Re: Stiglitz on Soros

["Gunnar Tomasson" <gunnar.tomasson@xxxxxxxxxxx>]

Re. the following:

>   For example, under proviso#6 the IMCUs would be made available to the
> deficit nation(s)  -- when a surplus nation has accumulated "excess"
> credits at the clearing house,  proviso #6 has a trigger mechanism that
> requies the nation(s) with excess credits to dispose of these excesses by
1
> of 3 possible ways:
>
>   (1) e.g., by spending these credits on the exports of the deficit nation
> --thereby increasing exports of the "poor" nation and permitting it to
> "work" to earn enough IMCUs to  balance its international payments.
>
> (2)If the surplus nation does not want the exports of the other nation(s),
> it can spend its excessive credits surplus  on foreign direct investment
in
> the deficit nation(s) -- increasing the stock of capital there , or
>
> (3) if the surplus nation does not want to use its excess credits in
either
> of the first two ways, it can provide them via a Marshall plan foreign aid
> program  to the poor deficit nations.

Question:

Would ALL accounts with the Clearing House be held by Central Banks and/or
other official agencies?

Gunnar