Σάββατο 9 Φεβρουαρίου 2008

The good and villains of free market of S. Le'kka
The last years depending on the type of interests are presented various publications that aim at as the configuration of picture with the good and bad children of globalisation. In the role of good they are presented those who play with the terms of free market, while on the contrary in the role of villain they are presented that aycajretoy'n adopting choices that syna'doyn with the spirit of globalisation. Many times good protest because are offended their vital interests and threaten with sanctions, while the villains are'skontaj in assurances that in short time interval they will come back in the legality. The example of each American Congress that so much comes back in the subject of sanctions to weight of China accusing him that it intervenes in the market of exchange not allowing the revaluation goya'n is glafyro' and most representative. Specifically each time where are publicised the elements of commercial transactions between USA and China the subject takes dimensions. The subject is particularly serious and continuously djogkoy'meno. The commercial surplus of China with the USA amounted 11mino January - November 2007 in the levels of 238 billions of dollars increased at 52,2% concerning the corresponding interval 2006. the villains little - very is acquaintances in all. It is China and the remaining countries of South-eastern Asia as well as enough countries of Arabic Peninsula, what they twist the terms of free trade keeping the currencies underestimating. Result the increase of their exports and the accumulation of exchange available hundreds of billions of dollars. Only China presents reserve funds a'nw the 1,3 thrice dollars which mainly are directed in the market of elements of asset of USA and European Union. Is known tojs pa'sj that big part of these exchange reserves of all of "villains" they are directed in the market of obligations of American state and in the financing of deficits of USA. In the base this usefulness "bad" par' of that vital importance it is withheld and is not diffused in big masses of citizens. As is assiduously withheld also the usefulness of "villains" in the confrontation of problem of fluidity that face American mainly investment banks afterwards the collapse of eminent henceforth market subprime, that is to say market of enypo'cikwn housing loans of low solvency. The deletions of elements energetic and the revelation of enormous damage for the more powerful investment banks of planet (for the fourth quarter 2007 and for first time in their history the American banks Morgan Stanley and Bear Stearns announced damage of order of 3,56 billions of dollars and 854 millions respectively) are covered with the help of "villains". Concretely exists agreement with enough governments of Middle East and Asia are invested perj' the 25 billions dollars in American companies so that is covered the credit crisis. In the base ayti'.ton in November 2007 the Citigroup, the bank with the bigger deletions of 11,2 billions of dollars (3rd and 4th quarter 2007) accepted support of 7,5 billions of dollars from the Investment Authority of Ampoy' Nta'mpj, while the UBS received from investment company of government of Singapore perj' the 10 billions dollars. In the dues December 2007 befell agreement between the Morgan Stanley which presented deletions 10,3 billions of dollars (3rd and 4th quarter 2007) for the repurchase of the 9,9% of her participial capital from Chinese bank against sum 5 billions of dollars. Proportional energy of 5 billions of dollars was realised between the Merrill Lynch, which presented deletions 8,4 billions dollars (3rd and 4th quarter 2007) and government owned company of Singapore. From more we are concluded that also the "villains" are useful when the impasses of "good of" are such form that the international financier system is in danger in his total.
Mr Sara'ntos Le'kkas is economist

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