<br />
in Your last paper (<a href="https://iassem.blogspot.it/2017/06/bcl-public-debt-central-bank-and-money.html" target="_blank">Public debt, central bank and money: some clarifications</a>, May, 2017, pag.41) I read:<br />
<br />
<i>"....creation
might be compensated by the destruction of money resulting from the
possibility that the seller of the bond uses the proceeds of the sale to
extinguish a debt initially granted by a commercial bank...".</i><br />
<br />
From
our research conducted in Italy such destruction don't really occur.
Upon repayment of a debt with a bank the sum involved is received in the
bank's main account ("conto accentrato"), while the position is cleared
only in the accounting books. The electronic money in the main account
is never destroyed and there are not records of such a destruction.<br />
<br />
The
problem may be as follow: money creation in a bank is never recorded as
an inflow in the cash flow account of the same bank, hence it is
created "off the books" and upon repayment it is "off-the-books" again
(sort of shadow-money). Bank money and book-accounting are two very
different things. <br />
<br />
See for reference:<br />
Torfason, A. - Cash flow accounting in banks – a study of practice, Göteborgs University, 2014<br />
<a data-saferedirecturl="https://www.google.com/url?hl=it&q=https://gupea.ub.gu.se/handle/2077/35272&source=gmail&ust=1498042008194000&usg=AFQjCNEcqtVGL8W0RlGPGy6aDEVRwLGOCQ" href="https://gupea.ub.gu.se/handle/2077/35272" target="_blank">https://gupea.ub.gu.se/handle/<wbr></wbr>2077/35272</a></div>
This
is why the ECB do not publish it's own CASH FLOW STATEMENT I guess...
The Swiss SNB also refuses to publish it and was able to force a law
excluding the central bank from the duty of publishing the Cash Flow
Statement. It is interesting to note that both central banks are still
pretending to follow IAS-IFRS and GAAP rules, and their auditing firms
have nothing to tell on this matter...</div>
So the truth is that
all the electronic money (FIAT Currency, in EBA words) created by banks
- while lending or spending it into circulation - is orphaned and not
accounted for both in banks' cash flow account AND in the European
registry of scriptural money creation (European Monetary Cadastre).</div>
The
misunderstanding arises from a misconceived view that confuses MONEY
with DEPOSITS and with LIABILITIES which are three very different
things.</div>
The money created by banks can never be a real
liability to the bank until it is not a real debt and/or is not
recognized as a debt to the national Treasury - a debt that can be
called SEIGNIORAGE ON COST-LESS CAPITAL CREATION (click-money).</div>
<div>
I would like to receive your comments if any.</div>
<div>
<br /></div>
Best regards,</div>
Marco Saba<br />
president at IASSEM - <a data-saferedirecturl="https://www.google.com/url?hl=it&q=http://iassem.org&source=gmail&ust=1498042008194000&usg=AFQjCNFIm8AjFc39gsGBWmcVf5l9OTVyBA" href="http://iassem.org/" target="_blank">http://iassem.org</a><br />
director at UniMoscow - <a data-saferedirecturl="https://www.google.com/url?hl=it&q=http://www.imperialclub.net/unimoscow_istituti.htm&source=gmail&ust=1498042008194000&usg=AFQjCNFonC9YPC8VMeIhpdHlA9LYjGk3Vg" href="http://www.imperialclub.net/unimoscow_istituti.htm" target="_blank">http://www.imperialclub.net/<wbr></wbr>unimoscow_istituti.htm</a><br />
member of the scientific board of Vollgeld: <a data-saferedirecturl="https://www.google.com/url?hl=it&q=http://www.vollgeld-initiative.ch/wissenschaftlicher-beirat/&source=gmail&ust=1498042008194000&usg=AFQjCNHMQ0iMc0BlGcn2YQQDRoNP5SePKA" href="http://www.vollgeld-initiative.ch/wissenschaftlicher-beirat/" target="_blank">http://www.vollgeld-<wbr></wbr>initiative.ch/<wbr></wbr>wissenschaftlicher-beirat/</a><br />
<br />
The answer, below (edited): <br />
<table cellpadding="0" class="cf gJ"><tbody>
<tr class="acZ"><td class="gF gK"><table cellpadding="0" class="cf ix"><tbody>
<tr><td><h3 class="iw">
<span class="gD" name="Paul.Mercier@bcl.lu"></span> </h3>
</td></tr>
</tbody></table>
</td><td class="gH"><div class="gK">
<span alt="20 giugno 2017 14:13" class="g3" id=":11r" title="20 giugno 2017 14:13">h. 14:13 (same day) </span></div>
</td></tr>
</tbody></table>
<br />
<span style="font-family: sans-serif; font-size: x-small;">Dear Mr Saba,</span>
<br />
<br />
<span style="font-family: sans-serif; font-size: x-small;">First of all let me thank you for having
read, and with attention from what I see, my paper;</span>
<br />
<br />
(...omissis...)<br />
<br />
<span style="font-family: sans-serif; font-size: x-small;">I would be delighted to discuss this
further with you should you ever have the opportunity to visit Luxembourg.</span>
<br />
<br />
<span style="font-family: sans-serif; font-size: x-small;">In any I would express my appreciation
for stimulating the discussion and my own thoughts.</span>
<br />
<br />
<span style="font-family: sans-serif; font-size: x-small;">Kind regards,</span><br />
<br />
<span style="font-family: sans-serif; font-size: x-small;">Paul Mercier </span> Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4369990260850523301.post-87704429264626172622017-06-18T08:02:00.000-07:002017-06-06T08:02:52.422-07:00Conferenza a Biella il 18 giugno 2017<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgXFaB1fzMmKxK6cKNmhteBXsFjAnt-zzk2dSszYOJLiNMQHj7-oOL8IInR9vnumbN1eHLfLf89ZvpI3v6Be84PfY-XvpEtHUt5okHj1kCoESsrJNYbrFXNJGqNpn9iJUdacWuLephkPoDV/s1600/MARCO+SABA+-+volantino+formato+A5.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1240" data-original-width="875" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgXFaB1fzMmKxK6cKNmhteBXsFjAnt-zzk2dSszYOJLiNMQHj7-oOL8IInR9vnumbN1eHLfLf89ZvpI3v6Be84PfY-XvpEtHUt5okHj1kCoESsrJNYbrFXNJGqNpn9iJUdacWuLephkPoDV/s640/MARCO+SABA+-+volantino+formato+A5.jpg" width="450" /> </a></div>
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"Di regola gli economisti non si prendono la briga di studiare la storia della moneta, è più facile per loro immaginarla e dedurre dei principi da questa conoscenza immaginaria." - Alexander Del Mar, 1895Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4369990260850523301.post-6424703923223090992017-06-14T13:07:00.002-07:002018-11-05T07:16:58.329-08:00BCL: Public debt, central bank and money<div style="display: block; font-family: "helvetica" , "arial" , sans-serif; font-size: 14px; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal; margin: 12px auto 6px auto;">
<a href="https://econpapers.repec.org/paper/bclbclwop/bclwp108.htm" target="_blank">BCL: Public debt, central bank and money: some clarifications</a></div>
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<iframe class="scribd_iframe_embed" data-aspect-ratio="0.7068965517241379" data-auto-height="false" frameborder="0" height="600" id="doc_70705" scrolling="no" src="https://www.scribd.com/embeds/350604737/content?start_page=1&view_mode=scroll&access_key=key-tN9StoZScDquhzdHkzTi&show_recommendations=true" width="100%"></iframe><br />
<a href="http://www.bancaditalia.it/compiti/vigilanza/avvisi-pub/creazione-moneta-scritturale/index.html">http://www.bancaditalia.it/compiti/vigilanza/avvisi-pub/creazione-moneta-scritturale/index.html</a>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4369990260850523301.post-2732011800765906182017-06-02T03:46:00.002-07:002017-06-02T03:46:34.459-07:00Estratti dal corso di forensic accounting e creazione di denaro, Roma, 28/5/2017<iframe allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/Yc5_E2NUe3g" width="560"></iframe><br />
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4369990260850523301.post-73716055806225891472017-05-31T02:08:00.004-07:002017-05-31T02:46:50.819-07:00Perché in Italia la TV nazionale nasconde la verità sul signoraggio bancario<div style="display: block; font-family: "helvetica" , "arial" , sans-serif; font-size: 14px; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal; margin: 12px auto 6px auto;">
<a href="https://www.scribd.com/document/349941570/Rai-scoperta-una-struttura-a-difesa-del-segreto-di-Stato#from_embed" style="text-decoration: underline;" title="View Rai: scoperta una struttura a difesa del segreto di Stato on Scribd">Rai: scoperta una struttura a difesa del segreto di Stato</a></div>
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Vedi anche <a href="https://www.scribd.com/document/349943712/Interrogazione-e-risposta-su-Segreto-RAI" target="_blank"><b>RAI: i compiti del Punto di controllo Nato-Ueo</b></a></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4369990260850523301.post-58631180593613346132017-05-28T11:22:00.002-07:002017-08-11T14:57:26.329-07:00Forensic accounting: creazione di denaro bancario<div id="publitas-embed-6u7m3uwjry"></div><script data-cfasync="false" data-height="undefined" data-publication="https://view.publitas.com/p222-14223/a-m-contabilita-forense-della-creazione-di-denaro/" data-publication-aspect-ratio="1.7775" data-responsive="true" data-width="undefined" data-wrapperId="publitas-embed-6u7m3uwjry" publitas-embed src="https://view.publitas.com/embed.js" type="text/javascript"></script>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4369990260850523301.post-84204967426564525692017-05-28T06:40:00.000-07:002017-04-29T06:41:16.951-07:00Corso intensivo a Roma sulla contabilità forense della creazione di denaro<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgv1x3O7Ny5MbxtheI1-WYvYpnyjIvT9W6IspIeF97ImrCF1cXHIzJEhVejAXRBcEI2YGoCueQ9-aX1rPS1noSgFMxLJfVGGbX-baqnafqGfDb2CD69FZLg0pE27A80YqGGD4bzT1loxXcB/s1600/locandina.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgv1x3O7Ny5MbxtheI1-WYvYpnyjIvT9W6IspIeF97ImrCF1cXHIzJEhVejAXRBcEI2YGoCueQ9-aX1rPS1noSgFMxLJfVGGbX-baqnafqGfDb2CD69FZLg0pE27A80YqGGD4bzT1loxXcB/s640/locandina.png" width="452" /></a></div>
<br />Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4369990260850523301.post-48051034143818663982017-05-27T13:45:00.002-07:002017-05-27T13:45:58.059-07:00100%-reserve versus single-circuit sovereign money<div class="long_title" id="attention-spanner">
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<a href="http://positivemoney.org/2017/05/bundesbank/" title="Sovereign Money: Responding to the Bundesbank">Sovereign Money: Responding to the Bundesbank</a>
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Written by <a href="http://positivemoney.org/author/positive-money/" title="Positive Money">Positive Money</a> on <time datetime="2017-05-24" pubdate="">May 24, 2017</time>. </div>
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<span style="font-size: x-small;"><a href="http://positivemoney.org/2017/05/bundesbank/">http://positivemoney.org/2017/05/bundesbank/</a></span></div>
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The following is a re-post by the expert on <a href="https://www.sovereignmoney.eu/" target="_blank">Sovereign Money</a> and a member of the Positive Money’s <a href="http://positivemoney.org/about/advisory-panel/">Advisory Panel</a>, <b>Professor Joseph Huber</b>. In this piece, Professor Huber responds to the Bundesbank’s recent ‘<i>Remarks on a 100% reserve requirement for sight deposits</i>‘.<br />
<br />
<h3>
100%-reserve versus single-circuit sovereign money</h3>
To begin with, we need to be clear about the subject of the <a href="https://www.bundesbank.de/Redaktion/EN/Downloads/Publications/Monthly_Report_Articles/2017/2017_04_money_creation_process.pdf?__blob=publicationFile" target="_blank">Bundesbank text</a>.
It is about a reform approach from the 1930s, that is, 100%-banking
(Chicago Plan) or 100%-money according to Fisher. This approach
basically keeps the split between the public circuit among nonbanks on
the basis of bankmoney (deposits) and the interbank circuit on the basis
of central bank reserves. In order to stop bankmoney creation, the
minimum reserve requirement (today 1% in the euro area) is to be raised
up to 100%.That approach comes with a number of counter-intentional
results, even though not always of the kind the Bundesbank assumes.<br />
What can be endorsed is the Bundesbank’s conclusion that even a
100%-reserve does not prevent banks from pro-actively creating
additional bankmoney, which indeed applies in any reserve system with
pro-active primary bankmoney creation through extending bank credit.
Independently, the need to refinance 100% of the bankmoney would improve
the effectiveness of base rate policy.<br />
<b>Today’s monetary reform proposals, by contrast</b>, such as for example represented by the initiatives in the <a href="http://internationalmoneyreform.org/" target="_blank">International Movement for Monetary Reform</a>, <b>go beyond</b> reserve banking in favour of a sovereign money system or central bank money system. The proposals aim at <b>substituting central bank money for </b>bankmoney<b> in order to create a single-circuit system</b> on the basis of <b>central bank money only</b>, the money circulating among nonbanks and banks alike, be it solid cash, money-on-account, or central bank digital currency.<br />
100%-reserve banking and sovereign money pursue comparable goals,
such as for example control over the stock of money by preventing banks
from private bankmoney creation; enabling effective and
crisis-preventive monetary policies; and full gain from money creation
to the benefit of the public purse. Concerning technical aspects, <b>however, the two approaches are fundamentally different</b>, and equating them leads to confusion and wrong conclusions.<br />
The heading of the Bundesbank article correctly indicates that it is just about 100% reserves, but <b>incorrectly states that critical money system analysts today were looking back to 100%-reserve approaches</b>
for restraining otherwise overshooting bankmoney, credit and debt
creation. The press and blogosphere have subsequently covered the
Bundesbank article as a statement on a sovereign money system (i.e. the
German Vollgeld or Positive Money), and as a rejection of respective
reform initiatives. It is difficult to say whether the confusion is due
to a lack of proper understanding or whether in some quarters there may
be method behind equating 100%-reserve with sovereign money beyond
reserve banking*.<br />
<br />
<h3>
Tighter Basel rules on bank equity versus monetary reform</h3>
At the beginning of the Bundesbank text it is said that critics of
the present monetary system explain boom and bust cycles by unrestrained
bankmoney creation feeding into credit and debt bubbles. This
explanatory approach is not contradicted, but is in fact implicitly
endorsed, as it is maintained that, rather than calling for a full
reserve requirement, the better alternative in dealing with the problem
is tighter Basel rules on bank equity and liquidity (a higher
equity-to-credit ratio, or credit-to-equity ceiling respectively).<br />
On the surface of it, higher equity buffers appear to be desirable.
The question arises, nonetheless, as to why a higher dose of a remedy
would be promising if it has proved to be <b>completely ineffective in previous smaller doses</b>?
Within the frame of the bankmoney regime, Basel rules III and
thereafter maybe IV are not likely to be very effective after
implementation. The reason is that securities and equity on a bank
balance sheet, as far as when acquired from nonbanks, are paid for with
bankmoney created by the banking sector itself. Basel rules thus might
decelerate bankmoney creation a little in the short run, but <b>will
not prevent banks in the longer run from creating an overshooting
primary supply of bankmoney for funding credit and debt bubbles</b>
(secondarily also funded by on-lending of bankmoney among nonbanks,
further money surrogates such as money market fund shares, and private
digital currencies). Banks have always gone bust, even at equity ratios
of 30–50 percent as was the case in the 19th century. Rather than caring
too much, and ultimately in vain, about the banks’ health, of primary
importance is to <b>make sure the money is safe beyond a bank’s balance sheet</b> and under the control of an authority independent of banks and treasuries.<br />
Irrespective of the scope and extent to which tighter Basel rules may make sense, it is <b>misleading to depict Basel rules and sovereign money reform as mutually exclusive alternatives</b>.
Banking regulation relating to specific objectives can be advisable in
both a bankmoney regime and a sovereign money system. Besides, Basel
rules and sovereign money essentially refer to different things. Basel
rules are about hopes for enhanced stability of banks in the fractional
reserve system by higher loss-absorbing buffers. Considered as a
credit-to-equity ceiling this is hoped to act as a brake to overly
runaway credit expansion, or bankmoney creation respectively. <b>Sovereign
money, by contrast, is about regaining control of the stock of money in
the first place, as a prerequisite for achieving monetary safety and
financial stability in a much wider sense, including bank stability.</b><br />
Some people have difficulty drawing the functional distinction
between money creation and credit extension due to today’s ostensible
identity of money and bank credit. Questions of credit risk, collateral
requirements and bank equity are thus mixed with the question of
monetary safety and the reliability of cashless payments (which today
depend on the banks’ solvency and liquidity in terms of fractional
amounts of cash and reserves with the central bank).<br />
<b>The money system today is a state-backed private </b>bankmoney<b> regime</b>,
with the bankmoney determining the entire money supply, pro-actively
led by the banking sector, re-actively accommodated by the central banks
as lenders and dealers of last resort, and warranted by government as
the guarantor of last instance. In this system, the safety of the money
stands and falls with the (in-)stability of the banks. Economic and
financial developments, however, are generally exposed to different
degrees of uncertainty. The banking business is unavoidably exposed to
different levels of risk, and the banks’ balance-sheet positions,
including the bankmoney (liabilities to customers), are latently always
at stake, which largely explains the arm-twisting ability of the banking
industry to get its way.<br />
<br />
<h3>
Weakness of conventional monetary policy instruments</h3>
The Bundesbank article confirms that under today’s monetary
conditions central banks always accommodate the banks’ fractional demand
for reserves, including an automated intraday overdraft in the ECB
payment system Target2. The article, however, fails to conclude that
this is <b>tantamount to saying that there is no effective monetary quantity policy</b>.
Independently, the article concedes that the effectiveness of base rate
policy has weakened, too. This is explained by the presently low or
even no cost of refinancing. This certainly applies, but <b>blinds out a more fundamental fact, that is, the fractionality of reserves which is next to irrelevant</b>:
1.4% cash and 0.1–0.5% excess reserves on 100% of the sight deposits
(the liquid part of bankmoney), and, in the eurozone, an additional 1%
obsolete minimum reserve requirement also on savings and time deposits
(the inactive part of the bankmoney). The article nevertheless continues
to assume a degree of effectiveness of short-term base rate policy.
This is <b>inconsistent with the otherwise accurate description</b> of important features of the present split-circuit monetary system.<br />
<br />
<h3>
Liquidity and credit shortage?</h3>
A standing criticism of 100%-banking, also applied to single-circuit
sovereign money, warns against liquidity and credit shortages.
Apparently, it is <b>assumed</b> that banks, if stripped of the privilege of creating bankmoney on a small reserve of central bank money, <i>‘have no more money’</i> and could only finance further lending and investment by expanding their equity base. <b>This is plucked from thin air.</b> Similarly, other critics have <b>claimed</b> <b>that funds for bank lending and investment could only be obtained from the central bank</b>
(which may be an echo of the IMF’s 2012 special version of the Chicago
Plan Revisited, according to which banks would have to apply for
additional credit funding from the central bank. <b>This, however, is very special and not a feature in any other plan for 100%-banking, less so in a sovereign money system</b>).<br />
In actual fact, under a 100%-reserve or in a single-circuit sovereign money system <b>there is no reason at all why banks would not be able to obtain sufficient funding</b>
at a reasonable level of interest. Available sources include the money
continually flowing back to the banks in repayment of earlier loans and
investments, taking up money from customers as well as on the open money
and capital markets (which of course can and must exist), and finally
also short-term borrowing from the central bank. A central bank can
always provide any amount of additional money denominated in its own
currency, literally overnight if need be. No expansion of bank equity is
needed for this; unless the critics inadequately project an exhaustion
of the potential of the Basel rules on a 100%-reserve or a sovereign
money system, as critics often inadequately project today’s false
identity of money and credit onto a sovereign money system in which
money creation and the banking business would be separate.<br />
Considering <b>the present system, by contrast, cyclical shortages of bank credit and money</b> in various actor groups <b>are widespread despite the central banks’ preparedness to provide very large quantities of reserves</b>.
If banks at times are not willing to lend or invest, central banks are
not in the position to do much about it, because there is no effective
transmission from the supply and price of central bank money to the
creation of bank credit and bankmoney. If the banks are interested in
accommodating the market demand for credit, they can easily do so
anytime without needing huge quantities of excess reserves.<br />
In any case, in a 100%-reserve system as much as in a pure sovereign money system <b>it can easily be ensured there is always enough money and never a harmful shortage of money</b>.
Whether, however, there would at times or in certain cases be a credit
crunch, continues not to be depending on the monetary system, but on the
financial institutions, including the banks, and the financial markets.
In today’s bankmoney regime with its false identity of money credit, of
course, the one is automatically tied to and confounded with the other.<br />
<br />
<h3>
Maturity transformation and financial intermediation</h3>
Another standing criticism concerns maturity transformation, a
favourite issue of orthodox banking theory to which the Bundesbank
article refers at some length. <b>This too contradicts the otherwise correct description</b>
of the bankmoney regime. The theory of maturity transformation
considers banks to be financial intermediaries by taking up money
short-term and lending that money long-term. This is definitely wrong as
<b>modern banks are not and cannot be financial intermediaries</b> like nonbank financial institutions (e.g. funds). A modern bank is not a savings and loan association.<br />
Banks have become monetary institutions; i.e., (a) banks are
bankmoney creators whenever they make payments to nonbanks, and (b)
banks are bankmoney transferers – monetary intermediaries – whenever
they carry out payments on behalf of nonbank customers to other nonbank
customers.<br />
Nevertheless, even though <b>there is no maturity transformation in the banking sector</b>,
there are mismatches, to a greater or lesser extent, regarding
maturities of various banking assets and liabilities. Equally, there are
balance sheet positions with different degrees of (dis-)advantageous
liquidity. In a way, this violates the golden banking rule of bygone
times, but, given the prevailing general liquidity preference, such
mismatches are unavoidable in maintaining the banking business.<br />
The Bundesbank article posits, as other critics have done before,
that under a 100%-reserve rule maturity transformation is no longer
possible. As explained, <b>such transformation does not exist</b> in
the banking system (but it does exist in nonbank financial
intermediaries), and assuming the banks under a 100%-reserve rule or in a
sovereign money system not to be able to run their business on the
basis of a tolerable degree of maturity and liquidity mismatch is <b>again plucked from thin air</b>. <b>In a sovereign money system, banks</b> would no longer be money-creating institutions; instead, they <b>would again be financial intermediaries</b>,
taking up money short- or long-term as suits them, and lending or
investing that money short- or long-term in a somewhat different
composition of maturities and liquidity.<br />
<b>Maturity and </b>liquidity<b> mismatches</b> were necessary in former cash economies as well as under the gold standard; they are common in today’s bankmoney regime, and <b>would continue to exist with a 100%-reserve requirement as well as in a sovereign money system</b>. Supervisory authorities and specific regulation of financial institutions will not become redundant. But <b>a
monetary system with effective control of the money stock will rest on
safe money, will thus be able to make redundant various parts of the
regulation, and will reduce the number and severity of instabilities and
crises that haunt banking and finance today.</b>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4369990260850523301.post-51490999660207352672017-05-14T09:25:00.001-07:002017-05-14T09:25:16.447-07:00The Future of Money (University of Zurich, video)Dr. Thomas Mayer, former chief economist of Deutsche Bank, and Frank Van
Lerven, Head of Research at Positive Money, are discussing monetary
reform and the future of money at the University of Zurich.<br />
<iframe allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/d--n6PMLyEE" width="560"></iframe>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4369990260850523301.post-68728250245024127382017-05-08T12:24:00.000-07:002017-03-16T12:24:54.522-07:00Conferenza a Sacile: tassare il denaro creato dalle banche ?<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgdZB_Jlt6JcAww9AD3HozuZrSyy5ORyEbfqF2VaPn6PnsH9BN_T1dmztbJ93c0KzlRB_uh77K5CPwZ0BF_K-acp5tUsGEBQruTmGAvUwCb0-v_gkMfI0Hq6xhCWTLwkaBbC16C3AvoRRPj/s1600/sacile.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgdZB_Jlt6JcAww9AD3HozuZrSyy5ORyEbfqF2VaPn6PnsH9BN_T1dmztbJ93c0KzlRB_uh77K5CPwZ0BF_K-acp5tUsGEBQruTmGAvUwCb0-v_gkMfI0Hq6xhCWTLwkaBbC16C3AvoRRPj/s640/sacile.png" width="446" /></a></div>
<br />Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4369990260850523301.post-78030378519911460862017-05-07T02:10:00.001-07:002017-05-07T02:10:52.796-07:00Cara BNS, aiutaci a liberare Helvetia!<div class="editable" style="color: #333333; font-family: Arial,Helvetica,sans-serif; font-size: 14px;">
<span style="color: #414141; font-size: 38px; font-weight: bold; line-height: 45px;">Performance all'Assemblea generale della BNS</span></div>
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<span style="font-size: 28px; font-style: italic; font-weight: bold;">Cara BNS, aiutaci a liberare Helvetia!</span></div>
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<span style="font-weight: bold; line-height: 20px;">La Svizzera, rappresentata dalla Helvetia, quale marionetta delle grandi banche. </span><span style="font-weight: normal; line-height: 20px;">Questa è l'immagine che abbiamo comunicato con la nostra performance davanti al </span><span style="font-style: italic; font-weight: normal; line-height: 20px;">Kutur Casino</span><span style="font-weight: normal; line-height: 20px;"> di Berna, nel quale si teneva l'</span><a class="link" href="http://www.snb.ch.n2g01.com/l/319083859/c/0-z677-f834sr-qxv" style="text-decoration: none;" target="_blank"><span style="color: goldenrod; font-weight: bold; line-height: 20px;">Assemblea generale della Banca nazionale svizzera</span></a><span style="font-weight: normal; line-height: 20px;">. </span><span style="font-weight: bold; line-height: 20px;">L'iniziativa Moneta intera libererebbe la Svizzera dalla dipendenza delle grandi banche</span><span style="font-weight: normal; line-height: 20px;">,
per cui noi promotori richiediamo che la BNS si occupi in dettaglio
dell'iniziativa. Per rappresentare ciò, alla fine della performance
Guglielmo Tell ha spinto "Thomas Jordan" a tagliare i fili che legavano
la Helvetia al burattinaio. </span><br /><br /><a class="link" href="http://www.flickr.com.n2g01.com/l/319083860/c/0-z677-f834sr-qxv" style="text-decoration: none;" target="_blank"><span style="color: goldenrod; font-weight: bold; line-height: 20px;">Foto della performance</span></a><br /><a class="link" href="http://www.bloomberg.com.n2g01.com/l/319083861/c/0-z677-f834sr-qxv" style="text-decoration: none;" target="_blank"><span style="color: goldenrod; font-weight: bold; line-height: 20px;">Articolo su Bloomberg </span></a><span style="color: #414141; font-weight: normal; line-height: 20px;">(inglese)</span><br /><a class="link" href="http://www.vollgeld-initiative.ch.n2g01.com/l/319083862/c/0-z677-f834sr-qxv" style="text-decoration: none;" target="_blank"><span style="color: goldenrod; font-weight: bold; line-height: 20px;">Comunicato stampa</span></a><a class="link" href="http://www.bloomberg.com.n2g01.com/l/319083863/c/0-z677-f834sr-qxv" style="text-decoration: none;" target="_blank"><span style="color: #414141; font-weight: normal; line-height: 20px;"> (tedesco) </span></a><br /><br /><span style="font-weight: normal; line-height: 20px;">Durante l'Assemblea generale della BNS </span><span style="font-weight: bold; line-height: 20px;">abbiamo inoltre consegnato al direttoriato della BNS, per un simbolico rafforzamento di quest'ultima, l'indirizzo web </span><a class="link" href="http://www.schweizernationalbank.ch.n2g01.com/l/319083864/c/0-z677-f834sr-qxv" style="text-decoration: none;" target="_blank"><span style="color: goldenrod; font-weight: bold; line-height: 20px;">www.schweizernationalbank.ch</span></a><span style="font-weight: bold; line-height: 20px;">,</span><span style="font-weight: normal; line-height: 20px;"> che abbiamo utlizzato per copiare il sito web della BNS nell'ambito del nostro </span><a class="link" href="http://www.blick.ch.n2g01.com/l/319083865/c/0-z677-f834sr-qxv" style="text-decoration: none;" target="_blank"><span style="color: goldenrod; font-weight: bold; line-height: 20px;">pesce d'aprile</span></a><span style="font-weight: normal; line-height: 20px;">.</span></div>
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<span style="font-weight: normal; line-height: 20px;"><span style="line-height: 20px;">Konstantin Demeter, coordinatore per il Ticino</span><br /><span style="line-height: 20px;">+41 76 437 88 92, +41 91 863 23 50,</span><br style="color: black; font-family: Verdana, sans-serif; font-size: 12px; line-height: normal;" /><a class="link" href="mailto:konstantin.demeter@moneta-intera.ch" style="text-decoration: none;"><span style="color: #daa522; line-height: 20px;">konstantin.demeter@moneta-intera.ch</span></a><span style="line-height: 20px;">, </span><a class="link" href="mailto:info@moneta-intera.ch" style="text-decoration: none;"><span style="color: #daa522; line-height: 20px;">info@moneta-intera.ch</span></a><br /><br /><span style="line-height: 20px;">Sergio Morandi, membro del </span><a class="link" href="http://www.iniziativa-moneta-intera.ch.n2g01.com/l/319083882/c/0-z677-f834sr-qxv" style="text-decoration: none;" target="_blank"><span style="color: goldenrod; line-height: 20px;">Consiglio scientifico</span></a><br /><span style="line-height: 20px;">+41 78 712 91 25, </span><a class="link" href="mailto:sergio.morandi@moneta-intera.ch" style="text-decoration: none;"><span style="color: #daa522; font-family: Arial,Helvetica,sans-serif; font-size: 14px; font-style: normal; font-variant-caps: normal; font-weight: normal; line-height: 20px;">sergio.morandi@moneta-intera.ch</span></a><br />
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<span style="color: goldenrod; font-size: 12px; font-weight: normal;">Associazione Modernizzazione Monetaria (MoMo)</span><br /><span style="color: goldenrod; font-size: 12px; font-weight: normal;">
casella postale 3160,
5430 Wettingen</span><br /><span style="color: goldenrod; font-size: 12px; font-weight: normal;">Tel.: +41 (0)44 58 66 994, +41 (0)79 77 33 450</span><br /><span style="color: goldenrod; font-size: 12px; font-weight: normal;">
info@moneta-intera.ch</span><br /><a class="link" href="http://www.iniziativa-moneta-intera.ch.n2g01.com/l/319083883/c/0-z677-f834sr-qxv" style="text-decoration: none;" target="_blank"><span style="color: goldenrod; font-size: 12px; font-weight: normal;">www.iniziativa-moneta-intera.ch</span></a><span style="font-weight: normal; line-height: 20px;"> </span>
</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4369990260850523301.post-56346731691353520622017-04-30T07:20:00.001-07:002017-04-30T07:20:12.319-07:00Norges Bank: What should the future form of our money be?<div style="display: block; font-family: "helvetica" , "arial" , sans-serif; font-size: 14px; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal; margin: 12px auto 6px auto;">
<a href="https://www.scribd.com/document/346811971/Norges-Bank-What-should-the-future-form-of-our-money-be#from_embed" style="text-decoration: underline;" title="View Norges Bank: What should the future form of our money be? on Scribd">Norges Bank: What should the future form of our money be?</a> </div>
<iframe class="scribd_iframe_embed" data-aspect-ratio="0.7041373926619828" data-auto-height="false" frameborder="0" height="600" id="doc_60231" scrolling="no" src="https://www.scribd.com/embeds/346811971/content?start_page=1&view_mode=scroll&access_key=key-mSYYmTmPEUcPqm7ANFW3&show_recommendations=true" width="100%"></iframe>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4369990260850523301.post-5314616824181034952017-04-28T12:26:00.001-07:002017-04-30T11:07:04.858-07:00 Deutsche Bundesbank: Die Rolle von Banken im Geldschöpfungsprozess<div style="display: block; font-family: "helvetica" , "arial" , sans-serif; font-size: 14px; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal; margin: 12px auto 6px auto;">
<a href="https://www.scribd.com/document/346690036/BuBa-Die-Rolle-von-Banken-Nichtbanken-und-Zentralbank-im-Geldschopfungsprozess#from_embed" style="text-decoration: underline;" title="View BuBa: Die Rolle von Banken, Nichtbanken und Zentralbank im Geldschöpfungsprozess on Scribd">BuBa: Die Rolle von Banken, Nichtbanken und Zentralbank im Geldschöpfungsprozess</a> </div>
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<span class="dateInformation">Frankfurt am Main | 25.04.2017</span>
<br />
<h1 class="isFirstInSlot">
How money is created
</h1>
Since the Eurosystem launched its accommodative non-standard monetary
policy measures, the central bank reserves of commercial banks in the
euro area have gone up sharply, more than seven-fold within a period of
not quite ten years. At the same time, the broader monetary aggregate
M3, which comprises the liabilities of domestic banks and central banks
against domestic non-banks such as households and enterprises, grew only
moderately. In the April issue of the Monthly Report, the Bundesbank's
economists look at this issue and explain how book money is created and
how the Eurosystem's expanded asset purchase programme (APP) impacts on
monetary growth. They also comment on proposals for banks to hold
central bank money against 100% of their sight deposits.<br />
<br />
<a name='more'></a><br />
<h2>
Book money created only by transactions between banks and non-banks</h2>
In terms of volume, the majority of the money supply is made up of
book money, which is created through transactions between banks and
domestic customers. Sight deposits are an example of book money: sight
deposits are created when a bank settles transactions with a customer,
ie it grants a credit, say, or purchases an asset and credits the
corresponding amount to the customer's bank account in return. This
means that banks can create book money just by making an accounting
entry: according to the Bundesbank's economists, <q>"this refutes a
popular misconception that banks act simply as intermediaries at the
time of lending – ie that banks can only grant credit using funds placed
with them previously as deposits by other customers"</q>. By the same
token, excess central bank reserves are not a necessary precondition for
a bank to grant credit (and thus create money).<br />
Commercial banks' ways of creating money are not infinite, however.
According to the Monthly Report, they are constrained by the banking
system's interaction with non-banks and the central bank, by regulatory
policy and, not least, by banks' own inherent interest in maximising
their profits. Despite its ability to create money, a bank still has to
fund the loans it has created since it needs central bank reserves for
the cashless settlement of payments when sight deposits created by
lending are transferred to other banks. These are balances which only
the central bank can create. A bank decides on the structure of its
funding depending on relative costs as well as on interest rate risk and
liquidity risk. In order to be able to grant additional loans, a bank
can offer more favourable credit conditions. However, if funding costs
remain static, the returns on lending will be lower, and, all other
things being equal, additional lending will be less attractive.<br />
<h2>
Complex interactions</h2>
The banking system's ability to create money is additionally
constrained by the behaviour of enterprises and households, especially
by their demand for credit and their investment decisions. In turn, the
central bank shapes monetary and credit growth indirectly by adjusting
policy rates, which influence the funding and portfolio decisions of
banks and non-banks through a variety of channels. According to the
Monthly Report, monetary growth is, overall, <q>"the result of complex interactions between banks, non-banks and the central bank."</q>
In a conventional monetary policy implemented by manipulating the
policy rate, the ups and downs of central bank reserves are shaped by
banks' demand.<br />
The Bundesbank's economists also describe how monetary policy asset
purchase programmes fundamentally impact on central bank reserves and
the money supply. Whereas such programmes necessarily increase central
bank reserves, this does not apply to the same extent to the broad
monetary aggregate. The only way asset purchases can have a direct
positive impact on the money supply is if the end sellers are domestic
non-banks, with the report adding that, <q>"in this case, the
transaction leads to an increase in the central bank holdings of
government bonds and an increase in sight deposits held by the seller"</q>.
However, the ultimate sellers of the instruments could also be
commercial banks or non-residents. In addition, the money supply could
also be indirectly influenced by, in particular, the transmission of the
asset purchase programme to asset prices and yields or lending. This is
why there is no mechanistic relationship between the increase in
central bank reserves and the broader monetary aggregate.<br />
<h2>
Benefits of full backing of deposits with central bank money questionable</h2>
The authors also comment on proposals for banks to hold central bank
money against 100% of their sight deposits. These proposals are designed
to constrain banks' money creation and thereby improve the stability of
the banking sector. However, it is not evident, the Bundesbank's
economists argue, that this constraint would indeed make for a financial
system that is more stable overall than could be achieved through
targeted regulatory action. At the same time, that kind of transition to
a new system would risk impairing important functions which the banking
system performs for the economy and are crucial for keeping real
economic growth on a steady path, they write. The Monthly Report says
further on that <q>"given the economic costs a change of system would
entail, the question arises as to whether the benefits could outweigh
the drawbacks"</q>.<br />
<div class="sectionRelated">
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<h2>
</h2>
</div>
</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4369990260850523301.post-65915850382608687482017-04-27T01:30:00.000-07:002017-04-28T12:26:51.099-07:00Macron? Ha imparato dalla Rothschild<h1 class="art-postheader">
Macron? Ha imparato dalla Rothschild a manipolare le opinioni</h1>
<div class="art-postmetadataheader">
<div class="art-postheadericons art-metadata-icons">
<span class="art-postdateicon"><span class="date">Pubblicato</span> <span class="entry-date" title="15:56">27 aprile 2017 - 15.56</span></span><span class="art-postauthoricon"> - <span class="author">Da</span> <span class="author vcard"><a class="url fn n" href="http://www.byoblu.com/post/author/admin" title="Visualizza tutti gli articoli di Claudio Messora">Claudio Messora</a></span></span></div>
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<b>Francois Henrot</b>, ex direttore della Banca Rothschild e braccio destro di David de Rothschild, parla di <b>Emmanuel Macron</b>, banchiere e Managing Director della stessa banca dal 2008 al 2013.<br />
<br />
<iframe allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/pjqDtyXEAbU" width="560"></iframe><br />
<br />
“Ha imparato l’arte della negoziazione. Ha imparato anche, nel bene e
nel male, qualcosa di molto utile in politica: la comunicazione,
raccontare delle storie. In gergo, quando noi facciamo un’operazione,
parliamo di <i>equity story</i>, una narrazione che convinca gli
azionisti a comprare i nostri titoli e sostenere le nostre operazioni
finanziarie. Ha imparato quindi in una certa maniera le tecniche – come
dire – non della manipolazione delle opionioni ma… un pochino sì”.<br />
<span style="font-size: smaller;"><i>traduzione di PandoraTv</i></span>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4369990260850523301.post-85783141060108732382017-04-23T12:00:00.001-07:002017-04-23T12:00:38.424-07:00Tribunale di Savona, sulla creazione di Euro scritturali e pagamenti<div style="display: block; font-family: "helvetica" , "arial" , sans-serif; font-size: 14px; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal; margin: 12px auto 6px auto;">
<a href="https://www.scribd.com/document/346073528/Tribunale-di-Savona-sulla-creazione-di-Euro-scritturali-e-relativi-pagamenti#from_embed" style="text-decoration: underline;" title="View Tribunale di Savona, sulla creazione di Euro scritturali e relativi pagamenti on Scribd">Tribunale di Savona, sulla creazione di Euro scritturali e relativi pagamenti</a> </div>
<iframe class="scribd_iframe_embed" data-aspect-ratio="0.7080062794348508" data-auto-height="false" frameborder="0" height="600" id="doc_97370" scrolling="no" src="https://www.scribd.com/embeds/346073528/content?start_page=1&view_mode=scroll&access_key=key-gnibONKqeNYXA56KDBte&show_recommendations=true" width="100%"></iframe>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4369990260850523301.post-46873134104922598452017-04-23T11:28:00.001-07:002017-04-23T11:28:58.886-07:00I patrimoni delle banche centrali devono essere restituiti agli Stati<br />
<iframe allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/pN5F1mmaBwM" width="560"></iframe><br />
Le banche creano denaro dal nulla esentasse,<br />
perché mai dovrebbero trattenere la refurtiva ?Unknownnoreply@blogger.com0