Note Data are seasonally adjusted.

AMENDED RULES OF PROCEDURE

Provisional rules of procedure as amended

With that revision, the Swiss proposal was adopted.

IX. AMENDED RULES OF PROCEDURE . 217

Note Seasonally adjusted annual rate.

Real rate of interest (investment return after inflation) 2.0 3.0 4.0

Article 2 Relationship to the 1999 Amendment

Article 2 Relationship to the 1999 Amendment

Gordon also points to the recent slowdown in real (inflation adjusted) GDP growth.

Paragraph 6, as amended, was retained.

Paragraph 19, as amended, was adopted.

Paragraph 20, as amended, was adopted.

In fact, investors have long accepted real (inflation adjusted) negative returns.

A statement in connection with the proposed amendment was made by the representative of Australia.

The representative of Canada made a statement in connection with the proposed amendment.

If allowance were made for inflation, the resulting decline in real terms would be much larger.

Adjusted for population density, that is less than one percent of the impact of the Haitian quake.

The seventh preambular paragraph was adopted as amended.

The text of rule 66, as amended, reads as follows

28. The annex, as orally amended, was adopted.

So only a guilty verdict would suffice, but it still had to be qualified with a finding of insanity.

Deflation increases the real (inflation adjusted) debt burden, as well as the real interest rate.

Operative paragraph 7, as amended, was adopted.

6. Paragraph 2, as orally amended, was adopted.

18. Paragraph 14, as orally amended, was adopted.

21. Paragraph 16, as orally amended, was adopted.

24. Paragraph 18, as orally amended, was adopted.

37. The CHAIRMAN said that he could agree to the Colombian amendment.

Taking into account our backwardness and wildness, as well as the size of the Soviet Union this would have been some 6 7 million of dead bodies.

The draft resolution, as amended, was adopted for recommendation to the plenary.

In comparison, the inflation corrected Shanghai Composite only doubled during this period, while the American stock market, as measured by the inflation corrected Standard and Poor s 500, increased only 50 .

Statements in connection with the draft resolution were made by Mr. Alfonso Martínez, Mr. Bengoa, Mr. Bossuyt, Mr. Chen Shiqiu, Mr. Decaux, Ms. Hampson, Ms. Motoc, Mr. Pinheiro, Mr. Sattar, Mr. Sorabjee, Mr. Tuñón Veilles and Ms. Warzazi.

The text of rule 87 as amended reads as follows

The text of rule 92 as amended reads as follows

The text of rule 94 as amended reads as follows

In the last decade, the average real (inflation adjusted) return on deposits has been near zero.

Real (inflation adjusted) interest rates in Germany became substantially negative, triggering a housing boom.

At its 49th meeting, the Council adopted the draft resolution, as orally revised.

That ratio was 113.4, including adjustment for the cost of living differential, and 132.0 without that adjustment.

34. At the same meeting, the Council adopted the draft decision as orally amended.

The majority is in agreement with the amendment only one delegation opposes it and it is fully entitled to do so.

The Third Amendment is called the Quartering amendment.

As a result, from 1995 to 2007, inflation adjusted government fiscal revenue increased 5.7 times.

Worse, the surplus fell from 3.2 to 0.5 of GDP, and fell even allowing for the business cycle.