Tenetevi forte... è in arrivo

Andare in basso

Obbedire Tenetevi forte... è in arrivo

Messaggio Da viernes il Gio 7 Mag 2009 - 12:25

Non ho sentito alcun commento sulla cosa più importante e terribile detta ieri dal cav. Berlusconi a Porta a Porta: bisogna arrivare a realizzare una vera economia sociale di mercato in cui lo stato faccia il direttore d'orchestra.

I giornali, maledetti, parlano solo di Veronica.

Il discorso di ieri sera a porta a porta passerà alla storia come il nuovo discorso dal predellino, come quello del 1922 a Cremona di Mussolini o come i discorsi alle masse di Stalin

Da ieri se avesse una faccia dovrebbe chiamare il suo partito: partito bolscevico della non libertà.

Parlava a ruota libera, vuole la socialdemocrazia.

Un industriale diventato comunista.........e nessuno ha capito la portata di quello che ha detto.

Ragazzi da ieri non c'è più la liberta, è stata negata: solo che per ora non capite, quando capirete sarà tardi.

Abbiamo dei pazzi al governo, e pure all'opposizione: ormai siamo governati dal socialismo.

Sento poi parlare di valori italiani, di popolo risparmioso, di industria nazionale importante: nazionalismo.

Socialismo+nazionalismo=nazionalsocialismo

Finalmente avete capito perchè gli statalisti di Fini e Co. sono andati da Berlusconi.

Avete capito come mai l'opposizione non dice una parola contro queste assurdità: perchè hanno il loro stesso pensiero, anzi era da 50 anni che avrebbero voluto far così.

A noi fessi ci fanno parlare di Veronica....

Continuo a sentire keynesiani che se la ridono fanfarando che grazie all'intervento degli stati l'economia mondiale non è (ancora ndr) crollata: ma nessuno capisce che l'intervento degli stati crea solo maggior debito, perchè lo stato non produce nulla.

Lo stato ruba ai cittadini per finanziare il suo apparato mostruoso ed inutile con la scusa di fornire servizi inesistenti, non basta rubare, pure si è indibitato fino al collo. Ed adesso cosa fa: ruba di più stampando altre banconote.

Per chi vuole capire qualcosa legga anche http://mises.org/story/3390: è quello che ci aspetta.

Ma non aspettatevi che accadrà subito: gli stati continueranno ad indebitarci e le loro risorse sono tante perchè sono le nostre: semplicemente ce le stanno confiscando ed anche quelle che produranno i nostri figli.

I governi di tutto il mondo stanno immettendo massicce quantità di liquidità nel sistema economico. Un errore fatale - avverte Thorsten Polleit, capo economista della Barclays Capital. Egli teme che il denaro possa perdere gran parte del suo valore e mette in guardia contro i pericoli di una massiccia inflazione. Polleit conosce però anche una via d’uscita: l’Oro.

Se i governi pensano che i problemi possano essere risolti con un’espansione della liquidità, allora si sbagliano di grosso, e questa follia si dovrà pagare con un'inflazione molto, molto elevata, e con i dolorosi fenomeni economici e politici a essa associati.

Nel sistema della carta moneta, in cui il denaro viene creato dal credito, le economie sembrano essersi impantanate in una situazione di eccesso di credito. Questa è la sfida sociale per il quale si dovrà trovare una soluzione. Programmi economici ciclici, siano essi finanziati da imposte o debiti, non costituiscono una soluzione. Fintanto che lo Stato ha la sovranità sul denaro, il pericolo è reale.

Tutti i paesi occidentali si trovano nella stessa barca per cui non sono da attendersi grandi movimenti dei tassi di cambio. Tuttavia c’è da attendersi che il Dollaro US si rafforzi.
La soluzione si chiama "Free Banking", cioè la privatizzazione del sistema monetario e bancario. Il debito bancario esistente sarà legato all’oro che si trova ancora nei seminterrati delle banche centrali. Solo in questo modo la carta-moneta avrà un ancoraggio reale e su cui s’incentrerà’ la libera domanda e offerta sulla quantità e qualità del denaro.

Si tratta della privatizzazione del sistema monetario e bancario. Presumibilmente, i governi stessi non hanno grande interesse nel cambiamento della politica monetaria, perché hanno bisogno della carta-moneta per finanziare la ridistribuzione stratale, ma è ovvio che i cittadini hanno interesse al mantenimento del valore del denaro. All’inizio il motore trainante sarà l’esigenza del popolo ad avere denaro che mantenga il proprio valore, il resto verrà da sé.

Una volta che il sistema monetario è stato scosso, sussiste il pericolo che l'ordine sociale liberale subisca danni con una conseguente diffusione dell’interventismo e del socialismo. La libertà e una moneta che conservi il suo valore, sono due entità indissolubilmente legati.


C'E' PERò UNA VIA PER USCIRE DA QUESTA STRETTOIA MORTALE, E LA RIPORTO DI SEGUITO.

SIGNORI NON è' COMPRANDOCI ORO CHE CAMBIEREMO IL MONDO: BISOGNA FAR NASCERE UN GRANDE MOVIMENTO DI IDEE PER FAR TORNARE IL MONDO ALLA MONETA ONESTA, E SCACCIARE LA FIAT MONEY, LA MONETA CREATA DAL NULLA.

Perfino il pazzo di Tremonti ci ha detto qualche tempo fà, che abbiamo una moneta falsa che non è nostra: solo che ha mischiato i discorsi per non farci capire qual è l'unica ancora di salvezza.

TORNARE AD UNA MONETA ONESTA, UNA MONETA CHE NON SI SVALUTI COME è CAPITATO PER ALMENO 5000 ANNI DELLA CIVILTA' DELL'UOMO.

Qualcuno nella storia ha cercato di fregarci varie volte, da Lorendo dè Medici il Magnifico truffatore(pag. 70 del libro di De Soto (vero Paolo!)) a Alan Greenspan, passando per i vari Rotschild, Lazard, Moises, Rockfeller, Khun & Loeb, Lehman Brother, ecc.

Vorrei sapere quanti di voi sanno dove è la sede fiscale della FED.

Qualche brano da http://www.federalreserve.gov/pf/pdf/pf_1.pdf

"Today, the Federal Reserve’s duties fall into four general areas:

conducting the nation’s monetary policy by inf luencing the monetary and credit conditions in the economy in pursuit of maximum employment, stable prices, and moderate long-term interest rates

supervising and regulating banking institutions to ensure the safety and soundness of the nation’s banking and financial system and to protect the credit rights of consumers

maintaining the stability of the financial system and containing systemic risk that may arise in financial markets

providing financial services to depository institutions, the U.S. government, and foreign official institutions, including playing a major role in operating the nation’s payments system
Most developed countries have a central bank whose functions are broadly similar to those of the Federal Reserve. The oldest, Sweden’s Riksbank, has existed since 1668 and the Bank of England since 1694. Napoleon I established the Banque de France in 1800, and the Bank of Canada began operations in 1935. The German Bundesbank was reestablished after World War II and is loosely modeled on the Federal Reserve. More recently, some functions of the Banque de France and the Bundesbank have been assumed by the European Central Bank, formed in 1998.
Background
During the nineteenth century and the beginning of the twentieth century, financial panics plagued the nation, leading to bank failures and business bankruptcies that severely disrupted the economy. The failure of the nation’s banking system to effectively provide funding to troubled depository institutions contributed significantly to the economy’s vulnerability to financial panics. Short-term credit is an important source of liquidity when a bank experiences unexpected and widespread withdrawals during a financial panic. A particularly severe crisis in 1907 prompted Congress to establish the National Monetary Commission, which put forth proposals to create an institution that would help prevent and contain financial disruptions of this kind. After considerable debate, Congress
passed the Federal Reserve Act “to
provide for the establishment of Federal reserve banks, to furnish an elastic currency, to afford means of rediscounting commercial paper, to establish a more effective supervision of banking in the United States, and for other purposes.” President Woodrow Wilson signed the act into law on December 23, 1913.
Soon after the creation of the Federal Reserve, it became clear that the act had broader implications for national economic and financial policy. As time has passed, further legislation has clarified and supplemented the original purposes. Key laws affecting the Federal Reserve have been the Banking Act of 1935; the Employment Act of 1946; the Bank Holding Company Act of 1956 and the amendments of 1970; the International Banking Act of 1978; the Full Employment and Balanced Growth Act of 1978; the Depository Institutions Deregulation and Monetary Control Act of 1980; the Financial Institutions Reform, Recovery, and Enforcement Act of 1989; the Federal Deposit Insurance Corporation Improvement Act of 1991; and the Gramm-Leach-Bliley Act of 1999.
Congress has also adopted legislation
President Wilson signed the Federal Reserve Act on December 23, 1913.
defining the primary objectives of national economic policy, including the Employment Act of 1946; the Federal Reserve Reform Act of 1977; and the Full Employment and Balanced Growth Act of 1978, which is sometimes called the Humphrey-Hawkins Act, after its original sponsors. These objectives include economic growth in line with the economy’s potential to expand; a high level of employment; stable prices (that is, stability in the purchasing power of the dollar); and moderate long-term interest rates.
The Federal Reserve System is considered to be an independent central bank because its decisions do not have to be ratified by the President or anyone else in the executive branch of government. The System is, however, subject to oversight by the U.S. Congress. The Federal Reserve must work within the framework of the overall objectives of economic and financial policy established by the government; therefore, the description of the System as “independent within the government” is more accurate....
.omissis..............Some regulations issued by the Board apply to the entire banking industry, whereas others apply only to member banks, that is, state banks that have chosen to join the Federal Reserve System and national banks, which by law must be members of the System. The Board also issues regulations to carry out major federal laws governing consumer credit protection, such as the Truth in Lending, Equal Credit Opportunity, and Home Mortgage Disclosure Acts. Many of these consumer protection regulations apply to various lenders outside the banking industry as well as to banks....omissis...........The Board has regular contact with members of the President’s Council of Economic Advisers and other key economic officials. The Chairman also meets from time to time with the President of the United States and has regular meetings with the Secretary of the Treasury....omissis....POI SENTITE QUA...The New York Bank serves the Commonwealth of Puerto Rico and the
U.S. Virgin Islands; the San Francisco Bank serves American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands......POI UNO UN Pò MATTO COME ME CAMBIA LINK E VA SU http://www.federalreserveeducation.org/fed101/history/ E TROVA "To finance the American Revolution, the Continental Congres printed the new nation's first paper money. Known as"continental", the fiat money notes were issued in such quantity they led to inflation, through mild at first, rapidly accelerated as the war progressed. Eventually, people lost faith in the notes, and the prhrase "Not Worth a continental" came to mean "utterly worthless"

In sostanza la sede legale è in Porto Rico, quella operativa e amministrativa a Washington DC. Porto Rico non ha una propria banca centrale nè moneta nazionale, la valuta ufficiale è il dollaro e la FED svolge funzioni supplettive di Banca Centrale; Porto Rico è parte del Distretto di New York che è il principale azionista dell'istituto.

I bilanci si fanno a Puerto Rico? No a Puerto Rico è permesso non farli: a proposito Lehman Brothers è uno degli azionisti di maggioranza del distretto della FED di New York, che controlla gli altri 11 distretti in cui è suddivisa la FED.

Cioè la Lehman Brothers azionista della FED ha ordinato di non salvarsi!

Di seguito la cura, il free banking system


Ending the Monetary Fiasco — Returning to Sound Money

Mises Daily by Thorsten Polleit | Posted on 4/17/2009 12:00:00 AM

1. Introduction
2. A Brief Overview of Mises's Work
3. The Role of Money in the Process of Civilization
4. The Sound Money Principle
5. The Austrian Monetary Theory of the Trade Cycle

6. Taking Stock of World Monetary Affairs
7. Deflation under Fiat Money
8. Ways of Returning to Sound Money
9. Conclusion and Outlook

* Notes

I. Introduction
viernes
viernes
Utente Senior
Utente Senior

Maschio
Numero di messaggi : 1498
Età : 45
Località : VA
Data d'iscrizione : 29.12.07

Torna in alto Andare in basso

Obbedire Re: Tenetevi forte... è in arrivo

Messaggio Da viernes il Gio 7 Mag 2009 - 12:28

Ludwig von Mises is, and I suppose virtually all of you would agree, the
dean of the Austrian School of economics, and I do not hesitate to add,
he is also the most important economist of the 20th century and one of
the greatest social philosophers.

Mises's personal courage and
rigorous intellectual reasoning are, and will always be, an inspiration
and encouragement to all students of economics, social affairs and
philosophy.

His outstanding expertise in the fields of economics,
politics, history, and psychology — combined with his amazing ability
to integrate these diverse elements into a coherent theoretical system —
is what sets Mises apart from other economists.[1]

Mises not
only reconstructed the theory of economics along the lines of a
humanistic social theory, which he called praxeology: the science of the
logic of human action. He also made a scientifically founded ethical
case for capitalism, showing that the free market — the organization
based in private property — essentially means productive, peaceful, and
sustainable association and cooperation among free individuals.

Mises
knew that capitalism, for a number of reasons, has politically powerful
enemies. The most powerful, most destructive, and most vicious and
subversive of these would be false monetary theory and, as a result, a
misguided monetary system, as it inevitably will destroy the free
societal order. In The Theory of Money and Credit, published in 1912,
Mises noted

It would be a mistake to assume that the modern
organization of exchange is bound to continue to exist. It carries
within itself the germ of its own destruction; the development of the
fiduciary medium must necessarily lead to its breakdown.[2]

By
fiduciary medium Mises meant fraudulent money: money that systematically
violates the principle of private property — money that isn't backed by
freely chosen money proper (such as gold and silver). Government
controlled fiat money is and will always be, by construction, fraudulent
money.

We already find ourselves facing the destructive
consequences that the worldwide fiat-money regime has engendered:
impoverishment, caused by malinvestment, and rising despair among the
people — which, it must be feared, will set into motion disintegrating
forces for capitalism, the productive, peaceful, and sustainable
societal cooperation.

We are witnessing yet another sign of the
failure of the fiat-money regime — this time perhaps its eventual
collapse — on a worldwide scale. It has been predicted, logically
deduced from praxeology, by Mises and his followers, as a result of
state interventionism in monetary affairs.

However, this
assessment is not shared by public majority opinion. On the contrary,
free markets are being blamed for having caused the disaster, and even
more government interventionism — controls, regulations, restrictions,
special privileges, subsidies, or Keynesian-type government spending
programs — is seen as the way out of the catastrophe.

"Interventionism
is," as Mises wrote,

not an economic system, that is, it is not a
method which enables people to achieve their aims. It is merely a
system of procedures which disturb and eventually destroy the market
economy. It hampers production and impairs satisfaction of needs. It
does not make people richer; it makes people poorer.[3]

From the
viewpoint of the Austrian School of economics, only a return to sound
money — that is free-market money — can prevent further impoverishment
and destruction of individual freedom, the inevitable consequence of
interventionism in monetary affairs.

In his magnificent magnum
opus Human Action, Mises identified the cause and the way out of the
disaster:

There is no means of avoiding the final collapse of a
boom brought about by [and here I may add: circulation] credit
expansion. The alternative is only whether the crisis should come sooner
as the result of a voluntary abandonment of further credit expansion,
or later as a final and total catastrophe of the currency system
involved.[4]

In 1923, when nations were still suffering from the
devastation caused by World War I, Mises wrote,

[T]he clamor to
eliminate the deficiencies in the filed of money has become universal.
People have become convinced that the restoration of domestic peace
within nations and the revival of international economic relations are
impossible without a sound monetary system.[5]

Today, with the
standard of living relatively high in the major economies and
international relations between the economic and militarily powerful
nations being by and large peaceful by historical standards, one would
think that the chances for monetary reform are much more promising than
they were back in the 1920s.

In an era of big government,
however, with its corrupting effects in the society increasingly
weakening the voices of freedom, the chances for returning to what Mises
called sound money — before the damage spins out of control completely —
have undoubtedly declined.
viernes
viernes
Utente Senior
Utente Senior

Maschio
Numero di messaggi : 1498
Età : 45
Località : VA
Data d'iscrizione : 29.12.07

Torna in alto Andare in basso

Obbedire Re: Tenetevi forte... è in arrivo

Messaggio Da viernes il Gio 7 Mag 2009 - 12:29

But change hasn't become impossible.
Powerful tools remain in
place: intellectual debate, education, and
conversion of a large
number of people to the cause. The most powerful
and rigorous
arguments making an uncompromising case for sound money as
an
indispensable prerequisite of freedom can be found in the works of
Ludwig
von Mises.

Having said that, please let me briefly outline

the structure of the rest of my talk. In the second part, I will review
the milestones of Ludwig von Mises's prolific achievements in the
theory
of money, economics, and its epistemological foundation.

In

the third part I will turn our attention to the current state of world
monetary
affairs. I will take stock of the latest developments from a
Misesian
theoretical perspective. In the fourth part, I will outline a
strategy
for ending the monetary fiasco and returning to sound money.
II.
A Brief Overview of Mises's Work

Mises's book The Theory of
Money
and Credit (1912) was a ground-breaking work. In it he succeeded
in
solving what had been seen so far as an insurmountable task:
integrating
the value of money into the marginal-utility theory. In
doing so,
Mises not only provided a microeconomic foundation for
determining
the value of money but also solved the so-called "Austrian
circle."

In
Principles of Economics (1871), Carl Menger
(1840–1921) had
developed a logical-historical theory of the origin of
money. Money,
he maintained, could only have originated out of barter.
Such an
explanation, however, led to the problem of the "Austrian
circle":
At any given time, the purchasing power of money is determined
by
the supply of and demand for money which, in turn, depend on the
preexisting
purchasing power of money. This leads to an infinite logical

regress backward in time.

Mises showed that the hitherto-assumed
infinite logical regress was not infinite: the regress ends at
precisely
the point in time when money is a useful nonmonetary commodity
in a
barter economy. Mises's regression theorem demonstrates that the
value
of money has a historical dimension, as was stated by Menger, and
it
also provides a logical explanation for Menger's theory.

What
is
more, the regression theorem shows that money must be established by
free-market
forces, that it cannot be established by government
interventionism.
The only possibility for the government obtaining
control over the
money supply is through coercive action.

In The
Theory of
Money and Credit, Mises also laid the foundation of what later

became the Austrian monetary theory of the trade cycle, developed
further
in the second edition of The Theory of Money and Credit in 1924.

Mises
built his business-cycle theory basically out of three preexisting
theoretical
elements: the boom-and-bust model of the Currency School,
the
differentiation between the natural interest rate and the market
interest
rate as developed by Knut Wicksell (1851–1926), and the
capital-and-interest-rate
theory as developed by Eugen von Böhm-Bawerk
(1851–1914).

By
integrating these previously separated theories,
Mises showed that
any artificial government manipulation of the interest
rate by
expanding — what he called — circulation credit sets into
motion an
economic boom that must inevitably end in bust.

In his
monograph
Economic Calculation in the Socialist Commonwealth (1920),
Mises
irrefutably demonstrated that socialism was doomed to fail. This
argument
was developed further in his most remarkable book Socialism
(1922).
Mises showed the impossibility of economic calculation in the
socialist
commonwealth.

Early on, Mises was of the opinion that
government
market interference would almost invariably prove to be
counterproductive,
and his works on money and the business cycle
confirmed and
reinforced this view.

In Interventionism (1940),
Mises
exposed the fallacies of the middle-of-the-road policy, showing
that
interventionism would be an inherently unsustainable form of
societal
organization, identifying the general law of government
failure.

Whenever
the state intervenes, it invariably ends not in
solving the problem
it tries to solve but in creating additional
problems, provoking
even further government interference in private
property. Sooner or
later, society is faced with a choice: either
returning to
capitalism or drifting to full-scale socialism, as ongoing
interventionism
would sooner or later replace the free societal order.

Socialism
is impossible — it does not allow for a survival of the human race. And
interventionism leads to full-scale socialism. The logical conclusion
is
therefore that the only viable form of societal organization is
capitalism.
In that sense, Mises provided the
hitherto-vaguely-formulated and
moral-based case for the free market
with a logical, consistent and
thought-through theory in favor of
capitalism — a case he had made
in Liberalism (1927).

From 1913
to 1934, Mises was an unpaid
professor at the University of Vienna while
working as an economist
for the Vienna Chamber of Commerce, serving as
the principal
economic adviser to the Austrian government.

After
having
fled Hitler-dominated Europe in 1940, Mises continued his
prolific
work in the United States of America. He was a visiting
professor at
New York University from 1945 until he retired in 1969.

Mises
published Omnipotent Government and Bureaucracy, both in 1944. In 1949,
Mises published his magnum opus, the first edition of Human Action — a
completely
rewritten and expanded version of Nationalökonomie, which was

published in 1940. Planning for Freedom and The Anti-Capitalistic
Mentality
followed in 1952, Theory and History in 1957, and The Ultimate

Foundations of Economic Science in 1962.



All of these
works made important contributions to economic theory and
the
procapitalism debate, and all of them were in stark opposition to
the
prevailing mainstream viewpoint of the profession — which had been
characterized
by (logical) positivism, empiricism, and societal
relativism — in
fact, these tenets have remained the very guiding
principles along
which today's mainstream economics is still being
built.



Perhaps
most characteristically, in his monumental Human
Action, Mises gave
economic theory a solid epistemological foundation,
reshaping
economic theory as the implication of the formal fact of human

action.



He cast economics as a subdivision of praxeology,
the
science of the logic of human action. Economics follows the
discipline
of applied logic, based on the axiom of action, an a
priori true
proposition, thereby following the epistemological
tradition of the
great philosopher Immanuel Kant (1724–1804) who
outlined in his Critique
of Pure Reason (1781) that truth follows
from self-evident axioms.



Mises
concluded on the
science of economics



Its statements and
propositions
are not derived from experience. They are, like those of
logic and
mathematics, a priori. They are not subject to verification or

falsification on the ground of experience and facts. They are both
logically
and temporally antecedent to any comprehension of historical
facts.[6]



Mises
not only gave a philosophically sound defense of
the economic
method in line with earlier Austrians; he also refuted the
claims of
positivists, empiricists, and neoclassical economists,
revealing
their views as mistaken and unscientific, and showing that the

methodology of a science of human action is different from that of
natural
science, hence his call for methodological dualism.



It
goes
without saying that praxeology — building on axiomatic-deductive
arguments
for providing irrefutable truths — brought Mises, in an age of

socialism, interventionism, democratic egalitarianism, and ethical
relativism
into severe conflict with the mainstream economic profession.
But
he held the course, even at the price of his academic career, which

was hardly a success by conventional standards.



As a
great
teacher and mentor, Mises had a long list of devoted students,
among
whom rank highly eminent names. Murray N. Rothbard (2 March
1926–7
January 1995) is certainly the most influential scholar among
the
rationalist mainstream of the Austrian School of economics.
Rothbard,
going beyond utilitarianism, developed a system of
rational ethics,
based on private property. In The Ethics of
Liberty, published in 1982,
he deduced Austrian based
libertarianism, a system that integrated
value-free Austrian
economics and libertarian political philosophy,
resulting in a
unified social theory.

III. The Role of Money in the
Process
of Civilization



I would now like to move our attention to
Mises's achievements in monetary theory, which is, as will be seen
shortly,
inseparably linked to the scientific case for capitalism.



Capitalism
rests on individuals' property rights: private ownership of the means
of
production. All claims capitalism makes — such as, for instance,
fostering
free, peaceful, productive, and sustainable association among
individuals
— result from this fundamental insight.



Motivated by
self-interest,
property encourages individuals to increasingly take
advantage of
the division of labor and free trade, as the latter allow
for higher
productivity and incomes when compared with a system of
economically
self-sufficient individuals.



Money emerges from
individuals
pursuing their self-interest. Using money no longer
restricts
exchange to a double coincidence of wants of the parties
involved,
thereby expanding the possibilities of exchange in an economy
organized
along the lines of property rights.



Mises realized that
money is not an abstract concept that can be treated separately from
the
sphere of commodities, but that money is itself a commodity: in a
free
market, money is the kind of commodity that is considered most
exchangeable.



With
prices of all vendible items expressed in
terms of a single
commodity, transaction costs are greatly diminished,
requiring fewer
resources for making exchange possible, thereby
contributing to
higher productivity and higher standards of living.
viernes
viernes
Utente Senior
Utente Senior

Maschio
Numero di messaggi : 1498
Età : 45
Località : VA
Data d'iscrizione : 29.12.07

Torna in alto Andare in basso

Obbedire Re: Tenetevi forte... è in arrivo

Messaggio Da viernes il Gio 7 Mag 2009 - 12:29

The

use of money as an accounting tool provides for an accurate expression
of
an individual's opportunity cost. This, in turn, supports efficient
decision
making on the part of consumers and producers.



Money
allows
for higher incomes. And higher incomes lower people's time
preference,
that is individuals' preference for present goods over
future
goods. And the lower people's time preference is, the earlier the

onset of the process of capital formation starts.



A
decline in
people's time preference means that a greater portion of
current income
will be saved and invested. As the stock of capital
rises, and as
production becomes more roundabout, the marginal
productivity of labor
increases, and this leads to higher employment
and higher wages.



The
expansion of the division of
labor and free trade, accompanied by a
rise in saving and investing,
brings about ever closer economic ties
between individuals.



Growing
economic integration makes people
less present oriented and more
future oriented, and this too gives
another boost to a higher degree
of interpersonal cooperation and
association, or in other words,
civilization.



We can conclude
that money plays a key role in facilitating and intensifying the process
of civilization. However, this holds true only for free-market money,
while with government-controlled fiat money, the opposing tendency comes
into operation, namely the process of decivilization.




IV. The Sound
Money Principle









As noted already, Mises, following Carl Menger,
showed that money — its origin and evolution — is an integral and
seminal element of the free-market system. In that sense, free-market
money can be characterized as "sound money."









In The Theory of
Money and Credit, he wrote,









[T]he sound-money principle has two
aspects. It is affirmative in approving the market's choice of a
commonly used medium of exchange. It is negative in obstructing the
government's propensity to meddle with the currency system.[7]









And
further:









It is impossible to grasp the meaning of the idea of
sound money if one does not realize that it was devised as an instrument
for the protection of civil liberties against despotic inroads on the
part of governments. Ideologically it belongs in the same class with
political constitutions and bills of right.[8]









Mises's
sound-money principle is a protection against destructive government
interference in the free market. In that sense, sound money can be
interpreted as a means to an end: sound money safeguards the free-market
order, leading to prosperity and the process of civilization.









It
is against this backdrop that today's monetary regimes — which in the
last decades have evolved in diametrical opposition to Mises's
sound-money principle — must be seen as a source of destruction to the
free societal order.









Today's money is supplied by
government-controlled central banks, which hold the money-supply
monopoly. Today's money is fiat money; it no longer has any link to a
commodity such as gold. Central banks can, and do, issue new money "out
of thin air."

























The stock of money is increased without invoking any wealth-producing
activities as required in the free market. Fiat-money creation — which
is typically done via the credit markets — can therefore — from the
viewpoint of the best legal tradition — be called counterfeiting money.













In a free market, wealth can only be created through homesteading,
producing, and contracting. Exchanging goods and services against fiat
money — be that in the market for present goods or in the time market,
where present goods are exchanged against future goods — is a violation
of the free-market principle, as it is no longer mutually beneficial for
all parties involved.






V. The Austrian Monetary Theory of the Trade Cycle













Let us turn to Mises's business-cycle theory. From praxeology we can
deduce that government fiat money is to be held responsible for the
recurrence of boom-and-bust cycles, as outlined by Mises's monetary
theory of the trade cycle. Let us take a look at the chain of events.













An increase in the fiat-money supply through what Mises called the
expansion of circulation credit lowers — and necessarily so — the market
interest rate below the natural rate, or people's time-preference rate.
It is this artificial downward manipulation of the market interest rate
that sets into motion the economically harmful and politically
devastating boom-and-bust cycles.













The increase in the fiat-money supply via circulation credit is
inflationary, and its consequence is prices for consumer or asset prices
going up.













What is more, it leads to a false sense of real savings. The
artificially lowered market interest rate induces investment projects
that would not have been undertaken under an unchanged credit and money
supply.













The artificially lowered market interest rate makes production more
roundabout, that is, economic resources are increasingly diverted from
the production of consumption (or lower-order) goods to investment (or
higher-order) goods.













The lowered market interest rate reduces real savings and increases
consumption and investment, making monetary demand overstretch the
economy's real resources and diverting people's saving-consumption
relation from their actually desired path.













Sooner or later, however, people return to their favored
savings-consumption ratio. When this happens, it becomes obvious that
the economy has lived beyond its means, that is it has embarked upon an
unsustainable path, and the credit-and-money-fuelled boom turns into
bust.













But now comes the hard — the political-economic — part, of which Mises
was so well aware. In view of an approaching depression, people start
calling for the continuation of the very policies that have caused the
malaise: even lower interest rates through a further increase in the
supply of credit and money; more credit and money at the lowest possible
interest rate are seen as a remedy rather than cause of the malaise.













Lower central-bank interest rates may prevent depression on some
occasions, but this comes at a high price. A correction of the
distortions in the production structure is prevented, and the
artificially lowered interest rate encourages even more distortions in
the economy's production structure.













As a result, a monetary policy that tries to fend off depression — the
economically painful but necessary process of correcting malinvestment —
merely postpones the inevitable crisis and, because it increases the
amount of malinvestment, increases the costs of the final and inevitable
bust.













One may blame the public's economic illiteracy and its anticapitalist
mentality for failing to come up with the right diagnosis of the causes
of the crisis and to advocate an appropriate cure. This, however, would
run the risk of underrating the disaster-causing role of government.













Governments and their sympathizers and beneficiaries have an existential
interest in preserving and strengthening the fiat-money regime,
marketing it in public — especially in state-funded schools and
universities — as being in the best interest of the people, suggesting
that there is no viable alternative.






VI. Taking Stock of World Monetary Affairs













But of course there is a viable alternative: free-market money. And
monetary regime change is badly needed, a case unmistakably made by the
disintegrating of fiat-money systems the world over.













But the majority of the people do not believe in free markets, as
epitomized by the popular term international credit crisis.













To put it mildly, this is a misleading interpretation of what is really
going on. What is called crisis is actually an inevitable process
through which malinvestment — provoked by a relentless expansion of
circulation credit and fiat money in the last decades — is corrected.







However, governments and their central banks take measures — essentially
bailouts of the greatest possible dimension — for fending off the
inevitable correction. It goes without saying that they won't improve
things but will make them even worse.















In view of the gigantic debt pyramid, which has been heaped up over the
last decades, lenders have become concerned about the ability of their
borrowers to service their debt.















Creditors are no longer willing to refinance loans falling due, let
alone increase their credit exposure. Borrowers, accustomed to carrying
high debt loads, cannot repay their maturing debt and shoulder higher
refinancing rates.















In an effort of deleveraging and derisking their balance sheets,
commercial banks reign in their credit supply and call upon borrowers to
repay their debt. As a result, the credit and money supply contracts.















If commercial banks default on their debt, bank liabilities — in the
form of unsecured and secured debentures — and finally also demand,
time, and savings deposits would be destroyed.















The economic correction process, brought about by the remaining
free-market forces under a fiat-money system, would transform the
inflation regime (the period of a rising fiat-money stock) into a
deflation regime (a period of a contraction of the money stock).















Before we talk in some more detail about inflation and deflation and its
economic consequences, please let us take a brief look at the current
state of worldwide monetary affairs and the very developments that led
to it.















Stock prices around the world are falling sharply, in particular bank
stocks. This might reflect growing investor concern about the future
profitability of banking, especially so in view of growing banking
nationalization efforts on the part of governments.















In fact, Karl Marx would most likely be delighted to see what mainstream
economists, including many who would think of themselves as
capitalism-friendly economists, are calling for.















In effect, most mainstream economists agree now with Marx in calling for
the "centralization of credit in the banks of the state, by means of a
national bank with state capital and an exclusive monopoly," which is
actually proposal number five in his Communist Manifesto, published in
1848.















Unemployment rates are on the rise, not only in the United States but
also in Europe and Japan. Mass unemployment is a likely, and sad,
perspective, the result of the malinvestment, bringing "clusters of
errors" to the surface.















Despite government guarantees for bank liabilities, banks' refinancing
costs have continued to edge up — basically across all rating categories
— not only in the United States but also elsewhere.















The collapse of stock-market valuations has been accompanied by
skyrocketing price volatility. In the US stock market, volatility has
reached levels last seen in the Great Depression period.















The price volatility of gold has also been going up dramatically, having
returned to levels last seen when paper money devalued sharply against
gold, that is in 1933–34, the early 1970s and 1980s.















In an effort to prevent losses from destroying banks' equity capital,
the Fed is monetizing banks' troubled assets. As a result, the monetary
base is now growing at the highest annual rate since data became
available, that is since 1918.















What is more, governments around the world have underwritten domestic
banks' balance sheets with tax payers' money. This, in turn, has
increased investor concern about possible government defaults, as
reflected in strongly rising premiums for insuring government bond
portfolios, or so-called "credit default swap spreads."















The credit quality of the corporate sector has not remained unaffected.
As another indicator for investor-credit-default concerns, the yield
spreads of AAA and BBA rated corporate bonds over the T-Bill rate have
risen to the highest levels since the Great Depression.















Turning to the causes of the crisis, the US private savings ratio has
been declining considerably from around 10% in the early 1980s. It
basically hit zero in 2008; and only lately has a reversal set in,
pushing the savings ratio back to above 2%.















The trend decline in the US savings ratio, which set in the early 1980s,
has been accompanied by bank credit expansion exceeding the expansion
of nominal GDP by quite a margin, suggesting an increase in bank credit
in excess of savings — which might illustrate what Mises termed
circulation credit.















Viewed from a somewhat different angle, the trend decline in the
federal-funds rate, which started in the early 1980s, has been fuelled
by a massive rise in the economy's total debt outstanding in percent of
GDP.















In this context it should be of particular interest to take into account
that the relation between government's debt level and the Fed's
interest rate is negative. Declining Fed rates have been accompanied by
rising government debt and vice versa. By the way, such a relation can
also be detected in other countries, for instance, Japan.















After the credit-boom collapse in the early 1990s, the Bank of Japan
lowered rates towards zero, with the government trying to deficit-spend
the banking sector back to health and the economy out of recession.
After years of running huge Keynesian-inspired public deficits, Japan's
gross public debt-to-GDP ratio is now approaching 200%.















The negative relation between central-bank rates and the level of
government debt deserves some further comment at this juncture,
especially in view of the monetary fiasco and the response it has
provoked on the part of governments the world over.















If the government holds the monopoly of the money supply, inflating is a
readily available source of government revenue. However, once inflation
reaches a certain level, it becomes politically extremely difficult to
handle.















This is because inflation undermines the principle of mutually
beneficial exchange, thereby damaging the prosperity-creating forces of
the free market. It leads to hardship for many, and sooner or later it
makes people dissatisfied with government, threatening its very
existence through nonviolent or violent action.
viernes
viernes
Utente Senior
Utente Senior

Maschio
Numero di messaggi : 1498
Età : 45
Località : VA
Data d'iscrizione : 29.12.07

Torna in alto Andare in basso

Obbedire Re: Tenetevi forte... è in arrivo

Messaggio Da viernes il Gio 7 Mag 2009 - 12:30

When compared with inflation, issuing government debt seems to be a much
more politically convenient instrument of expropriation and
redistribution from the viewpoint of the ruling class and the class of
the ruled.

















On the one hand, government debt allows the government to secure its
revenues. On the other hand, investors in government debt form an
alliance with the state aimed at expropriating future generations of
taxpayers.

















One should have no illusions about the fact that the gigantic government
debt piles, which have accumulated over the last decades, and which
will grow even bigger by governments trying to fend off depression,
represent pent-up inflation. Mises, in view of the German experience
made in the early 1920, put it succinctly:

















[I]nflation becomes one of the most important psychological aids to an
economic policy which tries to camouflage its effects.

















And further:

















By deceiving public opinion, it permits a system of government to
continue which would have no hope of receiving the approval of the
people if conditions were frankly explained to them.[9]

















VII. Deflation under Fiat Money

















The monetary fiasco, which has been coming to the surface in recent
months, causes concerns of deflation rather inflation — despite
unprecedented increases in base money supply and the drastic increases
in government debt.

















In mainstream economics, inflation is typically defined as an ongoing
rise in the economy's overall prices, while deflation is understood as
an ongoing fall in overall prices. These definitions have become popular
with the price index regime as put forward by Irving Fisher
(1867–1947).

















Mises had a different view. He noted that inflation and deflation are
not praxeological concepts, but were created by economists adhering to
the fallacious notion of the stability of money.

















In human action, however, there are no constants, and there is no such
thing as stable money. Money is a good like any other, and as such it is
subject to the law of diminishing marginal utility — that is the law of
determining subjective value. In that sense, there would always
deflation or inflation under free-market money.

















But let us just focus on deflation. Under commodity money, deflation is a
phenomenon inherent in the free market. It is either a result of
voluntary exchange or a correction of a preceding violation of property
rights — a consequence of banks' issuing fiduciary media. In that sense,
there is nothing wrong with deflation as such.

















Under a fiat-money system, especially so after a worldwide, decade-long
inflation, it is important to note that deflation would yield
consequences different from deflation under free-market money.

















First and foremost, under fiat-money deflation — the contraction of the
money supply — would be arbitrary, like any other action on the part of
the government; and so it cannot be expected to yield desirable economic
results.

















What is more, deflation cannot return the fiat-money regime to some kind
of market equilibrium in terms of the money supply, prices, the
production structure, and employment. The reason is that fiat money does
not have any base of money proper towards which it could deflate.

















Third, deflation would in all likelihood bring about a collapse of
government, whose existence rests to a large extent on debt financing.
Under deflation, government tax revenues would drop, and governments
would no longer be in a position to roll over their debt falling due,
let alone increase their debt.

















I may add a political consideration here: public opinion, massaged by
government preservers, will presumably see inflation — the increase in
the money stock — as the lesser evil. The total destruction of the
currency would presumably be within reach.

















It is in this context that we should remind ourselves of the (most
prominent) German experience in the early 1920s. It was a democratically
elected government which decided, in view of reparation payment
obligations and depleted funds, to take recourse to the printing press,
which ended in hyperinflation, unspeakable hardship for the people and
paved the way towards totalitarianism.








VIII. Ways of Returning to Sound Money

















There is a way of transforming the fiat-money regime into a sound money
regime. Praxeology, the science of the logic of human action, allows us
to state the very principle along which a sound money system must be
(re-)built: namely allowing for complete freedom of the supply of and
demand for the currency.

















This, in turn, implies privatizing the money system, establishing free
banking, based on 100% reserve banking that complies with traditional
legal rules of property rights. The corollary would be ending any
government inference in monetary affairs, abolishing the central bank.

















But how can the current fiat-money regime be transformed into a
sound-money system? The answer to this question can be found in Mises's
regression theorem.








WHGDtOM?

















The regression theorem implies that today's fiat money was, and could
only be, established by governments violating money holders' property
rights — actually through a lengthy process illustrated by Rothbard in
his famous What Has Government Done To Our Money?

















The regression theorem implies that the exchange values of fiat money
rest on a (freely chosen) commodity. But such a link no longer exists.
As a result, the exchange value of fiat money can decline to basically
zero: all it takes is people starting to fear that government will not
stop printing new money. And once the exchange value of paper money has
moved towards zero, it can never be restored.

















As was outlined earlier, neither inflation nor deflation will prevent
the final collapse of the fiat-money regime. So if we want to return to
sound money, and if, by doing so, we want to prevent the total
destruction of the exchange value of existing fiat monies, the only
option available is a re-anchoring of the stock of fiat money to a
commodity.

















Mises, as the first 20th century economist proposing free banking with a
100% reserve requirement on demand deposits, had worked out such a
reform proposal — "Monetary Reconstruction" — as an appendix to the 1953
edition of The Theory of Money and Credit.

















Mises demanded that banks must no longer be permitted to expand the
money stock, and that all future, that is newly created, deposits would
be subject to a 100% reserve of money proper. Rothbard built on Mises's
proposal, supporting it with a strong legal foundation.

















Rothbard proposed in his The Mystery of Banking, published in 1983, a
two way strategy.[10] In a first step, the outstanding liabilities of
the commercial banking sector plus notes and coins would be backed by
gold which is still held by the central bank.

















Holders of bank liabilities plus cash money would receive the legal
right to convert, at any one time, their holdings into a predetermined
amount of gold ounces.

















By doing so, the currency names — such as, for instance, US dollar,
euro, British Pound, Swiss franc — would simply become expressions of
certain weights of gold ounces.

















In a second step, the monetary system would be privatized, that is, a
system of free banking would be established. Central banks loose their
monopoly over the money supply, and they could no longer manipulate the
market interest rates.

















The critical question is, how much should a unit of outstanding fiat
money fetch in terms of central bank gold? It is this very decision that
determines whether, and if so, by how much, the outstanding stock of
fiat money will be reduced in the transition to free-market money.

















The equation below, the gold cover ratio, should help outline the
options available. It simply shows the sum of C, that is cash
circulating (notes and coins), D, T, and S, which are demand, time, and
savings deposits, respectively, and L, which is defined as banks'
long-term liabilities (debentures), divided by the amount of gold ounces
in the cellar of the central bank:

















If only C and D, that is the stock of payments, are backed by gold, the
price of gold in terms of existing fiat money would be relatively low.
Alternatively, if C, D, T, S, and L were backed by gold, the price of
gold in currency terms would be relatively high.

















What is more, we have to take into account that the economy's money
stock would be the gold stock held by the national central bank plus any
outside gold, that is, gold that is already circulating. So the choice
of the gold-cover ratio has an important impact on the money stock. Let
us consider three options available for setting the gold-cover ratio.

















Option #1 would be a gold backing of commercial banks' total liabilities
plus coins and notes. In this case, deflation — and I am talking about a
contraction of the existing money stock resulting from bank defaults —
would be mitigated to the greatest possible extent.

















Option #2 would be a gold backing just for monetary aggregates such as
M1, M2, or M3, which represent a portion of banks' liabilities. Bank
defaults could wipe out part of people's savings in the form of
non-gold-backed bank deposits and bank debentures.

















Option #3 is to use the prevailing gold price for backing fiat money
with gold. Such a choice would — with the gold price slightly above
US$900 per ounce — lead to a result basically similar to option #2, that
is, a less-than-100% gold backing of the money stock.
viernes
viernes
Utente Senior
Utente Senior

Maschio
Numero di messaggi : 1498
Età : 45
Località : VA
Data d'iscrizione : 29.12.07

Torna in alto Andare in basso

Obbedire Re: Tenetevi forte... è in arrivo

Messaggio Da viernes il Gio 7 Mag 2009 - 12:31

That said, option #1, which implies a 100% gold backing of banks'
liabilities, would preserve people's total nominal amount of money
holdings, while options #2 and #3 would allow for a potential reduction
in the money stock caused by bank failures.



















In other words, option #1 would, assuming that outside gold will qualify
as a means of payments, exert the biggest loss in the purchasing power
of existing fiat money. Options #2 and #3 would mitigate the extent of
debasing, as the rise in the money supply through outside gold would be
accompanied by a fall in the existing fiat-money stock.



















What these considerations make clear is that there is actually no
alternative to unmasking the loss of exchange value already incurred by
fiat-money holders and investors in fiat money denominated paper. Just
consider the alternatives:



















If the current fiat-money system is pushed into deflation, ensuing bank
defaults would wipe out the paper claims people hold against their
banks. It could — as the regression theorem shows — lead to a complete
breakdown of the exchange value of money.



















If the path of inflation — namely the ongoing increase in fiat money —
is not abandoned, sooner or later the exchange value of money will be
destroyed completely by hyperinflation.



















And it is also no viable strategy if governments issue more debt for
keeping afloat the fiat-money regime, as this would merely postpone the
inevitable day of reckoning.



















So what about setting the gold-cover ratio, an admittedly arbitrary act?
Mises gives us guidance for answering this question. He noted that



















Economics recommends neither inflationary nor deflationary policy. It
does not urge the governments to tamper with the market's choice of a
medium of exchange.[11]



















And further, Mises noted that it would be a delusion "that the evils
caused by inflation could be cured by a subsequent deflation."[12] The
effects of inflation, followed by the effects of deflation, do not
cancel each other out.



















Against this background it should be reasonable to opt for a gold-cover
ratio that backs less than 100% of banks' liabilities, such as M1 or M2.
This may keep the inflation effect due to outside gold within limits.



















If, for instance, US M2 were backed by gold, the resulting gold price
would, under current circumstances, climb to more than US$31,000 per
ounce; in the case of a 100% gold backing of M1, the gold price would
exceed US$6,000 per ounce.



















If, for instance, the euro area also backed its fiat-money stock with
gold, as defined by M3, the resulting price for a gold ounce would be
more than €26,000.



















But whatever the gold-cover ratio will be, the really important issue is
the re-anchoring of money to gold, which would save the currency system
from complete destruction and pave the way towards free-market money,
that is, sound money.









IX. Conclusion and Outlook



















In conclusion, I have tried to take the opportunity to pay tribute to
Ludwig von Mises. He truly deserves to hold the preeminent place in the
intellectual history of social theory.



















In the Misesian tradition, I have tried to outline the key role of sound
money for peaceful and productive cooperation in society, an insight
that is actually inherent in Mises's scientifically based procapitalism
case.



















Mises lays bare, and unmistakably so, the decivilization process caused
by government-controlled fiat money. Fiat money destroys, sooner or
later, the free society, through the economic and political catastrophes
it provokes.



















The only way out is a return to sound money, namely free-market money
under free banking. Free-market money — which would presumably be built
on gold — and individual freedom are inseparable, as Mises clearly
recognized.



















All these conclusions are not, as some hysterical antagonists and
mainstream economists may wish to maintain, ideologically distorted. On
the contrary, they can be logically deduced from MIses's praxeology, the
science of the logic of human action.



















The global financial debacle is a testimony to what Mises and his
followers have stated on the basis of praxeology, namely the failure of
government-controlled fiat money, and that it is high time to seek a
fundamental monetary reform: the return to free-market money.



















It is my impression that the number of supporters for ending the
monetary fiasco and returning to sound money is growing by the day. This
development is no doubt to a great extent attributable to the fantastic
work of the Ludwig von Mises Institute.



















I imagine that if Ludwig von Mises, the defender of freedom, could see
his intellectual heritage being cared for by the Mises Institute, he
would not only be highly delighted, but also take hope that, eventually,
sound money will win over fiat money, and capitalism over socialism.



















I would like to thank you very much for your attention.



















[1] In this tribute, I draw heavily on, inter alia, Reisman, G. (2006),
"Mises: Defender of Freedom," Mises Daily September 29, 2006, Ludwig von
Mises Institute, Auburn, Alabama; Rothbard, M.N. (1999), Ludwig von
Mises: The Dean of the Austrian School, 15 Great Austrian Economists,
Ludwig von Mises Institute, Auburn, Alabama, pp. 143–165; Hülsmann, J.
G. (2007), Mises: The Last Knight of Liberalism, Ludwig von Mises
Institute, Auburn, Alabama.



















[2] Mises, L. v. (1981), The Theory of Money and Credit, Liberty Fund,
Indianapolis, p. 448.



















[3] Mises, L. v. (1940), Interventionism: An Economic Analysis, The
Foundation of Economic Education, Inc., p. 77.



















[4] Mises, L. v. (1996), Human Action: A Treatise on Economics, 4th ed.,
Fox & Wilkes, San Francisco, p. 572.



















[5] Mises, L. v. (2006), "Stabilization of the Monetary Unit — From the
viewpoint of Theory," The Causes of the Economic Crisis and other Essays
Before and After the Great Depression, Ludwig von Mises Institute,
Auburn, Alabama, p.2



















[6] Mises, L. v. (1996), Human Action: A Treatise on Economics, 4th ed.,
Fox & Wilkes, San Francisco, p. 32.



















[7] Mises, L. v. (1981), The Theory of Money and Credit, Liberty Fund,
Indianapolis, p. 454.



















[8] Ibid, p. 455.



















[9] Mises, L. v. (2006), "Stabilization of the Monetary Unit — From the
viewpoint of Theory," The Causes of the Economic Crisis and other Essays
Before and After the Great Depression, Ludwig von Mises Institute, p.
38.



















[10] See Rothbard, M. N. (1983), The Mystery of Banking, 1st ed.,
Richardson & Snyder, pp. 263.



















[11] Mises, L. v. (1996), Human Action: A Treatise on Economics, 4th
ed., Fox & Wilkes, San Francisco, p 470.



















[12] Ibid, p. 784.



















Tanto perchè non vi dimentichiate del Folletto.
viernes
viernes
Utente Senior
Utente Senior

Maschio
Numero di messaggi : 1498
Età : 45
Località : VA
Data d'iscrizione : 29.12.07

Torna in alto Andare in basso

Obbedire Re: Tenetevi forte... è in arrivo

Messaggio Da Ospite il Gio 7 Mag 2009 - 13:20

bravo viernes bel 3D .

Quoto in pieno (a parte la parte in inglese che non capisco) .

Ieri mi son scandalizzato a sentir parlare il premier ..... siao messi proprio male a livello sociale .... è davvero assurdo ce non s possa fare qualosa di concreto ....

Ospite
Ospite


Torna in alto Andare in basso

Obbedire Re: Tenetevi forte... è in arrivo

Messaggio Da Contenuto sponsorizzato


Contenuto sponsorizzato


Torna in alto Andare in basso

Torna in alto


 
Permessi di questa sezione del forum:
Non puoi rispondere agli argomenti in questo forum