Different Between Negligance And Malpratice

open boat sailing and bubbly for New Year!

CRUISE NEW YEAR (sloop Maid and MioaraII) (max. 6 guests per boat)
A different kind of cruise, with destinations charming and peaceful off-season, with bays and ports almost deserted, in the fleet, but with its own special charm with heated boat (MioaraII) and a goal: the night of December 31 front in Naples, to see fireworks like no other place in Italy

25 December Fiumicino: embarkation within the 20 and stemazione board
December 26 Fiumicino - Neptune (nm 28) - Night in Neptune Marine
December 27 Neptune - Palmarola / Ponza (nm 34) - Night at anchor
December 28 Palmarola / Ponza - Ventotene (nm 26) - Night in Marine Ventotene
Ventotene December 29 - Ischia (22/26 nm ) - Night at anchor
December 30 Ischia - Capri (nm 18) - Night in the marina of Capri
December 31 Capri - Naples / Mergellina (nm 17) - Night in Marine Mergellina
January 1 Napoli - Capri (17 nm) - Night in the marina of Capri
January 2 Capri - Ischia (nm 18) - Night at anchor
January 3 Ischia - Ventotene (nm 22/26) - Night in Marine Ventotene
Ventotene January 4 - Ponza (nm 22) - Night at anchor or dock in the port of Ponza (mooring fees)
January 5 Tour of Ponza and Palmarola (nm 15/20) - Night at anchor
Palmarola January 6 - Neptune (nm34) - Night in Neptune Marine
January 7 Neptune - Fiumicino (nm 28) - Night in the marina of the River Tiber Fiumicino

NB: possibility embarkation / disembarkation to: - Fiumicino, 5 minutes from the airport and railway station. We can take and accompany guests on a machine. Free private parking in marina. - Neptune, with the possibility of leaving their car in the marina (probably free), or by train from Rome. The railway station is about 500 m from the marina. - Ponza, Ventotene, Ischia by ferry or hydrofoil from Formia, which is on the railway line Rome - Naples. - Naples / Mergellina. The marina is near the train station in Naples / Mergellina cost of the mooring fee (for 12 m LOA): Fiumicino: 30/40 € Neptune: 30 € Ventotene: 30/40 € Capri: or 75, or 140 €. Book by bank deposit. The rate has yet to be established by . Mergellina: 81 €

Costs:
one-week cruise (25-31 December, or January 31 to 6, the possibility of loading from 19 December to 10 January for transfers) - 450 € during the two weeks you can follow a course, the basic course + advanced - 500 €, boating license course within 12 miles - 740 €, unlimited boating license course - 860 €

More info on course www.easyvela . it

Mwb Sprinter Dimensions

Happy Hour and sailboat Honky Tonks

For us New Year's wishes and celebrate, we decided to organize a
Happy Hour to talk about sailing, future plans and give you the latest news' of 2010 ... all enjoying the wonderful cocktails offered by Honky Tonks

Where? Thursday December 17 from 19:00 in Via F.lli Induno, 10 (Sempione area) - Milan

on behalf of and occupy the space, give your membership info@easyvela.it

look forward to your confirmations and promise that, for the most distant and unable to attend, we will make a toast for that purpose.
Fair winds to all


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Watch Nightmare On Campus Free

Immaculate Conception in Tuscany

Period: From December 4 to 'December 8, 2009

The temperate climate that is in Tuscany, as it does not lead one to enjoy their sailing towards' Capraia island also in this period?
Fezzano leave from Friday evening on a beautiful night, along the Versilia with its large coastline and beaches surrounded by the peaks of the Apuan Alps, before heading for our destination, the route crosses the island of Gorgona.

Sunday will route to Giraglia, is scheduled to view the magnificent marine hawk's nest that seems to be the only exemplary in our seas, and mooring in the beautiful bay of
Centuri. Alternatively you can go to the island Tuesday is expected to return late in the evening Fezzano Tips for the galley? Both tasty meats and cheese, not to mention strozzapreti ragout Chianina
... As a follow suggest a nice Chianti goes well with all flavors of this region
!

INDIVIDUAL RATE
Immaculate:: € 250.00

INCLUDING: Skipper
, GPS, Chartplotter, Autopilot, Lazy jacks + lazy bag, Bimini Top, Hot water, Dinghy and outboard
, CD Radio, insurance
PRICES DO NOT INCLUDE:
Towels (10, oo Euro / person), food and everything that appears under the heading "THE PRICE INCLUDES
.

How To Make Bubble Skirt Tutorial

LIVE WITH THE' ENFANCE ROUGE


Sunday, October 18, 2009
AT 22: OO
THE CELLAR THEORY
NAPOLI (vomeronasal)

opening concert:
l'Enfance Rouge

How To A Weave With A Bang

"the most dangerous thing to do is freeze "

installation sound / performance art +

Saturday, August 29, 2009
medieval castle
SM di Castellabate (Sa) 21:00

‘live View / - Axis 206m’ Model

BURROUGHS TRIBUTE TO REVIEW FOR REVIEW ON SODAPOP

the order and I have never been best friends and, unfortunately, , while trying desperately to put a patch, growing it is getting worse, as it continues to repeat "the kaos is typical of creative people" (which fucked up people like me have built flower of self-justification): a confirmation of this, I thought I had posted this review several months ago when Nimrod had made me get this demo. Fortunately, not all evil comes to harm and it happened that the Nimrod has also seen them in action and have better focus some of the impressions that I had been listening to this CDr.
This is a trio with two guitars and drums that rarely use the voice, one of the first combinations inevitable that came to my mind is to Sonic Youth first manner, and not those of the song form, but those carpet cut from the battery of guitars, and it is one of the best features of the group, in fact, the "battery" is what drives the group elsewhere, instead of remembering Steve Shelly would say that among sheet metal, leather and assorted metals one might found between Chris Cutler and Einsurzende Neubauten when they were still fucking dandy to talk to the DAMS. As the record does not render the best quality equipment of the group and while not fully convinced by the vocals, this is the classic source material from which you could pull off a great team, also because it is true that the cultural context is that a decisive bearing on the growth of individuals, it is easier to think that the foul aura with which they grow these guys is not so far from that of the No New York of pears James Chance . Long tracks, settings between more or less controlled feedback, carpets interspersed held up by leather and metal rhythms and atmospheres between the dark and depressing. Again, this is still a matter that must be refined, but working up the cards and we are all sad to see that this would be the best public service announcement on the outskirts of Naples, beyond all the hype of Gomorrah (which remains a film more than decent), which for now has been the sole effect of the tourists away from the city of Anjou Female.

Andrea Ferraris visit the website of review

When My Beard Grow In I Get Red Bumps

Chapter 4 - Financial Crisis and markets

E 'as a known and accepted that the financial crisis originated in the banking system and spreading through the financial system has infected the entire world economy, causing a severe recession with loss of millions of jobs and huge costs to budgets public. Incidentally, the spending on the various government interventions in support of the banking system are estimated at about $ 14 trillion, or if you prefer in 25% of global GDP. (*) The causes of the crisis of the banking system have been identified the excessive use of securitization of subprime mortgages . (1)

Many commentators have wanted to see in an excessive deregulation of financial markets, the causes of the crisis called for more regulation. It 's true that the "shadow banking system", consisting of special purpose vehicles issuing bank specializing in the collection
(wholesale) of savings through the placement of structured credit products, toxic securities exchange on non-regulated financial markets (so-called over-the-counter , otc ), but can not be charged to the deregulation of the causes of the crisis, which should be sought rather deconsolidation of the rules agreed to universal banks. Incidentally, the expression shadow banking system denotes the mass of passivity 'hidden originate from the same banks, which does not appear in their balance sheets' cause deconsolidation, but that must be honored. The shadow financial system exchanges deregulated market securities representing the dark mass of the universal bank, that is so 'hidden behind a veil due to the willingness of regulatory authorities and other central banks' control systems that will' allow the deconsolidation. Part of this dark mass that abbruttisce the budgets of the banks, the crisis sub-prime mortgage and is' sound and turned into a bitter loss, and lying lifeless in the balance sheets of central banks around the globe, the illusory hope a day may resciuscitare to life, triggering storms currency. Party and 'was put in the pockets of families and businesses, who see coming off income, jobs and growth, in exchange for nothing. Party still haunts and hidden threat to the markets waiting to be placed in any fund or government budget at the expense of the taxpayer.


In truth ', all the financial markets, with the exception of the market "interbank", which is regulated unregulated, have worked well in an effective and efficient in pricing securities is atypical, both the banks' actions in smell of failure. In particular, equity markets have been very valuable to the banking system has effectively used them to make liquidity 'and honor the commitments. (2) This 'obviously caused a fall in prices of stock prices to the pressure of supply over demand, but this is' part of the game (3) . The non-regulated markets are were equally efficient in pricing securities linked to atypical securitization of sub-prime mortgages (so-called toxic assets), when the players have understood that incorporated most of waste paper in spite of extensive reviews of solvency '- then proved totally inadequate - awarded by the ratings agencies . (4)

The efficiency of the market in pricing the toxic assets has led to the immediacy, in a relation of cause and effect is the worsening crisis in the housing market for the disappearance of sub-loans first and the related demand for real estate, and the crisis of the monoline insurers . (5)

The only market failure and 'was - coincidentally - the "interbank" market in which banks participated in only by those who have liquidity' in excess of the planned application of money to lend to those who I'm short. However, the reasons for this failure - coincidentally - have not been charged with the deregulation, but rather information asymmetry that has' arisen between lenders and borrowers of money. In essence, the banks did not trust most 'of each other and did not lend money to each other as there is a shadow banking system (balance sheet) no one could distinguish solvent banks from insolvent ones. In this

context of families, in most cases, they continued to trust the banking system while it did not trust most 'of himself. In some cases there 'was run on the bank. Emblematic of the September 13, 2007 at the counters of British bank Northern Rock Bank (6) . The bank was saved only by an extraordinary intervention of the Bank of England and then nationalized.

the light of these considerations embitter the conclusions for Italy in which 'reached the 6 th Standing Committee of the Senate who points out the failure of deregulation of the markets.

The Commission (i) questions " on the validity 'of the principles on which stands the relationship between the rules and functioning of markets ," but without question' the validity 'of the principles governing the relationship between the rules and operation of banks and other financial intermediaries; (ii) does not challenge the " strategic sector" of the claim while the real economy had delivered on it, "a review worried about liability 'systemic'; (iii) calls inexplicably, on the one hand , which is assigned to the European Central Bank the power of politics "in terms of financial markets " after the exclusive currency, while the other complains:

1. the "action weak supervision and lack of control mechanisms operate "
2. phenomena of moral hazard, " misconduct and violation of fundamental ethical principles " not certain markets or savers;
3. a dutiful " convinced and explicit reference to the entire banking system ... to focus on the protection of savings " and the " authorities 'supervision and control on the need' to make any further effort to ensure the full expectation that firms and investors have in the banking system "worth the continued loss of confidence and credibility ';
4. the presence of a "shadow banking system " contrasted by the clear statement of the Governor of the Bank of Italy of the absence of such a system " based on the movement of toxic off-balance ";
5. concern for (a) " the lack of transparency of bank balance sheets " (b) " violation of prudential regulations by banks in the use of derivative financial instruments " (c ) " definitely wait and see position of the authorities' supervisory such conduct" (d) "the unchallenged spreading financial products outside the budget "(e)" loss of credibility 'and expectations of the banking system "in relation" to funding and risk cover, charges borne by savers "
6. an explicit reference to responsibility 'of directors and managers of banks " respect for ethical principles and ethics to the role .

In other words, saver if you jump into the fire you do not hurt !

All this then says a lot about the power acquired by the group interest of the banking system. This lobby and 'clearly able to subdue the politicians the most 'high standards. The Government in fact, rather than 'question a whole series of powers of the banking system - ranging from autonomy and independence of the central bank relating to the supervision of brokers, denied the liberalization of the credit market with the allocation of the reserve collection of savings among the public - what does', close the holes, it drops the trousers and plans to invest in new powers and prerogatives of those institutions have proved to technical competence, prestige, elevatura morale of his men, very unreliable for the task they had been confidently given to reduce the information asymmetry between households and businesses. It seems absurd

and disconcerting that when faced with a crisis caused by a banking system suffers from an excessive and dangerous concentration and gigantism uncontrolled and uncontrollable, are invoked more authorities 'independent supranational supervisory (7) with potential' anti-democratic and highly neo-corporatist (8) , instead of 'much more' democratically and legitimately reinstate obligations of specialization of the banking system to reduce the size of these intermediaries (**) and introducing factors such as market liberalization of the credit for the repeal the prohibition of the collection of savings from the public to eliminate the oligopoly in the banking sector, "pulverize" the offer and reducing systemic risk through the fractionation and distribution of credit risk within a larger number of competitors that are real banks, and thus without the possibility 'that the credit risk can be re-downloaded to savers. (8a)

A real decision-making autonomy of the political world should lead to conclusions diametrically opposed to those represented on the Commission, which aim to reward rather than to 'punish those who did wrong. Deserve more weight certain considerations by Consob (9) " The crisis in interbank lending, which provide cash flow 'required to ensure operability' of the banks and the refinancing of maturing positions, and 'cause pathological original Governments worldwide are faced with resolving the crisis and not just treat its symptoms and its degenerative effects . Consob so' and is' expressed in words but in fact also attacked the donkey where he wanted the boss and banned - without success - the selling (10) reasons for the choice "to limit speculation " certainly not to the detriment of savers when it was known that the banks had to sell shares to acquire liquidity '.

In support of the fact that the markets have functioned well in times of crisis and not its cause, it is reported as confirmed Consob, namely that " did not record abnormal conditions of the markets it 'much less situations of violation of norms and rules of conduct .

course, this was confirmed in early October 2008, and today?

Today markets are likely to be handled by the banking system due to the almost unlimited monetary resources available to central banks by a process called "unconventional" (so-called quantitative easing )***. Gia 'in the thirties, during the crisis of 1929, the reputation of investment banks and emblazoned' was significantly affected by behaviors that appear to involve the manipulation of the markets. (10) On the other hand, and 'known that the markets U.S. stock losses suffered in violent after an initial period of catching up to almost equal the initial losses, and then descend rapidly and inexorably well below the previous Minini. No one ensures that the initial recovery time before the final collapse was not the result of a manipulation.

The manipulation of financial markets by the banking system and 'a real risk. Some researchers believe the risk of manipulation of prices in real time when the banking intermediaries involved in the market as market makers in those programs sponsored by the companies 'management to increase market liquidity' of that market.

--- (*) cf. Banking on The State, Piergiorgio Alessandri & Andrew G. Haldane, Bank of England, Nov.2009, [ http://www.bankofengland.co.uk/publications/speeches/2009/speech409.pdf ]

(**) And yet it moves! January 21, 2010, the President of the United States of America, Barack Obama announced regulatory measures to the banking sector likely to (i) introduce restrictions on the exercise of the activity 'bank ( limit the scope ) such as the prohibition to the exercise of activity ' trading owner, investing in hedge funds and private equity funds , (ii) introduce restrictions on market shares ( limit the size ) held by individual banks and financial institutions. The announced measures were based on the desire (s) to curb excessive risk-taking by banks and (ii) to protect the taxpayers from the cost saving from the budget, public financial enterprises "too big to fail" ( too big, to fail ). [ http://www.whitehouse.gov/the-press-office/president-obama-calls-new-restrictions-size-and-scope-financial-institutions-rein-e ] interactive graphics of the Law Reform banking and financial sector, passed by the Senate USA, July 2010 ( The Dodd-Frank Wall Street Reform and Consumer Protection Act ) [cf. graphic reform http://online.wsj.com/article/SB10001424052748704682604575369030061839958.html? #% articleTabs 3Dinteractive ] [cf. Text reform http://www.sec.gov/about/laws/wallstreetreform-cpa.pdf ]. A few days earlier, on January 16th, Obama announced a tax for the major banks such as to recover taxpayer funds spent to rescue the banking sector insolvency. "We want the Taxpayers' money back, and we're going to collect Every dime." [ http://www.whitehouse.gov/the-press-office/weekly-address-president-obama-vows-collect-every-dime-taxpayer-funds-helped-big-ba ]. The two
intent - allowing lobbies - seem to be welcomed, but there 'no Copernican revolution of the banking sector, which will' still rely on leverage and balance, or artifacts with very subjective evaluations and lack of transparency or worse physically loaded as in the case Lehman Brothers [See http://www.nytimes.com/2010/03/12/business/12lehman.html?hp , and 'the case to say: "Enron scandal , from this point of view, not' no good!]. The banks continue to operate in oligopoly by implementing non-profits to get old and still existing privileges, such as (i) Subject to the activities' of the collection of savings from the public and (ii) the credit ultimately borne by the taxpayer . Lam stringent accounting standards to give certainty to solidity 'and truthfulness' of bank balance sheets, lack of appropriate laws to liberalize and modernize the credit market, such as to allow - at least in part - of savings disintermediation of the banking system. These common-sense rules, however, could 'become unavoidable in the near future, when - to rein in galloping inflation, and both support business investment - the only prescription will be available' to make less efficient creation and movement of bank money, and while providing companies direct access to financial resources in excess of families, now reluctant to give their trust to a financial system in bancocentrico decoction. Under the rules, only short-sighted decision-makers and bureaucrats can think of renewing confidence in the banking system and perpetuate the moral hazard with the financial resources of the taxpayer.

(***) cf. Ben S. Bernanke, U.S. House of Representatives, Washington, DC, 10 Feb. 2010, [ http://www.federalreserve.gov/newsevents/testimony/bernanke20100210a.pdf ]. Worth noting is the statement (perhaps simplistic and rash) that the operations of floods of liquidity ', cd of quantitative easing "... did not impose costs on taxpayers, even those transactions ultimately likely to generate substantial returns for taxpayers ...". Sara 'interesting to see - the end of the day - the amount of these " ... ... Significant positive returns" as is "Taxpayers ... ... " I have benefited. Sara 'is also interesting to see how many of these significant benefits when taxpayers there will still be wearing the clothes of workers / entrepreneurs or savers / investors or consumers and thus which have been in the concrete results of economic policy and wealth redistribution carried out by Fed, with the declared and main aim of stabilizing the financial system.

(1) in the trade press, 'coined the term "toxic assets" to indicate a range of financial instruments atypical (atypical securities) that have become illiquid and are referred to the securitization of sub-prime mortgages exchanged on non-regulated markets (OTC, over-the-counter): Residential Mortgage-Backet Securities (RMBSs) asset Backet Commercial Paper (ABCP) Collaterized Debt Obligations (CDOs), Credit Default Swaps (CDSs). In particular, the CDSs are basically insurance on debt and have claimed to AIG - American Internationa Group substantial nationalization by the U.S. government.

(2) the Senate, Consultations, XVI Leg. No 29 March 2009 [ http://www.senato.it/service/PDF/PDFServer/DF/209203.pdf ]

(3) a great opportunity for small investors, but certainly not was pleased to banks, so much so 'that are now shamelessly to claim under the aegis of the central bank, in addition to expertise in the monetary field, the competence in the field of financial markets. For math, financial markets are zero sum games in the sense that if someone earns +10, there is necessarily a party that loses -10, the sum and 'always 0. The clearing house, or Clearing House, are there to ensure that the game is always zero sum.

(4) agencies rating (three operators essentially divide the market Moody's , Standard & Poor's and Fitch Rating ) are private entities on the basis of methods and evaluation models mathematicians not disclosed, provide assessments and estimates of the probability 'of the insolvency of the issuers of financial instruments. Obviously, the ratings agency ratings are not objective but precisely estimated, and hence the age-old question of conflict of interest between the agency and the applicant (and paying) the assessment of solvency '. This assessment should normally be inversely proportional to the risk of insolvency, according to a predetermined table. Some noted the anomaly of public importance that the rules of the law gives the private opinion of solvency '. The importance of public opinion can be found for example in the regulation of standard for pension funds (known as ERISA in the U.S. See http://en.wikipedia.org/wiki/Employee_Retirement_Income_Security_Act , http://www.securitization .net / pdf / washing.pdf ), forced to invest in financial instruments with rating not below the cd investment grade, SO 'obligation that did not get a good opinion of solvency' can not join the portfolio of a pension fund. Conversely a bond that no longer has that view we should 'leave the portfolio. It 'obvious that the issuer has an interest that the assessment of solvency' that covers both the more 'high as possible as to the Rules of the best trial law expands the audience of potential buyers (and of course reduce the financial cost debt due to the estimation of a lower risk of default). Until the current crisis in the business rating agencies and is' right on the confidence of investors about the adequacy of the judgments in the future probably the single trust might not be enough and the rating agencies will be forced to give public faith about the adequacy of their judgments, with assumption of responsibility 'to investors. As for the incorrect assessment of risks by the market, this is not the result of asymmetric information but rather 'according to a special theory of Bini Smaghi (ECB) [cf. Reuters, 15/9/2010 http://it.finance.yahoo.com/notizie/ue-bini-smaghi-nuove-norme-bilancio-non-sufficienti-reuters_ids-32e994bc00ab.html ] are the markets that simply wrong to assess the risks. According to him, not 'because of the tricks of Greece (which has manipulated its accounts with the help of Goldman to enter the euro) if before the risk was underestimated Greece, not 'guilty of fraudulent securitization of banks made (with the ratings agency attributed triple A to junk) if the markets have underestimated the risks of securities linked to subprime mortgages, no information asymmetries, or worse, the bad and false financial information, they do overestimate or underestimate the risk that markets are wrong! And maybe there 'still some who doubt that central banks have lost credibility' or penalty.

(5) The insurance companies (mainly U.S., cf. Ambac Financial Group - AFG, according bond insurer in the world, ACA Capital Holdings was the first ) specialized in providing guarantees for repayment of principal and coupon bond based emissions. They ensure that is' the holder of the bond issuer's insolvency specific insurance contracts (Financial Guarantee Insurance - FGI).

(6) In the UK the previous case of a "bank run" ( bank run ) dates back to 1866.

(7) See Group Report [ http://ec.europa.eu/internal_market/finances/docs/de_larosiere_report_en.pdf ]. For the U.S., cf. proposals in the White Paper (white paper ) prepared by the White House (White House ) [ http://media.washingtonpost.com/wp-srv/politics/pdf/nearfinaldraft_061709.pdf ].

(8) In Italy, a legal and historical example of corporatism 'that concerns the Charter of Labor approved by the Fascist Grand Council April 21, 1927, and published in the Official Gazette of April 30, 1927. It shall contain the signatures of the head of government, ministers, secretaries, of party leaders, presidents of professional federations of employers and workers. At that time, the Fascist Grand Council was not an organ of having held the power to adopt measures having the force of law like Parliament, but simply an organ of the party. In the United States and the reference 'to an Act of the New Deal , the National Industrial Recovery Act (NIRA) estab' a National Recovery Administration (NRA) with the task of overseeing the drafting of rules on competition fair ". It was essentially a system of private economic planning ("industrial self-government"). In 1935, the NRA was declared unconstitutional by the Supreme Court. In this sense, the corporate law was born out of Deputies approved constitutional bodies of laws and regulations (legislative and regulatory requirements). The neo-corporate law has its sources in the adoption of legislation by the self-organ whose members are not democratically elected. For example, according to this approach in Italy can certainly identify themselves as neo-corporatist bodies, when they enact regulatory measures without proper parliamentary procedures: the Bank of Italy, Consob, Isvap, Antitrust, and all the Cnipa other authorities called 'independent fiscal agencies. Some politicians of today, like Franco Frattini called for - as in the past - the constitutionalization of the authorities 'independent to overcome doubts about the legitimate exercise of power shall' regulations. In fact, if the parliamentary passage resolves doubts from a objective point of view of the power delegated 'legislation (principle of legality'), more 'seems dubious investiture extra-constitutional body which has a subjective point of view and' called upon to act as regulatory functions (principle of legitimacy '), because strictly speaking only the Parliament, or any other constitutional body identified, and' entitled to perform legislative functions and regulations ( delegatus delegari non potest). [ http://en.wikipedia.org/wiki/Delegata_potestas_non_potest_delegari ]. For more insights on the authorities' independent administrative, cf. House of Representatives, Committee on Constitutional Affairs, Consultation on authorities' Independent administrative [ http://www.camera.it/459?shadow_organo_parlamentare=1494&eleindag=/_dati/leg16/lavori/stencomm/01/indag/indipendenti ]. The main problem that plagues this author 'is that in the same institution are added together the powers of an executive nature, regulatory and judicial review of entire economic sectors and important matters, without appropriate forms of control precisely because' the claimed independence. The extreme gravity 'of the situation may' be summarized in the words of Saccomanni, Bank of Italy, " activity 'of regulation, supervision and security in important sectors of the economy' was entrusted to public bodies unbiased ( ed. the authorities' independent directors), characterized by a high degree of technical competence and political parties at government [ http://www.bancaditalia.it/interventi/intaltri_mdir/Saccomanni_27_10_2010.pdf ]. It goes 'wonder if these bodies (extra-constitutional) that regulate, monitor and "guarantee" important sectors of the economy are not subject at government policies, who are subject? Here falls the ass! venturing answers, perhaps 'political direction of the Bank of Italy and' dictated by the owners of the shares or maybe from the roll of the dice? Perhaps the political direction of the Consob and 'dictated by the companies' listed? Or maybe the contemplation of the clouds? Perhaps the political direction of the anti-trust and 'dictated by multinationals? Or perhaps the home of Abbiategrasso? How can 'well understand, for Italy, and' constitutionally unacceptable that bodies that do not have democratic control of political powers and important for entire sectors of the economy and society ', which are not direct expression of activity' Government or MPs. Then on the 'high degree of technical competence , better draw a veil.
The U.S., on the subject we note the approval of the amendment sponsored by Ron Paul [ http://www.ronpaul.com/on-the-issues/audit-the-federal-reserve-hr- 1207 / ], Which removes restrictions on the Government Accountability Office (GAO) to examine the decisions of the U.S. Central Bank (FED), accused of putting in place without representation, not only monetary policy decisions, but decisions on fiscal and economic policy in violation the principle "no taxation without representation . (See Luigi Zingales, Il Sole 24 Ore, December 1, 2009).
For Italy, we highlight several attempts at reform, in a sense-democratic content of the Constitution providing for repeal or modify the existing art. 58. (See the so-called "draft Violante " Bill Room 553-A C. XV legislature). [ http://legxv.camera.it/_dati/leg15/lavori/schedela/trovaschedacamera_wai.asp?PDL=0553 ]. The text provides in particular that the senators, despite maintaining legislative functions are no longer 'be elected by direct universal suffrage of the electorate. [ http://it.wikipedia.org/wiki/Suffragio ] In practice, it would be to introduce in Italy that the democratic deficit that is found in the hands of the EU Commission and the Council of the European Union. The Council of the European Union in fact, although the legislative body with the Commission and not 'elected by universal suffrage. The European Parliament, although elected by direct universal suffrage of citizens, has very limited powers and easy to control in the formation of Community legislation, in particular regulations and directives [ http://www.dirittoeconomia.it/i_regolamenti_comunitari.htm ]. With regard to the reasons for the lack of sovereignty ', however, accused the European Union see. the decision of 30 June 2009, the German Federal Constitutional Court in Karlsruhe, for the adoption by Germany of the Treaty of Lisbon, according to which the European Parliament does not represent a nation but a union of peoples on the basis of international treaties have a legitimacy 'derived from the nation state and therefore incapable of directly affecting the sovereignty' of individual states for decisions on matters such as criminal justice, civil and military monopoly of force in matters of taxation (taxes and government spending), policy social, education and school system, information and community 'religious. If everything 'is added and' been said and written regarding the lack of transparency with which it and 'come to define the presidency of the European Council following the Treaty of Lisbon, and concern about' a must. See the Timesonline 17/11/2009 [ http://www.timesonline.co.uk/tol/news/world/europe/article6919380.ece ]. 11/11/2009 Speech by the European Parliament to Mario Borghezio [ http://www.youtube.com/watch?v=0gZ7gDBs5WY ]. The right neo-corporatist economic and 'already' working in Italy for many years as an external source. The illegality 'of external rules, such as EU regulations, should follow from the fact that the production bodies (Council and Commission) are not government agencies and parliamentary bodies elected by universal suffrage. This situation stands in clear conflict with our constitutional system of parliamentary democracy. To understand what 'just think how well written by a distinguished jurist as Valerio Onida, given that the EU regulations is not the subject of the review of constitutionality': some rules ... standards are set by the European Union and therefore, anything said to the Italian Constitution, would remain fully applicable and binding until it was the European legislator to amend them. [See http://www.ilsole24ore.com/art/notizie/2010-06-08/meno-lacci-centra-carta-080400.shtml? ]. On this point, you can 'understand the frustration of Berlusconi when he thunders against the Court Costizionale, in fact, the "laws of Berlusconi, strong votes of millions of Italians, may be repealed by the Court, while the" laws of Barroso " without even a vote of the Italians, may be repealed only by Barroso! And what '- but not only for Berlusconi - and' truly a paradox! It 'so obvious that if the Italian constitution needs revision, it first must' involve the drafting of Article. 11, such that knowledge can operate covertly in the parliamentary democratic system, rules of neo-corporate and anti-democratic, as they are among the others, nel'ordinamento those worn by the Community regulations. However a better formulation of this article prevents Italy to participate in wars for the settlement of international disputes, involving commercial interests, like the war in Afghanistan. [See http://www.ansa.it/web/notizie/rubriche/mondo/2010/05/31/visualizza_new.html_1817894958.html ]. Indeed it is' known that the real reasons for which Italy is involved in this conflict ( C'est l'argent fait la guerre here) are to be found that interest in the pipeline will bring crude from the Caspian Sea in China will not be repeated and continuous acts of sabotage, as in Nigeria, and also known (pro-rata) The relevant interest of Eni in the extraction in the Caspian Sea.

(8a) The solution 'per se' is simple, transparent and reasonable. It 'been taken over by people with extensive experience in the field as Paul Volcker (see cd The Volcker Rule), but not like the neo-corporatist system of large universal banks, with the top central banks. In Europe, for example, there is' no intention of applying the Rule Volcker [cf. La Repubblica, February 15 2010, http://www.repubblica.it/economia/2010/02/15/news/banche_no_della_ue_a_obama_non_in_linea_con_i_principi_del_mercato-2309581/ ]. In the U.S., but the debate and 'access. The alternative to Volcher Rule would be the so-called "macro-prudential" authority to be given a new 'independent created ad hoc , or the central bank [cf. Il Sole 24 Ore, 19 February 2010, http://www.ilsole24ore.com/art/SoleOnLine4/dossier/Italia/2009/commenti-sole-24-ore/19-febbraio-2010/controlli-binario-doppio.shtml? ]. The term comes from having split the unitary concept of monitoring the sound and prudent management of banks in two by-products or substitutes conceptual micro-prudential supervision and macro-prudential supervision. Obviously, the distinction has no meaning of honor. It 'a clever operation megamarketing [cf. http://en.wikipedia.org/wiki/Megamarketing ] for (a) already allow the 'neo-powerful banking corporation to acquire specific powers regarding the regulation of stock markets and their actors, too today for free and liberalized its interests in times of crisis and (b) to digest yet another rip-off man in the street, the buck 'on qualchun'altro their misdeeds. For the record, you can summarize and synthesize the following expressions: authorities' independent, universal bank, stock option , securitization or securitization, fair value or fair value , credit rating or , previous successes in the economy of fraud megamarketing innocent [cf. JK Galbraith, The Economy of the scam, 2004, http://books.google.it/books?id=FraCX-GLxFQC&printsec=frontcover&dq=galbraith&cd=8 onepage # v = & q = & f = false ]. For the rest of the debate, there 's only add that if you already today' governments do not have the authority ', as well as the will', to liquidate the large banking institutions and insurance companies are insolvent, it would be seriously worrying! Finally, it seems obvious that the purpose of macro-prudential and not 'to prevent the rescue from bankruptcy of large banks "interconnected" burdens on the budget state, since this would be sufficient to prevent the credit market liberalization by abolishing the reserve of activity 'in favor of banks to raise funds from the public and smaltellare central banks, as the crisis has definitely established that they are no longer 'able to perform the essential functions, which are: (i) control the money supply, (ii) to provide liquidity' insolvent institutions (lending of last resort), (iii) modify the discount rate in order to booms curb and prevent depressions (so-called speculative bubbles), (iv) assist and encourage the orderly economic development through the expansion of credit (see Clough - De Rosa). The real objective which is aimed at the macro-prudential 'instead of what not to miss the almost' total control by the neo-corporative banking, cash flows taking place within the "model of the circular flow of income" [cf. there Cap.2 - The crisis of capitalism and the model]. A brief digression with a "micro" concrete example can 'give the idea: in Italy there is a cd postal savings, a substantial cash flow (net 2008: € 14.5 billion.; Stock 2008: € 175.1 billion. ) and that 'brokered by the Cassa, with the help of post offices, to fund state and local authorities (municipalities, provinces and regions). The postal savings up to 2003, beyond the control of the banking system because 'collected by post and managed by the Fund DD.PP. public body in the form of government [cf. http://www.cassaddpp.it/cdp/Areagenerale/Chisiamo/Lanostrastoria/index.htm ]. In December 2003, the Fund DD.PP. and 'has been transformed into companies' stock (CDP SpA) and its social capital and' now held as to 70% by the Ministry of Finance and 30% by banking foundations, namely the banking system. Since then, the main exponents of the CDP SpA are obviously loyal men in the banking system and the apella of "postal savings " lurk in reality 'derivative financial instruments more and more' complex. Today, cash flow that is 'the part of the postal savings and' thus clearly outside the control of the banking system, despite its minority shareholding in spa (See Court of Auditors, the. 3 / 2010 of 26/2/2010, Rel 3.6, p. .38). Thus, the CDP SpA continues to collect monetary resources with explicit state guarantee, issuing complex financial derivatives under the name " postal savings" in this case and now also draw banks (€ 8 billion.) To finance companies [cf. http://www.cassaddpp.it/cdp/OperatoriFinanziari/SostegnoallePmi/index.htm ], then we'll see '! When you say Italian ingenio con innocent! [Cf. Report Court of Accounts 2007-2008 ].
Returning to the fear of loss of economic and political power of the banking system, this materializes in the expression hedge fund, and it 'was well illustrated by the ECB [cf. Bini Smaghi, January 21 2010, Milan, paragraph 3, http://www.ecb.int/press/key/date/2010/html/sp100129.it.html ]. Pultroppo in authoritative intervention to justify the indefensible his pro domo, you 'exclusive reference to "interconnections" between financial no distinction is essential and not trivial, and that means' to who weigh losses Financial Crisis. No decision-maker, after the LTCM case in which the Bank of Italy lost USD 100 million [cf. http://riskinstitute.ch/146520.htm ], would dream of charging the state budget losses of a fund for private investment (hedge fund ). Otherwise, the failure of a universal bank that provides financial losses not only own, but a large part of depositors (savers cd unconscious) forces governments to intervene out of the public debt, worth the revolution! But on the other hand, it would be naïve to expect that members of agencies to ensure sound and prudent management of banking institutions attribute to themselves the responsibility 'of the colossal failure of the banking system still active against all the rules of morality, much better to blame non-supervised and some 'unknown to the mass, such as hedge funds , otherwise you should admit its uselessness' or at least their own inadequacy in fulfilling assigned functions, and this bitter truth 'would also lead to negative political consequences, since the responsibility for' Last of a banking system based on fraud and ill-thought, ultimately weighing on the heads of governments [cf. http://www.ilsole24ore.com/art/SoleOnLine4/Mondo/2010/03/francia-regionali-sinistra.shtml? ]. The governor of the Bank of Italy (see Il Sole 24 Ore, 16 September 2010) after substantially admitted (first point) the failure of central banks to assess and control risk and (second point) their inability 'to control those banks (transnational), however, that he himself helped to create in Italy, with incentives of any kind, feels compelled to ask (without shame) is to "strengthen the mandate , independence, resources and methods of oversight bodies ", and " included in the scope of the sources of legal risk to the existing system outside them. " In essence, Draghi, central banks and other authorities' independent economic-financial - despite the overt failure of their mission - not just should not see questioned their role as authorities' self, but should have more 'power, more' money, more 'for more independence and' should have a greater audience of people subjected to their control. The trick of megamarketing this time is called "shadow banking system . As if this system was not organized and existing staff at banks, but something external and indecipherable to be brought under control. It is clear that the expression shadow banking system denotes that part of the liabilities' (more 'than activity') of the same bank that does not appear in their balance sheets and that is hidden behind a veil with complacency central banks and other authorities 'independent, what it' guide in a large neo-corporate family (where the rules if they sing and if they play at will), and where there is careful not to discuss the liberalization of credit market to increase competition and decrease the diameter of the holes left by the failures of universal banks. In fact, better to do the opposite with a little 'of lobbying governments to encourage them to approve rules that aim to introduce further barriers to entry can greatly reduce the number of people in the market. For people like Dragons and 'urgent need to strengthen the oligopoly of the guild of bankers SO' this will continue (due to the crisis) to gain more ' had in other areas of non-core to bring in house - adjacent to the activities 'of the bank (collection of savings from the public and the provision of credit) - as the activities' of the grant funding, the provision of payment services, financial advice, mediation, financing, etc.. (Cf. Leg. 141/2010) to too many hours to ensure free, according to them, the protection of the consumer. "More 'bank with petroleum jelly for everyone!" and 'their motto.

(9) Senate, Consultations, XVI Leg., 31st Session, October 8, 2008, hearing Consob.

(10) In financial mathematics, and 'demonstrated that selling ensure gains in some rare instances where - due to shock market - short-term rates are more' higher than those with longer maturities' long. A yield curve of this kind and 'defined' inverse yield curve "or" negative yield curve. " [Cf. http://www.investopedia.com/terms/i/invertedyieldcurve.asp ]. In the past, and 'had a yield curve of this kind after the terrorist attack on the Twin Towers.

(11) v. JKGalbraith, The Great Crash, ch. III " In Goldman Sachs We Trust " (the title and 'clearly at odds with what notes written on the U.S. "In God We Trust ). [ http://books.google.it/books?id=l-xRKtKEpTwC&printsec=frontcover&dq=crash+galbraith ] In conclusion, much remains unclear, and rooted in time, the idea of \u200b\u200bWarren Buffet topic: " In God We Trust, all others pay cash . [ http://www.berkshirehathaway.com/letters/2008ltr.pdf ]

Smaller Hdmi Receiver

Chapter 3 - The abuse of trust in the banking system

The current economic model is questioned because of the enormous losses suffered

• by banking system ($ 4 trillion),
• the real economy from the national income ($ 4.7 trillion) and
• from equity investments ($ 26.4 trillion).

Figures from economies of war, but without that there was a war! (1)

To put it more digits 'included, and' as if all along:

1. 400 million of investors had lost $ 10,000 in each bank;
2. 200,000 000 workers had lost their net salary for one year amounted to $ 23,500 each;
3. -investor had 400 million of savers minulsvalenze stock prices immediately for $ 66,000 each.

The flaw in the economic system and 'created within the banking system which had become insolvent (2) due to excessive use of securitization of receivables. (3)

That being so 'things, the bank does not seem the most' legitimately play the central role in the subject that derive profit from suitably reducing the information asymmetry between households and firms, by contrast takes the form of abusers of fiduciary incongruously derive profit.

If so 'it, setting up bank would not only be useless to the system economic but rather harmful for the economy and for the stability 'of the economy. His privilege (*) could not more 'to find a place in the order in accordance with the principle of protection of savings, a fundamental right guaranteed by the Constitution relating to the economic relations. (4)

status granting to the banking system in the exclusive collection of savings from the public has favored setting up an oligopoly (5) to make it stable and solid. This' is an advantageous position. This means that this' getting the bank in payment of its service and 'more' than what would be sufficient to induce to provide that service.

The financial crisis shows that the banking system has betrayed the purpose 'of his central role in abusing the trust of the state, families and destroying the legitimate expectations of businesses and workers. Techniques have been used to transfer the credit risk on investors and it 'created a shadow banking system is totally illegitimate (6) for illegal transactions that allowed the system to make money beyond any reasonable limit to reward shareholders and executives to damage of the community ' (7) .

E 'enough, the first decline in home prices (8) After nearly two decades of uninterrupted growth, 'cause the leverage of the banking system - unsustainable and uncontrolled - multiplied 100 times the collapse of a babel of paper and whose initial loss' was estimated at $ 250 billion (mortgage sub- first securitization and securities), providing a liquidity crisis 'unprecedented in the entire global financial system and ensuring the most' serious global recession since the '30s. (9)

All investors should be aware of the consequences of the misuse of their money can 'lead. They must organize themselves in order to reaffirm the importance of moral and ethical values \u200b\u200bin management of such a 'resource. Intermediation of savings must be conducted on a human scale, unreservedly elitist (10) , producing uncontrollable organizations that end up making only their own interests to the detriment of the community ' (11) and as' success universal banks.

status according to the precepts of constitutionally guaranteed, it can not 'be affected by unhealthy and imprudent banking organizations that must be pursued even when they abuse the trust of investors, they betray the expectations of households and businesses being enriched on the shoulders of the community'; nationalizing and liquidating (12) as necessary to create new opportunities' work and leave space to the activity 'of other organizations have sound and prudent, honest and capable men trained to take the responsibility' to operate in the service of economic development and welfare for the whole community ', not for its impoverishment.

---

(*) The privilege is in the reserve banks of the activity '(a) collection of savings from the public, exercising conessa credit and (b) emission or administering means of payment in spendable 'generalized (checks), linked to the monetary function. For more details on the meaning of "collection of savings from the public" see. instructions supervision of the Bank of Italy on the subject, published in the Official Gazette No. 96/2007. [ http://gazzette.comune.jesi.an.it/2007/96/8.htm ]. Open up the credit market means the freedom to make the said savings from the public, or at least limit the subject of the collection of savings from the public in favor of banks over a certain amount (eg more than € 5 million). The disintermediation of savings would have the beneficial effect (a) to give the possibility 'for small and medium-sized businesses to raise (low cost) the monetary resources needed for investment directly by households, using the mechanism of confidence thanks to new technologies, (b) reduce the concentration of the credit market and thereby reduce systemic risk in the event of failure of banking intermediaries and (c) reduce the ability 'of wealth and power to capture banking and financial controller, with potentially destructive effects of wealth and stability', and then economic social and political democracies.

(1) chap. 1, footnotes. 9:12

(2) chap. 1, footnote 1

(3) For Italy, the regulation of securitization and 'contained in Law 130/1999.

(4) Julius Bacos, Ed IPZS (2006) The Constitution, comments on the article. 47, paragraph 1: "The protection of savings ... and '... designed primarily defense of the worker and small businessman, in order to allow species to these categories of persons to maintain the purchasing power of money saved and then subtracted to sacrifice immediate consumption. "

(5) Form a market characterized by few sellers. Fundamental assumptions of the model of oligopoly:
1. Sellers make money;
2. sellers behave strategically;
3. market access can 'be free or locked
4. buyers do not make the price. (See Chapter 2, footnote 1).

(6) uses the term illegitimacy 'in the sense of the misuse of a privilege granted by the credit function, not being able to talk technically of illegality' and as' non-regulation of off-balance sheet that has allowed banks to create the so-called shadow banking system .


(7) Moreover, these bonuses in light of international accounting standards IAS / IFRS, with particular reference to IAS 39 and the so-called fair value, there appalesano the same way as plain theft against the stakeholders. Big banks the frantic search of profit at any cost, relying on their high reputation, have not hesitated to defraud their customers for the purpose. The most 'ecclatante and' without doubt that of Goldman Sachs & Co.
[See http://www.sec.gov/litigation/complaints/2010/comp-pr2010-59.pdf ]


(8) V. S & P / Case-Shiller Composite 10 and Composite Indices 20


(9) chap. 1, footnote 12


(10) In the West, the popular belief ( vox populi ) identifies elites who work in finance in both the secular culture in the confessional as a secular organization and popular reference 'to the Bilderberg Group [ http://en.wikipedia.org/ wiki / Bilderberg_Group ], [ http://novoordo.blogspot.com/search/label/bilderberg ], [ http://www.youtube.com/watch?v=0gZ7gDBs5WY ], as an organization sectarian reference and 'all' Opus Dei [ http://it.wikipedia.org/wiki/Opus_Dei # Opus_Dei_e_finanza ], [ http://www.opusdei.it/ ]. For organizations that operate in the context of a secular culture, the lobbies (or interest groups) should already 'in the sense to be a Democrat' elite jackets' the purpose of the group of interest and to obtain from the political more 'of what' would actually 'sufficient to satisfy the need, at the expense of other more' numerous. In the same way, in economics, an oligopoly, or worse, a monopolist, should be part of an 'elite . Vilfredo Pareto stated that the history and '"Cemetery is lites. See Item electric [ http://it.wikipedia.org/wiki/Elitismo ].

(11) v. problem of special interest lobbies cd issues, Public Choise Theory. In essence it is about the fact that few actors well organized, financed and advised (the lobbies) by convincing politicians to indulge their special interests even if these are detrimental to the interests of the community '.

(12) The term "bankruptcy" (in English: bankruptcy) is derived from the medieval Genoese to break the bench (in Latin: bancum ) and the table of insolvent banks. See Historical Dictionary CNR items: bank, bank, [ http://tlio.ovi.cnr.it/voci/005502.htm ], [ http://tlio.ovi.cnr.it/voci/005509.htm ].

Genital Warts Are Black

Chapter 2 - The crisis and the model capitalism

A brief reference to the functioning of the economic system through a representation of the model of the circular flow of income " (1) greatly simplified for the purpose, may 'help to understand the financial crisis sub-prime mortgage .

So very briefly, the circular flow model 'consists of two areas:

1. families;
2. companies.

families have the resources of production: labor and monetary resources . Businesses use these resources to produce goods and services.

families receiving income in exchange for work and / or monetary resources provided to enterprises. This income is partially spent to purchase goods and services produced by enterprises, in part shall be retained for future expenditure savings form (Wicksell, 1934).

between family businesses and so create 'two streams:

1. the flow of goods and services ;
2. cash flow.

generates income spent on consumption, income retained generate savings. The savings creates a cash flow which is there to store of value, and that 'brokered mainly by the banking system. It is used to finance business investment so that 'create new jobs and income for families so that they can' on the one hand consume goods and services produced by other companies and save funds for further investment, creating precisely a stream Circular, a virtuous cycle for the economy and social welfare.

This in a nutshell, and 'the facsimile of the current economic model, which Reserve bank to a central role in intermediation of monetary resources among those who have excess (families) and those who require it for investment (businesses).

Intent to understand the current financial and economic crisis, would like to analyze the flow of money as a store of value (savings) that comes from families to businesses through the intermediation of the banking system. Press analyze how saving and 'used by the banking system as many have found it right in the epicenter of the crisis.

A basic concept inherent in the currency and 'the "value of money over time (time value of money )" (2) The interest rate makes the equivalent value of two cash flows do not coincide in time (eg € 100 delivered today are equivalent to € 110 return in 1 year at an interest rate of 10% per annum, or € 110 to be collected between one year is equivalent to € 100 received today and "discounted" or better discounted at 10% annual rate). Nobody would accept in exchange for € 100 € 110 at the same time. Two factors of uncertainty affecting the interest rate: inflation (3) and risk. Note that the interest rate and 'regarded as an independent variable to the Convention on the capital of financial mathematics. In reality 'the interest rate and' a viariabile that depends on the capital. D always a point of view of money, it seems to be more 'appropriate to replace the concept of "expectation on the future" with the concept of "trade-off risk-return" (4) . For example, given that the investor in the face of lower real interest rates to keep cash rather than convert banknotes means less liquid, you can 'be argued that what' happens not depending on expectations about the future difficult to represent, but because '"the trade-off risk-return" does not make it sufficiently attractive conversion of the currency means less liquid. In this sense, inadequate " trade-off risk and return" are the cause of speculative bubbles, that 'the result of a conversion "wicked" of money in means less liquid. Since the currency and 'the liquid medium par excellence, assuming the interest rate, the rate of profit and risk premium all zero, deflation would occur in the presence of a certain gain in real terms by converting means having the money in less liquid function of store of value (cost or willingness to divest), while in the presence of inflation would be a sure loss in real terms, not turning them into money means less liquid (convenience or willingness to invest). The absence of deflation and inflation would allow a balance of flows in which it is economically indifferent holding money function as a store of value or other means with the same function as less liquid. The change in the purchasing power of money and 'the exogenous variable determined by monetary policy through the medium of the rate of change in the money.

back to saving, and it 'is mediated through a "direct transfer" and an "indirect transfer" of funds. In the European continent and 'developed a configuration more' oriented banking system: cd bancocentrica, where the firms to raise funds mainly through bank credit. In Anglo-Saxon countries there is a configuration of the financial system more 'market-oriented, with "direct transfer" of funds from households to businesses and the intervention of financial intermediaries and as a broker (in placement) and as trasformer assets (in indirect employment), where funds are found by precisely locating businesses on the market in financial instruments ( bonds, shares) in families (called savings aware ). In either case, if we exclude the pension funds are highly developed in Anglo-Saxon countries (for example, in Italy from a macroeconomic point of view, pension funds are virtually non-existent), the main financial intermediary between families and the business remains the banking system. (4)

The price of the intermediation of savings and direct 'as the "interest differential" as applied by the bank between providers (households) and borrowers of money (business).

The fact that the direct intermediation of savings to be made by the banking system is not 'the result of a free market choice, but' a privilege for state intervention (law) in favor of the bank .

In Italy and 'in fact, the current standard against which " to raise funds from the public and' prohibited non-banks . (6) Relying on the current economic model can be 'quietly say with little doubt of contradiction, that each country grants the reserve of the credit function in favor of the banking system.

state reserving to the banking system the direct intermediation of savings from households and businesses, by prohibiting the collection of savings from the public to other actors, performs an act of trust in the bank. This confidence and essentially 'justified by the fact that there is an independent public body (7) : the central bank. It addition to having the task of coining money for the state (8) and - acting on the extent of the interest rate and open market operations - to control the stability 'of prices (inflation) (9) also has the task of regulating and supervising (10) on the sound and prudent management of the institution bank (11) .

sound and prudent management essentially means

1. truthfulness 'of the accounts and solidity' of bank balance sheets ;
2. limits to risk-taking that might generate losses.

Consequently the central bank responsible for supervision having regard to the established 'overall efficiency and competitiveness' of the financial system as well as compliance with the provisions credit.

The state reserves to banks to raise funds from the public and therefore an exercise of the credit, 'cause there is an asymmetry of information (11) between households and businesses that the bank as' an intermediary has designed to reduce.

According to this approach, due to asymmetric information between investors and companies, the cash flow to finance investment would not take place without the intervention of the bank, 'cause the families did not have the information and confidence necessary to ensure within an acceptable level of risk that the loans made to businesses will be honored at the end.

banks, according to this approach, would have instead of appropriate organizations to find and process all the necessary information and assess whether an undertaking and therefore 'deserving of credit within a level of acceptable risk (credit risk cd ) according to the principle of sound and prudent management.

So on one hand, investors do not fund companies directly 'cause they consider a high credit risk. They prefer to deposit their savings accounts by lending to banks (savings unaware cd) which are placing greater trust in faith that will not be lost. Second, banks taking the risk of credit loan savings collected from families to businesses and making money on the interest rate differential with the approval of the state.

It works for now, mainly thanks to the trust that families have in the banks. Q HIS trust and 'substantially justified by two factors:

1. the guarantee on deposits ; (13)
2. the lending of last resort. (14)

history - but also the recent news - teach that the ultimate guarantor of solvency ' of the state banking system remains solvent to make the system draws on the debt (15) . From here, the unresolved issues of moral hazard, that the profits remain private while losses are socialized.

In conclusion, the banks have the privilege granted by the state to exercise the credit function, and so 'to create money through the banking monetary function (16) and as having a substantial income on the interest rate differential applied Mediation of savings. It seems obvious that this income amplified by monetary function remains to be suitably justified if commensurate reduction function of asymmetric information, namely ' through the recruitment by the banking system for credit risk on companies.

other hand, if the credit risk and 'downloaded outside of the banking system, possibly located in the financial markets using financial instruments lack transparency, the annuity becomes a legitimate extra income entirely unjustified. But this' and that 'worse, you have to admit,' the bank so that the institution 'and organized' totally useless, just end in itself! (17)

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(1) ML Katz, HSRosen, Ed McGraw-Hill (1998)

(2) RADE Fusco, DWMcLeavey, JEPinto, DE.Runkle, Ed AIMR (2000) - The time value of money Reflects relashinship Between the time, cash flow, and an interest rate .

(3) PD Groenewegen, G. Vaggi, Carocci Ed (2002) - According to the monetarist theories of M. Friedman, H. Simons, J. Angell, K. Bruner and A. Meltzer stability 'of price is reached in the best possible way by setting a target rate of growth of money supply. In this respect, and 'quite worrying that the beginning of 2007, the Fed publishes data on monetary aggregate M3. [ http://it.wikipedia.org/wiki/Aggregati_monetari ] should also be noted that the consolidated balance sheet of the Fed, in its essence inviariato entries since 1951, in the last 18 months' exploded. [ http://www.imf.org/external/pubs/ft/wp/2009/wp09120.pdf ] [ http://blogs.wsj.com/economics/2009/06/11/a-look -inside-feds-balance-sheet-61109-update / ]

(4) for this can 'be useful to the brilliant idea of \u200b\u200bFischer Black ( Exploring General Equilibrium , 1995). Fischer Black and 'co-authors of a Black-Sholes equation ( Black-Sholes-Merton Model ) used to price options. [ http://it.wikipedia.org/wiki/Modello_di_Black-Scholes-Merton ]. See Perry Mehrling [ http://books.google.it/books?id=OKDbnWuspo4C&printsec=frontcover&dq=perry+mehrling ]. The Black-Sholes formula is not 'nothing but the heat equation with clothes covered financial [ http://it.wikipedia.org/wiki/Equazione_del_calore ]. Curiosity ': the Black-Sholes equation has established a baseline analysis of Grisha Perelman [ http://arxiv.org/abs/math.DG/0211159 ] [ http://arxiv.org/abs / math.DG/0303109] that have failed to settle the Thurston geometrization conjecture [ http://mathworld.wolfram.com/ThurstonsGeometrizationConjecture.html ] and the Poincare Conjecture.

(5) A. Saunders, MMCornett, M. Anolli, Ed McGraw-Hill (2004)

(6) See Article 11 Banking Act (TUB), Leg. 385/1993, now in force. The reserve collection of savings from the public in favor of banks and 'was introduced into Italian Banking Act of 1936 (see Article 1, Royal Decree 375/1936). According to this law to raise funds from the public and the provision of credit had qualified public functions, but now - according to the Banking today - these activities 'are activities classified as' business as "confidential". The Banking Act of 1936 was developed during the fascism and prepared by the Corporation of Insurance and Credit. The leader approved 'first draft decree Act March 3, 1935. Before 1926, the exercise of the 'bank, and in general the pursuit of activities' economic, was free and the legislature was concerned only to regulate the issuance of paper money, and this' following the scandal of the Bank Roman, the constitution of the Bank of Italy (see August 10, 1893 Law n.449) through the merger of National Bank of the Kingdom of Italy, the Banca Nazionale Toscana and Banca Toscana credit in serious condition after the decoction crisis of 1893, with complaint of serious scandals in the conduct of the National Bank and internal relations with the government. From 1926 until 1936, at the dawn of autarchy, the principles of economic liberalism began to find the first exception to which were dictated specific disciplines in the field of mortgage credit and agricultural credit. The corporate stock of the activity 'collection of savings from the public in favor of banks, and is' committed even in the current legislation even though it is not the most' qualified by the legislature as the public interest and in spite of the art. 47 of the Constitution to propose a vision of cooperative (and not corporate or fascist) for the year of the credit. Last but not least we must also highlight that the system (economic) bank and corporate-style self still in force - with universal banks held up by anti-historical privileges and inquitanti conflicts of interest and with central banks that make economic policy, and not only monetary, without democratic control - not only is devoid of utility 'social (in part because of the management of credit risk arising cd to ditribute model), but also can' be seriously detrimental to the safety, freedom 'and dignity' office, as the recent crisis in the sub-prime mortgages showed! The abolition of the reserve to raise funds for banks and 'indispensable to restore the principles of cooperation, utility' social, security and dignity 'as enshrined human art. 41 of the Constitution also apply to the banking sector after the reform of the Banking Act has definitively ruled that the bank 'business and no longer' feature of public interest. The state has a duty to encourage and protect the savings and regulate, coordinate and monitor the operation of credit in a more 'respectful of the freedom' to economic initiative and utilities' social than it has done so far, freeing themselves from patterns Corporate, anachronistic and self-legislation for the banking sector. Recent examples of bad corporate lawmaking and illiberal measures are the latest on the FCA and the Tub for financial advisers, brokers and agents in a credit institution activities 'financial, tending more' to create barriers to entry for oligopolies in the banking sector and savings, rather than actual benefits to consumers. These methodologies the lawmaking were born in historical periods in which autarkic principles existed, illiberal and undemocratic conduct of the economy, clearly in conflict with the principles of equality, freedom 'and co-operation of modern democracies.

(7) DPR 12/12/2006, Statute of the Bank of Italy, Art.1

(8) In view of this task was assigned by the central bank, the latter gets an income and 'called "seigniorage" [ http://www.bancaditalia.it/bancomonete/signoraggio ]

(9) For example, the ECB aims to keep rates below, but close to 2% the price increase. Treaty establishing the European Union, Article 105 [ http://www.bancaditalia.it/banca_mercati/polmon/obiettivi ]

(10) The supervisory controls are based on the collection and examination of documents and statistical and accounting data that the supervised entities send to the Bank of Italy, and on missions consist of inspections conducted by employees of the Bank of Italy at banks and other financial intermediaries. [ http://www.bancaditalia.it/vigilanza ]

(11) Banking Act (TUB), Leg. 383/1993, Art 5.

(12) The theory of asymmetric information is in one of the founding fathers George Akerlof. To explain the theory he does' reference to the used car market. [ http://emlab.berkeley.edu/users/akerlof/ ]

(13) In Italy, Leg. 659/1996, Deposit Protection Fund Interbancartio [ http:// www.fitd.it/ ] - In the U.S., the Federal Deposit Insurance Corporation [ http://www.fdic.gov/ ]

(14) CACiampi, credit Ultimately, Milan 21/02/1992 [ http://www.carloazegliociampi.it/71?resource_1681=12202 ]

(15) chap. 1, footnote 8

(16) v. money multiplier, Wikipedia [ http://it.wikipedia.org/wiki/Moltiplicatore_monetario ]. In the Middle Ages (1128 - 1312), the Order of Templi Salomonis Milites was undoubtedly the first global organization to benefit from the money multiplier (the cross and delight of these early " unpopular bankers ) [cf. http://it.wikipedia.org/wiki/Cavalieri_templari or http://fr.wikipedia.org/wiki/Ordre_du_Temple ]. History attests to the ability 'of the Templars in financial management. With bequests, donations and other liberal 'Knights of the Temple soon became wealthy landowners and property. The constant trips to the Holy Land, the allowances enjoyed by the direct dependence on the pope, had meant that their fleet to become the most 'fast and safe in the Mediterranean. The Templars fee organize the transport of pilgrims to the Holy Land and their assets. Most powerful of view of reliability 'acquired by the Order, the management is entrusted to the custody of their strongholds in the remarkable treasures. To relieve the pilgrims during the journey to the Holy Land from the weight of gold coins, or to help the merchants during the trip feared assaults by bandits and other risks and invented the "letters of credit or bills of exchange" (modern bank money: checks). The pilgrim leaving - instead of 'travel to Europe with heavy burdens and dangerous - place coins in the order behind a receipt showing off to his arrival in the Holy Land to collect the corresponding amount of gold or d 'silver at another fortress of the Order. In essence, the light and despised paper (had recently replaced the parchment) circulated in place of the dangerous heavy metal. [See http://www.templaricavalieri.it/storia.htm ]. In time the Templars realized that only some of the assets deposited with them was materially collected. This was because 'creditors - for comfort' and reliability 'acquired by the Order in honoring the return of deposits - accepted as payment receipts for deposit instead of gold coins. Thus was born 'proto-type of paper money. Not only that, the Templars began to pay a fee (interest), in addition to the heritage of the Order, including that portion of gold deposited by third lying unproductive in their strongholds. Cosi 'for example, in the Reign of Philip IV of France said the beautiful, circulated as means of payment in addition to gold and silver coins minted by the Mint of the Kingdom, including the "letters of credit issued by the Order, the whose total pero 'non corrrispondeva entirely to coins deposited in their strongholds, but only a fraction of them. [See http://www.ricerchetemplari.it/l 'economia.htm ]. Not for nothing when the Templars were burned at the stake, were charged (and of heresy, sodomy and illegal practice of indulgences) in order to enrich the unlawful and necromancy, that is to practice spiritualism, 'cause they would be able to transmute base metals into gold. With today's eyes it seems clear that this ability 'to create the gold was not the result of alchemy, but the "magic" of the money multiplier! It was perhaps no heresy inflation and to declare the end of the Knights of the Temple! " In 1306, during of a devaluation, rise Parisian artisans, and Philip the Handsome temporarily suppresses all corporations "(see J. Goeff, 1967, Feltrinelli, Milan).

(17) The activity of banking business, so 'as structured in the universal banks - with business models discharging outside the credit risk, with economic re-washed as to prevent them from being allowed to fail, so' to force governments to intervene with substantial public resources to cover their losses and preserve the private savings - it is difficult to 'place, in Italy, nell'alveo art. 41 of the Constitution, which states that the initiative Private economic ... can not 'conducted in conflict with the utilities' capital. So ', given the serious implications of the failure of a universal bank, its activities' private economic runs counter with the Constitution and the law should prohibit (limit negative) that were formed bank conglomerates that constitute a real danger to public finances and savings of citizens. The law should instead direct and coordinate the activities' private banking in order to pursue social objectives, without risking depletion of the nation. In this context, the reserve (including any amount to a minimum) the collection of savings from the public in favor of banks, as provided by art. 11, D. Lgs. 385/1993 (the Banking Act - TUB), where it was once intended to be an oligopoly banking firm in the banking sector to strengthen it, today is anachronistic and - given the enormous technical and technological the control of money - quite unjustifiable as well as dangerous to freedom 'and democracy.