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DINARESGURUS.BLOGSPOT.COM_________________ _______

Friday, February 8, 2019

JESTER CHAT, 8 FEB

Jester's Place:
 [JESTER] HELLO AND HAPPY THURSDAY EVERYONE...

[CycleTime] Jester, Hi. Are you seeing any new, noteworthy progress toward the reset lately? After the state of the union address, I was thinking about what progress we have seen here in the US with respect to cleaning things up to prepare for a smoother transition. Unfortunately with all the political games going on the main thing I see is Trump encouraging countries to accelerate trade outside the dollar?

[JESTER] CycleTime NOT REALLY ANYTHING GOING ON AT ALL THAT I CAN TELL...

[JESTER] IT IS A LITTLE FRUSTRATING HOW DEAD IT IS RIGHT NOW...

[diditrvyeet] JESTER the calm before the storm haha

[JESTER] diditrvyeet WE HOPE SO... BUT IT IS REALLY DEAD RIGHT NOW... NOT SURE IT IS WAITING ON SOME TRAP OR WHAT....

[JESTER] diditrvyeet JUST TRY TO KEEP BUSY... BEST THING TO DO... THAT IS MY ANSWER TO IT ANYWAY...

[MarySunshine] JESTER When you mentioned some trap.... do you mean perhaps the entrapment of the DS and/or guilty Dems?

[CycleTime] MarySunshine, guilty or not they are effective at slowing progress of cleaning things up.

[MarySunshine] CycleTime Unfortunately true.... hoping that will change soon.... fingers crossed

IQD RV News Update (RANT# 289)

DINAR GURUS UPDATE, 8 FEB

2-8-2019  Newshound Guru Adam Montana   Article:  "Kurdistan Region Prime Minister Nechirvan Barzani met on Thursday with his Iraqi counterpart Adil Abdul-Mahdi in Baghdad."  Barzani meets with Mahdi re: HCL (?)   "First visit... since the approval of (the budget)"... It's only been a week!  This is moving, and fast.

2-8-2019   Intel Guru Frank26
    ...we are very, very close!    The RI of the Iraqi Dinar does not need the budget.  The budget needs the reinstatement.  That’s why everything is going before the reinstatement.  That’s why it’s confusing to many people. They are doing this backwards  because they have to.  Everything is being set up...And that’s why the RI came out first and that’s why it’s positioned and that’s why they are International and about to make the announcement, IMO of course. The Iranian Central Bank is doing International transactions with Iraq with their own specific currencies.  . ..There are a lot of things that are screaming International!   Iraq is going in the right direction that the USA wants them to.

2-8-2019   Intel Guru Bruce   Even though it has been relatively quiet for a lot of people, what we have received has been very good for us.  ...We did hear Iraq put their budget which was passed in the Gazette yesterday.  I do not know if everything they have done has been released to the world yet which is fine. At this point it is a moot point. We are not waiting on Iraq for anything... Guess what For them to have a budget and to have it passed,  they had to have a new rate which they do. I know the rate which are on the screens at the banks now.  I know the rate for the Dong now. ...I mean this is happening. The rates are there. They are live.  They are pulsing at the regular intervals, making the changes relatively every 18 minutes. That is normal. ...I am excited for us, guys. I am very excited for what is coming... I am excited because everything is in position to go.  We should be on our way shortly. Let’s see what happens.

KTFA & TNT : NEWS DISCUSSION, 8 FEB

KTFA:

Samson:  Vietnam : Credit growth of 14% a feasible target for 2019

2nd February, 2019

The country’s credit growth target of 14 per cent set for this year, the same rate as last year, was reasonable and achievable, economists said.

Nguyễn Đức Thành, Director of the Vietnam Institute for Economic and Policy Research under the Vietnam National University - Hanoi’s University of Economics and Business, said credit expansion is expected to remain stable this year at around 14 per cent.

According to Thành, there is no reason for a higher credit growth this year when the economy is still gaining a good growth rate without needing capital.

Thành explained that previously, Việt Nam’s economic growth often relied heavily on increased credit, however, things have changed. Now, the economy can grow without strong lending, particularly when the supporting industry as well as the services and agricultural sectors are becoming more attractive to foreign investors. “When credit use improves, there should be a better credit growth policy in the long term,” Thành suggested. 
Full Post Here:  LINK
....
Samson:  Vietnam : Securities, bond markets set for strong 2019

31st January, 2019

SSC chairman Trần Văn Dũng. He predicts the stock market will continue its strong development this year thanks to positive macroeconomic fundamentals

Trần Văn Dũng, chairman of the State Securities Commission, speaks to Vietnam News Agency about the securities market’s prospects this year following negative growth in 2018.
What’s your assessment of the size and quality of the stock and bond markets?

The Vietnamese economy developed strongly in 2018 with macroeconomic indicators such as GDP growth, import-export turnover, inflation, the exchange rate, interest rate and budget spending meeting or beating targets set by the National Assembly.

The securities market, despite seeing a strong decline due to the volatility of global stock markets, recorded increases in market capitalisation and trading liquidity. It remained a key fund-raising channel for private firms and made great contributions to overall economic development.

The stock market value reached VNĐ3.96 quadrillion (US$170.3 billion) in 2018, up 12.7 per cent year-on-year. The figure was equal to 72 per cent of the nation’s total GDP and outperformed the NA target set for 2020 (70 per cent). The average trading value of stocks and fund certificates was VNĐ6.55 trillion in each session, up 29 per cent year-on-year, and total value of newly-listing shares gained 12.8 per cent to VNĐ1.21 quadrillion.

Despite recent growth, the size of the Vietnamese stock market was smaller than those of other regional markets such as Thailand ($548 billion), Malaysia ($456 billion) and Singapore ($787 billion). In each of those countries, the value of the stock market was more than 100 per cent of its total GDP.

There was also a strong development on the Vietnamese bond market in 2018. There were 573 listed bonds with total value of VNĐ1.12 quadrillion, up 10.4 per cent year-on-year. Of the figure, the value of government bonds (G-bonds) accounted for 98 per cent of the total and the remaining were corporate bonds. The size of the Vietnamese bond market was equal to 35.2 per cent of Việt Nam’s total GDP, which was also modest compared to other regional and international bond markets such as Malaysia (97.7 per cent), Singapore (86 per cent), the Republic of Korea (125.7 per cent) and Japan (211.4 per cent).

What opportunities and challenges face the Vietnamese securities market in 2019?

We have to be aware of external factors that could impact the domestic securities market though it is predicted to receive intense support from the stability of the macroeconomy and last year’s market performance.

Concerns include the unpredictability of the US-China trade tensions that may have negative effects on global trade, economy and capital flow, and the upcoming interest rate increases of the Federal Reserve, which may raise capital expenses on foreign investors, forcing them to run away from emerging markets like Việt Nam.

Regarding internal factors, there is a big chance for the Vietnamese securities market this year. The development, management and operation of the market have gained special attention from the Government, the Prime Minister and officials.

At a Government meeting last year, the Prime Minister emphasised the importance of institutional reform and the development of the private sector. The co-working of ministries and sectors with the combination of fiscal and monetary policies has proved effective and helped stabilise the macroeconomy and the securities market.

The Government recently issued Resolution 01/NQ-CP, which mentions the further development of the securities market through new financial and securities products, and the equitisation, restructuring and listing of State-owned enterprises.

The development of the private sector, improvement of the business environment and enhancement of SOE equitisation in 2019 are expected to provide the securities market with a huge load of high-quality options.

In addition, the Vietnamese economy is forecast to perform better in 2019 as it is lifted by the profound fundamentals achieved in previous years. Budget spending, interest rates and inflation are being kept at acceptable levels and the ongoing development of the amended Law on Securities is expected to help improve the market in the near future.

Under the management of the Government, the Ministry of Finance and the State Securities Commission (SSC), with the presence and participation of market members, I believe the Vietnamese securities market will seize its opportunities to foster future growth. The SSC will continue co-operating with other ministries and agencies to create a good legal system to lure foreign capital to the market.

What policies has the SSC adopted to guide market development in 2019?
To shape a stable, sustainable and efficient securities market in 2019, the SSC will implement both long-term and short-term solutions to make it healthier and stronger. In 2019, the top priority is to get the amended Law on Securities and related instructions approved, such as the instructional document on handling securities violations approved by the National Assembly.

The SSC will also enhance the restructuring of the securities market, complete  tasks to establish the Vietnam Stock Exchange, and restructure the operation of brokerage and asset management firms by reducing their numbers and improving their quality. The SSC will also promote solutions to upgrade Việt Nam from a “frontier market” to an “emerging market” by the standards set by Morgan Stanley Capital International (MSCI) and the Financial Times Stock Exchange (FTSE).

The policies will focus on luring foreign capital and foreign investors, resolving problems with foreign ownership caps by issuing the revised Law on Securities, and developing additional securities products to draw more participation of foreign investors in the market. The SSC will also work with market members and other government agencies to improve transparency, and reduce administrative procedures to make trading faster and more precise for foreign investors, saving them time, effort and expense.

The commission will co-operate with ratings organisations, including the MSCI, to update information about the Vietnamese securities market and provide international organisations with a clearer, more insightful outlook of the Vietnamese market.
In addition, the SSC will promote the Vietnamese securities market as a transparent and sustainable entity to international investors and ratings organisations.

In 2019, the SSC will continue working with local bourses to launch covered warrant, g-bond futures and other stock index futures like the current four VN30 Index-referred futures.   LINK
Samson:  Vietnam : Central bank to ease lending rates

2nd February, 2019

The State Bank of Vietnam (SBV) buying net US$4 billion in January may be the way to lower Vietnamese đồng lending rates.

The data was announced at the Government’s monthly meeting on Thursday.

To achieve such a result, the central bank in late November 2018 sold greenback futures that would be delivered in late January 2019 to raise the market supply of dollars, vneconomy.vn reported on Friday.

Then on the first working day of 2019 (January 2), the central bank for the first time in a year raised its purchasing rate by VNĐ500 to VNĐ23,200 for a dollar from the last-day rate of 2018.

As of December 31, 2018, the purchasing rate for a US dollar set by the SBV was VNĐ22,700. The rate was cut by VNĐ10 on February 8, 2018.

In addition to the two technical measures, the central bank also increased the gap between Vietnamese đồng and dollar interest rates on the interbank market, making Vietnamese đồng more attractive for savings and thus balance the foreign exchange rate with the dollar.

After a month, the central bank was able to lure a huge amount of US dollars for its reserves, proving the supply of foreign currency in Viet Nam had been great and consolidating and helping transform a part of foreign currency held in the economy in recent years.

But SBV may not stop buying dollars from the market, not only to increase its foreign reserves but also to lower the đồng lending rates.

Buying $4 billion means SBV had to inject a huge amount of Vietnamese đồng into the market, which would help balance the market demand-supply during the Tet period – the peak season for making payments – and create additional supply of cash for lenders – who accepted mortgages from borrowers.

Local commercial banks have recently cut their đồng-based lending rates. For example, the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) on January 9 cut its lending rate for short-term loans by 0.5 per cent to 6 per cent.

Vietnamese đồng-based interest rates have been kept more attractive than the dollar-based ones, raising expectations that cash would flow back into commercial banks after the festival was over, and thus, easing the lending rates among commercial banks.

Between late 2018 and late January 2019, đồng-based interbank offered rates kept increasing to 5.19 per cent per year, twice the dollar-based offered rate on the same market.
Between commercial banks and individual and institutional clients, đồng-based offered interest rates showed signs of increasing to 8.5-8.7 per cent per annum for long-term savings.

In 2018, many central banks had to increase interest rates and depreciate domestic currencies to deal with the stronger dollar and the outflow of foreign capital.

During last year, the global markets became used to the Federal Reserve’s rate increase plan as it reflected the “hawkish view” of Fed officials, strengthened the dollar against other currencies and resulted in the outflow of foreign capital from emerging markets.

On January 30, the Fed signalled it may stop raising rates and global analysts saw that could be the end of the rate hike plan. And it may even mean the Fed would cut rates if needed.   LINK
Samson:  Vietnam to create favourable conditions for private firms

7th February, 2019

Vân Đồn International Airport, developed by private Sun Group, was put into operation on December 30, 2018. Việt Nam will continue to hasten efforts of improving the business climate to promote the development of the private sector

Việt Nam will continue to hasten efforts to improve the business climate in terms of quality to create favourable conditions for the private sector to play its role as a driver in promoting rapid and sustainable economic growth.

The country targeted to have one million firms by 2020, of which, there would be a lot of large private corporations who were arising strongly in both domestic and international markets in key sectors like manufacturing, aviation, finance and banking, agriculture and telecommunications.

According to Nguyễn Xuân Thắng, Hồ Chí Minh National Academy of Politics, the private sector was still facing difficulties in accessing resources, market opportunities and advanced technologies.

President and CEO of Vietjet Nguyễn Thị Phương Thảo said at the Việt Nam Economic Forum 2019 that Việt Nam in recent years had sent a strong message about building a constructive government with open mechanisms for the private sector.

However, Thảo said it was necessary to speed up the privatisation of State-owned enterprises (SOEs) and the restructuring of the banking sector to minimise the negative impacts on macro-finance and growth prospects.

Thảo also urged the Government to develop mechanisms and policies to exploit resources of the private sector for infrastructure development and enable them to grasp opportunities from Industry 4.0 to enhance productivity.

The private sector should be encouraged to participate in what they could do well, Thảo said, stressing that private firms expected to have a fair playground with other economic sectors.

Prime Minister Nguyễn Xuân Phúc said in a dialogue at the World Economic Forum in Davos that the private economic sector was an important driver for growth of Việt Nam amid an anticipated slow-down of the global economy.

Phúc added that attracting foreign direct investment together with enhancing linkage with the domestic sector also played a significant role in promoting economic development.

According to Ousmane Dione, World Bank Vietnam’s Country Director, Việt Nam faced a significant opportunity in upgrading its domestic value contribution to capture the benefits of FDI inflows and global value chains. This required enhancing linkages with the domestic economy, he stressed.

Vũ Đại Thắng, Deputy Minister of Planning and Investment, said that the goal of having one million firms by 2020 was within reach, given the efforts of improving the business climate.

The Ministry of Planning and Investment recently made public a draft law to amend the Law on Investment and the Law on Enterprise, which aimed to create favourable conditions for the businesses and private sector to develop.

Việt Nam set goal of increasing the contribution of the private sector to the country’s gross domestic product (GDP) to 50 per cent by 2020, 55 per cent by 2025 and 60-65 per cent by 2030. Every year, the private sector generated 1.2 million jobs and contributed 43 per cent to GDP.  LINK
****
TNT:

Maximus016:  The CBI is independent of the GOI. Therefore, the CBI can change the rate at any time.

Speedy:  I think the US is demanding Iraq to do certain things that they do not want to do, the US says do them or you will not have your RV !!! Iraq drags this out, in effect throwing a temper tantrum !!! So until Iraq sees their temper tantrum will not work, and does what they are told, We wait !!!

LinnieQ:  I think you're right Speedy. It's the only thing that really makes any sense.

Briona:  Let's hope this budget is the final delay tactic in this long process, and let this be the last weekend of waiting.
KTFA:

DELTA: Baghdad announces the unification of customs duties with the Kurdistan region as of February 17

BAGHDAD - The General Authority of Customs announced on Friday that it will begin implementing the Cabinet Resolution No. (13) for the year 2019 concerning the unification of procedures and customs duties at all border crossings. Effective February 17th.

"The Federal General Authority of Customs and the Kurdistan Regional Customs will start implementing the decision as of Sunday, 17 February 2019, which is considered an important step to regulate the trade and import and export activities," the agency said in a statement received by Iraq Press. The unification of customs tariff fees at all border ports, including the ports of the Kurdistan region (Pervez Khan, Bashmakh, Ibrahim Khalil, Haj Omran, Erbil airport, Sulaymaniyah airport).

The decision also included "the adoption of a unified customs declaration (customs declaration) in Arabic and Kurdish according to the customs law," stressing that "all border ports in the provinces and the region comply with the decisions issued by the Council of Ministers on the protection of national product and agricultural calendar."

The decision referred to "the commitment of all border ports in the provinces and the region to implement their part in the international agreements signed between the Republic of Iraq and other countries, especially with regard to customs exemption, and the abolition of the Council of Ministers Resolution No. (186) for the year 2018 on the clearance of containers on the volume of containers and return To the contexts adopted in accordance with the law. "

The Commission also said that the decision also included "the abolition of the current customs points in both (Fayda) (Shiroh - north of Kirkuk) and (Lilan - east of Kirkuk)."

The Commission affirmed that "the decision came to support the private sector through the realization of the principle of fairness in the imposition of fees and to encourage competition between companies on the basis of quality and services in the light of the equal costs among all with the offer that the decision included a significant reduction in imports and the proportion of customs duties of imported goods and goods and the adoption of Unified importation ". Finished (1)

https://www.iraqpressagency.com/

Rommy:  Internationalism!

Frank26: INTERNATIONALISOME !!!   I’M GOING TO COPY WRIGHT THIS WORD I INVENTED LOLOLOLOL
.
Iobey777:  Wow! Another article telling us it's coming.....IMO ……BOOM!!!

BlaqueBeauty:  I dont think its coming...but already here  (smile)

**************

Don961:  The discovery of the largest 10 proven oil reserves in the world .. What is the location of Iraq
 

Economy  ,   2019/02/08 20:09 

BAGHDAD, Iraq -

Five Arab countries - Saudi Arabia, Iraq, Kuwait, the UAE and Libya - have about half of the world's proven oil reserves, based on the 2018 data in the GFP report.  link
Samson:  Zimbabwe Delays Start of Dollar Trading to ‘Foolproof’ Systems

6th February, 2019

Zimbabwe delayed plans to allow companies and individuals to transfer dollars electronically as it tests systems to ensure they’re infallible, a central bank official said.

The postponement will exacerbate a dearth of cash in the southern African country that’s prevented beer and bread manufacturers from buying raw materials, and led to shortages of food and fuel.

Trading may go live after the central bank has issued its monetary policy statement around mid-February, the official said by phone Tuesday from the capital, Harare. “The system is not yet live, but we will see how it goes by the time of the monetary policy statement,” the official said. Tests are continuing to ensure “everything is foolproof,” he said.

The Confederation of Zimbabwe Industries earlier this month said the government should allow banks to trade dollars in a bid to halt the economic collapse, which has seen the official inflation rate surge to 42 percent. The central bank had said on Jan. 29 it planned to test the system until Feb. 1, before going live.

Zimbabwe scrapped its own currency a decade ago to end hyperinflation and adopted a basket of units instead, with the dollar being the most widely used.

The central bank then printed quasi-greenbacks called bond notes and an electronic currency known as RTGS$ to fund rampant government spending. That’s resulted in a convoluted system of exchange rates, with consumers charged different prices depending on how they pay.    LINK

ADMINBILL TIDBIT, 8 FEB



Happy day!  Another day of hope and rumors in the air.  

Have no fear, the day will come but only "The Phantom Button Pusher" knows the date and rate for sure.  And he has kept the secret for a long time. GCR/RV:WWGWG

TNT: " BANKS ARE WAITING ", 8 FEB


TNT

BAP:

.... I was just in contact with a bank source of mine that said the US Treasury has instructed the banks to be "generous" with the number of people that they schedule to come work at the exchange centers. They were told not to "skimp" and provide the best service that they can for their customers.

RVAlready:
Well, the banks told Tony we were going today. But the banks say that almost every week.

Timth2lman:
Remember what Tony mentioned about the "boy crying wolf" statement he made…. they keep crying wolf and then one day.....the wolf actually shows up????

RVAlready:
I think the banks wind up being the victims at the moment. I do not know how much more they can speed this up without the budget.

Vinterv:
BANKS ARE WAITING LIKE WE ARE...THEY ARE NOT IN CHARGE, JUST FACILITATORS, NOT VICTIMS

IDK IF THE APPOINTMENT OF A NEW HEAD OF THE WORLD BANK IS OF IMPORTANCE...MAYBE JUST COINCIDENCE...IDK

RVAlready: 
The guys in Iraq are waiting too. And I imagine they are not happy with the slowdown. Iraq is required to publish the budget, now that it is signed.

Vinterv:
THIS FEELS DIFFERENT THAN OTHER TIMES...DON'T YOU THINK? THIS FEELS DIFFERENT THAN OTHER TIMES...DON'T YOU THINK?

Eccle519:
The banks are just one little step above the Public so they are kept in the dark as well. What does make sense is the rate won't be revealed publically (imo) Gazette etc cuz that would cause global mayhem for Iraq. That's why the codes for exchange makes sense to me

Vinterv:
YEP AND IT CANNOT BE BROADCASTED OR EVERYONE WOULD KNOW AND CHAOS WOULD ENSUE?

Psychicgrama:
Okay here's what I found out with a phone call apparently the budget should already be recorded in the government Gazette however it may be weeks before we actually get to see it but that's not require we don't have to see it and for it to be legal….

He told me that a lot of people get confused with the gazette's that they're on the internet and it's not the same thing The Gazette is actually like our Congressional Record every law that is made or past has to be recorded for it to be finalized.

But it does not have to show up to be done…. once the government of Iraq tells the people the budget is in The Gazette that's been done they can go ask to see it or get a copy.Eventually it will be on line

DSM:
Wells Fargo's website is "temporarily unavailable"??? .....humm….....could be positive Service Outage.....Could have something to do with revamping their system for the preparation of the RV?

Ger:
https://www.foxbusiness.com/markets/wells-fargo-suffers-service-outage

RVAlready:
I doubt it is RV related. Big banking networks like that are bound to crash sometimes…. If it is just ATM and mobile and home banking, I would not panic. Those are often separate systems from the main banking system.

PaulW:
GM, The Wells Fargo breakdown is serious. Their whole systems seem to have crashed.

GrannyMommy:
Yup! Went to my WF website and it's down "due to technical difficulties" Hmmmm

Twocutecats:
The WF website is currently under maintenance: https://www.isitdownrightnow.com/wellsfargo.com.html

​NWMontana:
Widespread Wells Fargo outage blamed on data center fire


Customers of US bank Wells Fargo have been left unable to access ATMs, or their online and mobile banking accounts due to a widespread outage.

The company's systems are believed to have been brought offline after a fire in one of the company's data centers in Shoreview, Minnesota. It is thought the outage is unrelated to a separate incident on February 1.

"2 burned"

Local media KULR-8 reports that an employee tipped them off to the reason for the unexpected outage - a fire.

"The literally fried the servers in Shoreview. Like [we had] to put out flames," an employee conversation shared by the tipster states. "And they don't have [back-up] servers, they shut them down."

Another message said: "The power went out. Generators didn't start. 2 burned. Rest have smoke damage and can't be started."

DCD has yet to independently confirm the story, although multiple Minnesotans on social media mentioned the fire prior to the publication of KULR-8's report.

Little information is publicly available on Wells Fargo's Shoreview data center. A 2010 planning document notes: "Currently, the Wells Fargo Campus includes a 400,000 square foot Operations Center, a retail bank, and a Data Center of 158,120 square feet.

"The addition would be one story with 16,580 square feet, of which 13,300 square feet would be fully enclosed to house the HVAC and electrical equipment. The addition will increase space for HVAC and electrical equipment needed to support the data processing equipment and to provide power if there is a power outage.

"It will increase the footprint of the building by approximately 10 percent. Security enhancements are proposed for the Data Center with an extended security fence and alteration of service drives throughout the site."

As of 2015, the company had closed some 100 small data centers as part of a consolidation initiative, that continues into 2020. Wells Fargo has also previously talked about its efforts to move to the cloud.

It is not clear why the failure of one data center caused services to go down, instead of failing over to another data center.

If you have further information about the incident, let us know confidentially at tips@datacenterdynamics.com

Update:

A Wells Fargo employee told DCD under condition of anonymity: "As of 7:30 EST- All 3 Wells Fargo Auto locations are down too (Chandler, AZ; Irving, TX; and Raleigh, NC). We heard as well that there was a fire at the Shoreview MN data center. There is no ETA as to when it will be fixed."

Update 2:

In a statement, Wells Fargo said: "We’re experiencing system issues due to a power shutdown at one of our facilities, initiated after smoke was detected following routine maintenance. We’re working to restore services as soon as possible. We apologize for the inconvenience."

https://www.datacenterdynamics.com/news/widespread-wells-fargo-outage-​blamed-data-center-fire/

Harambe:
CNBC: China and Russia loaned billions to Venezuela — and then the c​risis started

https://www.cnbc.com/2019/02/07/venezuela-china-and-russia-owed-debts-​as-presidential-fight-rages.html?

CNBC: Oil prices drop on rising US crude supply, but OPEC cuts support
https://www.cnbc.com/2019/02/07/oil-markets-us-crude-opec-us-sanctions​-on-venezuela-in-focus.html?

Tishwash:
Just a little history about them and this is out of Iraq's news educating their citizens

Is it time for change in the IMF and the World Bank?

World Bank President Jim Young Kim decided to step down from office in early February, three and a half years before the end of his term. Although his resignation from the leadership of one of the two most powerful international financial institutions appears to be a worrying sign, For the "Guardian".

The IMF and the International Monetary Fund are the two pillars of the Bretton Woods system that ignited the revolution of capitalism and its golden age during the 1950s and 1960s. Although the system and the fixed exchange rate it adopted caused major problems in 1971, the two institutions continued to support the global financial sector .

Bretton Woods and the rejected proposal

- Former US Treasury Secretary Henry Morgenthau said in a speech at the Bretton Woods conference that laid down the rules of the World Bank and the International Monetary Fund: prosperity, such as peace, is indivisible, we can not afford to spread here or there among the lucky ones Only or enjoyed by some at the expense of others.

- The Bretton Woods original plan focused on exchange rate controls, and the International Monetary Fund (IMF) helped heavily indebted countries to restructure their commitments and stabilize stability by reducing capital flight. 

- At the same time, the World Bank provided funding for development, focused on balancing the producer and consumer in the commodity market, and finally became the whole system in dollars, being the only American currency that can be exchanged for gold.

- The chief British negotiator at the Bretton Woods, John Maynard Keynes, was concerned that the new system could only be adopted on the dollar, which seems acceptable as long as the US achieves a trade surplus, but the system could collapse if the country turns into a deficit. 

Keynes therefore suggested that instead of building a new world order based on the dollar, all major economies would participate in an international multilateral clearing-house consortium and, in keeping with their own currencies and central banks, would make all international payments using a common accounting unit.

- The United States did not want to replace the dollar as the key to the new monetary system, reducing the powers of the IMF to a mere fund to rescue defaulters. The World Bank was limited to lending from its reserves.

- After a huge trade deficit for the United States, President Richard Nixon declared the end of the Bretton Woods system on August 15, 1971, just as Keynes predicted, at the time known as the "Nixon" shock. Finance business. 

- Instead of supporting governments and prosperity, the Bank and the International Monetary Fund (IMF) led the so-called Washington Consensus, a campaign to support large-scale privatization and deregulation, and officials said there were no real limits to what could be privatized.

The time has come for change

- Jim Young Kim was once a fierce critic of the Washington consensus and in his book "Death for Growth", he attacked the free market supported by the World Bank at the expense of the poor and the weak. But when he became president, Albeit against the public interest. 

- The "Maximizing Financing for Development" strategy adopted in 2015 transformed the World Bank from a direct investor in developing countries into a facilitator of private financing. Instead of lending to governments, it focused on overcoming obstacles to projects. In a private equity firm makes sense.

But the man's decision should trigger a review of the role of the Bank and the International Monetary Fund today, and possibly reconsider the idea of ​​Keynes. Today the world needs a huge investment program, as was the case in 1944, when the devastation and the effects of the war on many countries. 8 trillion dollars a year to achieve a shift towards clean energy. 

- Certainly, these funds will not come from the budgets of overburdened countries, but, for example, a new Bretton Woods agreement could be secured to fund the desired shifts by pooling unutilized savings by linking the IMF and the World Bank with the development of their policies.

Kim's departure illustrates one thing: the World Bank is on the verge of abyss, with the rapid growth of new development banks that can fill the void of the international institution. So it seems time for progressive thinking to lead. link

TNT: BANK STORY, 8 FEB


TNT

Mangelo:

"Okay here it is..... we got info from Chase Bank, They just promoted 10 managers from different bank locations to a higher position, They were told to inform their staff to expect to work extra days and longer hours! For the next 30 days!!! I can't give anything more"


RVAlready:
Just a note - some WF banks have a foreign currency dept, and some do not. I just bought dong last week from them. If your WF is not selling dong, ask if they have a foreign currency dept. if not, ask where the nearest branch with a foreign currency dept is located.

THE BIG CALL NOTES : INTEL ONLY, 8 FEB


DINARLAND HIGHLIGHTS, 8 FEB



Mountain Goat


EXCHANGE PROCESS... Remember how the banks operate. They need to make a profit.

...So what...are they going to do with billions and billions of Iraqi dinar in their foreign currency portfolios of reserve currencies? They will need to sell the currency to someone with a spread to make any money off it.

...Also where are they going to get all the funding to make these exchanges?

...at this time the banks will already have a customer for the dinar. The US Treasury has already made arrangements with the major/main bank branches to buy all their dinar, if they chose to trade it. So the banks do have a customer and this is why they will be taking the dinar so easily. If it weren’t for this fact there is no way that billions of dinars could be traded and taken into the banks throughout the US by average walk-in citizens.

The answer to this first question is also the answer to the second in that it is the US Treasury that will come around the banks in armored cars, as they do on normal runs, as pick up these physical IQD notes as they come into the banks. Once re-verified by the treasury department, they will be credited back to the banks. The banks will get a set allowance of $$$, probably daily, of funds from the treasury to use for this purpose of collecting these dinars or rather to help facilitate the trade deals. It is normal for the Central bank of the US to allocate funds to the banks for these purposes. Arrangements have been completed for this purpose...

...the government must come out with some mechanism to address informing us investors of where to appropriately go to conduct our exchanges of this currency... 
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Adam Montana

OIL 54.00 +0.63% How can it possibly be more encouraging? If oil keeps trending, there is no stopping this!
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Frank26 (KTFA)

International, International, International! All of this...is in my opinion. Means they have lifted 3 zero’s from their rate or they could not be doing all they are doing International right now...Donald Trump went over there and basically slapped them verbally. In the last couple of weeks all the things that have happened. Iran does not send money to Iraq. Iran steals money from Iraq through the central auctions and through the GOI that has their goons that have been stealing. All of that is gone. All of that is ancient history. We are International baby.

This accomplishment is another reason why we are very positive they are Article 8. IMO . . . the Gazette has the budget and the reason why IMO is they are about to reveal they are article 8. They are International! Dubai Quality, another ME International relationship. Dubai Quality has just announced early this morning that they have entered into a strategic partnership with the Central Bank of Iraq. Not at a program rate. It’s illegal. This is an International step. You are not allowed to walk into that environment unless they have lifted the three zero’s from their exchange rate. Dubai Quality, this is another example of Internationalism.
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DELTA & Frank26 (KTFA)

...the budget has the new rate. We also said that the rate if not shown in the new budget can be retroactive to the 1st of January, 2019. Whether it’s shown I don’t know. It could go retroactive. [Guru Walkingstick] has a contract of Dec 30th at 1:1. It cannot be at a program rate. We’re very, very close.