The document discusses steps the U.S., China, and Japan should take before the next G20 meeting to address the global financial crisis. It proposes:
1) Establishing an emergency currency peg between the dollar, RMB, and yen to stop competitive currency devaluations.
2) Creating a group of allied global central banks including the Fed, PBOC, and BOJ to provide currency swaps and act as a global lender of last resort.
3) Having global sovereign funds recapitalize key global corporations through partial nationalization to restore market confidence.
The document argues this U.S.-China-Japan agreement would provide a foundation for the larger G20 nations
This article aims to show how 3 countries in Asia (Japan, South Korea and China) have promoted their development and thus to demonstrate the absurd neoliberal economic policy of Michel Temer government in Brazil that seeks to limit public spending over the next 20 years to create the economic environment necessary for attracting private investors and, consequently, boost economic and social development of Brazil. In practice, Temer government believes that private market forces are more capable than the developmental role that his government could make to boost the Brazilian economy. The economic policy of the Temer government is diametrically opposed to those adopted by Japan, South Korea and China that have in the state key role in the development of these countries in the second half of the 20th century.
Present study re-evaluates the inflation-targeting monetary framework in Canada with a broader perspective by analyzing its impact on the real economy, macroeconomy, and financial economy rather than typically the performance of the inflation rate alone. It establishes that under this framework: Canada’s real economy has seen lower rates of domestic investment and GDP growth besides higher rates of unemployment; macroeconomy has experienced low inflation by virtue of cheap imports, aggregate demand sustained with the unsustainable debt levels, and the economic structure overwhelmed by the asset economy. The study concludes that the ‘so-called’ healthy system of inflation targeting is meaningless in an unhealthy economy, especially when it is among the contributing factors. This re-evaluation exercise leads to the obvious question for the Canadian policy-makers: whether macroeconomic, financial, exchange rate, employment, industrial, or social stability is less important than price stability?
Monetary policy is an important public policy, but it is not the only one to stabilize our economy and reduce its business cycles. The leading central bank, the Federal Reserve of the U.S., has introduced, after the 2008 global financial crisis, new instruments and unusual facilities to implement its new innovative monetary policy. The financial world and mostly the social scientists watch as the Federal Open Market Committee (FOMC) decides on a target interest rate in the federal funds market for the next period. The framework that the FOMC uses to implement monetary policy has changed over the last twelve years and continues to evolve today. Here, we try to evaluate the new instruments and their “effectiveness”. Before the 2008 financial crisis, policymakers used one set of traditional instruments (tools) to achieve the target rate. However, several policy interventions, introduced soon after the crisis, drastically altered the landscape of the federal funds market and the traditional economic theory. This new and uncertain environment, with enormous reserves and even interest on reserves, necessitated a new set of instruments by the Fed for its monetary policy implementation. Lately, after seven years of zero interest rate, the FOMC began in December 2015 to increase the target rate and then, went back again to a lower one, but many questions arise. How did they evaluate the effectiveness of these new instruments? Is the current federal funds rate the appropriate one for our economic wellbeing? How efficient was so far this ZIR monetary policy after the latest global financial crisis? Why the Fed put all these burdens of its ‘innovated” new monetary policy to the poor taxpayers (bail out) and to the risk-averse depositors (bail in)? Is it possible for the Fed’s policy to prevent the future financial crises? The federal funds rate was very low and affected negatively the financial markets (bubbles were growing), the real rates of interest (it is negative for twelve years), and the deposit rates (they are closed to zero for twelve years). The redistribution of wealth of depositors and taxpayers continues, which means the true economic welfare is falling and a new global recession was in preparation, if the current unfair easy money policy will persist, ignoring the necessity of a prevention of financial crises. Then, it came as an unexpected plague the coronavirus pandemic, following with a new but, the worse in economic history global crisis (chaos).
This article aims to show how 3 countries in Asia (Japan, South Korea and China) have promoted their development and thus to demonstrate the absurd neoliberal economic policy of Michel Temer government in Brazil that seeks to limit public spending over the next 20 years to create the economic environment necessary for attracting private investors and, consequently, boost economic and social development of Brazil. In practice, Temer government believes that private market forces are more capable than the developmental role that his government could make to boost the Brazilian economy. The economic policy of the Temer government is diametrically opposed to those adopted by Japan, South Korea and China that have in the state key role in the development of these countries in the second half of the 20th century.
Present study re-evaluates the inflation-targeting monetary framework in Canada with a broader perspective by analyzing its impact on the real economy, macroeconomy, and financial economy rather than typically the performance of the inflation rate alone. It establishes that under this framework: Canada’s real economy has seen lower rates of domestic investment and GDP growth besides higher rates of unemployment; macroeconomy has experienced low inflation by virtue of cheap imports, aggregate demand sustained with the unsustainable debt levels, and the economic structure overwhelmed by the asset economy. The study concludes that the ‘so-called’ healthy system of inflation targeting is meaningless in an unhealthy economy, especially when it is among the contributing factors. This re-evaluation exercise leads to the obvious question for the Canadian policy-makers: whether macroeconomic, financial, exchange rate, employment, industrial, or social stability is less important than price stability?
Monetary policy is an important public policy, but it is not the only one to stabilize our economy and reduce its business cycles. The leading central bank, the Federal Reserve of the U.S., has introduced, after the 2008 global financial crisis, new instruments and unusual facilities to implement its new innovative monetary policy. The financial world and mostly the social scientists watch as the Federal Open Market Committee (FOMC) decides on a target interest rate in the federal funds market for the next period. The framework that the FOMC uses to implement monetary policy has changed over the last twelve years and continues to evolve today. Here, we try to evaluate the new instruments and their “effectiveness”. Before the 2008 financial crisis, policymakers used one set of traditional instruments (tools) to achieve the target rate. However, several policy interventions, introduced soon after the crisis, drastically altered the landscape of the federal funds market and the traditional economic theory. This new and uncertain environment, with enormous reserves and even interest on reserves, necessitated a new set of instruments by the Fed for its monetary policy implementation. Lately, after seven years of zero interest rate, the FOMC began in December 2015 to increase the target rate and then, went back again to a lower one, but many questions arise. How did they evaluate the effectiveness of these new instruments? Is the current federal funds rate the appropriate one for our economic wellbeing? How efficient was so far this ZIR monetary policy after the latest global financial crisis? Why the Fed put all these burdens of its ‘innovated” new monetary policy to the poor taxpayers (bail out) and to the risk-averse depositors (bail in)? Is it possible for the Fed’s policy to prevent the future financial crises? The federal funds rate was very low and affected negatively the financial markets (bubbles were growing), the real rates of interest (it is negative for twelve years), and the deposit rates (they are closed to zero for twelve years). The redistribution of wealth of depositors and taxpayers continues, which means the true economic welfare is falling and a new global recession was in preparation, if the current unfair easy money policy will persist, ignoring the necessity of a prevention of financial crises. Then, it came as an unexpected plague the coronavirus pandemic, following with a new but, the worse in economic history global crisis (chaos).
Financialization, Rentier Interests, and Central Bank PolicyConor McCabe
Financialization, Rentier Interests, and Central Bank Policy
Gerald Epstein
Department of Economics and Political Economy Research Institute (PERI)
University of Massachusetts, Amherst
December, 2001; this version, June, 2002
The present study looks into racism in multicultural Canada. It examines the factors which have been making the nation increasingly multicultural demographically. It analyses the education, employment, income, and poverty outcomes and finds how racism has played a huge role in the performance of these structural factors. The aboriginal population seems to pay the highest price for their aboriginal identity in terms of the worst education, employment, income, and poverty outcomes. Then follows the visible minorities who are observed to pay the price for their color and (non-Caucasian) race in terms of worse employment, income, and poverty outcomes; this is despite their better performance at university level education than all other population groups. The vicious trap of lower outcomes for the racial population is no accident; it can relate to deliberate, unfair, and discriminatory actions of the white majority population who generally own and control Canada’s institutions.
Briefing Note: Can regular government publication of indicators play a role i...Antony Upward
A briefing note to the Premier of Ontario, reviewing the benefits of moving to publish an alternative to GDP on a regular basis - for example Genuine Progress Indicator (GPI) and Gross National Happiness (GNH).
For my York University / Schulich School of Business Graduate Degree in Environmental Studies / Graduate Diploma in Business and the Environment.
This presentation describes the role of governments in entrepreneurship. Some good examples are China Taipei, Red China, Malaysia, Singapore and USA. Governments are traditionally seen as very poor in business management. (I think it still is.) But Taipei and Singapore did very well in its role. To a large extent, Red China and its Central Bank are making direct investments not only in currencies, bonds and financial instruments but directly in commodities and businesses. And we should admire the Chinese officials for their courage and risk taking.
This is a lecture on capitalism, entrepreneurship, and international finance. The seminal ideas came from Dick Smick who is privy to many events and upheavals in intl finance. He had a book on "The World is Curved" He describes in broad stroke the role of entrepreneurship in international finance , and how finance shapes entrepreneurship
The spending allocation pattern of national governments varies depending on public policy for
desired effects but the outcome is rather controversial according to existing literature. This research aims to
explore the relationship between government expenditure, economic development and economic growth in
Brazil from 1994 to 2017. The Human Development Indicator (HDI) index is a representative measure of
economic development and is comprised of three dimensions:
12th-14th May,2020 -the FT launched The Global Boardroom, a new live-
streamed three-day event gathering "the most influential voices" from policy, business, tech and finance to offer a comprehensive picture of the global response to the Covid-19 crisis.
Financialization, Rentier Interests, and Central Bank PolicyConor McCabe
Financialization, Rentier Interests, and Central Bank Policy
Gerald Epstein
Department of Economics and Political Economy Research Institute (PERI)
University of Massachusetts, Amherst
December, 2001; this version, June, 2002
The present study looks into racism in multicultural Canada. It examines the factors which have been making the nation increasingly multicultural demographically. It analyses the education, employment, income, and poverty outcomes and finds how racism has played a huge role in the performance of these structural factors. The aboriginal population seems to pay the highest price for their aboriginal identity in terms of the worst education, employment, income, and poverty outcomes. Then follows the visible minorities who are observed to pay the price for their color and (non-Caucasian) race in terms of worse employment, income, and poverty outcomes; this is despite their better performance at university level education than all other population groups. The vicious trap of lower outcomes for the racial population is no accident; it can relate to deliberate, unfair, and discriminatory actions of the white majority population who generally own and control Canada’s institutions.
Briefing Note: Can regular government publication of indicators play a role i...Antony Upward
A briefing note to the Premier of Ontario, reviewing the benefits of moving to publish an alternative to GDP on a regular basis - for example Genuine Progress Indicator (GPI) and Gross National Happiness (GNH).
For my York University / Schulich School of Business Graduate Degree in Environmental Studies / Graduate Diploma in Business and the Environment.
This presentation describes the role of governments in entrepreneurship. Some good examples are China Taipei, Red China, Malaysia, Singapore and USA. Governments are traditionally seen as very poor in business management. (I think it still is.) But Taipei and Singapore did very well in its role. To a large extent, Red China and its Central Bank are making direct investments not only in currencies, bonds and financial instruments but directly in commodities and businesses. And we should admire the Chinese officials for their courage and risk taking.
This is a lecture on capitalism, entrepreneurship, and international finance. The seminal ideas came from Dick Smick who is privy to many events and upheavals in intl finance. He had a book on "The World is Curved" He describes in broad stroke the role of entrepreneurship in international finance , and how finance shapes entrepreneurship
The spending allocation pattern of national governments varies depending on public policy for
desired effects but the outcome is rather controversial according to existing literature. This research aims to
explore the relationship between government expenditure, economic development and economic growth in
Brazil from 1994 to 2017. The Human Development Indicator (HDI) index is a representative measure of
economic development and is comprised of three dimensions:
12th-14th May,2020 -the FT launched The Global Boardroom, a new live-
streamed three-day event gathering "the most influential voices" from policy, business, tech and finance to offer a comprehensive picture of the global response to the Covid-19 crisis.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
From Crisis to Recovery The Causes, Course and Consequences of the Great Rece...Dr Lendy Spires
OECD Insights: From Crisis to Recovery 3 Foreword The current global economic crisis was triggered by a financial crisis caused by ever-increasing thirst for short-term profit. In addition, against a background of government support for the expansion of financial markets, many people turned a blind eye to basic issues of business ethics and regulation. We now need to rewrite the rules of finance and global business. To restore the trust that is fundamental to functioning markets, we need better regulation, better supervision, better corporate governance and better co-ordination. We also need fairer social policies and an end to the bottlenecks that block competition and innovation and hamper sustainable growth. We must also find the most productive ways for governments to exit from their massive emergency interventions once the world economy is firmly back on a growth path. Dealing with fiscal deficits and unemployment while encouraging new sources of growth will absorb policy makers’ attention in the near term, but lifting our collective sights to focus on wider issues, such as the environment and development, is a challenge we must also meet. How can we move from recession to recovery? The OECD’s strategic response involves strengthening corporate governance and doing more to combat the dark sides of globalisation, such as corruption and tax evasion. As well as correcting the mistakes of the past, we have to prepare the future. We are elaborating a “Green Growth Strategy” to guide national and international policies so that all countries can realise the potential of this new approach to growth. Our analysis shows a need for governments to take a stronger lead in fostering greener production, procurement and consumption patterns by devising clearer frameworks and ensuring that markets work properly. They should drop some costly habits too, notably subsidising fossil fuels, which would help fight climate change and save money as well.
MTBiz is for you if you are looking for contemporary information on business, economy and especially on banking industry of Bangladesh. You would also find periodical information on Global Economy and Commodity Markets.
Signature content of MTBiz is its Article of the Month (AoM), as depicted on Cover Page of each issue, with featured focus on different issues that fall into the wide definition of Market, Business, Organization and Leadership. The AoM also covers areas on Innovation, Central Banking, Monetary Policy, National Budget, Economic Depression or Growth and Capital Market. Scale of coverage of the AoM both, global and local subject to each issue.
MTBiz is a monthly Market Review produced and distributed by Group R&D, MTB since 2009.
ECON 301 Week 5 DiscussionsGroup 2 US Trade PolicySummaryFor.docxjack60216
ECON 301 Week 5 Discussions
Group 2 US Trade Policy
Summary
For our group project we have decided to research, analyze, and formulate an argument on the World Trade Organization (WTO) in regards to the US Trade Policy. In our paper we have discussed what WTO stands for and the goal of this organization. We have also addressed the latest form of trade negotiations among the WTO membership – Doha Development Round and the controversial topics of protectionism and free trade. Among the research we have performed, we as a group have come to a conclusion that we support this organization. Although there are incomplete developments that still need to be addressed, we continue to support this organization because of the fact that numerous nations come together in order to reform these conflicts.
Questions:
1. What makes free trade a better option than protectionism for the economic situation in the US?
2. What consequences would the WTO face if they acted unethically given their power?
Group 3 US Fiscal Policy
Fiscal Policy refers to the practice of monitoring spending levels and tax rates to try and influence our economy. Before the Great Depression, which started in the late twenties, our government had a hands off approach to the economy or a laissez-faire approach. After the Second World War it was deemed necessary for the government to become involved in our economy. (Heakal, Reem) They decided this would be necessary in order to attempt to influence unemployment, the business cycle and inflation. Of course there are many different ideas on the best approach and way to accomplish this.
The government takes initiative in trying to regulate unemployment, unemployment benefits, and taxation. They do this through the use of what is known as automatic stabilizers, which are programs and policies meant to balance fluctuations in the economy. During a recession, automatic stabilizers are expanded, and during an economic boom, the automatic stabilizers are reduced. An example of this would be unemployment benefits (David Weil). When there is a recession and unemployment is high, the government spends more money on unemployment benefits, whereas when the unemployment is low, the government spends less money on unemployment benefits. According to William J. Carrington, an analyst of the Congressional budget office, some of the fiscal policies used to reduce unemployment include household assistance (reducing employees’ taxes, increased unemployment insurance expenditures, and more refundable tax), business assistance, and financial aid to the states. Carrington also shows that to reduce unemployment, unemployment benefit policies must be modified such as an extension to the duration of benefits, reemployment bonuses, and offering wage insurance. Fiscal Policy can also be used to influence new ideas like those in alternative energies.
The United States government often tries to finds ways to stimulate the economy while looking towards its future. T ...
But resolving this legacy issue with continued application of past interventionist instruments does not incentivize the much needed structural reforms and private capital market activities. Financial repression has induced a re-allocation of capital across markets and greatly enhanced the role of public markets at the detriment of private market activities. Artificially low – or in some cases even negative – interest rates break the credit intermediation channel which can crowd out viable private investors.
WORLD TOWARDS A NEW IRREVERSIBLE GLOBAL ECONOMIC AND FINANCIAL CRISIS AND BRA...Faga1939
This article aims to demonstrate that the global economic and financial crisis tends to get worse with: 1) the escalation of the global debt that threatens to put the world capitalist system in check in the face of the possibility of the explosion of the public debt bubble in the United States and the China; 2) the drastic downturn of the economy in the United States, China and the European Union, which could enter into recession in 2023; and, 3) the possibility of two giant global banks, Credit Suisse and Deutsche Bank, going bankrupt because they are on the verge of collapse triggering a new global economic and financial crisis similar to the Great Recession of 2008 and the Depression of 1929. This article raises, also, the need for President Lula's government to adopt an economic policy that makes Brazil less dependent on foreign markets in terms of export markets, international capital and foreign technology and that, consequently, prioritizes the development of the internal market.
Publication: RITES Journal July 2014
Organization: Rail India Technical and Economic Service (RITES)
Source: www.rites.com
Date: July 2014
Summary: RITES Ltd., Government of India Enterprise was established in 1974, under the aegis of Indian Railways. It publishes an annual journal and discusses topics of contemporary significance.
Note: Please visit www.compad.in for more information
Financial Institutions need a strategy to help maximize their level of resilience and prepare for any macroeconomic and financial scenario amid the COVID-19 crisis.
In our view, it is critical for Financial Institutions to take specific steps both for the short term and the medium term. In this White Paper we have identified ten key action points to be addressed.
INTERNATIONAL MONETARY FUND
Abstract
The U.S. financial and economic crisis has had severe global repercussions. The run-up to the crisis involved a substantial and widespread underestimation of risks—especially in housing—and growing leverage and liquidity mismatches, in particular through off-balance-sheet vehicles and non-bank entities in less-regulated areas. Against a backdrop of easy global financial conditions, this dynamic fed an unsustainable buildup of financial imbalances, above all in housing markets. The sharp decline in housing prices that started in 2007 weakened several systemically important financial institutions, culminating in the collapse of Lehman Brothers, and revealing major weaknesses in the U.S. regulatory and resolution frameworks. This was followed by the worst global financial panic since the Great Depression, with extreme strains in a broad range of markets, volatility in capital flows and exchange rates, and a cascade of systemic events. Economic activity collapsed globally, with trade contracting sharply and advanced economies as a group registering the steepest decline in production in the postwar period. Emerging markets economies also experienced intense pressure, amid retrenching trade and tighter international financing conditions.
I. Overview ; Outlook and Risks
1. Recent data suggest that the sharp fall in output may now be ending, although economic activity remains weak. Economic indicators point to a decelerating rate of deterioration, particularly in labor and housing markets, both of which are key to economic recovery and financial stability. In tandem, financial conditions have noticeably improved, with narrowing interest-rate spreads and growing confidence in financial stability in the wake of measures deployed by the Administration, the Federal Deposit Insurance Corporation (FDIC), and the Federal Reserve. That said, both financial and economic indicators remain at stressed or weak levels by historical standards.
2. 4. The staff's outlook remains for a gradual recovery, consistent with past international experience of financial and housing market crises. The combination of financial strains and ongoing adjustments in the housing and labor markets is expected to restrain growth for some time, with a solid recovery projected to emerge only in mid-2010. Against this background, GDP is expected to contract by 2½ percent in 2009, followed by a modest ¾ percent expansion in 2010 on a year-average basis (on a Q4-over-Q4 basis, -1 ½ percent in 2009 and 1 ¾ percent in 2010). Meanwhile, growing economic slack—with unemployment peaking at close to 10 percent in 2010—would push core inflation to very low levels, with the headline CPI expected to decrease by ½ percent in 2009 and increase by 1 percent in 2010. rates, on concerns about fiscal sustainability; and rising corporate distress. Much will also depend on developments abroad, including progress made in strengthening financial institutions and markets.
II. Near-term stabilization
1. Macroeconomic policies are providing welcome support to demand. The fiscal stimulus—well targeted, timely, diversified, and sizeable—is projected to boost annual GDP growth by 1 percent in 2009 and ¼ percent in 2010. This is being appropriately complemented by a highly expansionary monetary stance and “credit easing” measures that are also relieving financial strains. Continued clear communication on the near-term outlook will be essential to anchor inflation expectations, given the prevailing uncertainty. If activity proves weaker than expected, the Fed could undertake additional credit easing, and further strengthen its commitment to maintain a highly accommodative stance. If necessary, additional fiscal stimulus could also be considered, focused on fast-acting measures, although this would need to be complemented by a concomitantly stronger medium-term adjustment.
2. Steps to s
A P R I L 2 0 , 2 0 2 0 A Universal Basic Income is Ess.docxaryan532920
A P R I L 2 0 , 2 0 2 0
A Universal Basic Income is Essential
and Will Work
by E L L E N B R O W N
FacebookTwitterRedditEmail
Photograph Source: Generation Grundeinkommen – CC BY 2.0
According to an April 6 article on CNBC.com, Spain is slated to become the
first country in Europe to introduce a universal basic income (UBI) on a long-
term basis. Spain’s Minister for Economic Affairs has announced plans to roll
out a UBI “as soon as possible,” with the goal of providing a nationwide
basic wage that supports citizens “forever.” Guy Standing, a research
professor at the University of London, told CNBC that there was no prospect
of a global economic revival without a universal basic income. “It’s almost a
no-brainer,” he said. “We are going to have some sort of basic income system
sooner or later ….”
“Where will the government find the money?” is no longer a valid objection
to providing an economic safety net for the people. The government can find
the money in the same place it just found more than $5 trillion for Wall Street
and Corporate America: the central bank can print it. In an April 9 post
commenting on the $1.77 trillion handed to Wall Street under the CARES
Act, Wolf Richter observed, “If the Fed had sent that $1.77 Trillion to the 130
million households in the US, each household would have received $13,600.
But no, this was helicopter money exclusively for Wall Street and for asset
holders.”
“Helicopter money” – money simply issued by the central bank and injected
into the economy – could be used in many ways, including building
infrastructure, capitalizing a national infrastructure and development bank,
providing free state university tuition, or funding Medicare, social security, or
a universal basic income. In the current crisis, in which a government-
mandated shutdown has left households more vulnerable than at any time
since the Great Depression, a UBI seems the most direct and efficient way to
get money to everyone who needs it. But critics argue that it will just trigger
inflation and collapse the dollar. As gold proponent Mike Maloney
complained on an April 16 podcast:
Typing extra digits into computers does not make us wealthy. If this insane
theory of printing money for almost everyone on a permanent basis takes
hold, the value of the dollars in your purse or pocketbook will … just
continue to erode …. I just want someone to explain to me how this is going
to work.
Having done quite a bit of study on that, I thought I would take on the
challenge. Here is how and why a central bank-financed UBI can work
without eroding the dollar.
In a Debt-Based System, the Consumer Economy Is Chronically Short of
Money.
First, some basics of modern money. We do not have a fixed and stable
money system. We have a credit system, in which money is created and
destroyed by banks every day. Money is created as a deposit when the bank
makes a loan and is extinguished when the loan i.
A Strategic Approach: GenAI in EducationPeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Strategies for Effective Upskilling is a presentation by Chinwendu Peace in a Your Skill Boost Masterclass organisation by the Excellence Foundation for South Sudan on 08th and 09th June 2024 from 1 PM to 3 PM on each day.
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
How to Add Chatter in the odoo 17 ERP ModuleCeline George
In Odoo, the chatter is like a chat tool that helps you work together on records. You can leave notes and track things, making it easier to talk with your team and partners. Inside chatter, all communication history, activity, and changes will be displayed.
This presentation includes basic of PCOS their pathology and treatment and also Ayurveda correlation of PCOS and Ayurvedic line of treatment mentioned in classics.
it describes the bony anatomy including the femoral head , acetabulum, labrum . also discusses the capsule , ligaments . muscle that act on the hip joint and the range of motion are outlined. factors affecting hip joint stability and weight transmission through the joint are summarized.
Delivering Micro-Credentials in Technical and Vocational Education and TrainingAG2 Design
Explore how micro-credentials are transforming Technical and Vocational Education and Training (TVET) with this comprehensive slide deck. Discover what micro-credentials are, their importance in TVET, the advantages they offer, and the insights from industry experts. Additionally, learn about the top software applications available for creating and managing micro-credentials. This presentation also includes valuable resources and a discussion on the future of these specialised certifications.
For more detailed information on delivering micro-credentials in TVET, visit this https://tvettrainer.com/delivering-micro-credentials-in-tvet/
"Protectable subject matters, Protection in biotechnology, Protection of othe...
Geng Xiao (additional - 2009)
1. 清华-布鲁金斯公共政策研究中心
BROOKINGS-TSINGHUA CENTER FOR PUBLIC POLICY
Managing Global Financial Instability
What should the U.S., China and Japan do before the next G20 meeting?
A brainstorming note
Initial draft, December 4, 2009
Second draft, December 19, 2009
Current Draft, Feb 20, 2009
Geng Xiao
Director, Brookings-Tsinghua Center for Public Policy, Beijing
gxiao@tsinghua.edu.cn
Senior Fellow, Brookings Institution, Washington D.C.
gxiao@brookings.edu
The U.S., China and Japan should lead the discussion at the G20 about a global strategy for
managing both global financial instability and the recovery from the “once in a century” great
“triangular debt” crisis the world currently faces. Before the April 2009 meeting, all three
countries should try to agree on a simple but concrete plan that can then be presented to the
council’s 17 other members. A U.S.-China-Japan agreement, if completed before the next G20
meeting, will provide a solid foundation for the much larger group of G20 nations to agree on an
economic plan that is useful, substantive and implementable. What should such an agreement
entail? Here are a few thoughts for discussion:
1. Establish a Trilateral Emergency Currency Peg Between the dollar, RMB and yen.
The U.S., China and Japan should attempt to reach an agreement on an emergency trilateral
currency peg between the dollar, RMB, and yen at the current level of exchange rate for as
long as it is necessary to stop the coming global recession and deflation.
This agreement will be crucial in stopping the temptation of competitive devaluation which
will emerge naturally from domestic pressures as the economic crisis worsens.
This emergency currency peg will effectively bring the three largest trading economies in the
world back to a fixed exchange rate regime not at all dissimilar from the post-war Bretton
Woods international monetary system.
With the U.S., China and Japan acting as global leaders, the world can eliminate a large part
of the man-made and unnecessary exchange rate risks and politics, at least for the next few
中国北京 清华大学 公共管理学院 100084
电话:+86-10-6279-7363 传真:+86-10-6279-7659 电邮:brookings@tsinghua.edu.cn
http://www.brookings.edu/brookings-tsinghua.aspx
2. years, a period during which most countries will be focused on combating both recession and
deflation.
Given the large amount of foreign exchange reserves China and Japan have now, the peg of
RMB and yen to the dollar is entirely feasible on technical and economics grounds; that is, if
the U.S. is willing to support it. The only barriers to the peg are conceptual and political, both
of which can be overcome by strong American leadership.
2. Create a Group of Allied Global Central Banks including Fed, PBOC, and BOJ.
Once we have official commitments on a stable exchange rate between the dollar, RMB and
yen, the U.S. should try to help China and Japan establish the RMB and yen as international
reserve currencies. The Fed, PBOC and BOJ should then establish currency swaps and a pool
of reserve funds, large and credible enough to act as the world’s lenders of last resort. The
Fed, PBOC, and BOJ should then form a group of allied global central banks for coordinated
leadership in global macroeconomic, regulatory, monitoring and crisis-managing policies and
actions.
3. Recapitalize Key and Viable Global Corporations with Global Sovereign Funds.
Once the group of allied global central banks is established they should work with their
respective governments to come up with a coordinated plan for immediate and systematic
rescue and recapitalization of key global financial and non-financial corporations. This plan
should feature a mixture of liquidity provision and partial nationalization/recapitalization
schemes through sovereign funds.
Either the governments of the U.S., China, and Japan or their sovereign investment arms can
work together to become passive minority shareholders for those global financial and non-
financial corporations that are integral, viable and troubled . This non-conventional use of
sovereign trusts for restoring public confidence in the markets could be critical in stabilizing
asset prices and the associated deflationary pressure.
The classic example of successful government intervention during a financial crisis was the
Hong Kong government’s intervention during the 1997-1998 Asian Financial Crisis. In an
attempt to avoid an economic cataclysm, the government bought 10% of all the blue-chip
companies listed on the Hong Kong Stock Exchange at an index level of around 6,000 and
then sold the shares a few years later at an index level of around 12,000.
4. Create a Managed Global “Wage & CPI” Growth/Inflation for Managing Global
Financial Instability and Global Economic Recovery after the Current Great Debts
Crisis.
The group of allied global central banks should set up a strategy to engineer a worldwide,
managed, smooth, and single-digit “wage & CPI” growth/inflation for as long as it is
necessary to pull the global economy out of the current Great “Triangular Debt” Crisis.
The managed “wage & CPI” growth/inflation will encourage current consumption and
investment, boost future prices of property and financial assets, and lighten the burden of the
2
3. gigantic public and private debts, at least for the principal component, if not for the interest
component of the debts.
No matter how large the current public and private debts become, as long as they are a fixed
amount, they will become bearable after one or a few decades if the world can maintain a
stable inflation rate between 5% and 10%.
5. Implement Coordinated Macroeconomic Policies for Households and Firms to Operate
Productively under the Future Global Environment of Steady “Wage & CPI”
Growth/Inflation (e.g. maintain positive real interest rate).
The group of aligned global central banks and their governments should announce their
minimum targets of “wage & CPI” growth/inflation together with concrete measures to
protect households and corporations so that they can operate productively under the future
global environment of “wage & CPI” growth/inflation.
For example, salaries and wages, employee welfare benefits and deposit rates should be
indexed to CPI to ensure reasonable stability as regards household real income and to
minimize any distortion to the real price of capital (e.g. the real interest rate should be zero or
positive).
Without the timely upward adjustment of the nominal interest rate to offset the inflation rate,
the aforementioned inflationary policy will lead to a negative real interest rate, which, sooner
or later, will create new asset bubbles. Therefore, at the start, the “wage & CPI”
growth/inflation policy should incorporate safeguards so as to minimize the volatility of
future business cycles.
6. Implement Coordinated Tax Reduction and Public Spending Schemes to Jump Start
the Global Economic Recovery.
Since the group of allied global central banks will not be able to generate “wage & CPI”
growth/inflation if the unemployment rates of their respective economies remain high, the
governments of these countries should jump-start the economic recovery and employment
engine by implementing large fiscal stimulation packages as soon as possible. Such packages
could include drastic tax cuts and public spending, until “wage & CPI” growth/inflation
reaches 5% to 10%.
In order to boost nominal incomes, which are the basis for sustainable and managed “wage &
CPI” growth/inflation, the governments of the U.S., China and Japan should not only invest
in infrastructure, education, health, and green energy, but also implement nominal income-
enhancing policies such as temporary subsidies on individual payments to social welfare and
retirement funds and temporary waivers or reductions in taxes,
Given the fact that running large fiscal deficits during times of crisis is widely accepted, the
governments could in principle double nominal wages by matching whatever wages the
private sector is paying to the workers. The governments could also put to work most of the
unemployed workers by investing in major infrastructure projects that will benefit future
generations.
3
4. An addendum to the above brainstorming note: Questions and Answers
• (1) What is special about the current global financial crisis?
The roots of the current global financial crisis can be traced back to inconsistent macro
economic policies (cheap credit and distorted prices in capital and factor markets) and loop-
holes in the regulation of complicated financial products (subprime loans and derivatives).
If a financial crisis happens in a country like Mexico, it can be stopped by getting a large
enough check from the U.S. If it happens in Argentina, it can be resolved by declaring
bankruptcy. In these cases, the debts will either disappear or be contained after the
distribution of losses among creditors.
Unlike previous crises, the current one has unfolded in the world’s largest economies (the
U.S., Europe, Japan). No outsiders can write a check to the U.S. to stop its debt crisis. Right
now it is the Fed that is writing the check to the banks under its control. The U.S. government
and many U.S. corporations also cannot possibly declare bankruptcy without creating a
systematic risk for the global financial system. Thus, a lot of “triangular debts” will continue
to stay on the books of the governments and private sector for the U.S., Europe, and Japan.
The world will undoubtedly have to face gigantic “triangular debts” for a long time (ranging
from three years in the case of Asian financial crisis to more than two decades in the case of
Japan’s debt crisis). That is why we have a Great “Triangular Debt” Crisis.
• (2) What is special about the U.S., China and Japan in dealing with the crisis?
China and Japan are the largest creditors to the U.S.
The U.S. is the largest economy in the world and has the only global central bank that
produces a creditable reserve currency (the dollar).
The imbalance in international payments and reserves between the three can be turned into
strong global leadership in the new international financial architecture if all parties can form
a strategic partnership and alliance quickly to safeguard China and Japan’s investment in the
U.S. as well as the U.S.’s leadership role in the realm of global finance.
The costs of negotiation among the three are probably the lowest among any three countries
in the world given the complementarities of their economies and the nature of their political
and historical legacies. The impact on the world will be greatest if the three can reach an
agreement quickly.
• (3) Why should the U.S., China and Japan help each other and lead the global recovery?
The U.S. has difficulties in dealing with its crisis alone and needs help from China and Japan
in providing short-term as well as long-term funding to its coming gigantic debts.
Japan had some bad experiences in dealing with the debt crisis over last two decades and
could become a burden for the world if Japan could not stabilize its currency and its domestic
debt explosion.
4
5. China has the greatest potential for sustained growth and can provide much needed
confidence to the global recovery in addition to providing funding of short-term liquidities to
other economies in crisis and of long-term U.S. government debts through both its large
foreign exchange reserves and its RMB lending if RMB becomes an international reserve
currency.
• (4) Why should the U.S., China and Japan agree to a peg between the dollar, RMB and
yen given the large global current account imbalances for all three countries?
The real world experiences of Japan, China and the U.S. seem to refute the conventional
wisdom that nominal exchange rate adjustments can correct the international payment
imbalances. The inability of these three countries to correct the extant imbalances between
them is likely due to a fatal mistake in identifying the real causes of the imbalances.
The real causes of China’s large current account surplus are:
First, a weak social safety net which encourages private savings and discourage current
consumption;
Second, distorted factor markets where inputs for manufacturing exports, including capital,
land, water, oil, gas, coal, electricity, minerals, grain, etc are all subsidized through price
control and poor property rights;
Third, the dominance of SOEs in the monopoly sectors creates excessive savings due to a
lack of efficient investment of their profits.
To reduce their respective current account surpluses, China should focus on continued
market-oriented reform and Japan should focus on the reform and opening of its services
sectors, where subsidies and other protective measures exist.
Adjustments in nominal exchange rates will have only short-term transitory effects on the
balance of trade but will create huge distortions, high uncertainty and massive re-
distributions since no firms and households can predict accurately the changes in exchange
rates. For a concrete example of this, compare life in Europe before and after the euro for
both households and business.
Hence, if possible, we should eliminate the unnecessary economic uncertainties and risks
coming from the volatility of exchange rates and do away with the protectionist risks and
costs associated with exchange rate politics.
To achieve adjustments in real exchange rate and balance in current accounts, it is better to
rely on wage & CPI inflation (under a stable nominal exchange rate) than on nominal
exchange rate adjustments.
Hence, China and Japan should aim to achieve a higher wage & CPI inflation than the U.S.
under a dollar-RMB-yen peg. China, Japan, and the U.S. should also aim to maintain a
similar level of real interest rates.
5
6. • (5) Why should the U.S., China and Japan work together to engineer a worldwide
managed wage and CPI growth/inflation for the next decade?
The U.S. and Japan need wage & CPI growth/inflation to digest their huge debts and to
maintain asset prices for property and equity.
China needs wage & CPI growth/inflation to encourage consumption and discourage
excessive savings. In addition, wage and CPI growth/inflation will ensure the continued
nominal appreciation of the value of property and financial assets. China’s wage & CPI
growth/inflation should be higher than those in the U.S. and Japan so as to allow China’s
nominal wages to gradually catch up with those in U.S. and Japan.
• (6) Why should the U.S. and Japan help China to make the RMB an international
reserve currency?
This is the only way to leverage the strength of China when dealing with the current financial
crisis. China’s foreign exchange reserves of about two trillion dollars are too small when
compared with the size of the gigantic debts in the U.S. and Europe (tens of trillion dollars).
But if RMB becomes an international reserve currency, China can extend much more RMB
credit to troubled economies. Given the capacity constraint of using its own savings, it is also
in China’s interest to act as a lender of last resort to help other economies and create a stable
international economic order for its trade and investment in overseas markets.
Given the momentum of China’s growth and reform movement and the sheer scale of its
economy, the RMB will become an international reserve currency sooner or later. The
internationalization of RMB will certainly facilitate the opening of China’s financial markets,
which will provide opportunities for the recovery of the American and Japanese financial
sectors.
6