From http://emperors-clothes.com/indexe.htm }}>Begin Document: Commerce Department Recruits Montenegro Privatizers www.tenc.net [Emperor's Clothes] Introductory note (especially for those who are economics-phobic): The document below is aimed at informing investors of a juicy opportunity. It discusses, in a matter of fact way, the transformation of Montenegrin public property (i.e., property which is at present the common possession of the population of Montenegro) into foreign-owned property. That this transition (from owned collectively by Montenegrins to privately owned by multinationals and so on) - that this transition includes a step where local people get vouchers - this is a ruse. A trick. Intended to lull people into thinking they are being turned into the owners of - what was theirs already! (But supposedly now with a chance to get rich. If you believe that, I got a bridge for you in Brooklyn.) The people and their vouchers will be soon parted,. this process being guaranteed by the following statement, from the document: "Under Montenegrin legislation foreign and domestic investors receive equal treatment. Foreign investors may convert local currency into foreign currency. Foreign investors may repatriate profits and capital to their country of origin and will enjoy a five year tax holiday on corporate profits. " This means the Montenegrin economy will be entirely open to foreign speculative manipulation. (It is already "on" the German mark, thus preventing the government from exercising serious control). By opening the entire economy to foreign manipulation, the general population can readily be put in a position of financial desperation. The multiationals, of course, are immune from suffering, so all they have to do is wait and then buy up the vouchers for pennies on the dollar. The Montenegrins will lose "their patrimony" And their liberty, at one fell swoop. Meanwhile, as the text below promises, the whole deal should be a plum for the foreign investors who can now add one of the world's prime pieces of real estate to their possessions. -- Jared Israel Compiled and provided by the U.S. Department of Commerce's Bosnia/Balkan Task Force, part of the Central and Eastern Europe Business Information Center (CEEBIC). A weekly update of commercial information and opportunities for U.S. firms interested in Bosnia & Herzegovina, Croatia, FYR Macedonia, Kosovo and the Balkans. Compiled and provided by the U.S. Department of Commerce's Bosnia/Balkan Task Force, part of the Central and Eastern Europe Business Information Center (CEEBIC). Montenegro: Seeks Privatization Fund Manager Date: 08/28/2000 6:00:33 PM Eastern Daylight Time From: [EMAIL PROTECTED] (CEEBIC) Introduction Montenegro will begin a privatization program which will return formerly nationalized companies to the private sector. USAID is providing technical support to Montenegro during the privatization process. Montenegro has developed legislation and regulations for the privatization process. Under Montenegrin legislation foreign and domestic investors receive equal treatment. Foreign investors may convert local currency into foreign currency. Foreign investors may repatriate profits and capital to their country of origin and will enjoy a five year tax holiday on corporate profits. Privatization The privatization program will have two phases. In the first, 419,000 Montenegrin adults will receive vouchers from the government. These vouchers, which repesent the national patrimony, will permit these citizens to bid for shares of companies being privatized during an auction which will constitute the second phase. A total of 222 small and medium sized companies will be auctioned off in the second phase as will 19 large ones. The nominal book value of the entire privatization program will be 2.3 billion DM. Instead of bidding for shares directly many Montenegrins may prefer to turn over their vouchers to privatization funds which will bid for shares, creating a diversified portfolio of stocks. The voucher holders will receive units of the fund in exchange for these vouchers. The government of the Republic of Monetenegro is seeking experienced portfolio managers to manage these funds. Applicants should be prepared to demonstrate a record of prior fund managements and present a 3 year business plan. Successful applicants are required to invest a minimum of 250,000 DM in the management company. The Montenegrin government expects that managing the privatization funds should be quite profitable. The management fee is up to 5 of assets under management. The fund will play an active role in restructuring companies in their portfolios. Many of the companies will need to be upgraded in terms of management and financing. By restructuring these companies privatization funds should be able to add value to the portfolio over the long term thus greatly enhancing its market value. To find out additional information about this project, please contact Mr. Fletcher Hodges via e-mail at: [EMAIL PROTECTED] *** If you find emperors-clothes useful, we can use your help... (The Soros Foundation does NOT fund Emperors Clothes.) We rely on volunteer labor and donations. Our expenses include: Internet fees, Lexis, our Internet research tool, and phone bills. We use the phone a lot for interviews and to discuss editorial changes. Every month hundreds of thousands of people read articles from Emperor's Clothes. By making a contribution you will be helping to spread the word. To make a donation, please mail a check to Emperor's Clothes, P.O. Box 610-321, Newton, MA 02461-0321. (USA) Thanks for reading and for helping! www.tenc.net [Emperor's Clothes] End<{{ A<>E<>R Integrity has no need of rules. -Albert Camus (1913-1960) + + + + + + + + + + + + + + + + + + + + + + + + + + + + The only real voyage of discovery consists not in seeking new landscapes but in having new eyes. -Marcel Proust ~~~~~~~~~~~~~~~~~~~~ The libertarian therefore considers one of his prime educational tasks is to spread the demystification and desanctification of the State among its hapless subjects. His task is to demonstrate repeatedly and in depth that not only the emperor but even the "democratic" State has no clothes; that all governments subsist by exploitive rule over the public; and that such rule is the reverse of objective necessity. He strives to show that the existence of taxation and the State necessarily sets up a class division between the exploiting rulers and the exploited ruled. 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