Thanks My Ladies for letting us share from your private chatroom
MEMPHIS: Years from now when China is firmly the economic center of the world and the powerhouse of the US is but a fading memory people will be writing about it; about how did it happen.
Today we are seeing the answers as to the "why" and this article brought by MVL has a strong message; the "key" if you will:
"China Halts Market Intervention" says it all.
I have pointed out many times that all attempts to stop (to smooth out) the business cycle by central planners always fail. In the end, the cycle always completes and the only question then is from what great height must we fall?
Having gone to the extremes for many years now the FED has insured that our fall will be long and steep but China?
There have been clear signs for over a week that they are choosing the wiser course; that they will take their losses in (much less painful and disruptive) increments and allow the business cycle it's natural ebbs and flows. This article is confirming and in the macro world it tells us which horse will win.
Why do smart men foolishly engage in such follies? MVL answered THAT...Yesterday...
It is all laid at the feet of greed.
note: it should be added here that when these historians write about the times we live in and "tell the story" of the greatest shifting to ever unfold in the history of the worlds economy? That few will get it right, and few will notice.
SAGER -: I highly doubt the US will be "a fading memory". They will still be part of the sdr basket along with China. I don't think it's possible to be part of the world reserve currencies of 5 and fade into the sunset...But I could be wrong too!
PrincessDD: Economist calls for the development of an emergency plan to stabilize the Iraqi dinar
Date: 08/31/2015 13:41
called economist Mohammed Abdul-Zahra, on Monday, the central government for an urgent financial plan to control the stability of the Iraqi dinar against the dollar.
He said Venus told / information / that "the survival of the financial situation for what it is, especially since the country live a severe financial crisis represented delay staff salaries and delays in the implementation of projects and the lack of financial liquidity, "noting that" those things have contributed and contribute to the instability of the Iraqi dinar against the dollar.
"He stressed Abdul-Zahra the need to" put the government urgent financial plan in order to avoid falling into a major crisis in the economic Iraqi ". Finished / 25 Link
MVL: I'd say pegging it TO the dollar, and taking it international would be a smart move!
We know the CBI is ready to rock. We know their cash reserves are low. We know they need an infusion of cash to keep the GOI lights on, and we know that several other countries have already begun restructuring their debt load...all signs that the new system is underway. All that's left is for me to get underway to my bank! :-)
DS: How long has Iraq said that they are in a crisis? And how about goverment urgent? Well do something about it.
More News Worldwide:
PrincessDD: Cramer game plan: Prep for more selloff this week
Mad Money host Jim Cramer goes over the stocks and events on his radar next week. And it's all about one event that could trigger another huge selloff. Buckle up!
Princess DD: Sanctions off, Iran forecasts 6% economic growth for '16 http://www.nwaonline.com/news/2015/aug/31/sanctions-off-iran-forecasts-6-economic/
Princess DD: World Bank expects an ‘economic windfall’ for Iran post-sanctions http://www.albawaba.com/business/world-bank-expects-%E2%80%98economic-windfall%E2%80%99-iran-post-sanctions-737130
Princess DD: U.S. developing sanctions against China over cyber thefts
Princess DD: China's Stocks Cap Biggest Selloff Since 2008 on Rescue Doubts http://www.bloomberg.com/news/articles/2015-08-31/china-s-stock-index-futures-fall-before-manufacturing-data
Princess DD: China worries weigh on Asia stocks, US futures https://www.cnbc.com/2015/08/30/shanghai-stocks-slip-as-china-halts-market-intervention.html
Princess DD: Goldman takes a knife to China GDP forecasts https://www.cnbc.com/2015/08/31/goldman-takes-a-knife-to-china-gdp-forecasts.html
Princess DD: Chinese yuan strengthens to 6.3893 against dollar http://www.freepressjournal.in/chinese-yuan-strengthens-to-6-3893-against-dollar/
Princess DD: Chinese stocks end brutal August with another daily loss http://www.marketwatch.com/story/asian-stocks-poised-for-worst-month-in-more-than-three-years-2015-08-31
Princess DD: The devaluation of the yuan tests China’s rise as a world power https://www.voltairenet.org/article188566.html
Princess DD: Poll - China funds cut equity allocations to lowest on record http://uk.reuters.com/article/2015/08/31/uk-china-funds-idUKKCN0R00E820150831
Princess DD: Is the Renminbi ready to go global? http://www.thedailystar.net/op-ed/economics/the-renminbi-ready-go-global-135079
China's Currency Ambitions https://www.foreignaffairs.com/articles/china/2015-08-31/chinas-currency-ambitions
PrincessDD: This is from March on the CIPS but they say that Sept or Oct it will launch so thats another thing we need to watch.
Exclusive: China's international payments system ready, could launch by end-2015 - sources
China's long-awaited international payment system to process cross-border yuan transactions is ready, and may be launched as early as September or October, three sources with direct knowledge of the matter told Reuters.
The launch of the China International Payment System (CIPS) will remove one of the biggest hurdles to internationalizing the yuan and should greatly increase global usage of the Chinese currency by cutting transaction costs and processing times.
It will also put the yuan on a more even footing with other major global currencies like the U.S. dollar, as CIPS is expected to use the same messaging format as other international payment systems, making transactions smoother.
CIPS, which would be a worldwide payments superhighway for the yuan CHN= CNY=CFXS, will replace a patchwork of existing networks that make processing renminbi payments a more cumbersome process.
Princess DD: Electronic Invoicing Goes Global http://www.pymnts.com/news/2015/electronic-invoicing-goes-global/#.VeQ3oLPL9z0
Princess DD: Payments banks’ can annually free up Rs 14 trillion credit for infrastructure sector http://www.bgr.in/news/payments-banks-can-annually-free-up-rs-14-trillion-credit-for-infrastructure-sector/
Princess DD: ON THE WATER: ANC casts itself at feet of those rejecting us
The policy document reads: "What has become clear is that the formation of Brics (Brazil, Russia, India, China and SA) was a conscious political decision to roll back the post-World War II Washington Consensus. The formation of the Brics Bank and the Asian Infrastructure Investment Bank will have a far-reaching impact on the development trajectory of the world institutions such as the World Bank and the International Monetary Fund (IMF)."
That is fighting talk. It means to declare the World Bank and the IMF to be the enemy and it means the ANC aims to commit SA to the struggle for global dominance between the obsolete East-West divisions of the Cold War era. It means to align SA’s domestic policy to accommodate Russian and Chinese expansionism.
"As progressive forces," the ANC says, "our immediate task is to constantly work towards building an alternative world that would create a fair, just, equitable and better environment for all the people of the world.
"The US-led western imperialism" is "a clear plot" and "an encirclement strategy that seeks to isolate Russia in the manner that is being attempted on China as well", says the document. It continues in this obsequious vein, parroting propaganda about a neoliberal consensus that never was and revealing its failure to understand that a market-driven economy is not an ideology but an observation of commerce.
PrincessDD: Geopolitical Calendar: Week of Aug. 31, 2015
Aug. 31: Greece needs to pay 1.2 billion euros (roughly $1.3 billion) in public sector wages and 2.5 billion euros in pensions.
Aug. 31: European Parliament committees will meet in Brussels.
Sept. 1: U.N. Special Adviser Espen Barth Eide will resume negotiations with Cypriot leaders.
Sept. 1: French Defense Minister Jean-Yves Le Drian will visit India.
Sept. 2-3: EU defense ministers will hold informal meetings in Luxembourg.
Sept. 3: The European Central Bank Governing Council will meet in Frankfurt.
Sept. 3: European Parliament committees will meet in Brussels.
Sept. 4: Greece needs to pay 0.3 billion euros to the International Monetary Fund as loan repayment and 1.4 billion euros as treasury bill redemption.
Sept. 4-5: EU foreign affairs ministers will hold informal meetings in Luxembourg.
FORMER SOVIET UNION
Aug. 31: Kazakh President Nursultan Nazarbayev will visit China.
Sept. 1-3: Tajik President Emomali Rakhmon will visit China.
Sept. 2-3: Russian President Vladimir Putin will visit China to attend events marking the end of World War Two.
Sept. 4-6: Kyrgyz President Almazbek Atambayev will visit Iran.
Unspecified date: Australian Defense Minister Kevin Andrews will visit India.
Aug. 31: Malaysia will hold its annual parade to commemorate its independence.
Sept. 2-4: South Korean President Park Geun Hye will visit China to attend events marking the end of World War Two.
Sept. 3: North Korean official Choe Ryong Hae will visit China to attend events marking the end of World War Two.
Sept. 3: China will hold a series of events to commemorate the end of World War Two, including a military parade.
Aug. 31: The Indian government will execute agreements with the successful bidders in the third tranche of coal block auctions.
Sept. 1: Singapore will host the third annual international Bangladesh Investment Summit, Asia.
Sept. 1-2: Sri Lanka's new parliament will hold its first session and the new cabinet will be sworn in.
Sept. 1-2: Sri Lanka's fifth Defense Seminar will be held in Colombo.
Sept. 2: Major Indian central trade unions from most manufacturing and service sectors will launch a nationwide strike.
Sept. 2-3: United Arab Emirates Foreign Minister Sheikh Abdullah bin Zayed al-Nuhayyan will visit India with a 70-member delegation to co-chair a bilateral joint commission meeting in New Delhi.
Sept. 3-4: Kabul will host the sixth international Regional Economic Cooperation Conference on Afghanistan.
MIDDLE EAST/NORTH AFRICA
Sept. 1: Iran will unveil new missile systems and radars for air defense.
Sept. 1: Egypt will ban rice exports again to satisfy domestic consumption.
Sept. 2: Lebanon's parliament will resume its presidential election.
Sept. 4: Saudi King Salman will meet with U.S. President Barack Obama in Washington.
Sept. 5: The Cairo Criminal Court will resume the re-trial of businessman Ahmed Ezz, as well as Amr Assal, the former head of the Egyptian Industrial Development Authority.
Undefined date: Venezuelan and Colombian foreign ministers will meet to discuss border security issues.
Aug. 31-Sept. 3: Colombia's government will send a proposal to Congress to implement peace talks with the Revolutionary Armed Forces of Colombia (FARC).
Aug. 31-Sept. 3: Venezuelan President Nicolas Maduro will visit Vietnam to meet with Vietnamese President Truong Tang Sang.
Aug. 31-Sept. 4: Peru will take steps to curb currency speculation.
Sept. 1: Guayana will implement a one-month amnesty period for citizens to turn over illegal arms and ammunition without facing persecution.
Sept. 2: Brazil's central bank will meet.
Sept. 6: Guatemala will hold a presidential election.
Aug. 31-Sept. 2: The Africa-Japan Business Investment Forum will be held in Addis Ababa, Ethiopia.
Sept. 1: South Sudan's government will reach a U.N. deadline to implement the latest peace accord to resolve its ongoing conflict.
Sept. 2-5: Sudanese President Omar al Bashir will travel to China.
Princess DD: Asian Currencies Record Biggest Monthly Decline in Three Years http://www.bloomberg.com/news/articles/2015-08-31/asian-currencies-set-for-biggest-monthly-decline-in-three-years
Princess DD: Dollar lower against yen, euro amid Asia stock markets slump
The greenback USDJPY, -0.31% was at ¥121.56, compared with ¥121.70 late Friday in New York. The U.S. currency was also weaker against the euro EURUSD, +0.2235% which rose to $1.1243 midday from $1.1187.
The WSJ Dollar Index BUXX, +0.04% a measure of the dollar against a basket of major currencies, was down 0.2% at 88.31. http://www.marketwatch.com/story/dollar-lower-against-yen-euro-amid-asia-stock-markets-slump-2015-08-31-11035722