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I got sent some very informative articles from a trader friend of mine in London who works for PhanesFX.com which manages around $1.5 million in private investor money. So it is a close knit organisation based on relationships with investors (buy them a trip to a paradise island and make sure that life is a party for investor members by giving them 5% ++ per month !!) rather than bureaucratic promise…
Someday they’ll get off their behinds and leave their trading desks and hire a website developer…
WASHINGTON, Oct 22 (Reuters) - U.S. Treasury Secretary Henry Paulson said on Monday global growth and financial soundness depend increasingly on emerging market economies and their influence over multilateral financial institutions should be expanded.
In a speech to the annual meeting of the World Bank and International Monetary Fund, Paulson said emerging economies such as China, India and Russia should get a greater share of representation in the two institutions.
“China, India and Russia presently account for half of global growth,” Paulson said.
“Emerging markets as a whole are growing twice as fast as industrial economies, and account for a rising share of global trade and investment. Such realities need to be reflected in international financial and economic institutions, both in the focus of their work, and in their governance structures,” he said.
Paulson said the United States believed it was time to “ask emerging markets to take on greater responsibility in the international financial system”, adding that it was fair for them to ask for a greater share in IMF representation.
The Treasury Secretary said a “defining issue” for the IMF was exercising effective surveillance over member country exchange rate policies in a world of fixed and flexible exchange rate regimes. He applauded the IMF’s recent update of its surveillance mandate, but said implementation was critical.
“IMF staff needs to roll up their sleeves, undertake thorough analysis and put forward their judgments. Without meaningful exchange rate surveillance, governance and management reform will ring hollow,” Paulson said.
In addition, Paulson said global economic and financial markets policy-makers need to remain “vigilant, because all of our capital markets are not yet functioning normally.
“As we move to address current problems, we must also address policy issues to prevent a repeat of recent excesses,” he added. Deeper, more sophisticated and globally interconnected markets have underpinned growth in both developed and developing countries, he said. But innovation and increased sophistication that has helped to spread risks and boost credit availability have brought new risks, challenges and problems.
Paulson also called on the World Bank to continue its ant-corruption campaign and to respond to challenges of energy access and consequences of climate change in the developing world.
What I’ll do is leave this article and the other two sent by PhanesFX to me privately and comment on each, to simplify and expand on the information based on what I know myself…
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