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36796 Money creation -- rank: 1000

Enrique Diaz-Alvarez wrote: >You deposit a $1,000, the MM loans it, via Fannie Mae and, say, a home equity >loan, to a homeowner; the homeowner deposits the money on an MM, >maybe the same >as yours. Now both of you think you have $1,000 in ready cash. Same as a bank, >except without reserve requirements.The key issue is what people consider "as >good as cash on your hand". Most people do not think that way of a T-bond or a >CD or even a 30-day commercial bill, but ...

Document Size:	5145
Author:	Doug Henwood
Date:	Mon Apr 10 12:44:17 PDT 2000

36797 Council of Canadians - credit question -- rank: 1000

Max Sawicky wrote: >An extension of credit with no offsetting expansion in >productivity capacity may be inflationary, but the money >is far from worthless on that account. But it depreciates the rest of the existing stock of money. Doug

Document Size:	4793
Author:	Doug Henwood
Date:	Mon Apr 10 12:34:24 PDT 2000

36798 Fwd: Protest coverage -- rank: 1000

X-From_: ssmith at igc.org Mon Apr 10 14:21:27 2000 X-Sender: ssmith at pop.igc.org Date: Mon, 10 Apr 2000 14:12:40 -0400 To: news at prorev.com From: Progressive Review <ssmith at igc.org> Subject: Protest coverage Mime-Version: 1.0 Because of the quantity of protest news anticipated this week, we are placing the bulk of the items -- along with events and announcements -- on our Fast News page, effective immediately. We will update several times a day. . . . FASTNEWS http://prorev.com/fa ...

Document Size:	6189
Author:	Doug Henwood
Date:	Mon Apr 10 12:36:29 PDT 2000

36799 Sowing Dragons -- rank: 1000

Brad De Long wrote: >And what makes a state able to give orders? Lawyers, guns, and money, to quote Warren Zevon. Doug

Document Size:	4414
Author:	Doug Henwood
Date:	Mon Apr 10 12:29:28 PDT 2000

36800 Money creation -- rank: 1000

Rakesh Bhandari wrote: >Yesterday Floyd Noriss in NYT and Bartlett today in WSJ show that buying on >margin hardly accounts for much of the market at all (perhaps 9% in the >late 1920s, to less than 2% today?)--the reasons for the bubble must be >sought elsewhere. Margin debt figures overlook several sources of leverage: hedge funds, credit cards, index futures, home equity loans. > Evidence is that bubbles tend to encourage margin buying, >rather than visa versa. That's true. ...

Document Size:	4981
Author:	Doug Henwood
Date:	Mon Apr 10 12:19:04 PDT 2000

36801 China/WTO poll -- rank: 1000

People have been speculating wildly about the demographics of support for and opposition to China's admission to the WTO. Here are some figs from a March Gallup/CNN poll. Some of the racial claims seem a bit off base. Doug ---- "Do you favor or oppose the recent agreement between the United States and China that would allow China to join the World Trade Organization?" favor oppose DK/NA total 48 38 14 sex male 52 39 ...

Document Size:	5921
Author:	Doug Henwood
Date:	Mon Apr 10 12:16:03 PDT 2000

36802 unions in Japan -- rank: 1000

[bounced bec of an attachment] Date: Mon, 10 Apr 2000 21:16:26 +0900 From: JC Helary <helary at eskimo.com> And why they are close to useless... (not all though, still...) JC Helary LDP's push to ban checkoff system wrongheaded thinking The dispute over the checkoff issue raises a fundamental question: To what extent can politics involve itself in labor-management relations? Unprincipled intervention violates the principle of labor-management autonomy and endangers democracy. April 10, 200 ...

Document Size:	9398
Author:	Doug Henwood
Date:	Mon Apr 10 11:39:06 PDT 2000

36803 WRC: "less strident" than feared? -- rank: 1000

[uh-oh - "less strident" sounds worrisome] Chronicle of Higher Education - web daily - April 10, 2000 Upstart Anti-Sweatshop Group Impresses College Officials By MARTIN VAN DER WERF New York University administrators who attended the first meeting Friday of the Worker Rights Consortium, a new anti-sweatshop group, came away from it pleasantly surprised: The organization, pushed primarily by students and labor groups, was far more cohesive and less strident than they expected. However, ...

Document Size:	8739
Author:	Doug Henwood
Date:	Mon Apr 10 11:35:10 PDT 2000

36804 Any comments? -- rank: 1000

DANIEL.DAVIES at flemings.com wrote: > > >>7. IMF/World Bank structural adjustment programs contribute to the >>spread >> >>of HIV/AIDS. >> >> > >Weak as hell, and written in a way that suggests the author knows it. Really? SAPs - which are one aspect of imperial domination, though certainly not the only one - have resulted in unemployment, impoverishment, and cuts in social spending, all of which are incontrovertibly hell on health. Foregroundi ...

Document Size:	4982
Author:	Doug Henwood
Date:	Mon Apr 10 11:31:15 PDT 2000

36805 Council of Canadians -- rank: 1000

Carrol Cox wrote: >From the state loaning money to the state (i.e., issuing >fiat money) almost always flows some form of authoritarian >utopia. Your usual funny money scheme involves the state creating money with the tireless printing press (Marx has a wonderful phrase to that effect, doesn't he?) without trying to address the distribution of real resources - thus the inflationary potential. The fascist variant uses compulsion to affect the distribution of real resources. A lot less f ...

Document Size:	4888
Author:	Doug Henwood
Date:	Mon Apr 10 11:25:08 PDT 2000

36806 Money creation -- rank: 1000

Michael Perelman wrote: >How much difference would a percent or two mean in an environment in >which growth >is projected to being 20, 40, 100 percent per year? Especially when every >technology company is the next Microsoft? If the people buying those stocks are heavily leveraged, then their expectations may count less than the requests of margin clerks. Doug

Document Size:	4703
Author:	Doug Henwood
Date:	Mon Apr 10 11:15:22 PDT 2000

36807 Fwd: VICTORY FOR WESLEYAN WORKERS!!!!!!!!!!!! -- rank: 1000

[via Michael Eisenscher] At 9:30 Wednesday night - after 33 hours of occupying our school's admissions office - Wesleyan students declared victory in our fight for workers'rights on campus. We had been concerned that Initial, the contractor that employs our school's janitors, wouldn't agree to better wages and benefits unless Wesleyan agreed to pay for them. Last night, our president called Initial and told them he would foot the bill for the janitors' proposed contract. Within hours, the contra ...

Document Size:	6646
Author:	Doug Henwood
Date:	Mon Apr 10 10:31:40 PDT 2000

36808 Council of Canadians -- rank: 1000

kenneth.mackendrick at utoronto.ca wrote: >Ok - what would the problem be for the Bank of Canada to buy up the loans from >private institutions? Then the "public" debt would be owed to "public" bank? >This is done for RRSP's (say, when you use your RRSP to purchase a >house) - why >can't a (theoretically democratic) national bank do the same thing? If the gov >needs money, it's just stupid to go to a private institution. And where does the B of C get the mo ...

Document Size:	5166
Author:	Doug Henwood
Date:	Mon Apr 10 10:30:21 PDT 2000

36809 Money creation -- rank: 1000

Enrique Diaz-Alvarez wrote: >Monitoring is not the issue. They already monitor M3, which includes MM >balances. The issue is control - if MMs create money, then the main Fed tool >for monetary control is on the process of disappearing. They may monitor the >debt orgy, but they are (or soon will be) powerless to stop it. You really think that, say, another point or two rise in the fed funds rate would be powerless to stop the debt orgy? You think the rate rise of the last year has no ...

Document Size:	4875
Author:	Doug Henwood
Date:	Mon Apr 10 08:34:24 PDT 2000

36810 Wolfie on A16 -- rank: 1000

[A memo from World Bank president James Wolfensohn to the staff.] The World Bank Washington, D.C. 20433 U.S.A JAMES D. WOLFENSOHN President To: All Bank Staff Subject: Spring Meetings Dear Colleagues, I'm sure that many of you are concerned about what you have heard or read in the media about large-scale demonstrations, criticizing the work of the International Financial Institutions, that are set to take place around the time of the World Bank/IMF Spring Meetings. Let me take this opportunity t ...

Document Size:	7466
Author:	Doug Henwood
Date:	Mon Apr 10 08:12:31 PDT 2000