Bruno Roelants - Capital and the Debt Trap: Learning from Cooperatives in the Global Crisis

Trichet, J.C., 9 October 2009. For the USA, see Jickling, M., 29 January 2009.

. The Fed St. Louis is one of the 12 decentralized regional banks that make up one of the three parts of the Federal Reserve System of the USA. For a good explanation of the crisis in the USA, see the paper by Julie Stackhouse, Senior Vice President, Federal Reserve Bank of St. Louis The Financial Crisis: What Happened? updated September 21, 2009.

Blinder, Alan S. and Mark Zandi, 2010.

Geither, Timothy F., Welcome to the recovery, op-ed contribution, 2 August, 2010, New York Times.

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, 17 August 2010.

Eurozone austerity takes toll on growth, 24 August, 2010, Financial Times, p. 1.

Wall Street slips on fears data point to weak recovery, Reuters, 24 August, 2010.

Bosworth, B. and A.Flaaen, 2009, p. 2.

eighties. The collapse of these two bubbles has left Japans economy nearly stagnant for more than a decade. The United States faces the same sorts of risk from the collapse of its stock market and housing bubbles. Dean Baker, 2002, The run-up in home prices: is it real or is it another bubble? (pdf), Center for Economic and Policy Research, briefing paper.

Bosworth, B. and A. Flaaen, 2009, ibid, p. 2.

Demyanyk, Yuliya and Otto Van Hemert, 2008.

Demyanyk, Yuliya and Otto Van Hemert 2008.

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Taylor, John B., 2008.

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Frederick Kempe, 9 May, 2006, Why economists worry about who holds foreign currency reserves, Wall Street Journal, p. A8.

In July 2005, China adopted a new exchange rate regime for the Yuan (CNY), scrapping its peg to the USD and replacing it with a managed float against a basket of currencies. The Yuan appreciated initially from CNY 8.28 to CNY 8.11 per USD and then to CNY 7.87 per USD by November 2006, OECD, 2007, Agricultural Policies in Non-OECD Countries, Monitoring and Evaluation 2007, p. 4.

NYSE chief aims for global empire after striking $10bn merger deal with Euronext, The Guardian, 3 June, 2006.

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He is member of the French-American Foundation, the Trilateral Commission and the international board of British American Business.

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, 15 Jul 2009.

It is worth mentioning that this process of concentration towards a seamless stock market picked up again in 2010.

The European Union Heads of State and Governments and the President of the United States met on 22 February 2005 in Brussels, followed by a EU-US Summit on 20 June 2005 in Washington. The US Congress passed a Draft House Resolution 77 on Transatlantic Relations on 9 February 2005 and the European Commission its Communication COM(2005)0196 on 18 May 2005 entitled A stronger EU-US Partnership and a more open market for the 21st century. In, 8 May 2006, the European Parliament Rapporteur Elmar Brok handed out its final report (2005/2056(INI) Committee on Foreign affairs) The US-EU partnership aims at a liberalized free market, the harmonization of many sectors and coordinated action in regard to other countries such as China, Russia and Ukraine. The Transatlantic Partnership Agreement has other dimensions than purely commercial, with political, regulatory and security goals such as ensuring the security of energy and raw material supplies. In November 2005, working groups were established to guarantee their intellectual property rights, border enforcement cooperation, public-private partnerships and coordinated technical assistance. There is a Transatlantic Legislators Dialogue that has proposed the idea of setting a transatlantic assembly with legislators summits and the European Parliament has proposed to have a permanent representation in Washington.

anomalous ownership restrictions on the US side, particularly in the defence, aviation and media sectors, and to develop a structured dialogue aimed at achieving a mutually fair and adequate competition policy 4. Believes that cooperation and dialogue on corporate governance could assist in avoiding the adoption of discriminatory legislation such as the Sarbanes-Oxley Act of 2002 with its damaging consequences for EU companies. Source: European Parliament Rapporteur Elmar Brok report 8 May 2006 (2005/2056(INI) Committee on Foreign affairs, European Parliament.

Voltaire, Candide.

Robin Blackburn, The Subprime Crisis, New Left Review 50, MarchApril 2008, p. 63.

Blackburn, 2008, ibid.

On page 4 of the article: In late 2007, billion-dollar subprime exposures were reported by Countrywide Financial Corp. (subsequently taken over by Bank of America), Wells Fargo & Co., Citigroup Inc., HSBC Finance Corp., and Thornburg Mortgage Inc. In the case of Citigroup, it reported $55 billion in direct subprime exposure with up to $11 billion in potential revenue exposure. bank failures Washington Mutual s failure on September 25 being the largest but even this track record grossly understates the severity of the financial market crisis. One indication of the overall impact of the subprime problems can be seen in the fact that the Nasdaq Bank index as of October 2008 was down about 50% when compared to June 2007. The September 2007 $2.5 billion failure of NetBank, Inc. and the subsequent takeover by the Federal Deposit Insurance Corp. (FDIC) should dispel the myth once and for all that accounting earnings do not matter.

Reuters. Filed in February under seal, it was withheld because much of the information was subject to confidentiality agreements. Some changes were thus made for the public view, in particular 12 pages related e.g. to the Chicago Mercantile Exchange parent CME Group Inc.

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Senate panel finds major fraud at Washington Mutual, AP, Associated Press, 13 April 2010, Washington Post.

Floyd Norris accountants misled us into crisis, 13 September 2009, blog at nytimes.com/Norris.

Regulation 1602/2002, amended by Regulation 297/2008 governs the terms and the EU Commission powers concerning the adoption of IFRS. Article 3 grants full powers to the Commission unless there is incompatibility with the European public interest or with Directives 78/660 and 83/349.

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, website of the Centraal Planbureau.

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La crise selon Patrick Artus. interview with Mr. Artus, Director of Natixis, 13 February 2010, Le Monde.

Enderle. 2007.

Joseph Schumpeters Capitalism, Socialism and Democracy (1942) talked of a process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one. This was achieved through entrepreneurial innovation in the real economy.

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11 February 2010.

One in five homeowners with mortgages under water, 31 October 2008, Reuters.

Program to modify loans loses steam, August 23 2010, the Wall Street Journal.

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lemonde.fr/societe/article/2010/03/13/manifestations-en-france-pour-appuyer-un-moratoire-des-expulsions-locatives_1318605_3224.html.

Le commerce mondial navait pas connu un niveau aussi bas depuis 1945 lemonde.fr avec AFP, 24 february 2010.

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Source: General Election 2010: Tories public sector savings could cost 40,000 jobs.

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La grogne sociale monte discrtement, Le Monde, 16 April 2010.

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Sources on the crisis impact on China and Chinas measures:

1 How the bubble burst and why 10 bourses have bucked the downturn, David Teather, The Guardian, 5 August 2008, http://www.guardian.co.uk/business/2008/aug/05/stockmarkets.creditcrunch. Impact on Chinas stockmarket;

2 Loans path eases for China s farmers by Olivia Chung 30 May 2008, http://www.atimes.com/atimes/China_Business/IC21Cb01.html, on rural credit and Agricultural Bank of China restructuring;