lunedì 19 settembre 2011

Central banks return as gold buyers

Central banks return as gold buyers


By Jack Farchy
Financial Times, London
Monday, September 19, 2011
http://www.ft.com/intl/cms/s/0/05232c38-e209-11e0-9915-00144feabdc0.html...
MONTREAL, Canada -- European central banks have become net buyers of gold for the first time in more than two decades, the latest sign of how the turbulence in the currency and debt markets has revolutionised the bullion market.
The purchases are minuscule compared with the size of the global gold market but highlight a remarkable turnround from a wave of heavy selling by European central banks.
The role of central banks in the gold market will be a central topic of debate at the annual London Bullion Market Association conference, the largest gathering of the gold industry, in Montreal this week. The switch from large selling to buying has helped propel the gold price more than 25 per cent higher so far this year, hitting a nominal record of $1,920 a troy ounce this month. The shift in Europe comes as central banks in emerging markets are also loading up on gold.
Mexico, Russia, South Korea, and Thailand have all made large purchases this year, in a move to reduce their exposure to the dollar. Globally, central banks are set to buy more gold this year than at any time since the collapse of the Bretton Woods system 40 years ago -- the last time the value of the dollar was linked to gold.
"We're going back to a time when gold is seen very much as money," Jonathan Spall, director of precious metals sales at Barclays Capital, told FT.com in a video interview. "It has been a complete reversal of the attitudes we saw during the 1990s."
European central banks have added about 25,000 ounces, or 0.8 tonnes, of gold to their reserves in the year to date, according to data from the European Central Bank and the International Monetary Fund.
That compares with average sales of almost 400 tonnes a year since 1999, as they swapped their non-yielding and unfashionable bullion for sovereign debt. Global gold consumption stands at about 4,500 tonnes a year.
Most of the buying in Europe was related to Estonia's move to join the single currency bloc at the start of the year. The Estonian central bank bought gold to add to the ECB's reserves, according to an ECB statement in January. Elsewhere, Malta bought 3,000 ounces.
Europe's central banks have not been net buyers of gold since 1985, according to data from the World Gold Council.
"The motivation for European central banks to diversify out of gold into dollar-denominated assets has been negatively impacted by US fiscal and monetary policy," said Natalie Dempster, head of government affairs at the mining industry-backed group.
A third round of quantitative easing would make the sale of gold "look less attractive than ever before," she added.
The shift to buying comes as some politicians in the eurozone are calling for heavily indebted members such as Portugal, Spain, or Italy to be forced to sell their gold reserves to reduce their debts. However, at current gold prices such a move would barely dent the countries' debt piles, while analysts believe it would amplify investors' concerns about the eurozone.

sabato 17 settembre 2011

Financial Terrorists Strike Again


Financial Terrorists Strike Again: Federal Reserve (US Taxpayers) Bail Out Big European Banks Yet Again

September 17th, 2011 | AmpedStatus


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It’s deja vu all over again, again. How many times are we going to throw trillions of dollars at the “too big to fail” banks before someone, anyone in a position of power realizes that they have to be broken up? The Fed and the Obama Adminstration, all the King’s horses and all the King’s men, keep trying to put Humpty Dumpty back together again. Hello, the global Ponzi players had quite the run but it’s O-V-E-R. The fraud has been exposed to too many people now. So please stop throwing our economic future into the abyss. The Eurozone is absolutely imploding and once again we are being thrown under the bus in attempts to prop up an insolvent banking system. This is all so absurd! Enough is enough already.
Ok, let me back up a bit and explain this latest attack. Let’s start with this video from Dylan Ratigan:
Coordinated Central Bank EU Bailouts
(If you’re pressed for time, jump to the 6-minute mark.)


Here’s a roundup of reports that explain things further and get right to the heart of the matter:
The European Bank Bailout
By Ed Harrison, Credit Writedowns
Three articles I read in the past day get to the problems with these liquidity bailouts.
First comes from the US where Warren Mosler asks why is the Fed lending dollars unsecured to the ECB… again. He says “Congress should not allow the Fed to lend unsecured to foreign central banks without specific Congressional approval” because “It’s like lending your dollars to someone in a far away land who uses his watch for collateral. But he gets to keep wearing the watch, and he’s out of your legal jurisdiction.”
Second is the Anne Sibert article on the damaged ECB legitimacy. She writes that the ECB has been opaque about how it conducts monetary policy as well as how it provides liquidity. It is the second part that worries her most because “In its attempt to maintain financial stability the ECB and Eurosystem have had to walk a fine line between providing just enough liquidity to keep potentially solvent institutions afloat and subsidising the financial sector.” Does that sound familiar? It should because the Fed operated in the same opaque manner during the first crisis.
Finally, there is growing evidence that ECB Chief Economist Juergen Stark quit his job because “he did not want to support the lending of dollars to euro-area banks.” Former Bank of England central banker David Blanchflower told Bloomberg News this in a radio interview yesterday. While Blanchflower says this was much needed and “should have happened a while ago”, it puts the central bank in a quasi-fiscal role that had already caused another high profile German, Axel Weber (widely tipped to have been in line for the top job) to resign from the ECB as well.
The Fed Bails Out Eurobanks Yet Again
By Yves Smith, Naked Capitalism
Watching re-enactments of scenes from the global financial crisis is a very peculiar experience indeed. The opening by the Fed of currency swap lines to allow the ECB and other central banks to extend dollar funding to Eurobanks was seen as an extreme measure the first time around, a sign of how close to the abyss the financial system had come.
… the Eurobanks were under real stress by being frozen out of dollar funding, largely because US money market funds were no longer willing to do repos with them or buy their commercial paper. And US banks were also encouraged to cut back on their exposures to them. So the central banks have stepped into this breach.
But this is just a liquidity fix, and here, that means largely a palliative. The Eurobanks will suffer serious hits when the sovereign debt crisis losses come home to roost; this alone will render many major banks undercapitalized. The ECB has, as the Fed did, allowed banks to pledge dreckly collateral in return for shiny new funds. But the big difference between the ECB and the Fed is the ECB apparently sees itself as constrained by its $5 billion in equity (even though it could simply print, give the proceeds to national governments, and have them give that back to the ECB as an equity contribution) and is loath to bloat its balance sheet too much. The self imposed balance sheet growth limits of the ECB plus the refusal of EU leaders to consider other mechanisms such as Eurobonds means it’s hard to see how the wheels are not going to come off the European financial system in the not too distant future….
The other distressing aspect of this saga is that we have cross border regulatory action without effective cross border/supranational regulation. Responsibility (for cross border bailouts) without authority is not a good combination. Even though the rationale for the Fed helping save the Eurobanks’ hide is that the risk is small and a Eurocrisis would hurt US banks, it’s not good practice to save entities you don’t oversee. And it’s even more troubling to have this done by central banks, who have enormous power yet very little accountability in a nominally democratic system.
So this not-so-little rescue serves as a reminder of what we on some level know all too well: despite the desperate need for reform in the wake of the crisis, too much appears to remain just the same as before.
Why didn’t the Fed release a statement on the dollar liquidity bailout?
By Ed Harrison, Credit Writedowns
I was looking for the Fed statement yesterday and didn’t find it. And that’s when I went to the BoE and saw they linked out to the other CB statements (sans Fed).
I think this is curious messaging because the US Treasury Secretary Timothy Geithner is over inEurope right now banging the table about the need for a Euro TARP. Cullen Roche calls it a Euro TALF. Whatever you call it, its a bailout; the original TALF sure was. Is this why the Fed went all radio silent?
I think that’s it exactly. The last post I wrote on The European Bank Bailout talks a lot about how unpopular these bailouts are; and since this is effectively a backdoor bank bailout, it makes sense that Ben Bernanke would want to keep mum, “to keep his powder dry” for QE3 as one of my friends e-mailed.
Here’s what’s happening:
  1. European politicians are paralysed and are only doing enough to push off the day of reckoning. Muddling through means deepening crisis for the euro zone. Only when all other options have failed and the euro is about to break apart will the Europeans think about fiscal union and the like. I believe the sovereign debt crisis will deteriorate further for just this reason. And then we will just have to see what the politics of the individual countries in Euroland look like. If austerity brings the economy to a crawl and europopulism is well advanced, the euro will collapse. If not, the Europeans will push forward with greater integration.
  2. In the interim that means bailouts, not just for sovereigns but for banks as well. You remember the dust-up over ECB Target2 liquidity? Well that was the beginning of the German revolt against the ECB’s quasi-fiscal policies. These moves, while absolutely necessary to prevent a Lehman-style crisis because of Euro politicians’ dithering, are politically charged. We now have seen two major ECB defections from Axel Weber and Juergen Stark. I think that there is even more discord behind the scenes.
  3. Even so, the ECB has now been forced because of the wholesale market bank run now ongoing in Europe to go further. In order to deflect criticism, the ECB’s bailout of the Euro banks has been coordinated with four other central banks.
  4. But the Fed’s lack of commentary demonstrates that the other banks are just a cover. First, the Fed feels politically constrained due to its own machinations in the past and the likelihood it will engage in a muscular easing policy if and when the US economy double dips. It does not want to come under attack for this Euro bank activity. Second, dollar swap lines are already in place and have been extended. This policy didn’t have to be announced this way. It was only to calm markets and buy time.
  5. Meanwhile Tim Geithner thinks the Euro-TALF bazooka is the right way to buy significantly more time. He is over urging the Europeans to take out the bazooka by leveraging up the EFSF ten to one in order to buy the Europeans $2 trillion euros of fire power. Now, that’s a bazooka.
Liquidity fix not enough for Europe: investors 
Steven C. Johnson, Reuters
Troubled euro zone banks probably need more aggressive capital injections to get through turmoil caused by Europe’s worsening debt crisis, top investors said at a Bloomberg Markets 50 Summit on Thursday. The European Central Bank said on Thursday it, alongside other major central banks, would hold three separate dollar liquidity operations between October and December to help see banks through the year-end. Some European banks have had trouble accessing short-term loans to fund operations because investors fear they are too heavily exposed to government debt from troubled euro zone countries such as Greece. John Taylor, founder and chairman of FX Concepts, the largest currency hedge fund with $8 billion in assets, said temporary measures are not enough to help euro zone banks.
Bring on the Drachma TARP 
Barry Ritholtz, The Big Picture
Here is what Jefferies chief market strategist David Zervos had to say:
The bottom line is that it looks like a Lehman like event is about to be unleashed on Europe WITHOUT an effective TARP like structure fully in place. Now maybe, just maybe, they can do what the US did and build one on the fly – wiping out a few institutions and then using an expanded EFSF/Eurobond structure to prevent systemic collapse. But politically that is increasingly feeling like a long shot. Rather it looks like we will get 17 TARPs – one for each country. That is going to require a US style socialization of each banking system – with many WAMUs, Wachovias, AIGs and IndyMacs along the way.
The road map for Europe is still 2008 in the US, with the end game a country by country socialization of their commercial banks. The fact is that the Germans are NOT going to pay for pan European structure to recap French and Italian banks – even though it is probably a more cost effective solution for both the German banks and taxpayers.
Where the losses WILL occur is at the ECB, where the Germans are on the hook for the largest percentage of the damage. And these will not just be SMP losses and portfolio losses. It will also be repo losses associated with failed NON-GERMAN banks. Of course in the PIG nations, the ability to create a TARP is a non-starter – they cannot raise any euro funding. The most likely scenario for these countries is full bank nationalization followed by exit and currency reintroduction.
US banks privately lending billions to support European lenders
By Gareth Gore, Reuters
US banks have become the unlikely saviours of their ailing European counterparts, signing private agreements to lend them billions of dollars in recent weeks after an exodus of nervous money market funds left many without ready access to short-term funding. Agreements worth tens of billions of dollars have been signed in the last month alone, according to bankers directly involved, who added that senior management of firms on both sides of the transactions have been closely involved with hammering out deals.
Shadow Banking Contagion Approaches As European Banks Sign Private Repo Agreements With US Counterparts
By Tyler Durden, Zero Hedge
In what is probably the riskiest escalation of the second credit crisis to date, IFR has released information that was until now speculated, but not confirmed, namely that European banks not only continue to make a mockery out of LiEbor by posting whatever rates they deem appropriate (for the simple reason they don’t use interbank funding), while in the meantime going directly to US banks, using shadow, and hence completely unregulated conduits, in the form of private repo arrangements with “at least three of the five biggest US banks.”
Now where this is interesting is that as Zero Hedge disclosed three months ago, the bulk of the cash generated for the pendancy of QE2 went not to US banks, but to US-based branches of foreign banks. Which probably means that there is a roadblock to repatriating the US held cash (even in exchange for perfectly legitimate receivable debits). Because one would think that this is where the first source of cash for troubled banks would come from. Assuming it hasn’t been repatriated already, or is not stuck in some IOER-GC carry trade that generates virtually no return (and when the Fed lowers IOER even more, absolutely no return).
Alas this means that the 3M USD Libor which we update every day is substantially under-representing the true funding squeeze in Europe. Even worse, it means that US banks have lent us tens, if not hundreds of billions of cash, in exchange for collateral that could be virtually anything, and which collateral bypasses traditional Fed supervision. As a result, US banks can and will go hog wild in lending repo dollars (at big collateral haircuts but still) to European banks until everyone suddenly runs out of money, and the Fed realizes it has to not only fill traditional liquidity holes, but a massive shadow banking shortfall, precisely the stuff that none other than the Fed has been warning about over and over. Just like in 2008 when the big hit to the system came not from traditional sources of risk but perfectly innocuous and thus ignored money markets, so the same will happen this time, as the biggest crunch will come completely out of left field. It always does….
Alas, when the moment ends, and said banks can no longer afford to lend out cash, and in fact need it, may we ask: who will provide this source of global bailout capital? Oh yes: Ben Bernanke of course, and who will be facing trillions of dollars in full loss exposure should central planning not be successful in patching up the second Great Financial Crisis?

Why you, dear reader.
The bottom line, as George Bush said in 2008, “This sucker’s going down.”

- This roundup was compiled by AmpedStatus editor David DeGraw. His long-awaited book, The Road Through 2012, will finally be released on September 28th. He can be emailed at David[@]AmpedStatus.com.

IS A CARBON CURRENCY THE ENDGAME?


IS A CARBON CURRENCY THE ENDGAME?
PART 2

By Michael S. Coffman, Ph.D. and Kristie Pelletier
September 17, 2011
NewsWithViews.com

There is growing evidence that a carbon currency appears to be the replacement for the currencies of the world after they all crash in the near future. The smart grid will become the means of implementing the carbon currency that will allow the global elite to control every bit of electronic activity of every human being on planet earth.
The idea of a carbon currency has been around since 1932 with the advent of Technocracy. The Technocracy Study Course initially written in 1932 details what is needed for Technocracy and a carbon currency to work. These include, in no particular order:
 Ability to register on a continuous 24 hour-per-day basis the total net conversion of energy.
 By means of the registration of energy converted and consumed, make possible a balanced load,
 Provide a continuous inventory of all production and consumption,
 Provide a specific registration of the type, kind, etc., of all goods and services, where it is produced and where it is used and,
 Provide specific registration of the consumption of each individual, plus a record and description of the individual.”
In other words no one would be able to buy and sell anythingwithout permission of big brother, and without him knowing about it. Bartering or perhaps the use of precious metals (if people are allowed to possess it) would be the only alternative. It is interesting that if this is what the elites are planning, it would literally fulfill the highly controversial prophecy given by the Apostle John in Revelation 13:17.
The technology to implement this did not exist in 1932. It does now. Integral to creating the control demanded by technocracy is smart grid technology, which implements monitoring and control from production to consumption. It also allocates how much energy each home or business can use, with control being absolute and reaching even down to our coffee makers and refrigerators.
The Push for Smart Grid
Smart grid technology has not been developed because of demand or any perceived need. Private industry did not develop it. Rather, the entire idea was advanced by the Department of Energy (DOE) starting with President George W. Bush with the creation in 2003 of The Office of Electricity Delivery.
Since then, it has been catapulted forward with President Obama’s allocation of over $4 billion from the Stimulus money. The DOE’s technology is spreading like wildfire across the world. Why? How?Patrick Wood provides this warning; “Smart Grid meets 100 percent of the Technocracy's original requirements…. If the Federal government had not been the initial and persistent driver, would Smart Grid exist at all? It is highly doubtful.”
Global companies like IBM, Siemens, GE, Cisco, Panasonic, Kyocera, Toshiba, Mitsubishi are all scrambling to grab onto their share of the new smart grid market with digital meter controls and software. These companies are helping to usher in this single, integrated, communication-enabled electric delivery and monitoring system, known as Smart Grid.

Similar to the World Wide Web, this new Network Of Things, or NOT will allow inanimate objects such as a central control computer and your household appliances to communicate with very little human interaction. Once it is entirely in place around 2020, complete control over energy consumption will be possible with systems that will allow our air conditioners, washing machines, and even our furnaces to be centrally shut off if we have been deemed ineligible for further consumption.
Nations worldwide are positioning themselves to trade in this new global currency and smart grid technology. Italy has already implemented smart grid in 85% of its homes. Australia will soon have a framework in place which will position them to trade carbon credits internationally, with the passage of the Carbon Credits (Carbon Farming Initiative) Bill of 2011, Carbon Credits (Consequential Amendments) Bill 2011 and the Australian National Registry of Emissions Units Bill 2011.
On August 17, Sberbank, Russia’s largest bank in the wake of Russia’s removal of the least 10 euros per metric ton requirement for its carbon credits has encouraged the nation’s industrial powerhouses to apply for carbon credits. Companies are eligible to apply for one carbon credit for every 1,000 metric tons of carbon dioxide that they no longer emit. Just like Australia, they are positioning themselves to have carbon credits to trade and sell on the global market.
The problems of implementing a carbon currency are infinite. Once the $4 billion in federal money is gone, who will pick up the costs? If history is a guide it will be you and I. Worse, Carbon Credits are a lot like Cell Phone Minutes, they don’t really exist. It’s all smoke and mirrors. Opportunities for corruption will abound! Counterfeiting with tangible, hold in your hand greenbacks is a problem now. Imagine when the currency is as invisible as the air. Nonetheless, nearly half of America will have been converted to smart meters by 2014; the first step in establishing the smart grid. It is expected that 100 percent will be retrofitted by the end of the decade.
One has to wonder if the machinations of the global banking cartel are merely to keep the current currency system afloat long enough to retrofit enough homes and businesses with smart meters to institute carbon currency – at least in the developed nations.

Once carbon trading is instituted world-wide, it may not take much to switch to a carbon currency in order to make way for a new carbon-based world. Unfortunately for individual people living in this new system, it will also require authoritarian and centralized control over all aspects of life, from cradle to grave.

Click here for part -----> 12,
America, with its Locke form of government has been the major obstacle to this effort. This is changing, however. Through foundations, corrupt courts, and progressive politics, the powerful elite are systematically destroying the Locke-based foundation of the U.S. Constitution. They are implementing legalized plunder through the destructive application of “expert planning” and the public good doctrine. And because this doctrine floods our public education, press, and environmental propaganda machine, most Americans are totally ignorant of what these globalists are doing, and often support this insanity that is designed to control everything they do. This agenda must be exposed for what it is – the death of America as we know it – and then throw these monsters out of office.
Related Articles:
© 2011 Michael Coffman - All Rights Reserved

Dr. Coffman is President of Environmental Perspectives Incorporated (epi-us.com) and CEO of Sovereignty International (sovereignty.net) in Bangor Maine. He has had over 30 years of university teaching, research and consulting experience in forestry and environmental sciences. He produced the acclaimed DVD Global Warming or Global Governance (warmingdvd.com). His newest book, Rescuing a Broken America (rescuingamericabook.com) is receiving wide acclaim. He can be reached at 207-945-9878.

Bretton Woods Update No.77

Bretton Woods Update No.77September/October 2011

PDF version At Issue PDF text version

IFC updated performance standardsweak on human rights, other shortcomings



NEWS|14 SEPTEMBER 2011
The International Finance Corporation (IFC), the Bank's private sector arm, has concluded a two-year review of its performance standards on environmental and social sustainability, but its weak human rights approach has angered rights organisations. read article...

World Bank policies "enabling" African land grab



NEWS|14 SEPTEMBER 2011
Illustration by Robin Heighway-Bury/Thorogood.net
New research claims World Bank Group's policies facilitate land grabs in Africa and favour the interests of financial markets over food security and environmental protection. read article...

I

EG annual report slates World Bank's education workhighlights problems in health, MENA



NEWS|13 SEPTEMBER 2011
The Bank's Independent Evaluation Group (IEG) released its annual report at end August, again finding shortfalls and uneven results across the World Bank Group. While the Bank's leadership has steered the institution towards more private sector work, outcomes in the health and education sector have dropped substantially. read article...

Programmed for Results?
Concerns raised over new World Bank lending instrument



NEWS|14 SEPTEMBER 2011
In August, the Bank released a policy paper and draft operational policy for its controversial new Program For Results (P4R) lending instrument, aiming to rush through its approval by the end of the year, despite significant concerns. read article...

Big infrastructure, small participation
World Bank and G20 push new plans



NEWS|13 SEPTEMBER 2011
The World Bank is drawing up a list of massive, cross-border infrastructure projects for fast-track approval by the G20, and is promoting private sector involvement, but it has failed to involve any local communities. read article...

World Bank pushing dirty coal and massive hydro



NEWS|13 SEPTEMBER 2011
The Bank's energy projects in Kosovo and India are being lambasted by critics for threatening livelihoods and the environment. read article...


IFC helping Western multinationals exploit Ghana's water crisis

by Alhassan Adam
COMMENT|13 SEPTEMBER 2011
The water supply crisis in Ghana is being exploited by all manner of pro-market corporate bodies ranging from the World Bank to Coca-Cola. While the World Bank is licking its wounds from failed private water management initiatives, such as the Aqua Vitens Rand Limited management contract in Ghana, the International Finance Corporation (IFC), its private sector arm, is investing in small-scale private water ventures via WaterHeath International (WHI). read article...


World Bank deaf on food speculation, vocal on financial instruments



NEWS|13 SEPTEMBER 2011
As agricultural market continue to experience increasing volatility, and record food prices intensify global hunger and poverty, the World Bank's approach to the crisis, which emphasises the use of commodities markets and corporate agriculture, is found wanting by groups demanding food sovereignty and food security. read article...

Scandals threaten IFI governance
IMF, World Bank leaders accused



NEWS|14 SEPTEMBER 2011
With the new IMF head and a Bank’s managing director under judicial investigation, questions continue to be asked about IFI governance, while implementation of existing reforms remains slow. read article...

China and the World Bank





INSIDE THE INST|14 SEPTEMBER 2011
China joined the World Bank in April 1980, and since then has been one of its largest borrowers and recipients of technical assistance. In recent years, China has gone beyond the only role of recipient country and has increased its influence on the Bank. read article...


IFC weakens World Bank's transparency commitment



NEWS|14 SEPTEMBER 2011
The new access to information policy at the International Finance Corporation (IFC), the World Bank’s private sector arm, has been criticised for being weaker than its public sector counterpart, and for allowing sweeping exceptions. read article...

Donor governments join critical chorus on the CIFs





NEWS|13 SEPTEMBER 2011
The Bank-housed Climate Investments Funds (CIFs) are facing increasing criticism from donor governments and civil society groups, while concerns that the Bank's role in the new Green Climate Fund (GCF) constitutes a conflict of interest continue. read article...

World Bank won't give up on carbon markets



NEWS|13 SEPTEMBER 2011
As the Bank's own report declares the carbon market is failing, the Bank is still pushing forward carbon finance initiatives. read article...


IEG slams World Bank trust funds



NEWS|14 SEPTEMBER 2011
IEG report slams Bank trust funds for contributing to ineffective aid. read article...


Evaluations suggest IMF, World Bank research ideologically driven



NEWS|14 SEPTEMBER 2011
A report by the IMF’s arms-length evaluation body, the Independent Evaluation Office (IEO), suggests that Fund research does not allow room for alternative perspectives, while academics attack the World Bank for pursuing ideologically driven research agendas.  read article...


Bondholders vs the public: Outcry over IMF-EU eurozone loans



NEWS|13 SEPTEMBER 2011
The sovereign debt crisis in the eurozone, where Greece now needs a second round of loans, threatens major economies like Spain and Italy, but IMF-backed lending packages that demand deep austerity with insufficient attention to lenders' responsibilities anger the public. read article...


IMF advice accused of risking new recession



NEWS|13 SEPTEMBER 2011
Since the financial crisis, the IMF's rhetoric has tried to be nuanced about austerity policies and the need to stimulate growth, but critics says its actions risk pushing the world back into recession and hurting workers. read article...

Forty years is enough?
In search of a new international monetary system



NEWS|14 SEPTEMBER 2011
On the 40th anniversary of US default on its gold convertibility obligation, decreasing confidence in the dollar has strengthened calls to reform the international monetary system. The IMF is accused of ignoring inequities at the core of the system, while developing countries are increasingly seeking alternative regional arrangements. read article...


Navigating complex dilemmasthe Bank on violence, conflict and peace building

by Monica Stephen
AT ISSUE|16 SEPTEMBER 2011
The World Development Report 2011: Conflict, Security and Development is shifting the language of international policy on supporting peace and development in fragile and conflict-affected countries. Monica Stephen of International Alert examines how the World Bank's operations need to adjust to support peace and development. read article...


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