tobotras

îÉËÁË ÎÅ ÐÏÄÔ×ÅÒÖÄÁÀÔ, ÅÓÌÉ ÔÏÞÎÅÅ. âÙÔÏ×ÏÊ ÁÎÔÉÁÍÅÒÉËÁÎÉÚÍ É ÅÓÔØ.

ÉÎÔÅÒÅÓÎÏ. ÔÙ ÓÒÁ×ÎÉ×ÁÅÛØ ÏÂÏÒÏÔ ÎÁÌÉÞÎÏÊ ×ÁÌÀÔÙ Ó × ÏÓÎÏ×ÎÏÍ ÂÅÚÎÁÌÉÞÎÙÍÉ ÷÷ð, ÇÏÄÏ×ÙÍ ÂÀÄÖÅÔÏÍ É ÇÏÄÏ×ÙÍ ÜËÓÐÏÒÔÏÍ, É ÉÚ ÜÔÏÇÏ ÞÔÏ-ÔÏ ÓÌÅÄÕÅÔ? ÐÏ-ÍÏÅÍÕ, ÔÙ ÖÖÏÛ, ÁÆÔÁÒ!

ÅÓÌÉ Ñ ÐÒÁ×ÉÌØÎÏ ÐÏÍÎÀ, ÏÄÎÁ ÑÐÏÎÉÑ ÔÑÎÅÔ ÎÁ ÐÏÞÔÉ ÔÒÉÌÌÉÏÎ ÚÏÌÏÔÏ×ÁÌÀÔÎÙÈ ÚÁÐÁÓÏ×, × ÏÓÎÏ×ÎÏÍ × ÄÏÌÌÁÒÁÈ. ËÉÔÁÊ ÎÅ ÓÌÉÛËÏÍ ÄÁÌÅËÏ. ÜÔÏ, ÚÁÍÅÔÉÍ, ÞÉÓÔÏ ÇÏÓÕÄÁÒÓÔ×ÅÎÎÙÅ ÄÏÌÌÁÒÏ×ÙÅ ÁÓÓÅÔÙ -- ÍÏÖÎÏ ÔÁËÖÅ ÐÏÉÎÔÅÒÅÓÏ×ÁÔØÓÑ, ËÁËÕÀ ÞÁÓÔØ ÞÁÓÔÎÏÇÏ ÓÏÓÔÏÑÎÉÑ × ÎÅÆÔÑÎÙÈ ÓÔÒÁÎÁÈ ÓÏÓÔÁ×ÌÑÀÔ ÄÏÌÌÁÒÙ.

É, ÎÅÔ, ÏÎÉ ÎÅ ÈÒÁÎÑÔ ÜÔÏ × ×ÉÄÅ ÏÇÒÏÍÎÙÈ ÍÅÛËÏ× Ó ÐÏÒÔÒÅÔÁÍÉ ÆÒÁÎËÌÉÎÁ, ÎÁÓËÏÌØËÏ Ñ ÐÏÎÉÍÁÀ.

îÕ, ËÁË ÍÉÎÉÍÕÍ, ÉÚ ÜÔÏÇÏ ÓÌÅÄÕÅÔ, ÞÔÏ ÅÓÌÉ ÄÏÒÏÇÉÅ ÒÏÓÓÉÑÎÅ É ÐÒÏÞÉÅ ÁÒÁÂÙ ×ÙÎÕÔ ÉÚ-ÐÏÄ ÐÏÄÕÛËÉ ÄÏÌÌÁÒÙ É ÐÏÔÒÁÔÑÔ ÉÈ ÎÁÆÉÇ, ÁÍÅÒÉËÁÎÓËÁÑ ÜËÏÎÏÍÉËÁ ÐÏÍÏÒÝÉÔÓÑ, ÎÏ ×ÙÄÅÒÖÉÔ.

çÏÓÕÄÁÒÓÔ×ÅÎÎÙÅ ÒÅÚÅÒ×Ù ÖÅ Ñ ÎÅ ÄÏ ËÏÎÃÁ ÐÏÎÉÍÁÀ. ëÁË ×ÙÇÌÑÄÉÔ ÇÏÓÕÄÁÒÓÔ×ÅÎÎÙÊ ÄÏÌÌÁÒÏ×ÙÊ ÁÓÓÅÔ, ÆÉÚÉÞÅÓËÉ, ÔÁËÓËÔØ?

Ô.Å. ÔÙ ÄÕÍÁÅÛØ, ÞÔÏ ÅÓÌÉ ÁÒÁÂÓËÉÊ ÛÅÊÈ, ÏÂÏÂÝ£ÎÎÙÊ ÇÕÂÅÒÎÁÔÏÒ ÞÕËÏÔËÉ, ÎÉÇÅÒÉÊÓËÉÊ ÇÅÎÅÒÁÌ É ËÏÌÕÍÂÉÊÓËÉÊ ÎÁÒËÏÂÁÒÏÎ ×ÙÎÕÔ ÉÚ-ÐÏÄ ÐÏÄÕÛËÉ $1E9, ÔÏ ÜÔÏ ÂÕÄÕÔ ÔÁËÉ ÎÁÌÉÞÎÙÅ ÂÁËÓÙ × ÞÅÍÏÄÁÎÁÈ, ×ÈÏÄÑÝÉÅ × ÕÐÏÍÑÎÕÔÙÅ 2/3 ÔÒÉÌÌÉÏÎÁ ÎÁÌÁ? ÄÕÍÁÀ, ÜÔÏ ÎÅ ÓÏ×ÓÅÍ ÔÁË.

ÐÒÏ ÇÏÓÕÄÁÒÓÔ×ÅÎÎÙÅ ÁÓÓÅÔÙ Ñ ÎÅ ÏÓÏÂÏ × ËÕÒÓÅ -- × ÔÏÍ ÉÌÉ ÉÎÏÍ ×ÉÄÅ ÏÂÑÚÁÔÅÌØÓÔ×Á ÁÍÅÒÉËÁÎÓËÏÇÏ ËÁÚÎÁÞÅÊÓÔ×Á, ÎÁ×ÅÒÎÏÅ. × ÂÁÊÔÁÈ, ÔÁÍ, ÓÞÅÔÁ ËÁËÉÅ-ÎÉÂÕÄØ, ÉÌÉ × ÂÕÍÁÇÁÈ ËÁËÏÇÏ-ÔÏ ×ÉÄÁ.

×Ó£ ÖÅ ÄÕÍÁÀ, ÞÔÏ ÓÌÕÈÉ Ï ÄÏÌÌÁÒÏ×ÙÈ ÓÏÓÔÏÑÎÉÑÈ ÄÏÒÏÇÉÈ ÒÏÓÓÉÑÎ ÓÉÌØÎÏ ÐÒÅÕ×ÅÌÉÞÅÎÙ. ÄÁÖÅ ÅÓÌÉ ÓÏÂÒÁÔØ ×Ó£ ÂÏÂÌÏ ÏÌÅÇÁÒÈÏ×, ×Ó£ ÒÁ×ÎÏ ÎÉËÔÏ ÏÓÏÂÏ ËÁË É ÎÅ ÚÁÍÅÔÉÔ, ÎÅ ÔÏ ÞÔÏ ÄÁÖÅ ÜËÏÎÏÍÉËÁ ÏÍÅÒÉËÉ.

ÍÉËÓ ÂÏÎÄÏ× É ÄÅÐÏÚÉÔÏ×, ËÁË Ñ ÐÏÎÉÍÁÀ

ëÁÚÁÌÏÓØ ÂÙ, ÐÒÉÞ£Í ÚÄÅÓØ ìÕÖËÏ×? (c) :-)

ÐÒÏ ÌÕÖËÏ×Á - ÐÏÄÒÏÂÎÅÅ!

óÌÅÇËÁ ÐÏÐÒÁ×ÌÀ, ÉÓÈÏÄÎÏÅ ÕÔ×ÅÒÖÄÅÎÉÅ ÄÏÌÖÎÏ ×ÙÇÌÑÄÅÔØ ÔÁË:
"üËÏÎÏÍÉËÁ óûá -- ÜÔÏ ÔÁËÁÑ ÂÏÌØÛÁÑ ÐÉÒÁÍÉÄÁ, ÓÔÒÏÑÝÁÑÓÑ ÎÁ ÄÏ×ÅÒÉÉ ×ÅÒÕÝÅÇÏ É ÚÎÁÀÝÅÇÏ ÁÎÇÌÉÊÓËÉÊ ÑÚÙË Ë ÄÏÌÌÁÒÕ."

éÓÈÏÄÑ ÉÚ ÐÏÓÔÍÏÄÅÒÎÉÓÔÓËÉÈ ÔÅÚÉÓÏ× Ï ÔÏÍ, ÞÔÏ ÄÏÌÌÁÒ - ÜÔÏ ×ÓÅÇÏ-ÌÉÛØ ÓÉÍÕÌÑËÒ âÏÇÁ, ÞÔÏ ÐÏÄÔ×ÅÒÖÄÁÅÔÓÑ ×ÚÇÌÑÄÏÍ ÎÁ ÏÂÒÁÔÎÕÀ ÓÔÏÒÏÎÕ ÏÄÎÏÄÏÌÌÁÒÏ×ÏÊ ÂÁÎËÎÏÔÙ Ó ÎÁÄÐÉÓØÀ "In One God We Trust". úÄÅÓØ ÓÌÏ×Ï âÏÇ, ËÁË ÁÂÓÔÒÁËÃÉÑ, ÚÁÍÅÎÑÅÔÓÑ ÎÁ ÓÉÍÕÌÑËÒ × ×ÉÄÅ ËÏÎËÒÅÔÎÏÊ ÏÄÎÏÄÏÌÌÁÒÏ×ÏÊ ÂÁÎËÎÏÔÙ.

÷ ÄÏË. ÆÉÌØÍÅ "æÁÒÅÎÇÅÊÔ 911" ÐÒÉ×ÏÄÉÔÓÑ ÕÔ×ÅÒÖÄÅÎÉÅ, ÞÔÏ ÐÒÉÍÅÒÎÏ 7% óûá ÐÒÉÎÁÄÌÅÖÉÔ óÁÕÄÏ×ÓËÏÊ áÒÁ×ÉÉ É ÄÒÕÇÉÍ ÎÅÆÔÑÎÙÍ ËÏÒÏÌÅ×ÓÔ×ÁÍ ÎÁ âÌÉÖÎÅÍ ×ÏÓÔÏËÅ.

>ÞÔÏ ÅÄÉÎÓÔ×ÅÎÎÏÅ, ÞÔÏ ÜËÓÐÏÒÔÉÒÕÀÔ ûÔÁÔÙ, -- ÜÔÏ ÄÏÌÌÁÒÙ É ÄÅÍÏËÒÁÔÉÑ

÷ ÏÓÎÏ×ÎÏÍ ÛÔÁÔÙ ÜËÓÐÏÒÔÉÒÕÀÔ ×ÓÅ ÖÅ ÐÒÏÄÕËÔ ÉÎÔÅÌÌÅËÔÕÁÌØÎÏÇÏ ÔÒÕÄÁ.

Ô.Å. ÂÕÍÁÖËÉ Ó ÇÏÌÏÇÒÁÍÍÁÍÉ

îÁÌÉÞÎÁÑ ×ÁÌÀÔÁ ÎÁÈÏÄÉÔÓÑ ÚÁ ÒÕÂÅÖÏÍ, ÐÏÔÏÍÕ ÞÔÏ × óûá ÎÁÌÉÞÎÙÅ ÉÓÐÏÌØÚÕÀÔÓÑ ÏÞÅÎØ ÍÁÌÏ (ÎÁÌÉÞÎÙÅ ÜÔÏ ×ÏÏÂÝÅ ÄÌÑ ÔÒÅÔØÅÇÏ ÍÉÒÁ Ñ, ÎÁÐÒÉÍÅÒ, ÎÉËÏÇÄÁ ÎÅ ÄÅÒÖÁÌ × ÒÕËÅ ËÁÎÁÄÓËÉÅ $100)

îÏ ÒÁÚÎÉÃÁ ÍÅÖÄÕ ÜËÓÐÏÒÔÏÍ É ÉÍÐÏÒÔÏÍ ÄÅÊÓÔ×ÉÔÅÌØÎÏ ÅÓÔØ, ×ÏÔ ÜÔÁ ÒÁÚÎÉÃÁ É ÏÂÅÓÐÅÞÉ×ÁÅÔÓÑ ×ÅÒÏÊ (×ÐÏÌÎÅ ÏÐÒÁ×ÄÁÎÎÏÊ) × ÁÍÅÒÉËÁÎÓËÉÊ ÄÏÌÌÁÒ É ÁÍÅÒÉËÁÎÓËÕÀ ÜËÏÎÏÍÉËÕ. çÌÁ×ÎÁÑ ÜËÏÎÏÍÉÞÅÓËÁÑ ÍÅÞÔÁ ÁÍÅÒÉËÉ ÓÅÊÞÁÓ - ÜÔÏ ÞÔÏÂÙ ÅÊ ÜÔÉ ÄÏÌÌÁÒÙ ÎÁËÏÎÅà ÐÒÅÄßÑ×ÉÌÉ É ÏÎÉ ÂÙ ÅÝÅ ÒÁÚÏË ÐÒÏËÒÕÔÉÌÉÓØ × ÷÷ð

ðÏ-ÍÏÅÍÕ, ÜÔÉ ÃÉÆÒÙ ÐÌÏÈÏ ÐÏÄÔ×ÅÒÖÄÁÀÔ ÍÙÓÌØ, ÉÚÌÏÖÅÎÎÕÀ × ÐÅÒ×ÏÍ ÁÂÚÁÃÅ. îÅÔ?

ÎÅÔ ËÏÎÅÞÎÏ, ÐÒÉÞ£Í ÔÕÔ ÎÁÌÉÞËÁ-ÔÏ. ëÌÀÞÅ×ÏÅ ÓÌÏ×Ï - US treasures.
÷ÏÔ ÏÆÉÃÉÁÌØÎÙÅ ÃÉÆÒÙ ÐÏ ×ÎÅÛÎÅÍÕ ÄÏÌÇÕ óûá -- http://www.publicdebt.treas.gov/opd/opdpenny.htm
ðÏÎÑÔÎÏ, ÞÔÏ ÄÏÌÇ ÜÔÏÔ ($7,878,734,742,338.35) ÎÅ × ÎÁÌÉÞÎÏÊ ×ÁÌÀÔÅ, Á ÏÂÌÉÇÁÃÉÑÈ.

óÏÂÓÔ×ÅÎÎÏ, ËÌÀÞÅ×ÏÊ ÍÏÍÅÎÔ Õ ×ÓÅÈ "ÂÙÔÏ×ÙÈ ÁÎÔÉÍÅÒÉËÁÎÉÓÔÏ×" -- ÜÔÏ ÒÁÚÎÉÃÁ ÍÅÖÄÕ ÁÍÅÒÉËÁÎÓËÉÍ ÜËÓÐÏÒÔÏÍ É ÉÍÐÏÒÔÏÍ. ãÉÆÒÁ ÜÔÁ -- 2 ÍÉÌÌÉÁÒÄÁ ÄÏÌÌÁÒÏ× × ÄÅÎØ. ôÁËÉÍ ÏÂÒÁÚÏÍ, ÁÍÅÒÉËÁÎÓËÉÊ ×ÎÅÛÎÅÔÏÒÇÏ×ÙÊ ÄÅÆÉÃÉÔ ÓÏÓÔÁ×ÌÑÅÔ ÏËÏÌÏ 55-60 ÍÉÌÌÉÁÒÄÏ× ÄÏÌÌÁÒÏ× × ÍÅÓÑÃ. á ÕÖ ÎÁÓÔÏÌØËÏ ÜÔÏ "ÐÉÒÁÍÉÄÎÁÑ" ÃÉÆÒÁ -- ÚÁ×ÉÓÉÔ ÏÔ ÕÒÏ×ÎÑ ÐÁÒÁÎÏÊÉ ÔÏÇÏ, ËÔÏ Å£ ÔÒÁËÔÕÅÔ. ;-)

ëÓÔÁÔÉ, ÄÉÎÁÍÉËÁ ÒÏÓÔÁ ×ÎÅÛÎÅÇÏ ÄÏÌÇÁ Ï ÍÎÏÇÏÍ ÇÏ×ÏÒÉÔ:

08/04/2005 $7,878,734,742,338.35
09/30/2004 $7,379,052,696,330.32
09/30/2003 $6,783,231,062,743.62
09/30/2002 $6,228,235,965,597.16
09/28/2001 $5,807,463,412,200.06
09/29/2000 $5,674,178,209,886.86
09/30/1999 $5,656,270,901,615.43
09/30/1998 $5,526,193,008,897.62
09/30/1997 $5,413,146,011,397.34
09/30/1996 $5,224,810,939,135.73
09/29/1995 $4,973,982,900,709.39
09/30/1994 $4,692,749,910,013.32
09/30/1993 $4,411,488,883,139.38
09/30/1992 $4,064,620,655,521.66
09/30/1991 $3,665,303,351,697.03
09/28/1990 $3,233,313,451,777.25
09/29/1989 $2,857,430,960,187.32
09/30/1988 $2,602,337,712,041.16
09/30/1987 $2,350,276,890,953.00

ï ÞÅÍ ÇÏ×ÏÒÉÔ? ïÎÁ ÈÏÒÏÛÏ ÏÔÒÁÖÁÅÔ ÒÅÃÅÓÓÉÉ É ÐÏÄßÅÍÙ É ÎÅ Ñ×ÌÑÅÔÓÑ ËÁËÏÊ-ÔÏ ÏÓÏÂÅÎÎÏ ×ÙÄÁÀÝÅÊÓÑ ÓÅÊÞÁÓ

08/04/2005	6.772
09/30/2004	8.784
09/30/2003	8.911
09/30/2002	7.245
09/28/2001	2.349
09/29/2000	0.317
09/30/1999	2.354
09/30/1998	2.088
09/30/1997	3.605
09/30/1996	5.043
09/29/1995	5.993
09/30/1994	6.376
09/30/1993	8.534
09/30/1992	10.895
09/30/1991	13.361
09/28/1990	13.155
09/29/1989	9.802
09/30/1988	10.725

ï ÞÅÍ ÇÏ×ÏÒÉÔ? ïÎÁ ÈÏÒÏÛÏ ÏÔÒÁÖÁÅÔ ÒÅÃÅÓÓÉÉ É ÐÏÄßÅÍÙ É ÎÅ Ñ×ÌÑÅÔÓÑ ËÁËÏÊ-ÔÏ ÏÓÏÂÅÎÎÏ ×ÙÄÁÀÝÅÊÓÑ ÓÅÊÞÁÓ

îÅÔ. óÏ×ÓÅÍ ÎÅ ÔÁË. òÅÃÅÓÓÉÉ É ÐÏÄߣÍÙ ÏÎÁ ÂÙ ÈÏÒÏÛÏ ÏÔÒÁÖÁÌÁ, ÅÓÌÉ ×Ï ×ÒÅÍÅÎÁ ÒÅÃÅÓÓÉÊ ÒÏÓÌÁ, Á ×Ï ×ÒÅÍÅÎÁ ÐÏÄߣÍÏ× ÓÏËÒÁÝÁÌÁÓØ. ;) á ÍÙ ×ÉÄÉÍ ÉÓËÌÀÞÉÔÅÌØÎÏ ÒÏÓÔ. îÕ ÄÁ, ÎÉËÔÏ ÎÅ ÓÐÏÒÉÔ, ÄÏ 11 ÔÒÉÌÌÉÏÎÏ×, ËÏÔÏÒÙÊ ÁÍÅÒÉËÁÎÓËÉÊ ÷÷ð, ÅÝ£ ÄÏÌÇÏ, ÈÏÔÑ É ÔÁË ÕÖÅ ÐÏÌÕÞÁÅÔÓÑ, ÞÔÏ ÓÔÒÁÎÁ, ËÏÔÏÒÁÑ ÜÍÉÔÉÒÕÅÔ ÍÉÒÏ×ÕÀ ×ÁÌÀÔÕ, Ñ×ÌÑÅÔÓÑ ËÒÕÐÎÅÊÛÉÍ ÄÏÌÖÎÉËÏÍ × ÍÉÒÅ É ÄÏÌÖÎÁ ÐÏÌÏ×ÉÎÕ ÓÏÂÓÔ×ÅÎÎÏÇÏ ÇÏÄÏ×ÏÇÏ ÷÷ð.

ðÒÏÓÔÁÑ ÁÎÁÌÏÇÉÑ.

÷ òÏÓÓÉÉ ÷÷ð ÚÁ 2004 ÇÏÄ ÓÏÓÔÁ×ÉÌ, ÅÓÌÉ ÐÁÍÑÔØ ÎÅ ÐÏÄ×ÏÄÉÔ, 700 ÑÒÄÏ×. ÷ÏÐÒÏÓ -- ËÁË ÂÙ ÍÙ ÏÃÅÎÉ×ÁÌÉ ÒÏÓÓÉÊÓËÕÀ ÜËÏÎÏÍÉËÕ, ÅÓÌÉ ÐÒÉ ÜÔÏÍ ÎÁ ÎÅÊ ×ÉÓÅÌÏ ÂÙ ÐÏÄ 400 ÑÒÄÏ× ÄÏÌÇÁ, ÐÒÉ ÜÔÏÍ ÄÉÎÁÍÉËÁ ÄÏÌÇÁ ÂÙÌÁ ÂÙ ÐÏÌÏÖÉÔÅÌØÎÏÊ?

òÅÃÅÓÓÉÉ É ÐÏÄߣÍÙ ÏÎÁ ÂÙ ÈÏÒÏÛÏ ÏÔÒÁÖÁÌÁ, ÅÓÌÉ ×Ï ×ÒÅÍÅÎÁ ÒÅÃÅÓÓÉÊ ÒÏÓÌÁ, Á ×Ï ×ÒÅÍÅÎÁ ÐÏÄߣÍÏ× ÓÏËÒÁÝÁÌÁÓØ

éÍÅÎÎÏ ÔÁË É ÐÒÏÉÓÈÏÄÉÔ Ó ÄÉÎÁÍÉËÏÊ ÒÏÓÔÁ, ËÏÔÏÒÁÑ ÅÓÔØ ×ÔÏÒÁÑ ÐÒÏÉÚ×ÏÄÎÁÑ

÷ òÏÓÓÉÉ ÷÷ð ÚÁ 2004 ÇÏÄ ÓÏÓÔÁ×ÉÌ, ÅÓÌÉ ÐÁÍÑÔØ ÎÅ ÐÏÄ×ÏÄÉÔ, 700 ÑÒÄÏ×. ÷ÏÐÒÏÓ -- ËÁË ÂÙ ÍÙ ÏÃÅÎÉ×ÁÌÉ ÒÏÓÓÉÊÓËÕÀ ÜËÏÎÏÍÉËÕ, ÅÓÌÉ ÐÒÉ ÜÔÏÍ ÎÁ ÎÅÊ ×ÉÓÅÌÏ ÂÙ ÐÏÄ 400 ÑÒÄÏ× ÄÏÌÇÁ, ÐÒÉ ÜÔÏÍ ÄÉÎÁÍÉËÁ ÄÏÌÇÁ ÂÙÌÁ ÂÙ ÐÏÌÏÖÉÔÅÌØÎÏÊ

íÙ ÂÙ ÉÓËÌÀÞÉÔÅÌØÎÏ ÏÆÉÇÅ×ÁÌÉ ÏÔ ÎÅÏÖÉÄÁÎÎÏ ×ÙÒÏÓÛÅÊ ÉÎ×ÅÓÔÉÃÉÏÎÎÏÊ ÐÒÉ×ÌÅËÁÔÅÌØÎÏÓÔÉ ÒÏÓÓÉÊÓËÏÊ ÜËÏÎÏÍÉËÉ

éÍÅÎÎÏ ÔÁË É ÐÒÏÉÓÈÏÄÉÔ Ó ÄÉÎÁÍÉËÏÊ ÒÏÓÔÁ, ËÏÔÏÒÁÑ ÅÓÔØ ×ÔÏÒÁÑ ÐÒÏÉÚ×ÏÄÎÁÑ

óÌÕÛÁÊ, ÅÓÌÉ Ñ, ËÏÇÄÁ ÄÅÌÁ ÉÄÕÔ ÐÌÏÈÏ, ÂÅÒÕ × ÄÏÌÇ ÁËÔÉ×ÎÏ, Á ËÏÇÄÁ ÄÅÌÁ ÉÄÕÔ ÔÁË ÓÅÂÅ, × ÄÏÌÇ ÐÏÞÔÉ ÎÅ ÂÅÒÕ, É ÐÒÉ ÜÔÏÍ ÎÉËÏÇÄÁ ÄÏÌÇÉ ÎÅ ×ÏÚ×ÒÁÝÁÀ - ÜÔÏ ÎÏÒÍÁÌØÎÏ? :)

íÙ ÂÙ ÉÓËÌÀÞÉÔÅÌØÎÏ ÏÆÉÇÅ×ÁÌÉ ÏÔ ÎÅÏÖÉÄÁÎÎÏ ×ÙÒÏÓÛÅÊ ÉÎ×ÅÓÔÉÃÉÏÎÎÏÊ ÐÒÉ×ÌÅËÁÔÅÌØÎÏÓÔÉ ÒÏÓÓÉÊÓËÏÊ ÜËÏÎÏÍÉËÉ

îÅ ÐÏÎÉÍÁÀ, ËÁËÁÑ Ó×ÑÚØ ÍÅÖÄÕ ÒÁÓÔÕÝÉÍ ÇÏÓÄÏÌÇÏÍ É ÉÎ×ÅÓÔÉÃÉÏÎÎÏÊ ÐÒÉ×ÌÅËÁÔÅÌØÎÏÓÔØÀ. ðÏÓÌÅÄÎÉÅ ÌÅÔ 5 ÉÎ×ÅÓÔÉÃÉÏÎÎÏ ÐÒÉ×ÌÅËÁÔÅÌÅÎ ëÉÔÁÊ - É ÇÄÅ ÔÁÍ ÒÏÓÔ ÄÏÌÇÁ?

> îÅ ÐÏÎÉÍÁÀ, ËÁËÁÑ Ó×ÑÚØ ÍÅÖÄÕ ÒÁÓÔÕÝÉÍ ÇÏÓÄÏÌÇÏÍ É ÉÎ×ÅÓÔÉÃÉÏÎÎÏÊ ÐÒÉ×ÌÅËÁÔÅÌØÎÏÓÔØÀ.

ó×ÑÚØ ÐÒÑÍÁÑ. åÓÌÉ Ñ ÐÒÉ×ÌÅËÁÔÅÌÅÎ, ÍÎÅ × ÄÏÌÇ ÄÁÄÕÔ. á ÅÓÌÉ ÎÅÔ -- ÎÅÔ.

îÕ ÂÌÉÎ, Ñ ÖÅ ÎÁÐÉÓÁÌ "ÇÏÓÄÏÌÇ". åÓÌÉ ÍÙ ÇÏ×ÏÒÉÍ Ï ËÁÐÉÔÁÌÉÓÔÉÞÅÓËÏÊ ÜËÏÎÏÍÉËÅ, ÔÏ É×ÅÓÔÉÃÉÉ-ÔÏ ÄÏÌÖÎÙ ÂÙÔØ ÞÁÓÔÎÙÍÉ, Á? óÏÏÔ×ÅÔÓÔ×ÅÎÎÏ, ÒÁÓÔÕÔ ÄÏÌÇÉ ËÏÒÐÏÒÁÔÏ×, Á ÎÅ ÇÏÓÕÄÁÒÓÔ×Á.

óÏÂÓÔ×ÅÎÎÏ - Ë ÐÒÅÄÙÄÕÝÅÍÕ ÍÏÅÍÕ ÏÔ×ÅÔÕ ËÏÎËÒÅÔÎÁÑ ÉÌÌÀÓÔÒÁÃÉÑ.

http://cbr.ru/statistics/credit_statistics/print.asp?file=debt.htm
÷ÎÅÛÎÉÊ ÄÏÌÇ òÏÓÓÉÊÓËÏÊ æÅÄÅÒÁÃÉÉ × 2004 ÇÏÄÕ É × ÑÎ×ÁÒÅ - ÍÁÒÔÅ 2005 ÇÏÄÁ

1 ÑÎ×ÁÒÑ 2004 Ç -- 186,0 ÍÉÌÌÉÁÒÄÁ
1 ÁÐÒÅÌÑ 2005 Ç -- 221,4 ÍÉÌÌÉÁÒÄÁ

ëÁË ÖÅ ÜÔÏ ÔÁË ÐÏÌÕÞÁÅÔÓÑ -- ÐÒÉ ÔÏÍ, ÞÔÏ ÇÏÓÕÄÁÒÓÔ×Ï ÎÅ ÄÅÌÁÅÔ ÎÏ×ÙÈ ÄÏÌÇÏ× ÄÁ ÅÝ£ É ÄÏÓÒÏÞÎÏ ×ÙÐÌÁÞÉ×ÁÅÔ ÂÁÂÌÏ ÐÁÒÉÖÓËÏÍÕ ËÌÕÂÕ?

ïÞÅÎØ ÐÒÏÓÔÏ -- ÇÏÓÕÄÁÒÓÔ×Ï ×ÙÐÌÁÞÉ×ÁÅÔ, Á ËÏÒÐÏÒÁÔÙ ÔÉÐÁ ÇÁÚÐÒÏÍÏ×, ÌÕËÏÊÌÏ× É ÐÒÏÞÉÈ ×ÉÍÂÉÌØÄÁÎÏ× ÁËÔÉ×ÎÏ ËÒÅÄÉÔÕÀÔÓÑ ÎÁ ×ÎÅÛÎÅÍ ÒÙÎËÅ. ïÄÉÎ ÇÁÚÐÒÏÍ ÎÅÄÁ×ÎÏ ÓÅÂÅ 12-ÍÉÌÌÉÁÒÄÎÕÀ ËÒÅÄÉÔÎÕÀ ÌÉÎÉÀ ÏÔËÒÙÌ.

ÅÓÌÉ Ñ, ËÏÇÄÁ ÄÅÌÁ ÉÄÕÔ ÐÌÏÈÏ, ÂÅÒÕ × ÄÏÌÇ ÁËÔÉ×ÎÏ, Á ËÏÇÄÁ ÄÅÌÁ ÉÄÕÔ ÔÁË ÓÅÂÅ, × ÄÏÌÇ ÐÏÞÔÉ ÎÅ ÂÅÒÕ, É ÐÒÉ ÜÔÏÍ ÎÉËÏÇÄÁ ÄÏÌÇÉ ÎÅ ×ÏÚ×ÒÁÝÁÀ - ÜÔÏ ÎÏÒÍÁÌØÎÏ

îÁÚÙ×ÁÅÔÓÑ "interest-only mortgage", ÄÏ×ÏÌØÎÏ ÓÔÒÅÍÎÏ, ÎÏ ÍÏÖÅÔ ÏËÁÚÁÔØÓÑ ÏÞÅÎØ ×ÙÇÏÄÎÏ. ìÕÞÛÅ ÂÙ, ËÏÎÅÞÎÏ, ÔÁË ÎÅ ÄÅÌÁÔØ

îÅ ÐÏÎÉÍÁÀ, ËÁËÁÑ Ó×ÑÚØ ÍÅÖÄÕ ÒÁÓÔÕÝÉÍ ÇÏÓÄÏÌÇÏÍ É ÉÎ×ÅÓÔÉÃÉÏÎÎÏÊ ÐÒÉ×ÌÅËÁÔÅÌØÎÏÓÔØÀ

èÏ-ÈÏ, Á ËÁË ÔÙ ÔÏÇÄÁ ÐÒÅÄÓÔÁ×ÌÑÅÛØ ÓÅÂÅ trade gap? íÅÛËÉ ÂÁËÓÏ× × ËÉÔÁÊÓËÏÍ ÂÁÎËÅ? þÕ×ÁË, ×ÓÑ ÜÔÁ ÒÁÚÎÉÃÁ ÕÈÏÄÉÔ × éî÷åóôéãéé × ÜËÏÎÏÍÉËÕ óûá ÉÌÉ × ÁÍÅÒÉËÁÎÓËÉÊ ÂÀÄÖÅÔ (Á Õ ÇÏÓÕÄÁÒÓÔ×ÅÎÎÙÈ ÂÏÎÄÏ× ÉÎÔÅÒÅÓÔ ÍÅÎØÛÅ ÉÎÆÌÑÃÉÉ)

ðÏÓÌÅÄÎÉÅ ÌÅÔ 5 ÉÎ×ÅÓÔÉÃÉÏÎÎÏ ÐÒÉ×ÌÅËÁÔÅÌÅÎ ëÉÔÁÊ

ïÎ ÐÒÏÈÏÄÉÔ ÐÏ ÒÁÚÒÑÄÕ emerging markets, ÎÉËÏÍÕ × ÇÏÌÏ×Õ ÎÅ ÐÒÉÈÏÄÉÔ ÓÅÒØÅÚÎÏ ×ËÌÁÄÙ×ÁÔØÓÑ × ÓÔÒÁÎÕ, ÇÄÅ ÄÁÖÅ ËÕÒÓ ×ÁÌÀÔÙ ÏÐÒÅÄÅÌÑÔ ËÏÍÍÕÎÉÓÔÉÞÅÓËÁÑ ÐÁÒÔÉÑ. úÁ×ÏÄ ÐÏÓÔÒÏÉÔØ - ÜÔÏ ÄÁ, Á ×ÏÔ ÂÏÎÄ ËÕÐÉÔØ ÎÁ 30 ÌÅÔ, ÜÔÏ ×ÒÑÄ ÌÉ

èÏ-ÈÏ, Á ËÁË ÔÙ ÔÏÇÄÁ ÐÒÅÄÓÔÁ×ÌÑÅÛØ ÓÅÂÅ trade gap? íÅÛËÉ ÂÁËÓÏ× × ËÉÔÁÊÓËÏÍ ÂÁÎËÅ? þÕ×ÁË, ×ÓÑ ÜÔÁ ÒÁÚÎÉÃÁ ÕÈÏÄÉÔ × éî÷åóôéãéé × ÜËÏÎÏÍÉËÕ óûá ÉÌÉ × ÁÍÅÒÉËÁÎÓËÉÊ ÂÀÄÖÅÔ (Á Õ ÇÏÓÕÄÁÒÓÔ×ÅÎÎÙÈ ÂÏÎÄÏ× ÉÎÔÅÒÅÓÔ ÍÅÎØÛÅ ÉÎÆÌÑÃÉÉ)

Trade gap Ñ ÓÅÂÅ ÐÒÅÄÓÔÁ×ÌÑÀ ËÁË treasures É bonds ÁÍÅÒÉËÁÎÓËÏÇÏ ÐÒÁ×ÉÔÅÌØÓÔ×Á, ËÏÔÏÒÙÍÉ ÏÎÏ ÚÁ×ÁÌÉ×ÁÅÔ ËÉÔÁÊ, ÑÐÏÎÉÀ É ÐÒÏÞÉÅ ÁÚÉÁÔÓËÉÅ ÓÔÒÁÎÙ, Á ÏÎÉ ÉÈ ÍÁÒÉÎÕÀÔ × Ó×ÏÉÈ ÃÅÎÔÒÏÂÁÎËÁÈ. îÅ ÐÏÎÉÍÁÀ, ÇÄÅ ÔÕÔ ÉÎ×ÅÓÔÉÃÉÉ Ó ÂÏÌØÛÏÊ ÂÕË×Ù × ÁÍÅÒÉËÁÎÓËÕÀ ÜËÏÍÉËÕ ÉÌÉ × ÁÍÅÒÉËÁÎÓËÉÊ ÂÀÄÖÅÔ.

ïÎ ÐÒÏÈÏÄÉÔ ÐÏ ÒÁÚÒÑÄÕ emerging markets, ÎÉËÏÍÕ × ÇÏÌÏ×Õ ÎÅ ÐÒÉÈÏÄÉÔ ÓÅÒØÅÚÎÏ ×ËÌÁÄÙ×ÁÔØÓÑ × ÓÔÒÁÎÕ

ÁÂÓÏÌÀÔÎÏ ÎÉËÏÍÕ ÎÅ ÐÒÉÈÏÄÉÔ!


China's foreign direct investment (FDI) inflows surpassed those of the United States in 2002, making China the world's leading destination for foreign funds

ÜÔÏ ÂÙÌÏ ÐÒÏ direct investment. á ×ÏÔ ÐÒÏ ×ÏÏÂÝÅ:


Foreign investment in actual use tops $570 bln: By the end of February China has approved the setting up of 510,000 foreign-invested companies with contract foreign investment reaching $1.1 trillion and foreign investment in actual use reaching $570 billion, said Wang Jinzhen, deputy secretary-general of China Council for the Promotion of International Trade (CCPIT), on the sideline of the China International Investment and Financing Forum held Thursday in Xi'an. According to Wang Jinzhen since the 1990s China has moved into a fast lane in terms of foreign investment attraction. In the three years from 1992 to 1994 China attracted respectively more than $10 billion, $20 billion and $30 billion FDI. In the past 10 years China has been the country that attracts the most foreign investment among developing countries. In 2003 actually introduced foreign investment for the first time surpassed that in the US and became the first investment choice for global multinationals.

úÁ×ÏÄ ÐÏÓÔÒÏÉÔØ - ÜÔÏ ÄÁ, Á ×ÏÔ ÂÏÎÄ ËÕÐÉÔØ ÎÁ 30 ÌÅÔ, ÜÔÏ ×ÒÑÄ ÌÉ

íÏÖÅÔ ×Ó£ ÐÒÏÝÅ, Á? :) ëÉÔÁÊ ÎÅ ÎÕÖÄÁÅÔÓÑ × 30-ÌÅÔÎÉÈ ÂÏÎÄÁÈ, ÔÁË ËÁË ÉÍÅÅÔ ÌÏÍÏ×ÏÊ account surplus É ÎÅÐÒÅÒÙ×ÎÙÊ ÉÎ×ÅÓÔÉÃÉÏÎÎÙÈ ÐÒÉÔÏË ÄÅÎÅÇ ÓÎÁÒÕÖÉ.

÷ÓÅ ÎÕÖÄÁÀÔÓÑ × 30-ÔÉ ÌÅÔÎÉÈ ÂÏÎÄÁÈ Ó ÐÒÏÃÅÎÔÏÍ ÎÉÖÅ ÉÎÆÌÑÃÉÉ, ×ÓÅ. ðÒÅÄÓÔÁ×Ø ÔÏÌØËÏ, × 1975 ÇÏÄÕ ÔÙ ÐÒÏÄÁÅÛØ ÂÏÎÄ ÎÁ 50k É ÐÏËÕÐÁÅÛØ ÄÏÍ, Á ÓÅÊÞÁÓ ÔÙ ÄÏÌÖÅÎ ÏÔÄÁÔØ 70k, Á ÄÏÍ Ô×ÏÊ ÓÔÏÉÔ ÕÖÅ 500k. éÌÉ ÄÒÕÇÏÊ ×ÁÒÉÁÎÔ, × 75-Í ÔÅÂÅ ÎÁ ÄÏÍ ÎÉËÔÏ ÄÅÎÅÇ ÎÅ ÄÁÌ, Á ËÕÐÉÌÉ ËÏÍÂÁÊÎ ÞÔÏÂÙ ÔÙ ÐÁÈÁÌ É ×ÅÒÎÕÌ ÄÅÎØÇÉ ÞÅÒÅÚ 3 ÇÏÄÁ. ÷ÏÔ ÔÙ É ÐÁÛÅÛØ, ÔÏÌØËÏ ËÏÍÂÁÊÎ ÕÖÅ ÓÇÎÉÌ 8 ÒÁÚ

÷ÏÔ ÜÔÏ ÐÒÉÍÅÒÎÏ ÒÁÚÎÉÃÁ ÍÅÖÄÕ FDI × ËÉÔÁÊ É ÐÏËÕÐËÏÊ ÁÍÅÒÉËÁÎÓËÉÈ ÂÏÎÄÏ×.

ôÁË, ÄÁ×ÁÊ ×Ó£-ÔÁËÉ ÐÏ ÐÕÎËÔÁÍ. :) âÕÄÅÔ ÍÎÅ ÏÂßÑÓÎÅÎÉÅ -- ÇÄÅ ÔÁÍ × trade gap ÉÎ×ÅÓÔÉÃÉÉ × ÁÍÅÒÉËÁÎÓËÕÀ ÜËÏÎÏÍÉËÕ, ÉÌÉ ÎÅ ÂÕÄÅÔ ÏÂßÑÓÎÅÎÉÑ?

ðÒÏ ëÉÔÁÊ, × ËÏÔÏÒÙÊ ÎÉËÔÏ ÓÅÒØ£ÚÎÏ ÎÅ ÉÎ×ÅÓÔÉÒÕÅÔ, ×ÏÐÒÏÓÏ× ÎÅÔ, ÜÔÏÔ ÐÕÎËÔ ÚÁËÒÙÔ.

äÁÌØÛÅ, ÐÒÏ ÂÏÎÄÙ.

÷ÓÅ ÎÕÖÄÁÀÔÓÑ × 30-ÔÉ ÌÅÔÎÉÈ ÂÏÎÄÁÈ Ó ÐÒÏÃÅÎÔÏÍ ÎÉÖÅ ÉÎÆÌÑÃÉÉ, ×ÓÅ. ðÒÅÄÓÔÁ×Ø ÔÏÌØËÏ, × 1975 ÇÏÄÕ ÔÙ ÐÒÏÄÁÅÛØ ÂÏÎÄ ÎÁ 50k É ÐÏËÕÐÁÅÛØ ÄÏÍ, Á ÓÅÊÞÁÓ ÔÙ ÄÏÌÖÅÎ ÏÔÄÁÔØ 70k, Á ÄÏÍ Ô×ÏÊ ÓÔÏÉÔ ÕÖÅ 500k.

îÅÐÏÎÑÔÎÏ. æÅÄÅÒÁÌØÎÙÊ ÂÏÎÄ -- ÜÔÏ ÒÁÓÐÉÓËÁ óûá Ï ÔÏÍ, ÞÔÏ ÞÅÒÅÚ 30 ÌÅÔ ÏÎÏ ÔÅÂÅ ×ÅÒÎ£Ô ÂÁÂÌÁ. äÁÌØÛÅ ÔÙ ÒÁÓÓÕÖÄÁÅÛØ Ï ÔÏÍ, ËÁËÏÊ ÜÔÏ ÚÁÍÅÞÁÔÅÌØÎÙÊ ÆÉÎÁÎÓÏ×ÙÊ ÉÎÓÔÒÕÍÅÎÔ - "Ñ ÐÒÏÄÁÀ ÂÏÎÄ É ÐÏËÕÐÁÀ ÄÏÍ".

îÏ ËÁË Ñ ÍÏÇÕ ÐÒÏÄÁÔØ ÒÙÎËÕ ÆÅÄÅÒÁÌØÎÙÊ ÂÏÎÄ? îÕ ÔÏ ÅÓÔØ Ñ ÍÏÇÕ, ËÏÎÅÞÎÏ, ÎÁÌÁÂÁÔØ ÒÁÓÐÉÓËÕ, ÞÔÏ ÍÏÌ "ÓËÒÉÍÁÇÅÒ ÄÏÌÖÅÎ ÂÁÂÌÁ ÎÁ ÓÕÍÍÕ XXX ÂÁÞÅÊ", É ÐÒÅÄÌÏÖÉÔØ ÜÔÕ ÂÕÍÁÖËÕ ÒÙÎËÕ, ÎÏ ÒÙÎÏË ÜÔÏÊ ÆÉÌØËÉÎÏÊ ÇÒÁÍÏÔÅ ÎÅ ÐÏ×ÅÒÉÔ, É ÐÏÔÒÅÂÕÅÔ ÐÒÏÃÅÎÔ ÎÅ ÎÉÖÅ ÉÎÆÌÑÃÉÉ, Á ×ÙÛÅ (× ÎÅÓËÏÌØËÏ ÒÁÚ) -- ÚÁ ÒÉÓË.

óÐÏÒÉÔØ ÖÅ Ó ÔÅÍ, ÞÔÏ ×ÚÑÔØ ÇÄÅ-ÎÉÂÕÄØ ËÜÛÁ × ÎÁ ÐÒÏÃÅÎÔÅ ÎÉÖÅ ÞÅÍ ÉÎÆÌÑÃÉÑ, ×ÂÕÈÁÔØ ÅÇÏ × hot asset, Á ÐÏÔÏÍ ÜÔÏÔ asset ÐÒÏÄÁÔØ, ÄÏÌÇ ×ÅÒÎÕÔØ Á ÒÁÚÎÉÃÕ ÏÓÔÁ×ÉÔØ -- ÜÔÏ ÓÕÐÅÒ, Ñ ÎÅ ÂÕÄÕ. îÏ ÐÒÉÞ£Í ÔÕÔ 30-ÌÅÔÎÉÅ ÆÅÄÅÒÁÌØÎÙÅ ÂÏÎÄÙ? :-)

á ×ÏÔ ÞÔÏ Ï ÜÔÏÍ ÄÕÍÁÅÔ Ï 30-ÌÅÔÎÉÈ ÂÏÎÄÁÈ ÇÁÚÅÔÁ Washington Times:

The Bush administration resurrected the 30-year Treasury bond yesterday after a four-year absence, giving the government a new tool to finance the expanding federal debt.

Treasury officials said the decision to revive the so-called long bond was driven by technical issues of debt management, not the federal deficit. The short-term deficit picture has brightened in recent months due to an unexpected surge in tax revenue.

But most bond-market analysts said the Treasury Department's move acknowledged the obvious: With the baby-boom generation nearing retirement, the long-term deficit picture remains bleak, and the government needs new ways to borrow.

"It's unfortunate that we're living in a time of significant, multi-hundred-billion-dollar deficits, but I do think Treasury is making the appropriate decision," said Gary Gensler, an undersecretary of the Treasury during the Clinton administration.

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The White House projected last month that the deficit would reach $333 billion this fiscal year, considerably less than the $427 billion deficit projected in February. The tide of red ink should recede to $170 billion by 2010. But even White House officials acknowledge the picture will deteriorate by the next decade unless Congress reins in spending on entitlements such as Medicare and Social Security.

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ôÁËÉÍ ÏÂÒÁÚÏÍ, Ñ ÎÅ ÓÎÉÍÁÀ Ó×ÏÅÇÏ ÁÒÇÕÍÅÎÔÁ ÐÒÏ ÔÏ, ÞÔÏ ÂÏÎÄÙ - ÜÔÏ ÐÒÏÓÔÏ ÆÉÎÁÎÓÉÒÏ×ÁÎÉÅ ÄÅÆÉÃÉÔÁ × ÕÓÌÏ×ÉÑÈ ÎÅÈ×ÁÔËÉ ÂÁÂÌÁ Õ ÐÒÁ×ÉÔÅÌØÓÔ×Á; ëÉÔÁÊ × ÔÁËÏÍ ÉÎÓÔÒÕÍÅÎÔÅ ÐÏÐÒÏÓÔÕ ÎÅ ÎÕÖÄÁÅÔÓÑ.

ÔÏ ÅÓÔØ Ñ ÍÏÇÕ, ËÏÎÅÞÎÏ, ÎÁÌÁÂÁÔØ ÒÁÓÐÉÓËÕ, ÞÔÏ ÍÏÌ "ÓËÒÉÍÁÇÅÒ ÄÏÌÖÅÎ ÂÁÂÌÁ ÎÁ ÓÕÍÍÕ XXX ÂÁÞÅÊ", É ÐÒÅÄÌÏÖÉÔØ ÜÔÕ ÂÕÍÁÖËÕ ÒÙÎËÕ, ÎÏ ÒÙÎÏË ÜÔÏÊ ÆÉÌØËÉÎÏÊ ÇÒÁÍÏÔÅ ÎÅ ÐÏ×ÅÒÉÔ

éËÚÁËÔÌÉ. ðÏÔÏÍÕ ÞÔÏ ÎÅ×ÅÌÉËÁ Ô×ÏÑ ÉÎ×ÅÓÔÉÃÉÏÎÎÁÑ ÐÒÉ×ÌÅËÁÔÅÌØÎÏÓÔØ. á ÐÒÉ×ÌÅËÁÔÅÌØÎÏÓÔØ óûá ×ÅÌÉËÁ, ÐÏÜÔÏÍÕ, ÎÁÐÒÉÍÅÒ, ëÉÔÁÊ ÇÏÔÏ× ÜÔÉ ÂÕÍÁÖËÉ ÓËÕÐÁÔØ. þÔÏ ÇÏ×ÏÒÉÔ Ï ÔÏÍ, ËÁËÏÊ Õ ëÉÔÁÑ ÐÒÏÇÎÏÚ ÎÁ ÓÏÓÔÏÑÎÉÅ ÁÍÅÒÉËÁÎÓËÏÊ ÜËÏÎÏÍÉËÉ.

á ÔÁË ×ÓÅ ×ÅÒÎÏ, ÂÏÎÄÁÍÉ ÚÁÔÙËÁÀÔ ÄÅÆÉÃÉÔ. ÷ÏÔ ÅÓÔØ ÔÁËÁÑ ×ÏÚÍÏÖÎÏÓÔØ Õ óûá - ÖÉÔØ ÓÌÅÇËÁ ÎÅ ÐÏ ÓÒÅÄÓÔ×ÁÍ, × ÏÞÅÎØ ÄÅÛÅ×ÙÊ ËÒÅÄÉÔ.

ôÏÌØËÏ ÔÙ trade gap ÐÕÔÁÅÛØ Ó ÂÀÄÖÅÔÎÙÍ ÄÅÆÉÃÉÔÏÍ.

á ÐÒÉ×ÌÅËÁÔÅÌØÎÏÓÔØ óûá ×ÅÌÉËÁ, ÐÏÜÔÏÍÕ, ÎÁÐÒÉÍÅÒ, ëÉÔÁÊ ÇÏÔÏ× ÜÔÉ ÂÕÍÁÖËÉ ÓËÕÐÁÔØ. þÔÏ ÇÏ×ÏÒÉÔ Ï ÔÏÍ, ËÁËÏÊ Õ ëÉÔÁÑ ÐÒÏÇÎÏÚ ÎÁ ÓÏÓÔÏÑÎÉÅ ÁÍÅÒÉËÁÎÓËÏÊ ÜËÏÎÏÍÉËÉ.

îÅÔ. îÅ ÔÁË.

îÉËÁËÏÇÏ ÏÔÎÏÛÅÎÉÑ Ë ÐÏÚÉÔÉ×ÎÏÍÕ ÐÒÏÇÎÏÚÕ ÎÁ ÓÏÓÔÏÑÎÉÅ ÁÍÅÒÉËÁÎÓËÏÊ ÜËÏÎÏÍÉËÉ ÜÔÏ ÎÅ ÉÍÅÅÔ.

äÅÌÏ ÎÅ × ÔÏÍ, ÞÔÏ Õ ëÉÔÁÑ ÏÞÅÎØ ÐÏÚÉÔÉ×ÎÙÊ ÐÒÏÇÎÏÚ, ÄÅÌÏ × ÔÏÍ, ÞÔÏ Õ ëÉÔÁÑ ×ÙÈÏÄÁ ÎÅÔ. íÉÌÌÉÁÒÄ ÒÁÂÏÞÉÈ ÒÕË, ËÏÔÏÒÙÅ ÎÁÄÏ ÞÅÍ-ÔÏ ÚÁÎÑÔØ. îÁÐÒÉÍÅÒ, ÄÅÌÁÔØ ÎÏÓËÉ É ÔÅÌÅËÉ ÄÌÑ ÑÝÉËÏ×. åÓÔØ ËÒÕÐÎÅÊÛÉÊ × ÍÉÒÅ ÐÏËÕÐÁÔÅÌØ ÜÔÏÇÏ ÂÁÒÁÈÌÁ, ÅÇÏ ×ÅÌÉÞÅÓÔ×Ï áÍÅÒÉËÁÎÓËÉÊ ðÏÔÒÅÂÉÔÅÌØ. é ëÉÔÁÊ ÇÏÔÏ× ÄÅÌÁÔØ ÞÔÏ ÕÇÏÄÎÏ, × ÔÏÍ ÞÉÓÌÅ ÆÉÎÁÎÓÉÒÏ×ÁÔØ ÌÀÂÏÊ ÁÍÅÒÉËÁÎÓËÉÊ ÄÅÆÉÃÉÔ, ÌÉÛØ ÂÙ ÁÍÅÒÉËÁÎÃÙ ÐÒÏÄÏÌÖÁÌÉ ÐÏËÕÐÁÔØ ËÉÔÁÊÓËÉÅ ÔÏ×ÁÒÙ. äÒÕÇÏÅ ÄÅÌÏ, ÞÔÏ ÜÔÁ ÓÈÅÍÁ ÎÅ ×ÅÞÎÁ, ÍÑÇËÏ ÇÏ×ÏÒÑ, É ËÏÇÄÁ ÏÎÁ ÂÕÄÅÔ ÕÔÒÑÓÁÔØÓÑ, ÔÒÑÈÎ£Ô ×ÅÓØ ÍÉÒ, ÐÒÉÞ£Í ÓÉÌØÎÏ.

îÁ ÜÔÕ ÔÅÍÕ ÅÓÔØ ÈÏÒÏÛÁÑ ÓÔÁÔØÑ ðÏÌÁ ÷ÏÌËÅÒÁ (ÐÒÅÄÛÅÓÔ×ÅÎÎÉË çÒÉÎÓÐÁÎÁ ÎÁ ÐÏÓÔÕ ÒÕËÏ×ÏÄÉÔÅÌÑ ÆÅÄÅÒÁÌØÎÏÇÏ ÒÅÚÅÒ×Á):

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Yet, under the placid surface, there are disturbing trends: huge imbalances, disequilibria, risks -- call them what you will. Altogether the circumstances seem to me as dangerous and intractable as any I can remember, and I can remember quite a lot.
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What holds it all together is a massive and growing flow of capital from abroad, running to more than $2 billion every working day, and growing. There is no sense of strain. As a nation we don't consciously borrow or beg. We aren't even offering attractive interest rates, nor do we have to offer our creditors protection against the risk of a declining dollar.
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It's all quite comfortable for us. We fill our shops and our garages with goods from abroad, and the competition has been a powerful restraint on our internal prices. It's surely helped keep interest rates exceptionally low despite our vanishing savings and rapid growth.

And it's comfortable for our trading partners and for those supplying the capital. Some, such as China, depend heavily on our expanding domestic markets. And for the most part, the central banks of the emerging world have been willing to hold more and more dollars, which are, after all, the closest thing the world has to a truly international currency.

The difficulty is that this seemingly comfortable pattern can't go on indefinitely. I don't know of any country that has managed to consume and invest 6 percent more than it produces for long. The United States is absorbing about 80 percent of the net flow of international capital. And at some point, both central banks and private institutions will have their fill of dollars.

I don't know whether change will come with a bang or a whimper, whether sooner or later. But as things stand, it is more likely than not that it will be financial crises rather than policy foresight that will force the change.

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ëÉÔÁÊ ÇÏÔÏ× ÜÔÉ ÂÕÍÁÖËÉ ÓËÕÐÁÔØ, ÐÏÔÏÍÕ ÞÔÏ ÅÍÕ ÎÉÞÅÇÏ ÄÒÕÇÏÇÏ ÎÅ ÏÓÔÁ£ÔÓÑ. èÏÞÅÔÓÑ É ÐÒÏÓÔÉÍÕÌÉÒÏ×ÁÔØ ÒÁÚ×ÉÔÉÅ ÚÁ ÓÞ£Ô ÜËÓÐÏÒÔÁ, É ÉÎÆÌÑÃÉÀ Õ ÓÅÂÑ ÎÅ ×ÙÚ×ÁÔØ. á ×Ï×ÓÅ ÎÅ ÉÚ-ÚÁ ËÁËÏÊ-ÔÏ ÐÒÉ×ÌÅËÁÔÅÌØÎÏÓÔÉ áÍÅÒÉËÁÎÓËÏÊ ÜËÏÎÏÍÉËÉ.

ÆÉÎÁÎÓÉÒÕÑ ÂÀÄÖÅÔÎÙÊ ÄÅÆÉÃÉÔ ÁÍÅÒÉËÉ ËÉÔÁÊ ÆÉÎÁÎÓÉÒÕÅÔ tax cuts × ÁÍÅÒÉËÅ. ó ÜÔÏÊ ÔÏÞËÉ ÚÒÅÎÉÑ - ÜÔÏ ËÏÎÅÞÎÏ ÉÎ×ÅÓÔÉÃÉÉ.

ëÉÔÁÊ ÎÕÖÄÁÅÔÓÑ × ÌÀÂÙÈ ÂÏÎÄÁÈ É ÇÏÔÏ× ÏÐÌÁÞÉ×ÁÔØ ÞÔÏ ÕÇÏÄÎÏ, ÐÏÔÏÍÕ ÞÔÏ ÄÅÎØÇÉ ÏÔ ÆÉËÓÉÒÏ×ÁÎÏÇÏ ÀÁÎÑ ÎÅËÕÄÁ ÄÅ×ÁÔØ.
ëÉÔÁÊ Ó ÂÏÌØÛÉÍ ÕÄÏ×ÏÌØÓÔ×ÉÅÍ ÐÒÉÏÂÒÅÌ ÂÙ ÎÁ ÜÔÉ ÄÅÎØÇÉ "ÞÔÏ ÎÉÂÕÄØ ÎÕÖÎÏÅ", ÎÁÐÒÉÍÅÒ unocal, ÄÁ ÎÅ ÄÁÀÔ.

ÆÉÎÁÎÓÉÒÕÑ ÂÀÄÖÅÔÎÙÊ ÄÅÆÉÃÉÔ ÁÍÅÒÉËÉ ËÉÔÁÊ ÆÉÎÁÎÓÉÒÕÅÔ tax cuts × ÁÍÅÒÉËÅ.

îÁ ÔÅÍÕ tax cuts ÅÓÔØ ÒÁÚÎÙÅ ÔÏÞËÉ ÚÒÅÎÉÑ - http://maxspeak.org/mt/archives/001498.html

îÏ ÜÔÏ ÔÁË, Ë ÓÌÏ×Õ.

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