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Leonie Humphreys



Joined: 23 Sep 2008
Posts: 216
Location: West Dorset, UK

PostPosted: Wed Apr 08, 2009 5:21 am    Post subject: CURRENT AFFAIRS Reply with quote

CURRENT AFFAIRS:

I am starting this new topic in the hope that some fresh comments will be forthcoming on current issues as they arise in the news and other media. I am hoping this will lead to a lively discussion on any matters related to economics.

Please feel free to discuss any current economic issue under this topic.

We can start with the G20 Summit in London and this is taken from ABC News on 3.4.09:


G20 resolutions 'no quick fix'

There have been mixed reactions locally to the global financial resolutions made by world leaders at the G20 summit in London.

G20 leaders have agreed to address failures in the financial sector with a proposal to extend regulation over hedge funds and credit ratings agencies, and crack down on executive pay and risk-taking by banks.

They have also agreed to beef up funding for the IMF by $1.4 trillion.
Main points from the summit:

Extra $US1 trillion for international bodies, including trebling of IMF financing to $US750m

G20 nations expect to have spent $5 trillion battling economic crisis by end of 2010

Agreement to shame and name blacklisted tax havens

New rules on pay and bonuses for corporate chiefs

IMF will sell billions of dollars of gold reserves to help poor countries

Agreement to 'act urgently' to conclude WTO's Doha round

G20 leaders will meet again this year


The full story can be found at: http://www.abc.net.au/news/stories/2009/04/03/2534635.htm

Question How effective do you think these measures will be?

Question Any other comments?
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Richard Glover



Joined: 29 Sep 2008
Posts: 185
Location: Ealing, London, UK

PostPosted: Wed Jul 14, 2010 6:59 am    Post subject: Henry George has made it to the Financial Times! Reply with quote

Martin Wolf (FT Comment, 9th July 2010) advocated socialising any future gain in the rental value of land. He argued it was a means of ending land speculation and its consequent destabilising influence on the global economy.
Responses in FT letters on 13th July included arguments for and against Wolf's proposition. Amongst these letters was the wish that Wolf had at least acknowledged Henry George; with this was George's picture.
Some of the arguments were certainly flawed and would be worth taking up.
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Richard Glover



Joined: 29 Sep 2008
Posts: 185
Location: Ealing, London, UK

PostPosted: Wed Jul 14, 2010 7:13 am    Post subject: Michael Hudson comes to Land Reply with quote

Hudson (FT Comment on 8th July 2010) questions that there are only 2 approaches for governments to stabilise national currencies: "internal devaluation" by cutting public spending ie the austerity otption, and "currency devaluation".

Using the Baltic states as an example he advocates a third way of radical reform of the tax system, principly through shifting tax off labour and onto (principally) land. This would "remove the twin burdens of heavily taxed wages and inflated housing prices, whilst avoiding an overdose of needless austerity".
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