Wednesday, November 11, 2009

Grant The Power Of Attorney To Sell

silence - freedom in the spirit

silence - freedom in the spirit

It is raining outside. I think it is beautiful, the rain has somewhat reassuring. Most people do not like him, just as the winter. I love the winter. I love snow and I love to walk, while snowflakes dance around one and melt when they touch the skin.
There is something incredible from this silence that you have so often in his life. Constantly harassed by the city to run, to buy it, to the oranisieren to do that .. The mind is no peace. Conclusion: Break Down.
silence is something incorruptibility and yet something so precious. We know these things to appreciate too rarely.

What is freedom?
For everyone there is a unique identification. Every living thing should be to live for themselves, as it thinks it would be best for itself is it not the thinking that often keeps us from it and ultimately we may be unhappy .
I say maybe, because that keeps us from thinking of stupid things sometimes.
Maybe freedom means finding a way for himself to be happy. It would be naive to think that you in all areas of his life can ever be happy. For every living thing is something else very important. Friends, family, job, one's self.
Not all who are unhappy at work, unhappy in their remaining life.

I for myself think that freedom gives us a bit so we have a reason to get up every morning.
And even if you feel freedom can not.
Is the thought of freedom, not freedom enough already, we may hope for people like us at all?

『优 』♪

Thursday, October 29, 2009

Irregular Periods And Abnormal Pab Smear

Kievlyanin How to get free land?

officials themselves are advised to be poshustree before the election, because that is the most successful time to get free land, writes 100m2.

Since last week, the land for legal entities may lease or property only by auction. For ordinary civil procedure for obtaining land, too, a little more complicated. As it is now an ordinary resident of Kiev can get 10 free ares in the property?

«Having good Kievzema, now its 10 hectare will have to draw in Kyiv City Council twice. First, adopt a draft land management, ie deputies must decide whether to give this site or it will run through the year, for example, route. The next session will have already obtained land acquisition, that is, the MPs will decide whether to allocate this this particular site from Kiev ", - explained the head of the Land Commission Kyivrada Alex Yevlakh.

City Hall said that two steps are necessary to prevent cases of sale of plots by new owners after receiving them. Many newly minted owners of free land immediately resold it.

image


pretending wishing to get its 10 acres, we called the Kievzem.

«Want to get the land? I strongly advise you to write an application quickly! It is likely that will quickly give away the land of ordinary people of Kiev in the near future "- cheered there.

Now, however, often distributed response officials that the free land in town: "Come, if you find yourself part." It can be found, after looking for vacant lots, on application to the district administration.

"At okraninah there are lots of unowned land - on the same Troyeschina in Goloseyevsky area. Be sure and for the newly established streets - they can check the site Kyivrada. If any street does not end a deadlock, then theoretically it can be extended - for example, so it was with the Metrology "- the Council in Kyiv City Council.

http://finance.bigmir.net/useful_articles/realty/104144/

Sunday, October 18, 2009

Is There A Way To Be Invisible On Facebook

Fwd: funny - as a market for life))

woman - it is akin to the stock company. When she is not born, it is 100%-owned subsidiary of his mother,>> an integral part. After the birth of its stock distributed inside>> Holding, which we call family. Some percentage falls into the> possession of his father, a significant package (often controlling) remains at the>> mother, grandparents and also gets the share, but often they are ->> Explicit minority shareholders.
Gradually girl grows, it becomes an adult, and with it through additional issues or just otsuzhivaniem during home calls takes stock of family holding on its balance sheet. And by the end of the school comes the golden age of IPO (initial public offering). As a rule, at a time girls did not squander a majority, and sell only small part of it to "feel out the interest" of the market.
Parents are advised IPO, but often they are more mature girl, who already have experience of IPOs. They can suggest the right trading platform, to make an independent evaluation of assets and recommend a price. Before the IPO are held numerous road-show in the dance clubs, bars, parks and other places where young investors.
They, too, is not interested in receiving direct control package.
interesting position of some large strategic investors in such IPO.
They bought an option to buy a controlling stake, receive dividends for some time, but eventually an option and is not executed.
The idea is that such cases should be punished, but not all issuers are willing to disclose such information, since it can further damage the listing and liquidity.
After high school, and about 40 years old girl issuers are starting to initial public offering majority of its shares. However, because it simply can not get investors. First you need to collect at least 1% of the share capital, to see register of shareholders. This makes it clear perspective and the approximate timing of buying up control. Further, bought up a blocking stake, the investor gets in the Council Directors and has an impact on financial and operational flows of the issuer. If the issuer is good, is actively growing, it has high profitability and great prospects, the investor gets shares to a controlling stake, and everyone is happy. This is a good development.
On the question of how much dividends should pay the woman there are many theories.
If an investor interested in current income, then it selects an issuer with a large dividend payments. However, this leads to reduce capital investment in the renewal of fixed assets in the future leads to deterioration of assets and as a consequence of a rapid reduction in profits and dividends. In our view, dividend policy should meet the sustainable development of the company.
market common practice of cross-ownership. This is a situation when a woman issuer has preferred shares, which are in the hands of outside shareholders. They have no voting rights but receive a small stable dividends. So investors like it when the issuer is no preferred shares. In fact, many men love to have the shares of several issuers in the portfolio: controlling stake in any one issuer and the small percentage of the preferred shares of other issuers. This is one of the ironies of the market.
if IPO fails and can not accommodate a controlling stake immediately, shares of women fall into the issuer to the Exchange. Here the fun begins.
most marketable female issuers traded on the "exchanges", they were listed, the information about them is known to investors. The data for these companies can be found even on the Internet, they have their own websites. However, this does not mean that their actions may show strong growth, as many of them are overvalued by the market. Rather, investors prefer to speculate on them, avoiding long-term investment.
most valuable papers submitted to the "second tier". This is exactly the growth stocks. Know about them only a certain range players and they are bought by strategic investors. Here they can not do without the analytical support as needed to calculate the fair value shares, to learn who the major shareholders, etc.
major issue of the owner of the issuer is the creation of subsidiaries. In the initial stages of the "daughters" These are the direct costs for the parent company, with no guarantee of economic benefit in the future. However, it can improve investment climate respect to the issuer and the investor. The presence of subsidiaries also reduces the liquidity of the issuer, which is good when an investor wants to go to the market packages minority shareholders.
Investors like to create index on the basis of quotations of women issuers to represent the general situation in the market. It is from this went a phrase like "in such a place (town, country) of the issuer the most beautiful."
Russian market in the world is one of the most attractive and undervalued. The capitalization of the issuers are not very big, but on fundamentals (earnings per share, dividend yield, etc.) they are stronger foreign analogues. This explains the considerable interest of foreign investors in Russian assets.
Investors like to discuss the issuers, to share their thoughts about the market, to share experiences. As it usually happens in the market "while attending the study of potential investment targets. It is important for novice investors, as they tend to buy raspiarenny illiquid.
Much of the investors to part with a controlling stake of the issuer through few years and shifted to the fast-growing stocks of young companies. This is due to large transaction costs, but investors are going for them in the hope a good return on new investments. In any case, it is a risky step, as an investor refuses to stable income and transparent business in favor of a new little known to him of the issuer. In our view, need to be absolutely sure of the need to "shake-up of the investment portfolio," before venturing it.
Top tips for investors.
* Do not get carried away speculation in the market, it can be ruinous.
* Do not put all the right tools in a single issuer. It's risky.
* Do not trust 100% of the recommendations of analysts. Be sure to spend his own, at least a minimum estimate.
* By purchasing a controlling stake of the issuer, not rasslamlyaytes. There is always the possibility of an additional issue that would lead to dilution of your share.
* Women love to give their shares in nominal holding. Make sure that the shares were actually in your account.
* By purchasing a controlling stake, do not skimp on capital investment and significant depreciation. Than they are, the greater the dividend you can expect in the future.
* buying up a controlling stake is best done in such a way to the market this is not seen, "otherwise there is a risk of strong bully quotes and overpay.
initial conditions of investment in man.
1. As there is no ideal investment tool and there is no perfect man.
2. All men, as well as investment instruments, have three important characteristics: reliability, liquidity, profitability.
3. H adezhnye men tend to have low returns 4. Men with high incomes are unreliable.
5. Henadezhnye men low income is not liquid. They are very difficult to get rid of.
6. Hadezhnye and income men have very high liquidity. The problem is that they are difficult to find and even harder to retain in its investment portfolio.
7. High demand for reliable and profitable results in men (and sometimes suddenly) to ensure that they lose or its reliability or its profitability.
As they say - the paper has deteriorated)
8. To avoid large drawdowns of life with a reasonable return is recommended About 70% of the time to invest in reliable low-income men, 25% in several high-yielding, but unreliable and not to exceed 5% reliable and high yield (see Section 7) as say - diversification 9.Esli you had the opportunity to acquire a majority of reliable and highly profitable men, then there is something you have not noticed.

Tuesday, October 6, 2009

Get Well Poems With Bird Themes

Fear vedet k bednosty

Those who are able to learn, they learn to long for those who knows or is able to anymore. And the rest ... But fuck them know the rest. I never understood them.

... quote Yuri Moroz.

Friday, September 11, 2009

High Quality Professional Camera Bags

Time.


If you have too many thoughts in your head to much of what is happening around you, then a missing even the words, write it down. I escape the rows should begin with whom I.
'Once upon a time ..' - Begins like a fairy tale not?
It might be easier to tell it in a fairy tale, fairy tales end eventually but usually always good. Unfortunately, in total contrast to the harsh reality to us every day a little more catching up and reveals to us the truth.

There is something alienating in itself, to go into a flat where you have lived for over a year and to know that one moves out in a few days. Or that one sees a person to whom it has been so used and that you will no longer see when you wake up, sleep when you leave.
It evokes a certain feeling of sadness when the what we have become accustomed to what has been built up, emotionally behind. You go into something new, something that you do not know if it's good or not. You go into a complete void. Cut off from the outside world, because you still not thought of it has to build a phone or computer. And then you stand in a flat, almost empty, alone, and you have to find your way around.
is likely it will be very strange, adrenaline-like, to hear new sounds, the creaking of the floor, all the things you did not previously used. Bizarre.
And yet I am sure that after a while everyday life is to see one and go out, a different face.

And then there's this uneasy feeling that has settled into one. What one can not come to rest, to which one thinks before you fall asleep and one in the dawn again wakes.
Something that does not grab you, can not explain, something that one yet and added to the mood so down suppressed that it seems to remember seemingly everyone. And yet one can change it so hard. Perhaps because of some facts that have happened, events that have not gone the way it would have really wanted to hurt you and still, if one thinks about it. And maybe why you have to cry sometimes even to sleep.
'And the tear-soaked pad says good-morning' ..

If you have too many thoughts in your head to much of what is happening around you, then missing a perhaps not only the words but they just resigned, and hopes that everything goes as quickly as possible over and that soon it will be better again.
hope is at last becoming the last thing that humanity has remained.


I have come to the conclusion that there is waste in part to get excited about certain things to cry over others or to break his head. For all this does not change what happened or is already happening.
It is a waste of time, a fact nachzuweinen that will not change, no matter how painful it still is. Or, as traumatic as happy a moment or was not. Time is gone. It is over.
And you should try to get it clear.

Because life goes on. It's not like a carousel, where you can get when it is no longer one likes. Life does not stop when the music stopped playing. And you can not switch to some other figure, not only because one's own life fits.
things happen, sad and happy that we can not change that can not be explained.
To get ahead in life, one must also look forward.
The time that is given us, to avail of.

'Someone once told me, the time would follow us like a predator for life. I would much rather believe that time is our companion, who accompanied us on our journey and reminds us to enjoy every moment because it will not come back. What we leave behind is not as important as the way in which we lived. For ultimately, [...] we are all mortal only. "
[Jean-Luc Picard]


』『 优

Wednesday, August 26, 2009

Mercedes Benz 330hp Engine

mother


Sometimes I wonder if it is really necessary that you have to is heading in the heads. Sometimes I wonder why we even no longer together kommenn clear. And basically I'm sorry. Maybe I'm
really a good kid.
Even the distance does not help more, but we argue and make each other allegations.
'I only want the best for you. "
Why does it feel to be not so? Why do I'll just pissed when I call you? We can not live a normal conversation anymore.

I miss the days when I was little and always run to you am when I was not doing. And I was damn often poor. And you were always there.
And really are you still are.
are perhaps our Settings only grown so far apart that when certain things just exploded only.

I'll hurt you.
I'm sorry.

I'm a good kid. 』『 优

Friday, July 31, 2009

Salieri Mario Films Streaming

farewell


farewells

It is difficult to work next to someone and knowing that this someone will be gone on Monday. You see the person still laugh, jokes, tear albert around with that yet. Sorry, always keeping in mind, it might be the last time to see that person. Not take the meaning of death, but in the sense of farewell. If the path of your other leaves.
What a bother to the person once no matter how one learns to appreciate until it is no longer there. You will miss it, that a person is irritated quickly, or lots of laughs. Forgetful, or meticulously pays attention to the little things. Habits that one may have stolen some time ago the nerve to be missed. A farewell card with words. Not really friendly, but hides the note that you will miss the person yet.

I must admit, I was the only one who has written something nice.
'Good luck'.
I am of the view that one should leave with something nice. For perhaps you see this person again? Maybe it will be perfect for the last time to have the opportunity to be able to appreciate the presence of the other.

is missing something. You will notice it when it comes in that a member is missing, no one can replace the. This will never be replaced.
a gap in our midst.
Man has become accustomed to see familiar faces when you come in early to work, fully intended his work. And then when you see that the time was one with a person against, now is over, it hits you like a slap in the face. And you have this feeling unwell in the chest, the one to crush almost threatened.

goodbyes are part of life.
But probably I will never get used to it, to let go of someone I have in my heart.

『』 优

Wednesday, July 29, 2009

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Wonderland

Today I rode the subway home and read in my book 'Fight Club' by Chuck Palahniuk. I like his books because they are written boldly. He talks about things that are not mentioned in many other books. Use words that are avoided elsewhere.
always behind with an ounce of irony.
But that's not really. Because when I was reading, sat down to me against a girl out. Maybe a little younger than me, or not? It was difficult to assess. She looked good. Stylish short hair, loose jeans and a green shirt. She wore no bra, one of the things that struck me immediately. Then the large sunglasses, sitting on her nose.
you just sat down opposite me. For some reason it made me nervous, maybe because I had the feeling that she was watching me. There were 10 long minutes, in which I could hardly concentrate on the words that were in my book. When she finally got out, I looked after her. I felt that it was an interesting man.
And then I realized that many people we meet and walk in our lives, just come and go after a few minutes. The man, who joined and would have remained almost stuck in the door, a girl who had obviously been crying.
Perhaps we miss out on important people? Maybe you miss even the great love 'of his life? I'm sure there are more people on earth who fit into one.
I presented myself to talk to the girl. Maybe it was just me are such that they had seen me, but perhaps were their sexual interests mean the same? The thought did not release me. Maybe this girl was
exactly someone who would make me happy can? I learned far away from everything I knew and know now.
course, an absurd idea to sit someone over on the train and thought to have this person easy to talk and just like falling in love with her.

Life is so fleeting. Sometimes we take refuge in a dream world. It's almost frightening to sometimes just sit there, deep in his dreams and even missed the station, should get off at the man.
But what would we be without dreams?
What would we be without hope for something better?

Only lifeless body without a soul.

me Follow me down the rabbit hole.



』『 优

Sunday, July 26, 2009

Bikini Wax Waterloo Iowa

Closer to perfection.

to be completely lost in thought, is probably my current life. Maybe every once such a phase of total blackout.
You sit there, the subconscious mind works and sometime it scares high and do not remember what you did the last minutes has, or hours. Total dissatisfaction with their lives. Thought of wasting it, who you are and what you have achieved in his life or will be achieved. It is difficult to keep themselves aware of what you have already achieved and reflected itself not by what went wrong, leave.
Even the little things that should have gone well, but actually inspire the spirit. It is precisely this thinking, the thinking is reminiscent of the failed attempts to be a shy but when it comes to trying something new.
Perhaps the fear too great, or the voice inside you. And maybe it's just what it is to overcome applies.

But where exactly is the limit for dissatisfaction and their own happiness?
Is it a good job, friends, love life, hobbies? Probably one
everything together so that one's life is finally perfect. Of course it will never be totally perfect, because what is perfect?
to have the job you wanted? To earn enough money to afford to buy everything, a love affair with the man you love to belt out his spare time, as popular one? But as easy
never will be, ultimately lacks many of these factors. There was either the money or to itself, to many thoughts. Simple
Gedankenkotze when all at once to a collapse and sees the world in ruins.
three quarters of people are unhappy in their jobs, do not earn enough money to live on the hunger line, have no money to be able to afford something that prepares them joy, unrequited love, tragedy.

perfect.
is the end, his own life but only perfect ', if you know how to keep yourself can bring themselves to achieve something.
And the way there.

Closer to perfection.

』『 优

Friday, July 24, 2009

Comments On Babylock Grace Sewing Machine

The thing with the truth

Sometimes it is difficult to find the right words for the feeling which is inherent in one. Nothing that the language is common, can do justice to what goes on in one. Maybe you can put it also does not really put into words, because one does not know how you feel now?
On the one hand happy about certain facts in life. Does
beautify but the statement that the little things in life it's good to. Far too often we know the good, and no matter how small, to appreciate or happy about it.
Has someone already got it, go to? Someone who sits in a wheelchair, it would.
We would elicit a smile, pick up a book in his hands to be able to open it and see that to what's in it? A blind man would.

inner conflict is a worse feeling than the feeling of loneliness. Or the feeling of being lost. Sometimes you're at a point where you can go on nor turn back, and go on just a matter of 'want' is. Perhaps it is the past already so intimidated that they no longer want it? Maybe people are afraid too much of what one might expect more.
It is found from the current situation which does not at all happy.

How to write a letter in which you want to announce that it would not use wrong words to hurt someone? But rather to achieve the opposite?
the truth is not always the right way, because they is able to hurt far more than anything else. But how you handle the truth if not with a lie? Is a lie that is better? Probably not. to find a middle
And is not particularly easy. Might also play a role attitude. Sometimes you have to weigh what is best for oneself and what one could lose. wants to lose something or someone

no.
because you only know what you had, when it is gone. And a small part is a self with forever.

, There was still the matter of the truth ... '

Yu.

Thursday, July 23, 2009

Penis, Yellow Flat Pimples Images

The Beginning of Nothing.


I'm gone too high, and unfortunately I slipped on the crap that is called life. Slowly, I cannot back and miss the saving column.
no one, who catches me. My eyes close as I'm waiting for the thud that can break my bones.
listen How does it feel when a skull split ...
In my mind I see my life before me. Parents a perfect family audition from behind a curtain lie.

I'm falling ...
And no one catches me.

I'll leave this life behind me. Forever. I no longer feel the impact. Probably my mind the drugs have been completely obscured. It was impossible to live in this world full of hate.

a joint for you ... two for me.
heat surrounding my body ... and then ...

Also, when I see your face in front of my, I know that it will be too late.
only I had known it ... it's worth, to save me?

I'm falling ..
I'm ... falling ...

An angel with broken wings.

_______________________________________________________________________

I have decided to open another blog that is dedicated to only my thoughts. Years ago I had one, but it was deleted.
Perhaps it was a good thing when I read through old entries that I've saved.

The beginning of the end.

Yu.

Thursday, July 9, 2009

How To Reduce Redness On Your Nose

FOREX

GBPUSD 10:24 July 9
If penetration resistance at 1.6120 to the possible growth of a new line of resistance 1.6448,
but expect that penetration is 1.6120 and we will see today rapid decline in at least 100 points.

Wednesday, July 8, 2009

I Need Money And Im Jobless

/ / / as amended

you can succeed in the game on the exchange when you vidnosytymetesya it as a serious intellectual work. Emotional deadly game. Success will largely finance insurance management strategy. A good player watches his capital as carefully as the diver for his reserve air.
basis for the speculation - the correct application of the knowledge of three sciences: psychology, market analysis and systems game, and capital management.
work on liquid markets and avoid small and fast moving markets. Concludes when the market is calm.
purpose player, not as Paradoxically, there is not money. His goal is to play well. If it plays correctly, the money multiplied almost automatically. Successful players continue their skills. To reach their limits for them is more important than making money.
sure sign of successful player - if schorokuya to become pivprotsenta smarter, to the moment of death I will be a genius. "
successful player must reveal their fantasies and get rid of them.
away a few years that to learn stock market game. Do not start with an account that is over 2000 dollars and do not allow the loss of more than 2 percent of it in one operation. Are you with on the cheap mistakes, straitened working capital.
Each player must master the three main components: the personal psychology of realistic, logical system game plan and good money management.
you should analyze that cover you during the game to make sure the logical validity of your decisions. You need this capital management structure to rot you do not withdraw from the game.
Edson Gould was the reigning "guru" in early 1970. He founded his forecasts for policy change if the Federal Reserve Federal Reserve raises the discount rate three times, it means twisting nuts and leads the market "bears."
Joseph Hranvil argued that changes in sales prior to changes in prices
Prichera Robert made his name as a follower of the theory Elliott waves. Elliot was inconspicuous accountant who developed the theory of its market in 1930. He believed that the market goes up 5-ma waves and three downward waves, and each can be divided into several smaller waves.
Jake Bernstein became famous through the use of market cycles to predict the highs and lows.
Peter Steydlmayera profile for the market (Market Profile).
Anyone who wants to succeed in the long term, very seriously guilty treat that makes. It can not be naive or play Obeying hidden psychological impulses. Enter
record each transaction on schedule "before and after, write down every action, including differences in prices and fees, and follow all the rules on capital management. You must pay self-analysis as much time as market analysis.

Saturday, July 4, 2009

Car Blueprints Remodeling Program

Theoretical and methodological foundations of investment attractiveness of shares of Investment Grade

evidence of the popularity of the shares are registered in Ukraine, the structure of securities in which the leading role taken by the action. Thus, the proportion of shares in the structure registered securities issuance in 2003 - 76.29% in 2004 - 81.53% in 2005 - 40.02% in 2006 - 51.79% in 2007 - 37.52% [83 ].
PFTS trading volume for January 2009 was 1.96 billion. That by 24,1% less than the figure for December 2008. Thus, the volume of trading in the stock market grew by 20.3% (Fig. 1.1). The structure of trading on the PFTS trading volume leading step won market shares (second row) - 79,5% in January 2009 against 50.2% in December 2008 [82]. Given the scope
which acquired the financial crisis should invest in shares of companies working steadily and are well predictable source of income .. This action telephone corporations, corporations, water, gas, electricity and other utility companies or as they are called - profitable shares (income stocks). This is because these corporations need always Investors buy these stocks for sure their cost over time only grow. In contrast to cyclical stocks (cyclical stocks) price increases and decreases simultaneously with the decline and recovery in the economy, ie according to the rhythm of business activity. Mostly these corporations share the basic economic sectors.
rating for yield stocks to consider many factors. Classification of factors of investment attractiveness is closely related to the classification by types of shares, investment properties, degree of liquidity and other characteristics.
formation methodology of investment attraction of the shares in Ukraine today is in its initial stage. This is evidenced by a small number of publications of the problem and the lack of legislation that would have defined the term "investment attractiveness securities in general and stocks in particular, its principles and methods of evaluation.

...

Thursday, June 25, 2009

The Titanic Invitations

attractiveness of the shares of American experience for



«Investment is to invest

money today and tomorrow to get more money »

« With and growing every action there is successful business ».

" On Mr. and NC in is shareholder her -p eremozhtsi , and they must find " .

Warren Buffett

In most countries analysts not only determine the investment attractiveness of shares in companies but also have a great opportunity to influence the securities market, and particular stocks of specific companies, contributes to this process and the rapid development of Internet and television channels focused exclusively on coverage developments in the financial market.

crisis state of financial markets today not only threatens individual financial analysts possibility of losing a job but also caused a decrease of confidence of market participants to any forecasts at all, which could trigger stock market movement in the direction of reducing its effectiveness. The situation is deteriorating global events such as the unpredictable and unexpected bankruptcy of the largest world financial institutions or noisy investigation of the major international rating agencies.

Clearly, a significant role in deteriorating the quality of forecasts and recommendations played a general instability of financial markets, which resulted in extremely high volatility of share movements.

However, that would justify have been newly analysts, the numbers speak for themselves. For example, according to Bloomberg, analysts' forecasts, which were given to companies that are part of the index S & P 500 in the second quarter of 2008, justified only 6,7% of cases. This result is a record low for more than 20 years. Even before the crisis for the markets Securities 2001 this figure was over 30%.

course, shares of companies and even government bonds is a specific commodity, the price of which is formed by factors that have market nature, and the excessive intervention of the media may lead to higher volatility indexes of specific securities and increase the approximation of the data trend analysis.

is why in all countries, financial analysts have been trying for decades develop new methods of prediction, allowing them to accurately and reliably estimate the future development of the stock market, and thus make more effective investments.

in the Ukrainian reality, when the stock market is not developed, statistical information on the fields appear in special editions by 0,5-1,5 year and statements of companies in sufficient numbers assigned to sites is also not before that date, specify the concept matures problem assessment investment attractiveness of shares.

urgency of the problems of investment appraisal actions speak numerous studies in these areas. William Sharp - pricing model of equity, G. Hitman - Investments in the current conditions of equity markets and equity enterprises, H. Markowitz - the theory of optimal portfolio selection, Shyler R., J. Campbell, J. Doe et al. - Pressure on profitability and pricing equity and others.

A. Damodaran, J. and L. Brihhem Hapenski, T. Copeland in his writings on financial management assessment investigate investment attractiveness of the business

study of both theoretical and practical aspects of capital market development (Form IA, R. E. Seltzer, Holtsberh MA, M. Lysenkov, Fetyuhina N., Hassan-Beck LM), and problems of its formation and regulation are considered in the works Belikova OY, Burmaka MO, Mozgova O. M. Nowicki VE, VV Oskol, Camomile OY, Chervov LG and others.

aim of the thesis is to identify the main factors influencing the results of placement financial capital investors in the stock market, the analysis of theoretical principles, objectives and methods of investment appraisal and development of theoretical and practical recommendations aimed at improving the methods of investment attraction of the shares.

This goal was carried out by solving the following tasks:

· ; investigate the economic substance and content of the concept "Investment attractiveness of stocks";

· ; identify and systematize the factors affecting investment attractiveness of the shares of public companies;

· determine the features and expediency of the use of fundamental and technical analysis methods of exchange rate dynamics shares;

· develop a comprehensive methodology the investment attractiveness of shares open corporations in low activity organized securities market of Ukraine.

object of the research thesis is the financial and economic Activities Open Joint Stock Company Power Supply Company Dniprooblenergo.

subject of research is an investment attractiveness of stocks.

theoretical and methodological foundations of the thesis work of domestic and foreign scholars and experts on issues comprehensive assessment of investment attractiveness of the company and the valuation of equity.

information base consists of research legislative and regulatory acts of Ukraine, which regulate the relationship of corporate property, the financial statements made public disclosure system, submitted to the State Commission on Securities and Stock Market SMIDA.gov.ua and statistics of agreements with sales of shares of "EC" Dniprooblenergo " and major businesses in the energy sector in Stock Exchange PFTS.
...

Friday, May 29, 2009

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fondovыh rыnkov razvyvayuschyhsya countries

of American market for wireless technologies tsennыh , nesomnenno, is the one of the most advanced in the world, and the level of supervision is one of the most successful. This is natural, given the volume of transactions taking place in this market, and its relationship with all the stock markets of the world. On the level of U.S. stock market tells the newspaper "Capital Market".


Financial pyramid and Ponzi scheme

classic pyramid scheme - is a specific way to ensure that income due to the constant raising funds from new members of the pyramid. Usually pyramid registered as commercial institutions and attract funds to finance certain project. If the actual yield is below the project promised to investors of income or non-existent, while the funds of new investors sent the payment of income.

Since Ponzi scheme produces nothing, then all the focus of the Fund on the PR-campaign. Natural result of this situation is the bankruptcy of the project and recent losses of investors. The collected funds not earmarked for the purchase of liquid assets, and immediately used to pay previous participants in the advertising and revenue of the organizers. The longer operating a pyramid, the smaller the percentage of possible return for its elimination.

Ponzi scheme - a kind of Ponzi scheme, named for Charles Ponzi. In August 1919, one of English businessmen in a letter sent to Charles International reply coupons. Ascertaining the details of handling coupon Ponzi discovered that the ratio of exchange rates can be resold at a profit in the U.S. coupons acquired in several countries in Europe. Ponzi established the company "The Securities and Exchange Company" (SXC) and persuaded several investors to finance his proposed fraud in exchange for promissory note, promising them a 50 percent profit on the transatlantic trade after 45 days, or even 100% after 90 days, which is much higher than those payment issuers of other securities.

In fact, Ponzi was not going to buy the coupons. The fact that the international reply coupons could be exchanged only on postage stamps, not cash, that is, as a tool for speculation coupons were not good. This information was not secret - if you want it could clarify any of depositors. Nevertheless, by July 1920 Ponzi sold his bill up to $ 250 thousand dollars a day. The pyramid collapsed, and fortunately investors, some of the money could be found and returned. On average, each investor received approximately 37% of the nominal value of bills.

Decades later, the Ponzi scheme continues to operate on a "rob Peter to pay Paul," so the money of new investors used to pay old investors.

first place among the founders of the largest pyramid schemes, possibly for decades to come, took Bernard Madoff , whose financial pyramid collapsed, buried under a thousand large and small investors around the world.

Methods Madoff Investment in "Stanford International Bank" in 2001 attracted the attention of SEC As incomprehensible even to experts in this field. But the profit dispelled all doubts among investors about the methods used. Madoff did not give a huge profit and suspicious, on the contrary - the profit was moderate, but stable for customers and investors. Its advantage was the knowledge of the tax regulation and experience in philanthropy. Base of the pyramid were the charities that manage the money of investors that are intended for educational, social and other programs that allowed the pyramid to act for a long time.

Everything was "good" until December 2008 when the demand on liquidity. In the end, and charities that invested with Madoff, lost millions of dollars.

masquerading as charities, Madoff defended himself against the risk of a sharp and sudden withdrawal of investments, so he decided almost two main problems characteristic of the pyramids: the support of demand and maintain stability.

During the courses organized by the Institute, the American market experts were asked why the SEC did not adopt the strict measures in 2001, have been identified the first signs of a pyramid. The representative of the U.S. Commission responded that while some people were well connected with senior officials from the U.S. Congress through charities, so during the investigation to the commission under pressure.

SEC experience in this area is confirmed the fact that in recent years, the Department of International Relations at the U.S. oversight body able to prevent the investment and the return of about 0,5 billion U.S. already invested in this type of financial fraud. Forms of struggle with this scheme are quite simple and can be reduced, in general, to raise awareness investors and the general public.

importance of good corporate governance

Another course was devoted to corporate governance, which seems a very topical issue for our country. According to my interlocutors here focuses on voice and representation by attorney shareholders. For example, the problem of representation by proxy is relevant for the U.S., which reminds us of our investment funds and the procedure of collective management of these organizations in Moldova, the number of shareholders who reached 200 thousand people.

regulation in the sector of investment funds the U.S. began only after the Great Depression, 30-40 years of last century, in order to protect investors. According to the law on securities trading, adopted in the U.S. 1933, investment fund must have at least 15 areas for investment, and each of them must be invested not less than 5% of fund assets. Naturally, such a measure leads to a significant reduction in risk. Here comes the question: Can the Moldovan economy to offer similar conditions to implement these principles?

role of self-regulatory organizations in the stock market

Special attention was paid to mergers and acquisitions that has special significance for the stock market. As reported by our Moldovan representatives, the regulation of this sector in the U.S. involves ensuring disclosure participants these transactions. Previously disclosed the role and purpose of public offerings in the course of acquisitions and mergers.

Bringing a number of specific examples of mergers and acquisitions U.S. stock market has shown the importance of public offerings. Special role in the American system of regulating the stock market are self-regulating organization, the largest of which is the service industry regulation of financial services to the U.S. FINRA (Financial Industry Regulatory Authority). By the way, hierarchical control system stock market in the U.S. has three main components: the public authority - SEC (upper), self-regulatory organizations (middle), and the base, which are brokers and dealers. FINRA is a nongovernmental organization that regulates the activities of participants in U.S. financial markets. American Federal law gives FINRA to impose disciplinary penalties and to organizations conducting securities transactions, as well as their employees, who violate the rules established by it. FINRA has an educational fund for investors whose purpose - to attract as many investors in the investment market. The Fund's strategy is to more fully inform potential investors. Through special programs - Grants for the community begins with the school, pupils 5-graders are already familiar with investment issues.

Another pressing issue for our stock market is to manipulate the market. On this topic discussed the negative impact of fraud on the normal development of securities market securities to investors' mentality, resorting to such methods.

Participants were introduced to the basic indicators of the dominant market - supply reduction securities, which leads to a slight rise in prices, failure of brokers to execute client instructions to sell securities, and so on.

growth factors in stock Market

One of the latest topics covered in the institute this year were the main factors of growth in the securities market. Here, among the weaknesses of the stock market were given excessively high costs of investing in securities, lack of funds or lack of them by the government for the development of securities market securities (and the lack of projects aimed at development), lack of innovation in the market.

These were the main topics discussed during the program, about which we were told by the representatives of the NCFM involved in it. It is obvious that the practice of supervision the U.S. stock market can not be fully applicable in our country due to underdevelopment of the market. In this regard, we note that one of the lectures offered by the organizers, was entitled "The right way of development securities market. " It is appropriate to lead a rather interesting statement: "In both developed and developing economies through participation in the market securities is that the income of participants exceeds the average wage in the economy. " I think that, at least for our country, this scheme dolzhna potrebytelskuyu and include cart.
http://www.maonline.ru/crysis/4921-amerikanskijj-opyt-dlja-fondovykh-rynkov.html

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"AA" loans (practical advice)

link to the original article http://h.ua/story/94623/

will be useful for those who today celebrated "Last call" at school

debt - the only thing that truly connects you with people

Sergei Dovlatov

Автор – Мажарко Ірина
Author - Mazharka Irina

study free of charge - it means learning from the state budget, in accordance with state orders. Unfortunately, wanting to study in higher education far more than it can finance the state, because the overwhelming number of them remains behind. " Those who were not lucky enough to get to the budget institutions provide the opportunity to study on a contractual basis, ie money. The charges for all period of study or to provide additional educational services established higher education institution in the currency of Ukraine, including officially designated inflation for the previous calendar year, and fixed in the contract, which may be determined order of fees once (full) or particles - monthly, posemestrovo annually. The amount specified in the agreement can not be changed during the entire period of study. Teaching in higher education institutions usually can not afford the average citizen, so the aid of loans for education.

loan education - a relatively new service on the market be a maximum of five years ago. For banks this service is associated with high risks, so it offers only a few financial institutions. Today in this sector taking the leading place "Privat", "Nadra", "Aval, Ukrsotsbank and give credit:" Imexbank "Mriya-Bank, First Credit Alliance, PRAVEX-BAN, Khreschatyk, AB Brokbusinessbank, Pivdenkom Bank.

the West's educational loan population is quite long. Successful development of the borrowings for the acquisition of knowledge in developed countries is largely determined by the existence of legislative base and support state. Ukraine lacks the first, and second, that does not contribute to the coordinated work of educational institutions, and state banks. However, active growing segment of credit education today many bankers predict.

Автор – Вовкодав Світлана
Author - Svetlana wolfhound

Forecasts forecasts, but still the same market participants consider that the average Ukrainian is not ripe for study by borrowed funds and explains the small number of special (only for training) loan programs. And each bank argues it's own way. According to Deputy Chairman of the bank "Contract" Paul Krapivina, Ukrainian consumers not yet ready to not only learn, but also relax, pay for health insurance, etc. - in other words, finance borrowed money intangible capital consumption.

Lending educational programs inhibits the desire for "free public education," which happened historically. On the other hand, the bank's important point is to verify the customer creditworthiness, ie, certificate of employment stating salary the last six months. Secured credit, may be real estate, vehicles and third party guarantee. Loans are for students Bank sufficiently risky operation and is designed for parents who will act as security in obtaining the loan.

experience of Western countries illustrates us a solid legal framework that protects all parties to the loan process. Banks act as intermediaries between the student and the state, and from special State funds covered interest rate reduction for students with high achievers. World experience shows that turnover of the largest market participants Educational loans are hundreds of millions of dollars a year. And in this case will benefit not only the bank - and win the state, and the borrower. In developed European countries have large-scale cooperative programs and state financial institutions to extend credit to education. Every year the number credit programs increases. On the one hand, this leads to an increase in profit the bank, on the other - as we already mentioned above, the interest rate reduction (And benefiting the borrower). In Ukraine, donors, banks, and special programs, which provided compensation to banking risks, not because credit is not always is beneficial to the borrower and the Bank for granting it is risky.

by foreign financial institutions could become a catalyst for the formation of new services in the product line of Ukrainian banks, and thereby leader of foreigners in the educational field. But while their priorities tend to concentrated on the highly profitable consumer credit and expanding the network. "Our first priority - to build an effective customer base and create branch network. Students certainly a very interesting target audience, but offers them may appear only at a certain stage of development bank, - Said of the reason for the relevance of educational credit bank UniCredit Bank Deputy Chairman Fedele Di Madzhyo, noting that most promising in bank lending see MBA programs.

in Ukraine bank that provides loans for education has full control of the target of the loan. Loans funds transferred to the account of the institution indicating the cashless payment details. Himself Eligible oformlyuvatysya as a student, and for parents. The main prerequisite is the ability of the client billing and registration at the location of the bank at least one year. This means that students from the regions wishing to study in the capital, must borrow money at home. And the fact that, while successfully joining the student will be forced to change the place of residence (At least in a dormitory), makes obtaining a loan for the applicant unrealistic.

Interesting and minimum permissible age for which the borrower is 21, which already excludes a loan for most students, after school, which is more than 18 years. Bankers admit such discrepancies, however, hope of success.

Today's portfolio of consumer loans banks that offer these loans share loans for education is less than 1% - much to solve it or not our readers.

Currently lending program for education similar to those that exist in Western countries (where the borrower begins to repay the loan immediately after graduation) in Ukraine.

For visual illustration here's a sampling of credit terms some banks:

AB Brokbusinessbank offers individuals take advantage of special service credit for tuition costs: "Credit to education."

With the new service, each student has the opportunity to choose for themselves the best option to pay for training, make the learning process as easy as possible, receive additional benefits: - fast loan - loan can be obtained without advance payment - the use of payment cards for payment outstanding loans - the possibility of early repayment - the availability of bank deals in the future. Loans are granted in the national currency for a period of 12 months at the rate of cost for each year of study. Interest rate on loan is 1.75% per month.

time fee of the bank for a loan; 1% of the loan. The maximum loan amount of 15 000 in Kiev, 10 in 000 cities with populations over 1 million, 7500 USD in the cities of regional significance, 5000 USD in towns, etc.. towns and villages.

PS However, I personally do not understand the expediency of the credit for one year. For people who can repay the loan with interest within one year, he, in principle, are not even needed. Apparently, the banks should develop a system where the student during training will pay only interest, then settling down to work, pohashatyme own credit. But even in the plans of the financiers of such projects does not.

State credit

Entrants who enter the university for study under contract, but unable to pay its own provision educational services, each year the opportunity to receive targeted preferential government loans for higher education. Credit is given only once a study by the same specialty for education and qualification of junior specialist, bachelor's, specialist's, master's in higher educational institution that operates on the territory of Ukraine. But the funds allocated by the state to provide preferential government loans is not enough for everyone.

Question of enroll students pay his education at the expense of long-term concessional loan committee to decide university institution at the request of the applicant the results of entrance examinations in accordance with the established quota. The order granting preferential government loans targeted for higher education approved by the Cabinet of Ministers of Ukraine.

REQUIREMENTS AND SKILLS

Trust preferential government loans for higher education for day, evening and distance learning in higher education regardless of ownership can get people Ukraine under 28 who have successfully passed the entrance exams or studying on any course of higher education. Applicants with orphans and children deprived of parental care, children from poor and large families, invalids of groups I and II have advantages similar results entrance exam among applicants who apply for higher education through a loan. In selecting applicants considered the following criteria as success, ability to master knowledge, participate in contests and more. Loan amount is determined each year by April 1, higher education institution state ownership, based on the cost of training (excluding grants) to the form of education and approved by the central executive power, which is subordinate to higher education. The loan is provided under an agreement between the recipient and leader of higher education institution. Form of Agreement approved by the Ministry of Education and Science of Ukraine. Where the borrower is a minor, the agreement entered into by parents or persons who replace them. When you reach age borrower pereukladaye general higher education institution. To deal with the borrower, and if he is a juvenile - the parents or persons who replace them, and submit to the university passport and certificate of state tax Administration TIN. Agreement is concluded in three copies - one each side, which concluded it. One copy agreement submitted by higher education institutions of regional community-owned Department of Education and Science Administration. The recipient returns credit and interest on him through university. The loan amount is returned with payment of 3% per annum for 15 years, starting from twelfth month after graduation in higher education each year with payment of one fifteenth of the total loan and interest earned for using it. Expelled from the university return the loan funds from the third month after deductions. If failure conditions of the loan agreement and avoid repayment university applies the measures for debt collection under the law.

borrower, who after graduation worked of at least 5 years in the public or communal establishment or institution in rural areas, credit and interest on them will not return, which is confirmed annually at the time of payment certificate of employment. The term of repayment for a period of emergency service the loan or stay in his vacation child care until the age of three.

Instead conclusions

Such loans are definitely the most profitable, but rarely advertise its presence, so we encourage to contact the selection committee of the state university for additional information in which they have no right to refuse you. Know Your rights, use them and higher education is accessible and quality.

Especially for students and their parents (guardians)

L. Muse


Saturday, May 23, 2009

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is French economist and statesman Anne Robert Jacques Turgot, baron de l'Aulne

In protyvopolozhnost Voltaire, Turgot tried to show that progress thought manifested itself even in the "dark and barbaric" era of the Middle Ages . Upon emerging from the Sorbonne Turgot admitted to the Paris parliament and two years later was promoted to reketmeystera . But studies of judicial affairs did not absorb Turgot: he wanted to write philosophy History , engaged geography , literature, natural sciences and quickly disappeared from almost all erudite and literary world of Paris. He became a member of the salon of Madame Zhoffren , where he met with Montesquieu , d'Alembert , Helvetius , Holbach , and later (1762) and Adam Smith .

It was especially important for his introduction in 1755, the with the head of the school Physiocrats , Ken , and Gournay . With the latest Turgot became friends more than anything, has traveled with him to France, studied the state of the industry and trade, familiar with the economic policy of the Government and its findings. One piece Turgot appears after the other, and in almost every affected burning questions. Turgot wrote against the philosophy of Berkeley Lettres contre le système de Berkeley ») and against Maupertuis , on the question of the origin of language Remarques critiques », 1750 ); parses the famous« Peruvian letters »( 1751 Observations à M-me de Graffigny »); is the plan as political geography , and World History Géographie politique » and « Discours sur l'histoire universelle » (did not finish.), 1750 and 1751 ); discusses the question of religious tolerance Lettres sur la tolérance », 1753 -4;« Le conciliateur ou lettres d'un ecclésiastique à un magistrat sur la tolérance civile », 1754 ); makes a number of philosophical and economic articles in the encyclopedia, and a number of books on the same issues (the words Existence, Etymologie, Expansibihte, Foires et marihés, Fondation in encyclopedias; éloge de Gournay , 1759 ). Everywhere and in all Turgot is a kind of a thinker, a man of moderate thinking, did not share the mood, hostile creatures system. Thus, in his letters to Madame de Graffigna Turgot is an advocate of inequality, seeing in it the good, without which even the development of useful Art. In the treatises on religious tolerance, despite the breadth of vision, Turgot was behind a State's right to choose a particular religion, and provide protection, thereby eliminating the possibility of strengthening the superstition, bigotry, etc. According to Ken, he is to maintain an unlimited central authority "under the influence of memories of the great benefactions rendered France and Europe, a king who established the community and gave the civil rights of the vast mass of people " (Memoirs of Madame Hausset). Commitment to its monarchy affected and in receipt of Turgot in a reformed parliament (in chambre royale , 1754 ), and in the note submitted them as a minister Louis XVI on the reform of municipalities, and in a letter to Dr. Price on the U.S. Constitution.

In 1761, the Turgot was appointed intendant in Limoges , where he stayed until 1774 city Here, his work gets the most widespread. It never ceases to engage in scientific matters, has been active correspondence with friends on different issues to scientists, translates Horace and Popa , to exchange ideas about the pronunciation Latin letters from David Hume , about philosophy and ethics - with Condorcet , wrote a series of treatises on political economy Réflexions sur la formation et la distribution des richesses », Article about the value and money in the commercial dictionary Morellet, Memoires free trade bread for a loan, the mining industry, sends a number of circulars to local officials, rural priests, etc., on the allocation of taxes and embodying the whole theory of financial law.

At the same time, he tirelessly working as a quartermaster, performing very carefully all the infinite variety of functions associated with this title. In his charge was large district. This was the area to keep a clean agricultural character. Except for a few factories are concentrated in Limoges and a few other cities, the industry is almost non-existent. Trade was very poorly developed, encountering obstacles and be able to means of communication, and poverty, primitive way to cultivate the land, mostly by cows on marginal soil, and forced the masses to go on the annual earnings in other areas, even in Spain. This area was terribly burdened by taxes. Of the total income earned by about 48-50% went to the Revenue. According to the calculations Turgot, she overpaid treasury for 700 thousand francs more than the other provinces of the kingdom. To join this extremely uneven taxation of individual counties and parishes, a unique set of complete chaos in compiling lists of tax-paying, irregular and often arbitrary valuation of land owned by peasants.

Upon arrival in Limousin Turgot first attempted to correct the evil caused by a system of taxation. Based on the theory of the Physiocrats, Turgot in his memoir « Sur les impositions » pointed out the main conditions for the establishment of tax: it must be quite precise and definite and consistent income landowner. In practice, however, he had to stay under the old system, that is, when charging a certain amount from each parish, the people who distribute it between them. He conceived, however, there was a kadastratsiyu , to produce a complete description of the area, the site of the site, by remeasurement them and correct and detailed assessment of profitability of each. He followed the work of its agents, and gathered a lot of accurate data in many parishes. Not his fault was that started the case was not brought to an end. For a serious inventory holding he lacked the funds and the government denied him in their allocations. On the other hand, evaluation work in one Limuzene without the same all over France did not give strong grounds for determining the share of taxes owed to the Limousin. All efforts Turgot fold excess taxed weight from Limousin proved just as futile as the insistence of its relative kadastratsii throughout France. His efforts have had, however, a considerable influence on people's minds, and the system that he used in Limuzene, became the starting point for a subsequent time.

better Turgot reached of the reforms he had in relation to natural road trespass ( corvée ). Even earlier, the quartermaster at Qana, Fonzett, tried to convert natural obligations in cash. Turgot to expand what has been done Fonzettom, and, despite stubborn resistance, achieved that in 1764 city most of the parishes expressed its consent to the reform. Soon after the fund is established by which Turgot could start a series of road structures, linking the main centers of the province between themselves. In relation to another scourge of the rural population - police , Turgot tried to replace the draw, causes the greatest complaints system Writing in the voluntary policemen, and freed from the heavy responsibilities of parishes to look for evaded conscription. To ensure rural population, he applied to Limuzenu practiced already in the Languedoc and Franche-Comté return delivery wagons for military matters in the hands of an entrepreneur with the contract. Finally, Turgot began to build the barracks to limit anything like Postojna ruinous duty.

Studying the past has led Turgot to the conclusion that the fact that ownership is gradually separated from the fact that cultivation of land, resulting in gross income from the land was distributed among farmer, as a reward for hard work, and the owner. The latter, less given out to the worker and discharged on the other production costs gets all the remaining, or net income. Under such circumstances, the burden of tax on Turgot, was supposed to fall on the owner, not the farmer. Release, as possible, the latter from taxation created by the old regime , reduce the bad effects of it by kadastratsii, to promote all measures raising culture, to eliminate the harmful influence of prevailing economic policies - such were the main objectives of Turgot's view of the ultimate goal common with the Physiocrats: increasing the country's wealth. He patronized the agricultural society, trying to direct its activities on the application improved methods of agriculture, organized on regular basis, compensation for losses incurred by farmers and others from poor harvests, hail, fire, etc., abolished the right of police officers sent to collect the arrears, taking from the peasants of the fare and content, as well as the right to sell arrears for bed, livestock, agricultural implements, coined the potatoes.

According to Turgot, freedom - the main condition for the development of wealth: it should be given to everyone in the field of labor, and in the field of trade relations. To create national wealth should be returned trade that precious the freedom that it has lost because of prejudice generated by a century of ignorance and the tendency of governments to appease private interests, to facilitate opportunity for everyone to work, thereby possibly create greater competition, leading to improved production and pricing, the most profitable for buyers. Combining the theory of freedom and unlimited competition with the theory of separation of the owner of the worker, Turgot states that "working Desktop Board is limited to that necessary for its existence. " In 1769 city in Angouleme arose commercial crisis as a result of flooding Market inflated (friendly) Bills . Trade has stopped, the merchants lost their credit, many people turned out to be bankrupt. Speculators, put into circulation phony bill, conceived to take advantage of crisis: they began to accuse those whom they have used these bills in usury, and filed a complaint against them in court, relying existed in France at the medieval laws of growth. Turgot used the crisis, both theoretically and in practice. He succeeded in transferring case to the Royal Council, the suspension of prosecution and interdiction bring such cases in future. He presented to the board in the form of memoir his famous treatise on the rise ( sur les prêts d'argent ), which subjected to a rigorous critique of medieval views on growth. His arguments were repeated in one way or another form of liberal economists school XIX century. not succeeded Turgot's only one thing: the publication of the royal declaration, which would authorize its principles.

for trade and monetary crisis followed in Limuzene in 1770 - 1771 years. terrible famine - as a consequence of bad harvests and weaken the existing population regime. The energy found in Turgot these unfortunate years has been amazing. He has made the government loan in 1240 thousand livres, overexposed 90 thousand, has spent his personal funds (20 thousand livres), called for help society organized throughout Limuzene and workshops, and offices for the issuance of allowances and to some measure saved population from the horrors of famine. But most importantly, what he had in mind - it was free trade , in this case, trade in grain. In 1764 city royal edict allow free trade in grain, but when the famine, Bordeaux Parliament issued a decree limiting the operation of the law, municipalities began to violate it, and the Comptroller General , Abbe Terre , draw up a new edict to repeal the law 1764 city Turgot appealed to the Board of the Royal rescission of the decree of the Parliament of Bordeaux, has canceled all orders of urban municipalities, against freedom of trade, sent the villages a lot of copies as the edict 1764 city and Letrona treatise on freedom of trade in grain, became the person to go on starving the localities, promoting their ideas. From October to December 1770 , during the way, among the tireless work at the spot in favor of starving Turgot sent one letter after another to the abbot Terre, trying to convince him of the need to preserve and expand freedom of trade in grain. In the 7 letters to Turgot had exhausted all the arguments in favor of free trade bread. She had, in his opinion, call the culture of all the provinces of France, Limousin lead to the same level with Normandy and Picardy , harmful polovnichestvo must give way under such conditions, farming, large-scale culture, that is, by implementing the basic principle fiziokratizma, increase the wealth of the country. Efforts Turgot proved futile. Terre won the approval of the Edict of King December 23 1770, is repealed the basic principles of law 1764 city

In 1774, the the throne joined Louis XVI . Turgot's favorite philosopher and economist, was appointed First Minister of the Navy, and later, in August of that year, the Comptroller General of Finance. Appointment of it seemed a pledge of a better future, but in reality it was only a matter of court influences, especially coming on from a friend Turgot, the Abbe Beri, Turgot and the fans and his theories, the Duchess of d'Anvil.

Turgot was appointed inspector in adulthood, with well defined beliefs, with the finished program. As quartermaster, he had already tried to apply his theory and in practice, but here his work is disseminated in a small area he was involved a law, independent of the royal council, and only in small matters can act independently.

new post he occupied in the belief that he is able to convert the France based on his principles. Not that he did not foresee the obstacles in its way. He undoubtedly feared the influence of the Queen when he was a program for the king, then wrote the words: "and against the generosity of Your Majesty," he began wrote: "Queen", but crossed out the words. He likes the absolute power he had, however, firmly convinced that with her help he is able to carry the projected reform: he attributed the words "give me 5 years despotism - and France will be free." He presented the king his profession de foi , a whole program of its future actions and reforms, entirely built on he developed economic and political theory. "I will not deceive you," - he answered the king Turgot an audience August 27 1774 city At one of the requirements Tyurrgo, throw out the old formulas coronation oath phrase about the extermination of heretics, was followed, however, a negative response.

With extraordinary energy he began to work, drew up draft legislation was the memoirs and notes, wrote a letter to the king, which tried to convince him of the necessity of the measure. September 13 1774 city He spent, in spite of resistance, the restoration of the Edict of the grain Trade 1764 city, but in a broader way. In addition edict was issued several orders that destroy the monopoly of traders bread Rouen , bakers in Lyon , all monopolies and regulations, created in Paris and around the city only for supervision over the execution of them in 4 million livres annually. By 1776 city Turgot preparing as a series of edicts, aimed to free development of economic forces, as well as a number of projects had in mind reorganizing management and welfare of the rural population. Edict to replace the natural road trespass money tax should embrace not only the whole of France, but those estates, who enjoyed the privilege and were removed from the execution of road service. In connection with this measure as a complement, Turgot back in 1775, the reformed Postal carriage which he separated from sending letters and organized on a new basis. Has been installed correctly and non-stop transport of goods and passengers in 8-seater coaches, dubbed tyurgotiz. And the cost of transport and the transport have been reduced. About one case arisen on the basis of intercepted letters, Turgot persuaded the King to publicly condemn the so-called « black cabinet », stating that "the principles put secret correspondence of citizens in a number of sacred objects, of which the courts and private persons are obliged to avert their gaze. "

the export trade in wine has been constrained in France a number of privileges. Some cities - Bordeaux , Marseille and others, are the main points of export, - enjoyed special advantages to the detriment of all producers of wine in France. Turgot abolished the privileges and established a free trade in wine, but managed to make the registration of the edict only in the parliaments Toulouse and Dauphine and high council Roussillon .

most important measure that carried the cherished ideal of Gournay and Turgot, was the abolition of shops edict 1776 city Work has been declared the personal property and on his own, right to work in the form of the royal regalia was abolished and, as consequence, declared abolished "institutions that stifle competition industrialists", "deprive the state of industrial knowledge brought by foreigners, hinder the development of industry, enriching the country. Foreigners granted was to work freely in France. Turgot keen example of England, go to the factory system and hoped in view of the difficulties created for British industry struggles with the United States, to involve England workers in France and thus to move to France, new production methods, new machines, the obstacles encountered in craft economic policy. Section 14 of the Edict introduced prohibition, which the English manufacturers finally achieved only in 1814 city - the prohibition to all artists, workers, students form of association or assembly under any whatever pretext, that is depriving the workers in the name of freedom of labor belonged to them before law.

Turgot not thought to restrict the individual reforms. He had an extensive plan, which he hoped to realize gradually in France and so revive the disintegrating state system. The structure plan includes projects to reform public education in kinds of training citizens to the proper implementation of reforms. Turgot had dreamed about drafting books adapted to the moral and social development of the masses. On the other hand, had in mind to buy liege rights (for this purpose has been released Brochure Boncerf'a « Sur les emouvements des droits féodaux », which condemned the parliament, but Turgot took under his protection) and to reform the administrative system by setting up local self , authorities who managed to local affairs, without limiting the prerogatives of absolute power. Report in this regard was submitted to Turgot king. But it all failed.

Another outstanding achievement was the establishment of Turgot March 24 1776 year limited partnership Caisse d'Escompt , had the right to issue bank notes-bills. Since its inception the bank had the closest contact with the government and provides it with the provision of a loan of 6,000,000 francs. In 1788 city the government has forced a course, and then in 1790 city recognized the official legal tender banknotes tool. After that, France had drowned in a stream of notes, bringing the Caisse into bankruptcy and leaving for many years a general lack of confidence in paper money .

May 12 1776 city Turgot was dismissed from office on the personal orders of the king, twenty months ago, promised Turgot keep it in the name of the people to which, by According to the king, only he and Turgot entertained true love. On the side of Turgot were only men of thought, the rest of France, or did not know Turgot, or was directly hostile to it. The influential circle of parliaments, particularly in Paris, was hostile to Turgot. He was considered an enemy of liberties and rights of Parliament, he could not forgive any of its entry into chambre royale , nor his opposition to the project of restoration of parliament after closing at Mopua. Parliament refused registrovat edicts, and Turgot had to organize so-called lits de justice . Turgot was against the clergy, irritated, and eliminate the requirement of an oath formula for the extermination of heretics, and his theory of tolerance, and its attempts to bring the clergy on a large scale to bear public duties, and his decree about freestyle selling meat on fast days, and even his tyurgozinami, rapid movement which, without stops, prevented the passengers to attend worship. His enemies were all monopolies, merchants bread, tax-farmers who have lost opportunities to profit in the previously existing rate; against him were the nobility, who considered "Affront" to the equation with the people and attempt to impose "sacrilegiously" hands on "holy" franchise. Among the worst enemies were Turgot courtiers, irritated parsimony Turgot, his desire to save, refusal to issue various court ladies, money, determination, Turgot in pursuit one of the favorites of the Queen, the Duke de Gin, convicted in the use of diplomatic secrets known to him as London's ambassador to the game on the market. Turgot's opponents were even people like Necker , insulted cold reception Turgot and oppose him in the matter of the grain trade, and the question on the budget. Turgot was the sole support of the King, within 20 months of inferior almost all of its requirements, but weak, indecisive, lazy, outside the scope constantly under someone's influence, Louis XVI will soon become impatient energy and perseverance of his minister. Turgot was the subject of pamphlets and denunciations; clergy assured the king that Turgot atheist, princes of the blood - that Turgot destroy the kingdom and the crown, the queen openly expressed his dislike of Turgot and even demanded enclosing it in Bastille . The king began to avoid conversations with Turgot and often - for example in the awarding of the same Ginya, the question of the appointment of a successor Malesherbes and reform of the ministry - to act against the wishes of Turgot. The latter had no influence on the King personally, and through correspondence, which entered them into the habit right from the entry Turgot in the management of the ministry.

Letters that Turgot wrote in April 1776 city, fill up the cup King, and he ordered Turgot to resign. In a letter dated April 30 1776 city Turgot not only complained about the increasing alienation of the king and his silence, but subjected to blatant criticism of the ministry and the king himself. He bluntly declared that he remained in the Ministry of lonely and isolated, pointed to what the degree of harm it will respond to future dealings, and especially hard pressed forward on the "extreme inexperience of the king, who in my youth needs energetic and enlightened leader. Having described the confusion in the minds, the lack of unity in the Ministry of courage and chutzpah of parliament, joining with the court circles, always intriguing and seeking to profit at the expense of the treasury, already ravaged, Turgot openly pointed to the dangerous consequences of such provisions for the weak and inexperienced King. "All that storm, which would be caused by my resignation, will fall upon you, and you shall fall, in turn, pulling in his fall and royal power. " With unusual courage Turgot referred to the examples of the past, the fate of the weak kings, the fate of Charles IX in France and Charles I in England. His prophetic words have gone unheeded and the response.