This shadow system includes structured investment vehicles (SIVs), conduits, money market funds, hedge funds, and investment banks.

Remaking the Money Market

For a kid from a small street I did very well on Wall Street

Of course, it was bailed out along with all the other money market funds.

It would like to see the internal capital market operate as much as possible.

The case for capital market integration, and then for a single currency, was similar.

Financial markets did well through capital market liberalization.

The financial markets encouraged consumers to borrow by introducing ever more sophisticated instruments and more generous terms.

But the legacy is a more efficient stock of capital equipment.

The ramifications of this are staggering, for the amount of money owed back to the banks will always exceed the amount of money that is available in circulation.

The eurozone provides the only large capital market other than the US for such investments.

And if the market doesn't exist there, you might be spending a lot of money trying to create a market where there is none.

I don't know if you're all aware of this, but the video game market, kids are playing these video games, but, supposedly, there's tons of money.

The sub prime crisis has diverted attention from rising fears about Sovereign Wealth Funds (SWF s) as the new bogeyman of global finance.

There were similar fears recently when it became known that US based money market funds had lent heavily to European banks. And some leading US banks also rely on money market funding here, too, the shadows and the banks have aligned interests.

Money market funds from the United States are returning, albeit cautiously, to resume funding of European bank debt.

These six international banks alone accounted for nearly 20 of the prime money market funds value.

A large money market fund broke the buck and investment banks that relied on the commercial paper market had difficulty financing their operations.

The second lesson to be learned from the gold standard concerns the extent and limits of capital market integration.

On top of all this, there is a shadow financial system of non bank financial institutions that, like banks, borrow short and liquid and lend to or invest in longer term and illiquid assets. This shadow system includes structured investment vehicles (SIVs), conduits, money market funds, hedge funds, and investment banks.

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There are also substantial investments by American money market funds in instruments issued by some of the exposed banks.

There is a wide range of available capital account management tools, and it is best if countries use a portfolio of them.

Others are available from Citymart.com, a marketplace for such tools (as well as more operational software and services).

Thus, development will continue to be the top priority, including the development of China s own financial market.

But the 2008 financial crisis showed that, when push comes to shove, the government will backstop money market funds nonetheless.

Between September 1906 and March 1907, the stock market slid, losing 7.7 of its capitalization.

And social business needs markets, and there are some issues for which you just can't develop the kind of money measures that you need for a market.

For our auction we have some wonderful paintings for you, for a very good cause, the money you give us will be used to buy hearing aids.

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