Download The New International Money Game by Robert Z. Aliber PDF

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By Robert Z. Aliber

The foreign cash online game has been absolutely rewritten to take account of adjustments on the earth financial system. It presents a finished assessment of overseas monetary advancements, together with either the constitution of funds preparations and the sequence of credits and asset bubbles in addition to monetary crises.

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International institutions such as the International Monetary Fund (IMF) in Washington, the Bank for International Settlements (BIS) in Basle, Switzerland, and the Organization for Economic Cooperation and Development (OECD) in Paris provide frameworks for coordinating national policies. Finance ministers meet twice a year at the IMF. Presidents and Prime Ministers of the Group of Seven Countries (G-7, née G-3 and now G-8) meet twice a year to discuss the coordination of their policies – or at least to talk about how they might coordinate policies if they were to coordinate them.

A national money – like a national airline, a steel mill, and, at one time, a branch of the Playboy Club – brings prestige. Control of the production of a national money brings profit. Kings and presidents finance wars in Algeria and Vietnam and build monuments to themselves with newly produced money. Control over the production of money frequently means that the supply of money increases more rapidly than the demand, which leads to debasement of the money as its purchasing power declines. Inflation is an indirect or backdoor form of taxation: the US price level in 1995 34 The New International Money Game was more than four times higher than the US price level in 1970.

The third and the smallest component of international monies are those produced by international institutions, primarily the International Monetary Fund (IMF). Such institutions are groups of countries acting jointly; negotiations among the members determine how much of each type of money will be produced each year and how the newly produced money will be distributed among the member countries. The role of gold The use of gold as an international money is explained by its history. ) For centuries, gold was the world’s principal money.

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