http://guyana.cz.cc/

Thanks!

Uncle Henry your action plan has grown a beard.

How do you expect to make changes when you lack structure?

Your complaint puzzles me. My "action plan" is simply a global recapitulation of what FDR did, and it can be boiled down to two essential steps:

1. Drive the gangsters out of the financial system with Glass-Steagall, and
2. Use the new, useful financial system to channel investment into infrastructure, the technonological upgrading of the means of production, and improvements in the material and cultural well-being of the labor force.

This approach fostered a stunning resurgence of the US economy under FDR, and a very similar approach produced the German "Wirtschaftswunder" under Adenauer.

Uncle I am not complaining. I am reading stuff that is not current and most of the supporters have gone to the land of our ancestors.

But then, at the UN General Assembly in 1976, Fred Wills, who was the Foreign Minister of Guyana at that time, introduced this into the United Nations. And, at that time, it was absolutely supported by [Indian Prime Minister] Indira Gandhi, by [Sri Lanka Prime Minister] Mrs. [Sirimavo] Bandaranaike, by [Pakistan Prime Minister Zulfikar Ali] Bhutto, by many other Third World leaders. But because there was, at that point, no support from the so-called advanced countries, a real backlash happened. You had the assassination of Bhutto; you had the destabilization of Mrs. Gandhi—unfortunately, she had made some domestic mistakes which made it relatively easy to get rid of her for the time being; you had the destabilization of Mrs. Bandaranaike, and some other leaders, so the whole effort did not succeed.

Perhaps, I am missing something. Where is your current structure for support?

Now with respect to your points 1 and 2 that you posited, how different are those of the AFC's Action Plan to breathe life back into Guyana's economy and to curb the flight of capital; the greatest assets being human? I hope you are able to see the paralell if or when you do take the time to read the AFC's Action Plan.

quote:

Originally posted by Mitwah:
Now with respect to your points 1 and 2 that you posited, how different are those of the AFC's Action Plan to breathe life back into Guyana's economy and to curb the flight of capital; the greatest assets being human? I hope you are able to see the paralell if or when you do take the time to read the AFC's Action Plan.

I haven't found anything like that on the AFC website. Perhaps you could point it out to me. I found ther-financing&catid=41:action-plan&Itemid=27" target="_blank">this, which I believe would tend to encourage speculation rather than suppressing it. Speculation is the cancer which has laid the world economy low.

Ok. Uncle Henry, will look it up in the morning.

If you want to stop flight capital, you do what Mahathir did: capital and exchange controls. You make a rule, for example, that any foreign investment that enters the country must remain for a minimum of one year, to prevent what is called "motel money," money that comes in, does something sleazy, and leaves the next morning. Exchange controls means that you do not permit the buying and selling of the Guyana dollar on currency markets: the government sets a rate of exchange for each major currency, and anyone who wants to buy or sell Guyana dollars must abide by those rates, or go buy someone else's money. I would frankly be quite surprised if the AFC endorsed these policies, because the Brits would go bananas.

quote:

Originally posted by Henry:
If you want to stop flight capital, you do what Mahathir did: capital and exchange controls. You make a rule, for example, that any foreign investment that enters the country must remain for a minimum of one year, to prevent what is called "motel money," money that comes in, does something sleazy, and leaves the next morning. Exchange controls means that you do not permit the buying and selling of the Guyana dollar on currency markets: the government sets a rate of exchange for each major currency, and anyone who wants to buy or sell Guyana dollars must abide by those rates, or go buy someone else's money. I would frankly be quite surprised if the AFC endorsed these policies, because the Brits would go bananas.

Henry, you are a sleeping prince. You seem to he harping at policies which were tried and have failed all over the world. These are all failed policies, vodoo economic theories. Wake up and smell the coffee bai.

Baseman, you said you were in Thailand at the time of the military coup there. I am going to venture the guess that you were there as part of an IMF delegation, interested in crushing any resistance to IMF rule. But the really successful leaders are those, like Dr. Mahathir or Nestor Kirchner, that defied the IMF. The IMF, like Communism, is a failed and bankrupt system.

quote:

Originally posted by Henry:

quote:

Originally posted by Mitwah:
Now with respect to your points 1 and 2 that you posited, how different are those of the AFC's Action Plan to breathe life back into Guyana's economy and to curb the flight of capital; the greatest assets being human? I hope you are able to see the paralell if or when you do take the time to read the AFC's Action Plan.

I haven't found anything like that on the AFC website. Perhaps you could point it out to me. I found ther-financing&catid=41:action-plan&Itemid=27" target="_blank">this, which I believe would tend to encourage speculation rather than suppressing it. Speculation is the cancer which has laid the world economy low.

The AFC is not about specualtion. It is about life; a better quality of life for our people who have been opressed by the elected dictators these 45 past years.

On the other hand with no sense for speculation, I could have been a person where the average comfort is just over penury.

Isn't the begging by Jagdeo speculation?

You lack authority. Even Jagdeo during his tenure could not bring about changes. You might be seen as a little pesky vermin buzzzzing around the room.

I don't see how you will succeed when you lack structure.

Kindly point out what you perceive as specualtion and how different you would act.
From the AFC's Action Plan

Other Financing


The AFC would focus on developing money and capital markets. Guyana does not have secondary corporate and long-term government bond markets. The AFC would treat the aforementioned arrangements as priorities paying special attention to the issuance of the SDB’s Long Term Bonds which could develop a secondary market for Long Term Government Bonds. The yield on these bonds would then become essential in the pricing of corporate bonds for private investors who wish to raise funds by issuing bonds.

Additionally, a key component of the introduction and promotion of the money market would be the establishment of a market for commercial papers, which would provide short-term financing for firms. It is also important that we promote the development of the Stock Exchange which has suffered from low listings and limited trading activity. The AFC would ensure that the Guyanese public is allowed to purchase Shares in any new public-private partnership that would be created. The Stock Exchange has an important benefit as it forces companies (whether privately owned or state owned) to become more transparent and
efficient.




I will be out later on. I am going sailing this week-end.

Uncle with respect to your questions here is the AFC Action Plan on:

National Security and Crime


Crime solutions are vital to the revival of the nation. Crime is stifling genuine investment opportunities, affecting the well-being of the working people and is one of the principal contributors to the skilled human capital migrating from Guyana. The increase of deadly crimes under the current administration has seen very few criminals brought to justice.

General Strategies
The AFC plans to confront organised crime and redress the breakdown of law and order by:
1. Increasing substantially law enforcement officers’
salaries;
2. Giving the DEA permission to set up a local facility;
3. Re-engaging the British, USA and other friendly Governments for technical and financial assistance to reform the Joint Services;
4. Removing corrupt officers from the Joint Services;
5. Mandating a jail term of life in prison after three convictions for violent felonies;
6. Extraditing drug kingpins and terrorists;
7. Putting more police officers on the street by hiring civilians for desk work;
8. Boosting the efficiency, operation and powers of the Police Complaints Authority to ensure that all
complaints are brought to a finality and make it accessible to citizens;
9. Facilitating a system that would allow members of the Joint Services to work in the administrative region of their choice where practical;
10. Establishing a Group of Forensic Auditors to reduce corruption and white color crimes and facilitate civilian oversight.

Strategy Number One:
Empowering Agencies and Institutions
1. Establish a Ministry of Justice and National Security (MJNS) to better coordinate all aspects of public safety, border security, and public order;
2. Develop a National Security Strategy (NSS);
3. Appoint a specialised Anti-Crime Unit (ACU) comprising GDF and GPF personnel in all Police Divisions and to be headed by a GDF officer on secondment to confront violent and armed criminals;
4. Establish a unified Drug Enforcement and Control Agency (DECA) to coordinate and execute drug enforcement policy between the Customs Anti- Narcotic Unit (CANU), the Police Anti-Narcotic Unit (PANU), DEA, INTERPOL and other agencies;
5. Establish a specialised Law Enforcement Academy (LEA) to train officers in crime investigation, intelligence gathering and forensics;
6. Create a special office within the Chambers of the Director of Public Prosecutions for the use of Special Prosecutors to prosecute persons accused of certain categories of offences;
7. Start the Police/Schools partnership program by
assigning a dedicated officer to each school with whom they can work on “Get to know the Police” workshops, etc;
8. Construct a modern prison with new, appropriate and humane facilities for women, juveniles and remand prisoners outside of the city;
9. Allow more prisoners to do community work and provide a nominal stipend at the end of their term;
10. Develop rehabilitation programmes in prisons and provide academic education, vocational and technical training for prisoners to better prepare them for reintegration into society.
11. Review the station bail and remand system and
procedures.

Strategy Number Two: Legislation
1. Introduce legislation to legitimize and regulate Community Policing and establish Citizens Protection Units (CPUs) in keeping with best practices globally;
2. Review and consolidate all criminal law and criminal procedure related legislation;
3. Implement an amnesty programme for the
surrender of illegal weapons, which will be backed by a “Voluntary Weapons Collection” programme;
4. The Amnesty programme will be accompanied by a special fund to provide alternative opportunities for training, development of income generating projects, credit etc. for youth at risk and sports, scouting, and other cadet-like schemes for youth in schools and
religious organizations;
5. Pass Legislation to establish neighbourhood justice panels of village elders to adjudicate on petty matters such as anti-social behaviour and family disputes to free up the court’s time for more serious matters.

Strategy Number Three:
Strengthening Security Services
1. Furnish police with the tools to fight crime including advanced weapons, mobile communications, transportation, forensic laboratory, fingerprint/criminal behavioural database, and other necessary material;
2. Raise entry requirements and remuneration and develop innovative recruitment strategies in order to attract a new generation of professional law enforcement officers;
3. Overhaul the 911 System to make it responsive to the needs of citizens;
4. Train Police to respond more effectively to domestic violence;
5. Contract out administrative duties not related to crime fighting to independent agencies through a series of transparent bidding processes or transfer them to other Government Agencies, freeing police officers to fight crime;
6. Fund the University of Guyana and other institutions of learning to continuously assess the changes and developments within the society that influence crime and recommend approaches to confronting them;
7. Complete the implementation of recommendations of the Disciplined Forces Commission, Symonds Group Report, and CARICOM Task Force on Crime & Security Report;
8. Embark on a public awareness programme to educate the public on their responsibilities to society and the penalties when laws are transgressed;
9. Commence multilateral negotiations within CARICOM and other willing countries, to support a Witness Protection, Security and Benefit Programme (WPSBP);
10. Establish the Police Air Unit at the Ogle International Airport.

AFC's Action Plan

quote:

HENRY: 1. Drive the gangsters out of the financial system with Glass-Steagall, and
2. Use the new, useful financial system to channel investment into infrastructure, the technonological upgrading of the means of production, and improvements in the material and cultural well-being of the labor force.

This approach fostered a stunning resurgence of the US economy under FDR, and a very similar approach produced the German "Wirtschaftswunder" under Adenauer.

I happen to support that approach. I also think your interpretation of FDR is right. The repealing of Glass-Steagall was one of the first seeds to be planted that eventually led to the Great Financial Crisis of 2007-2009. So we are pretty much in agreement. This interpretation is pretty much consistent with people like Robert Reich and some other democratic party lefties. These guys however will not support the North Korea and Iranian government as you would do.

Uncle Henry, in response to your questions, Foundations 8 & 10 should be of relevance from the AFC's Action Plan on:

Foundations for Development

[IMG:left]
Foundation 1: Private Sector Driven Economy and Industrialisation: More Jobs, Better Pay Through private sector led industrial development, the AFC aspires to achieve rapid economic growth and lead Guyana to becoming the Singapore of the Americas. Through our detailed program of transforming the productive and emerging sectors, the AFC will foster and facilitate the upgrading of skills for our people, enhance industrial growth and value added services. The vision is to produce world-class exports, with lessons drawn from the experiences of countries like Singapore.

The AFC strongly rejects the subsistence level of economic development encouraged by the PNC and PPP. We will therefore outline a series of industrial policies that will produce goods and services that are at the higher end of the value chain such as turning molasses and sugar cane into ethanol, raw sugar into refined sugar, rice into cereals, gold and diamond into world class jewelry, and bauxite into alumina. We will produce more packaged rice and stock feeds, and promote eco-tourism beyond Kaiteur Falls, Information and Communication Technologies (ICT) Call Centres, and light manufacturing. We will build renewable energy equipment like windmills and solar plants, and support agro-processing of juices, and supermarket grade packaged fruits and vegetables.

The AFC will establish a one-stop Investment Agency that will be empowered to advocate for the private sector and deliver its decisions in a timely and
effective manner. State agencies that are slothful will no longer be tolerated.

Foundation 2: Personal Security: Less Crime
The AFC will confront serious crimes and arrest the spread of organized gangs and improve public and personal security. Despite the significant increase in violent crime which is the main deterrent for new investment in Guyana and a direct stimulant for migration of our best talent, the PPP and the PNC failed to arrest it. Not a single major drug dealer was convicted by the PPP. Guyana is a country of unsolved crimes and non-convicted criminals.


http://www.voteafc.com/images/...a%20024.JPG[/IMG]The AFC will develop innovative strategies to enhance and support current police efforts to better serve the security needs of Guyana. The AFC, with the help of friendly foreign agencies like the FBI, Scotland Yard and the Royal Canadian Mounted Police, will provide the leadership and support to the Joint Services to further develop the nation’s capacity to prevent and control crime. The AFC will provide resources to reduce the opportunity for criminals to corrupt the Joint Services.

Foundation 3: Equal Opportunity: One Nation
The AFC recognizes that each citizen, no matter his or her race, creed, color, or gender has the right to access opportunities and make an important contribution to nation building. Failure to ensure ethnic balance in political, economic and social opportunities is counterproductive and a waste of our rich talents. Moreover, as a nation we must realise that all ethnic groups must be developed simultaneously and jettison the zero sum mentality of the past. Everyone can be made better off, given our bountiful natural resources.

The AFC will reform and empower the Ethnic Relations Commission to provide Ethnic Impact Statements of Cabinet Decisions and Government departments where necessary and such findings will be acted upon in the best interest of all Guyanese.

Foundation 4: Political Reforms: One Destiny
AFC recognises that the present Constitution does not serve the best interest of the country and within the shortest possible time in office will appoint a Commission to rewrite the Constitution with the full participation of the people. The new constitution will put the necessary checks and balances in place to consolidate our ethos of liberal democracy. Freedom of speech, devolution of power and the Bill of Rights of our citizens will be enshrined in the document. The document shall provide processes to expose and penalize abuse of power, and corrupt activities. Our citizens shall be held to the rule of law in all their actions by this sacrosanct document.

There is no doubt that Guyana’s economic success is being stymied by a politically backward constitution. The present political conflict between central government and the Georgetown City Council highlights this point. Guyana has not seen local government elections since 1994. AFC commits to meaningful local government reforms and holding these elections soon.

Foundation 5: Our Youth: Our Future
The AFC recognises that in keeping our commitment to break with the past and govern in the best interest of Guyana and all her people, we must acknowledge that our young people are one of our most valuable
resources, especially since Guyana’s population is mostly under 35 years of age. The AFC’s political, economic and
social evolution shall be focused on developing programs that will provide opportunities to build character, values,
self-esteem, employability and reduce risk factors such as crime, drug abuse, alcoholism, teen pregnancy, suicide,
violence and illiteracy. Our program will generate support
and resources to make recreation, the arts and sports hallmarks of excellence to restore the bond between youth and their communities.

Foundation 6: Gender Equality:
Our Women, Our Foundation
The AFC recognises that greater gender equality and
empowerment are essential to eradicating poverty in
Guyana since significant inequality in gender responsibility, opportunity and influence still exist.

Therefore, the AFC intends to introduce policies to encourage the rebuilding of Guyana’s family structure, the
sharing of caring tasks between mothers and fathers as well as mentoring and financially supporting Guyana’s children. In this regard the AFC plans to reintroduce allowances into the Income Tax system for dependents.

Further, it sees gender equality in the context of enhancing democracy, developing peaceful communities, eradicating poverty and violence against women. In advancing this objective, the AFC considers education for all, improving maternal health, reducing child mortality and combating HIV/AIDS crucial elements as well.

Foundation 7: Hinterland: The New Frontier
Given the threat of global warming and the concomitant increase in sea levels, we must start planning to establish major economic centres in the hinterland regions that will enhance the economic well-being of our Indigenous people and create centres of economic activities away from the coast. The AFC envisages that in the short-term
Linden, Bartica, Madhia and Lethem will become
important economic centres under its Government. All of these areas shall become Free-Trade Economic Zones and the AFC shall immediately commence negotiations with the State and Federal Governments of Brazil to pave the
Linden to Lethem road and the Madhia to Bartica Road.

While a high level of economic initiatives and development is planned primarily for the benefit of the Indigenous Peoples, the AFC will ensure that the indigenous culture, land rights and environment are protected.

Foundation 8: Diaspora Integration: Bring Back More Talent
With over 700,000 Guyanese living abroad, Guyana has arguably the most important pool of financial resources, skills and talents outside of its boundaries. The Diaspora represents a critical element in the current and future development of Guyana. While the Diaspora is seen as a source of remittances - currently about US$400 million each year in cash and gifts - the AFC will implement a series of incentives to infuse this talent, wealth and their representation into Guyana.

Previous governments frustrated many business ventures by Guyanese in the Diaspora for corrupt and controlling reasons. The AFC will establish Diaspora desk offices at its Embassies and High Commissions in New York, Toronto, London and the Caribbean to solicit investments and entrepreneurial and other skills to develop Guyana; with clear constitutional guarantees that investor’s assets will be preserved, regardless who is in Government. In addition, the AFC will facilitate a safe and hospitable environment for their investments.

Foundation 9: The Poor, the Elderly
and the Disabled: Our Heritage of Help The AFC Government will ensure that the nutritional and medical needs for the poor, elderly and disabled are met. Additionally, provisions shall be made for increases in social assistance, and pensions for the elderly, and the establishment of additional residential homes for the elderly and schools for those with special needs.

The AFC government as a caring government will endeavour to ensure the well-being and security of our poor,disabled elderly and homeless.

Foundation 10: Social Transformation:
Dignity For All The AFC will bring about qualitative and systemic social transformation for Guyanese and will focus on rebuilding a skilled, motivated and highly educated work force. The AFC will also focus its education policies on training the scientists, engineers, teachers, doctors, nurses, agriculturalists, university professors, researchers and vocational workers (computer technicians, carpenters, electricians, artists, mechanics, refrigeration specialists, landscapers, etc) who will be the driving force of economic and social transformation.

The AFC shall promote the achievement of the Millennium Development Goals. The AFC shall design public policies so that all our people have universal access to health services, education, housing, and other Social Services as a means of maximizing the generation of our social capital, fostering social inclusion and giving all communities access to the productive sectors.

Foundation 11: Education Upgrade
The challenge of rebuilding Guyana can only be met with a skilled and highly educated work force. The AFC government will ensure that the nutritional and transportation needs of deserving primary and secondary students are met. Additionally, AFC commits to establishing adequate computer labs, technology and training in every school. AFC will emphasize job creation through vocational and business schools which will directly reduce the unemployment rate especially among youth.

Foundation 12: Public Service Reform
Any country needs a professional and politically neutral public service to implement and advise the government of the day. Important economic, industrial, and foreign policies would have to be implemented by the public service.

AFC will ensure an efficient public sector to facilitate good governance, the development of the private sector and market systems. Accordingly, we recognise the need for reform of the public service to preserve its professionalism and make it a true meritocracy. There should be only one criterion for joining the service – merit.

The AFC's Action Plan

quote:

HENRY: If you want to stop flight capital, you do what Mahathir did: capital and exchange controls. You make a rule, for example, that any foreign investment that enters the country must remain for a minimum of one year, to prevent what is called "motel money," money that comes in, does something sleazy, and leaves the next morning. Exchange controls means that you do not permit the buying and selling of the Guyana dollar on currency markets: the government sets a rate of exchange for each major currency, and anyone who wants to buy or sell Guyana dollars must abide by those rates, or go buy someone else's money. I would frankly be quite surprised if the AFC endorsed these policies, because the Brits would go bananas.

Excange control is now quite popular in many emerging markets. I don't know why you believe the British has anything to do with AFC? The Brazilians tax hot money inflows. Argentina and Chile also do the same. We have to distinguish between hot money and FDI. The AFC is unambiguous on the need for foreign investments. The party is also bullish on diaspora investments. No one will be harassed and discriminated against. No investor will be frustrated in the name socialism. We however have to guard against speculative inflows. Even the IMF is now in support of some form of guarded capital control. The only entity in Guyana that was exposed to this kind of investment - CLICO - collapsed. TK wrote a series of columns in the SN explaining this about a year ago - it was meant to explain why the Guyana $$$ has stabilized.

Thanks TK. I don't understand his obsession with the British. I kinda remember an article about the use of LCDS funds. Perhaps you could post it.

quote:

Originally posted by Henry:
Baseman, you said you were in Thailand at the time of the military coup there. I am going to venture the guess that you were there as part of an IMF delegation, interested in crushing any resistance to IMF rule. But the really successful leaders are those, like Dr. Mahathir or Nestor Kirchner, that defied the IMF. The IMF, like Communism, is a failed and bankrupt system.

Do the commies at Freedumb House know this?

quote:

Mitwah: I kinda remember an article about the use of LCDS funds. Perhaps you could post it.

Unfortunately I cannot remember which article. Sorry!

quote:

Originally posted by Henry:
Baseman, you said you were in Thailand at the time of the military coup there. I am going to venture the guess that you were there as part of an IMF delegation, interested in crushing any resistance to IMF rule. But the really successful leaders are those, like Dr. Mahathir or Nestor Kirchner, that defied the IMF. The IMF, like Communism, is a failed and bankrupt system.

I was there at the time of the coup purely by coincidence. I was there as a business group for a regional meeting, nothing to do with Govt of International agencies. We were caught up and had to sneaked out via a military airport.

The IMF is not a failed bankrupt system but I would agree tjings could be done better and with more sensitivity. I do believe the IMF's policies sometimes bring immence hardship and breeds further instability. The problem you have is not the IMF but the Govts who allow their economy to deteriorate to the point of an IMF bail out. When the IMF gets involved, its like a bank running your personal life.

As you say, there are leaders who defy the IMF and you have to assess your alternatives. Any nation who could solve their problems without the IMF should do so.

quote:

Originally posted by TK_REDUX:

quote:

HENRY: If you want to stop flight capital, you do what Mahathir did: capital and exchange controls. You make a rule, for example, that any foreign investment that enters the country must remain for a minimum of one year, to prevent what is called "motel money," money that comes in, does something sleazy, and leaves the next morning. Exchange controls means that you do not permit the buying and selling of the Guyana dollar on currency markets: the government sets a rate of exchange for each major currency, and anyone who wants to buy or sell Guyana dollars must abide by those rates, or go buy someone else's money. I would frankly be quite surprised if the AFC endorsed these policies, because the Brits would go bananas.

Excange control is now quite popular in many emerging markets. I don't know why you believe the British has anything to do with AFC? The Brazilians tax hot money inflows. Argentina and Chile also do the same. We have to distinguish between hot money and FDI. The AFC is unambiguous on the need for foreign investments. The party is also bullish on diaspora investments. No one will be harassed and discriminated against. No investor will be frustrated in the name socialism. We however have to guard against speculative inflows. Even the IMF is now in support of some form of guarded capital control. The only entity in Guyana that was exposed to this kind of investment - CLICO - collapsed. TK wrote a series of columns in the SN explaining this about a year ago - it was meant to explain why the Guyana $$$ has stabilized.

Thanks TK. TRue what you say about control over inflow/outflows into capital markets. A Govt should exercise control over the amounts and nature of investmets to which institutions are allowed to expose themselves, especially when it comes to foreign investments.

Henry, I don't fully support setting Fx rates as this leads to a a biforkation in Fx rates and the development of a parallel currency market. This has wide-reaching implications with currency flows occuring outside the system. The AFC will have a prudent market economy-based system underpinned by a pragmatic fiscal and monetary policy. This, as part of a sound macro-economic policy, is where the Govt's hand should be most visible. The Fx rates should be "market" driven. Whatever any Govt does, they should avoid policies which create viable arbitrage opportunities for an underground economy to flourish. Everyone loses, except the few in the underground and Govt control is effectively diluted.

Henry, you are a smart guy with a certain position and I hope we meet face to face to talk about these issues. I hope you see the AFC's Plan in a holisitc manner, after which, I'm sure you will be tempted to come on board. Henry, there are other ways to be Robinhood than wearing a big red hat. The AFC's plan is not rooted in "ideology", i.e. Pro/Anti-West, East, ME or any such temptations. Instead, our plan is one of "ideals", we are Pro-good government and anti (corruption, poverty, illiteracy, nepotism, etc).

quote:

Originally posted by TK_REDUX:

quote:

Mitwah: I kinda remember an article about the use of LCDS funds. Perhaps you could post it.

Unfortunately I cannot remember which article. Sorry!

Don't worry! I will look for it but don't have the time right now.

I agree with Baseman that Henry is a smart guy with an influential position. I hope he views the AFC's plan in a holistic manner also. I am happy to note that he took time to read if not all of the action plan but at least parts that are pertinent to the dicussion at hand. The AFC can certainly use his talent.

quote:

Originally posted by TK_REDUX:

quote:

HENRY: 1. Drive the gangsters out of the financial system with Glass-Steagall, and
2. Use the new, useful financial system to channel investment into infrastructure, the technonological upgrading of the means of production, and improvements in the material and cultural well-being of the labor force.

This approach fostered a stunning resurgence of the US economy under FDR, and a very similar approach produced the German "Wirtschaftswunder" under Adenauer.

I happen to support that approach. I also think your interpretation of FDR is right. The repealing of Glass-Steagall was one of the first seeds to be planted that eventually led to the Great Financial Crisis of 2007-2009. So we are pretty much in agreement. This interpretation is pretty much consistent with people like Robert Reich and some other democratic party lefties. These guys however will not support the North Korea and Iranian government as you would do.

And what on earth would make you say that?

quote:

Originally posted by baseman:
Henry, I don't fully support setting Fx rates as this leads to a a biforkation in Fx rates and the development of a parallel currency market. This has wide-reaching implications with currency flows occuring outside the system. The AFC will have a prudent market economy-based system underpinned by a pragmatic fiscal and monetary policy. This, as part of a sound macro-economic policy, is where the Govt's hand should be most visible. The Fx rates should be "market" driven. Whatever any Govt does, they should avoid policies which create viable arbitrage opportunities for an underground economy to flourish. Everyone loses, except the few in the underground and Govt control is effectively diluted.

The solution is a return to the fixed exchange rate system of the original Bretton Woods agreements, before they were destroyed by the Nixon administration. We must create an environment where parasitical currency speculators are starved and destroyed.

quote:

Originally posted by Henry:

quote:

Originally posted by baseman:
Henry, I don't fully support setting Fx rates as this leads to a a biforkation in Fx rates and the development of a parallel currency market. This has wide-reaching implications with currency flows occuring outside the system. The AFC will have a prudent market economy-based system underpinned by a pragmatic fiscal and monetary policy. This, as part of a sound macro-economic policy, is where the Govt's hand should be most visible. The Fx rates should be "market" driven. Whatever any Govt does, they should avoid policies which create viable arbitrage opportunities for an underground economy to flourish. Everyone loses, except the few in the underground and Govt control is effectively diluted.

The solution is a return to the fixed exchange rate system of the original Bretton Woods agreements, before they were destroyed by the Nixon administration. We must create an environment where parasitical currency speculators are starved and destroyed.

Mr Henry, let's get real, we are not going back to the gold standard. There was a time we traded with beads, bartered, use actual gold and silver for actual coins, etc. You don't propose going back, do you? No monetary system is ever perfect and will have issues and limitations depending of which side of the prism you are looking. However, it does not mean scrap and return to the past. The issues we currently face were linked to lose regulation which led to over-extended credit and pumped up values based on immense leverage. Sooner of later it all had to come down to earth which ricochet globally. Your point is however, taken. There needs to be changed/modification to prevent such excesses. But again, something else would happen in 10/15 years. Remember te S&L crisis in the mid 80's.

quote:

HENRY: The solution is a return to the fixed exchange rate system of the original Bretton Woods agreements, before they were destroyed by the Nixon administration. We must create an environment where parasitical currency speculators are starved and destroyed.

I am sympathetic to fixed exchange rate. However, I will not jump on that dankey to be champion of the world when my house is not in order. Charity begins at home...as they say.

quote:

Originally posted by baseman:
There needs to be changed/modification to prevent such excesses. But again, something else would happen in 10/15 years. Remember te S&L crisis in the mid 80's.

Deregulation of finance began in the 70s. Prior to that, there had been 40 years of stability due to the intelligent regulations instituted under Roosevelt. "Cycles" are a consequence of stupidness.

quote:

Originally posted by TK_REDUX:
I will not jump on that dankey to be champion of the world when my house is not in order. Charity begins at home...as they say.

Guyana is unfortunately a minnow swimming among sharks. If the world doesn't change, the prospects at home are not good.

Nah Henry...Guyana can do a lot better in spite of the global sharks. That is where the AFC comes in...we have no doubt we can circumvent the sharks and do better for the people.

quote:

Originally posted by TK_REDUX:
That is where the AFC comes in...we have no doubt we can circumvent the sharks and do better for the people.

AFC is a remora.

Uncle Hen i heard you are not shaking in your boots is this true?