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ier conduire à considérer les médicaments génériques comme des contrefaçons, ce qui reviendrait à en interdire l’usage.Enfin, et c’est peut-être le pire : une fois ratifié par les Parlements, cet accord échappera à tout contrôle démocratique. L’article 36 crée en effet un obscur «Comité ACTA» qui, selon l’article 42, aurait comme mission d’impo Outlet moncler soldes ser le respect de cet accord par les pays non signataires ; et serait même autorisé à en modifier le contenu, sans contrôle des parlements nationaux !Il faut donc absolument s’opposer à la signature de l’ACTA, pour que l’urgente mise en oeuvre d’une règle de droit mondiale ne signe pas l’arrêt de mort de la démocratie, mais en organise au contraire l’épanouissement à l’échelle de la planète.Note: You are reading the English version of "Unionisation des banques."Among the numerous obstacles still hidden in the crisis, there lies one of tremendous amplitude, still carefully concealed despite its imminence: in a few weeks, the banks will announce their results for 2008; they will then have to recognize that their capital stocks (that is to say money or businesses of which they own at leas Taille moncler soldes t 20% of the Réductions moncler soldes capital, in technical terms the “tier one”) have gone down, due to the decrease in value of these assets and the toxic nature of many of them.According to some estimates, these capital stocks, valued in the most generous terms possible, have in fact dissolved at least hundreds of b moncler soldes illion of dollars. Yet, according to regulations imposed by the agreement between central banks, called “Basel II,” this tier must be represented by at least 7% of the amount of bank credit; that is to say that these banks must le Pas Cher moncler soldes nd less than 15 times what they have stored away. If this ratio is exceeded, banks will have to obtain new capital stock or reduce their loans, which will deepen their recession.Furthermore, central banks, wishing not to be accused of

having been too lax, will undoubtedly want, in the coming weeks, to increase this ratio from 7% to 9%, in other words, the banks will not be able to lend more than 12 times their resources. Yet, according to some estimates, the world total of bank loans ($85 trillion) is 18 times the total of capital stocks of financial institutions; and even, for certain among them, among the most respected, this ratio is more like 50 rather than 15 allowable! To satisfy the demands of regulators, it will be necessary to increase capital stocks of French banks to at least 100 billion euros, and the capital stocks of world banks to 3000 billion.Only governments would be crazy enough to invest in banks today. They will therefore have the choice between nationalization, at least in part, or the massive reduction of credit. Nationalization or depression, such is the choice. It has already been made, for every government, left and right alike. And these nationalizations have already starting in Great Britain and Ireland.To keep them from tearing down the process of European construction, by placing financial institutions in the service of the national interests of their Outlet moncler s Taille moncler soldes oldes public shareholders, the European Commission must have the tool of nationalization at its disposal, which we could call the tool of “Unionization.” And so that it can also isolate toxic assets, which are reducing the value of assets generally, in an ad-hoc structure, as was done with great success in Sweden in 1992.Today, nothing is allowing the Commission legally to become a business shareholder or to oppose the changes in norms of the Tier One by central banks. Nothing is allowing it to finance such an expense either, with its pallid budget, limited to 1.28% of the European GDP.If we do not want the concern for the solidity of the Europea moncler soldes n Pas Cher moncler soldes banking system to be added to the concerns brewing for the solvency of certain governments, without a doubt it will have to come to that. And no one is properly prepa Réductions moncler soldes red.j@attali.comTranslation by Andrea Long

iniAugust 8, 2011 1:48 A.M | by JACQUES ATTALIMarkets leave no respite to the peoples as long as politicians do not act asstatesmen.This old law, valid for centuries, is today a cruel news.It is useless to repeat History, repeating that if decisions at the last EUsummit had been taken 18 months earlier, there would be no crisis of th moncler soldes eeuro Réductions moncler soldes today, as the Eurozone would have the technical tool and legal weaponto counter speculation. In particular, banks would no longer be able at thesame time and at the same institution, to find losses on Government loans ofa country and sell short these same bonds.It is appalling to have to repeat that there is a solution to structuralproblems of the Eurozone, solution that many have offered for years: thepooling of a larger share of VAT from EU countries, in order to finance theservice of Eurobonds issued by an ad hoc entity of the euro zone.These Eurobonds could usefully replace Pas Cher moncler soldes a part of the national debts andenable Europe to reinvent its industrial, entrepreneurial and technologicalfuture; and repay its debt through the only reasonable way: growth. Thiswould not exempt from efforts the most heavily indebted countries; this iswithin their reach: for example it would suffice to tax for ten years 1.5%of Italians private assets (which is, in proportion, nearly 25% greater thanthat of other Europeans) to eliminate the public debt of this country.Except that the European leaders, under the influence of short-sightedpressure groups, and unable to think politics outside of the demands of theworld of finance, did not believe in the seriousness of the dyn Outlet moncler soldes amics inoperation since the end of 2007. They were content to sail closer toillusory European summits in worthless G20 format, postponing deadlinesusing tiny measures and contradictory statements.If they do not want to remain in History as the graved Taille moncler soldes iggers of the euro,and the EU, European leaders must act very quickly. They should convene anew summit of the Eurozone, which will decide finally for this necessarystep towards federalism in