 |
|
| Fantasy Football Updates on fantasy college football | |
|
Fantasy Football Strategies. We want to encourage you to fully explore the links below when shopping for prepaid t-mobile. Time spent exploring the buying tickets site pays off as you drill down for value. Visit the buying tickets site with a long-term view in mind.
buying tickets
All the buying tickets information you need to know about is right here. Having said that we believe that we've searched the super highway far and wide to provide you with the best buying tickets sites on offer today. All you need to do is follow the hyperlinks from here because we've already done the searching for you! buying tickets is what our main interest is in that's why we spent a long time putting this site together. Although our humble site isn't the best site around yet, the high-ranking position is reserved for the sites listed in the buying tickets links straight underneath this paragraph. fantasy college football Index ory of Previous European Currency Unions by: Sam Vaknin, Ph.D.
The Euro feels like a novelty - but it is not. It was preceded by quite a few Monetary Unions in Europe and outside it. To start with, countries such as the USA and the USSR are (or were in the latter's case) monetary unions. A single currency was or is used over enormous land masses incorporating previously distinct political, social and economic entities. The American constitution, for instance, did not provide for the existence of a central bank. Founding fathers, the likes of Madison and Jefferson, objected to its existence. A central monetary institution was established only in 1791 (modelled after the Bank of England). But Madison (as President) let its concession expire in 1811. It was revived in 1816 - only to die again. It took a civil war to lead to a budding monetary union. Bank regulation and supervision were instituted only in 1863 and a distinction was made between national and state-level banks. By that time, 1562 private banks were printing and issuing notes, some of them not a legal tender. In 1800 there were only 25. The same thing happened in the principalities which were later to constitute Germany: 25 private banks were established only between 1847 and 1857 with the express intention of printing banknotes to circulate as legal tender. In 1816 - 70 different types of currency (mostly foreign) were being used in the Rhineland alone. A tidal wave of banking crises in 1908 led to the formation of the Federal Reserve System and 52 years were to elapse until the full monopoly of money issuance was retained by it. What is a monetary union? Is it sufficient to have a single currency with free and guaranteed convertibility? Two additional conditions apply: that the exchange rate be effective (realistic and, thus, not susceptible to speculative attacks) and that the members of the union adhere to one monetary policy. Actually, history shows that the condition of a single currency, though preferable, is not a sine qua non. A union could incorporate "several currencies, fully and permanently convertible into one another at irrevocably fixed exchange rates" which is really like having a single currency with various denominations, each printed by another member of the Union. What seems to be more important is the relationship (as expressed through the exchange rate) between the Union and other economic players. The currency of the Union must be convertible to other currencies at a given (could be fluctuating - but always one) exchange rate determined by a uniform exchange rate policy. This must apply all over the territory of the single currency - otherwise, arbitrageurs will buy it in one place and sell it in another and exchange controls would have to be imposed, eliminating free convertibility and inducing panic. This is not a theoretical - and thus unnecessary - debate. ALL monetary unions in the past failed because they allowed their currency or currencies to to be exchanged (against outside currencies) at varying rates, depending on where it was converted (in which part of the monetary union). "Before long, all Europe, save England, will have one money". This was written by William Bagehot, the Editor of The Economist, the renowned British magazine. Yet, it was written 120 years ago when Britain, even then, was debating whether to adopt a single European Currency. Joining a monetary union means giving up independent monetary policy and, with it, a sizeable slice of national sovereignty. The member country can no longer control its the money supply, its inflation or interest rates, or its foreign exchange rates. Monetary policy is transferred to a central monetary authority (European Central Bank). A common currency is a transmission mechanism of economic signals (information) and expectations, often through the monetary policy. In a monetary union, fiscal profligacy of a few members, for example, often leads to the need to raise interest rates in order to pre-empt inflationary pressures. This need arises precisely because these countries share a common currency. In other words, the effects of one member's fiscal decisions are communicated to other members (through the monetary policy) because they share one currency. The currency is the medium of exchange of information regarding the present and future health of the economies involved. Monetary unions which did not follow this course are no longer with us. Monetary unions, as we said, are no novelty. People felt the need to create a uniform medium of exchange as early as the times of Ancient Greece and Medieval Europe. However, those early monetary unions did not bear the hallmarks of modern day unions: they did not have a central monetary authority or monetary policy, for instance. The first truly modern example would be the monetary union of Colonial New England. The New England colonies (Connecticut, Massachusetts Bay, New Hampshire and Rhode Island) accepted each other's paper money as legal tender until 1750. These notes were even accepted as tax payments by the governments of the colonies. Massachusetts was a dominant economy and sustained this arrangement for almost a century. It was envy that ended this very successful arrangement: the other colonies began to print their own notes outside the realm of the union. Massachusetts bought back (redeemed) all its paper money in 1751, paying for it in silver. It instituted a mono-metalic (silver) standard and ceased to accept the paper money of the other three colonies. The second, more important, experiment was the Latin Monetary Union. It was a purely French contraption, intended to further, cement, and augment its political prowess and monetary clout. Belgium adopted the French Franc when it attained independence in 1830. It was only natural that France and Belgium (together with Switzerland) should encourage others to join them in 1848. Italy followed in 1861 and the last ones were Greece and Bulgaria (!) in 1867. Together they formed the bimetallic currency union known as the Latin Monetary Union (LMU). The LMU seriously flirted with Austria and Spain. The Foundation Treaty was officially signed only on 23/12/1865 in Paris. The rules of this Union were somewhat peculiar and, in some respects, seemed to defy conventional economic wisdom. Unofficially, the French influence extended to 18 countries which adopted the Gold Franc as their monetary basis. Four of them agreed on a gold to silver conversion rate and minted gold coins which were legal tender in all of them. They voluntarily accepted a money supply limitation which forbade them to print more than 6 Franc coins per capita (the four were: France, Belgium, Italy and Switzerland). Officially (and really) a gold standard developed throughout Europe and included coin issuers such as Germany and the United Kingdom). Still, in the Latin Monetary Union, the quantities of gold and silver Union coins that member countries could mint was unlimited. Regardless of the quantities minted, the coins were legal tender across the Union. Smaller denomination (token) silver coins, minted in limited quantity, were legal tender only in the issuing country. There was no single currency like the Euro. Countries maintained their national currencies (coins), but these were at parity with each other. An exchange commission of 1.25 % was charged to convert them. The tokens had a lower silver content than the Union coins. Governmental and municipal offices were required to accept up to 100 Francs of tokens (even though they were not convertible and had a lower intrinsic value) in a single transaction. This loophole led to mass arbitrage: converting low metal content coins to buy high metal content ones. The Union had no money supply policy or management. It was left to the market to |
Main Menu News for 18-Jun-10 Source: CBS3.com - Philadelphia's Source For Breaking News, Weather, Traffic and Sports Source: CBS3.com - Philadelphia's Source For Breaking News, Weather, Traffic and Sports Source: CBS3.com - Philadelphia's Source For Breaking News, Weather, Traffic and Sports Source: CBS 3: Sports Videos Source: CBS3.com - Philadelphia's Source For Breaking News, Weather, Traffic and Sports Source: CBS 3: Sports Videos Source: CBS 3: Sports Videos Source: CBS 3: Sports Videos Source: CBS 3: Sports Videos Source: CBS3.com - Philadelphia's Source For Breaking News, Weather, Traffic and Sports Best blog Web Conference Organization |
Copyright © 2006. Fantasy Football Strategies. Last Updated: Friday, 18-Jun-2010 00:00:14 MDT.