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Saturday, May 6, 2017

TNT UPDATE, 6 MAY

TNT:

Wrider22:  Check this out ... Only 7% to liberate? https://www.yahoo.com/news/flooding-forces-mosul-residents-flee-war-ri​ckety-boats-161517333.html

Harambe:    Reuters: Flooding forces Mosul residents to flee war in rickety boats http://reut.rs/2pMNCaW

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Tishwash:  Iraq, WB start financial reform

Baghdad/ Iraq TradeLink: Iraqi Acting Finance Minister Abdul Razzak al-Issa stated that the financial reform in the country, in cooperation with the World Bank (WB) has been started.

This move complements the agreement in Washington last Spring.
He pointed that this project will concentrate on financial administration and the implementation of the budget at the finance ministry and other departments.

Minister Issa added that the priorities of the project is to develop governmental investments   link

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Tishwash:   Video: Iraq receives a grant from the World Bank worth $ 41 million

Forty - one million dollars is the European loan value of the Ministry of Finance, this money will go according to those who made it to the reform and modernization of economic management and the investment process in the country.

In this context, Abdul Razzaq al- Issa said, the Minister of Finance Agency, said : " The loan value of forty - one and 500 million dollars, to the process of modernizing the Ministry of Finance Management and the process of investment management between the Ministry of Finance and Planning, as well as there will be a grant from the European countries to the process of Iraq 's development."

Officials at the World Bank , confirmed that the funds are protected and deposited in the Ministry of Finance for direct disbursement.

For his part, Repairwear quality PU, the Special Representative of the Mission of the World Bank confirmed in Iraq , "This project will put the funds disposal of the Ministry of Finance there will be tenders for the purchase of services and modernization of systems."

Experts believe that the economic reforms will contribute to creating a magnet for foreign investment factors, which will expand the country 's productive base and alleviate the burden on the public budget.

The video is at the link       link


BurbankLou:  Currency trading is in chaos — it's time to reconsider the gold standard

The Dallas Morning News

Trade theorist Paul Krugman, imperious in his Nobel crown; Christine Lagarde of the International Monetary Fund; some 370 economists including 19 Nobel Laureates; and even David Stockman, formerly of the Reagan White House, all agree: President Donald Trump is a menace to world trade and prosperity.

As a free-trading supply sider, I once shared these fears. However, I was wrong. I underestimated the significance of the chaos of currency trading.

According to the Bank of International Settlements, this market has swelled to some $5.1 trillion a day, 25 times global GDP and 73 times all trade in goods and services. Yet all the vast shuffle of money fails to achieve the crucial function of money and markets: to yield a reliable guide for international transactions.

The Theory of Information holds that an economy is an information system governed by entrepreneurial knowledge and learning, guided by sound money. In an information economy, learning and growth depend on money to transmit the significance of prices. When money becomes merely a reflection of the policies of central banks, it can no longer guide enterprise or international trade.

In the years after NAFTA took effect in January 1994, the Mexican peso lost 87 percent of its value, dropping from nearly 35 cents American to under a nickel. The peso has dropped 5.8-fold while Mexican exports have risen 6.6-fold.

The impact of this drastic relentless change has emitted — as Ross Perot put it — a "giant sucking sound" symbolizing a significant reorganization of North American manufacturing. Yet that has had nothing to do with free trade.

With all prices always in play, the arbitrageurs and high-frequency-trading "flash boys" rule, shrinking the time horizons of economic activity from decades to microseconds.

With incomes in the financial sector nearly tripling as a share of all corporate income since 1971, the economy suffers from a bloat of banking. Yet as gold prophet Nathan Lewis observes in a forthcoming book, Gold: The Final Standard, the banks' "old roles had actually become even less profitable ... eroded by competition and advances in information technology" and should have become less obtrusive.

Instead, financial profits have risen to 30 percent of all corporate profits, mostly through the shuffling of currencies and derivatives.

The chief alternative to floating currencies historically has been currencies fixed to gold.

The gold standard has accompanied all of humanity's greatest industrial and economic accomplishments.


After World War II, the Bretton Woods gold-exchange standard sustained another 27 years of unparalleled world economic growth at 2.5 percent per year.

According to the conventional wisdom, though, the gold standard led to gold hoarding and the Great Depression. But that hoarding was not an effect of irrational panic. Gold was signaling a tragic breakdown of civilization and a global turn against free markets.

Gold always guided entrepreneurs better than did politicians who believed that business could thrive under price controls, confiscatory taxes, tariff gouges, communist and fascist labor movements, and abrupt currency shifts.

Even during the Great Depression, the gold signal was right. Its critics merely want to shoot the messenger. The success of the Trump administration will depend on recovering our cultural memory of stable money.

George Gilder is author of the book, The Scandal of Money: Why Wall Street Recovers but the Economy Never Does and a member of the Board of Advisors for the Independent Institute in Oakland, Calif. He wrote this column for The Dallas Morning News. 

Gilder will speak in Dallas at SMU on May 9 at the "Advancing Liberty & Prosperity in a Divided America" event. Website: independent.org.

https://www.dallasnews.com/opinion/commentary/2017/05/05/bankers-failed-guide-currency-time-return-gold

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