Η ΟΜΑΔΑ ΤΩΝ ΤΡΙΑΚΟΝΤΑ ΠΑΓΚΟΣΜΙΩΝ ΤΥΡΑΝΝΩΝ(THE GROUP OF THIRTY)-Η ΣΚΙΩΔΗΣ ΠΑΓΚΟΣΜΙΑ ΚΥΒΕΡΝΗΣΗ
Posted by satyrikon στο 14 Αυγούστου, 2012
Ο ΘΑΝΑΤΟΣ ΤΩΝ ΑΓΟΡΩΝ
Institutions Scream Ahead Of Imminent Death Of Money Markets
Previously we explained on at least two occasions (here and here) why the upcoming death of the US money market industry is not greatly exaggerated: quite simply, as we wrote back in 2010, the Group of 30, or the shadow group that truly runs the world (see latest members) decided some time ago that it would rather take the «inert» $2.6 trillion held in money markets, and not used to boost the fractional reserve multiplier, and instead have it allocated to such more interesting markets as bonds and stocks. As a reminder, Europe already achieved this last month when it cut its deposit rate to zero leading to a sequential shuttering of money market funds.
The Fed, however, has to be far more careful to not impair the overnight General Collateral repo market which as everyone who understands the nuances of Shadow Banking knows is where all the bodies are buried, and as such has been far more careful in implementing such a shotgun approach.
Instead, Ben, the SEC, and the Group of 30 have adopted a far more surgical approach to destroying money markets: they want investors themselves to pull their money by implementing such terminally destructive measures as floating NAV, redemption restrictions and capital requirements, which will achieve one thing – get the end user to pull their money from MM and put the cash either into either deposits, where it can then proceed to be «fractionally reserved» into the banking system, or to boost AMZN’s 250+ P/E.
After all the number under observation is not modest: at $2.6 trillion, this is almost 20% of the market cap of the US stock market. So it was only a matter of time before major money market institutions, in this case Federated first, but soon everyone else, starts screaming and warning that money markets are about to die (which they are).
Of course, at the end of the day, whatever the Group of 30 wants, the Group of 30 gets: goodbye money market funds (more here). It was nice knowing you.
ΤΙ ΛΕΜΕ ΓΙΑ ΤΗΝ ΛΕΣΧΗ ΜΠΙΛΝΤΕΡΜΠΕΡΓΚ ΟΤΙ ΚΑΘΟΡΙΖΕΙ ΤΙΣ ΤΥΧΕΣ ΤΟΥ ΚΟΣΜΟΥ
ΚΑΙ ΠΡΑΣΙΝΑ ΑΛΟΓΑ.
ΦΑΙΝΕΤΑΙ ΟΤΙ ΕΧΕΙ ΞΕΘΩΡΙΑΣΕΙ ΑΠΟ
ΤΗΝ ΤΕΛΕΥΤΑΙΑ ΣΥΝΑΝΤΗΣΗ ΣΤΗΝ ΒΟΥΛΙΑΓΜΕΝΗ
ΚΑΙ ΟΤΙ ΑΥΤΟΙ ΠΟΥ ΚΑΝΟΥΝ ΚΟΥΜΑΝΤΟ ΕΙΝΑΙ
Η
ΟΜΑΔΑ ΤΩΝ ΤΡΙΑΚΟΝΤΑ ΤΥΡΑΝΝΩΝ
(ΨΑΧΤΕ ΤΟ ΣΑΙΤ ΤΟΥΣ ΕΧΕΙ ΕΝΔΙΑΦΕΡΟΝ)
ΑΥΤΟΙ ΑΠΟΤΕΛΟΥΝ ΤΑ ΜΕΛΗ ΤΗΣ ΟΜΑΔΑΣ ΤΩΝ ΤΡΙΑΚΟΝΤΑ
Current Members

- Paul A. Volcker
- Chairman Emeritus,
- Group of Thirty;
- Former Chairman, Federal Reserve System
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- Jacob A. Frenkel
- Chairman of the Board of Trustees,
- Group of Thirty;
- Chairman, JPMorgan Chase International
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- Jean-Claude Trichet
- Chairman, Group of Thirty;
- Former President, ECB;
- Honorary Governor, Banque de France
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- Geoffrey L. Bell
- Executive Secretary, Group of Thirty;
- President Geoffrey Bell and Associates;
- Former Advisor, Bank of Venezuela
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- Leszek Balcerowicz
- Professor, Warsaw School of Economics;
- Former President, Bank of Poland
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- Mark J. Carney
- Governor and Chairman, Bank of Canada;
- Chairman, Financial Stability Board; Board of Directors, BIS
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- Jaime Caruana
- General Manager, Bank for International Settlements;
- Former Governor, Banco de Espana
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- Domingo Cavallo
- Chairman and CEO, DFC Associates, LLC;
- Former Minister of Economy, Argentina
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- E. Gerald Corrigan
- Managing Director, Goldman Sachs Group, Inc.;
- Former President, Federal Reserve Bank of New York
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- Guillermo de la Dehesa Romero
- Director, Grupo Santander;
- Former Deputy Director, Banco de Espana
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- Mario Draghi
- President, European Central Bank;
- Former Governor, Banca d’Italia;
- Former Chairman, FSB
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- William C. Dudley
- President, Federal Reserve Bank of New York;
- Former Partner and Managing Director, Goldman Sachs
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- Martin Feldstein
- Professor of Economics, Harvard University;
- President Emeritus, National Bureau of Economic Research
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- Roger W. Ferguson, Jr.
- President and CEO, TIAA-CREF;
- Former Chairman, Swiss Re America Holding Corporation
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- Stanley Fischer
- Governor, Bank of Israel;
- Former First Managing Director, International Monetary Fund
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- Arminio Fraga Neto
- Founding Partner, Gavea Investimentos;
- Former Governor, Banco Central do Brasil
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- Gerd Häusler
- CEO, Bayerisch Landesbank;
- Former Managing Director and Member of the Advisory Board, Lazard and Company
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- Philipp Hildebrand
- Senior Visiting Fellow, Blavatnik School of Government, Oxford University;
- Former Chairman of the Governing Board, SNB
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- Mervyn King
- Governor, Bank of England;
- Former Professor, London School of Economics; Fellow, The British Academy
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- Paul Krugman
- Professor of Economics, Princeton University;
- Former Member, Council of Economic Advisors
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- Guillermo Ortiz
- President and Chairman, Grupo Financiero Banorte;
- Former Governor, Banco de Mexico;
- Chairman of the Board, Bank for International Settlements
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- Raghuram G. Rajan
- Professor of Economics, Chicago Booth School of Business;
- Economic Advisor to Prime Minister of India
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- Kenneth Rogoff
- Professor of Public Policy and Economics; Harvard;
- Former Chief Economist, International Monetary Fund
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- Tharman Shanmugaratnam
- Deputy Prime Minister and Minister for Finance and Manpower, Singapore;
- Chairman, Monetary Authority of Singapore
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- Masaaki Shirakawa
- Governor, Bank of Japan;
- Former Professor, Kyoto University School of Government
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- Lawrence Summers
- Charles W. Eliot University Professor at Harvard University;
- Former Director, National Economic Council;
- Former President, Harvard University; Former US Treasury Secretary
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- Lord Adair Turner
- Chairman, Financial Services Authority;
- Member of the House of Lords, United Kingdom
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- David Walker
- Senior Advisor, Morgan Stanley International, Inc.;
- Former Chairman, Securities and Investments Board
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- Axel A. Weber
- Chairman, UBS;
- Former Visiting Professor of Economics, Chicago Booth School of Business
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- Yutaka Yamaguchi
- Former Deputy Governor, Bank of Japan;
- Former Chairman, Euro Currency Standing Commission
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- Ernesto Zedillo
- Director, Yale Center for the Study of Globalization, Yale University;
- Former President of Mexico
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- Zhou Xiaochuan
- Governor, People’s Bank of China;
- Former President, Chinese Construction Bank;
- Former Asst. Minister of Trade
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Contributors and Supporters
The Group of Thirty is a 501c3 non-for-profit institution. Donations in support of our program and activities are tax deductible. If your institution would like to become active in and support our work, please contact the Group of Thirty staff for more information on (202) 331-2472 or via email on info@group30.org. We look forward to hearing from you.
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