El gobierno laborista, encabezado por el Primer Ministro Mr Gordon Brown nacionaliza The Royal Bank of Scotland, HBOS (otro banco escocés) y toma posiciones de control en Barclays y Lloyds TSB.  Es decir, la principal banca británica.

Esta medida va a ser imitada por otros países europeos y del mundo.  Es una medida audaz, en cierta forma un volte face de Mr Brown a sus medida liberales pero la gravedad del momento lo exigía.

Con elocuencia Mr Brown defendió la imposición de estas medidas el pasado día 10 en un artículo en The Times de Londres, uno de esos artículos que seguramente pasarán a los archivos de la historia y de valor permanente y para enseñanza de generaciones futuras.

 

We must lead the world to financial stability

Strong banks, unfrozen markets, greater transparency and international supervision are the four keys to recovery

http://www.timesonline.co.uk/tol/comment/columnists/guest_contributors/article4916344.ece

 Gordon Brown

 The banking system is fundamental to everything we do. Every family and every business in Britain depends upon it. That is why, when threatened by the global financial turmoil that started in America and has now spread across the world, we in Britain took action to secure our banks and financial system. …

( El resto del artículo lo pego al final, para quien desee coleccionar las palabras del líder de Europa )

Algunos son escépticos de que esta medicina pueda curar la enfermedad demencial y asesina del capitalismo contraída por la desregulación de los neocons y los inescrupulosos que jugaron con nuestras vidas.

.

 Lunes 13 de octubre, en el manicomio

El monstruo demente capitalista, rezumando mierda y sangre va a ser tratado con «una aspirina», insuficiente.

¿Pero porqué es así?  ¿Porqué parece que todo fuera inútil y que las sumas de tesoros fabulosos extraídas a los ciudadanos de sus impuestos y entregadas a los bancos, se perdieran en un pozo sin fondo, un agujero negro imposible de colmar y volver a la normalidad?

Los Derivatives y Credit Default Swaps . 

Estos son esencialmente apuestas financieras sin regulación. El valor total mundial de esta canallada es de 55 u$a Trillion, es decir 55×10^12.  Esta suma astronómica es más de seis veces superior a la economía mundial toda junta. De ser realizados, el hundimiento de la economía mundial, de una manera o de otra, es inevitable.

Veamos lo que escribe un experto

The  $55  trillion (55×10^12) question

The financial crisis has put a spotlight on the obscure world of credit default swaps – which trade in a vast, unregulated market that most people haven’t heard of and even fewer understand. Will this be the next disaster?

Nicholas Varchaver and Katie Benner

September 30, 2008    (Fortune Magazine)

As Congress wrestles with another bailout bill to try to contain the financial contagion, there’s a potential killer bug out there whose next movement can’t be predicted: the Credit Default Swap.

In just over a decade these privately traded derivatives contracts have ballooned from nothing into a $54.6 trillion market. CDS are the fastest-growing major type of financial derivatives. More important, they’ve played a critical role in the unfolding financial crisis. First, by ostensibly providing «insurance» on risky mortgage bonds, they encouraged and enabled reckless behavior during the housing bubble. …

Because they’re contracts rather than securities or insurance, CDS are easy to create: Often deals are done in a one-minute phone conversation or an instant message. Many technical aspects of CDS, such as the typical five-year term, have been standardized by the International Swaps and Derivatives Association (ISDA). That only accelerates the process. You strike your deal, fill out some forms, and you’ve got yourself a $5 million – or a $100 million – contract.

And as long as someone is willing to take the other side of the proposition, a CDS can cover just about anything, making it the Wall Street equivalent of those notorious Lloyds of London policies covering Liberace’s hands and other esoterica. It has even become possible to purchase a CDS that would pay out if the U.S. government defaults. (Trust us when we say that if the government goes under, trying to collect will be the least of your worries.)

You can guess how Wall Street cowboys responded to the opportunity to make deals that (1) can be struck in a minute, (2) require little or no cash upfront, and (3) can cover anything. Yee-haw! You can almost picture Slim Pickens in Dr. Strangelove climbing onto the H-bomb before it’s released from the B-52. And indeed, the volume of CDS has exploded with nuclear force, nearly doubling every year since 2001 to reach a recent peak of $62 trillion at the end of 2007, before receding to $54.6 trillion as of June 30, according to ISDA.
One reason the market took off is that you don’t have to own a bond to buy a CDS on it – anyone can place a bet on whether a bond will fail. Indeed the majority of CDS now consists of bets on other people’s debt. That’s why it’s possible for the market to be so big: The $54.6 trillion in CDS contracts completely dwarfs total corporate debt, which the Securities Industry and Financial Markets Association puts at $6.2 trillion, and the $10 trillion it counts in all forms of asset-backed debt.

Si Ud entiende algo del idioma del comercio, esta cita debería ilustrarle sobre la magnitud del peligro que nos amenaza. ¡Apostar para cobrar si el gobierno americano entra en default!  Me temo que le vas a ir a cobrar a tu tía.

Creo que esta cita ayuda a comprender algo mejor la magnitud del problema que enfrentan nuestros líderes.  Que ese problema ocurrió cuando ellos estaban de guardia en el trabajo, claro.  Brown ha sido Ministro de Finanzas (Chancellor of the Exchequer) todos los años de Blair.  Ni nombremos a Bush, responsable principal de esta debacle.

Artículo del Primer Ministro -de Importancia Histórica, probablemente.

 

We must lead the world to financial stability

Strong banks, unfrozen markets, greater transparency and international supervision are the four keys to recovery

http://www.timesonline.co.uk/tol/comment/columnists/guest_contributors/article4916344.ece

Gordon Brown

The banking system is fundamental to everything we do. Every family and every business in Britain depends upon it. That is why, when threatened by the global financial turmoil that started in America and has now spread across the world, we in Britain took action to secure our banks and financial system.

The stability and restructuring programme for Britain that we announced this week is the first to address at one and the same time the three essential components of a modern banking system – sufficient liquidity, funding and capital.

So the Bank of England has pledged to double the amount of liquidity it provides to the banks; we have guaranteed new lending between the banks so that we can get the banks lending to each other again; and at least £50 billion will be made available to recapitalise our banks.

We will take stakes in banks in exchange for a return and will guarantee interbank lending on commercial terms. And at the heart of these reforms are clear principles of transparency, integrity, responsibility, good housekeeping and co-operation across borders.

But because this is a global problem, it requires a global solution. Indeed this now moves to a global stage with a range of international meetings starting this week with the G7 and the IMF and, we propose, culminating in a leaders meeting in which we must lay down the principles and the new policies for restructuring our banking and financial system all around the globe.

When I became Prime Minister I did not expect to make the decision, along with Alistair Darling, for the Government to offer to take stakes in our high street banks, just as nobody could have anticipated the action taken in America. But these new times require new ideas. The old solutions of yesterday will not serve us well for the challenges of today and tomorrow.

So we must leave behind outworn dogmas and embrace new solutions.

Of course, the policies each country pursues will need to be suited to its particular circumstances. But based on the British approach, I believe through wider European co-operation and also co-ordination among the leading economies, there are four broad steps we must now all take to restore our international financial system.

First, every bank in every country must meet capital requirements that ensure confidence. Just as in the UK we have made at least £50 billion of new capital available, so other countries where banks have insufficient capital will need to take measures to address this. Only strong and solid banks will be able to serve the global economy.

Secondly, short-term liquidity is simply a means of keeping the system going. What really matters for the future is to open the money markets that have been closed for medium-term funding from the private sector. Until only a few weeks ago few, if any, appreciated the real significance of the money markets within the wider global financial crisis and the importance of trust in these markets. But the freezing of the market for medium-term funding reflects a total loss of trust between banks.

The potential economic consequences cannot be understated. The role of banks is to circulate the savings from deposits, our pensions and from companies to those that need to spend or invest them. The cost at which banks can borrow this money directly affects the costs of mortgages for homeowners and of lending for business. This paralysis of lending from loss of confidence jeopardises the flow of money to every family and every business in the country.

Our guarantee to restart wholesale money markets in exchange for a fee has, I believe, broken new ground in restarting our financial system.

Thirdly, we must have stronger international rules for transparency, disclosure and the highest standards of conduct. Successful market economies need trust, which can only be built through shared values. So as we reform our financial system we should encourage hard work, effort, enterprise and responsible risk-taking – qualities that markets need to ensure, so that the rewards that flow are seen to be fair. But when risk-taking crosses the line between the responsible entrepreneurship, which we want to celebrate, and irresponsible risk-taking, then we have to take action to see that markets work in the public interest to reflect our shared values.

And fourthly, national systems of supervision are simply inadequate to cope with the huge cross-continental flows of capital in this new, ever more interdependent world. I know that the largest financial institutions will welcome the proposed colleges of cross-border supervisors that should be introduced immediately. The Financial Stability Forum and a reformed International Monetary Fund should play their part not just in crisis resolution but also in crisis prevention.

And action for financial stability should be accompanied by the wider international economic co-operation such as that which began on Wednesday with co-ordinated action on interest rates.

I have said all along that we will do whatever it takes to secure the stability of the financial system. And we have not flinched from taking the bold and far-reaching decisions needed to support British families and businesses through these extraordinary times.

We must now act for the long term with co-ordinated national actions.

The resolve and purposefulness of governments and people across the world is being put to the test. But across the old frontiers we must now redouble our efforts internationally. For it is only through the boldest of co-ordinated actions across the globe that we will adequately support families and businesses in this global age.

Por Armando

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