A Fraude do Sistema Monetário

7/22/2019 A Fraude do Sistema Monetrio

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O Eroumh mc [fsthjo Jcihtrfc \gfio ?mh 8;

IMFKH

Fitrcmuc.....................................................................................................................................;

Xj pcukc mh `fstrfo ....................................................................................................................=\cmhr o `fstrfo mc iouergfc mc ]ftoifk shr mfehrhith3..................................................... 5

Mhefifc mc sfsthjo jcihtrfc ...................................................................................................7

C sfsthjo jcihtrfc ic Rhfic mh \crtugoa......................................................................... 7

C pomrc curc ....................................................................................................................0

C sfgifefkomc mo jchmo .................................................................................................... ?


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O Eroumh mc [fsthjo Jcihtrfc \gfio 2mh 8;

C sfsthjo boikrfc mh rhshrvos erokfcirfos ............................................................................... 2?

O otfvfmomh boikrfo ......................................................................................................... 22

Fistrujhitcs mh rhguaoc boikrfo................................................................................. 22

Kcjc krfomc c mfi`hfrc3 .......................................................................................................... 28

Brhvh Hxpafkoc............................................................................................................... 25

Uhnojcs kcjc tumc sh prckhsso....................................................................................... 25

Rhsujc ............................................................................................................................ 26

Juatfpafkomcr jcihtrfc ............................................................................................................. ;


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O Eroumh mc [fsthjo Jcihtrfc \gfio ;mh 8;

Fitrcmuc

C sfsthjo boikrfc ujo porth portfkuaorjhith `hrjtfko h jfsthrfcso mc sfsthjo hkcijfkc,quh higacbo juftos otfvfmomhs mfstfitos, h kcj fjpafkohs juftc mfehrhiths. Ic hitoitc, ujsfsthjo quh pcuqussfjos phsscos kcjprhhimhj. Oafs, juftos ihj shquhr kci`hkhj c shueuikfciojhitc jofs bsfkc.

[c cs jhkoifsjcs mc sfsthjo jcihtrfc quh, mh ecrjo fithikfcioa, prcvckoj os krfshs. Oafqufmhz mo hkcicjfo gromuoajhith "sugomo" phao Boiko, ecroimc hjprhsos eoaikfo,

oc oujhitc mc mhshjprhgc, phrmo mh prcprfhmomh (quhr mos hjprhsos quhr mcs kfmomcsotrovs mh phi`cros h hxhkuhs), oc oujhitc mh fjpcstcs h prfvotfzohs. \oro oaj mheroumuahitc, hsth jhkoifsjc hst hj tctoa kcitromfc kcj vrfcs Ortfgcs mo Kcistftufc moRhpbafko \crtuguhso mhvhimc pcr fssc shr mhkaoromc fikcistftukfcioa h prckhmhr-sh fjhmfotokcrrhc mh tofs jhkoifsjcs kunos kcishquikfos sc mrojtfkos poro o sckfhmomh,hsphkfoajhith poro cs kfmomcs quh sh fishrhj ios kaosshs sckfofs jofs bofxos.

Otuoajhith, cs Boikcs krfoj mfi`hfrc boshomc iuj sfsthjo mh mvfmos quh krfo hskosshz,kcackoimc uj mhthrjfiomc h rhstrftc grupc mh phsscos iujo pcsfc prfvfahgfomo mh okhssc otcmcs cs momcs mo hkcicjfo, quh jofs ifiguj thj. ]hjcs ossfj uj grupc mh boiquhfrcs

quh sobh hxotojhith kcjc o kcfso euikfcio h o quhj ecf otrfbumo o kopokfmomh mh fjprfjfrmfi`hfrc mh ujo joihfro quh prcthgh cs mhmhitrch prhnumfko tcmcs cs cutrcs.

[cjcs thsthjui`os mo jofcr fjprhssc mh mfi`hfrc eoasc mo `fstrfo scbrhtumc mhsmh quh csfsthjo mh rhshrvos erokfcirfos ecf fjpahjhitomc. Hsth truquh efioikhfrc mfseoro c hsquhjoh ckuato cs kuapomcs, troisecrjoimc c pcvc hj hskrovc mh ujo mvfmo fjpogvha.

C pcmhr efioikhfrc mcjfio c pcmhr pcatfkc.


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O Eroumh mc [fsthjo Jcihtrfc \gfio =mh 8;

Xj pcukc mh @fstrfo

Ecf io Faò mh Nhkdya, quh hj ?6? hsto oprcpcsto mh Oamrfk` mfseoromo.C pfcr krfjh ahgfsaotfvc mh tcmcs cs thjpcs shr phrphtromc sh hsto prcpcsto ecr oprcvomo. Cs

Boikcs frc thr c prfvfagfc mh mfstrfbufr c mfi`hfrc h mh kcbror toitc quoitc qufshrhj. Hsto o

jofs hstroiò h phrfgcso voitoghj nojofs kcackomo ios jcs mo kaossh prfvfahgfomo, pcr

quoaquhr Gcvhric quh nojofs thiò hxfstfmc. C sfsthjo prfvomc. Ic mhvhrfo òvhr ihiùjo

cutro jchmo, mc quh oquhao hjftfmo phac Gcvhric. Os phsscos sc c Gcvhric. Ossfj, c

Gcvhric mhvhrfo, kcjc mhefifmc io Kcistftufc, rhguaor c voacr mc mfi`hfrc.

Mhpcfs mc \rhsfmhith Mhjckroto, ]`cjos Wccmrcw Wfasci,thr oprhshitomc o suo prcpcstoic Kcigrhssc, hsto quosh quh ecf fivfobfafzomo pcr uj grupc mh kcigrhssfstos mhjckrotos, quhecf ic hitoitc fieauhikfomc phaos prcjhssos mh Wfasci, quoimc prcps krfor ahgfsaoc poroojhifzor o sftuoc, mhpcfs mo oprcvoc mo prcpcsto. Wfasci ossficu c Oktc mo RhshrvoEhmhroa o 2; mh Mhzhjbrc mh ?6?;4 ophios mcfs mfos oiths mc Iotoa, kcj oaguis mcskcigrhssfstos oushiths h kcj o othic mc pbafkc cbvfojhith mhsvfomo poro cutrcs ossuitcs.

Ic jhsjc oic hj quh c EHM ecf krfomc (?6?;), tojbj ecf euimomc c "Fithrioa Rhvhiuh[hrvfkh" (FR[), uj shrvfc krfomc phac Gcvhric Ehmhroa mcs Hstomcs Xifmcs poro orrhkomor

rhkhftos otrovs mo kcbroio mh fjpcstcs poro pogor os mvfmos mcs pcatfkcs h mh nurcs poro csBoikcs.

C Ehmhroa Rhshrvh [ysthj (Boikc Khitroa mcs Hstomcs Xifmcs) ujo fistftufc prfvomo hfimhphimhith mc Gcvhric, hstoimc mfseoromo mh Boikc Hstotoa. Ossfj, os suos mhkfshs ictj quh shr rotfefkomos phac \rhsfmhith cu pcr ihiùj cutrc jhjbrc mc \cmhr Hxhkutfvc cumc \cmhr Ahgfsaotfvc, fstc , c Gcvhric ic pcmh oiuaor os mhkfshs quh c EHM tcjo.

Ossfj ioskhu c "EHM", uj Boikc khitroa kcj c jcicpafc mh krfor mfi`hfrc mh ecrjofrrhspcisvha opcfomc pcr uj gcvhric kcj c jcicpafc mo ecro.


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C EHM uj kortha boikrfc quh sh ossckfcu oc shu rhsphtfvc Gcvhric, thimc-a`h sfmcotrfbumc (phac pcmhr pcatfkc h hj ecrjo mh rhkcjphiso phao porkhrfo) c pcmhrjcicpcafzomc poro o krfoc mc mfi`hfrc mo ioc. Hj trcko, prcjhthu krfor mfi`hfrc o portfrmc iomo ujo vhz quh possorfo o eoz-ac ahgoajhith, shjprh quh c Gcvhric ihkhssftossh.Hsth jcmhac ecf prcgrhssfvojhith omctomc hskoao juimfoa.

Ophios mcfs \rhsfmhiths mcs HXO thitoroj hjftfr mfi`hfrc afvrh mh nurcs h ojbcs ecrojossossfiomcs hj ackofs pbafkcs>

Obro`oj Afikcai- fjprfjfu Grhhibokds poro efioikfor o guhrro kcitro o rhbhafc mc[ua4

Nc`i E. Dhiihmy- hj ?65; hjftfu Ictos mcs Hstomcs Xifmcs, otrovs mc ]hscurc hic otrovs mo Rhshrvo Ehmhroa.

oatojhith phrtfihith thr hj kcito o shgufith mhkaoroc mc Kcigrhssfsto icrth-ojhrfkoicAcufs JkEommhi, h \rhsfmhith mc Kcjft Jcihtrfc h mo Boiko Iokfcioa, quh oefrjcuefrjhjhith (rhehrfimc-sh Groimh Mhprhssc)> Ic ecf okfmhitoa. Ecf kufmomcsojhith

paoihomo. Cs boiquhfrcs fithriokfciofs prckuroroj fitrcmuzfr ujo kcimfc mh

mhshsphrc, poro quh pumhsshj hjhrgfr kcjc cs gcvhrioiths suprhjcs.

Kurfcsojhith, hj \crtugoa, c Fjpcstc [cbrh c Rhimfjhitc tojbj mhsfgiomc phao sfgaoFR[ (Fithrioa Rhvhiuh [hrvfkh), mh crfghj ojhrfkoio. C FR[ trfbuto c rhimfjhitc mos phsscossfiguaorhs hiquoitc c FRK trfbuto c rhimfjhitc mos phsscos kcahtfvos. ]oitc c FR[ kcjc c FRK

sc fjpcstcs scbrh c rhimfjhitc quh hitroroj hj vfgcr ic sfsthjo trfbutrfc \crtugus o? mh Noihfrc mh ?606, oprcvomcs phacMhkrhtc-Ahf ==2-O/00 mh ;< mh IcvhjbrchMhkrhtc-Ahf==2-B/00 mh ;< mh Icvhjbrc,rhsphtfvojhith.

Bfbafcgroefo>

]`h Krhoturh ercj Nhdyaa Fsaoim(?66=)

Outcr> G. Hmworm Grfeefi (Outcr, Rhoafzomcr h Kciehrhikfsto \catfkc)

Rhoafzcu mfvhrscs mckujhitrfcs h hskrhvhu vrfcs afvrcs, shimc ]`h Krhoturh ercj NhdyaaFsaoim uj mcs quh oakoicu jofcr sukhssc4 troto-sh mh ujo krtfko s thcrfos h prtfkoshkcijfkos jcmhrios, icjhomojhith mc [fsthjo fjpahjhitomc phao Ehmhroa Rhshrvh.

G. Hmworm Grfeefi uj otfvc cpcsftcr moquhao fistftufc mhsmh o mkomo mh ?65


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\cmhr o `fstrfo mc iouergfc mc ]ftoifk shr mfehrhith3

[obh-sh `cnh quh c pcmhr hst kcikhitromc hj phsscos/hitfmomhs quh sh crgoifzoj hj

grupcs shkrhtcs (komo vhz jofs hxpcstcs) tofs kcjc Jociorfo, Cpus-Mhf, Bfamhrbhrg,Faaujfiotf h cutrcs. [obhjcs tojbj quh c pcmhr efioikhfrc mcjfio c pcmhr pcatfkc.

Jhjbrcs mcs Faaujfiotf prhthimfoj krfor o Ehmhroa Rhshrvh [ysthj. Kcitumc, uj grupc mhrfkcs hjprhsrfcs (kcistrutcrhs, boiquhfrcs, fivhstfmcrhs, ...) cpuiò-sh efrjhjhith, hjkcinuitc kcj cutrcs trs groimhs jogiotos, krfoc mo "Rhshrvo Ehmhroa Ojhrfkoio", pcfskcj o kcikrhtfzoc mhssh prcnhtc cs Boikcs khitroafzorfoj h kcitrcaorfoj o hkcicjfojuimfoa.

Kurfcsojhith, cs cpcsftcrhs sukujbfroj ic eotmfkc iouergfc mc ]ftoifk. Hsto trogmfo thvhujo hicrjh rhphrkussc io sckfhmomh hj ghroa, pcfs hitrh cs eoahkfmcs hstovo tojbj NcìNokcb Ostcr FU, "c `cjhj jofs rfkc" mo pcko, groimh ojfgc mh Ifdcao ]hsao h efioikfomcr mossuos fivhihs4 hitrh mhskcbhrtos h fivhihs, ]hsao hivcavhu-sh io hxpacroc mc quhmhsfgicu pcr Hihrgfo Romfoith (Hihrgfo Afvrh h Fiefifto ]crcfmoa - ]CRX[).Otuoajhith, vrfcskfhitfstos okrhmftoj quh ]hsao hstovo o afmor kcj c quh ogcro sh mhsfgio pcr Hihrgfo Afvrh.

Afsto mh possoghfrcs mc ]F]OIFK

[hr o "vhrsc cefkfoa" mc iouergfc mc ]ftoifk, o vhrmomhfro `fstrfo3

\cmhr c iouergfc mc ]ftoifk thr sfmc paoihomc h eozhr porth mh ujo oghimo3

]hr c iouergfc mc ]ftoifk sfmc c prfjhfrc groimh othitomc mo `fstrfo, shjhaòiomc jofs rhkhith othitomc s ]crrhs Gjhos mc Wcram ]romh Khithr3 Iujhrcscskfhitfstos oefrjoj h prcvoroj quh os tcrrhs ecroj fjpacmfmos, trotoimc-sh mh uj

fisfmh ncb.

Icto>

C thrjc "Faaujfiotf" thj sfmc utfafzomc hsphkfefkojhith hj rhehrikfo ocs Faaujfiotf moBovfhro, ujo sckfhmomh shkrhto mo hro mc Faujfifsjc euimomo hj ? mh jofc mh ?775 phacprcehsscr mh ahf koiifko h nhsuto Omoj Whfsòupt h phac borc Omcap` vci Difggh, io kfmomhmh Figcastomt, Bovfhro, otuoa Oahjoiò.

Ics thjpcs jcmhrics, tojbj usomc poro sh rhehrfr crgoifzoc kcispfrotrfo quhshkrhtojhith kcitrcao cs ossuitcs juimfofs (icrjoajhith kcjc vhrsc jcmhrio cu kcjckcitfiuoc mcs Faaujfiotf bvorcs). C icjh Faaujfiotf oagujos vhzhs utfafzomc kcjcsfiifjc mh Icvo Crmhj Juimfoa4 cs Faaujfiotf shrc cs krhbrcs pcr mhtrs mcs okcithkfjhitcsquh ahvorc oc hstobhahkfjhitc mo Icvo Crmhj Juimfoa, kcj cs cbnhtfvcs prfjrfcs mh uifr

c juimc scb ujo hspkfh mh rhgfjh tctoaftrfc.
http://pt.wikipedia.org/wiki/Lista_de_passageiros_do_RMS_Titanichttp://pt.wikipedia.org/wiki/Lista_de_passageiros_do_RMS_Titanichttp://pt.wikipedia.org/wiki/Lista_de_passageiros_do_RMS_Titanic


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Mhefifc mc [fsthjo Jcihtrfc

[h ic hxfstfssh oagc io hkcicjfo quh ecssh ojpaojhith okhfth poro eokfaftor o trcko mh bhis hshrvfcs, os phsscos mhphimhrfoj mo trcko mfrhto. Jos ujo hkcicjfo quh mhphimhssh motrcko mfrhto thrfo prcbahjos poro oehtor hefkfhithjhith cs shus rhkurscs.

Ihssh kosc, os trckos s sh eorfoj sh `cuvhssh mupao kcfikfmikfo mh fithrhsshs, c quhafjftorfo os troisohs h pcr kcishquhith fivfobfafzorfo o hkcicjfo. Ossfj, c sfsthjojcihtrfc ecf krfomc poro eokfaftor os trckos cu troisohs.

Ocs mfos mh `cnh, uj sfsthjo jcihtrfc uj kcinuitc mh rhgros h fistftufhs kunc cbnhtfvc

crgoifzor ojchmo iuj mhthrjfiomc hspoc jcihtrfc, `obftuoajhith omjfifstromc phacHstomc kcjc porth mo pcatfko hkcijfko iokfcioa. Hxfsthj tojbj sfsthjos troisiokfciofs,kcjc ozcio hurc.

C [fsthjo Jcihtrfc mc Rhfic mh \crtugoa

Hitrh ??20 h ?;28 c sfsthjo jcihtrfc pcrtugus scerhu pcukos oathrohs. O jchmo mhjofcr voacr hro c jorkc mh curc(ecroj rorcs ic rhfic pcrtugus) quh voafo 5< jorovhmfscu jcrobftfics. Hj rfs (hjbcro cs jhsjcs s tfvhsshj surgfmc phao prfjhfro vhz hj?=2;) movo o quoitfo mh ?2


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Oaguis hxhjpacs mo mhsvoacrfzoc mc rhoa (quh mhpcfs sh pcpuaorfzcu rfs), hitrh ?=2; h?6?

? rhoa hj ?=2; : 22 Rfs mh ?6?< (oprcx.


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Mh hitrh os hxphrfikfos o ivha mc pomrc jhtafkc jhrhkh mhstoquh oquhao quh efkcukci`hkfmo kcjc pomrc-curc, hj quh c curc sh ossujfu kcjc bosh cu pomrc mcs sfsthjosjcihtrfcs mcs poshs quh c utfafzoroj. Mhitrc mc sfsthjo mh pomrc-curc vhrfefkoj-sh,hitrhtoitc, oagujos hxphrfikfos kcj mfehrhiths korothrstfkos oc acigc mc thjpc, quh eozkcj quh sh pcsso eoaor hj trs tfpcs mh sfsthjos pomrc-curc euimojhitofs> pomrchspkfhs-curc, pomrc borro-curch pomrc mfvfsos-curc.

C pomrc hspkfhs-curcecf utfafzomc hj oagujos sftuohs ot oc fikfc mo F Guhrro Juimfoa4o kfrkuaoc jcihtrfo hro kcjpcsto mh jchmos mh curc h ictos mh boikc tctoajhithkcivhrtvhfs hj curc. Os fistftufhs jcihtrfos prckhmfoj kui`oghj mos jchmos o portfrmh borros mh curc, shimc quh oquhaos rhprhshitovoj o jofcr porth mo jchmo hj kfrkuaoc.

Ic sfsthjo pomrc borro-curc, utfafzomc hj oaguis poshs h phrcmcs ops ?62


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O Eroumh mc [fsthjo Jcihtrfc \gfio ?c kcinuitc mh otfvcs iujo hkcicjfo quh os phsscos usoj rhguaorjhith poro kcjprorbhis h shrvfcs mh cutros phsscos.

O jchmo thj trs euihs io hkcicjfo>

?. Jhfc mh trcko- uj fthj quh cs kcjpromcrhs mc ocs vhimhmcrhs quoimc prhthimhjkcjpror bhis h shrvfcs.

2. Xifmomh mh jhmfmo- c pomrc quh os phsscos usoj poro oiuikfor prhcs h rhgfstormbftcs.

;. Rhshrvo mh voacr - uj fthj quh os phsscos pcmhj usor poro troisehrfr pcmhr mhkcjpro mc prhshith poro c euturc. O jchmo ic h o ifko ecrjo mh rhshrvo mh voacr.

Afqufmhz> uj kcikhftc efioikhfrc quh sh rhehrh eokfafmomh kcj quh ujotfvc pcmh shrkcivhrtfmc ic jhfc mh trcko mohkcicjfo,cu shno, o eokfafmomh kcj quh pcmh shr kcivhrtfmchjmfi`hfrc.C grou mh ogfafmomh mh kcivhrsc mh ujfivhstfjhitc shj phrmo sfgifefkotfvo mcshu voacr jhmh o suo afqufmhz.

Xj otfvc toitc jofs aqufmc quoitc jofs ekfa ecr troisecrj-ac hj mfi`hfrc vfvc, cu shno, oafqufmhz pcmh shr hithimfmo kcjc o jhmfmo mh fithrhssh quh cjhrkomc thj hj ihgckfor hsshotfvc. O afqufmhz pcmh vorfor kciscoith c tfpc mh fivhstfjhitc rhoafzomc phao hjprhso, o suophrsphtfvo mhaukrc h os kcinuituros hkcijfkos (iokfcioa h fithriokfcioa).

Ojchmo kcisfmhromo kcjc c otfvc jofs aqufmc, jos ujo rhshrvo mhvoacr fjphrehfto._uoimc ` ujo hahvoc ghroa mcs prhcs mo hkcicjfo (fieaoc), pcr hxhjpac, c voacr mojchmo kof.

Hjoiafsh mh krmftc, o afqufmhz mh uj kafhith rhehrh-sh prcbobfafmomh mh quh vhiò o`ciror cs shus kcjprcjfsscs mh kurtc prozc kcj cskrhmcrhs (kcjrkfc, fimstrfo, boikcs,htk.), io moto prhvfsto. Cu shno, o suo kopokfmomh mh pogojhitc. [h c kafhith mhphimhr mhuj cutrc krhmcr poro afqufmor c shu mbftc nuitc mh uj prfjhfrc krhmcr, o suo afqufmhz jhicr.

C grou mh afqufmhz poro cs fivhstfmcrhs hstfjomc otrovs mc rhsphtfvc mhskcitc mc voacr mcsttuacs. Fivhstfjhitcs ehftcs otrovs moprfvoth hquftyicrjoajhith tjrfskcs omfkfciofs.

O afqufmhz thj voacr. _uoitc jofs aqufmc ecr c ihgkfc, jhicr o pcssfbfafmomh mh quh vhiòo hierhitor ujo sftuoc mh fiscavikfo (fstc , mfefkuamomh mh pogor mvfmos cu kcjpror otfvcsihkhssrfcs). Fiehafzjhith, cs otfvcs aqufmcs ghroajhith sc jhics rhitvhfs. \cr hxhjpac, csoamc mh kofxo c jofs aqufmc mcs otfvcs, jos oagujos vhzhs ic ghro quoaquhr rhtcric, pcfsophios hst a, poromc. Hxfsth, pcrtoitc, ujo hskcaò hitrh os voitoghis mo afqufmhz h o phrmomh aukrcs pcthikfofs.

C thrjcrfquhzo usomc poro rhehrfr c tctoa mh tcmos os rhshrvos mh voacr, fikaufimc jchmo hotfvcs ic jcihtrfcs. \crquh jchmo c jhfc mh trcko mo hkcicjfo, c otfvc jofs aqufmc.
http://pt.wikipedia.org/wiki/Ativohttp://pt.wikipedia.org/wiki/Economiahttp://pt.wikipedia.org/wiki/Dinheirohttp://pt.wikipedia.org/wiki/Investimentohttp://pt.wikipedia.org/wiki/Mercado_financeirohttp://pt.wikipedia.org/wiki/Lucrohttp://pt.wikipedia.org/wiki/Moedahttp://pt.wikipedia.org/wiki/Valor_(economia)http://pt.wikipedia.org/wiki/Infla%C3%A7%C3%A3ohttp://pt.wikipedia.org/wiki/An%C3%A1lise_de_cr%C3%A9ditohttp://pt.wikipedia.org/wiki/Credorhttp://pt.wikipedia.org/wiki/Taxa_de_descontohttp://pt.wikipedia.org/wiki/Private_equityhttp://pt.wikipedia.org/wiki/Private_equityhttp://pt.wikipedia.org/wiki/C%C3%A1lculo_de_riscohttp://pt.wikipedia.org/wiki/C%C3%A1lculo_de_riscohttp://pt.wikipedia.org/wiki/Private_equityhttp://pt.wikipedia.org/wiki/Taxa_de_descontohttp://pt.wikipedia.org/wiki/Credorhttp://pt.wikipedia.org/wiki/An%C3%A1lise_de_cr%C3%A9ditohttp://pt.wikipedia.org/wiki/Infla%C3%A7%C3%A3ohttp://pt.wikipedia.org/wiki/Valor_(economia)http://pt.wikipedia.org/wiki/Moedahttp://pt.wikipedia.org/wiki/Lucrohttp://pt.wikipedia.org/wiki/Mercado_financeirohttp://pt.wikipedia.org/wiki/Investimentohttp://pt.wikipedia.org/wiki/Dinheirohttp://pt.wikipedia.org/wiki/Economiahttp://pt.wikipedia.org/wiki/Ativo


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O Eroumh mc [fsthjo Jcihtrfc \gfio ??mh 8;

Cs tfpcs mh jchmo

Jchmo-jhrkomcrfoJchmo scb o ecrjo mh ujo jhrkomcrfo kcj voacr fitrishkc. Xj hxhjpac mo jchmo-jhrkomcrfo c curc. _uoimc ujo hkcicjfo uso curc (cu jchmo popha kcivhrtvha hj curc),

mfz-sh quh hst o cphror scb c pomrc curc.

Jchmo-efmukfrfoJchmo shj voacr fitrishkc quh usomo kcjc jchmo pcr mhkrhtc mc Gcvhric. O okhftoc mhjchmo efmukfrfo mhphimh toitc mos hxphtotfvos mcs oghiths h kcivhihs sckfofs, kcjc mcmhkrhtc cefkfoa.

kcistftumo prfikfpoajhith pcrk`hquhs, crmhis mh pogojhitcs, ttuacs mh krmftc, hitrhcutrcs. Jchmo mh popha kcj hqufvoaikfo hj curc fiehrfcr o ?


13/53

O Eroumh mc [fsthjo Jcihtrfc \gfio ?2mh 8;

Ic fikfc mcs oics 6

C HKX(uifmomh mh jhmfmo mh tcmos os cphrohs ic sfsthjo), kcjpcstc pcr uj kobozmh jchmos. C shu voacr ujo jmfo mh quoitfmomhs efxos mos jchmos mh tcmcs cshstomcs jhjbrcs, pcimhromo phac ivha mc shu \FB ic prcmutc tctoa mo Xifc4

C jhkoifsjc mh kjbfc h mh fithrvhic> cs Boikcs Khitrofs sc cbrfgomcs ojoithr os suos jchmos mhitrc mh muos kctohs afjfth (ujo suphrfcr h cutro fiehrfcr),jhmfoith tcmcs cs jhfcs oc shu oakoikh h, hj hsphkfoa, otrovs mh fithrvhihs(kcjpro h vhimo) ic jhrkomc kojbfoa4

Cs jhkoifsjcs mh opcfc h mh krmftc, rhsuatoiths mo cbrfgoc mh fithrvhic mcsBoikcs Khitrofs. [hr otrovs mhsths jhkoifsjcs (efioikfojhitc o juftc kurtc prozc,opcfc jcihtrfc o kurtc prozc h kcitrfbufc efioikhfro o jmfc prozc) quh shhikcitrorc cs jhfcs mh efioikfojhitc ihkhssrfcs s fithrvhihs mh opcfc sjchmos iokfciofs4

C Euimc Hurcphu mh Kccphroc Jcihtrfo (EHKCJ)4 c sfsthjo joithvh ujorhaotfvo hstobfafmomh (kcj ujo jmfo mh 2 rhoafi`ojhitcs jcihtrfcs pcr oic),okca`himc o phshto hspoi`cao (?606) o afbro brftifko (?66


14/53

O Eroumh mc [fsthjo Jcihtrfc \gfio ?;mh 8;

Oagujos mhefifhs

Rhshrvos

Mhpsftcs quh cs boikcs rhkhbhj, jos quh ic usoj poro hjprstfjcs.

_uoa o quoitfmomh mh jchmo iujo hkcicjfo3C otfvc jofs bvfc o shr fikaumc io kcitoghj o jchmo-popha h o jchmo-jhtafko(kurrhiky) ios jcs mc pbafkc. Jos hsths otfvcs ic sc cs ifkcs usomcs poro kcjprorbhis h shrvfcs. Cs korths mh mbftc h cs k`hquhs tojbj c sc. Ossfj, mhvh-sh fikaufr csmhpsftcs crmhj io kcitoghj mo jchmo mh ujo hkcicjfo. @ cutrcs otfvcs, pcr hxhjpacmhpsftcs o prozc, quh tojbj sh pcmhrfoj fikaufr.

Krfoc mh jchmo kcj rhshrvos porkfofs (rhshrvo erokfcirfo)Iuj sfsthjo kcj rhshrvos porkfofs, cs boikcs joitj s ujo eroc mcs mhpsftcs hjrhshrvos. Hsth rkfc mhthrjfiomc kcinuitojhith pcr rhguaojhitoc h pcatfko mc boikckhitroa. Ics HXO o rhshrvo erokfcirfo mh ?


15/53

O Eroumh mc [fsthjo Jcihtrfc \gfio ?=mh 8;

C quh sh posso hj \crtugoa3

C mckujhitrfc "Cs Mcics mh \crtugoa" haukfmo juftcs mcs hsquhjos quh okcithkhj ic

icssc pos, hxpcimc os afgohs h phrkurscs mcs pcatfkcs hvfmhikfoimc ofimo cs korgcs quhpossoroj o ckupor (ops o possoghj phac Gcvhric) hj hjprhsos quh onumoroj o prfvotfzor.

Kci`hkfmo o thfo mo pcatfko quh crgoifzo cs groimhs ihgkfcs h quh hskrovfzocs kfmomcsecroimc-cs o efioikfor cs shus fivhstfjhitcs h supcrtor os suos mvfmos, kcistotojcs quh4

_uhj mfrfgfu o prfvotfzoc posso o mfrfgfr c quh prfvotfzcu4 _uhj omnumfkcu o cbro pbafko posso o afmhror o kcistrutcro hskca`fmo4 _uhj ihgckfcu kcj c Hstomc o porkhrfo pbafkc-prfvomo posso o ghrfr o rhimo quh

oiths otrfbufu, cu vfkh-vhrso.

C sfsthjo efioikhfrc oboimcicu mhefiftfvojhith c krmftc ocs shtcrhs prcmutfvcs mo hkcicjfoh \crtugoa tcricu-sh komo vhz jofs mhphimhith, prcmuzfimc komo vhz jhics moqufac quhprhkfsovo4 c quh kcisujfo hro komo vhz jofs fjpcrtomc.

Kcj o krfsh efioikhfro fithriokfcioa, hsth kosthac mh mvfmos mhsjcrcicu-sh>

C mhshjprhgc ghro mhsphso sckfoa h mfjfiuf o kcbroio efskoa4 Cs fjpcstcs scbrh c kcisujc ghroj pcbrhzo h kcitrohj o prcmuc4 Cs shrvfcs pbafkcs mhgromoj-sh ropfmojhith4 O[ \HRMO[ MC[ BOIKC[ \RFUOMC[ [C [CKFOAF^OMO[

[cb c rhgfjh mo mvfmo o prprfo mhjckrokfo ojhoomo. Ossfj k`hgjcs sftuoc hj quhics hikcitrojcs `cnh. Ic ecf pcr okosc4 c otuoa khirfc fithikfcioa h fishrh-sh iohstrotgfo Hurcphfo mh ecror cs poshs o fithgrorhj o euturo Ehmhroc mh Hstomcs mo Hurcpo,tcrioimc-cs rheis mh mvfmos fjpogvhfs.

O jofcr porth mo mvfmo hxthrio pcrtuguhsoic mc Hstomc4 mcs Boikcs.
http://youtu.be/p4htKTyKT1shttp://youtu.be/p4htKTyKT1shttp://youtu.be/p4htKTyKT1s


16/53


Mvfmo pbafko

[hguimc c MI Hkcicjfo, ic efioa mc prfjhfrc shjhstrh mh 2 + 5;.;;?.?5<

2


17/53


Oiafsh mo mvfmo mfrhto (hj % mc \FB)

O mvfmo mfrhto fiehrfcr mvfmo tctoa mos Omjfifstrohs \bafkos shguimc c krftrfc mh

Joostrfk`t, quh utfafzomc phao ]rcfdo (Euimc Jcihtrfc Fithriokfcioa, Kcjfssc Hurcphfo h

Boikc Khitroa Hurcphu), shimc hsth c voacr rhpcrtomc oc Hurcstot.

O tronhtrfo mo mvfmo pbafko kcitfiuo o subfr. Mh okcrmc kcj c bcahtfj hstotstfkc mfvuagomc

phac Boikc mh \crtugoa, ic efioa mh 2


18/53


\hrsphtfvo fstrfko


19/53


Mfijfko mo mvfmo pbafko (phrcmc ?662 - 2


20/53


Uhackfmomh mh krhskfjhitc mo mvfmo pbafko

O ousthrfmomh bofxcu o vhackfmomh mh krhskfjhitc mo mvfmo

Okhahroc mh krhskfjhitc mo mvfmo pbafko

O ousthrfmomh trovcu o mvfmo oc fjpcr-a`h ujo thimikfo mfijfko mh rhmuc

Os pcatfkos mh ousthrfmomh kcackoroj uj ecrth "trovc" ic kcjpcrtojhitc mo mvfmo pbafko,

jos hj poroahac prcvckoroj tojbj eoaikfos, mhshjprhgc, pcbrhzo, kcrth ics opcfcs

sckfofs, hjfgroc, htk. \cmh mfzhr-sh mh ecrjo kothgrfko h fihquvcko quh c kopftoafsjc

opcfomc phac sfsthjo jcihtrfc ph hj kouso vrfcs prfikpfcs h mfrhftcs euimojhitofs,

kcimfkfcioimc tojbj tcmo o hkcicjfo gacboa, kcj fikfmikfos grovhs io vfmo mh komo kfmomc.


21/53

O Eroumh mc [fsthjo Jcihtrfc \gfio 2//www.pubafkc.pt/hkcicjfo/ictfkfo/pcrtugoa-afmhr-io-mhsfguoamomh-hitrh-cs-pofshs-

mhshivcavfmcs-?7?85//2=.sopc.pt/ortfkah/hkcicjfkc-sopc-ptS2


22/53

O Eroumh mc [fsthjo Jcihtrfc \gfio 2?mh 8;

C [fsthjo Boikrfc mh rhshrvos erokfcirfos

C eotcr jofs krukfoa mh quoaquhr sfsthjo hkcijfkc toavhz shno c shu sfsthjo boikrfc. Ichitoitc, uj sfsthjo quh pcuqussfjos phsscos kcjprhhimhj. Oafs, juftos ihj shquhrkci`hkhj c shu euikfciojhitc jofs bsfkc.

Uhrhjcs shgufmojhith kcjc euikfcio c sfsthjo boikrfc pcrtugus kunc suphrvfscr c Boikcmh \crtugoa (quh tojbj cbhmhkh o icrjos mc Boikc Khitroa Hurcphu)4 pcr ioturhzo, troto-shmh uj kortha ahgoafzomch prcthgfmc phac Hstomc. O `fstrfo mh krfoc mcs boikcs khitrofsvorfo mh pos poro pos4 pcrj, o suo euic mhkorthafzocmc sfsthjo boikrfc o jhsjo,

fimhphimhith mc kcitfihith.

O otfvfmomh boikrfoquh osshito ic sfsthjo mh rhshrvos erokfcirfos

eroumuahito.


23/53


O otfvfmomh boikrfo

Xj Boikc pcssuf vrfcsotfvcs, icjhomojhith ictos h jchmo (kofxo), hjprstfjcskcikhmfmcs h cutrcs, kcjc fjvhfs h portfkfpohs hj hjprhsos. Hsths otfvcs sc mhtfmcsphacs mhpcsftoiths (possfvc)h phacs mcics mc Boikc (kopftoa prprfc). _uoimc cs mhpcsftoiths

ihkhssftoj mh mfi`hfrc, mfrfghj-sh oc boikc, quh sokrfefko ujo porth mc otfvc (os ictos h osjchmos) poro cs rhjuihror. O rhguaoc boikrfo ihkhssrfo poro hvftor sftuohs hj quhcs boikcs ic kcisfgoj rhjuihror cs mhpcsftoiths. Fstc pcmh okcithkhr, sh>

]cmcs cs mhpcsftoiths mhkfmfrhj ahvoitor c shu mfi`hfrc oc jhsjc thjpc. [h fstcokcithkhr, cs boikcs ic tj ictos h jchmos suefkfhiths poro rhjuihror cs shusmhpcsftoiths. Ossfj, tj quh vhimhr cs cutrcs otfvcs ropfmojhith poro kcitfiuor orhjuihror cs mhpcsftoiths. Hsths otfvcs sc pcukcaqufmcs, phac quh o quoitfo quh csboikcs kcishguhj pcr hahs juftc fiehrfcr oc shu voacr mh jhrkomc. \cr kcishgufith, cjcitoith cbtfmc ic suefkfhith poro pogor o tcmcs cs mhpcsftoiths4

Cs otfvcs mhsvoacrfzorhj rhphitfiojhith. [h cs otfvcs mhsvoacrfzorhj c kopftoa prprfcmhtfmc phacs mcics mcs boikcs o prfjhfro porkhao o shr rhmuzfmo. ]cmovfo, sh omhsvoacrfzoc rhmuzfr c voacr mc kopftoa prprfc poro zhrc, cs mhpsftcs mcs kafhithstojbj kcjhoj o shr rhmuzfmcs.

Icth-sh quh hstos sftuohs pcmhj ic shr kousomos pcr j ghstc. \cr hxhjpac, quoimctcmcs cs mhpcsftoiths okrhmftoj quh uj mhthrjfiomc Boikc hst bhfro mo eoaikfo, `ioturoajhith ujo kcrrfmo s ogikfos. Kcishquhithjhith, sukhmh-sh c prhvfstc ic prfjhfrcpcitc, fimhphimhithjhith mo somh efioikhfro rhoa mc Boikc.

Fistrujhitcs mh rhguaoc boikrfo

Goroitfo mh mhpsftcs

Os goroitfos mh mhpsftcs prckuroj hvftor kcrrfmos ocs boikcs quoimc cs mhpcsftoiths ickciefoj io suo scafmhz. C hstomc goroith o kcbhrturo mcs mhpsftcs ot uj khrtc jcitoith.Mhsmh Cutubrc mh2


24/53

O Eroumh mc [fsthjo Jcihtrfc \gfio 2;mh 8;

O hxfstikfo mc Euimc mh Goroitfo kcjprcvo quh c rfskc mh fikujprfjhitc rhoa.

[himc cs Boikcs hitfmomhs prfvomos ( hxkhc mo KGM) pcr quh rozc c Hstomcossujh, hj icjh mh tcmcs cs pcrtuguhshs, ujo rhspcisobfafmomh quh kobhrfo ocs

okfcifstos mcs Boikcs ossujfr3

\cr okosc cs pcrtuguhshs ic okfcifstos mhsshs Boikcs tojbj bhihefkfoj mcsshus aukrcs3

Icto>

Ortfgc 05. mo Kcistftufc mo Rhpbafko (Hjprhsos prfvomos)

?.C Hstomc fikhitfvo o otfvfmomh hjprhsorfoa, hj portfkuaor mos phquhios h jmfos hjprhsos,h efskoafzo c kujprfjhitc mos rhsphtfvos cbrfgohs ahgofs, hj hsphkfoa pcr porth moshjprhsos quh prcssfgoj otfvfmomhs mh fithrhssh hkcijfkc ghroa.

2.C Hstomc s pcmh fithrvfr io ghstc mh hjprhsos prfvomos o ttuac troisftrfc, ics koscshxprhssojhith prhvfstcs io ahf h, hj rhgro, jhmfoith prvfo mhkfsc numfkfoa.

;.O ahf pcmh mhefifr shktcrhs bsfkcs ics quofs shno vhmomo o otfvfmomh s hjprhsos prfvomos ho cutros hitfmomhs mo jhsjo ioturhzo.

Rhshrvos jifjosCs boikcs kcjhrkfofs sc cbrfgomcs o thr mhpsftcs nuitc mcs boikcs khitrofs,mhicjfiomcsrhshrvos. Hstos rhshrvos pcmhj shr usomos phacs boikcs hj sftuohsmh urgikfo poro rhhjbcasor cs mhpcsftoiths. Io^cio Hurc, c ivha jifjc mh rhshrvos mcfs pcr khitc (2%).

Rhqufsftcs mh kopftoa\cr rhqufsftcs mh kopftoa hithimh-sh o mfjhisc jifjo mcs otfvcs quh mhvh shr mhtfmophacs mcics mcs Boikcs - f.h. kopftoa prprfc. _uoitc jofs oatcs ecrhj hsths rhqufsftcs,jhicr o shisfbfafmomh mcs mhpsftcs mhsvoacrfzoc mcs otfvcs. Kciecrjh csokcrmcs mhBosfahfo,c rhqufsftc jifjc mh kopftoa o ivha fithriokfcioa cftc pcr khitc.
https://pt.wikipedia.org/w/index.php?title=Reserva_financeira&action=edit&redlink=1https://pt.wikipedia.org/wiki/Zona_Eurohttps://pt.wikipedia.org/wiki/Acordo_de_Basileiahttps://pt.wikipedia.org/wiki/Acordo_de_Basileiahttps://pt.wikipedia.org/wiki/Acordo_de_Basileiahttps://pt.wikipedia.org/wiki/Acordo_de_Basileiahttps://pt.wikipedia.org/wiki/Zona_Eurohttps://pt.wikipedia.org/w/index.php?title=Reserva_financeira&action=edit&redlink=1


25/53

O Eroumh mc [fsthjo Jcihtrfc \gfio 2=mh 8;

Rhstrfhs mh otfvcsHj khrtcs poshs cs boikcs ic pcmhj mhthr otfvcs kcj uj prhc juftc vcatfa, kcjckorthfros mhohs poro usc hjmoy tromfig.

EfskoafzocHj quosh tcmcs cs poshs ` outcrfmomhs rhspcisvhfs phao efskoafzoc mos otfvfmomhs mcsBoikcs. Hssos outcrfmomhs pcmhj cbrfgor cs boikcs o vhimhr khrtcs otfvcs jofs vcathfsjhsjc rhtfror-a`hs os suos afkhios mh euikfciojhitc. Hj \crtugoa, os outcrfmomhsrhspcisvhfs phao efskoafzoc mcs boikcs sc cBoikc mh \crtugoa,cFistftutc mh [hgurcsmh \crtugoah oKcjfssc mc Jhrkomc mh Uoacrhs Jcbfafrfcs.

Krhmcr mh atfjc rhkurscCs Boikcs Khitrofs pcmhj otuor kcjc krhmcrhs mh atfjc rhkursc, fstc , pcmhj hjprhstormfi`hfrc ocs Boikcs poro hsths rhhjbcasorhj cs mhpsftcs quoimc jofs ifiguj shhikcitro mfspcstc o hjprhstor.
https://pt.wikipedia.org/wiki/A%C3%A7%C3%A3o_(finan%C3%A7as)https://pt.wikipedia.org/wiki/Banco_de_Portugalhttps://pt.wikipedia.org/wiki/Banco_de_Portugalhttps://pt.wikipedia.org/wiki/Instituto_de_Seguros_de_Portugalhttps://pt.wikipedia.org/wiki/Instituto_de_Seguros_de_Portugalhttps://pt.wikipedia.org/wiki/Instituto_de_Seguros_de_Portugalhttps://pt.wikipedia.org/wiki/Comiss%C3%A3o_do_Mercado_de_Valores_Mobili%C3%A1rioshttps://pt.wikipedia.org/wiki/Comiss%C3%A3o_do_Mercado_de_Valores_Mobili%C3%A1rioshttps://pt.wikipedia.org/wiki/Comiss%C3%A3o_do_Mercado_de_Valores_Mobili%C3%A1rioshttps://pt.wikipedia.org/wiki/Instituto_de_Seguros_de_Portugalhttps://pt.wikipedia.org/wiki/Instituto_de_Seguros_de_Portugalhttps://pt.wikipedia.org/wiki/Banco_de_Portugalhttps://pt.wikipedia.org/wiki/A%C3%A7%C3%A3o_(finan%C3%A7as)


26/53


Kcjc krfomc c mfi`hfrc3

Uhnojcs kcjc cs Boikcs krfoj mfi`hfrc o portfr mc iomo komo vhz quh kcikhmhj krmftc4oioafshjcs o shgufith tobhao>

[fsthjo mh hjprstfjc kcj rhshrvo erokfcirfo mh 2% (hxhjpac kcj 2


27/53


Brhvh hxpafkoc

C sfsthjo mh rhshrvo erokfcirfo phrjfth quh cs Boikcs Kcjhrkfofs krfhj mfi`hfrc shjprh quh kcikhmfmc uj icvc hjprstfjc. C juatfpafkomcr jcihtrfc onustomc hj euic mc voacrphrkhituoa mo rhshrvo erokfcirfo, shimc quh c rhsuatomc shjprh shr ?


28/53


Ic hitoitc, c Boikc pcmhr vcator o hjprhstor hsths 6.0


29/53


Uhnojcs4 cs nurcs sc ujo khrto phrkhitoghj mh mfi`hfrc hxfgfmo scbrh c hjprstfjc mh ujomhthrjfiomo quoitfmomh mh mfi`hfrc. [h c mfi`hfrc tcmc oquhah quh hxfsth hj kfrkuaoc,krfomc otrovs mcs hjprstfjcs, mh cimh vhj hitc c mfi`hfrc poro pogor cs nurcs3Mhaomc ihiùj, pcfs hsth sfjpahsjhith ic hxfsth.

C sfsthjo ic shu tcmc iuiko vcator oc pcitc fifkfoa. \oro pogor cs nurcs jofs mfi`hfrc thr mhshr ghromc o portfr mc iomo otrovs mh jofs hjprstfjcs. \cr suo vhz, hsth icvc mfi`hfrchjprhstomc shr tojbj oehtomc pcr nurcs quh thrc mh shr pogcs pcr icvcs hjprstfjcs hossfj sukhssfvojhith. H oc kcitrrfc mc quh sh pcsso phisor, ic sc s cs mhvhmcrhs quhpogoj nurcs4 o jofcrfo mcs prcmutcs fikauf ic shu prhc efioa cs nurcs quh os hjprhsosmhvhmcros tj mh pogor, pcfs sc kcisfmhromcs ujo mhsphso. Mo, cs nurcs shrhj ujprcbahjo quh otrovhsso tcmo o hkcicjfo h tcmo o sckfhmomh shj hxkhc, sobhimc quh sujo rhmuzfmo jficrfo tfro prcvhftc mh tumc fstc.

Rhsujfimc, tcmc c mfi`hfrc hj mvfmo scjomc ocs rhsphtfvcs nurcs uatroposso otctoafmomh hxfsthith hj kfrkuaoc. Ossfj, o mvfmo krhskh o uj rftjc hxpcihikfoa quhrhquhr krhskfjhitc phrptuc poro ic hitror hj kcaopsc. Fstc kcimuz fihvftobfafmomhjothjtfko mh fikujprfjhitcs h eoaikfos pcfs ic ` sfjpahsjhith mfi`hfrcsuefkfhith io hkcicjfo poro pogor tcmos os mvfmos ocs Boikcs.

O fikopokfmomh mh pogor o mvfmo h kcishquhithjhith hitror hj eoaikfo ic ujoeroquhzo mh uj oghith hkcijfkc4 ujo fjpcsfc mc [fsthjo Boikrfc sckfhmomh kcjc uj tcmc.

Hj vhz mh sh hikoror c mfi`hfrc kcjc uj sfjpahs mfspcsftfvc sckfoa quh sh quhr hstvha iuj

ecrjotc ihutrc quh ic fikcrpcrh ihiùj bhj cu shrvfc, cs nurcs kcrrcjphj hssh prfikpfckcivhrthimc c mfi`hfrc iujo jhrkomcrfo aukrotfvo. [ubafi`h-sh quh c ihgkfc quh gfro vcatomc mfi`hfrc ic prcmuz iomo h obstrof-sh mcs prfikpfcs quh jcvhj c shr ùjoic ios suosihkhssfmomhs rhofs. Kcj hsth sfsthjo, cs Boikcs hirfquhkhj mhsjhsuromojhith4 pogoj

nurcs bofxcs ocs mhpcsftoiths h kcbroj nurcs oatcs ocs hjprstfjcs quh efzhroj, kcj mfi`hfrckrfomc mc iomo. pcr fssc quh jhfo mzfo mh eojafos krfoj ecrtuios jciujhitofs shj iomoprcmuzfr.

Uhno o hxhjpafefkoc otrovs mc vmhc4

\crquh eoato mfi`hfrc io hkcicjfo3 (C prckhssc eroumuahitc mh krfoc mc Mfi`hfrc)
http://youtu.be/0zNdkiHNevAhttp://youtu.be/0zNdkiHNevAhttp://youtu.be/0zNdkiHNevA


30/53


Rhsujc

Boikc Khitroa

o fistftufc rhspcisvha phac kcitrcac mo cehrto mh jchmo h phao suphrvfsc mh tcmc c sfsthjoefioikhfrc, icjhomojhith mcsboikcs kcjhrkfofs h cutros fistftufhs efioikhfros. , mhstoecrjo, o hitfmomh pbafko quh kcitrcao uj mcs prfikfpofs fistrujhitcs mh pcatfkojokrchkcijfko> o pcatfko jcihtrfo. Ic kosc pcrtugus, h mhsmh o omhsc oc Hurc, hsso

fistftufc c BKH (Boikc Khitroa Hurcphu), hitfmomh quh kcitrcao o cehrto mh jchmo hjtcmcs cs poshs mo "^cio Hurc" h quh mfto os rhgros mh euikfciojhitc mc sfsthjo efioikhfrc.

Boikcs Kcjhrkfofs

[c fithrjhmfrfcs efioikhfrcs kunos prfikfpofs otfvfmomhs kcisfsthj hj okhftor mhpsftcsjcbfafzvhfs pcr k`hquh h cutrcs jhfcs mh pogojhitc h hj kcikhmhr hjprstfjcs. Otrovs mosuo otfvfmomh mh fithrjhmfoc efioikhfro, cs Boikcs Kcjhrkfofs portfkfpoj ic prckhssc mh

krfoc mh jchmo thimc, pcr fssc, o suo otfvfmomh juftc rhguaojhitomo phaos hitfmomhs quhghrhj o pcatfko jcihtrfo> cs Boikcs Khitrofs.

C sfsthjo mh rhshrvo erokfcirfo kcjpcstc pcr mcfs tfpcs mh mfi`hfrc>

? -Mfi`hfrc mc Boikc Khitroa> tcmc c mfi`hfrc krfomc phac Boikc Khitroa fimhphimhithmo ecrjo (ictos, jchmos cu mfi`hfrc hahtrifkc otrovs mh hjprstfjcs poro boikcs

prfvomcs hehtuomcs otrovs mh troisehrikfos hahtrifkos, fstc mgftcs fiecrjtfkcs).

2 - Mfi`hfrc mh Boikc Kcjhrkfoa> tcmc c mfi`hfrc krfomc phac sfsthjo boikrfc

otrovs mh hjprstfjcs kcikhmfmcs ocs kafhiths.
http://www.knoow.net/cienceconempr/economia/bancocomercial.htmhttp://www.knoow.net/cienceconempr/economia/bancocomercial.htm


31/53

O Eroumh mc [fsthjo Jcihtrfc \gfio ; o prcphisc

jorgfioa rhthic mh jchmo h o toxo mh rhshrvos boikrfos. \oro oaj mh kcitrcaor o BoshJcihtrfo, cBoikc Khitroa kcitrcao tojbj o toxo mh rhshrvos boikrfos4 hsth kcishguhthr uj kcitrcac protfkojhith tctoa scbrh o cehrto mh jchmo.

C grefkc jcstro o juatfpafkocmh $?


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O Eroumh mc [fsthjo Jcihtrfc \gfio ;?mh 8;

Erjuao

C juatfpafkomcr jcihtrfc(j) c cpcstc mo ihkhssfmomh mh rhshrvo(R)>

Hsto erjuao surgh mc eoktc quh o scjo mos quoitfmomhs hjprhstomos pcmh shr ecrjuaomojothjotfkojhith kcjc ujo srfh ghcjtrfko (srfh quh sh cbtj quoimc sh thito scjor csfiefiftcs ics thrjcs mh ujo prcgrhssc ghcjtrfko kcj ujo toxo kcjuj mh ).

\oro onustor c hskcojhitc (mrhioghj) mh mfi`hfrc (rhmuc mc fjpoktc mo pcatfko jcihtrfomhvfmc ihkhssfmomh mh joithr ujo porth mc mfi`hfrc scb ecrjo esfko h vcitomh mcsBoikcs mh thr rhshrvos okfjo mc jcitoith hxfgfmc), utfafzomo o erjuao obofxc, cimh o

mrhioghj c voacr phrkhituoa mh mfi`hfrc o joithr scb o ecrjo esfko h o ]oxo mh rhshrvoprhehrfmo o scjo mo ]oxo mh Rhshrvo h o ]oxo mh rhshrvo hxkhmhith mc Boikc>

Hxhjpac>ujo toxo mh rhshrvo (R) mh 2

Ossfj, c juatfpafkomcr jcihtrfc (j) pcmh shr ecrjuaomc mo shgufith ecrjo>

Hsth ijhrc juatfpafkomc phac mhpsftc fifkfoa fimfko o quoitfmomh jxfjo mh mfi`hfrc quhpcmh shr krfomo.


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O Eroumh mc [fsthjo Jcihtrfc \gfio ;2mh 8;

Kcikhftc mh Bosh Jcihtrfo

O Bosh Jcihtrfo rhprhshito os rhspcisobfafmomhs jcihtrfos aqufmos mc Hstomc phroith osckfhmomh h kcrrhspcimh scjo mh tcmos os ictos h jchmos hjftfmos phac Boikc Khitroa h

kcackomos mfspcsfc mc pbafkc h quh pcmhj hstor scb o ecrjo mh mfi`hfrc io pcssh moseojafos h mos hjprhsos cu scb o ecrjo mh rhshrvos boikrfos.

O kcackoc io pcssh mc pbafkc mhstos ictos h jchmos hehtuomo otrovs moscphrohs mhcphi jordht, kcistftufimc hstos ujo ecrjo mc Boikc Khitroa kcitrcaor o cehrto jcihtrfo,

uj fjpcrtoith fistrujhitc mh pcatfko jokrchkcijfko.

Kcikhftc mh cphrohs mh Cphi Jordht

Os cphrohs mh cphi-jordht (hj pcrtugus, cphrohs mh jhrkomc obhrtc) kcisfsthj hjtkifkos mh fithrvhic mcsBoikcs Khitrofs ics jhrkomcs jcihtrfcs otrovs mo kcjpro hvhimo mh ttuacs (ghroajhith sc utfafzomos cbrfgohs mc gcvhric). Otrovs mhstos cphrohs,csBoikcs Khitrofs kcishguhj rhguaor o cehrto mh jchmo iujo hkcicjfo h, pcr hsso vfo,fieauhikfor os toxos mh nurc protfkomos phacs boikcs kcjhrkfofs.

Krfoc mh mfi`hfrc otrovs mc jhkoifsjc _uoitf tot fvh hosfig

_uoitftotfvh Hosfig o hxprhssc oigac-soxifko utfafzomo poro korothrfzor ujo pcatfkojcihtrfo ckosfcioajhith usomo phacs Boikcs Khitrofs h quh prhthimh oujhitor o quoitfmomhmh mfi`hfrc hj kfrkuaoc io hkcicjfo. Hsto pcatfko, quh hst otuoajhith o shr usomo phao

Rhshrvo Ehmhroa Icrth-Ojhrfkoio (EHM) poro hstfjuaor o hkcicjfo mcs Hstomcs Xifmcs,boshfo-sh io kcjpro mh cbrfgohs mh mvfmo pbafko pcr porth mo outcrfmomh jcihtrfo, mhecrjo o oujhitor o afqufmhz mc sfsthjo efioikhfrc.

Hsto pcatfko thimh o shr usomo quoimc c voacr mo toxo mh nurc prxfjc mh zhrc, c quhfjpcssfbfafto o outcrfmomh jcihtrfo mh rhkcrrhr oc prhc mc mfi`hfrc poro hstfjuaor ohkcicjfo. \cr hxhjpac, o EHM oc kcjpror cbrfgohs mh acigc prozc, hstor o bofxor os toxosmh nurc mh acigc prozc, joithimc os toxos mh nurc bofxos muroith jofs thjpc. Io Hurcpo,hsto pcatfko ic rhih omhptcs hitrh cs hkcicjfstos, pcrquh pcthikfoajhith ghromcro mhfieaoc. \oro hvftor c oujhitc ghihroafzomc mc ivha mh prhcs, o outcrfmomh jcihtrfo thr

quh vhimhr cs ttuacs omqufrfmcs, pcsthrfcrjhith omcc mo pcatfko. Xjo cphroc mhafkomomhsfgiomo pcr shkoghj mo hkcicjfo.
http://www.knoow.net/cienceconempr/economia/bancocentral.htmhttp://www.knoow.net/cienceconempr/economia/bancocentral.htmhttp://www.knoow.net/cienceconempr/economia/bancocentral.htmhttp://www.knoow.net/cienceconempr/economia/bancocentral.htmhttp://www.knoow.net/cienceconempr/economia/bancocentral.htmhttp://www.knoow.net/cienceconempr/economia/bancocentral.htm


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O Eroumh mc [fsthjo Jcihtrfc \gfio ;;mh 8;

Oiafsh krtfko

Hxpcstcs cs prfikfpofs kcikhftcs bsfkcs mc [fsthjo Jcihtrfc ovoikhjcs poro o oiafshkrtfko h cbnhtfvo mos kcishquikfos mhsth sfsthjo scbrh o sckfhmomh.

Kcikaujcs quh o mvfmo krhskh o uj rftjc hxpcihikfoa quh rhquhr krhskfjhitc phrptuc poro

ic hitror hj kcaopsc. O rhpcrtoghjO Fimstrfo prcgrojo c thjpc mh vfmo mcs prcmutcs quheobrfko , hxpho ecrjo kcjc o fimstrfo prcgrojo o murobfafmomh mcs prcmutcs fikhitfvoimch ot ecroimc oc kcisujfsjc.

\cr suo vhz, c kcisujfsjc hstfjuaomc phacs Boikcs Kcjhrkfofs mh ujo ecrjo juftcsfjpahs4 kfkafkojhith, pcthikfoj oc jxfjc o kcikhssc mh krmftc, cehrhkhimc mfi`hfrcekfa s phsscos, quhr otrovs mh korths mh krmftc (juftos vhzhs hivfomcs mfrhtojhith pcrkcrrhfc), krmftcs poro vfoghis, poro jvhfs, poro outcjvhfs, poro kosos, poro kcisujc,hiefj krmftcs poro tumc h jofs oagujo kcfso.

Iuj possomc rhkhith, prhshikfhf kcjpcrtojhitcs juftc muvfmcscs pcr porth mh vrfcs BoikcsKcjhrkfofs, icjhomojhith oquoimc mo oprcvoc mh krmftcs `obftoc kcj toxos mhhsecrc prxfjos mh 5


35/53

O Eroumh mc [fsthjo Jcihtrfc \gfio ;=mh 8;

Jofs grovh, c eoktc mcs prcefssfciofs mc shtcr boikrfc ic oahrtorhj cs shus kafhiths scbrh ohxfstikfo mh vkfcs mh ecrjo ics jhkoifsjcs mc sfsthjo jcihtrfc, quh ecroj oc

fikujprfjhitc mos eojafos h mos hjprhsos4 uj eoktc jothjtfkc. Bosto prckhmhr-sh oiafsh mos kausuaos mcs kcitrotcs mh krmftc/efioikfojhitc poro sh phrkhbhr quh cs rfskcsrhofs (fikcitcrivhfs) ic sc fmhitfefkomcs ihj jhsjc rhehrfmcs cu hxhjpafefkomcs mh ecrjohxpakfto. \cr cutros poaovros, hsth jhkoifsjc ckuatomc fithikfcioajhith.

Ic shr ujo cbrfgoc h uj mhvhr mh quoaquhr Fistftufc, c mh fiecrjor hhskaorhkhr mhvfmojhith cs shus kafhiths3

Ic shr krfjh ckuator, mcs shus kafhiths, jhkoifsjcs quh fithikfcioajhith hfihvftovhajhith frc prhnumfk-acs ic euturc3

Oioafshjcs kcjc surghj os krfshs

Kciecrjh ecf mhjcistromc oithrfcrjhith, o vfobfafmomh mc sfsthjo jcihtrfc osshito iokrfoc phrptuo mh mvfmos prcjcvfmos otrovs mh hjprstfjcs kcikhmfmcs phacs BoikcsKcjhrkfofs. Ics phrcmcs hj quh cs Boikcs kcikhmhj krmftc, ` oujhitc mc stckd mh jchmoh ioturoajhith oaovoikoghj mo hkcicjfo.

O kfaomo surgh quoimc o eoato mh afqufmhz io hkcicjfo sh eoz shitfr4 o jofcrfo mos phsscos hhjprhsos shr hitc kciercitomo kcj o rhoafmomh hj euic mc ivha mh himfvfmojhitc o quhsh hxps h/cu quh ecf fieauhikfomo h ot jhsjc ecromo o hxpcr-sh mhvfmc s kfrkuistikfoskcinuiturofs. Jos tojbj oquhaos quh ic hstc hxpcstos oc himfvfmojhitc pcmhj shrvtfjos mhsth sfsthjo. Bosto poro fssc quh shnoj euikfcirfos mh ujo hjprhso quh shno

ecromo fiscavikfo mhvfmc mfefkuamomh mh rhkuphroc mh krmftcs.

O hkcicjfo sugomo phacs Boikcs, otrovs mcs nurcs quh kcbroj4 c voacr fihrhith ocs

nurcs kcjc iuiko hxfstfu, ic ecf fitrcmuzfmc ic stckd mh jchmo. Ossfj, shjprh quh cstftuaorhs mh uj kcitrotc mh krmftc/efioikfojhitc pogoj nurcs Boiko, hstc io rhoafmomh, okoioafzor c mfi`hfrc quh kfrkuao io hkcicjfo poro cs Boikcs. Kcishquhithjhith kcitrfbuhj,ofimo quh mh ecrjo fikciskfhith, poro o shkoghj mo hkcicjfo. Mhsth ehijhic rhsuatojkrfshs kkafkos h rhphtftfvos, quh ic sc erutc mc jhrc okosc.


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Hxhjpac> ujo eojafo kcitrof uj krmftc `obftoc mh ?


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C quh okcithkh o ujo eojafo kcj uj cu jofs jhjbrcs mhshjprhgomcs3

C rhimfjhitc mc ogrhgomc eojfafor ioturoajhith rhmuzfmc. Hj poroahac c kustc mh vfmooujhito (o fieaoc shimc tojbj ujo kcishquikfo mcs jhkoifsjcs mc sfsthjo jcihtrfc).\hroith hsth khirfc, o jofcrfo mos eojafos ic kcishguh kujprfr kcj os suos cbrfgohs

jos io rhoafmomh ecromo oc fikujprfjhitc kciecrjh n ecf mhjcistromc oithrfcrjhith.

_uoimc os krfshs surghj, ckcrrh tojbj o mhsvoacrfzoc mc fjcbfafrfc (prckhsscfieauhikfomc phacs Boikcs). Hsth eotcr thr ujo fikfmikfo mrojtfko io vfmo mos phsscos.

Uhnojcs c quh okcithkh quoimc ujo eojafo hitro hj sftuoc mh fikujprfjhitc4 cs Boikcshxhrkhj ujo prhssc psfkcagfko orrcgoith h fitfjfmotrfo scbrh cs fikujprfmcrhs,

kuajfioimc iuj prckhssc mh hxhkuc, mc quoa rhsuatoj ; soihs4

? -Os eojafos, quh pcr mhskci`hkfjhitc ic sh sobhj mhehimhr, phrmhj c voacr mos prhstohspogos ot oc jcjhitc hj quh sh vhrfefkcu c fikujprfjhitc.

2 -O koso ahfacomo pcr uj voacr fiehrfcr oc shu voacr rhoa (bhihefkfoimc fithrhsshs fistoaomcs ).

; -O scjo mc voacr pogc (kopftoa) h mc voacr rhsuatoith mo vhimo mo koso hj ahfac ic suefkfhith poro afqufmor o mvfmo4 ossfj oquhao eojafo shr ecromo o supcrtor ujo mvfmo quhkcitfiuo o pogor pcr oagc mh quh n ic prcprfhtrfo, phrjoihkhimc iujo sftuoc quh ica`h phrjfth quoaquhr phrsphtfvo mh vfmo mfgio.

Hj \crtugoa, o ahgfsaoc ic prcthghos vtfjos mhsth hsquhjo.

P P? 2 ;


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[hnojcs kchrhiths

\oro oaj mh eroumuahitos, hstos prtfkos phj hj kouso vrfcs prfikpfcs h mfrhftcs

euimojhitofs, kcimfkfcioimc tojbj tcmo o hkcicjfo gacboa, kcj fikfmikfos io vfmo mhkomo kfmomc. @ovhimc komo vhz jhics hjprhsos hj otfvfmomh (shimc krhskhith c iujhrc mheoaikfos), c mhshjprhgc oujhito h o rhkhfto efskoa mfjfiuf mrostfkojhith. Hj poroahac, c

mhshjprhgc ogrovo o mhsphso sckfoa mc Hstomc. O kcjphisoc mo rhkhfto efskoa ophios pcssvha kcj cs sukhssfvcs oujhitcs mh fjpcstcs quh trovoj c fivhstfjhitc. O hkcicjfo vofshimc osefxfomo, hstoimc vfsto mh tcmcs quh ic pcssvha fivhrthr o sftuoc. Cs kakuacsjothjtfkcs ossfj c kciefrjoj. Mh okcrmc kcj c gobfihth mh hstotstfkos mo Xifc Hurcphfo,c pcmhr mh kcjpro hj \crtugoa kofu 28% hj 2


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O MUFMO FJ\OGUHA

O rhscauc mo krfsh hxfgh phrmc mh mvfmoh o rhecrjo mc sfsthjo jcihtrfc.

jothjotfkojhith mhjcistrvha.


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Fikcistftukfcioafmomh / Krfjhs kcitro o Kcistftufc mo Rhpbafko

[cjcs thsthjui`os mo jofcr fjprhssc mh mfi`hfrc eoasc mo `fstrfo. Hsth truquh efioikhfrc

mfseoro c hsquhjo h ckuato cs kuapomcs troisecrjoimc c pcvc hj hskrovcs mo mvfmo. Fjpcrtosoafhitor quh quoaquhr kfmomc quh krfh mfi`hfrc mo jhsjo ecrjo quh c eozhj cs Boikcs, kcimhiomc pcr eoasfefkoc.

Os kcishquikfos mcs jhkoifsjcs mc sfsthjo jcihtrfc sc mrojtfkos poro o pcpuaoc,kcj hsphkfoa fikfmikfo poro os kaosshs jofs bofxos4 cs rhehrfmcs jhkoifsjcs hstc hj tctoacpcsfc kcj c Ortfgc ?


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O Eroumh mc [fsthjo Jcihtrfc \gfio =

o)\rcjcvhr o fimhphimikfo sckfoa h hkcijfko mcs ogrhgomcs eojfaforhs4

b)\rcjcvhr o krfoc h goroitfr c okhssc o ujo rhmh iokfcioa mh krhk`hs h mh cutrcshqufpojhitcs sckfofs mh opcfc eojafo, bhj kcjc ujo pcatfko mh thrkhfro fmomh4

k)Kccphror kcj cs pofs io hmukoc mcs efa`cs4

m) Goroitfr, ic rhsphftc mo afbhrmomh fimfvfmuoa, c mfrhftc oc paoihojhitc eojfafor,prcjcvhimc o fiecrjoc h c okhssc ocs jtcmcs h ocs jhfcs quh c osshgurhj, hcrgoifzor os hstruturos nurmfkos h tkifkos quh phrjftoj c hxhrkkfc mh ujojothrifmomh h pothrifmomh kciskfhiths4

h)Rhguaojhitor o prckrfoc ossfstfmo, hj thrjcs quh soavoguormhj o mfgifmomh mophssco ujoio4

e)Rhguaor cs fjpcstcs h cs bhihekfcs sckfofs, mh `orjcifo kcj cs hikorgcs eojfaforhs4

g)Mhefifr, cuvfmos os ossckfohs rhprhshitotfvos mos eojafos, h hxhkutor ujo pcatfkomh eojafo kcj korkthr gacboa h fithgromc4

`) \rcjcvhr, otrovs mo kcikhrtoc mos vrfos pcatfkos shtcrfofs, o kcikfafoc mootfvfmomh prcefssfcioa kcj o vfmo eojfafor.

Efkcu prcvomc quh c sfsthjo jcihtrfc oc fivhrsc mc hstfpuaomc ios oaihos ? h 2 o)ic prcthgh os eojafos ihj prcjcvh o fimhphimikfo sckfoa h hkcijfko mcsogrhgomcs eojfaforhs4 efko pothith quh mhstrf cs ogrhgomcs eojfaforhs.


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O Eroumh mc [fsthjo Jcihtrfc \gfio =?mh 8;

Ortfgc 56. (Fieikfo)

?. Os krfoios tj mfrhftc prcthc mo sckfhmomh h mc Hstomc, kcj vfsto oc shumhshivcavfjhitc fithgroa, hsphkfoajhith kcitro tcmos os ecrjos mh oboimcic, mhmfskrfjfioc h mh cprhssc h kcitro c hxhrkkfc obusfvc mo outcrfmomh io eojafo h iosmhjofs fistftufhs.

2. C Hstomc osshguro hsphkfoa prcthc s krfoios res, oboimciomos cu pcr quoaquhrecrjo prfvomos mh uj ojbfhith eojfafor icrjoa.

;. prcfbfmc, ics thrjcs mo ahf, c troboa`c mh jhicrhs hj fmomh hskcaor.

Efkcu prcvomc quh c sfsthjo jcihtrfc mhstrf c Hstomc [ckfoa4 hj \crtugoa,sc komo vhz jofs os krfoios quh possoj ecjh, fjphmfimc icjhomojhith c shumhshivcavfjhitc fithgroa.

Ortfgc 72. (]hrkhfro fmomh)

?. Os phsscos fmcsos tj mfrhftc shguroio hkcijfko h o kcimfhs mh `obftoc h

kcivvfc eojfafor h kcjuiftrfc quh rhsphfthj o suo outcicjfo phsscoa h hvfthj h suphrhjc fscaojhitc cu o jorgfioafzoc sckfoa.

2. O pcatfko mh thrkhfro fmomh higacbo jhmfmos mh korthr hkcijfkc, sckfoa h kuaturoathimhiths o prcpcrkfcior s phsscos fmcsos cpcrtuifmomhs mh rhoafzoc phsscoa, otrovs mhujo portfkfpoc otfvo io vfmo mo kcjuifmomh.

Cs sukhssfvcs oujhitcs mh fjpcstcs h kcrths ios rhecrjos hj rhsuatomc mo eoato mhafqufmhz quh sh eoz shitfr io hkcicjfo (ehijhic prcvckomc phac sfsthjo jcihtrfc),thj vfimc o rhtfror mfrhftcs ocs fmcscs mhsjoithaoimc o shguroio hkcijfko o quhtj mfrhftc, vfcaoimc tojbj c kcitrotc sckfoa mos suos kctfzohs.


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O Eroumh mc [fsthjo Jcihtrfc \gfio =2mh 8;

Ortfgc 0?. (Fikujbikfos prfcrftrfos mc Hstomc)

Fikujbh prfcrftorfojhith oc Hstomc ic jbftc hkcijfkc h sckfoa>

o) \rcjcvhr c oujhitc mc bhj-hstor sckfoa h hkcijfkc h mo quoafmomh mh vfmo mosphsscos, hj hsphkfoa mos jofs mhseovcrhkfmos, ic quomrc mh ujo hstrotgfo mh

mhshivcavfjhitc susthitvha4

b) \rcjcvhr o nustfo sckfoa, osshguror o fguoamomh mh cpcrtuifmomhs h cphror osihkhssrfos kcrrhhs mos mhsfguoamomhs io mfstrfbufc mo rfquhzo h mc rhimfjhitc,icjhomojhith otrovs mo pcatfko efskoa4

k) Osshguror o pahio utfafzoc mos ecros prcmutfvos, mhsfgiomojhith zhaoimc phaohefkfikfo mc shktcr pbafkc4

m) \rcjcvhr o kchsc hkcijfko h sckfoa mh tcmc c thrrftrfc iokfcioa, crfhitoimc cmhshivcavfjhitc ic shitfmc mh uj krhskfjhitc hqufafbromc mh tcmcs cs shktcrhs h rhgfhs h

hafjfioimc prcgrhssfvojhith os mfehrhios hkcijfkos h sckfofs hitrh o kfmomh h c kojpc hhitrh c aftcroa h c fithrfcr4

h) \rcjcvhr o kcrrhc mos mhsfguoamomhs mhrfvomos mo fisuaorfmomh mos rhgfhsouticjos h fikhitfvor o suo prcgrhssfvo fithgroc hj hspocs hkcijfkcs jofs vostcs,ic jbftc iokfcioa cu fithriokfcioa4

e) Osshguror c euikfciojhitc hefkfhith mcs jhrkomcs, mh jcmc o goroitfr o hqufafbromokcikcrrikfo hitrh os hjprhsos, o kcitrorfor os ecrjos mh crgoifzoc jcicpcafstos h orhprfjfr cs obuscs mh pcsfc mcjfioith h cutros prtfkos ahsfvos mc fithrhssh ghroa4

g) Mhshivcavhr os rhaohs hkcijfkos kcj tcmcs cs pcvcs, soavoguormoimc shjprh ofimhphimikfo iokfcioa h cs fithrhsshs mcs pcrtuguhshs h mo hkcicjfo mc pos4

`)Hafjfior cs aotfeimfcs h rhcrmhior c jfifeimfc4

f)Goroitfr o mhehso mcs fithrhsshs h cs mfrhftcs mcs kcisujfmcrhs4

n) Krfor cs fistrujhitcs nurmfkcs h tkifkcs ihkhssrfcs oc paoihojhitc mhjckrtfkc mcmhshivcavfjhitc hkcijfkc h sckfoa4

a)Osshguror ujo pcatfko kfhitefko h thkicagfko eovcrvha oc mhshivcavfjhitc mc pos4

j)Omctor ujo pcatfko iokfcioa mh hihrgfo, kcj prhshrvoc mcs rhkurscs ioturofs h mchqufabrfc hkcagfkc, prcjcvhimc, ihsth mcjifc, o kccphroc fithriokfcioa4

i) Omctor ujo pcatfko iokfcioa mo guo, kcj oprcvhftojhitc, paoihojhitc h ghstcrokfcioa mcs rhkurscs `mrfkcs.

Efkcu prcvomc quh cs jhkoifsjcs mc otuoa sfsthjo jcihtrfc mhstrchj c bhj-hstorsckfoa h hkcijfkc ossfj kcjc o quoafmomh mh vfmo mos phsscos, hj hsphkfoa mos jofsmhseovcrhkfmos4 prcjcvh o finustfo sckfoa, ic osshguro o fguoamomh mh cpcrtuifmomhs,ic kcrrfgh os mhsfguoamomhs io mfstrfbufc mo rfquhzo h mc rhimfjhitc4 ic zhao phao

hefkfikfo mc shtcr pbafkc.


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O Eroumh mc [fsthjo Jcihtrfc \gfio =;mh 8;

Ortfgc 05. (Hjprhsos prfvomos)

?. C Hstomc fikhitfvo o otfvfmomh hjprhsorfoa, hj portfkuaor mos phquhios h jmfos

hjprhsos, h efskoafzo c kujprfjhitc mos rhsphtfvos cbrfgohs ahgofs, hj hsphkfoa pcr porthmos hjprhsos quh prcssfgoj otfvfmomhs mh fithrhssh hkcijfkc ghroa.

2.C Hstomc s pcmh fithrvfr io ghstc mh hjprhsos prfvomos o ttuac troisftrfc, ics koscshxprhssojhith prhvfstcs io ahf h, hj rhgro, jhmfoith prvfo mhkfsc numfkfoa.

;. O ahf pcmh mhefifr shktcrhs bsfkcs ics quofs shno vhmomo o otfvfmomh s hjprhsosprfvomos h o cutros hitfmomhs mo jhsjo ioturhzo.

Cs sukhssfvcs oujhitcs mh fjpcstcs, quh rhsuatoj mc vkfc mh ecrjo mc sfsthjojcihtrfc, scbrhkorrhgoj os hjprhsos shimc fikcjpcrtvhfs poro o jofcrfo mos \JH,c quh tojbj crfgfio eoaikfos.

Rhehrhith oaiho 2, c quh mfzhr mc efioikfojhitc mc Boife, rhstoith Boiko hiokfcioafzoc mc B\I kunc burokc efioikhfrc n hro kci`hkfmc3

Ortfgc 07. (Otfvfmomh hkcijfko h fivhstfjhitcs hstroighfrcs)

O ahf mfskfpafior o otfvfmomh hkcijfko h cs fivhstfjhitcs pcr porth mh phsscos sfiguaorhscu kcahtfvos hstroighfros, o efj mh goroitfr o suo kcitrfbufc poro c mhshivcavfjhitc mcpos h mhehimhr o fimhphimikfo iokfcioa h cs fithrhsshs mcs troboa`omcrhs.

]crio-sh hvfmhith quh c himfvfmojhitc quh c sfsthjo jcihtrfc pcthikfo, ujoorjo kcj rhtormomcr quh vfso icjhomojhith fjpcr c afbhroafsjc, cbrfgoimc cshstomcs o prfvotfzor cs shus shrvfcs pbafkcs h troisecrjoimc cs kfmomcs hj hskrovcsmcs boikcs h mos groimhs hjprhsos juatfiokfciofs. _uoimc cs hehftcs mc himfvfmojhitcsh tcrioj hvfmhiths n tormh mhjofs, ic porhkh hitc hxfstfr cutro oathriotfvo shico oifqufaoc mc pcmhr mc Hstomc (pcrtoitc, mcs kfmomcs), pcrquh ihsso oaturo chimfvfmojhitc n rhmuzfu fihxcrovhajhith cs rhkurscs efioikhfrcs mcs hstomcs.

Oporhkh ossfj c prcnhtc afbhroa mh rhmuzfr c hstomc oc jifjc, kcikhmhimc c

jxfjc kojpc mh oc o hjprhsos prfvomos, c quh oporhithjhith sh fjph kcjcujo scauc phrehftojhith agfko. H ossfj, ic porhkh `ovhr cutro somo shic orhmuc prcgrhssfvo mc efioikfojhitc mcs shrvfcs pbafkcs h mos prhstohs sckfofs(rhecrjos, ossfstikfo io mchio, mhshjprhgc). O uj khrtc pcitc mc prckhssc, oprfvotfzoc mcs shrvfcs pbafkcs vof okobor pcr porhkhr o ifko vfo pcssvha mhsoavoc, ot pcrquh c oujhitc mo mvfmo ojhoo ahvor c Hstomc eoaikfo.

C otuoa khirfc hkcijfkc fithikfcioa,

h ecf paoihomc.


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O Eroumh mc [fsthjo Jcihtrfc \gfio ==mh 8;

Xrgh mhiuikfor h tcjor kciskfikfo mh quh cs jous rhsuatomcs mos jhmfmosfjpcstos phao ]rcfdo (Euimc Jcihtrfc Fithriokfcioa, Kcjfssc Hurcphfo h BoikcKhitroa Hurcphu), sc fithikfciofs h osshitoj ic jhkoifsjc eroumuahitc mc sfsthjojcihtrfc quh hst o kcimuzfr poshs eoaikfo, pcthikfoimc prfvotfzohs h prcvckoimcfihvftovhajhith c hjpcbrhkfjhitc mo pcpuaoc, tcrioimc-o fikciskfhithjhithsubjfsso. @ komo vhz jofs poshs rheis quh ic kcishguhj sofr mo hspfroa, shimcecromcs o okhftor mfrhtrfzhs mh hitfmomhs prfvomos, phrmhimc gromuoajhith os suosscbhroifos kcjc c kosc mh \crtugoa. Hstos pcatfkos vfsoj ecror cs poshs ofithgrorhj o euturo Ehmhroc mh Hstomcs mo Hurcpo, troisehrfimc c pcmhr pcatfkc porouj Gcvhric Khitroa4 c cbnhtfvc efioa o fjpahjhitoc mo Icvo Crmhj Juimfoa, quhhst o shr prcjcvfmo pcr jhjbrcs mos sckfhmomhs shkrhtos Faaujfiotfh Bfamhrbhrg.

C Kaubh mh Bfamhrbhrg uj grupc mh phrscioafmomhs fieauhiths crgoifzomc hj

sckfhmomh quh hro ot ` pcukc thjpc shkrhto, h quh crgoifzo hikcitrcs oiuofs ic-cefkfofs kuno portfkfpoc rhstrfto o uj ijhrc mh ?2< o ?8< kcivfmomcs. Hstocrgoifzoc rhih os jofs fjpcrtoiths outcrfmomhs mo Hurcpo h mcs HXO mos hsehrospcatfko, hkcijfko h jfaftor, ossfj kcjc phrscioafmomhs fieauhiths mc juimchjprhsorfoa, okomjfkc, jhmftfkc cu pcatfkc. Mhvfmc oc eoktc mcs mhboths shrhjrhoafzomcs mh ecrjo tctoajhith shkrhto, hsths hikcitrcs oiuofs sc oavc mh juftoskrtfkos, pcr possorhj pcr kfjo mc prckhssc mhjckrtfkc mh mfskussc mh thjos sckfofsobhrto h pubafkojhith. C grupc mh hafth hikcitro-sh oiuoajhith, hj shgrhmc, hj`ctfs kfikc hstrhaos rhshrvomcs, hspoaòmcs phac juimc, ghroajhith io Hurcpo,hjbcro oagujos vhzhs thiò ckcrrfmc ic Hstomcs Xifmcs h Koiom. \cssuf ujhskrftrfc hj Ahfmhi, ics \oshs Bofxcs.

\rcpsftc

[hguimc o ncrioafsto Krfstfio Nfjihztroto-sh mh uj kaubh mh pcmhrcscs quh thj

o prhthisc mh kcitrcaor h mfrfgfr c juimc. Hitrh cutros kotstrcehs quh kousoroj, sccs rhspcisvhfs pcr subjhrgfr o Hurcpo io pfcr krfsh mhsmh o FF Guhrro Juimfoa. Chehftc jofs fjhmfotc mo rhuifc mc kaubh, quh okobojcs mh kci`hkhr, ecf o obmfkocmc rhf hspoi`ca. Ic rhsto jofs o jhicr mvfmo mh quh o rhiikfo mh Nuoi Koracs ecfujo mhkfsc kcishisuoa mh Bfamhrbhrg. Os kcivhrsohs mhsth oic, ofimo shguimc

Nfjihz, gfroroj hj tcric mo pcssfbfafmomh mh kcieaftcs orjomcs io Rssfo, K`fio h icCrfhith Jmfc.

C quhecf hxtromc mo rhuifc mhsth oic quh moquf o oaguis jhshs, o uj oic, mhvhrckcrrhr ujo groimh rhhstruturoc jfaftor, hkcijfko h kcjhrkfoa crfgfioimc ujotroisecrjoc fjpcrtoith io @fstrfo mc juimc> kcj uj kcieaftc bafkc mh groimhsmfjhishs. ]ojbj c ncrioafsto h fivhstfgomcr Moifha Hstuafi, outcr mc afvrcKAXBH BFAMHRBHRG - Cs [hi`crhs mc Juimc, mfssh quh io kciehrikfo rhoafzomo iuj

`ctha kfikc hstrhaos mh Kcphiògo, os jofs fjpcrtoiths efguros mcs kojpcs hkcijfkch jfaftor mcs HXO tj rhoafzomc uj trhjhimc hsecrc poro joithr shporomos o Rssfo ho K`fio, quh rhecroroj, rhkhithjhith, o oafoio kcitro cs icrth-ojhrfkoics.

[c komo vhz jofs os vczhs quh mhiuikfoj pubafkojhith c prcpsftc mc KaubhBfamhrbhrg, fstc , o krfoc mh uj gcvhric tctoaftrfc juimfoa.
http://issuu.com/maisiniciativa/docs/clube_bilderberg__-_os_senhores_do_http://issuu.com/maisiniciativa/docs/clube_bilderberg__-_os_senhores_do_http://issuu.com/maisiniciativa/docs/clube_bilderberg__-_os_senhores_do_


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\ortfkfpoiths

_uhj sc cs jhjbrcs portfkfpoiths mc Kaubh mh Bfamhrbhrg3 Jhjbrcs mh Boikcs

Khitrofs, hsphkfoafstos hj mhehso, borhs mo fjprhiso mh josso, jfifstrcs mh gcvhric,

prfjhfrcs-jfifstrcs, jhjbrcs mh eojafos rhofs, hkcicjfstos fithriokfciofs h amhrhspcatfkcs mo Hurcpo h mo Ojrfko mc Icrth. Oaguis mcs amhrhs efioikhfrcs h hstrothgfstosmh pcatfko hxthrio mc Ckfmhith tojbj portfkfpoj ios rhuifhs mc KaubhBfamhrbhrg.Mcioam Rujseham uj Bfamhrbhrghr otfvc, ossfj kcjc \hthr [ut`hraoim,mo Fraoimo, uj hx-kcjfssrfc mo Xifc Hurcphfo h prhsfmhith mc Gcamjoi [ok`sh Brftfs`\htrcahuj.

Rujseham h [ut`hraoim kcjporhkhroj hj kcinuitc hj 2


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Hj 2


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Ortfgc 66. (Cbnhtfvcs mo pcatfko kcjhrkfoa)

[c cbnhtfvcs mo pcatfko kcjhrkfoa>

o)O kcikcrrikfo soautor mcs oghiths jhrkoitfs4

b)O rokfcioafzoc mcs kfrkuftcs mh mfstrfbufc4

k)C kcjboth s otfvfmomhs hsphkuaotfvos h s prtfkos kcjhrkfofs rhstrftfvos4

m)C mhshivcavfjhitc h o mfvhrsfefkoc mos rhaohs hkcijfkos hxthrios4

h)O prcthc mcs kcisujfmcrhs.

[himc o jofcrfo mcs Boikcs prfvomcs h fithgromcs io pcatfko kcjhrkfoa,

quoa c jctfvc poro quh cs sukhssfvcs Gcvhrics ic trovhj os otfvfmomhshsphkuaotfvos mcs Boikcs3

_uhj sc cs Omjfifstromcrhs mcs Boikcs3 _uoitcs n ckuporoj korgcs

gcvhriotfvcs3

@ joifehsto kcifvikfo mcs Gcvhrics.

Hsths sc ophios oaguis hxhjpacs mh krfjhs protfkomcs kcitro o kcistftufc. C quh mfzhrofimo mo hitrhgo mo [cbhroifo \crtuguhso o hitfmomhs hstroighfros3

C otuoa sfsthjo efioikhfrc otfigfu cs shus afjfths tcrioimc-sh fisusthitvha, hsgctoimc-shossfj ujo jcmoafmomh mh rcubc outcrfzomc, mhskci`hkfmo phao groimh jofcrfo mopcpuaoc, h quh oehto hsshikfoajhith os kaosshs jofs bofxos.


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Kcikausc hj ecrjo mh Cpfifc

Cs poshs jofs fimustrfoafzomcs mc juimc hierhitoj ujo groimh krfsh mo mvfmo prcvckomo

phao krfsh mc krmftc mh 2 ohskrovoturo mo mvfmo.

Hsth sfsthjo ecf paoihomc ` juftcs oics4 cs boiquhfrcs fithriokfciofs prckuroroj fitrcmuzfrujo kcimfc mh mhshsphrc, poro quh pumhsshj hjhrgfr kcjc cs gcvhrioiths suprhjcs hossfj kcitrcaor o pcpuaoc juimfoa, hskrovfzoimc-o otrovs mh uj sfsthjo kuno jofcrfo ickcjprhhimh. C hjpcbrhkfjhitc mo pcpuaoc h mcs hstomcs hskoao juimfoa o quhossfstfjcs kcjprcvo quh c pcmhr efioikhfrc vhj ossujfimc c kcitrcac gacboa mos cphrohsopcmhroimc-sh mo rfquhzo rhoa mc paoihto. C mcjifc mc pcmhr efioikhfrc scbrh o sckfhmomh

ujo rhoafmomh komo vhz jofs hxpcsto.


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Xrgh tcjor kciskfikfo mh quh o prfikfpoa rhspcisobfafmomh mcs okcithkfjhitcs rhkof scbrh osFistftufhs Boikrfos (prcthgfmos phacs Gcvhrics). Hst io `cro mh kcimhior cs vhrmomhfrcsrhspcisvhfs h hxfgfr fimhjifzohs phacs prhnuzcs kousomcs.

Ioturoajhith, tojbj mhvhjcs quhstfcior o ahgoafmomh mcs kcitrotcs mh krmftc, portfimc mcprhssupcstc quh cs Boikcs s pcmhj shr rhjuihromcs pcr uj shrvfc hehtfvojhith prhstomc,ic kosc, prckhmhr oc hjprstfjc mh mfi`hfrc quh supcstojhith hxfsth h tj ics shus kcerhs.Cro, kciecrjh tfvhjcs o cpcrtuifmomh mh oioafsor, cs Boikcs krfoj mfi`hfrc o portfr mc iomo,kcbroimc nurcs pcr mfi`hfrc quh ihj shquhr hxfsth. Othimhimc o quh c sfsthjo jcihtrfc mhrhshrvos erokfcirfos ic phrjfth goroitfr os pcupoios quh cs mhpcsftoiths kciefoj ocsBoikcs, tojbj oquf hstc hj kouso cs rhguaojhitcs h kcitrotcs fihrhiths s kcitospcupoio.

Kciecrjh mhjcistromc oithrfcrjhith, c mfi`hfrc mcs mhpcsftoiths ic hst ic Boikc.Kcisfmhroimc c hxhjpac oprhshitomc ic koptuac Kcjc krfomc c mfi`hfrc3, poro ujmhpsftc mh ?


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O Eroumh mc [fsthjo Jcihtrfc \gfio 8


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O Eroumh mc [fsthjo Jcihtrfc \gfio 8?mh 8;

C sfsthjo hst jossfvojhith eoafmc h s rhsfsth pcrquh os phsscos sc ecromos o okhftork`hquhs h korths mh krmftc hiquoitc mfi`hfrc, quoimc, io rhoafmomh, sc ophios momcsfiecrjtfkcs shj iomo poro cs nustfefkor. Hithimh-sh ogcro c obfsjc hj quh hstojcs h cjctfvc phac quoa Gcvhrics h Boikcs Khitrofs kcrrhj o topor hsshs hicrjhs burokcs quh cmfi`hfrc eoasojhith krfomc mhfxcu3 Hithimh-sh pcr quh rozc c EHM h c BKH kcrrhj o rhsgotorc afxc mcs otfvcs txfkcs krfomc ihsth tfpc mh cphrohs3

Ophsor mo bvfo fisoifmomh mhsth rcubc ahgoafzomc, os icssos jhiths ofimo phrjoihkhjecrthjhith ecrjotomos h kcimfkfciomos poro susthitor o fmhfo mh quh o kcbroio mh nurcs hsshikfoa h quh shj hssh kcikhftc o hkcicjfo juimfoa kcaopsorfo. Ic bhj ossfj. Omftomuro Boikrfo gacboa crquhstromo phao Hafth Gacboa quh kcaopsorfo. O fmhfo mh quh ujBoikc s vfvha kcbroimc nurcs eoaso. ujo fmhfo kjcmo poro cs Boikcs mc sfsthjokopftoafsto (c icssc), pcfs phrjfth quh Boikcs h fivhstfmcrhs pcssoj goiòr mfi`hfrc o portfrmh mfi`hfrc4 ic s kcj cs hjprstfjcs, jos tojbj kcj cutros opafkohs efioikhfros.Iomo sh mfz, ic juimc ckfmhitoa, okhrko mh cutrcs sfsthjos boikrfcs. Jos hxfsthj heuikfcioj. Mh eoktc, hxfsth uj sfsthjo boikrfc boshomc iujo fmhfo sfjpahs h kcitrrfo> icsh pcmh goiòr mfi`hfrc o portfr mh mfi`hfrc. \cr cutros poaovros> cs nurcs ic sc phrjftfmcs.Hsth c sfsthjo fsajfkc.

C sfsthjo mh pogojhitc mh nurcs ic prcthgh o ùjoifmomh. Io vhrmomh, hssh sfsthjo quhkrfo pcbrhzo, mhsfguoamomh h phrjfth o okujuaoc mc pcmhr gacboa. O otfvfmomh mcs Boikcsckfmhitofs, poro oaj mh shr o jofs aukrotfvo h jofs mhstrutfvo mc paoihto, krfjficso.

C mfi`hfrc ic pcmh kcitfiuor o shr cbnhtc mh ihgkfc h sh c ecr mhvhr shr kcj rhgrosagfkos, quh ic prcvcquhj hskosshz. ]ojbj c kcisujfsjc mhsjhmfmc ecromc phaocbrfgotcrfhmomh mh krhskfjhitc phrptuc fjpcstc phac otuoa sfsthjo jcihtrfc ojhoo osusthitobfafmomh mc paoihto.

Mhvhjcs kcistoithjhith quhstfcior-ics> _uhj quh hsth sfsthjo bhihefkfo3

Mo jhsjo ecrjo, shjprh quh uj pcatfkc, hkcicjfsto, amhr mh fgrhno, ncrioafsto, kcjhitomcrcu quoaquhr cutro phssco, thith fikutfr ujo fmhfo, voah o phio phrguitor> _uhj bhihefkfo kcjc eoktc mh hu okrhmftor io fmhfo quh jh vhimhj3 O rhspcsto shjprh kcimuzfr oc jctfvcphac quoa o rhehrfmo fmhfo hst o shr oafjhitomo h kcishquhithjhith o quhj o oafjhito.

Cs pcrtuguhshs mhvhj rhogfr, mhehimhr-sh h mfafghikfor poro quh iuj euturc rhaotfvojhith

prxfjc cs \catfkcs shnoj nuagomcs h kcimhiomcs pcr kcifvikfo kcj uj sfsthjo prfvomc quhkcimhio o sckfhmomh, hsphkfoajhith cs jofs mhseovcrhkfmcs.

Ihiùjo jhmfmo pcatfko rhsuatorhiquoitc c otuoa sfsthjo jcihtrfc vfgcror.

Xjo vhz phrkhbfmc hsth sfsthjo ic surprhhimh quh c Hstomc sckfoa hsthno o shr mhstrumc.\cr oic, c Hstomc \crtugus gosto juftc jofs kcj nurcs mc quh prcprfojhith kcj hmukoc.


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Jorgorfmc

Jo

Mcssfhr rhoafzomc pcr Fvc Jorgorfmc

fvcjorgorfmcLjofsfifkfotfvo.pt

Rhvfsc ?.= - Mhzhjbrc 2

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