And Was He Killed in ? Did Swissair Flight land at an Airbase? While much has been written about how the Federal Reserve benefits certain private parties and how it generates money out of thin air, this paper delves deeper into the operation of the Federal Reserve as an instrument of war, and its historical role as a primary enabler of armed international conflict.
To help address these problems, the Bretton Woods Project suggests a few steps: Greater transparency of World Bank processes, allowing greater visibility for elected officials and civil society in recipient countries; Strengthening internal mechanisms within the Bank itself, to monitor integrity of Bank functions, and allow truly independent audits of Bank operations; Minimum standards in governance, transparency and human rights that must be fulfilled before approving oil, gas and mining projects in institutionally weak countries.
Not always tying loans with economic policy conditions in such a way that some governments surrender their policy-making space. During the World Summit on Sustainable Developmentthe BBC broadcast a mini debate on globalization, poverty, and related issues, and had a panel of around 30 experts, from both the developing and rich countries.
One person on that panel was Vandana Shiva, a vocal critic of the current form of globalization and its impact on the environment and people in the third world.
She was asked why people should listen to concerns from the third world when they cannot sort out the rampant corruption first.
Her answer was simple: Like Shiva, Professor Neild feels that the solution is philosophically simple. However, as Neild acknowledges, in reality it is far harder to do, due to the power interests involved: It is hard to see how the international economic agencies and their member governments can introduce incentives that would cause corrupt rulers to [attack corruption]… Not only are the rich countries and their agencies in this respect impotent, they commonly have been and are accomplices in corruption abroad, encouraging it by their action rather than impeding it.
It would take an unprecedented degree of united dedication to the checking of corruption for the international community to agree that the oil and mining companies of the world should boycott corrupt regimes, somehow defined, let alone manage to enforce an agreement. Anthem Press,pp.
Budget transparency rankingsIBP. Click for larger view The International Budget Partnership IBP is an organization that looks at public budgets by governments around the world. Why is this important?
Produced every 2 years, in Octoberthey released their 3rd Open Budget Survey report. These reports assess how transparent and accountable the budgetary process for a number of countries around the world currently just under and ranks them accordingly.
Experts have increasingly concluded that making budgets transparent and building adequate checks and balances into the budget process can enhance the credibility and prioritization of policy decisions, limit corrupt and wasteful spending, and facilitate access to international financial markets.
Budget transparency has become central to a number of international development discourses, ranging from the financing of climate change mitigation, to country-level actions to meet international development commitments like the Millennium Development Goals, to accounting for the revenues from the sale of natural resources, and to examining the amount of international aid given to developing countries and how it is spent.
Of the 94 countries assessed, they had the following findings: The overall state of budget transparency is poor. Only a modest minority of countries can be considered to have open budgets while a large number of countries provide grossly insufficient budget information.
The general trend toward open budgets is nonetheless favorable. Budget transparency is improving substantially, especially among countries that provided little information in the past.
Budget engagement by the audit institutions and the legislature is typically weak and is strongly correlated to the lack of budget information made available to these institutions and the public. There are many simple steps to opening up budgets that governments are failing to undertake.
Such steps can be taken by the executive branch, the legislature, and the supreme audit institutions alike. In many cases, where budget documents were made public, essential information was often absent, or some of the documents remained internal. On the plus side, the IBP found that some countries that fared very poorly in their earlier analysis fared much better this time, sometimes through the simple and cheap step of simply making their budget documents available on their web sites.
As such, the IBP recommended that all key budget documents which are already produced should be made available to the public, for free, while the authority, independence, and capacity of budget oversight institutions should be strengthened.
The IBP also recommends strengthening the voice of the public as a complementary check and balance. They even called for a global norm on budget transparency to be established.The Secret History of the Federal Reserve. The Federal Reserve System originally came into being through the Federal Reserve Act of But it was only after the abolition of the gold standard in that the American Dollar became subservient to the Federal Reserve.
Barry Eichengreen is Professor of Political Science and Economics at the University of California, Berkeley. His previous books include The European Economy Since , Global Imbalances and the Lessons of Bretton Woods, Capital Flows and Crises, and Financial Crises and What to Do About grupobittia.com has written for the Financial Times, Wall Street Journal, Foreign Affairs, and other publications.
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The Bretton Woods Agreement is a landmark system for the management of monetary and exchange rates.