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THE NEW MEDIUM-RANGE REFORM STRATEGY FOR THE IMF: MORE OF THE SAME? Marlén Sánchez Gutiérrez I. Introduction Reform of the international financial architecture is back on the UN agenda. The financial crisis has again highlighted the current international financial institutions" inability to prevent and/or avoid crises. This time, the international Monetary Fund (IMF) has prepared a medium- range reform strategy, which has been under discussion for two years, and which, while including some old issues that are still pending in the IMF, contains new elements directly related to the institution"s governance structure and the need to give underdeveloped countries more representation and reinforce the institution"s financial solidity and international relevance. The IMF has a surprising ability to acknowledge the erosion of its leadership as an institution, but it has lost so much credibility that no one believes in its transformations any more, no matter how attractive and coherent they seem. The proposed reform strategy is absolutely consistent, but follows the mindset that has always characterized the IMF. It can be read in several ways and critiqued from different angles. This paper takes up the topic where it stalled on the international agenda, provides some background on the reform of the international financial architecture proposed by the Bretton Woods institutions at the end of the last decade, and reviews the various moments in which this debate has been revived. It then addresses the core aspects of the new reform strategy, provides 456 a critical analysis of the most questionable elements of the agenda and its current state, and finally focuses on the surprising bailout of the IMF and its new empowerment, particularly with the G-20 Summit on Financial Markets and World Economy. Evidence shows that the proposed strategy is more of the same, even though it focuses on key aspects of the IMF operations and apparently takes into account long-standing complaints from underdeveloped countries, especially the demand for a stronger voice within the institution. This discussion will demonstrate the IMF"s ability to change its rhetoric and reinvent itself based on the demands of the moment and the extremely subtle way it manipulates the most vulnerable countries. II. Background The term New International Financial Architecture was coined in late 1998 for a new international and financial monetary order needed to deal with the challenges of financial globalization. The financial instability and crises of that decade — Mexico in 1998, Asia in 1997, Russia in 1998 and Brazil in 1999, followed by others since the turn of the century — highlighted the international financial system"s serious lack of institutional solidity and its inability to prevent and/or avoid the destabilizing effects of crises. Given the financial system"s failure to keep up with the world economy and the international financial institutions" need to maintain their leadership, they decided to reform the international financial architecture. But instead of shaking 457 the structure to its foundations, they merely touched up the interior and recommended a few cosmetic changes. The key points of the agenda proposed then were transparency of information; strengthening and liberalization of the banking and finance system; private-sector participation in crisis management and prevention; modernization of international markets through adoption of good practices; reform of international institutions; and adoption of social and aid policies for the most vulnerable poor countries. Much was said about the topic, but only for a short time. Amid a growing sense that the final crises of the decade had been resolved more rapidly than the Southeast Asian crisis, and that these phenomena were inherent to the world economy, the topic slipped off the international agenda. Only with the start of UN Financing for Development (2000) did the issue draw renewed attention, and two new elements were added to the agenda: greater use of collective action clauses1 and a new sovereign debt restructuring mechanism.2 This new discussion lasted for a few years, and then faded away until late 2006, when the IMF proposed the medium-range reform strategy currently under discussion. 1 The effect of this clause is to enable a super-majority of bond holders from a particular issuing cycle to agree to a restructuring that is binding on all bond holders from that round, thus reducing the possibility of a disorganized debt moratorium. 2 This involves creating a body to provide debtors with legal redress against creditors who block a restructuring. It facilitates orderly, rapid and predictable restructuring of sovereign debt. The key to coordinating among unlike creditors is to give a "super majority" of them — covering a wide range of credit instruments — the power to force the rest to accept a homogeneous restructuring. Unlike the CAC, the SDRM assumes aggregation of the various instruments and consensus on an agreement that is binding on all by decision of the super majority. When the debt is aggregated for voting, therefore, the terms apply to all, and not just those issued at a 2 particular time (Krueger, 2002). 458 Why take the matter up again now? Besides a lack of credibility, prestige and legitimacy, and episodes of corruption, the Bretton Woods institutions are suffering from a crisis of resources. The IMF already knew it was unpopular and had learned to live with that; for a time it borrowed a page from the NGOs" book and tried to make the international financial community believe it really was concerned about poverty and was taking external debt relief seriously. Now, however, it does seem worried, to such an extent that one of the priorities of the medium-range reform strategy is burnishing the institution"s relevance and legitimacy, a sign that it acknowledges the obvious limitations to its ability to continue functioning in the current context. The World Bank Group has also proposed a long-range reform strategy that is vaguely formulated and highly questionable in terms of practical implementation, but whose key elements include a more democratic governance structure and greater representation for low-income countries. Just a few observations provide a closer look at the different dimensions of the current crisis of the Bretton Woods institutions, especially the IMF: Crisis of legitimacy. In this decade, unstable direction has been evident at both institutions. Michel Camdessus stepped down in 2000 after leading the IMF for 13 years, during which its policy recommendations faithfully followed the principles of the Washington Consensus. In 2004, Horst Koler, former IMF director general, resigned to become president of Germany. His successor, Rodrigo Rato, resigned unexpectly for personal reasons two years into his term, and Paul Wolfowitz, the former World Bank president, was forced to resign in mid-2007 amid accusations of nepotism. 459 There is also a lack of legitimacy in the fact that the battle for the presidency of the two institutions has historically been between Europeans and Americans. The 10 IMF directors general have been European, and the 11 World Bank presidents have been from the United States. The message is clear: the North for the North. The institutions" irrationality is so extreme that no one can be appointed against the will of the United States or the Europeans. That, paradoxically, is how the IMF operates. This unconditional subservience to the principal shareholders, along with the IMF"s excessive conditions on adjustment programs and the obvious under- representation of most member countries, increasingly calls into question the institution"s legitimacy. Crisis of credibility. Recent history has demonstrated how wide of the mark the IMF"s recommended policies were and its complete inability to prevent and manage crises. It has been more firefighter than policeman; instead of preventing crises, it has concentrated on rescuing economies immersed in crises. More recently, the credibility of the Bretton Woods institutions" studies and research is also coming under widespread scrutiny because of debate over the relevance of expressing GDP in terms of purchasing power parity (PPP). Based on this principle, worldwide economic growth in recent years has been revised downward, and the institutions confessed that they had overestimated the dynamism of the world economy and the weight carried by China and India. While global economic growth is still driven by emerging economies and China remains the motor, they admit they erred on something as important as 460 measurement of the variable that reflects the performance of the world economy and its main players. The IMF's loss of influence. The middle-income Asian countries" traumatic experience after the Southeast Asian crisis spurred them to design mechanisms to decrease their dependence on the IMF. In May 2007, China, Japan, South Korea and the 14 ASEAN countries set up a fund for mutual prevention of financial crises using their sizeable international reserves, which constitute more than 80 percent of total world reserves.3 As part of the Chian Mai initiative, they also discussed the possibility of an Asian unit of account to stabilize intra- regional trade, which represents practically half their foreign trade. Meanwhile, after the collapse of its convertibility plan, Argentina decided to ignore the IMF"s formula and implement its own policies, which included suspending payment of the primary external debt and its subsequent restructuring on more favorable terms. In 2005, Brazil and Argentina paid off their IMF debts ahead of schedule, followed by Serbia, Indonesia, the Philippines and Uruguay. In other words, three of the IMF"s biggest borrowers (Brazil, Argentina and Indonesia) practically withdrew from the institution. Other countries, including Turkey, Ukraine, Pakistan, Bolivia and Ecuador, have reduced their debts with the IMF, and Venezuela announced in April 2007 that it was withdrawing from the IMF. The institution is clearly losing customers and, as a result, resources. The IMF is estimated to have lost 88 percent of its loan portfolio since 1992. Interest revenue fell from US$3.19 billion in 2005 to US$1.39 billion in 2006 and 3 IMF. World Economic Outlook, October 2007. 461 is expected to drop to US$635 million in 2009.4 In addition, approximately 50 percent of the IMF"s current loan portfolio is concentrated in a single middle- income country, Turkey. Should Turkey decide to pay off its loans ahead of schedule, the IMF"s situation would become much more critical, since it would lose not only its biggest customer, but also its last bastion of power. Table 1. Current IMF loan portfolio 2005 2007 USD USD Principal borrowers June 2005 May 2007 billions billions Brazil 34 % 0% 25.4 0.0 Turkey 23% 49% 17.2 8.6 Argentina 15% 0% 11.2 0.0 Indonesia 10% 0% 7.5 0.0 Russia 5% 0% 3.7 0.0 Other countries 13% 51% 9.7 8.9 TOTAL 100% 100% 74.8 17.6 Source: ¿Cuanto poder le queda al FMI?. 2007 Meanwhile, the World Bank is estimated to have lost 42 percent of its loan portfolio since 1996 and needs to reestablish its operating capital of some US$16 billion.5 The lack of resources definitely places in the IMF in an extremely vulnerable position; not only is it suffering from a lack of prestige, popularity, credibility and legitimacy, but it also has no money to lend. This reveals another of the institution"s paradoxes: its extreme dependence on revenue from the financing it provides to help solve the very crises it supposedly tries to avoid. 4 Oscar Ugarteche. P a r a q u i é n t r a b a j a L u l a ? B R A S I L V S . B A N C O D E L S U R www.tercaopinion.org 5 Oscar Ugarteche. P a r a q u i é n t r a b a j a L u l a ? B R A S I L V S . B A N C O D E L S U R www.tercaopinion.org 462 For several decades, underdeveloped middle-income countries have been financing the IMF. Fortunately, however, a significant number of these countries have taken advantage of the favorable economic and financial climate of the past few years to wean themselves away from the IMF and successfully implement their own policies, most of them counter to those recommended by the IMF in its adjustment programs. III. The new reform philosophy: more of the same? At the joint IMF-World Bank meeting in Singapore in September 2006, then- IMF Director General Rodrigo Rato proposed a medium-range strategy for restructuring the institution with the stated goal of shoring up its relevance and legitimacy while guaranteeing its financial solidity. While this agenda differs little from the preceding one, it includes new elements that are worth examining, such as quota reform and member countries' representation, creation of a sustainable income model for the institution, consideration of a new liquidity instrument and some new criteria for oversight. Other points on the proposed agenda are left over from old debates and, like the rhetoric surrounding them, have not changed at all. These are crisis prevention, regulation of financial markets, and treatment of low-income countries. In general, the reform focuses on two areas, one related to reinforcing the IMF"s role in supervision and oversight of the economy, and the other related to solidifying the institution"s governance. 463 Reform of quotas and representation. This is closely tied to the governance reform that the IMF needs to guarantee its legitimacy. It finally appears to be taking seriously the need for a change in relative voting weight to give underdeveloped country greater representation. This would increase the representation of countries that have significantly improved their standing in the world economic arena in recent years, while trying not to erode the scant power held by low-income countries in the IMF"s governance structure. The IMF has proposed three specific approaches. First, increasing quotas in two rounds; initially, there would be specific increases for China, Mexico, Korea and Turkey, followed by a second global increase of about 10 percent to offset the excessive weight of industrialized countries in the current IMF structure. Second, at least double the number of basic votes to protect low-income countries. Third, a new formula for calculating quotas, to be used for future quota adjustments. There is still no consensus on the design of a new quota formula. In fact, five different formulas, all complex and somewhat hazy, are under discussion. The only consensus is that the formula should be transparent, should reflect the relative situation of countries in the world economy, and should be in accordance with the role played by quotas in the institution. It also seems clear that the percentages should be higher for more dynamic economies, so a factor de comprensión has been proposed to reduce bias due to economy size. Nevertheless, major discrepancies have arisen over whether to adjust GDP according to parity purchasing power and over which variables to include in the 464 formula and how they should be weighted to more accurately reflect different economies" vulnerability to external shocks. One proposal is to change the way instability is measured. The indicator of openness, for example, is widely questioned, and there is even discussion about whether to reduce its weight in the formula. Critics say it does not represent ability to contribute to the fund or potential need for IMF resources; in addition, increasing the weight of developed economies in IMF decision making would contribute nothing to the institution"s legitimacy and effectiveness. Including trade within a monetary union clearly distorts the measurement of an economy"s openness, so this is one more point on the list of pending corrections. Creation of a sustainable income model for the institution. This is crucial, because the IMF"s financial solidity and credibility depend on it. There is general acknowledgement of the need to devise a new income and spending model that is consistent and sustainable, although there is no consensus on the details. Regarding spending, officials say a budget has been designed that will cut spending by 6 percent in real terms over a three-year period, and a medium- range budget is being implemented."6 This restructuring could lead to a budget savings of some US$100 million annually and decrease the current staff of 2,600 by 300 to 400 people.7 There is a proposal to diversify the IMF"s sources of revenue by expanding the range of reserve investments, investing a percentage of the revenues from member countries" quotas,8 and selling off a limited part of the institution"s gold 6 IMF. Speech by Rodrigo Rato to the IMF Board of Governors at the annual joint meeting. Washington, DC, October 22, 2007. 7 IMF. On-line bulletin, December 7, 2007. 8 These currently generate revenue only when used to provide loans. 465 reserves, some 400 tons, equivalent to about US$7 billion. 9 There is also a proposal to charge for the financial services provided by the IMF and review the administrative costs of managing the financial assistance program for low- income countries. New liquidity instrument. This is definitely an agenda item. The intention apparently is to design and instrument that guarantees underdeveloped economies adequate, reliable, accessible assistance in addressing capital account volatility. Although still undefined, the suggestion is that access levels should range from 300 percent to 500 percent of the quota, and that access be provided en un solo tramo so that the instrument can make a greater impact on mitigating crises caused by the opening of the capital account.10 This would be similar to providing a line of contingency credit that would provide borrowing countries with extraordinary financing in a still-undefined currency. It is still not clera if that will be a unit of account or if it will replace the SDR. So far, however, it has been presented as an additional liquidity instrument. Oversight. Although this is part of a long-running debate, a few new elements are worth mentioning. In June 2007, the IMF adopted a new legal framework for bilateral oversight. The IMF considered this the first in-depth change in the last three decades and the first comprehensive policy statement in this area. The decision made external stability the guiding principle of oversight and exchange-rate advice to member countries the linchpin of the process. 9 Source: Adolfo... Cuanto poder le queda al FMI? 10 Communiqué from the Intergovernmental Group of 24 on International Monetary Affairs and Development, April 13, 2007. 466 More recently, the IMF has attempted to perfect its oversight strategy in light of lessons learned from the US subprime mortgage crisis. It has proposed working on various aspects of the instruments fuera del balance, such as their transparency and value; risk-management practices and incentive structures for complex structured products; scores assigned by ratings agencies to complex products; principles of prudent oversight for regulated financial institutions; and liquidity management. Along the same line, the reform requires that supervision of countries be impartial, with appropriate consideration of each member"s internal circumstances, and that it be flexible enough to ensure progress. There is also talk of the need to improve the methodology for evaluating the effectiveness of oversight. Finally, one distinctive element of economic oversight is the proposal for multilateral consultation, which would involve convening a group of countries affected by a specific problem of systemic importance for dialogue that could lead to possible solutions. The first consultation of this type, on correcting global imbalances, was held in 2006 withSaudi Arabia, China, the United States and the Euro zone. The result of this meeting was a document describing these countries" policy plans, which was distributed, in an apparent exercise of democracy, to the 185 full members of the IMF.11 11 Plans include measures for encouraging national savings in the United States, as a continuation of fiscal consolidation; progress on reforms aimed at stimulating growth in Europe; more structural forms and fiscal consolidation in Japan; reforms to bolster domestic demand in emerging economies in Asia, along with more flexible exchange rates in various countries with surpluses; and an increase in spending according to absorption capacity and macroeconomic stability in petroleum-producing countries. Source: FMI. El CMFI saca lecciones de la turbulencia en los mercados. October 20, 2007. 467 Is this more of the same? The answer is definitely yes, not because of the agenda, which includes some new elements, but because the IMF is again showing its great ability to adapt to the circumstances of the world economy and change its discourse in response to the pressures placed on it in different decades and the requirements of the international financial community. The more its manipulation skills are tested, the better they become. This time, the IMF has released a handful of cosmetic reforms proposed in 1998 and another handful that appear more substantive, because they focus on key aspects such as quotas, but which are still just a facade. Once again, the prevailing philosophy is one of deceiving the international financial community, entertaining it with technical sleight of hand and complex legal arguments to create the impression of a real move toward greater democracy and representation within the institution. A closer look, however, shows clearly that the IMF is fighting to maintain its hegemonic role as director of the international financial order and defend the interests of the major power centers. IV. Inventorying progress on the agenda: a critical analysis This reform was expected in 2008, but the depth and scope of the crisis forced a reordering of priorities, and "the rules changed in the middle of the game." Lack of consensus has also stalled the process somewhat, and progress is more in intentions than concrete measures. One major concern is the gap between the scope of the reform and the time the process will take, first because of the degree of acceptance required to bring it to fruition, and then because of the time needed to implement it. The IMF realizes this is a real game of financial diplomacy and that reaching 468 consensus on its governance structure will mean changing its constitution, which will require the consent of all national parliaments. Including this point on the agenda is one of the IMF"s many ways of flirting with something it knows will never come to fruition because of its technical, conceptual and political complexity. Nevertheless, it forges ahead to give the impression that it has finally understood that it is time to reorder its priorities and give greater representation to underdeveloped countries, especially emerging economies that are gaining ground on the world economic stage. In one statement, the International Monetary and Finance Committee said quota reform is a marathon, not a speed race, indicating there is full awareness not only of the long and tortuous road ahead, but also of the need for general consensus, not just majority approval, from all members, an exhausting process. The new discourse comes as a surprise. The IMF"s "humility" is extraordinary, and its insistence that increasing the votes of underdeveloped economies that are playing a greater role in the world economy should not come at the expense of low-income countries is not typical of the IMF. There are various pitfalls along the way. If basic votes are doubled and quotas are increased at the same time, the current gap between industrialized and underdeveloped countries will not widen, but it will persist. Except for the more dynamic emerging economies that will significantly increase their quotas under whatever formula is applied, there will be little change unless a factor de comprensión is considered to introduce a bias for economy size, which would reduce the excessive decision-making weight currently carried by industrialized countries. 469 The IMF"s thinking on such a factor de comprensión is not clear, however. It has not indicated whether this would be a quota cap, so large economies cannot gain a larger share than they currently have, or a lower limit so small economies can improve their position slightly. There is talk of holding basic votes as a proportion of the total constant, to keep successive quota increases from increasing the gap. This seems reasonable, since the IMF"s 13 successive quota revisions have reduced the share of basic votes to 2 percent today from 11 percent when the IMF was established. The problem is that this will be applied with the second quota increase, which will depend on a decision on the new formula, and this is one of the reform issues on which there is the least agreement. In any event, holding the number of basic votes constant would not keep low- income countries from experience a relative vote loss; it would simply prevent industrialized countries from carrying more weight in the governance structure, an IMF courtesy to poor economies. The other conclusion we can draw from this analysis is that to increase the number of basic votes while holding them steady as a percentage of the whole, it would be necessary to amend the IMF"s constitution, which means shifting the debate to the legal arena, not only within the IMF, but also in the member countries. This could pose an obstacle. Defining the appropriate variables for a new quota formula would be challenging, as this is a technically, conceptually and politically complex exercise that requires generalized agreement because of its implications. It is important to ensure that borrowers carry appropriate weight, so their potential demand for resources is truly represented; otherwise, it will be more of the 470 same. The vulnerability indicators that have historically been used should be revised, and mechanisms for measuring and monitoring these parameters should be re-examined, as many do not exist and those that exist are not effective. The vulnerability indicators currently considered by the IMF include the public sector, financial sector, households and businesses; it therefore focuses on indicators related to internal and external debt,12 adequacy of reserves, financial solidity, 13 and the business sector. 14 To cite just one example, the debt indicators that are normally used to measure sustainability have little to do with the debtor economies" ability to pay. The same is true of other indicators. It seems reasonable to begin calculating GDP in terms of PPP, if there is no common global currency to allow comparison of aggregate global economic activity. This type of calculation tends to be more precise than one based on market exchange rates. It also better reflects what differences in price levels mean to underdeveloped economies. It is true, however, that PPP tiene grandes problemas para evidenciarse en el corto plazo, y por tanto existen desviaciones de los tipos de cambio respecto a lo que determinaría la PPA, but it is also true that all these reasons that distance PPP from exchange rates are more evident in underdeveloped economies, which would avoid the typical overestimation that occurs when GDP is expressed in terms of market exchange rates.15 12 Including perfiles de vencimiento, repayment schedules, sensitivity to interest rates and debt composition in foreign currency. 13 These include capitalization of financial institutions, asset quality and posiciones fuera de balance, profitability and liquidity, and the rate and quality of credit growth. 14 With regard to la concentración crediticia de las compañías, por divisas and interest rates, it is especially important to evaluate the possible impact of variations in exchange rate and interest rates on balances del sector empresarial. 15 "Por ejemplo, en los países en desarrollo los precios de los bienes y servicios no comerciados suelen ser relativamente bajos, y por lo tanto la moneda local tiene más poder 471 Of greatest concern in this area, however, is the basket used for the calculation and the extent to which the formula considers basic services such as health, education and potable water. Even among underdeveloped countries, the basic basket tends to differ, because of different consumption priorities in these economies, which are characterized by a highly inequitable income distribution. The entire issue is technically complex. Another questionable aspect of the agenda is the new income and spending framework proposed to guarantee the IMF"s financial solidity. There is obviously an urgent need for this reform because of the IMF"s current shortage of funds, which could amount to US$400 million a year by 2010 if the suggested changes are not adopted.16 Less clear, however, is the identification and adaptation of policies that would anchor revenues and spending in the future. In the rush to reduce spending, the weakest link is the first to break. The proposal to sell off gold never got off the drawing board because the United States was not enthusiastic about the idea; only recently have the obstacles begun to come down. Now, however, there is a suggestion to review the overhead costs associated with assistance to low-income countries, and it has even been suggested that the IMF begin to charge for technical assistance. This is another pitfall that is consistent with the medium-range reform strategy"s effort to "keep up appearances." Technical assistance is one of the few benefits available to IMF members, especially low-income countries, which absorb 90 percent of IMF technical assistance in its areas of expertise: adquisitivo en el país que en el exterior. El PIB basado en la PPA tiene en cuenta este factor, pero las conversiones basadas en los tipos de cambio de mercado por lo general infravaloran la actividad económica y el producto de un país en desarrollo en relación con los de una economía avanzada." IMF. Boletín, January 8, 2008. 16 IMF. On-line bulletin, December 7, 2007. 472 macroeconomic policy, tax policy and revenue management, management of spending, monetary policy, exchange regimes, financial sector sustainability, and macroeconomic and financial statistics. While it is true that technical assistance includes the IMF"s economic policy advice, and its recommendations to underdeveloped countries have missed the mark, low-income countries have few alternatives for financial assistance, and multilateral aid is crucial. In the area of bilateral supervision, there are two key elements. It is very clear that the IMF is now concerned about international exchange imbalances, under the umbrella of international monetary stability, because it seeks to pressure China to revalue its currency and satisfy US interests. This is one more indication of the IMF"s asymmetrical oversight. The IMF believes that multilateral consultations carried out under its aegis could ensure that even countries not directly involved in the issue under discussion have a voice in the dialogue through mechanisms such as the IMF Board of Directors and the International Monetary and Financial Committee. Although somewhat questionable, this is another effort to create the appearance of democracy. On the positive side, this reflects a certain commitment to multilateralism by these countries; this is usually the main problem in implementing such policy plans, which address various areas and carry the IMF seal of approval. In any event, bilateral and multilateral supervision must be more closely linked to monitor the effects of contagion or the systemic consequences of fiscal and monetary policies, as the most recent financial turbulence has demonstrated. 473 With regard to aid, they openly express their dissatisfaction with the lack of results in this area, but propose no mechanism that would force high-income member countries to meet the commitments established at the Monterrey Summit. Finally, regarding the IMF"s relationship with emerging economies, there is talk of progress on the design of a new liquidity instrument for countries with access to markets. An initial level of exclusion has already appeared, however, or at least the classification of countries with market access is somewhat vague. It is also unclear whether this instrument would be similar to the SDR or an enhanced SDR. The details are still under discussion, and little information is available for critical evaluation. V. Bailing out the international monetary fund In late October 2008, the IMF announced it was willing to provide loans to countries affected by the crisis, and stated publicly that it had begun talks with some that had requested assistance. The list of new clients included Iceland, Hungary, Pakistan, Ukraine and Belarus, although firm figures have been reached with only four of them. The proposed loan for Iceland is for US$2.1 billion, equivalent to nearly 1,200 percent of that country"s IMF quota. The stated purpose of the loan is to restore confidence in the financial system, stabilize the currency, and aid economic recovery, although confirmation has been postponed with little explanation. For Hungary, a loan was approved for US$15.7 billion, equivalent to 1,015 of the country"s quota. The economic program on which it is based focuses on two 474 key elements: implementing a substantial fiscal adjustment and guaranteeing enough liquidity that the banking system will have the capital it needs to operate. For Ukraine, a loan of US$16.4 billion (802 percent of the country"s quota) was approved, also to help officials restore economic and financial stability and confidence in the system. The loan agreement for Pakistan amounts to US$7.6 billion (500 percent of the quota) and is part of a broad package that includes financing from other multilateral institutions and regional development banks. It is interesting that this time the IMF rescue packages are several times larger than the accepted limit determined by the countries" quotas, which has an annual cap of 100 percent of the quota and a cumulative cap of 300 percent. From 1995 until late 2003, extraordinary IMF financing for Mexico, Thailand, Indonesia, South Korea, Russia, Brazil, Argentina, Uruguay and Turkey represented, on average, 637 percent of those countries" quotas.17 Surprisingly, this rule has now become extremely flexible. Meanwhile, the IMF Executive Board has designed a new short-term liquidity facility to provide quick financing to countries that, in the IMF"s opinion, are doing well but still face difficulties. These would be countries with solid economic policies, but temporary liquidity problems in international capital markets. This mechanism is not for countries that need both funding and policy adjustments, but for those that already have access to markets but are suffering from short-term liquidity pressures. The goal is to show that the IMF is making its financial services more flexible to satisfy a wide range of clients. 17 Yilmaz Akyüz. Manejo y resolución de crisis: ¿rescate o refinanciación?. In Revista del Sur Nº 165, May/June 2006. 475 In theory, the idea is to use the IMF"s current resources, and the maximum disbursement would be equivalent to 500 percent of the quota of the country requesting the facility, with a three-month term. Countries can realizar tres giros in any 12-month period.18. To be eligible, the country must have received a very positive evaluation during the last Article IV consultation with the IMF, besides having solid macro policies, sustainable debt, and access to markets. This financing is apparently not subject to usual IMF conditions, given the emphasis placed on the country"s past performance. The borrower"s only commitment is to maintain a solid macroeconomic picture. Several things stand out in this apparent IMF bailout of economies affected by the current financial tsunami, which has become a systemic crisis. First, until very recently, the IMF lacked resources because it had lost its best customers; now it suddenly activates an emergency financing procedure and claims to have US$250 billion 19 available and be prepared to provide rapid financing to any members seriously affected by the crisis. Nevertheless, it acknowledges that the funds are insufficient and has requested assistance from the industrialized economies. Japan has already agreed to lend the IMF US$100 billion, but the institution says it needs another US$100 billion to meet customer demand, especially in the medium term. These funds fall short of the magnitude of the crisis. The IMF has estimated direct losses from the US sub-prime crisis at US$565 billion, a figure that climbs to US$945 billion if other assets related to the mortgage crisis are included. 20 18 IMF. El FMI crea el Servicio de Liquidez a corto plazo para países con acceso a mercados. Press release No. 08/262 (S). October 29, 2008. 19 This figure includes special agreements with countries selected for additional lending. 20 Miguel Roig. El FMI insta a los gobiernos a rescatar a bancos con problemas. 08-04-2008. 476 The economies affected by the crisis need emergency financing to stabilize markets and re-establish confidence, but they will also need medium-term financing to reactivate the real economy. The former is certainly much easier to mobilize than the latter. Nevertheless, this appears to be not a bailout by the IMF but a bailout of the IMF. Just as central banks have injected money into markets to avoid a generalized collapse of the international financial system, the IMF"s biggest shareholders have decided to rescue the legendary institution so it can continue to play a leading role in international finance. The fund did not manage to prevent the crisis, but it comes to the rescue of its most affected members in a desperate effort to be part of the solution as well as the problem. The crisis has definitely breathed new life into the IMF. It seems that for things to go well with the IMF, they have to go very badly for the world. The IMF had become virtually non-viable as a financial institution, but now it has resurrected. Behind its resurgence lies a power and leadership game. It is important to remember that the IMF is made up of countries, and since its founding it has responded to the interests of the world"s great power centers. Now it seems that reform of the international monetary and financial system is being taken more seriously, or at least there is overall consensus about the urgent need to change the rules of the game and create new kinds of institutions; nevertheless, many leaders of this change are openly opting for overhauling the current institutions instead of replacing them with new ones. There is nothing more timely, then, than a bailout of the IMF. 477 Second, amid the current shakeout, the IMF has found another class of customers: Eastern Europe. When the Bretton Woods institutions were established in 1944, their basic mission was to ensure European reconstruction and guarantee financial stability. By the 1970s, the industrialized powers no longer needed the IMF, so it redesigned itself based on the needs of underdeveloped economies, playing a decisive role during the debt crisis and the following decade, when it was charged with spreading neoliberal policies as part of a new development paradigm. After the Southeast Asian crisis, and more recently, in the middle of this decade, with the loss of its largest borrowers, it has been focusing on the poorest countries, but they cannot guarantee the institution"s financial solidity. Now, in a breath of fresh air for the IMF, some Eastern European countries21 have begun asking for its assistance. This is one more example of the IMF"s ability to adapt. Third, surprisingly, conditions on these emergency loans have been relaxed. It is said that they will be accompanied by certain conditions related to economic policy, but there are few requirements, and they are more targeted than in the past. Is this a sign that the IMF has listened to the constant criticism on this subject? Or is it just one more sign of the asymmetrical way the IMF has always handled its affairs, and its current efforts to draw a distinction between truly emerging economies, such as those of Russia, China, India, Brazil, etc., and underdeveloped economies, a category that includes Haiti as well as Mexico? 21 A new sub-group that has been added to the category of emerging and underdeveloped economies, but with a different relative level of development and with clearly defined pro- European Union political interests. 478 Fourth, the new short-term liquidity facility reflects the IMF"s urgent effort to keep its leading role and not feel it is being questioned when it doles out large amounts to G-8 economies. It is interesting that the redesign of the IMF"s financial services has included one made to order for countries that have money, and which do not need to be told how to do things, because in theory they are doing them well, according to the IMF"s strict criteria. This appears to be an effort to establish the IMF as a sort of worldwide central bank, although it is not clear if it will issue a virtual currency or SDRs. In Latin America, potentially eligible countries include Brazil, Mexico and Chile, but whether they will use the mechanism is highly questionable. The first two have already benefited from the new lines of FOREIGN?? exchange swaps worth US$30 billion provided by the US Federal Reserve to four countries (Brazil, Mexico, Singapore and South Korea22). In addition, the IMF"s credibility is so dubious that they prefer to, and still can, move out from under its wing. Chile, meanwhile, has a reserve cushion that could easily allow it to implement countercyclical economic measures without having to turn to the IMF. Finally, a few comments on the G-20 leaders" Summit on Financial Markets and the World Economy. Amid the frenzy of the crisis, there have been many calls to "modernize multilateralism," and a "new multilateralism" appears to be emerging that is completely exclusive and which, to a certain extent, is getting lost on the borders of plurilateralism. It is surprising that only G-20 countries would be invited to a world summit called to discuss the crisis and the reforms needed in the international financial 22 Reuters. Fed ofrece liquidez a Singapur, Brasil, México y Corea. 11/11/08. 479 order to avoid similar events in the future, especially since the G-20 failed to reform the international financial system after the Southeast Asian crisis. After the summit was announced, there was an effort to sell it as a new version of Bretton Woods, but as the date approached, the tone became more muted, until it was finally seen as just the start of a long process. During preparations for the summit, apparently, it became clear that there was a lack of consensus because of the very different agendas of the leaders who would participate, and expectations were lowered to warn the international community that major changes were unlikely. The action plan outlined in the Final Declaration, which rests on the five pillars that should be the basis for reform, does not differ greatly from the traditional agenda for reform of the international financial architecture. These principles are increasing transparency and accountability, improving regulation, promoting the integrity of financial markets, reinforcing international cooperation, and reforming the international financial institutions. This is the familiar declaration of intent, this time with short- and medium- range actions, but with very vague directions about economic action. It is more of the same. Oddly, in late October, when the crisis was at a peak, there seemed to be certain consensus, even among industrialized countries, that perhaps they had lost. The market"s role was openly questioned, and there was talk of greater and more effective regulation of financial markets, and a change in the balance between finance and production. Now discussion of the need to regulate comes with warnings about the hazards of over-regulation; in other words, there is an ambiguous, lukewarm 480 approach to the scope of regulation. The European Union is pushing for regulation of all segments of the financial markets, including rating agencies, hedge funds and tax havens, while the United States is much more cautious, and deep down continues to trust the invisible hand of the market and its ability to regulate. Any lingering doubt has been removed. The G-20 Summit re-empowered the IMF. Several paragraphs of the final declaration underscore the need to reinforce the IMF and give it a leading role in solving the crisis. This is odd, because there is certainly no consensus about whether the IMF"s new role should be that of a worldwide central bank, or whether it should serve as a policeman or keep acting as a firefighter. Nevertheless, the IMF clearly remains part of the current institutional framework. The message is clear. The international financial system needs an overhaul, but it must continue to serve the world"s great power centers. Within this concept, there is talk of giving emerging and underdeveloped economies greater representation in the IMF and some of its working structures. For example, the Financial Stability Forum appears to have agreed to open its membership to other G-20 countries. Logically, if the IMF cannot continue as it has, it must appear to make more room for underdeveloped economies. This leads to the highly questionable classification of emerging and underdeveloped economies, which includes not only China and Brazil, but also Bolivia and Burundi. The G-20 then becomes the "ideal umbrella," on the grounds that it represents 80 percent of the global economy and two-thirds of the planet"s population. 481 The rest of the underdeveloped world has no choice but to see itself reflected in the paragraph of the final declaration that reaffirms the Monterrey Consensus and support for the Millennium Development Goals. Meanwhile, in an effort to bolster the legitimacy of the Bretton Woods Institutions, Europe has proposed making the mechanisms for selecting the IMF director and World Bank president more transparent and open, which would break with the tradition that the IMF should be headed by a European and the World Bank by someone from the United States. This, however, is a pending issue. Surprisingly, monetary issues did not appear on the agenda or in the final declaration or action plan. Unbelievable, but true: a world summit was called to discuss possible solutions to the worst financial crisis since the 1930s, but apparently no one bothered to invite the countries of the world or "avisarle al dólar". The former was an unfortunate lapse, but the latter was unacceptable technical stupidity. In short, the meeting was more of the same. Despite the action plan, the final declaration shows that in negotiating the document, there was little that the emerging economies, which allegedly represented the interests of underdeveloped countries (a questionable assumption), could do. Instead, the US pro-market position was very clear; throughout the meeting, the United States insisted that the reform should follow market principles, despite its recent foray into state regulation. Meanwhile, the summit empowered the IMF, returned it to its leading role and publicly involved it in finding a solution, as if it had not been part of the problem from the start. 482 The only point of agreement in the summit was apparently to restart the Doha Round of trade talks, stalled since July 2008. This seems to be the only negotiating card that the emerging economies could play, besides the reference to the Millennium Development Goals and the scant results of the Monterrey Summit. VI. Final Considerations Once more, we are up against the problem of appearances that has guided the IMF reform efforts in the past two decades. The new medium-range reform strategy focuses on key issues at the institution and reflects not just explicit acknowledgement, but also tacit acceptance of its serious problems of legitimacy, international relevance and financial solidity. Proposing an overhaul of the IMF"s governance structure and increased representation for underdeveloped countries is a sign not only that the IMF is concerned, but also that its reform must be centered on that long-standing demand from underdeveloped economies. Once again, it must change its rhetoric and design a new menu that is palatable to low-income countries. It has already included some ingredients important to those countries, such as a quota increase, representation for low-income countries, spending cuts and a staff review. As once-assiduous clients distance themselves from the IMF, alternatives for a regional redesign of the financial architecture have recently emerged, based on cooperation and development instead of the market and competition. 483 Despite their apparent complacency, the Bretton Woods institutions are worried about these. In December 2007, Venezuela, Argentina, Ecuador, Brazil, Uruguay, Bolivia and Paraguay signed an agreement establishing the Banco del Sur, and more recently Venezuela, Cuba, Nicaragua and Bolivia approved the creation of the Banco del ALBA. The purpose of both institutions is to help finance the development of their member countries, leaving open the possibility of including other countries in the south. This exercise in regional autonomy is a clear sign of the region"s financial independence and a distancing from the IMF and its conditions. Just when the IMF"s very survival was being questioned, along with the nature of its actions and whether it was fulfilling its original mission, the panorama suddenly changed. Although the IMF is not a development institution, until very recently half its active loan portfolio targeted low-income countries. Not only did these operations generate more costs than revenues, they also had little to do with the IMF"s reason for existence. Paradoxically, the deepening crisis breathed new life into the IMF, and the recent G-20 summit gave it a new start, making it a leader again in the international financial arena. The fact that the G-20 served as the umbrella for discussing reform of the international financial architecture is understandable in light of current power relationships, because it continues a discussion that led nowhere but was completely consistent with the IMF"s philosophy of keeping up appearances during the Southeast Asian crisis, when the G-20 was created. At that time, the idea was to take into consideration the underdeveloped 484 economies that were carrying increasing weight in the world economy, but with a geographic criterion. It is clear, however, that the appropriate forum for discussing this issue is the United Nations. What is truly alarming is that in this effort at keeping up appearances by showing the international community that emerging and underdeveloped economies "truly" have greater representation, the G-20 is becoming the new international governance model for addressing global problems, replacing the G-8. Crises not only destroy; they also build, and regardless of what is being built amid the current upheaval, it is clear that the crisis is providing a series of opportunities that underdeveloped economies should use to avoid being sidelined in this revolution in international finance. A great deal of financial diplomacy will be needed to advance the redesign of the current international financial architecture, and it will be a long and rocky process. At the same time, it is important to design alternative proposals at the regional level. Discussion is needed at various levels — international and regional, but especially at the national level, so bottom-up proposals can mature, providing input for a true World Summit to address the full scope of the problem. It is crucial to reformulate the positions of the underdeveloped economies and take advantage of the limited opportunity to be represented geographically in the G-20 by regional economic leaders, to take advantage of the opportunity to be part of whatever comes out of the current crisis. This is not ideal, but it is the best possibility right now, and the current context calls for simultaneous strategies rather than mutually exclusive alternatives. 485 Bibliography Adolfo. (2007, July). Cuanto poder le queda al FMI. Akyüz, Yilmaz. (2006). Manejo y resolución de crisis: ¿rescate o refinanciación? Nº 165, May/June. Elekdag, Selim and Subir Lall. (2008). Menor crecimiento mundial según nuevos valores de la PPA. Bulletin, January 8. Washington: International Monetary Fund. Group of 24. (2003, March). G-24 Secretariat Briefing Paper on Reforming the Governance of the IMF. Available online at: http://www.g24.org/rgover.pdf International Monetary Fund. (2006 and 2007). Statements by the International Monetary and Finance Committee and the Intergovernmental Group of 24 on International Monetary Affairs and Development. Speeches and press conferences by the director general during this period. International Monetary Fund. (2007). El CMFI saca lecciones de la turbulencia en los mercados. October 20. International Monetary Fund. (2007). The system of macroeconomic accounts statistics: an overview. Pamphlet series No. 56-S. International Monetary Fund. (2007, December). Boletin No.14. Vol. 36. International Monetary Fund. (2007, May). Reform of IMF Quotas and Voice: Responding to Changes in the Global. International Monetary Fund. (2007, October). World Economic Outlook. International Monetary Fund. Report of the Executive Board to the Board of Governors — Quota and Voice Reform — Progress since the 2006 Annual Meetings. Millet, Damien and Eric Toussaint. La abolición de un FMI moribundo y culpable. Phillips, Lauren M. (2007, November). Closing the deal: Assessing the opportunities and risks for Bretton Woods governance reform in 2007. Working Paper 282. London: Overseas Development Institute Roig, Miquel. (2008) El FMI insta a los gobiernos a rescatar a bancos con problemas. April 8. Env. Esp. Washington. 486 Tareq, Shamsuddin. (2007). El papel de la política fiscal: Cómo gestionar el aumento de la ayuda. Bulletin, July 20. Washington: International Monetary Fund. Toussaint, Eric. Coyuntura internacional y endeudamiento: los nuevos desafíos que debe encarar el CADTM. Toussaint Eric and Damien Millet (CADTM). Errores estadísticos del Banco Mundial en China: 200 millones de pobres suplementarios. Ugarteche, Oscar. P ara qu ié n t ra ba ja Lu la ? B ra sil vs. Ban co d e l S ur. www.tercaopinion.org 487
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1. Heat a non stick pan on medium heat, add olive oil(2 tablespoons). Add barley, toss and toast for 3 to 4 minutes, transfer to a bowl.
2. In the same non stick pan, olive oil(1 tablespoon), coat the goat cheese pieces with bread crumbs and place in non stick pan, toast each side for 2 minutes.
3. In the bowl with the barley, add the asparagus, red pepper , artichoke hearts and tomato.
4. Add balsamic vinegar to the bowl, along with olive oil(2 tablespoon),season with salt and pepper and toss to mix all ingredients well.
5. In plate, add some of the salad, top with the olives and place the toasted goat cheese on top and garnish with parsley. Serve warm with grilled chicken or fish.

subset: commoncrawl


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Shackleford: 'All Indications Are Good'
The connections of Preakness Stakes (gr. I) winner Shackleford said a decision on the June 11 Belmont Stakes (gr. I) will be made after the Forestry colt breezes at Belmont Park on Saturday, June 4.
The connections of Preakness Stakes (gr. I) winner Shackleford said a decision on the June 11 Belmont Stakes (gr. I) will be made after the Forestry colt breezes at Belmont Park on Saturday, June 4.
A 35-slide review of the many races from the holiday weekend! View Slideshow
Beyond the Blinkers presents video from the 2011 Preakness. read blog
Preakness (gr. I) winner Shackleford arrived at Belmont Park just before 10 a.m. May 30 in advance of a possible start in the 143rd running of the Belmont Stakes (gr. I) in less than two weeks.
There is no denying that NBC analysts Donna Brothers and Gary Stevens both became concerned by the way Shackleford was sweating and acting up before the Preakness. read blog
Undefeated Australian mare Black Caviar and British star Frankel share the to weight of 130 pounds in the latest World Thoroughbred Rankings.
Preakness Stakes (gr. I) winner Shackleford was foaled in Kentucky and his trainer, Dale Romans, is based there, but the colt also has close ties to South Carolina.
A look back at the Preakness, the Belmont Stakes Top 10 and, comments from Michael Lauffer, co-owner/co-breeder of Shackleford. Watch Video
Preakness Stakes (gr. I) winner Shackleford is expected to ship to New York in the next couple of days and will have a workout over the Belmont track before a final decision is made about running in the Belmont.
PORTER ON PEDIGREES: The 2011 Preakness Stakes winner gives Forestry a boost the same year the stallion's stud fee dropped to its lowest point. Shackleford also has pedigree ties to Mr. Prospector and Dr. Fager.
Fortnight Follies: Trainers, don't sweat the two weeks. read blog
The loss of Paddy O'Prado is a big loss in a year that's already without a superstar. Read Blog
'This race puts you in the history books. Horse racing is built around these three races.' Read Blog
Shackleford ends Kingdom's Triple Crown bid Read Blog
Preakness Stakes (gr. I) winner Shackleford returned to Churchill Downs in Kentucky May 22, and trainer Dale Romans said there's a "better than 50-50 chance" the colt will race in the June 11 Belmont Stakes (gr. I).
Tom LaMarra recaps Shackleford's win in Preakness 136. Watch Video
Shackleford holds off a late-charging Animal Kingdom. Astrology finished third.
After Shackleford lost the lead and finished fourth in the Kentucky Derby Presented by Yum! Brands (gr. I), trainer Dale Romans never thought twice about giving Jesus Castanon a second chance to win a Triple Crown race.
The Kentucky Derby Presented by Yum! Brands (gr. I) was supposed to clear up the confusing 3-year-old picture. Well, did it or didn't it? read blog
Jason Shandler's picks for Saturday's big race. Read Blog
Evan and Steve Pallardy hold the fort while Tom and Jason are on location at Pimlico. Listen to all four handicapper's Preakness picks and contender thoughts. Watch Video
With Kentucky Derby (gr. I) winner Animal Kingdom not scheduled to arrive at Pimlico until Saturday, the focus was on...well, everyone else. Read Blog
Steve Haskin talks with Dale Romans, trainer of Preakness Contender Shackleford. Watch Video
Meet the horses running in the 2011 Preakness Stakes. View Slideshow
Animal Kingdom was a surprise winner of the Derby and came out of the race in great shape. But will the pace of the Preakness, which will likely be much swifter, be a benefit or a hindrance to the Triple Crown hopeful?
Will Animal Kingdom win again? One of his Derby foes? Or a new shooter? Predict the Order
A slew of participants for the May 21 Preakness Stakes arrived at Pimlico May 18 to contest the second jewel of racing's Triple Crown.
It is early to start talking pace strategy for the Preakness Stakes (gr. I), but with the speedy Shackleford and Flashpoint heading for the second leg of the Triple Crown, you can bet the discussion is going to intensify.
A win in the $1 million Preakness Stakes (gr. I) on May 21 at Pimlico Race Course in Baltimore would net Dialed In a $5.5 million bonus, in addition to the $600,000 winner's share.
Pimlico officials said on May 8 that as many as four starters from the Kentucky Derby Presented by Yum! Brands (gr. I) could gather in Baltimore on May 21 for the Preakness Stakes (gr. I).
The morning after saddling Animal Kingdom to win the Kentucky Derby Presented by Yum! Brands (gr. I), trainer Graham Motion was still trying to absorb the overwhelming feelings associated with winning America's biggest race.
Team Valor International's homebred Animal Kingdom roared down the stretch to win the 137th Kentucky Derby Presented by Yum! Brands (gr. I). Nehro was second; Mucho Macho Man third.
When logic and analysis gets you nowhere, be a contrarian. Read Blog
Jason Shandler gives his two cents on the Kentucky Derby. Read Blog
Ever since the four final major preps produced significant upsets, the Kentucky Derby Presented by Yum! Brands (gr. I) has painted a murky and muddled picture.
A visual look at the field for the 2011 Kentucky Derby. View Slideshow
Master of Hounds is big mystery horse of the Derby. Read Blog
Who will win this year's Kentucky Derby? Will there be a Decisive Moment to have Twice the Appeal? Will the winner be Dialed In, as you Watch Me Go? Or will you Stay Thirsty, watching Pants On Fire? Predict the Order
With a 30 percent chance of scattered thunderstorms Friday and Saturday, it may be time to start thinking about handicapping the race for an off track. Read Blog
When Mike Lauffer and partner Bill Cubbedge bought back a Forestry colt at the 2009 Keeneland September yearling sale, they thought long and hard before naming the newest member of their racing stable. Read Blog
Evan Hammonds reviews works for Uncle Mo, Stay Thirsty, Pants on Fire, Mucho Macho Man, Shackleford, and comments from Todd Pletcher and Mike Repole. Watch Video
Shackleford impressed observers at Churchill Downs the morning of April 30 when the son of Forestry sizzled five furlongs in a bullet :58 4/5 in his final preparations for the Kentucky Derby.
Jason, Evan, and Tim give an overview of Derby 137. Watch Video
The Kentucky Derby Presented by Yum! Brands (gr. I) is starting to become a little bit clearer; at least, as far as which horses will be in the starting gate on May 7 at Churchill Downs.
A few changes in the Derby Dozen this week with a new number one! Read Blog
Shackleford on Saturday reinforced trainer Dale Romans' belief that his colt is a strong contender to win the Kentucky Derby when he turned in a strong five-furlong work over a sloppy Churchill track April 23.
Sunland Park Derby (gr. III) winner Twice the Appeal breezed six furlongs over a fast track at Churchill Downs in 1:17 1/5 on April 22 as he prepped for the Kentucky Derby Presented by Yum! Brands (gr. I).
History has shown that stretch leaders have a great chance to win the Derby. Read Blog
Stay Thirsty and Shackleford arrived at Churchill Downs with hopes of running in next month's Kentucky Derby (gr. I).
No, not seats; tickets to the starting gate. Spaces are filling at a rapid rate and there aren't many left for all the horses scheduled to run over the next two weekends. Read Blog


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Forgotten Cherry Torte
|Egg whites
|Cream of tartar
|1⁄2 Teaspoon
|1⁄4 Teaspoon
|1⁄2 Cup (8 tbs)
|Frozen whipped dessert topping
|2 Cup (32 tbs), thawed
|Canned cherry pie filling
|21 Ounce (1 Can)
|Lemon juice
|1 Tablespoon
|Almond extract
|5 Drop
1. Pre-heat the oven to 450° F.
2. Take a 8 x 8 x 2-inch baking dish and butter it.
3. In a mixing bowl, beat the egg whites till they are frothy.
4. Add cream of tartar and salt and continue beating into soft peaks
5. Gradually add the sugar, a tablespoon at a time and beat into stiff peaks.
6. Turn the mixture into the buttered baking dish.
7. With a spatula, smoothen the surface of the mixture.
8. Place the baking dish in the pre-heated oven.
9. Close the oven door and turn off the heat right away.
10. Leave the dish in the closed oven for at least 8 hours or overnight. Do not open the door.
11. Take the meringue out of the oven and spread half of the dessert topping on it.
12. In a bowl, add the cherry pie filling, lemon juice, and almond extract and mix well.
13. Spread half of this on the dessert topping.
14. Repeat the processes of spreading the topping and the pie filling mixture.
15. Spread well so that the edges are covered.
16. Cover the dish and chill overnight again.
17. Cut the torte into squares
19. Spoon extra whipped topping and serve.


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PSU Peer Education came into being in 1994 largely through the efforts of psychology student Amy Patton, who approached Dr. Gary Grimaldi with the idea of forming a Bacchus & Gamma affiliated peer group that would use theatre as its primary form of presentation. Dr. Grimaldi enlisted J.T. Knoll, PSU Substance Abuse Counselor, and together they developed a training program. Not long afterward, Gorillas In Your Midst was selected as a name that conveyed the connection with PSU's mascot while denoting the mission of peer education.
Please contact Taylor Zingg- Student Coordinator firstname.lastname@example.com or J.T. Knoll at 620-235-4062 or by email at firstname.lastname@example.com for more information. Or stop by our temporary office - 209 2nd floor Hartman.
Karaoke Nights, 8pm- 10pm, Dellinger Underground
January 29
February 26
March 25
April 30
Healthy Relationship Week with SVP:
February 9-13
Valentines Day Flower Sale, Yates Hall Lobby:
February 13
Safe Spring Break Week:
March 9-13
Love Your Body Month:
Feeling Stressed? Test Anxiety? Log off in one of the five massage chairs in the Relaxation Room adjacent to the U-Club in Overman Student Center or try one of these useful Relaxation/Visualization Exercises!


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The first playoff trip for Sweetwater High School's baseball squad since 2004 is lengthy as the team goes to Crane High School to play Fabens in a best-of-3 bi-district series. Game 1 starts at 5 p.m. today, with Game 2 at 2 p.m. Saturday. Game 3, if necessary, gets started 30 minutes after the end of the second game.
It was a long road just to get here. After narrowly missing the playoffs a year ago, Sweetwater (15-13) was the district co-champion this season in 4-3A, where a single game separated the district's top four teams.
Four more Nolan County athletes have been added to the list of state track qualifiers by the University Interscholastic League.
In Class 3A, Nick Nemir of Sweetwater was announced Wednesday as the ninth, or wild card, qualifier in the boys 300-meter hurdles.
Also, three athletes were added in Class 1A, Division II — Matthew Lowry (boys high jump) and Mason Magness (boys pole vault) of Blackwell and Jesus Leanos (boys 3,200-meter run) of Roscoe. The state meet is set for May 10-11 in Austin.


text:
Cyclops Duck Commander Apollo 200 Lumen LED Flashlight Aluminum Black
- Information
The Cyclops Duck Commander Apollo Flashlight is a dual function light with a high output Cree XRE-Q5 LED bulb. The Apollo can switch from spot to flood light and also function as a lantern for hands-free use. With a 200 Lumen max output, this flashlight can reach out to 600 feet in spot light mode. You can choose between 100% light output, 75% output and a strobe setting. The integrated hang hook allows you to hang up the Apollo XP and use the lantern mode around the campsite. The rear tactical switch allows for easy push button operation. The three (3) AAA batteries will power the Apollo for up to 180 minutes.
Technical Information:
- Bulb: LED
- Light Output: 200 Lumens max
- Lighting Modes: 100%; 75%; Strobe
- Run Time: 180 minutes
- Battery: (3) AAA (included)
- Material: Aviation grade anodized aluminum
- Length: 4.25" to 5.5"
- Diameter: 1.5"
- Weight: Not listed by manufacturer
- Color: Black
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Product ships from MidwayUSA, separate from any other products on your order due to its size. Products that are Shipped Alone incur separate "Per Order" and "Per Pound" shipping charges.
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Product is restricted by shipping carriers and cannot be shipped to certain locations or via certain shipping methods.
Additional shipping charge for HazMat products. Carriers charge extra to ship packages with products they consider hazardous, such as reloading powder and primers.
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Regal Entertainment Group, the largest U.S. movie-theater operator, said Thursday that fourth-quarter profit fell 21% as attendance dropped.
Net income dropped to $23.2 million, or 15 cents a share, from $29.2 million, or 19 cents, a year earlier, the Knoxville, Tenn.-based company said. Sales fell 8.1% to $599.9 million.
Chief Executive Michael Campbell said industry box-office revenue declined 4.6% last quarter because of lower receipts from movies not among the top 10 in sales. Per person, the average ticket price increased 5.9% to $7.58.
"There was lack of depth in the film slate beyond the top 10 films," Campbell said, citing Box Office Mojo statistics.


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Originally written on NY Rangers Blog | Last updated 6/21/13
At 11am, a new chapter in the history of the New York Rangers will begin with the announcement of Alain Vigneault as the franchise's 35th head coach. But Pat Leonard at the Daily News says the personnel in attendance could tell a lot more about the future... "Richards is well-respected, and the Rangers would not put him in the position of standing at Radio City endorsing a head coach he never was going to play for. His presence, or absence, will shed significant light on what general manager Glen Sather has decided." ...obviously, as Leonard says, if Richards is in attendance it's pretty safe to say that he will not be bought out this summer (biggest jerkoff move in the history of sports if he is), but if he's not standing by Vigneault's side, I wouldn't automatically say he's gone. Could be busy training hard for next season. ;) ...to be honest, I hadn't thought about this scenario and it brings a little unexpected drama to the presser this morning. Leonard not...
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Mod_security engine is built-into LiteSpeed lshttpd binary, which is already an optimized implementation. No further compiling or installation required.
Mod_security engine follows Apache's SecAuditLog. Please also make sure the file is writable by "nobody" user.
Even though we try hard to be compatible with most popular mod_security rules, at the moment, customers still experience some incompatibility issues from time to time. Here we have addressed the issues. However, to help workaround them, we create this list of tips and tricks. Hopefully, their lives become easier before the issues get resolved permanently.
With CXS (http://configserver.com/cp/cxs.html) if you use the CXS Watch feature, it will listen for new and modified files and scan them anyway, so you get the same result, without needing @inspectFile
There is another free alternative, through PHP suhosin upload.verification_script https://suhosin.org/stories/configuration.html#suhosin-upload-verification-script
For the @inspectFile support, we do have a plan to implement it in 5.x release.


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Search results for 'men's'
Camaro Carbon Fiber Hood Panel Emblem- SS (2010-2013)$115.00Dress up your Camaro with our Brushed - Stainless Steel, SS with Carbon Fiber inlay. These trim pieces are designed to fit on the factory hood pad and add a clean stylish look to your Camaro engine bay. Made in the USA! (NOTE: Does not include hood liner/hood pad.) Learn More
Camaro Go Puck 5X Power Shot$119.00LITHIUM-ION PORTABLE USB CHARGING KIT
Charge any USB compatible device using the same technology found in Braille Lithium Racing Batteries used by Corvette Racing. No more worries at the airport, in traffic, or that "worst possible moment" for low or no battery. The GO PUCK is on-the-go backup power in the palm of your hand. Weighing 6.5 oz. with a sleek an unique design that slides easily into your pocket, backpack or purse. Recharge your mobile devices up to 5X on a single charge. Features include:
Dual USB charging ports with RAPID charging in as little at 30 minutes.
Ultra-high capacity (6600mAh) can fully recharge your mobile device up to 5 times on a single charge.
Smart Circuit Design allows you to charge and use your device at the same time.
Data Block Technology keeps your devices safe from USB data hackers.
Designed FAA and TSA compliant and DOT tested for travel.
Rechargeable Lithium-Ion battery can be charged up to 1,000 times.
Tips Included:
- Apple
- Micro USB
- Mini USB
- Sony Ericson
- Nokia (DC 2.0)
- PSP Learn More
Camaro Solid Jersey Polo With Contrast Stitching$48.00This polyester/spandex polo has just the right amount of stretch for ease of movement yet retains its shape, keeping you looking fresh even at the end of a long day. Camaro logo embroidered on left chest. Rib knit collar and open hemmed sleeves. Contrast stitching on shoulders and sleeves. 94% polyester/6% spandex. Imported. Learn More
Camaro ZL1 Flex-Fit Cap
Regular Price: $22.00
Special Price: $17.00Soft inner flex-fit band stretches to fit most. Embroidered Camaro and ZL1 logos. 97% polyester/3% spandex. Imported.
Learn More
Camaro Hood Stripes Flex-Fit Cap$22.00Soft inner flex-fit band stretches to fit most. Embroidered Camaro hood stripes on the front and Bowtie on the back. 97% polyester/3% spandex. Imported. Learn More


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This is by far the most generous, polite, and overall amazing community. The fact that not one post has been directed at flaming me, or to start a fight with another user, just blows me away. You guys are awesome, I'm glad to join you on the E4GT.
Hey eff you man!! Also to the last guy that posted eff you too!!
Seriously tho your right. Of course we do have the occasional flaming here and there but this definitely is one of the better community's I've been around and thats awesome
Now go eff yourself
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Valley City is in the process of updating its liquor license ordinance and has asked for input from local liquor establishment owners to make the process go smoothly. On Tuesday, city leaders held an informal meeting with liquor license holders to discuss what could – or should not – be included in the updated ordinance.
Currently, the city's liquor license ordinance is decades old, and some establishments are not in compliance with state statutes, according to Russell Myhre, Valley City City Attorney.
Read more in Wednesday's Times-Record.
A preservation society in Valley City is taking its next steps toward renovating the President's House Guest Inn on the campus of Valley City State University.
Jan Stoman, co-chair of the President's House Preservation Society, said she and other volunteers have worked long and hard to preserve and restore the interior of the house, and the next step is to address accessibility and the exterior.
Read more in Wednesday's Times-Record.
Fort Ransom closed its general store Saturday, Dec. 7, because no one was found to run the business. More in Tuesday's issue of the Times-Record.


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flashing check engine light
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Dodge Ram Forum Newcomer
Join Date: Jun 2013
Location: Western Mass
Posts: 19
Gender: Male
Vehicle: 2003 Ram 1500
Trim Level: SLT
Color: Blue
Engine: 2002-2007 287ci (4.7L) PowerTech V8 235hp 295lb/ft
Rep Power:
Brought the truck back home, and after a ton of errands went at putting the rocker arms back on. First one on #2 cylinder was a piece of cake. The one on #8 cylinder, not so much. After cursing and fighting, I remembered my mechanic saying to make sure the lobe was up - I'm guessing he means the oblong part on the shaft - and indeed it was down. I started the truck for a half second, and the shaft rotated enough that I can get the rocker arm positioned to snap it back in place. Problem is that it is the LAST rocker arm on the engine, I'm 5'8" and I'm already on a stepladder to get to the F***ing engine!
Anyone got any tips on this last "SNAP" - I don't have any leverage, or real visibility to get this done and I'm knocking off for the night, since my next step is to kick something that will invariably wind up being expensive.
I've got pads that I lay in the engine to lay on, and it helps, but how the heck do you work in this thing? I'm short, and my arms aren't anything to make Ah-nold jealous, but I just don't seem to fit in this thing.
Help a wide midget out, please?
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