Złoty appendix

Produkcja złota w tonach/rok


Według United States Geological Survey  z 2016 od początku cywilizacji wyprodukowano około 178 tysięcy ton złota, z czego 85% pozostaje w użyciu. W 2017 największym producentem złota na świecie były Chiny z 440 tonami. Drugi co do wielkości producent, Australia, wydobył 300 ton w tym samym roku, a następnie Rosja z 255 tonami…

Jak już pisałem z owych 151 tysięcy ton „w obiegu” aż 20 noszą na sobie Hindusi. Z kolei światowa „konsumpcja” nowo wyprodukowanego złota to w około 50% biżuteria, 40% to inwestycje a tylko 10% to przemysł.

Chociaż złoto odgrywało istotną rolę płatniczą od czasów starożytnych, to podstawy systemu waluty złotej zostały stworzone w Wielkiej Brytanii w roku 1844 (Ustawa Bankowa z 1844, zwana także aktem Peela, od nazwiska ówczesnego premiera sir Roberta Peela). Wtedy to Bank Anglii został zobowiązany do wykupywania swoich banknotów za złoto oraz uchylono restrykcje w przetapianiu monet i przesyłaniu złota.

Wstępem do standardu złota w Anglii było przyjęcie standardu monety złotej (gold specie standard) w 1821 roku, kiedy to na żądanie było możliwe wymienianie pieniądza papierowego na złotego suwerena emitowanego przez Royal Mint w Tower Hill od 1816 roku. W późniejszym okresie, między rokiem 1870 a rokiem 1880, system waluty złotej został przyjęty przez dużą liczbę państw.

Wybuch I wojny światowej w 1914 roku i wzrost wydatków rządowych finansowanych za pomocą emisji pieniądza fiducjarnego spowodował trudności z utrzymaniem wymienialności walut. W wyniku tego prawie wszystkie państwa porzuciły system waluty złotej. Powrócono do niego na kilka lat w okresie międzywojennym. Próba ta podjęta przez Wielką Brytanię odniosłaby prawdopodobnie większy sukces, gdyby nie ustalenie zawartości złota w funcie na zbyt wysokim poziomie oraz gdyby nie wystąpiły niekorzystne wydarzenia zewnętrzne…  W tych warunkach utrzymanie systemu waluty złotej przez Wielką Brytanię okazało się niemożliwe i zaowocowało dewaluacją funta we wrześniu 1931 roku.”

During the governorship of Montagu Norman, from 1920–44, the Bank made deliberate efforts to move away from commercial banking and become a central bank. In 1946, shortly after the end of Norman’s tenure, the bank was nationalised by the Labour government.

Under Norman, the bank underwent significant change. In 1931 the United Kingdom permanently abandoned the gold standard, at which point the bank’s foreign exchange and gold reserves were transferred to the British Treasury. Norman was a close friend of the German Central Bank President Hjalmar Schacht, who was a supporter of Adolf Hitler and the Nazi Party, and served in Hitler’s government as President of the Reichsbank and Minister of Economics. As such, Schacht played a key role in implementing the policies attributed to Hitler. Norman was also so close to the Schacht family that he was godfather to one of Schacht’s grandchildren. Both were members of the Anglo-German Fellowship and the Bank for International Settlements… careful investigation by historian David Blaazer into the Bank of England’s internal memos has established that Norman knowingly authorized the transfer of Czech gold from Czechoslovakia’s No. 2 account with the Bank for International Settlements to the No. 17 account, which Norman was aware was managed by the German Reichsbank. Within ten days the money had been transferred to other accounts. In the fall of 1939, two months after the outbreak of World War II, Norman again supported transfers of Czech gold to Hitler’s Germany. On this occasion His Majesty’s Government intervened to block Norman’s initiative. He retired from the bank in 1944.

Following his retirement, he was raised to the peerage as Baron Norman, of St Clere in the County of Kent, on 13 October 1944.”

Rowland Baring, 3rd Earl of Cromer… After serving as private secretary to the Freeman Freeman-Thomas, 1st Marquess of Willingdon in 1938, he joined Barings Bank, founded by his ancestor Sir Francis Baring, as a clerk. After military service during the war, he was managing director of Barings between 1949 and 1959. He then served as Economic Minister at the British Embassy in Washington as well as holding executive directorships at the International Monetary Fund, the International Bank for Reconstruction and Development, and the International Finance Corporation.

In 1961, he was appointed Governor of the Bank of England, a position he held until 1966. During his governorship, he clashed with the incoming Labour Prime Minister, Harold Wilson, over Cromer’s desire to see government spending contained, which may have contributed to his decision not to seek a second term. He was subsequently appointed to the Privy Council. He was responsible for the Cromer Report into Lloyd’s of London.

From 1971** to 1974 he served as British Ambassador to the United States. Following his appointment he became a Knight Commander of the Order of St Michael and St George, and was raised to the rank of Knight Grand Cross in 1974. He was a Governor of the pro-NATO Atlantic Institute, and a member of the Pilgrims Society executive committee.

Przed dymisją w 1966, napisał przedmowę do historii Bank of England…***


**) April 1 – The United Kingdom lifts all restrictions on gold ownership.

August 15 – President Richard Nixon announces that the United States will no longer convert dollars to gold at a fixed value, effectively ending the Bretton Woods system. He also imposes a 90-day freeze on wages, prices and rents.

***) Bardzo intrygująca jest postać obecnego gubernatora BoE – Marka Carneya:

Carney attended St. Francis Xavier High School, Edmonton before studying at Harvard University. …Carney spent thirteen years with Goldman Sachs. He worked at the investment bank’s London, New York City, Tokyo, and Toronto offices. His progressively more senior positions included co-head of sovereign risk; executive director, emerging debt capital markets; and managing director, investment banking. He worked on South Africa’s post-apartheid venture into international bond markets, and was involved in Goldman’s work with the 1998 Russian financial crisis…

Carney returned to the Bank of Canada in November 2007 after his appointment as Governor, and served as advisor to retiring Governor David Dodge before formally assuming Dodge’s position on February 1, 2008. Carney was selected over Paul Jenkins, the Senior Deputy Governor, who had been considered the front-runner to succeed Dodge. Carney took on this role during the depths of the recent global financial crisis. At the time of his appointment, Carney was the youngest central bank governor among the G8 and G20 groups of nations…

Carney’s actions as Governor of the Bank of Canada are said to have played a major role in helping Canada avoid the worst impacts of the financial crisis that began in 2007. The epoch-making feature of his tenure as governor remains the decision to cut the overnight rate by 50 basis points in March 2008, only one month after his appointment. While the European Central Bank delivered a rate increase in July 2008, Carney anticipated the leveraged-loan crisis would trigger global contagion. When policy rates in Canada hit the effective lower-bound, the central bank combatted the crisis with the non-standard monetary tool: „conditional commitment” in April 2009 to hold the policy rate for at least one year, in a boost to domestic credit conditions and market confidence. Output and employment began to recover from mid-2009, in part thanks to monetary stimulus. The Canadian economy outperformed those of its G7 peers during the crisis, and Canada was the first G7 nation to have both its GDP and employment recover to pre-crisis levels… In October 2012, Carney was named „Central Bank Governor of the Year 2012” by the editors of Euromoney magazine.

On November 4, 2011, Carney was named Chairman of the Basel-based Financial Stability Board. In a statement, Carney credited his appointment to „the strong reputation of Canada’s financial system and the leading role that Canada has played in helping to develop many of the most important international reforms”… Carney served as Chairman of the Bank for International Settlements’ Committee on the Global Financial System from July 2010 until January 2012. Carney is a member of the Group of Thirty, an international body of leading financiers and academics, and of the Foundation Board of the World Economic Forum. Carney attended the annual meetings of the Bilderberg Group in 2011 and 2012.

On November 26, 2012, UK Chancellor of the Exchequer, George Osborne, announced the appointment of Carney as Governor of the Bank of England. He succeeded Sir Mervyn King on July 1, 2013. He is the first non-Briton to be appointed to the role since the Bank was established in 1694. The Bank of England was given additional powers from 2013, such as the ability to set bank capital requirements… Carney has warned multiple times that Brexit is expected to negatively influence the UK economy. Consequently, pro Brexit activists accused him of making pro-remain statements in the British EU-membership referendum. He replied that he felt it was his duty to speak up on such issues…

In addition to Canadian citizenship, Carney also holds UK citizenship and Irish citizenship.”

2 myśli na temat “Złoty appendix”


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