Welcoming the G20 to Toronto:

Lecture notes in progess
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http://www.theglobeandmail.com/news/world/g8-g20/economy/harpers-bank-tax-victory-has-left-some-scars/article1598602/

Government fait currency & Deposit currency, the same thing and not the same thing at the same time
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Two ways a government can access the money supply: Printing paper notes -- or regulating their domestic bank of clearance

fund
Fiat currency/paper currency

Key developement is that their is a world currency at the same time their are local currencies.
The world currency is the international bank of clearance (Basel commission): the mechinism of settlement of all nation's deposit currencies, trading with each other. The World Trade Organization, the World Bank, and the IMF are all organizations, in part co-ordinating the value of a local nation's currency value. Through managing withdrawels of a nation's deposit currency fund, into anthor currency.

A nation's currency value on international markets (international bank of clearance macro aggerate deposit currency, is a combination of balance of trade payments of their people's importing and exporting -- and the conversation of deposit currency into foreign currencies,


The idea is that a balance of payment is only a part in the motor that creates a currencies value. And that banks lending funds, that then are converted to a foreign currency, creates obligations for a government fiat beyond the regular importing and exporting habits of that nation -- external to a government Fiat currency, yet creates obligations. Thus the need for international cooperation and coordination. Need for tools, in that a country's federal reserve have access to foreign currency and gold to protect their local currency from deposit currency withdrawel into a foreign currency.

Key idea in modern nation's understanding of what a fiat currency is, and how the bank multiplier effect, creates anther order of currency, that is actualy the currency of nation; therefore a finance minister has little power to regulate their nation's currency. Proof. Size of Canada's fiat currency of 50 billion, smaller, way smaller than the amount of deposits in Canada's banks.



Alternative to a bank tax and or import tax, is

Canada's Banks would like part of the financing

Canadian Bank of Clearance unable to finance deal? Lame.
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http://www.theglobeandmail.com/report-on-business/torstar-cash-at-hand-leads-canwest-bidding/article1542453/
Quote, "CanWest's bankers have put a priority on getting their money back fast, so any bid financed by debt has a lower chance – and the publisher of the Toronto Star has a wealthy backer." [Non sense. ]

Sarbanes-Oxley Compensation Accepted Accounting Principles CAAP

Board members and Executive compensation and auditor fees disclosure
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http://www.soxlaw.com/

AAAP Asset Accepted Accounting Principles Securities Form

The alphabet of accounting
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SAAP Specific Accepted Accounting Principles Securities Forms -- and GAAP balance sheet financial statements -- are the nuts and bolts of modern accounting. Many of the failures of GAAP are the lack of specifics, and the ability to use generalizations to skirt issues and misrepresent the accounting.

It is a myth, that somehow improving GAAP, the balance sheet statement (generalized disclosure, in one perfect document) deliveries effective shareholder oversight of a large business. Investors desire and need both SAAP specifics and GAAP generalizations. Accounting linguistics.

DAAP Debt Accepted Accounting Principles Securities Form

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Whereas GAAP is a generalization of specifics to create a single balance sheet, necessarily leaves out details. Specific debt, hedging, asset securities forms are not generalize; they are specific to allows the investor to see the truth.

An example, is IFRS accounting rule on consolidated balance sheets, and listed all the debt of a company, if have voting control. Failure to protect over listing debt to take a company private and smear the balance sheet. An example, Canwest is debt free (after the debt exchanges) yet the Canwest lists debt that belongs to Goldman Sachs, as Canwest debt. Investors are having their shares expropriated, and giving a debt free company away with cash in the bank. Creates issues for the CCAA and that if the newspapers sell for more than 950 million, all extra cash in the rearranged Canwest coffers; all it takes is selling the newspapers at 1.3 billion and Canwest's shares are gold.

Generalized principles do just that generalize and hide. Specific debt accounting would not have this issue that GAAP has with how to consolidate a balance sheet for several part owned subsidiaries or investments. GAAP improved when combined with specific accounting securites forms.

HAAP Hedging Accepted Accounting Principles Securities Form

Modern World and Modern Accounting Technology
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Wisdom is not inserting all the financial bits and bolts, into a single balance sheet report. Too many other details going on.

Possible to do something new, and issue a seperate filing for derivative exposure, issued two weeks after a public company issues it's quarterly balance sheet. Benefit in focusing a filing onto a specfic topic: investor understanding about hedging programs improved with this specific filing.

[Whereas the old system did not repeat information, and claimed that previous disclosed information, do not have to be repeatly disclosed over and over; the HAAP document issued on hedging activity, does repeat information, which in turn strengthens investors ability to understand.]

Note, balance sheets will continue to disclose hedging under GAAP as is currently done. HAAP works in conjunction with GAAP.

Federal Reserve History

http://www.historycentral.com/documents/Federalreserve.html