1. Classes #4 + #5 Paris

2. Brian David Butler Professor of international finance and global entrepreneurship with Forum-Nexus Study Abroad. Guest lecturer with the IQS Business School of the Ramon Llull University in Barcelona, and the Catholic University of Milan . Previously, Brian taught finance, economics and global trade courses at Thunderbird’s Global MBA program in Miami, and worked as a research analyst with the Columbia Business School in New York City. Brian currently lives in Recife, Brazil where he is teaching classes at the university Faculdade Boa Viagem . A global citizen, Brian was born in Canada, raised in Switzerland (where he attended international British school), educated through university in the U.S., started his career with a Japanese company, moved to New York to work as an analyst, married a Brazilian, and has traveled extensively in Latin America, Asia, Europe and North America. [email_address] LinkedIn/briandbutler Skype: briandbutler

3. Brian Butler is a specialist in international economic analysis, and is founder of the prestigious “GloboTrends“ ( www.globotrends.com ) online economics site, which has been featured as syndicated content on Nouriel Roubini’s RGE Monitor, Emerginvest.com, Business Week Exchange, Wikinvest.com, and other leading news outlets. http:// globotrends.pbworks.com / , http:// blog.globotrends.com /

7. Team Project

16. Euro vs EU

17. European Union & Eurozone http://en.wikipedia.org/wiki/Eurozone

22. EU + the Eurozone what do you notice? What stands out? http://en.wikipedia.org/wiki/Eurozone Which country is this?

23. 16 Eurozone members: Austria Belgium Finland France Germany Greece Ireland Italy Luxembourg Netherlands Portugal Slovakia Slovenia Spain + 2 islands: Malta and Cyprus Question: which BIG countries are NOT on this LIST? Hint: look at map… 16 Eurozone members:

24. Not (yet) Eurozone All member states of the EU, except for Denmark , the United Kingdom (and perhaps Sweden) are obliged to adopt the euro as their sole currency when they meet the criteria. Estonia will join the eurozone on 1 January 2011. [2] http://en.wikipedia.org/wiki/Enlargement_of_the_eurozone

26. http://en.wikipedia.org/wiki/Enlargement_of_the_eurozone

29. http://en.wikipedia.org/wiki/Enlargehttp://en.wikipedia.org/wiki/International_status_and_usage_of_the_euroment_of_the_eurozone Pegged (“fixed”) to the EURO

38. Review…

39. Who can tell me… what is the difference between a liquidity crisis, and a solvency crisis for banks?

40. Competitive Devaluations Dr. Kishore Dash, January 20, 2007 “ Beggar thy neighbor” Last class we talked about “competitive devaluations”… what did we mean? When was this a problem? What is the danger?

41. http://mohammedfikri.files.wordpress.com/2010/02/bretton_woods_sign.jpg Who can tell me what happened at Bretton Woods ? Did the financial world become more or less stable afterward? When did it fail? Why?

45. Mundell Trilemma Decisions countries must make… Who can tell me: what is the “Mundell Trilemma”? What are the 3 factors a country wants? Why?

54. Controlling the economy 2 tools – monetary + fiscal policy

59. Monetary policy – to speed up economy (lower interest rates, print money) http://www.daily-bourse.fr/images/analyses/2009/03/30/Cartoon%20Emergency.gif

63. SPEND today!!! (don’t save)

72. Deflation http://www.marketfolly.com/2009/06/commodity-inflation-versus-asset.html

73. Deflation http://futureproofkilkenny.org/?page_id=907

77. Series of Crises

83. http://thebodegablog.files.wordpress.com/2009/12/asean-map.gif