Browsing by Author "Chikobava, Malkhaz"
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Item Dynamics of the world gold market and the expected wave of the global financial and economic crisis(Ivane Javakhishvili Tbilisi State University Press, 2022) Chikobava, MalkhazBy decision of the Bretton Woods International Monetary and Financial Conference of 1944, gold, along with the US dollar, was designated as the world's reserve currency. Central banks and finance ministries sought to accumulate gold in international reserves. The peak was reached in 1965, when, according to the International Monetary Fund, the total gold reserves of the world amounted to 37,124 tons, and the share of gold in the total international reserves of all countries of the world reached 54%. Already in the second half of the 1960s, signs of a crisis in the gold-dollar standard began. In 1976, a conference was held in Jamaica that abolished the gold dollar standard and replaced it with a paper dollar standard. Since that time, a rather strange, ambiguous situation has arisen. While the International Monetary Fund has recommended continuing to replace gold with US dollars in international reserves, countries have largely taken a neutral stance. However, since 2010 there has been a clear trend of central banks turning gold into net buyers. According to the World Gold Council, net purchases of gold by central banks (volumes of purchases excluding sales) in 2010- 2020 (in metric tons): 2010. - 79.1; 2011 - 480.8; 2012 - 569.3; 2013 - 619.3; 2014 - 601.2; 2015 - 579.6; 2016 - 394.9; 2017 - 378.6; 2018 - 656.2; 2019 - 605.4; 2020 - 254.9 Thus, the active purchase of gold by countries in recent years to replenish international reserves clearly indicates that gold is a much more reliable asset than fiat currencies, and it can be considered as one of the possible alternatives to the existing monetary and financial systemItem Growing public debt as the main factor in the expected global recession(Ivane Javakhishvili Tbilisi State University Press, 2023) Chikobava, MalkhazThe article discusses the dynamics of the budget deficit and public debt of the US federal government and the factors influencing them. It is shown that the growing problem of the sovereign debt of industrialized countries poses a threat not only to these countries, but also to global economic stability and security. Based on data from the US Treasury, the article analyzes the reasons for the decline in the interest of foreign financial investors in US treasury securities. According to the US Department of the Treasury, which refers to the end of October 2022, foreign holders of US Treasury securities accounted for $7.19 trillion, and the central banks of other countries - $3.65 trillion, that is, about half. It is worth noting that from October 2021 to October 2022, the amount of US debt held by foreigners decreased by 6 percent, or $459 billion. On an annualized basis, such a large-scale reduction in the foreign portfolio of US securities has not been observed before. This decrease occurred against the backdrop of an increase in the key rate of the US Federal Reserve starting from March 2022, which also meant an increase in interest rates on US Treasury securities. In the spring of last year, it was assumed that due to the increase in the yield of US financial instruments, there would be an additional influx of foreign capital into America, but US Treasury securities failed to become attractive to foreign financial investors.Item In the footsteps of Klaus Schwab’s “Great Reset”(Ivane Javakhishvili Tbilisi State University Press, 2021) Chikobava, MalkhazThe article analyzes the ideas of the book by Klaus Schwab “The Great Reset” about the need to transform the modern world. At the online conference of the World Economic Forum in May 2020, Klaus Schwab co-coauthored the term “The Great Reset” with Prince Charles. The bottom line is this: the world of capitalism is now going through a serious crisis, and it needs to be transformed. Prince Charles talks about “responsible capitalism.” The coronavirus pandemic, with its isolation, offers a unique chance to transform. In early June 2020, a page called The Great Reset appeared on the World Economic Forum website. The topic caused a furor. Joe Biden, Boris Johnson and Justin Trudeau joined Schwab’s pathos in The Great Reset. With the support of the “Great Transformation” from the camp of globalism, there is no doubt that the notorious “pandemic” is the beginning of the transition to inclusive capitalism. Will there be forces that can resist the globalist-transformers?Item A new paradigm of monetary theory and contemporary challenges(Ivane Javakhishvili Tbilisi State University Press, 2022) Chikobava, MalkhazIn scientific publications on the problems of monetary relations, modern monetary theory is defined as a system of views that have been formed over the past twenty years by a group of American and Australian economists, mostly university professors. The main impetus for the development and popularization of modern monetary theory was the need to create a scientific concept for overcoming such problems of the American economy as the accumulation of huge public debt, chronic budget deficits and high unemployment. This theory offers a universal solution to these problems. This article shows how this theory is able to cope with the current global financial and economic crisis; The article also analyzes the strengths and weaknesses of modern monetary theory.Item The risks of the next great depression and key factors of long-term stagnation(Ivane Javakhishvili Tbilisi State University Press, 2019) Chikobava, MalkhazThe article analyzes the key factors of long-term stagnation. In the scientific literature, studies of long-term economic stagnation have appeared for the first time since the Great Depression of 1929-1933. The innovation in this regard belongs to American Keynesian trend economist Alvin Hansen. In the 1990s the scientific community has returned to discussing long-term stagnation, observing a significant slowdown in economic growth in Japan. In the past decade, the low rate of post-crisis recovery in developed countries has again sparked an active discussion about the possibility and factors of long-term stagnation and rethinking the growth prospects of the global economy. The main characteristic of prolonged stagnation is a slowdown in economic growth. In the past decade, the low rate of post-crisis recovery in developed countries has again sparked an active discussion about the possibility and factors of long-term stagnation and rethinking the growth prospects of the global economy. If we pay attention to the dynamics of the sovereign and total debt of developed countries over the past ten years, it becomes obvious that there is a solid basis for long-term stagnation in the future of these countries.Item The virus of usury as the main cause of the permanent crisis(Ivane Javakhishvili Tbilisi State University Press, 2018) Chikobava, MalkhazThe article analyzes the essence of modern financial capitalism, its metamorphosis and the results of quantitative easing policy. It is noteworthy that the main characteristic of modern financial capitalism is that the US dollar and all other currencies are credit money. In addition, these currencies are issued not only by central banks, but also by commercial banks. This leads to an inevitable increase in debt, which is growing rapidly throughout the world and undermining the real sector of the economy. The article notes that world usurers deliberately build a system that will eventually become a global and general system of slavery. Such a system will have a very simple social structure: new slaveholders, that is, "golden millions" and the rest of the population, or "dirty" billions. The article also discusses the so-called "Charitable" funds, which in fact are the centers of accumulation of money, and whose real purpose is to serve the interests of world usurers. In addition, the article highlights the theme of mental and spiritual diseases that are hidden in the modern world of financial speculation and fraud, which are even less studied today. Unfortunately, today people do not pay attention to the most important thing - human beings are prone to strong financial ludomania, as well as a strong inclination to the "financial pyramids" and other financial frauds that are carried out outside the exchanges. In conclusion, it is said that, despite the fact that the "end of history" is not known to us, everything depends on us, including on the ability to resist moneylenders. Resistance along with other problems implies the development and implementation of positive programs to change the existing monetary system.