ВУЗ:
Составители:
Рубрика:
45
is completely unimpeded.
Future Energy Prospects
We are now witnessing the start of a transition to a more concentrated and
more powerful OPEC (Organization of Petroleum exporting Countries). Certainly
such a regime will have costs to the United States and other nations. But the real
problem is not high oil prices or low oil prices; it is rather, the oil market's overall
instability.
The consequences of oil market instability are numerous. For one thing, it
creates serious international adjustment problems. It can also cause shock effects.
Some economists worry about the possibility of a new - deflationary era analo-
gous to the 1930s. Furthermore, oil market instability distorts investment, both in
energy development and in industry in general.
If a future energy crisis is to be avoided, steps will have to be taken to im-
prove our ability to manage tighter oil supplies in 1990s. A more logical policy
would be to conserve domestic oil reserves while consuming relatively inexpen-
sive foreign oil. The United States needs an overall national energy policy. Main-
taining a steady energy supply cannot be left to the private sector alone. What is
needed is a long-range national energy plan aimed at adding to the US energy
supply, increasing energy diversification, and maximizing energy efficiency. Uni-
lateral US actions will not be enough to ensure a stable world oil regime. Devel-
opment of new energy sources needs to increase throughout the world. World-
wide fossil reserves are limited. It is necessary for as to develop alternative, more
secure energy sources than oil.
The Bank of England and the Control of the Banking System
The bank of England was founded in 1694, to lend money to the Government.
It was given a monopoly of joint-stock banking and became the Government's
bank. It was at this time not a nationalized institution but a private bank. In 1844
the Bank Charter Act reorganized the Bank of England, splitting it into two parts:
The Banking Department and the Issue Department. The Banking Department
dealt with banking operations as they affected the Government, the commercial
banks, the money market and the few private firms who banked with the Bank of
England. The Issue Department was charged with seeing that bank notes were
issued as required by the public within the limits set by the gold reserves. The
separation of the Bank into two departments is of little significance today except
for accounting purposes.
is completely unimpeded.
Future Energy Prospects
We are now witnessing the start of a transition to a more concentrated and
more powerful OPEC (Organization of Petroleum exporting Countries). Certainly
such a regime will have costs to the United States and other nations. But the real
problem is not high oil prices or low oil prices; it is rather, the oil market's overall
instability.
The consequences of oil market instability are numerous. For one thing, it
creates serious international adjustment problems. It can also cause shock effects.
Some economists worry about the possibility of a new - deflationary era analo-
gous to the 1930s. Furthermore, oil market instability distorts investment, both in
energy development and in industry in general.
If a future energy crisis is to be avoided, steps will have to be taken to im-
prove our ability to manage tighter oil supplies in 1990s. A more logical policy
would be to conserve domestic oil reserves while consuming relatively inexpen-
sive foreign oil. The United States needs an overall national energy policy. Main-
taining a steady energy supply cannot be left to the private sector alone. What is
needed is a long-range national energy plan aimed at adding to the US energy
supply, increasing energy diversification, and maximizing energy efficiency. Uni-
lateral US actions will not be enough to ensure a stable world oil regime. Devel-
opment of new energy sources needs to increase throughout the world. World-
wide fossil reserves are limited. It is necessary for as to develop alternative, more
secure energy sources than oil.
The Bank of England and the Control of the Banking System
The bank of England was founded in 1694, to lend money to the Government.
It was given a monopoly of joint-stock banking and became the Government's
bank. It was at this time not a nationalized institution but a private bank. In 1844
the Bank Charter Act reorganized the Bank of England, splitting it into two parts:
The Banking Department and the Issue Department. The Banking Department
dealt with banking operations as they affected the Government, the commercial
banks, the money market and the few private firms who banked with the Bank of
England. The Issue Department was charged with seeing that bank notes were
issued as required by the public within the limits set by the gold reserves. The
separation of the Bank into two departments is of little significance today except
for accounting purposes.
45
