U.S. is going to tighten control over bank operations to the maximum block the way of funding international terrorists. As announced on the eve of the government, he prepared the proposal to require U.S. banks to report to the authorities on all transfers of funds abroad and from abroad, regardless of the size of transactions.
According to current rules, like the ITAR-TASS, banks are required to report tax and law enforcement agencies only those transactions that exceed 10 thousand dollars, and store in their own data on transfers in excess of 3 thousand
"The proposed plan seriously help law enforcement agencies in the identification and investigation of transnational organized crime, the multinational drug cartels, terrorist financing and tax evasion" - U.S. Treasury Department spokesman James Frace. According to him, the new proposals will be published in the so-called Federal Register - a collection of official documents of the U.S. government that it was available to the population.
The first reaction of American banks for the Government's initiative has been very cautious. For example, representatives of Bank of America said that the Treasury proposal will be carefully studied and analyzed to determine how they may affect the operation of the bank and its clientele. Meanwhile, social and human rights organizations expressed concern over the fact that the new measures threatens to further encroachment of the state to the private lives of its citizens.
9/28/10
Obama will help ensure that millions of loans of small business owners
President Barack Obama signed into law the Small Business Support. The law provides for the allocation of $ 30 billion for lending to small businesses.
According to the President, the new measures will help ensure that millions of loans of small business owners in the country and create jobs, reports Associated Press.
Note that the official U.S. unemployment rate now stands at 9.7% of the population. However, unemployment in the broad sense (eg, taking into account those people who stopped to look for work, and those who were forced to work part-time) in the U.S. are much higher and, according to some economists, more than 20%.
The law was signed by Obama after the approval of both houses of Congress. Prior to this bill for several months passed by representatives of the Republican Party, which opposed the establishment of the fund, comparing it to aid the financial sector in 2008. According to Republicans, such a move would have pushed banks to make loans to borrowers with a high degree of risk. With the assistance of two Republicans senators resistance was broken, and the bill was approved.
According to the President, the new measures will help ensure that millions of loans of small business owners in the country and create jobs, reports Associated Press.
Note that the official U.S. unemployment rate now stands at 9.7% of the population. However, unemployment in the broad sense (eg, taking into account those people who stopped to look for work, and those who were forced to work part-time) in the U.S. are much higher and, according to some economists, more than 20%.
The law was signed by Obama after the approval of both houses of Congress. Prior to this bill for several months passed by representatives of the Republican Party, which opposed the establishment of the fund, comparing it to aid the financial sector in 2008. According to Republicans, such a move would have pushed banks to make loans to borrowers with a high degree of risk. With the assistance of two Republicans senators resistance was broken, and the bill was approved.
Nobel laureate: U.S. pressure on China to revalue the yuan will result in a catastrophe
Possible adoption of the U.S. legislative measures to encourage China to strengthen the yuan, would have disastrous consequences and would not help reduce the trade deficit between the two countries, says Nobel laureate in economics Robert Mundell (Robert Mundell), which opinion lead agency Bloomberg. "It does not help Americans - Mandell said in an interview televised Bloomberg. - This will not create jobs for Americans. It's just a recipe for disaster. "
As expected, U.S. lawmakers in two days to vote for an initiative that could allow U.S. companies to apply for the introduction of import duties on Chinese goods to offset the effect of the low rate of yuan to the dollar. The Central Bank of China on June 19 this year, announced the rejection of pegging the Yuan to the dollar and increasing the flexibility of formation of the RMB exchange rate, that is, the return mechanism that existed before the global economic crisis. Nevertheless, since the adoption of this decision, the yuan has appreciated against the dollar by only 2%.
This law "cause serious damage to the world economy and stability in Asia, I'm sure the Nobel laureate. "This will affect the stability of international relations - says Mandell. - Never before in economic history has there been such that the country due to legislative initiatives in other parts of the country was forced to revalue its currency against the currency of this country "
As expected, U.S. lawmakers in two days to vote for an initiative that could allow U.S. companies to apply for the introduction of import duties on Chinese goods to offset the effect of the low rate of yuan to the dollar. The Central Bank of China on June 19 this year, announced the rejection of pegging the Yuan to the dollar and increasing the flexibility of formation of the RMB exchange rate, that is, the return mechanism that existed before the global economic crisis. Nevertheless, since the adoption of this decision, the yuan has appreciated against the dollar by only 2%.
This law "cause serious damage to the world economy and stability in Asia, I'm sure the Nobel laureate. "This will affect the stability of international relations - says Mandell. - Never before in economic history has there been such that the country due to legislative initiatives in other parts of the country was forced to revalue its currency against the currency of this country "
Germany supports sanctions against the European Union, unable to control budget deficits
Germany supports the Commission's proposal on the application of sanctions against states - members of the European Union, unable to hold back their debts and budget deficits within the statutory limits. This statement was made by German Finance Minister Wolfgang Schäuble in a letter to his colleagues from EU countries. The main task of such measures - impact on states that fail to control costs and thereby jeopardize the EU as a whole. According to Schäuble, the "strong motivation" to keeping debt and deficits within the permissible limits must take a central place in the economic management of the EU.
The European Commission officially announced its proposals on this matter on September 29. These initiatives are designed to prevent future crises, debt, similar to the Greek, when the fiscal problems of one EU member state questioned the very existence of the single European currency.
According to Eurostat, in 2009 the average budget deficit of the euro area has increased from 2% to 6.3% of GDP, while the norms of the Maastricht Treaty, this figure should not exceed 3% of GDP. Ireland's budget deficit for the year has doubled and now stands at 14,3% in the next UK - 11,5%. The norm of public debt is formally limited to the level of 60% of GDP. However, the debts of some member countries exceed this figure almost doubled. The volume of public debt in Italy is 115.8% of GDP, slightly less than in Greece - 115.1%, the Belgian debt has grown over the year to 96,7% of GDP.
The European Commission officially announced its proposals on this matter on September 29. These initiatives are designed to prevent future crises, debt, similar to the Greek, when the fiscal problems of one EU member state questioned the very existence of the single European currency.
According to Eurostat, in 2009 the average budget deficit of the euro area has increased from 2% to 6.3% of GDP, while the norms of the Maastricht Treaty, this figure should not exceed 3% of GDP. Ireland's budget deficit for the year has doubled and now stands at 14,3% in the next UK - 11,5%. The norm of public debt is formally limited to the level of 60% of GDP. However, the debts of some member countries exceed this figure almost doubled. The volume of public debt in Italy is 115.8% of GDP, slightly less than in Greece - 115.1%, the Belgian debt has grown over the year to 96,7% of GDP.
BBC: Taxpayers in 22 countries unhappy with the way governments spend money
BBC News Agency in conjunction with research firm Globescan and the University of Maryland (USA) conducted a study in 22 countries around the world about how taxpayers are happy with how their government spends tax revenues. Interviewed were more than 22 thousand people. The study found that in most countries, citizens are not completely satisfied with the actions of governments, and would like to see the state take a more active economic position.
Thus, two-thirds of Colombia and Pakistan believe that tax revenues are spent without regard to national interests. In general, none of the countries the share of respondents also were less than one-third. The lowest rate dissatisfied - 34% - in Spain.
The study's authors also note that in most countries, citizens would like a more active government involvement in economic life - in particular, this applies to food subsidies. For subsidies voted 78% of all respondents. Thus, in the Philippines for it acted as more than 95% of respondents in the U.S. - more than half. Against gosdotatsy powered only by residents of Germany, but the number of respondents "against" is only slightly outweighs those who advocate in favor.
With regard to state regulation of the economy as a whole, do not want to only citizens of the United States, Spain, Turkey and Australia.
Another trend - dissatisfaction with the size of government borrowing. More than half of those surveyed were in favor of lowering taxes and reducing the state apparatus. Particularly active in tax cuts favor the people of Brazil, China, France, Germany and Azerbaijan. The exception was Egypt, where the majority of citizens approve a tax policy of the state.
The index of consumer confidence are not very tall. Compared to the year 2009 it grew by only 2% to 28% in the 17 countries that participated in last year's survey.
Poll results reflect the trend towards economic growth in developing countries, while in the richest state of the economy has stagnated (with some exceptions).
Living in China, India, Nigeria and Brazil are optimistic about the future, while the citizens of the United States, Britain and France are pessimistic.
Thus, two-thirds of Colombia and Pakistan believe that tax revenues are spent without regard to national interests. In general, none of the countries the share of respondents also were less than one-third. The lowest rate dissatisfied - 34% - in Spain.
The study's authors also note that in most countries, citizens would like a more active government involvement in economic life - in particular, this applies to food subsidies. For subsidies voted 78% of all respondents. Thus, in the Philippines for it acted as more than 95% of respondents in the U.S. - more than half. Against gosdotatsy powered only by residents of Germany, but the number of respondents "against" is only slightly outweighs those who advocate in favor.
With regard to state regulation of the economy as a whole, do not want to only citizens of the United States, Spain, Turkey and Australia.
Another trend - dissatisfaction with the size of government borrowing. More than half of those surveyed were in favor of lowering taxes and reducing the state apparatus. Particularly active in tax cuts favor the people of Brazil, China, France, Germany and Azerbaijan. The exception was Egypt, where the majority of citizens approve a tax policy of the state.
The index of consumer confidence are not very tall. Compared to the year 2009 it grew by only 2% to 28% in the 17 countries that participated in last year's survey.
Poll results reflect the trend towards economic growth in developing countries, while in the richest state of the economy has stagnated (with some exceptions).
Living in China, India, Nigeria and Brazil are optimistic about the future, while the citizens of the United States, Britain and France are pessimistic.
China will go down in three of the most weighty of votes at the IMF
China on the basis of the forthcoming reform of quotas and votes at the IMF could take a third or even second place in the organization in terms of power after the main "shareholder" of the IMF - the U.S., reports Reuters referring to the working materials fund.
In such a scenario, which has not yet been approved, China will leave behind the "old" economic powers have traditionally been in the fund on the first cast - Germany, France and Britain.
Future redistribution of voting rights in the IMF will take a more prominent position in the fund of many developing countries, including Brazil, Russia, India, South Korea and Turkey, should be of document fund at the disposal of Reuters. The agency said that the developers have prepared four scenarios for reform of the redistribution of votes, three of which suggest that China will move into third place for "weight" in the IMF's current sixth position - more of the voting rights will be only in the U.S. and Japan.
According to one of the options for reform, China bypasses the volume of the voting rights in the IMF Japan and occupies second place behind the United States.
The relative weight in the IMF's other emerging powers will also increase. Thus, India has moved from the 11-th line on the 9 th, and Brazil - from 14 th to 11 th. On what kind of place will be after the redistribution of quotas Russia, the agency does not disclose.
On Tuesday, Russia and China after talks between the two leaders, Dmitry Medvedev and Hu Jintao called on the G20 countries to agree on a specific mechanism of the reform of quotas and votes in the IMF before the next summit of the Twenties, "which will be held in Seoul from November 11-12. «G20 should make sure that the goals of reform IMF quotas set by the summit of Pittsburgh, have been made to hold a summit in Seoul", - said in a joint statement, Medvedev and Hu Jintao.
Summit in Pittsburgh in September last year, the country's "Twenty" agreed on the reallocation of IMF quotas by 5% in favor of developing countries. At the same time, the BRIC countries (Brazil, Russia, India and China) proposed to increase the quotas of developing countries in the IMF by 7%.
In such a scenario, which has not yet been approved, China will leave behind the "old" economic powers have traditionally been in the fund on the first cast - Germany, France and Britain.
Future redistribution of voting rights in the IMF will take a more prominent position in the fund of many developing countries, including Brazil, Russia, India, South Korea and Turkey, should be of document fund at the disposal of Reuters. The agency said that the developers have prepared four scenarios for reform of the redistribution of votes, three of which suggest that China will move into third place for "weight" in the IMF's current sixth position - more of the voting rights will be only in the U.S. and Japan.
According to one of the options for reform, China bypasses the volume of the voting rights in the IMF Japan and occupies second place behind the United States.
The relative weight in the IMF's other emerging powers will also increase. Thus, India has moved from the 11-th line on the 9 th, and Brazil - from 14 th to 11 th. On what kind of place will be after the redistribution of quotas Russia, the agency does not disclose.
On Tuesday, Russia and China after talks between the two leaders, Dmitry Medvedev and Hu Jintao called on the G20 countries to agree on a specific mechanism of the reform of quotas and votes in the IMF before the next summit of the Twenties, "which will be held in Seoul from November 11-12. «G20 should make sure that the goals of reform IMF quotas set by the summit of Pittsburgh, have been made to hold a summit in Seoul", - said in a joint statement, Medvedev and Hu Jintao.
Summit in Pittsburgh in September last year, the country's "Twenty" agreed on the reallocation of IMF quotas by 5% in favor of developing countries. At the same time, the BRIC countries (Brazil, Russia, India and China) proposed to increase the quotas of developing countries in the IMF by 7%.
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