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- 우후죽순 자국산업 보호규제에 `수출 비상`
- [이데일리 안승찬기자] 세계경제가 동반 침체에 접어들면서 세계 각국들이 일제히 자국 산업을 보호하기 위한 새로운 규제들을 경쟁적으로 내놓고 있다. 이전에는 없던 인증서 도입을 의무화하는 등 각국마다 수입을 억제하고 자국 기업들을 감싸안기에 혈안이다. 수출로 먹고 사는 우리나라 입장에서는 비상이 걸린 셈이다. 17일 지식경제부에 따르면 지난 9월 기술규제를 대웅하기 위해 지경부 기술표준원에 `TBT 중앙사무국`이 설립된 이래 각국의 신규 규제들에 대한 신고가 줄을 잇고 있다. 인도 정부는 지난해 말 수입하는 철강제와 철강제품에 대해 강제인증을 도입키로 했다. 인도정부는 소비자보호를 위한 것이라고 표명하고 있지만, 사실 수입제품에 대한 제한과 자국산업 보호가 목적이다. 우리나라 5개 업체가 인도로 수출하는 철강재는 2007년 기준으로 9억5000만달러 규모다. 에콰도르도 수입 공산품에 대해 시험성적서와 적합성 인증서를 요구하는 기술규제를 지난해 말 공포했다. 기기부품·자동차·타이어 등 우리나라 제품의 지난해 에콰도르 수출은 6억2600만달러로, 전년대비 46.2% 증가하는 등 수출이 늘어나는 상황에서 닥친 악재다. 각국의 자국산업 보호를 위한 기술규제 도입은 이 뿐만 아니다. 미국은 어린이용품 수입에 대해 제3자의 적합성인증을 의무화했고, 사우디아라비아는 모든 수출기업이 선적 전에 정부가 인정한 기관에서 수출품 적합성인증서를 발급받도록 고쳤다. 중국의 경우 정보보안제품에 대해 강제인증 제품으로 새로 지정했고, 노르웨이는 소비자제품의 18개 유해물질에 대한 사용을 금지하는 법안을 발표했다. 이같은 각국의 수입 기술규제는 갈수록 늘어나는 추세다. WTO에 통보된 각국의 새로운 기술규제는 지난 2006년 875건에서 2007년에는 1016건으로 늘어났고, 지난해에서는 1247건까지 확대됐다. 지경부는 "이러한 신규 기술규제는 수출국 입장에서는 기존의 방식을 변경해야하는 부담으로 작용하고 있다"고 우려했다. 한편 정부는 `TBT 중앙사무국`을 통해 해외 각국의 부당한 기술규제 움직임에 적극 대응하고 있다고 밝혔다. 인도정부의 철강제품 강제인증 도입과 관련해서는 일본, 미국, EU 정부와 공조해 IS1786(고강도 철근과 철선) 등 3종에 대해서는 철회하고, IS277(아연도 강판) 등 15종에 대해서는 내년 2월로 시행을 연기토록 했다. 에콰도르의 인증제도 도입도 시행일을 오는 8월까지 연기토록 했다 . 이밖에도 정부는 노르웨이의 유해물질 사용금지관련 규정에 대해 WTO 등에 문제를 제기해 시정조치했고, 중국의 정보보안제품의 강제인증 도입은 미국, 일본과 공조해 시행을 전면 보류시켰다. 지경부는 "최근 각 국가의 보호무역 추세하에 이러한 외국의 기술규제에 대한 신속한 대응은 기업의 수출향방을 결정할 수 있다"며 "신속한 기술규제 정보 입수와 TBT 규제당국의 역할이 중요해졌다"고 강조했다.
- (전문)美 재무부·연준, 1.5조弗 금융안정책 발표
- [뉴욕=이데일리 전설리특파원] 미국 재무부는 10일(현지시간) 1조5000억달러 규모의 금융시장 안정책을 발표했다. 다음은 티모시 가이트너 미국 재무장관의 연설 전문이다. Remarks by Tim Geithner:As President Obama said in his inaugural address, our economic strength is derived from "the doers, the makers of things."The innovators who create and expand enterprises; the workers who provide life to companies; this is what drives economic growth. The financial system is central to this process. Banks and the credit markets transform the earnings and savings of American workers into the loans that finance a first home, a new car or a college education. And this system provides the capital and credit necessary to build a company around a new idea.Without credit, economies cannot grow at their potential, and right now, critical parts of our financial system are damaged. The credit markets that are essential for small businesses and consumers are not working. Borrowing costs have risen sharply for state and local governments, for students trying to pay for college, and for businesses large and small. Many banks are reducing lending, and across the country they are tightening the terms of loans.Last Friday we learned that the economy had lost three million jobs last year, and an additional 600,000 just last month. As demand falls and credit tightens, businesses around the world are cutting back the investments that are essential to future growth. Trade among nations has contracted sharply, as trade finance has dried up. Home prices are still falling, as foreclosures rise and even credit worthy borrowers are finding it harder to finance the purchase of a first home, or refinance their mortgage. Instead of catalyzing recovery, the financial system is working against recovery. And at the same time, the recession is putting greater pressure on banks. This is a dangerous dynamic, and we need to arrest it. It is essential for every American to understand that the battle for economic recovery must be fought on two fronts. We have to both jumpstart job creation and private investment, and we must get credit flowing again to businesses and families. Without a powerful Economic Recovery Act, too many Americans will lose their jobs and too many businesses will fail. And unless we restore the flow of credit, the recession will be deeper and longer, causing even more damage to families and businesses across the country. Today, as Congress moves to pass an economic recovery plan that will help create jobs and lay a foundation for stronger economic future, we are outlining a new Financial Stability Plan. Our plan will help restart the flow of credit, clean up and strengthen our banks, and provide critical aid for homeowners and for small businesses. As we do each of these things, we will impose new, higher standards for transparency and accountability. I am going to outline the key elements of this program today. But before I do that, I want to explain how we got here. The causes of the crisis are many and complex. They accumulated over time, and will take time to resolve. Governments and central banks around the world pursued policies that, with the benefit of hindsight, caused a huge global boom in credit, pushing up housing prices and financial markets to levels that defied gravity. Investors and banks took risks they did not understand. Individuals, businesses, and governments borrowed beyond their means. The rewards that went to financial executives departed from any realistic appreciation of risk. There were systematic failures in the checks and balances in the system, by Boards of Directors, by credit rating agencies, and by government regulators. Our financial system operated with large gaps in meaningful oversight, and without sufficient constraints to limit risk. Even institutions that were overseen by our complicated, overlapping system of multiple regulators put themselves in a position of extreme vulnerability. These failures helped lay the foundation for the worst economic crisis in generations. When the crisis began, governments around the world were too slow to act. When action came, it was late and inadequate. Policy was always behind the curve, always chasing the escalating crisis. As the crisis intensified and more dramatic government action was required, the emergency actions meant to provide confidence and reassurance too often added to public anxiety and to investor uncertainty. The dramatic failure or near-failure of some of the world's largest financial institutions, and the lack of clear criteria and conditions applied to government interventions caused investors to pull back from taking risk. Last fall, as the global crisis intensified, Congress acted quickly and courageously to provide emergency authority to help contain the damage. The government used that authority to pull the financial system back from the edge of catastrophic failure. The actions your government took were absolutely essential, but they were inadequate. The force of government support was not comprehensive or quick enough to withstand the deepening pressure brought on by the weakening economy. The spectacle of huge amounts of taxpayer assistance being provided to the same institutions that help caused the crisis, with limited transparency and oversight, added to public distrust. This distrust turned to anger as Boards of Directors at some institutions continued to award rich compensation packages and lavish perks to their senior executives. Our challenge is much greater today because the American people have lost faith in the leaders of our financial institutions, and are skeptical that their government has - to this point -- used taxpayers' money in ways that will benefit them. This has to change. To get credit flowing again, to restore confidence in our markets, and restore the faith of the American people, we are fundamentally reshaping the government's program to repair the financial system. Our work will be guided by the lessons of the last few months and the lessons of financial crisis throughout history. The basic principles that will shape our strategy are the following:We believe that the policy response has to be comprehensive, and forceful. There is more risk and greater cost in gradualism than in aggressive action. We believe that action has to be sustained until recovery is firmly established. In the United States in the 30s, Japan in the 90s, and in other cases around the world, previous crises lasted longer and caused greater damage because governments applied the brakes too early. We cannot make that mistake. We believe that access to public support is a privilege, not a right. When our government provides support to banks, it is not for the benefit of banks, it is for the businesses and families who depend on banks... and for the benefit of the country. Government support must come with strong conditions to protect the tax payer and with transparency that allows the American people to see the impact of those investments. We believe our policies must be designed to mobilize and leverage private capital, not to supplant or discourage private capital. When government investment is necessary, it should be replaced with private capital as soon as possible. We believe that the United States has to send a clear and consistent signal that we will act to prevent the catastrophic failure of financial institutions that would damage the broader economy. Guided by these principles, we will replace the current program with a new Financial Stability Plan to stabilize and repair the financial system, and support the flow of credit necessary for recovery. This new Financial Stability Plan will take a comprehensive approach. The Department of the Treasury, the Federal Reserve, the FDIC, and all the financial agencies in our country will bring the full force of the United States Government to bear to strengthen our financial system so that we get the economy back on track. We have different authorities, instruments and responsibilities, but we are one government serving the American people, and I will do everything in my power to ensure that we act as one. Our work begins with a new framework of oversight and governance of all aspects of our Financial Stability Plan. The American people will be able to see where their tax dollars are going and the return on their government's investment, they will be able to see whether the conditions placed on banks and institutions are being met and enforced, they will be able to see whether boards of directors are being responsible with taxpayer dollars and how they're compensating their executives, and they will be able to see how these actions are impacting the overall flow of lending and the cost of borrowing. These new requirements, which will be available on a new website FinancialStability.gov, will give the American people the transparency they deserve. These steps build on what we've done already. We've acted to ensure the integrity of the process that provides access to government support, so that it is independent of influence from lobbyists and politics. We've committed to provide the American people with information on how their money is spent and under what conditions by posting contracts on the Internet. And, importantly, we have outlined strong conditions on executive compensation. Under this framework, we are establishing three new programs to clean up and strengthen the nation's banks, bring in private capital to restart lending, and to go around the banking system directly to the markets that consumers and businesses depend on. Let me describe each of these steps: First, we're going to require banking institutions to go through a carefully designed comprehensive stress test, to use the medical term. We want their balance sheets cleaner, and stronger. And we are going to help this process by providing a new program of capital support for those institutions which need it. To do this, we are going to bring together the government agencies with authority over our nation's major banks and initiate a more consistent, realistic, and forward looking assessment about the risk on balance sheets, and we're going to introduce new measures to improve disclosure. Those institutions that need additional capital will be able to access a new funding mechanism that uses funds from the Treasury as a bridge to private capital. The capital will come with conditions to help ensure that every dollar of assistance is used to generate a level of lending greater than what would have been possible in the absence of government support. And this assistance will come with terms that should encourage the institutions to replace public assistance with private capital as soon as that is possible. The Treasury's investments in these institutions will be placed in a new Financial Stability Trust. Second, alongside this new Financial Stability Trust, together with the Fed, the FDIC, and the private sector, we will establish a Public-Private Investment Fund. This program will provide government capital and government financing to help leverage private capital to help get private markets working again. This fund will be targeted to the legacy loans and assets that are now burdening many financial institutions. By providing the financing the private markets cannot now provide, this will help start a market for the real estate related assets that are at the center of this crisis. Our objective is to use private capital and private asset managers to help provide a market mechanism for valuing the assets. We are exploring a range of different structures for this program, and will seek input from market participants and the public as we design it. We believe this program should ultimately provide up to one trillion in financing capacity, but we plan to start it on a scale of $500 billion, and expand it based on what works. Third, working jointly with the Federal Reserve, we are prepared to commit up to a trillion dollars to support a Consumer and Business Lending Initiative. This initiative will kickstart the secondary lending markets, to bring down borrowing costs, and to help get credit flowing again. In our financial system, 40 percent of consumer lending has historically been available because people buy loans, put them together and sell them. Because this vital source of lending has frozen up, no financial recovery plan will be successful unless it helps restart securitization markets for sound loans made to consumers and businesses - large and small. This lending program will be built on the Federal Reserve's Term Asset Backed Securities Loan Facility, announced last November, with capital from the Treasury and financing from the Federal Reserve. We have agreed to expand this program to target the markets for small business lending, student loans, consumer and auto finance, and commercial mortgages. And because small businesses are so important to our economy, we're going to take additional steps to make it easier for them to get credit from community banks and large banks. By increasing the federally guaranteed portion of SBA loans, and giving more power to the SBA to expedite loan approvals, we believe we can turn around the dramatic decline in SBA lending we have seen in recent months. Finally, we will launch a comprehensive housing program. Millions of Americans have lost their homes, and millions more live with the risk that they will be unable to meet their payments or refinance their mortgages. Many of these families borrowed beyond their means. But many others fell victim to terrible lending practices that left them exposed, overextended, and with no way to refinance. On top of that, homeowners around the country are seeing the value of their homes fall because of forces they did not create and cannot control. This crisis in housing has had devastating consequences, and our government should have moved more forcefully to limit the damage. As house prices fall, demand for housing will increase, and conditions will ultimately find a new balance. But now, we risk an intensifying spiral in which lenders foreclose, pushing house prices lower and reducing the value of household savings, and making it harder for all families to refinance. The President has asked his economic team to come together with a comprehensive plan to address the housing crisis. We will announce the details of this plan in the next few weeks. Our focus will be on using the full resources of the government to help bring down mortgage payments and to reduce mortgage interest rates. We will do this with a substantial commitment of resources already authorized by the Congress under the Emergency Economic Stabilization Act. Let me add that as we go forward, President Obama is committed to moving quickly to reform our entire system of financial regulation so that we never again face a crisis of this severity. We are consulting closely with Chairman Chris Dodd in the Senate, Chairman Barney Frank in the House, and their colleagues on both sides of the aisle on the broad outline of a comprehensive program of reforms. The President's Working Group on Financial Markets is developing detailed recommendations. And we will begin working closely with the world's leading economies on a set of broader reforms to the international financial system in preparation for the G-20 Summit in London on April 2nd. The success of our financial stability plan is going to require an unprecedented level of cooperation, here in the United States and around the world. Federal Reserve Chairman Ben Bernanke, FDIC Chair Sheila Bair, John Dugan, the Comptroller of the Currency, and John Reich the head of the Office of Thrift Supervision, are here today. I want to thank them for helping to shape this plan, and their commitment to making it work. This program will require a substantial and sustained commitment of public resources. Congress has already authorized substantial resources for this effort, and we will use those resources as carefully and effectively as possible. We will consult closely with Congress as we move forward, and work together to make sure we have the resources and the authority to make this program work. Later this week, I will be traveling to meet with the G7 finance ministers and central bank governors in Italy. There, I'll start the process of working with our international partners to ensure that we're working together to strengthen recovery and to help stabilize and repair the global financial system. And we will work closely with the leadership of the IMF and World Bank so that they can deploy resources quickly to help those countries around the world that are most at risk from this crisis. Many of the programs I've just discussed involve large numbers. But it is important to recognize that these programs involve loans, guarantees, and investments with terms and conditions that protect taxpayers and help compensate the government for risk. Because of these terms and conditions, the risk to taxpayers will be less than the headline. Our obligation is to design the programs so that we are achieving the largest benefit in terms of supporting recovery at least cost to the taxpayer. And we take that obligation extremely seriously. But I want to be candid: this strategy will cost money, involve risk, and take time. As costly as this effort may be, we know that the cost of a complete collapse of our financial system would be incalculable for families, for businesses and for our nation. We will have to adapt our program as conditions change. We will have to try things we've never tried before. We will make mistakes. We will go through periods in which things get worse and progress is uneven or interrupted. We will be guided by the principles of transparency and accountability, dedicated to the goals of restoring credit to families and businesses, and committed to moving our nation towards an economic recovery that is as swift and widespread as possible. This is a challenge more complex than any our financial system has ever faced, requiring new programs and persistent attention to solve. But the President, the Treasury and the entire Administration are committed to see it through because we know how directly the future of our economy depends on it. Thank you.
- 오늘의 증시 일정(5일)
- [이데일리 박기용기자] ◇ 5일(목)▲경제지표-유럽 2월 통화정책회의-영국 2월 통화정책회의-미국 12월 공장주문-미국 주간실업수당청구▲추가상장-글로포스트(037830)(국내CB전환, 236만246주, 805원)-넷시큐어테크(033280)놀러지(무상증자, 1082만8413주, 500원)-메디톡스(086900)(주식전환, 43만7500주, 500원)-오페스(053470)(국내CB전환, 60만주, 500원)-유진투자증권(001200)(국내CB전환, 46주, 1304원)-중앙디자인(030030)(국내BW행사, 4만6560주, 1323원)-지앤알(043630)(국내BW행사, 1322주, 3025원) ▲변경상장-코어세스(052210)(감자[교체], 5%, 3633만365주→181만6698주, 500원)▲임시주주총회-루멘디지탈(080140)(정관 변경, 이사 및 감사 교체, 자본감소 승인)-비엔디(047940)(자본감소 승인, 정관변경)-I.S하이텍(060910)(자본감소 승인, 정관 변경, 이사 및 감사 선임)
- 구체화되는 배드뱅크案..美-유럽式 달라
- [이데일리 김윤경기자] 미국 정부가 더 강력한 금융권 구제안을 내놓을 계획인 것으로 알려진 가운데 특히 새로운 카드인 배드뱅크(bad bank)를 놓고 찬반 논란이 뜨겁다. 노벨경제학상 수상자인 조지프 스티글리츠 컬럼비아대 교수는 배드뱅크는 "세금을 쓰레기와 맞바꾸는 정책"이라며 "우리는 매우 다루기 힘든 국가 재정지출에 대해 얘기하고 있다"고 강도 높게 비판하기도 했다. 그러나 반론에도 불구, 유럽까지 배드뱅크 설립을 고려하고 있는 것으로 알려지면서 배드뱅크 설립은 현실화되고 있는 상황. 다만 논란을 최소화하기 위한 작업에 시간이 걸리며 당초 예상보다 발표가 늦어질 가능성은 있어 보인다. 한편 미국과 유럽의 배드뱅크안은 내용이 조금 다르다. 미국식(式)은 정부가 전적으로 부실자산을 떠안는 구조이지만, 유럽은 각 은행별로 배드뱅크를 세워 부실을 자체적으로 해소하도록 하고 보증을 통해 이를 돕겠다는 것이다. 또한 배드뱅크 설립을 통해 금융시스템을 회복, "돈이 돌게 하겠다"는 소기의 목적을 달성할 수 있을지에 대한 의구심도 남아있는 상황이다.◇ 美 금융권 구제 패키지, 내주 발표될 듯 티모시 가이트너 신임 재무장관이 이끌게 된 미국의 재무부가 내놓을 새로운 금융권 구제 패키지는 크게 세 가지 구조인 것으로 알려졌다. ▲ 티모시 가이트너 美 재무장관첫 번째가 바로 모기지 증권 등 은행들의 재무제표를 크게 악화시키고 있는 비유동 부실자산만을 따로 떼내어 흡수, 이를 처리해 주는 배드뱅크를 설립하는 것. 부실자산을 떼어내고 우량자산만을 가진 굿뱅크(Good bank)는 정상적인 영업을 하는 것은 물론, 자금 조달이 더 용이해져 부실을 빨리, 쉽게 떨어낼 수 있게 되는 구조다. 관련기사 ☞ 美 `배드뱅크` 카드로 금융구제 나선다 두 번째는 정부가 은행들의 부실 자산 포트폴리오 가운데 일부를 보증해 줌으로써 향후 손실에 대한 방패막이 역할을 해 주는 것. 세 번째는 보통주 매입. 이는 은행 우선주를 매입하는 것이었던 전 정부의 7000억달러 규무의 부실자산구제계획(TARP)으 약간 수정해 은행들이 발행하는 보통주를 매입할 수도 있도록 바꾼 것이다. 보통주 매입은 향후의 주가 상승으로 인한 이득을 납세자들에게 돌려주기 위한 방편이다. 배드뱅크와 관련해 가장 큰 논란거리는 부실자산 가치산정. 부실자산 가치를 낮게 책정하면 은행이 어렵게 되어 소기의 성과를 거두기 어렵고, 너무 비싸게 산정하면 납세자의 막대한 돈이 투입되게 된다. 그리고 재원 마련의 어려움, 효과가 과연 얼마나 있을 지에 대한 의구심 등도 반론을 부르고 있다. 관련기사 ☞ 美 배드뱅크 `난항`..방안-효과-재원 `논란` 배드뱅크에 들어갈 자금은 많게는 무려 4조달러까지 소요될 것으로 추정되고 있다. 찰스 슈머 상원의원과 골드만삭스 등이 4조달러를 얘기하고 있다. 연방예금보험공사(FDIC)가 보증하는 채권을 발행하거나 TARP 2차 집행분 일부를 사용하는 것, 새로운 TARP 자금을 의회에 요청하는 것, 연방준비제도이사회(Fed)를 통한 대출 등이 재원조달 방법으로 거론되고 있다. 당초 미국의 구제안은 이번 주 발표될 것으로 알려졌지만, 이런 논란이 이어지면서 다음 주로 공개가 미뤄질 것으로 예상되고 있다. 이런 가운데 CNBC는 지난 달 30일(현지시간) 배드뱅크 설립안이 유력하지만 전면 무효화될 수도 있다며 찬반론이 격돌하고 있다고 전했다. ◇ 통합 배드뱅크 vs. 개별 배드뱅크 미국 정부가 고려하고 있는 배드뱅크는 통합형(aggregator bank). 미국에 이어 유럽도 배드뱅크 설립을 논의중이나 통합형이 아닌 개별 은행마다 설립하는 안이 유력한 것으로 전해지고 있다. 독일 정부가 고안하고 있는 배드뱅크 안은 은행별로 내부 배드뱅크를 설립하는 것. 당장 막대한 공적자금을 사용해야 하는 부담을 줄일 수 있다는 장점이 있다. ▲ 공적자금이 투입된 獨 HRE통합 배드뱅크를 만들었을 때 부실자산 인수가격이 높게 책정되면 정부의 재정적자 부담이 늘어나게 되고 도덕적 해이 논란도 발생할 수 있다. 반대로 부실자산 인수가격이 너무 낮게(장부가격 아래로) 책정되면 납세자들의 부담만 키운 채 은행 건전성 제고 효과가 별로 없을 수 있다. 또 은행의 자본이 잠식됨에 따라 은행이 국유화될 수 밖에 없는 상황을 초래할 수도 있다. 이러한 문제점을 극복하기 위해 독일은 은행별 배드뱅크를 설립해 운영하되, 은행의 부실자산 인수 가격이나 보증 가격을 시가(mark to market) 대신 장부가로 쳐줄 방침인 것으로 알려졌다. 현재 장부상 부실자산의 가치가 시가보다 더 높아서 손실 확대를 우려한 은행들이 자산을 처분하려 하지 않고 있는 점을 고려한 것이다. 특수목적법인(SIV)으로 설립되는 개별 배드뱅크에 대해 정부가 보증을 서주고, 만약 추가 부실이 발생할 경우에 다시금 돈을 투입한다는 계획이다. 한마디로 부실자산에 대해 보증을 해준다는 것과 비슷하다. 단, 은행의 장부에서 부실자산이 떨어져 나온다는 점에서 과거 뱅크오브아메리카(BOA)와 씨티그룹의 부실자산을 보증해준 것과는 다른 구조를 갖고 있다.뉴욕대 경영대학원(스턴 스쿨) 맥스 홈즈 겸임 교수는 1일자 뉴욕타임스(NYT) 기고문에서 배드뱅크가 국유화 보다는 나은 방법이지만, 통합형 배드뱅크 보다는 개별형 배드뱅크가 효과적이라고 주장했다. 무엇보다 중요한 것은 정부가 새로운 자금을 마련해 배드뱅크에 쏟아붓지 않고 각 은행들의 채무(liability)에 해당하는 자금을 마련해야 한다는 것. 은행은 채권 등을 발행해 투자자를 끌어들이면 된다는 것이다. 투자자로는 사모투자펀드(Private Equity) 등이 거론되고 있다. ◇ `배드뱅크는 배드 아이디어`통합형이든 아니든 아예 배드뱅크 안에 대한 반론도 강하다. `월가의 족집게`로 불리는 오펜하이머 & Co.의 메디디스 휘트니 애널리스트는 "재무제표에서 부실자산을 제거한다고 해서 은행권 대출이 늘어나지 않을 것"이라며 배드뱅크 설립이 근본적인 해결책이 될 수 없다고 지적했다. 휘트니 애널리스트는 이 보다는 은행들이 갖고 있는 값나가는 자산을 파는 것이 손실을 보전하는데 훨씬 효과적이라고 강조했다. LA타임스는 1일자 사설에서 "배드뱅크는 나쁜 아이디어(`Bad bank` is a bad idea)"라며 정부가 부실자산을 직접 사들이는 것보다 문제가 있는 자산에 대해 보증을 해 주는 것이 최선의 아이디어라고 주장했다. 부실자산 가치를 제대로 산정하기 어렵기 때문에 다만 은행들의 부실자산 보유에 대한 기반만 만들어 주면 된다는 논리다.
- 문희준-환희-화요비, '예능 외도' 가수들 가요계 컴백 '릴레이'
- ▲ MBC '일요일 일요일 밤에-우리 결혼했어요' 가수 환희와 화요비 커플(사진=iMBC 제공)과 SBS '절친노트'에 출연 중인 문희준.[이데일리 SPN 양승준기자] ‘예능 외도 가수들, 가요계로 헤쳐모여!’ 한동안 예능프로그램으로 외도에 나섰던 가수들이 다시금 가요계로 속속 복귀하고 있다. MBC ‘일요일 일요일 밤에-우리 결혼했어요’(이하 우결)에 가상 부부로 출연하고 있는 환희-화요비 커플과 SBS ‘절친노트’에서 고정 MC로 활약하고 있는 문희준이 그들. ‘우결’에서 ‘개똥커플’로 시청자들의 사랑을 받고 있는 환희-화요비 커플은 조만간 프로그램에서 하차해 새 앨범을 들고 가수로 복귀한다. 화요비는 오는 5일 6.5집 ‘디스 이즈 러브’(This Is Love)를 발매하고 '개똥커플' 환희에 앞서 가수 활동을 시작한다. 지난 2008년 3월 발매한 6집 이후 11개월 만의 가수 복귀다.화요비는 발라드 타이틀곡 ‘반쪽’의 뮤직비디오 촬영을 지난 1월31일 모두 끝마친 상태로, 오는 2월 둘째주부터 KBS 2TV ‘이하나의 페퍼민트’ 등에 출연하며 팬들과 만날 예정이다. ▲ 가수 환희와 화요비환희는 오는 13일 플라이 투 더 스카이 8집을 발매하고 본격적인 음악 활동에 나선다. 데뷔 10주년 음반인만큼 조규만, 조영수 등 국내 정상급 작곡가들과 그래미 어워드의 수상자이자 셀린 디온, 엔 싱크 등 미국의 유명 가수들과 작업해온 작곡가 게리 하세가 참여해 음반의 질을 높였다는 게 소속사 관계자의 설명. 8집 발매에 앞서 지난 29일 온라인 음악 사이트에 선 공개된 수록곡 ‘가버려 너’는 브라운아이드소울 멤버 정엽이 작사와 작곡을 맡아 화제가 된 바 있다. ‘개똥커플’의 바통을 이어선 문희준이 오는 3월 새 음반을 발매하고 가요 팬들을 찾는다. 지난 2008년 3월 발매한 스페셜 앨범 ‘옵세션’(Obsession) 이후 1년 만의 복귀다. 문희준은 오는 3월 발매될 5집의 신곡을 자신의 단독 콘서트에서 처음으로 선보일 예정. 문희준은 오는 7, 8일 양일간 서울 방이동 올림픽공원 내 올림픽홀에서 일곱번째 콘서트 ‘이터널 이노베이션’을 열고 신곡을 처음으로 공개한다. 문희준의 소속사 관계자는 “이번 문희준의 새 앨범은 ‘옵세션’에서 선보인 음악적 변화에서 한층 더 발전된 음악을 선보이게 될 것”이라며 기대를 당부했다. 지난해 말, 동방신기 빅뱅 비 원더걸스 등 가요계 빅스타들이 일제히 활동을 마감해 축제 분위기가 시들해진 가요계에 이들의 복귀가 새로운 활력소가 될 수 있을지 여부에 가요팬들의 이목이 집중되고 있다. ▲ 가수 문희준▶ 관련기사 ◀☞문희준, 3월 새 앨범으로 가수 컴백…콘서트서 신곡 첫 공개☞플라이 투 더 스카이, 정엽과 손잡고 새 앨범...29일 수록곡 선공개☞플라이 투 더 스카이, 데뷔 10주년 기념 팬미팅...1월말 정규 8집 발매☞환희-화요비&마르코-손담비, '우결' 출연 후 결혼관 달라졌다☞플라이투더스카이 측 “中 팬 폭행 오해, 어쩔 수 없는 상황이었다”
- 이번주 재테크 캘린더
- [이데일리 박기용기자]◇ 2일(월)▲경제지표-한국 1월 소비자물가-한국 1월 수출-미국 1월 ISM 제조업지수-미국 12월 개인소득-미국 12월 개인지출-미국 12월 건설지출▲추가상장-엔블루(032030)와이드(합병증자, 1503만9728주, 500원)-폴켐(033190)(해외BW행사, 93만2274주, 500원)▲변경상장-티티씨아이(060900)(감자[교체], 6.6666666%, 5143만160주→342만8677주)-티티씨아이(060900)→트루맥스(상호변경)▲임시주주총회-에스인포텍(032790)(이사 및 감사 선임, 정관 변경)-엔알디(065170)(이사 및 감사 선임, 정관 변경)-한신DNP(012170)(자본감소 승인, 이사 및 감사 선임)◇ 3일(화)▲추가상장-디초콜릿(043680)이앤티에프(유상증자[일반공모], 199만9990주, 1000원)-케이앤컴퍼니(053590)(유상증자[3자배정], 120만1200주, 1665원)-트리니티(053070)(유상증자[3자배정], 727만2727주, 110원)▲변경상장-유니와이드(034010)테크놀러지(감자[교체], 25%, 1796만1900주→449만0475주)-유니와이드(034010)테크놀러지→확인영어사(상호변경)▲신규상장-이수앱지스▲임시주주총회-에스지어드밴텍(049470)(회사분할 승인)-오라에너지(016160)(이사 선임, 정관 변경)-한전KPS(051600)(이사 선임, 정관 변경)◇ 4일(수)▲경제지표-미국 1월 ISM 제조업지수▲추가상장-글로넥스(044180)(유상증자[일반공모], 399만9800주, 500원)-지오엠씨(033030)(유상증자[일반공모], 179만8000주, 500원)-팬텀엔터그룹(025460)(유상증자[일반공모], 19만9500주, 720원)-삼성수산(052560)(국내CB전환, 92만주, 500원)▲변경상장-엔디코프(032980)→폴리비전(상호변경)▲임시주주총회-휴바이론(064090)(이사 및 감사 교체)◇ 5일(목)▲경제지표-유럽 2월 통화정책회의-영국 2월 통화정책회의-미국 12월 공장주문-미국 주간실업수당청구▲임시주주총회-루멘디지탈(080140)(정관 변경, 이사 및 감사 교체, 자본감소 승인)-비엔디(047940)(자본감소 승인, 정관변경)-I.S하이텍(060910)(자본감소 승인, 정관 변경, 이사 및 감사 선임)◇ 6일(금)▲경제지표-미국 12월 소비자신용-미국 1월 비농업취업자증감▲임시주주총회-네스테크(037540)(정관 변경, 이사 선임)-단성일렉트론(085990)(이사 및 감사 선임)-테이크시스템(076090)즈(이사 및 사외이사 선임, 자본감소 승인)
- 오늘의 증시 일정(30일)
- [이데일리 박기용기자] ◇ 30일(금)▲경제지표-미국 4분기 GDP-미국 1월 시카고 PMI-미국 미시건대 소비자신뢰지수-유럽 12월 실업률▲추가상장-오라에너지(016160)(유상증자[3자배정], 66만6700주, 300원)-휴람알앤씨(046940)(유상증자[3자배정], 399만9800주, 500원)-지오엠씨(033030)(유상증자[일반공모], 220만주, 500)-하이닉스반도체(000660)(유상증자[일반공모], 6000만주, 5400원)-고려제강(002240)(무상증자, 30.005963%, 300만주, 1000원)-인네트(041450)(해외BW행사, 446만9700주, 500)-유진투자증권(001200)(스톡옵션행사, 3만주, 676원)▲변경상장-다르앤코(067990)(감자[교체], 12.5%, 2695만7118주→336만9639주)-다르앤코(067990)→도이치모터스(상호변경)-동북아9호(083120)(감자[소각/교체], 95.833306%, 151만1630주→144만8645주)-한세실업(016450)(감자[교체], 25%, 4000만주→1000만주)-한세실업(016450)→한세예스24홀딩스(상호변경)▲임시주주총회-이롬텍(045400)(재무제표 승인, 정관 변경, 이사 선임, 이사 및 감사 보수한도액 승인)-글로넥스(044180)(이사 선임, 정관 변경)-대한전선(001440)(정관 변경)-I.S하이텍(060910)(자본감소 승인, 정관 변경, 이사 및 감사 선임)-오라에너지(016160)(정관 변경, 이사 선임)-윈드스카이(052290)(이사 해임, 정관 변경)-유니테스트(086390)(정관 변경, 이사 및 감사 선임)-이룸지엔지(050640)(회사분할 승인, 정관 변경)-이앤텍(047450)(정관 변경, 이사 및 감사 선임)-인크루트(060300)(회사분할 승인)-제네시스(052640)엔알디(자본감소 승인)-포넷(048270)(이사 및 사외이사 선임, 정관 변경)-한국슈넬제약(003060)(자본감소 승인, 정관 변경)
- (번역)美 FOMC 1월 성명서.."디플레 대응하겠다"
- [뉴욕=이데일리 지영한특파원] 다음은 28일(현지시간) 미국 연방준비제도이사회(Fed)의 공개시장위원회(FOMC)가 발표한 통화정책 성명서 전문 번역이다.2009년 1월28일 연방공개시장위원회는 오늘 0~0.25%인 연방기금금리 목표 레인지를 유지하기로 결정했다. 위원회는 경제상황들이 예외적으로 낮은 연방기금금리의 수준을 당분간 정당화할 것이란 전망을 유지한다. 12월 위원회 모임 이후 경제가 더욱 약화됐다는 정보를 얻었다. 소비자와 기업체들이 지출을 줄이고 있기 때문에 산업생산, 주택착공 그리고 고용은 계속해서 가파르게 감소하고 있다. 더욱더, 글로벌 수요는 상당할 정도로 둔화되고 있는 듯 싶다. 부분적으로 유동성을 공급하고 금융기관을 강화하려는 정부의 노력이 부분적으로 반영돼, 일부 금융시장의 상황은 개선되고 있다. 그럼에도 불구하고, 가계와 기업들의 신용상황들은 극도로 경색돼 있다. 위원회는 경제활동이 올 하반기부터 점진적으로 개선될 것으로 예상한다. 그러나 이같은 전망을 하향조정할 가능성도 상당하다. 최근 몇달간 에너지와 상품 가격 하락과 상당한 경기침체 전망을 고려하면, 위원회는 인플레이션 압력이 향후 수분기동안 완화될 것으로 전망한다. 게다가, 위원회는 인플레이션이 경제성장과 장기적인 물가안정을 최적으로 촉진할 수 있는 수준보다 낮은 수준을 당분간 지속할 리스크도 몇몇 있다. 연준은 지속가능한 경제성장이 재개되도록 도모하고, 물가안정성을 지키기 위해 모든 가용한 수단을 사용할 것이다. 위원회 정책의 포커스는 금융시장 기능을 지원하고, 공개시장 조작과 연준의 대차대조표 규모를 높은 수준으로 유지함으로써 경제를 촉진하는데 있다. 연준은 모기지 및 주택시장에 대한 지원을 공급하기 위해 대규모로 모기지기관의 채권과 모기지담보증권을 계속해서 사들일 것이다. 그리고 상황이 정당화될 때 연준은 이러한 매입규모와 매입프로그램의 기간을 확대할 준비가 돼 있다. 위원회는 또 전개되는 상황에 따라 이같은 조치들이 특히 민간 신용 시장의 상황을 개선시키는데 효과가 있음을 보여준다면 장기 국채 매입도 준비할 것이다. 연준은 가계와 소기업에 대한 신용확대를 촉진하기 위해 기간 자산담보부증권 대출창구(Term Asset-Backed Securities Loan Facility)를 시행할 것이다. 위원회는 금융시장의 전개과정을 고려해 연준의 대차대조표의 규모와 구성물을 주의있게 모니터하고, 대출수단들의 확대와 완화가 신용시장 및 경제활동을 더 지원할 수 있는지, 그리고 물가안정을 유지하는데 도움을 주는지에 대한 평가도 지속하겠다. 찬성 위원: 벤 버냉키, 윌리엄 더들리, 엘리자베스 듀크, 찰스 애반스, 도날드 콘, 데니스 록하트, 케빈 워시, 자넷 옐렌. 반대 위원 : 제프리 래커. 제프리 래커는 특정 목적의 신용 프로그램보다는 미국의 국채 매입을 통한 본원통화 확대를 선호했다.(원문)The Federal Open Market Committee decided today to keep its target range for the federal funds rate at 0 to 1/4 percent. The Committee continues to anticipate that economic conditions are likely to warrant exceptionally low levels of the federal funds rate for some time.Information received since the Committee met in December suggests that the economy has weakened further. Industrial production, housing starts, and employment have continued to decline steeply, as consumers and businesses have cut back spending. Furthermore, global demand appears to be slowing significantly. Conditions in some financial markets have improved, in part reflecting government efforts to provide liquidity and strengthen financial institutions; nevertheless, credit conditions for households and firms remain extremely tight. The Committee anticipates that a gradual recovery in economic activity will begin later this year, but the downside risks to that outlook are significant.In light of the declines in the prices of energy and other commodities in recent months and the prospects for considerable economic slack, the Committee expects that inflation pressures will remain subdued in coming quarters. Moreover, the Committee sees some risk that inflation could persist for a time below rates that best foster economic growth and price stability in the longer term.The Federal Reserve will employ all available tools to promote the resumption of sustainable economic growth and to preserve price stability. The focus of the Committee's policy is to support the functioning of financial markets and stimulate the economy through open market operations and other measures that are likely to keep the size of the Federal Reserve's balance sheet at a high level. The Federal Reserve continues to purchase large quantities of agency debt and mortgage-backed securities to provide support to the mortgage and housing markets, and it stands ready to expand the quantity of such purchases and the duration of the purchase program as conditions warrant. The Committee also is prepared to purchase longer-term Treasury securities if evolving circumstances indicate that such transactions would be particularly effective in improving conditions in private credit markets. The Federal Reserve will be implementing the Term Asset-Backed Securities Loan Facility to facilitate the extension of credit to households and small businesses. The Committee will continue to monitor carefully the size and composition of the Federal Reserve's balance sheet in light of evolving financial market developments and to assess whether expansions of or modifications to lending facilities would serve to further support credit markets and economic activity and help to preserve price stability.Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; William C. Dudley, Vice Chairman; Elizabeth A. Duke; Charles L. Evans; Donald L. Kohn; Dennis P. Lockhart; Kevin M. Warsh; and Janet L. Yellen. Voting against was Jeffrey M. Lacker, who preferred to expand the monetary base at this time by purchasing U.S. Treasury securities rather than through targeted credit programs.
- (원문)FOMC 기준금리 0~0.25% 동결
- [뉴욕=이데일리 지영한특파원] 다음은 1월 FOMC 성명서 전문이다. Release Date: January 28, 2009 For immediate release The Federal Open Market Committee decided today to keep its target range for the federal funds rate at 0 to 1/4 percent. The Committee continues to anticipate that economic conditions are likely to warrant exceptionally low levels of the federal funds rate for some time.Information received since the Committee met in December suggests that the economy has weakened further. Industrial production, housing starts, and employment have continued to decline steeply, as consumers and businesses have cut back spending. Furthermore, global demand appears to be slowing significantly. Conditions in some financial markets have improved, in part reflecting government efforts to provide liquidity and strengthen financial institutions; nevertheless, credit conditions for households and firms remain extremely tight. The Committee anticipates that a gradual recovery in economic activity will begin later this year, but the downside risks to that outlook are significant.In light of the declines in the prices of energy and other commodities in recent months and the prospects for considerable economic slack, the Committee expects that inflation pressures will remain subdued in coming quarters. Moreover, the Committee sees some risk that inflation could persist for a time below rates that best foster economic growth and price stability in the longer term.The Federal Reserve will employ all available tools to promote the resumption of sustainable economic growth and to preserve price stability. The focus of the Committee's policy is to support the functioning of financial markets and stimulate the economy through open market operations and other measures that are likely to keep the size of the Federal Reserve's balance sheet at a high level. The Federal Reserve continues to purchase large quantities of agency debt and mortgage-backed securities to provide support to the mortgage and housing markets, and it stands ready to expand the quantity of such purchases and the duration of the purchase program as conditions warrant. The Committee also is prepared to purchase longer-term Treasury securities if evolving circumstances indicate that such transactions would be particularly effective in improving conditions in private credit markets. The Federal Reserve will be implementing the Term Asset-Backed Securities Loan Facility to facilitate the extension of credit to households and small businesses. The Committee will continue to monitor carefully the size and composition of the Federal Reserve's balance sheet in light of evolving financial market developments and to assess whether expansions of or modifications to lending facilities would serve to further support credit markets and economic activity and help to preserve price stability.Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; William C. Dudley, Vice Chairman; Elizabeth A. Duke; Charles L. Evans; Donald L. Kohn; Dennis P. Lockhart; Kevin M. Warsh; and Janet L. Yellen. Voting against was Jeffrey M. Lacker, who preferred to expand the monetary base at this time by purchasing U.S. Treasury securities rather than through targeted credit programs.
- 이번주 재테크 캘린더
- [이데일리 박기용기자]◇ 26일(월) <설날>▲경제지표-미국 12월 경기선행지수◇ 27일(화) <설 연휴>◇ 28일(수)▲경제지표-미국 FOMC(27~28일)▲추가상장-조광아이엘아이(044060)(유상증자[3자배정], 44만4100주, 4500원)-폴켐(033190)(유상증자[일반공모], 399만9800주, 500)-티엔터테인먼트(035620)(국내BW행사, 21만8340주, 1145원)-지오엠씨(033030)(국내CB전환, 10만9324주, 1555원)-특수건설(026150)(국내CB전환, 4만8115주, 6480원)▲임시주주총회-한국기술산업(008320)(재무제표 승인, 정관 변경, 이사 선임, 이사 및 감사 보수한도액 승인)-도움(078610)(정관 변경, 이사 및 감사 선임, 자본감소 승인)-한국오발(017010)(정관 변경, 자본감소 승인, 이사 선임, 회사분할 승인)◇ 29일(목)▲경제지표-한국 12월 산업활동-미국 12월 신규주택판매-미국 12월 내구재주문-미국 주간 실업수당청구건수▲추가상장-모코코(058900)(국내BW행사, 140만7743주, 1420원)-세중나모여행(039310)(스톡옵션행사, 1만5615주, 1706원)▲변경상장-에버리소스(020070)(감자[교체], 5%, 4716만5781주→235만8289주, 1000원)▲임시주주총회-위너스인프라인(005760)(재무제표 승인, 정관 변경, 이사 선임, 이사 및 감사 보수한도액 승인)-네오리소스(058550)(회사분할 승인, 정관 변경, 전환사채 발행승인의 건, 자본감소 승인)-대한제강(084010)(정관 변경)-동양텔레콤(007150)(정관 변경)-산양전기(079870)(자본감소 승인, 정관 변경, 이사 선임)-엔티피아(068150)(정관 변경, 이사 및 감사 선임)-테스텍(048510)(정관 변경, 자본감소 승인)-파워로직스(047310)(이사 선임 및 해임)◇ 30일(금)▲경제지표-미국 4분기 GDP-미국 1월 시카고 PMI-미국 미시건대 소비자신뢰지수-유럽 12월 실업률▲추가상장-오라에너지(016160)(유상증자[3자배정], 66만6700주, 300원)-휴람알앤씨(046940)(유상증자[3자배정], 399만9800주, 500원)-지오엠씨(033030)(유상증자[일반공모], 220만주, 500)-하이닉스반도체(000660)(유상증자[일반공모], 6000만주, 5400원)-고려제강(002240)(무상증자, 30.005963%, 300만주, 1000원)-인네트(041450)(해외BW행사, 446만9700주, 500)▲변경상장-다르앤코(067990)(감자[교체], 12.5%, 2695만7118주→336만9639주)-다르앤코(067990)→도이치모터스(상호변경)-동북아9호(083120)(감자[소각/교체], 95.833306%, 151만1630주→144만8645주)-한세실업(016450)(감자[교체], 25%, 4000만주→1000만주)-한세실업(016450)→한세예스24홀딩스(상호변경)▲임시주주총회-이롬텍(045400)(재무제표 승인, 정관 변경, 이사 선임, 이사 및 감사 보수한도액 승인)-글로넥스(044180)(이사 선임, 정관 변경)-대한전선(001440)(정관 변경)-I.S하이텍(060910)(자본감소 승인, 정관 변경, 이사 및 감사 선임)-오라에너지(016160)(정관 변경, 이사 선임)-윈드스카이(052290)(이사 해임, 정관 변경)-유니테스트(086390)(정관 변경, 이사 및 감사 선임)-이룸지엔지(050640)(회사분할 승인, 정관 변경)-이앤텍(047450)(정관 변경, 이사 및 감사 선임)-인크루트(060300)(회사분할 승인)-제네시스(052640)엔알디(자본감소 승인)-포넷(048270)(이사 및 사외이사 선임, 정관 변경)-한국슈넬제약(003060)(자본감소 승인, 정관 변경)
- (전문)오바마 대통령 취임사
- [뉴욕=이데일리 지영한특파원] 다음은 미국의 제44대 대통령에 취임한 버락 오바마 대통령의 취임사 전문(Barack Obama’s Inaugural Address)이다. My fellow citizens: I stand here today humbled by the task before us, grateful for the trust you have bestowed, mindful of the sacrifices borne by our ancestors. I thank President Bush for his service to our nation, as well as the generosity and cooperation he has shown throughout this transition. Forty-four Americans have now taken the presidential oath. The words have been spoken during rising tides of prosperity and the still waters of peace. Yet, every so often the oath is taken amidst gathering clouds and raging storms. At these moments, America has carried on not simply because of the skill or vision of those in high office, but because We the People have remained faithful to the ideals of our forbearers, and true to our founding documents. So it has been. So it must be with this generation of Americans. That we are in the midst of crisis is now well understood. Our nation is at war, against a far-reaching network of violence and hatred. Our economy is badly weakened, a consequence of greed and irresponsibility on the part of some, but also our collective failure to make hard choices and prepare the nation for a new age. Homes have been lost; jobs shed; businesses shuttered. Our health care is too costly; our schools fail too many; and each day brings further evidence that the ways we use energy strengthen our adversaries and threaten our planet. These are the indicators of crisis, subject to data and statistics. Less measurable but no less profound is a sapping of confidence across our land - a nagging fear that America’s decline is inevitable, and that the next generation must lower its sights. Today I say to you that the challenges we face are real. They are serious and they are many. They will not be met easily or in a short span of time. But know this, America - they will be met. On this day, we gather because we have chosen hope over fear, unity of purpose over conflict and discord. On this day, we come to proclaim an end to the petty grievances and false promises, the recriminations and worn out dogmas, that for far too long have strangled our politics. We remain a young nation, but in the words of Scripture, the time has come to set aside childish things. The time has come to reaffirm our enduring spirit; to choose our better history; to carry forward that precious gift, that noble idea, passed on from generation to generation: the God-given promise that all are equal, all are free, and all deserve a chance to pursue their full measure of happiness. In reaffirming the greatness of our nation, we understand that greatness is never a given. It must be earned. Our journey has never been one of short-cuts or settling for less. It has not been the path for the faint-hearted - for those who prefer leisure over work, or seek only the pleasures of riches and fame. Rather, it has been the risk-takers, the doers, the makers of things - some celebrated but more often men and women obscure in their labor, who have carried us up the long, rugged path towards prosperity and freedom. For us, they packed up their few worldly possessions and traveled across oceans in search of a new life. For us, they toiled in sweatshops and settled the West; endured the lash of the whip and plowed the hard earth. For us, they fought and died, in places like Concord and Gettysburg; Normandy and Khe Sahn. Time and again these men and women struggled and sacrificed and worked till their hands were raw so that we might live a better life. They saw America as bigger than the sum of our individual ambitions; greater than all the differences of birth or wealth or faction. This is the journey we continue today. We remain the most prosperous, powerful nation on Earth. Our workers are no less productive than when this crisis began. Our minds are no less inventive, our goods and services no less needed than they were last week or last month or last year. Our capacity remains undiminished. But our time of standing pat, of protecting narrow interests and putting off unpleasant decisions - that time has surely passed. Starting today, we must pick ourselves up, dust ourselves off, and begin again the work of remaking America. For everywhere we look, there is work to be done. The state of the economy calls for action, bold and swift, and we will act - not only to create new jobs, but to lay a new foundation for growth. We will build the roads and bridges, the electric grids and digital lines that feed our commerce and bind us together. We will restore science to its rightful place, and wield technology’s wonders to raise health care’s quality and lower its cost. We will harness the sun and the winds and the soil to fuel our cars and run our factories. And we will transform our schools and colleges and universities to meet the demands of a new age. All this we can do. And all this we will do. Now, there are some who question the scale of our ambitions - who suggest that our system cannot tolerate too many big plans. Their memories are short. For they have forgotten what this country has already done; what free men and women can achieve when imagination is joined to common purpose, and necessity to courage. What the cynics fail to understand is that the ground has shifted beneath them - that the stale political arguments that have consumed us for so long no longer apply. The question we ask today is not whether our government is too big or too small, but whether it works - whether it helps families find jobs at a decent wage, care they can afford, a retirement that is dignified. Where the answer is yes, we intend to move forward. Where the answer is no, programs will end. And those of us who manage the public’s dollars will be held to account - to spend wisely, reform bad habits, and do our business in the light of day - because only then can we restore the vital trust between a people and their government. Nor is the question before us whether the market is a force for good or ill. Its power to generate wealth and expand freedom is unmatched, but this crisis has reminded us that without a watchful eye, the market can spin out of control - and that a nation cannot prosper long when it favors only the prosperous. The success of our economy has always depended not just on the size of our Gross Domestic Product, but on the reach of our prosperity; on our ability to extend opportunity to every willing heart - not out of charity, but because it is the surest route to our common good. As for our common defense, we reject as false the choice between our safety and our ideals. Our Founding Fathers, faced with perils we can scarcely imagine, drafted a charter to assure the rule of law and the rights of man, a charter expanded by the blood of generations. Those ideals still light the world, and we will not give them up for expedience’s sake. And so to all other peoples and governments who are watching today, from the grandest capitals to the small village where my father was born: know that America is a friend of each nation and every man, woman, and child who seeks a future of peace and dignity, and that we are ready to lead once more. Recall that earlier generations faced down fascism and communism not just with missiles and tanks, but with sturdy alliances and enduring convictions. They understood that our power alone cannot protect us, nor does it entitle us to do as we please. Instead, they knew that our power grows through its prudent use; our security emanates from the justness of our cause, the force of our example, the tempering qualities of humility and restraint. We are the keepers of this legacy. Guided by these principles once more, we can meet those new threats that demand even greater effort - even greater cooperation and understanding between nations. We will begin to responsibly leave Iraq to its people, and forge a hard-earned peace in Afghanistan. With old friends and former foes, we will work tirelessly to lessen the nuclear threat, and roll back the specter of a warming planet. We will not apologize for our way of life, nor will we waver in its defense, and for those who seek to advance their aims by inducing terror and slaughtering innocents, we say to you now that our spirit is stronger and cannot be broken; you cannot outlast us, and we will defeat you. For we know that our patchwork heritage is a strength, not a weakness. We are a nation of Christians and Muslims, Jews and Hindus - and non-believers. We are shaped by every language and culture, drawn from every end of this Earth; and because we have tasted the bitter swill of civil war and segregation, and emerged from that dark chapter stronger and more united, we cannot help but believe that the old hatreds shall someday pass; that the lines of tribe shall soon dissolve; that as the world grows smaller, our common humanity shall reveal itself; and that America must play its role in ushering in a new era of peace. To the Muslim world, we seek a new way forward, based on mutual interest and mutual respect. To those leaders around the globe who seek to sow conflict, or blame their society’s ills on the West - know that your people will judge you on what you can build, not what you destroy. To those who cling to power through corruption and deceit and the silencing of dissent, know that you are on the wrong side of history; but that we will extend a hand if you are willing to unclench your fist. To the people of poor nations, we pledge to work alongside you to make your farms flourish and let clean waters flow; to nourish starved bodies and feed hungry minds. And to those nations like ours that enjoy relative plenty, we say we can no longer afford indifference to suffering outside our borders; nor can we consume the world’s resources without regard to effect. For the world has changed, and we must change with it. As we consider the road that unfolds before us, we remember with humble gratitude those brave Americans who, at this very hour, patrol far-off deserts and distant mountains. They have something to tell us today, just as the fallen heroes who lie in Arlington whisper through the ages. We honor them not only because they are guardians of our liberty, but because they embody the spirit of service; a willingness to find meaning in something greater than themselves. And yet, at this moment - a moment that will define a generation - it is precisely this spirit that must inhabit us all. For as much as government can do and must do, it is ultimately the faith and determination of the American people upon which this nation relies. It is the kindness to take in a stranger when the levees break, the selflessness of workers who would rather cut their hours than see a friend lose their job which sees us through our darkest hours. It is the firefighter’s courage to storm a stairway filled with smoke, but also a parent’s willingness to nurture a child, that finally decides our fate. Our challenges may be new. The instruments with which we meet them may be new. But those values upon which our success depends - hard work and honesty, courage and fair play, tolerance and curiosity, loyalty and patriotism - these things are old. These things are true. They have been the quiet force of progress throughout our history. What is demanded then is a return to these truths. What is required of us now is a new era of responsibility - a recognition, on the part of every American, that we have duties to ourselves, our nation, and the world, duties that we do not grudgingly accept but rather seize gladly, firm in the knowledge that there is nothing so satisfying to the spirit, so defining of our character, than giving our all to a difficult task. This is the price and the promise of citizenship. This is the source of our confidence - the knowledge that God calls on us to shape an uncertain destiny. This is the meaning of our liberty and our creed - why men and women and children of every race and every faith can join in celebration across this magnificent mall, and why a man whose father less than sixty years ago might not have been served at a local restaurant can now stand before you to take a most sacred oath. So let us mark this day with remembrance, of who we are and how far we have traveled. In the year of America’s birth, in the coldest of months, a small band of patriots huddled by dying campfires on the shores of an icy river. The capital was abandoned. The enemy was advancing. The snow was stained with blood. At a moment when the outcome of our revolution was most in doubt, the father of our nation ordered these words be read to the people: "Let it be told to the future world...that in the depth of winter, when nothing but hope and virtue could survive...that the city and the country, alarmed at one common danger, came forth to meet [it]." America. In the face of our common dangers, in this winter of our hardship, let us remember these timeless words. With hope and virtue, let us brave once more the icy currents, and endure what storms may come. Let it be said by our children’s children that when we were tested we refused to let this journey end, that we did not turn back nor did we falter; and with eyes fixed on the horizon and God’s grace upon us, we carried forth that great gift of freedom and delivered it safely to future generations.
