Speculating that after Greece comes . . . France

Stacy Summary:  Okay, Snoot, confess . . .

73 comments on “Speculating that after Greece comes . . . France
  1. Bonn says:

    unos
    France now ???
    Why dont tey name EU the John
    Tis is what happens when ya put all yer Eggs in one Basket
    is Eggs or apples
    Oh well
    lolol
    Hic ;-)

  2. Bonn says:

    When I see Fishermen in Countrys like Tunisia and otter countrys like tat
    I tinks to me self
    Man Tat Fisherman dont use a Motor he rows his way out tear
    A ) he doesnt need oil
    B ) he’s in good freakin shape & Excersisein everyday would probably start blinking wit confusion if ya tried to sell him Life Insurance
    C ) makes 4 – 10 dollars a Day while having a High Protien Diet

    Hes already got what we tryin to achieve in Urban Dwellings
    I sometimes tink we ta crazys lololololololol
    Life is actually free ;-> we make it complicated & way too costly
    Who was it I tink it was Chapman or someone he said Oil was traded 27 times before it reached ta End Customer 27 times !!!!!!!!
    Ta whole world is upside down
    lolololololol
    ROFL
    Hic -)

  3. Mother Earth says:

    Wallstreet CDSs..who cares..Big banks are not longer national treasure, they are international vomitbombs…Even if two bankers completely evicerate each others banks they go home with millions, so why should they not play that game under the terror stricken eyes of the general population. Arrest the psychopaths..

  4. Youri Carma says:

    An other interesting Zero Hedge post: Step Aside Roubini – FX Concepts’ John Taylor Is The New Dr. Doom:

    “2011 Will Be Worse Than 2008″

    http://www.zerohedge.com/article/step-aside-roubini-fx-concepts-john-taylor-new-dr-doom-2011-will-be-worse-2008

  5. Bonn says:

    despite our “vibrant media culture” – took so long to stage such an event. The actual discourse was also stymied by all those rules. An audience that “isn’t allowed” to clap when it agrees with what someone has said e_SEnD what kind of public debate is that?

    Whaaa WTF oh well I will never understand ya caucasians
    Hope tee French Unions are Strong and remain Strong

  6. Mother Earth says:

    How convenient to target John Paulson..You can confiscate his gold..

  7. Bonn says:

    I tink Goldman sachs has Christmas Every Quarter
    Goldman Sachs faces $4bn profit row
    Goldman Sachs is to announce first-quarter profits of nearly $4bn (£2.6bn) this week – a rise of 50pc on the same period last year – creating fresh controversy for the investment bank which was accused of fraudulent activity on Friday
    http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/7602217/Goldman-Sachs-faces-4bn-profit-row.html

  8. Youri Carma says:

    Listen to Webster Tarpleys World Crises Radio 17 April 2010 MP3: http://tarpley.net/world-crisis-radio/

  9. Al-doomandbloom says:

    FIIGS..?

  10. Bonn says:

    IF PIGS
    can Fly so will Europe
    lolololololoool
    ROFL
    Hic ;-)

  11. Bonn says:

    http://www.mbhs.edu/~bconnell/cgi-bin/anagram.cgi
    Man ya get everytin on ta net tis is an anagram generator

  12. Youri Carma says:

    Europe M3 Continues Downfall : Monetary aggregate M3 http://sdw.ecb.int/home.do?chart=t1.2 While Inflation seems still to go up http://sdw.ecb.int/home.do?chart=t1.1

  13. Youri Carma says:

    A DEFLATIONARY IMPULSE WOULD BE A CATALYST FOR GOLD STOCKS http://pragcap.com/a-deflationary-impulse-would-be-a-catalyst-for-gold-stocks

  14. Youri Carma says:

    The Mad Max Scenario: How To Survive The Apocalypse: Some Things You Need To Know Before The World Ends http://www.huffingtonpost.com/2010/04/17/how-to-survive-the-apocal_n_540940.html#s81886

  15. Youri Carma says:

    Jim Cramer Insulted By Sylvian Raynes On CNBC, Erin Burnett Kicks Raynes Off Show (VIDEO) http://www.huffingtonpost.com/2010/04/17/jim-cramer-insulted-by-sy_n_541659.html

  16. Youri Carma says:

    Janet Tavakoli: Goldman’s Fraud Case Could Have ‘Massive Implications’ If It’s ‘Done Right’ (VIDEO) http://www.huffingtonpost.com/2010/04/17/janet-tavakoli-goldmans-f_n_541443.html

  17. R. Cain says:

    Faced with the choice between changing one’s mind and proving that there is no need to do so, almost everyone gets busy on the proof.

    John Kenneth Galbraith

  18. R. Cain says:

    Heads must roll
    Blankfein has to go to save Goldman

    http://www.nypost.com/p/news/business/heads_must_roll_HkY7chfiBnGY6KBpZBV7nL

  19. frances snoot says:

    Stacy:
    LOL!

  20. R. Cain says:

    how to reconcile?
    John Kenneth Galbraith:

    Economics is a subject profoundly conducive to cliche, resonant with boredom. On few topics is an American audience so practiced in turning off its ears and minds. And none can say that the response is ill advised.

    Humor is richly rewarding to the person who employs it. It has some value in gaining and holding attention, but it has no persuasive value at all.

  21. eketahuna says:

    @Bonn – tatsa great Fisherman story you toll!

  22. frances snoot says:

    What about total external debt? France rates poorly, but the US is king:

    http://en.wikipedia.org/wiki/List_of_countries_by_external_debt

  23. stacyherbert says:

    @snoot – re: external debt, the US can ‘afford’ to have more than France as ALL of US external debt is denominated in dollars; the external French debts will be in currencies they have to earn (which includes the euro, unless they can get the Germans at the ECB to print some more for them)

  24. frances snoot says:

    Well, since I’m guilty…

    Are we looking at the US debt in the context of the dollar/reserve system or the sdr/reserve (multilateral reserve) system? What about the dollar value trade index? Aren’t some countries more favored by their inclusion within the sdr basket? Do the capital flows favor insider knowledge (ie. traders aren’t stupid).

    Is a US default possible? What regional makeup is being sought for the Euro currency? Is there a realignment of currencies coming (Chapman indicated yes).

    When do we hear about the international clearing union? What context will the euro hold within the new system? The ECB?

  25. R. Cain says:

    WSJ
    Tragic Flaw: Graft Feeds Greek Crisis

    http://online.wsj.com/article/SB10001424052702303828304575179921909783864.html?mod=rss_Today's_Most_Popular

    google: Tragic Flaw: Graft Feeds Greek Crisis

  26. Marc Authier says:

    Strange. Is the UK is paradise I presume ? And Ireland ? Frances Snoot works fot the CIA :) In reality Frances it doesn’t make a lot of difference that CDS speculation is going on. Why this sudden jump from the PIIGS to France ?

    I sense a coup fourré from the anglo-saxon mafia in Londonium Parasitum Scrofulum. Not new. Anyways in the case of France or United Kingdumd it is well desserved. Great distraction of what is going on in United Slaves of America Ponziland Numéro Uno and United Kingdumb Ponziland Numéro Duo.

    Conclusion, everybody is in real deep shit and all ships are sinking.
    No place to hide from the debt prison.

  27. frances snoot says:

    Nobody saw it coming, Marc.

    :)

    The Endgame. (dollar-paper-standard-that-is)

  28. Marc Authier says:

    @Mother Earth

    Love your neologism “International vomitombs” Super ! :)

  29. Marc Authier says:

    The standard Snoot is zero.

    “Paper always returns to its intrinsic value, that is to say, zero.” Voltaire.

  30. frances snoot says:

    “Frances Snoot works fot the CIA”

    Yoohoo. Ma, come quick!

    What are ya yammerin’ bout, Cleetus?!

    Steller works for the CIA. She has a code name: Snoot.

    That’s purely stupid, Cleetus. Who’d what that airy-head a’workin’ fur em? She ain’t even got that cleanin’ job down to the new folks at Crackerbend.

    But, Ma. Maybe that cuz Steller is just pretendin’ to be readin’ when she’s really sendin’ codes to them agents. I read ’bout that on the internetz.

    Cleetus, since when ya doin’ any readin?

    I read, Ma. I say we gotta lock Steller up in the shed and make-her-tawlk.

    She’ll just clam up like a turtle, Cleetus. Leave Stella lone. She don’t look hardly able to hurt a fly.

    Well, I’m a’keepin my eye on thangs. Ya can’t nary tell, Ma.

  31. frances snoot says:

    If there be airy hot chicks a’readin’ this here is me: Cleetus with a C:

    http://farm3.static.flickr.com/2311/2220213673_2975919621.jpg

    Just wait: I’ll find ya fur sure. Leave a message….Shoot… Gotta scoot, Steller’s back.

  32. Marc Authier says:

    France is on the menu. Las week the banksters terrorists wanted to eat some souvlaki, And this week they want “un filet mignon”. Sarkozy used to praise in the past the “fantastic” “innovations” and “dynamism” of anglo-saxon capitalism. Cher Sarkozy, (which I hate because he’s a puppet of BNP Paribas and the US State Department), you are about to eat your medecine and a lot of Alpo dog food. Saveur du jour. And next week we are eating pasta !

    ——————————————————————————————————–

    by Howard_Beale
    on Sun, 04/18/2010 – 00:37
    #306363

    So what is the acronym now? FIPIGS? GIIPFS? IF PIGS COULD FLY? IF PIGS works for me. If we add in Austria, then AS IF, PIG?, with an undertone from the movie Clueless.

    Then we have GASP IF–very hard and authoritative with the gasp if you have a last breath. But we could also get GAFIGS, with the A from Austria in the ahh category, almost close enough to GOFIGS but not quite.

    I’d like to spin the wheel, Pat. No more vowels, Vanna. Romania would give us GROFIGS–Ahrnold could us it as a California slogan.

  33. Max Power says:

    CBC National of CAD parity with USD :
    http://www.cbc.ca/video/#/Shows/The_National/ID=1469234849

  34. Al-doomandbloom says:

    UK’s Brown wants investigation into Goldman Sachs
    http://www.reuters.com/article/idUSLDE63H0AA20100418?type=marketsNews

    This just keeps getting better and better …no? I think they have decided to let Goldman go….and use that to suggest that they solved the problem.

  35. frances snoot says:

    Marc:
    I just happened to have this little chart handy:

    https://www.cia.gov/library/publications/the-world-factbook/rankorder/2186rank.html

  36. Max Power says:

    The average price for a house in Vancouver is 1 M CAD :
    http://www.cbc.ca/video/#/Shows/The_National/ID=1463004374

    It’s daft, but its got to crash eventually.

    Major cause : Mainland Chinese immigrants, sort of an echo of the HK immigration wave before 1997.

  37. Mep says:

    A happy Sunday video. All hail beautiful people and their beautiful music. ;-)

  38. Marc Authier says:

    Never can find on the CIA site how much they take as a cut for cocaine and heroin ? Wonder why ? Interesting. The problem with France is that the country has no more room for higher taxation. Consequently the logical step will be effectively very painful cutting of budgets. France is anyways horribly overgoverned and overadministered. A crisis would do them a lot of good.

  39. stacyherbert says:

    @Marc Authier – taxes here don’t seem especially higher than US; plus you get a whole lot more for it; what is high is the level of bureaucracy; they could easily slash that by 50% to take to US levels; or 75% and take it to about UK levels

  40. frances snoot says:

    speaking of tax…

    Here’s Peter Schiff selling the VAT and calling it ‘consumption tax’ and relaying it’s fair for poor people to replace VAT for the income tax gradient system:

    http://www.youtube.com/watch?v=v4KfVM5Ed3c&feature=player_embedded#!

    Doesn’t the World Bank get a cut of VAT?

    Tea Party Candidate Peter Schiff neglects to mention this.

  41. Max Power says:

    At least 65% of the Canadian population has Vitamin D levels that are too low:
    http://www.cbc.ca/video/#/Shows/The_National/ID=1449306899

    Nova Scotia, Mississippi of the North:
    http://www.cbc.ca/video/#/Shows/The_National/ID=1442670874

    Canada not so hot on the protection of plastic Credit and Debit cards:
    http://www.cbc.ca/video/#/Shows/The_National/ID=1438500759

  42. Mother Earth says:

    @Stacy

    I think there is a relationship between a societies wealth disparity and the efficiency of the civil servants. More equality means less corruption but also a large body of servants..Less equality means less servants but more corruption and perhaps whole useless departments because (f.i. homeland security)…

  43. Mother Earth says:

    Sunday quote.. Success is the ability to go from one failure to another with no loss of enthusiasm.

  44. Mep says:

    Would a shakedown of the French people lead to a round of banksternapping in France?

    @ frances – We’ve nicknamed the fetus Cletus the fetus. :-)

  45. frances snoot says:

    Mep!!!

  46. R. Cain says:

    guest suggestion:
    Barry Ritholtz
    CEO of FusionIQ
    author of Bailout Nation

  47. Mep says:

    @ frances – LOL! If it’s true that it should start hearing within a few weeks, I bet that throughout its life, it’s going to have a strange fondness for the name Cletus!

  48. frances snoot says:

    Perfect Poison
    “Before you conclude that a VAT is the answer to all our fiscal problems, consider some facts. “Greece collapsed in spite of a 19 percent VAT adopted in 2005,” says Veronique de Rugy, a senior research fellow at the Mercatus Center at George Mason University in Arlington, Virginia. The additional revenue from the VAT did nothing to address Greece’s indebtedness.”

    http://www.businessweek.com/news/2010-04-15/u-s-consumption-tax-is-tempting-vat-of-poison-caroline-baum.html

  49. frances snoot says:

    @MeP:

    Sure nuff? Shucks, that’s purely sweet. I be very glad. My name done come down frum the Foundin’ Fathers, sure nuff.

    cleetus

    with a c

  50. Brandon Sanks says:

    Let’s face facts the US, UK, Italy, Greece, Portugal, Spain and Ireland are bankrupt and so is most of Eastern Europe.

  51. Wow… The Jim Cramer insult vid was funny…
    “the markets aren’t rigged” Cramer didn’t even know he was being insulted, but that damn Erin jumped in and defended him, which alerted him to what was going on…

    Meanwhile…
    Goldmung Sucks is now facing Max’ TRUTH-METER of JUSTICE in Britain and Germany…
    http://www.bloomberg.com/apps/news?pid=20601087&sid=aE82mhgRJDdI

  52. g7enn says:

    Is Obama’s Administration pursuit of Goldman Sachs a cover-up?

    UNITED STATES of America – It can now be reported that the SEC (Securities Exchange Commission) is actually involved in a massive cover up and an obstruction of justice scheme involving the civil charges, not criminal charges, made against the noted brokerage firm and bank, Goldman Sachs.

    The civil action brought against Goldman Sachs completely ignores the criminal money laundry, counterfeit scheme and electronic front running tied to Goldman’s oversees hedge fund operation aka Paulson and Associates.

    John Paulson, who ran this hedge fund on behalf of Goldman Sachs, was the mastermind in the back ending aka short selling of the mortgage-backed securities, which are now commonly known as “toxic derivatives”, that helped wreck the U.S. economy and bring the entire world banking system to its knees.

    Translation: These mortgage-backed securities were sold to unsuspecting customers of Goldman Sachs, who received large cash proceeds from the sale, while Goldman Sachs’ hedge fund, Paulson and Associates, shorted the same financial instruments in their oversees fund and raked in billions of dollars on the backs of unsuspecting customers.

    There is a massive tie-in to all of these TAXPAYERS ‘bail outs’ of Merrill Lynch, Bank of America and Citibank, who all engaged in the same criminal activity.

    John Paulson, the REAL crook in this Goldman Sachs operation, has actually been given immunity from prosecution by the Obama Justice Department and the SEC in return for his alleged cooperation in this inquiry.

    People like John Paulson, former Bush Treasury Secretary Hank Paulson, Obama Treasury Secretary Timothy Geithner, former Citibank CEO Robert Rubin, former Federal Reserve Chairman Alan Greenspan, and J.P. Morgan CEO Jamie Dimon, as well as Goldman Sachs, will get to keep most of their STOLEN money while Goldman Sachs will be used as a temporary patsy, pay a small civil fine, continue to conduct their nefarious business as usual all offshore, and then write off the civil fine that will be levied against them in a plea bargain and deduct the fine with the IRS as a tax write off.

    The real purpose of this Obama Administration “kabuki dance” with Goldman Sachs is to cover up the activity of these criminal offshore hedge funds and their tie in to none other than the Bernard Madoff Ponzi Scheme.

    We can now divulge that the Goldman Sachs hedge fund run by John Paulson was used as a money laundry for not only the cash proceeds of the sell of the toxic derivatives, but also used to launder the proceeds from the Bernard Madoff Ponzi Scheme also involving Stephen Friedman’s Federal Reserve Bank of New York.

    The Goldman hedge fund, along with the Federal Reserve Bank of New York, moved all of these stolen funds to secret Bush-Clinton Crime Family Syndicate accounts aka sub-trust accounts to India, Pakistan, China as well as the state of Israel with current Prime Minister Benyamin Netanyahu operating as bagman.

    As we have reported in previous intelligence briefings, Bernard Madoff Ponzi Scheme clients like editor of U.S. News and World Report, Morton Zuckerman, and CNN’s Larry King, and FOX News owner Rupert Murdoch, actually traveled to Israel to retrieve their investments that they had lost with Bernard Madoff.

    Note: The Obama Justice Department is sitting on TWENTY-FIVE (25) criminal referrals tied to the former BushFRAUD Administration, SEC Chairman Christopher Cox and the Bernard Madoff Ponzi Scheme.

    http://blogs.myspace.com/tom_heneghan_intel

  53. mien says:

    S.Herbert,

    AS LONG THE USA KEEPS MOMENTUM ON THE OIL,GOLD ETC

    they live! That is live.

    Oil is like Water ENOUGH!

    More than you can handle

    Why do people die?

    Because we all live in a matrix full of shit.

  54. Brandon Sanks says:

    Half of Tory campaign money comes from City of London financial interests. Stanley Fink the Godfather of UK hedge funds is the biggest donor to the Tories. Is there any UK government either Labour or Tory that the city hasn’t had a stranglehold over? It seems like the Cameron government will be even more dominated by London bankers than the past governments. I’m betting on a Cameron win.

  55. karate kid says:

    g7enn
    ditto
    a blind man in a dark room can see that black cat
    its so obvious
    but most americans love there koolaid
    so ijust sit and wait
    untill they find out they drank happyily there own poison
    got gold heeey yaaaa

  56. Listen,

    If you were to go after Goldmung for ALL of their deviant pursuits at once, you would have a case so obfuscated and obese that NOTHING would get settled for DECADES…

    in attacking a behemoth like this, your attacks need to be sharp and to the point…
    then when one is settled, launch another attack…
    the correct term in this case is war of attrition
    IF this initial charge is successful, look for more charges to keep rolling out, one by one…
    but don’t be so blind to the grand strategy in your desire for retribution…
    Think about how classical warfare is engaged, and you’ll understand what I am talking about

  57. Ingrid says:

    @Youri
    Awesome info…thanks…this was my favourite.
    http://dealbreaker.com/2010/04/new-rules-for-appearing-on-cnbc/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+dealbreaker+%28Dealbreaker%29

    With this and the Goldman law suit it looks like the curtain is slowly being drawn to reveal the the puppet master.

  58. jischinger says:

    can someone tell me WHY the people just don’t take everything from the wealthy elite who got us in this mess rather than hand over their souls and resources to the IMFwho are the wealthy elite who got us in this mess?

    Look it doesn’t matter who you are, you don’t get to take it with you when you go.

    If you’re a member of a nation that helped to make you wealthy and that nation is feeling the pitch, mostly from your ilk, it’s call a rainy day and guess what!

  59. Creative Destruction says:

    @ Giuseppe Bagodonutti

    Sadly the war of attrition has been fought by the banksters against the people for decades. Look at wealth distribution in the US. Same with the average CEO pay versus average employee pay.

    Even Warren Buffet said it: “It’s class warfare, my class is winning, but they shouldn’t be.”

    So now is the time to fight back. One element at a time, one choice and one action at a time. The corruption can be stopped and the criminals can and should be punished. One charge at a time.

    It’s about time too. Cuz I’m tired of doing the “Jump down turn around pick a bale a cotton” for the man.

  60. frances snoot says:

    “UNCTAD proposes new multilateral regime to stave off currency speculation….

    At the meeting, Mr. Flassbeck said it was essential to examine this problem from a broader perspective – namely that under the current system, some countries were not allowed to “print unlimited amounts of money” or run large budget deficits without causing their currency to “fall down a very deep hole.” This represented a fundamental asymmetry in the global economy that was in no one’s interest. In effect, countries who are the victims of currency speculation, or “carry-trade” (portfolio investments based on borrowing in low-yielding currencies and investing in high-yielding ones) are forced to take “pro-cyclical” measures (such as interest rate hikes or public budget cuts or freezes) that aggravate the crisis in the real economy in order to reassure international currency speculators. This perverse phenomenon underlined the importance of UNCTAD’s proposal to develop a multilateral framework for an automatic stabilization of real exchange rates that would defeat the purpose of any speculative attack on a currency. This would enable all countries to regain the policy space needed to act in the interest of the real economy and avoid “beggar-thy-neighbour” policies or “devaluation wars” reminiscent of the 1930s.

    While this proposal deals with the realm of finance – instituting new rules to manage exchange rates – it is intimately related to a primary factor affecting trade relations. At another side event organized by the Center of Concern on linkage between trade and finance to promote development on 29 November, Mr. Flassbeck said that: “To believe that any breakthrough in the Doha Round of trade negotiations can play a significant role in dealing with the crisis is to live in a world of fiction.” The enormous gyrations in exchange rate volatility due to the crisis and years of currency speculation, he said, are having a much more profound effect on trade flows than any tariff cuts that would result from conclusion of the Doha Round. “Yet no one is seriously addressing the need for an effective multilateral approach to orderly exchange rate management.”

    http://www.un-ngls.org/spip.php?page=article_s&id_article=670

    “The technical modalities of the proposal will be detailed in the report of the UNCTAD Task Force on Systemic Issues and Economic Cooperation to be released in February 2009. In a nutshell, the system would work as follows: when a country faces a devaluation attack, the monetary authorities of the revaluing currency would automatically stave off the attack by a symmetrical intervention to stop the “undershooting” with its own currency, which is available in unlimited amounts: it can be printed. Nominal exchange rate changes would be readjusted periodically by governments, not markets – which contrary to neo-classical theory have empirically been proven not to be able to get “the price right.” These adjustments would be based on the objective criterion of changes in Purchasing Power Parity, or “inflation differentials.” Unlike the Post-World War II Bretton Woods system of fixed exchange rates (which was based on the US dollar and collapsed in 1970s), the value of each currency would be anchored to a new artificial global currency based on a basket of currency values, like the European “ECU” was used in Europe prior to Monetary Union.”

  61. frances snoot says:

    “To avoid the fight for market shares through manipulation of the exchange rate, wage rates, taxes or subsidies and to prevent financial markets from driving the competitive positions of nations into the wrong direction, a new code of conduct is needed regarding the overall competitiveness of nations. Such a code of conduct would have to balance the advantages of one country against the disadvantages of other directly or indirectly affected countries. For example, the effect of changes in the nominal exchange rate deviating from the fundamentals (inflation differentials) on trade balances is not much different from that of tariffs and export bounties. Consequently, such real exchange rate changes have to be subject of multilateral oversight, negotiations and decision-making. Only if such rules apply, can all trading parties avoid unjustified overall loss or gains of competitiveness and developing countries can systematically prevent the trap of overvaluation that has been one of the most important impediments to prosperity in the past.”

    http://www.unctad.org/en/docs/gds20091_en.pdf

    Unctad calling for international clearing union under the guise of ‘multilateral regulation’ of sovereign exchange rates. The system will be a species of new hegemony which will untie the trade currency system from domestic exchange. It WILL NOT represent any sort of multilateral approach: it will be more bloated bureaucratic lipsync rewarding the same criminal elite families that are crashing the old system.

  62. frances snoot says:

    “Global monetary chaos:
    Systemic failures need bold
    multilateral responses”

    http://www.unctad.org/en/docs/presspb20102_en.pdf

  63. frances snoot says:

    Fascinating:

    “Jim O’Neill, head of global economics for investment bank Goldman Sachs, who has publically questioned the continued assumption that the Chinese yuan is undervalued against the US dollar, writes in his chapter of two possible extreme scenarios. Either the yuan ends up as one of three freely floating currencies that serve as the lynchpins of a multicurrency reserve system, or the SDR becomes the global reserve currency in a system characterised by restricted capital flows and closely controlled currency valuations against the SDR.

    Overall the report editors opt for the former of O’Neill’s scenarios, recommending in the executive summary “a multicurrency reserve system for a multipolar world economy.” The UN Conference on Trade and Development (UNCTAD) prefers the latter solution. In a March policy brief titled Global monetary chaos, UNCTAD calls for a multilateral response rather than “to leave currencies to the vagaries of the market” and allow currency speculation. It proposes a “constant real exchange rate rule”, implying globally fixed exchange rates.”

    http://www.brettonwoodsproject.org/art-566113

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