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One way - to include a section on the principles of monetary policy in the agreement on the Trans-Pacific Partnership

Photo Shutterstock

A chance to change the situation gives Trans-Pacific Partnership (TTP) - an incredibly large-scale inter-regional free-trade agreement between the US, Japan and the ten countries of Latin America and Asia. The initiative can join other countries. Negotiations reached the finish line, followed closely watched South Korea and China.
Barack Obama has rightly observed that the TTP - is the ability to set the rules of investment and trade in the XXI century. Nevertheless, the Ministry of Finance and the US Trade Representative stubbornly do not allow to enter into a treaty to ban the word of currency manipulation. In defense of their position, they are five reasons, none of which really does not hold water.
The first argument. With currency manipulation can handle the IMF. The Fund is really guided fresh directives designed to prevent such violations. In the mid-2000s, the United States not only supported these rules. They insisted that they took: the US is very worried about an undervalued Chinese yuan. While strongly undervalued Chinese currency contributed to a reduction of millions of jobs in the US manufacturing plants.
However, to apply the rules of the IMF can not: slow down the sanctions themselves able delinquent. This is common practice with which I am familiar even to work as chief economist of the Fund (from the beginning of 2007 to August of 2008).
The second argument. To agree on stricter rules in monetary policy supposedly impossible. But the rules of the IMF could approve in 2007 and in 2012. They co-ordinate the US Treasury itself. With this nuance familiar Sander Levin, chief representative of the Democratic Party in the ongoing budget commission of the US Congress, is also responsible for international trade. It was his idea to include in the agreement TTP section devoted to foreign exchange regulation on the basis of the directives of the IMF. They identified a situation where the country, despite the large current account surplus continues to buy large quantities of long-lived assets other states. That is the problem we are fighting: so central banks restrain appreciation of the national currency.
The third argument - the inclusion of provisions in the TTP on the monetary policy: these rules will prevent the United States to apply monetary stimulus. Here there is a profound lack of understanding of the problem. Competently composed a section on foreign exchange regulations in TTP will not damage the monetary independence of the United States.
Conventional monetary policy is implemented through the adjustment of short-term interest rates. This includes buying and selling of sovereign bonds by the central bank with little maturity. No intervention in the currency markets - Forex Trading - in this case are not used.
Similarly, quantitative easing (QE), which has recently become the main trend in the largest central banks, does not require the purchase and sale of foreign assets. As part of the Federal Reserve QE gets - and promises to continue buying - a limited list of assets. This is a long-term US debt and the various mortgage-backed securities, denominated in dollars.
The fourth argument. No major country today is not manipulating its currency, so the reasons for concern disappeared. Yes, since the mid-2000s the yuan rose significantly against the dollar. But nothing prevents neither China nor any other country to resume large-scale intervention in the currency markets whenever you want. And once on the exchange rates now no diplomatic tensions, it's time to raise the issue.
Last argument - do not include foreign currency items in the agreement: the participating countries will never come to a consensus on this issue. But this argument is untenable, if you carefully look at the composition of potential participants TTP.
Canada, Australia and New Zealand - countries with a developed economy and a floating exchange rate - is unprofitable to promote currency manipulation. Not prone to this and Chile, with its relatively high level of income and responsible macroeconomic policies. If we talk about Mexico and Peru, they rather fear that other countries will return to the practice of currency manipulation.
A similar situation in Japan, launched its own version of QE: it increasingly concerned about the risk of foul play on the part of other countries, such as South Korea and China. The same is true for Malaysia and Singapore, which have accumulated an impressive foreign exchange reserves. In Vietnam before joining the TTP full of problems more important, especially in the area of ​​workers' rights. Brunei, with its relatively small population is unlikely to object.
Currency manipulation - a serious problem, which leads to serious damage. Agreement on the TTP may be the best way to resolve it. To do this, you must install the dispute resolution mechanism, which allows you to quickly discard the trivial requirements and focus on pressing issues.

Simon Johnson
Professor Sloan School of Management at the Massachusetts Institute of Technology






posted by Forbes

Photo: Shutterstock

In late March, traditionally ends with a musical offseason: a few weeks the best DJs of the planet will
be performing in nightclubs in Las Vegas and Ibiza, then the same Hardwell, Nicky Romero, Martin Garrix and a dozen other electronics will move to the large open-air and a huge dance festivals across the globe.









Ultra Music Festival 
When: March 27-29
Tickets: from $ 450
Where: Miami, USA
Less than two weeks left before the first major musical event in the world. In Miami from 27 to 29 March will be a huge-scale Festival Ultra Music Festival, which this year celebrates its 17th anniversary - is one of the oldest festivals of this size in the world.
Visitors will be three days of music, seven scenes and more than 250 performances of artists and DJs with a worldwide reputation. For the first time after an illness speak Avicii, the show will show a relatively new blowing Axwell and Ingrosso, net present Tiesto, David Guetta and others. Festival gathers around 250 000 people.
A plane ticket for one person (there and back) with one change in Frankfurt will cost $ 1,100.



Sensation White - Legacy
When: July 4,
Tickets: from 70 EUR
Where: Amsterdam, Netherlands
This year, one of the most incredible dance festivals in the world celebrates its 15th anniversary. In honor of the organizers have conceived a new production called Legacy. What will it be? While it is difficult to say, as a new scene, the statement and the list of artists are kept in strict confidence. However, two main features remain unchanged: everyone should be white and awaits guests extraordinary show - fireworks, dance and light.
Entire budget productions usually does not fall below 10 million euros. In the past year to present the show Pleasure Dome invited Martin Garrix, Nicky Romero and Belgian star Like Mike & Dimitry Vegas.
Plane ticket per person (round trip) direct cost $ 400, with a change in Barcelona - about $ 350.


Electronic Dance Carnival
When: June 19-21
Tickets: from $ 300
Where: Las Vegas, United States
The word "Carnival" in the title did not appear in vain. Visitors will not only huge colorful scene with the world's best DJ sets, but also plenty of additional entertainment, for example, a huge amusement park and theatrical delivery, accompanying speech. In addition, traditional entertainment Vegas is always there. Electronic Dance Carnival - the biggest party Vegas.

Exit Festival
When: July 9-12
Tickets: from 89 EUR
Where: Novi Sad, Serbia

Incredibly popular among Ukrainians Music Festival, which also geographically close. This year's line-up of DJs will be headed by the number one - Hardwell. In addition to the DJs in Novi Sad come dozens of other artists.
Ukrainian companies often provide direct bus services specifically for the festival. Ticket price - about 100 euros per round trip.


Tomorrowland
When: July 24-26
Tickets: from 300 EUR
Where: Boom, Belgium

Festival Tomorrowland is considered to be the main summer dance event in Europe, if not to take into account not sleeping Ibiza. Three days of incredible fun in a specially built for the festival town: camping, nature, attractions, and a dozen scenes with the music of different directions. Every year Toworrowland collects about 300,000 fans EDM-music, which is played by three hundred of the best DJs. A pleasant surprise for visitors - back-to-back-sets known DJs. Last year it was Tiesto and Hardwell. Who will be this - the secret.
The price of the return ticket with one change will be $ 200.

Creamfields
When: August 28-30
Tickets: information is not yet
Where: Daresbury, UK

One of the oldest and most popular festivals of electronic music in the UK and Europe. Huge open air came into existence in 1998, after which year the year continued to gain popularity. Stated nice line-up is impressive: Avicii, Armin van Buuren, Steve Angello and dozens of others.

Amsterdam Dance Event
When: October 14-18
Tickets: information is not yet
Where: Amsterdam, Netherlands

One of the major dance events of the year. At the festival, professional edition Dj Mag after a long voting calls the best DJ of the year. The past two years the first place occupied Dutch DJ Hardwell, who wins the leadership from the 5-time champion Armin van Buuren.
Feature of the festival is that all the events are not limited to one location, and scattered throughout the city: more than 220's Event on 52 sites. Home - The award - causes rapid hype and gathers an audience of tens of thousands of visitors.
reported by Forbes 

Photo: facebook.com/baselworld

Today in Basel, Switzerland over the world's largest annual exhibition of watches and jewelry Baselworld. At this year's parade was attended by representatives of more than 1,500 brands from forty countries. Thus Baselworld-2015 became the biggest trade show of Haute Horlogerie, which annually following the Geneva Salon identifies the main trends industry.
Baselworld-2015: 10 new products, the main watch exhibition
Photo: facebook.com/baselworld
This year, including popular watch "complications» Baselworld-2015 - chronographs, grande date («big date"), anti-magnetic technology Master Co-Axial, high-speed tourbillons and lunar calendars. Of current trends, as before, like sports watches Yacht-Master Rolex, El Primero Sport Zenith - in this area among watchmakers present a particularly high level of competition.
By popular models on display, along with complex mechanisms Stranger Vivaldi from Ulysse Nardin or Arnold & Son, include innovative forms, such as, Hublot Magic Gold, sophisticated clock-like ckeletony The Perrelet Turbine Skeleton and time-consuming zhakemary - Jaquet Droz. Forbes chose ten of the latest models of watches from luxury brands Baselworld-2015.



Chopard
Mille Miglia GTS Power Control

chopard.com

Mille Miglia collection inspired by classic luxury cars Gran Turismo and the world-famous Italian endurance rally "Mille Miglia", held by the route Brescia - Rome and back. Ruler hours initiated by Karl Friedrich Scheufele,, co-president of Chopard, updated in 1988.
Sports Watch GTS Power Control with power reserve of 46 hours in a stainless steel housing with two large protruding numbers "6" and "12" are reminiscent of retro and dashboards for the first time are driven by watchmakers Chopard. 01.08 caliber completely designed, constructed and assembled in the workshops of Fleurier Ebauches.

Blancpain

Villeret Grande Date

The world is full of abandoned places, each of which has its own history. Admit it, there is in them something special, and it's something causes us to avoid them. However, there is no limit to human curiosity, so we have prepared a selection of places to look at that scary, but interesting.

These images I found in one of the Russian websites I could not find out who the author of the photos, but they are so impressed me that I just had to share this with you

1. The island of Hashima, Japan.

Once on the island were rich deposits of coal, and there were about 5,000 miners and their families. When gasoline has replaced coal as the primary fuel source, the town was abandoned. The city is empty to this day.
2. Sanchzhi, Taiwan.
These futuristic houses were originally designed for the US military recreation, who were returning from Asia. Unfortunately, the project stopped right in front of the opening of the fund in 1980, the year, so for their intended purpose and not used.


3. The 102-year-old floating forest in Australia.
This housing steamer was doomed to rust in Homebush Bay in the days of the Second World War. Since the ship so no one touched, nature decided to take everything into their own hands - the ship turned into a floating forest.


4. Marine Maunsell forts.
These forts were built to protect the land from potential British air or sea attacks during World War II. After the end of hostilities buildings were abandoned.

5. Pripyat, Ukraine.

Pripyat was once a peaceful cozy town built specifically for workers nearby Chernobyl nuclear power plant. April 26, 1986 exploded fourth power station, the consequence of which was the release of huge amounts of radioactive substances. Residents of Pripyat were evacuated, and the city became unsuitable for living due to high levels of radiation.


6. The headquarters of the Communist Party of Bulgaria.
The seat of the Communist Party of Bulgaria looks terribly both externally and internally. This building is in the shape of a flying saucer was abandoned after the collapse of the Soviet Union. Now the building looks very ominous.


7. Park Nara Dreamland, Japan
Nara Dreamland was opened in 1961 to the year. It was closed 45 years later. Since then, in these parts roam only stalkers, despite the fact that the protection is still patrolling the park.


8. Desert Island in Florida, USA.
These funny houses were built in 1981. at Cape Romano. They served as a resting place for the millionaire Bob Lee, until it went bankrupt. Now this place is abandoned.


9. New Bedord Orpheus, USA.
New Bedord Orpheus - an abandoned theater in Massachusetts, USA. It was opened in 1912th and closed in 1959. Since the building serve primarily as shops. Now the owners are raising money for the restoration of the theater.


10. Lost City in Shicheng, China.
This incredible city flooded, frozen in time, already in 1341. Shicheng or Lion City is located in Jiangxi province in eastern China. It was discovered in 1959 during the construction of hydroelectric power.


11. Station City Hall.
 City Hall - the station of the New York subway, opened in 1904, the year. Over time, the station is no longer fit the new standards, so was closed in 1945th.

12. Hotel Salto, Colombia.
Since 1928, the hotel served as a shelter for tourists who come to see the 157-meter waterfall Tequendama Falls. In the early 90's of interest to the waterfall fell sharply and the hotel had to be closed.


13. Abandoned military hospital in Bielice, Germany.

Large complex hospital was built in 1800. It was here that Adolf Hitler was recuperating after a leg injury in the Battle of the Somme.


14. The cooling tower in Belgium.

 This eerie ghost ship - Brazilian yacht shipwrecked in Ardley Bay. Brazilians are doing a documentary, but a strong wind and the raging sea forced them to abandon ship. Since then, the boat is at rest under the water column.

16. Psychiatric Hospital Willard, USA.