Thunderhawk: Well Well Well - Look at what we have here (see articles below)
BACKDOC: IS THERE ANY DOUBT THAT THESE TWO SHIA BROTHERS ARE TRADING PARTNERS?
WELL, I GUESS WE ALREADY GOT THAT, BUT THIS GIVES SOME TEETH (WHICH I MAY NEED), TO MAKING THAT HAPPEN!
LIKE IRAN SAID THEY ARE LOOKING TO LAUNCH TOGETHER AND BY THE NATURE OF THIS TRANSACTION CLEARING PROCESS THEY ARE PAVING THE WAY! DOC IMO
Mountainman: Well Hawk/Doc......this A Timely...... "COMING OUT".......I can Truly Appreciate......Show Yourselves Brothers......(COOPERATIVE BANKING).......Huh.........Signs Of the TIMES!!!!!!!!.......IMO
Thunderhawk: Iran, Iraq banking ties to normalize
In a visit with Governor of Central Bank of Iraq, Ali Al Alagh, Iranian ambassador to Iraq said that all banking relations between two countries will return to normal in upcoming days.
Hassan Danaie Far told IRNA that all banking services and cooperation will be re-established between the two countries.
An Iranian banking delegation is scheduled to have a trip to Iraq and it is expected to achieve a new understanding during this trip.
In the wake of lifting crippling sanctions imposed on Iran the Central Bank of Iraq employed measures regarding normalization of banking ties.
Experts expect considerable growth in Iraq-Iran bilateral turnover which was announced $12-14 billion for 2014.
Thunderhawk: Iran, Iraq to interlink ATM bank services
Baghdad, March 13, IRNA – Head of Iraq's Central Bank Ali al-Allaq on Sunday agreed to interlink bank services of Automated Teller Machines.
[Iran, Iraq to interlink ATM bank services]
The ATM will enable travelers in Iraq and Iran to use their debit cards for financial operations.
Iran's ambassador to Iraq Hassan Danaeifar in a meeting with the Iraqi CBI chief put forward the proposal to interlink Iranian-Iraqi ATM bank services which was accepted by the Iraqi side.
Speaking to IRNA, Danaeifar said the system will enable the travelers both in Iran and Iraq to take advantage of banking facilities.
BACKDOC: OBVIOUSLY FROM LAST NIGHTS NEWS WE KNOW THAT EMERGING COUNTRIES ARE GOING TO PLAY A ROLE WITH SOME TYPE OF "POLICY ACTION" THAT WILL LAUNCH THE WORLDS ECONOMIES AGAIN.
WE ARE SEEING CAUTION BY THE FED POLICIES SINCE THEY CANNOT MAKE FINANCIAL DECISIONS ANYMORE FOR AMERICA WITHOUT CONSIDERING THE GLOBAL MARKETS!
FIRST THEY DANCED AROUND ABOUT RATE HIKES BECAUSE OF CHINA, THEN THEY STARTED TALKING ABOUT GLOBAL CONCERNS! MMMMM
LET'S BE REAL CAN WE? GOOD.
WE ARE ENTERING THE TRANSITION INTO THE NEW REALITY AND IT ALL WILL BE DIRECTED BY THE IMF WHICH WILL BE GUIDED BY THE 50 POLICY MAKERS WHICH WILL BE DIRECTED BY THE BIS! DOC IMO
Thunderhawk: Backdoc Alert
IMF backs unconventional monetary policies despite warnings from emerging economies
Unconventional monetary policies of central banks in Europe and Japan received an endorsement from the International Monetary Fund on Sunday, even as policymakers from emerging markets warned that such policies were increasing risks for the global economy.
The debate over the merits of unconventional policies comes days before major central banks such as the U.S. Federal Reserve, the Bank of England and the Bank of Japan unveil their interest rate decisions.
At the conclusion of a three-day IMF event in New Delhi, the fund's chief, Christine Lagarde, said countries should continue with unconventional monetary policies if they were accompanied by structural reforms and low inflation.
"Monetary policy is needed but (it) cannot be the only game in town," Lagarde said.
Speaking at the same event on Saturday, India's central bank chief Raghuram Rajan, a vocal critic of such policies, had said that the costs of them were increasing even as the benefits seemed to be diminishing.
He called on global central banks to adopt a system for assessing the wider impact of their actions, including unconventional monetary policies now in use.
The European Central Bank recently eased monetary policy further by cutting all its main interest rates, expanding asset purchases and launching a loan program which could see it pay banks to lend to firms and households.
The Bank of Japan has also taken interest rates into negative territory for the first time while the U.S. Federal Reserve is expected to tighten monetary policy only gradually after years of near-zero rates and quantitative easing.
Rajan proposed that a group of academics should measure and analyze the "spillover" effects of monetary policies and indicate which should be used and which avoided. He suggested a traffic light system, grading policies green, orange or red.
The monitoring system could be implemented through an international agreement along the lines of the Bretton Woods currency accord or via the IMF, he added.
Although Lagarde avoided commenting on the merits of the proposal, the Indian central banker's idea struck a chord with policymakers from other emerging markets.
Sukudhew Singh, deputy governor at Bank Negara Malaysia, said the proposal was worth looking at.
"We need to first assess how these policies are affecting, what kind of distortions are being created," he told Reuters. "Only then, we can look for remedial measures."
While negative interest rates in Europe and Japan are bringing yield-chasing investors into emerging markets, their policymakers fear further interest rate increases in the United States could ignite massive outflows.
When Rajan took over as Reserve Bank of India governor in September 2013, India and other emerging economies such as Indonesia and Brazil were battling a currency crisis sparked by fears the U.S. Fed would begin tightening policy, exposing their crippling current-account shortfalls.
That experience has made them strong critics of the kind of stimulus measures adopted by developed economies in recent years.
Chatib Basri, who was Indonesia's finance minister then, said the 2013 currency crisis could be repeated in 2017 unless imbalances created by ultra-easy monetary policies were addressed.
Since mid-2013, several emerging economies including India have taken steps to shore up their forex reserves, improve public finances and narrow big current account deficits in a bid to shield themselves from any external shock.
But big sell-offs recently in their financial markets have called into question the conventional wisdom that "getting your house in order" guarantees safety.
"Frustration that Raghu (Rajan) and emerging markets policymakers feel really comes down to the shift in global economic circumstances," said Eswar Prasad, a Cornell University professor. "These classical answers don't work anymore."
BACKDOC: IT SEEMS CLEAR THAT THE GRAY AREAS OF THE IRAN DEAL IS STARTING TO BE CHALLENGED!
BESIDES THE SAFETY OF IT WE HAVE TO ASK OURSELVES WHAT WILL BE IMPORTANT IN THE NEW REALITY WHEN COUNTRIES CAN'T CHEAT ON THEIR CURRENCIES ANYMORE? MMMM
WELL THUNDER, I THINK ITS DOWN TO TRADE AND SHIPPING! THATS RIGHT! HE WHO CONTROLS THE WORLDS TRADE AND SHIPPING WILL HAVE THE ADVANTAGE.
I HAVE TO ASK MY SELF IF THIS DEAL WAS PRECISELY SET UP THIS WAY SO THAT IT COULD BE CONTESTED AND GET A SIGNIFICANT NUMBER OF COUNTRIES TO AGREE AND THUS SHIFT MORE TRADE THROUGH IRAQ ITS SHIA TRADING PARTNER WHICH OF COURSE WILL USE DINAR AND THE U.S. CURRENCY FOR OIL! MMMM
JUST A THOUGHT. LETS SEE WHAT DEVELOPS SHALL WE? DOC IMO
Thunderhawk: Backdoc Alert
France says EU could impose sanctions over Iran missile tests
The European Union could impose sanctions on Iran over its recent ballistic missile tests, France's foreign minister said on Sunday.
The United States, France and other countries have already said that, if the missiles are confirmed as nuclear-capable, the tests, conducted last week by Iran's Revolutionary Guard Corps, would violate U.N. Security Council resolution 2231.
Asked whether this could trigger sanctions from the European Union, French Foreign Minister Jean-Marc Ayrault said: "We condemn ballistic missile tests and, if necessary, sanctions will be enacted."
The tests are due to be discussed by EU foreign ministers at a meeting on Monday.
U.S. Secretary of State John Kerry, whose country in January imposed sanctions on 11 companies and individuals for supplying Iran's ballistic missile program after a series of tests at the end of last year, said the latest tests were a clear violation of U.N. Resolution 2231.
The United States plans to raise the issue in U.N. Security Council consultations this week and is urging other countries to help thwart Iran's missile program.
"The missiles are a violation of the U.N. Security Council resolution because they are longer than the distance allowed for ballistic missiles and, because of that, they represent a potential threat to the countries in the region and beyond," Kerry said.
"We have made it very clear that the missile concerns remain part of sanctionable activity with respect to Iran. If Iran chooses to violate that, they will invite additional sanctions, as we put them in place just a month ago as a result of the prior tests."
Resolution 2231, adopted last July as U.N. sanctions imposed on Iran over its nuclear program were lifted, "calls upon" Iran to refrain from certain ballistic missile activity.
Western diplomats say this amounts to a clear ban, but acknowledge that Russia, China and Iran probably interpret it as an appeal for voluntary restraint, and that Russia and China would be likely to block any action by the Security Council. Iran says none of its missiles are designed to carry nuclear weapons.
Prime Minister Benjamin Netanyahu of Israel, which sees Iran's missiles as a direct threat, on Saturday urged world powers to take "immediate punitive steps" against Iran over the tests.
Link to Part 2