ChampagneLife: I read somewhere that late night Saturday night is the perfect time for this to go
Luvwolfs: Champagne I always thought it was. Seeing as Iraq's Sunday is like our Monday
ChampagneLife: all banks and markets are closed during that time also
Dinara: The reason Saturday nights are so good is because all of the worlds banking systems are down for a short time and would be easy to slip in the new rates is my opinion.
I always remember the man that did an interview about 6 years ago about how one Saturday night you will go to sleep and wake up to a whole new world or something to that affect……
I wish I could remember who gave that interview but he was a high official of some sort.
HighHopes: Dinara...here is that video you wanted:
Bloomberg video that said one Saturday night they will adjust all the currencies and we wake up Monday morning to all new exchange rates!!!
Kozmo: do you know when the video was made???
HighHopes: kozmo...looks like July of 2012: Im listening to link again...its a couple years old but heck ...with all the delays we have seen in the RV....I still think this info is very relevant, and its exciting to see it on MSM.........really makes it feel real..... Like this older Bloomberg video...with the delays we had had......the Saturday Night scenario may still be true....just later then they had expected!!!
Dinara: highhopes....There was another one also and the official spoke with an accent. He stated the same thing though about Saturday night
HighHopes: Dinara..here is also Jim Cramer of Mad Money Talks About Iraqi Dinar
Lifetalker: Four weeks ago I was flying on an international flight and was sitting next to a vet who had servered a couple of tours in Iraq. I couldn't help but ask if he had any Dinar... His answer was YES! I asked him how much... Ready for this? He told me that he had 22 million.
BeachCindy: good for him! if anybody ever deserved to benefit to the utmost from the RV its all our American heroes
Dr M J Randy : Still being told September 1st. Sure sounds good and it has been a l o n g wait.
Yada : yes,,all things considered,,we are in the best spot in the waiting saga,,with a consensus from different sites, along with Ray and his Contacts,,great expectation for now thru the 1st and the public a week or so after us,,,,,
Tishwash: Why make parliament amnesty law effective from the date of issue?
BAGHDAD / ... said legal expert Tareq Harb, Saturday, that the parliament made the amnesty law inforce from the date of issue in order not to include him of committing acrime before it was published in the Official Gazette, while there explained that the difference between the force of law and its implementation.
He said the war's "Eye of Iraq News" that " the parliament to make the amnesty law is effective from the date of issue in order not to include him of committing acrime before it was published in the Official Gazette , " noting that " the publication in the Official Gazette may be delayed in some cases , and for this reason remedy this House of Representatives Thread a legal right to it. "
The legal expert explained that "there is a difference between the force of law and its implementation is where the law into force from the date of issue in Parliament, but its implementation will be after its publication in the Official Gazette facts."
The House of Representatives had voted in its session of the 14th legislative term ofthe first third legislative year, last Thursday, headed by Parliament Speaker Salim al - Jubouri , a general amnesty law, as pointed out that this law is implemented from the date of approval in the House of Representatives. It ended 2
Firefly IMO Vietnam is hot, hot hot. I read an article last week from there. If you took the word Vietnam out of the article, you would swear it was from Iraq...
Using words...or phrases...like "private sector" "IMF", "World Bank". The announced they are Basel 2 compliant a few weeks ago.
Firefly ...expect a lot of announcements! BIG ones. It has already begun. We are watching the reforms take place before our very eyes.
Emailed to Recaps:
President Nixon's Decision To Abandon The Gold Standard ~ "A Date Which Will Live In Infamy"
Of course, any objective student of history knows that this was a lie and that it was not “speculators” which were causing monetary instability, but the U.S.’s own crazed inflationary policy which attempted to fund its imperialistic endeavor in Vietnam while expanding the welfare state at home. This resulted in the Treasury losing an alarmingly amount of gold reserves to other central banks who rightly sought real value in exchange for depreciated American greenbacks.
In essence, Nixon’s decision ended gold redemption and placed the U.S. and the rest of the world on a purely fiat paper standard for the first time in recorded time. By doing so, the U.S., in effect, became a deadbeat nation which no longer honored its obligations and was set on the road to its current banana republic status.
Instead of impeachment proceedings and his ultimate resignation for the juvenile break in at the headquarters of the nation’s other ruling crime syndicate, Nixon should have been imprisoned for this deliberate and destructive act which has led, in large measure, to the nation’s crushing and insurmountable debt burden, reoccurring booms and busts, and now economic stagnation.
Nixon’s disastrous decision had precedent. FDR had his own day of monetary infamy in 1933 when, by Executive Order 6102, he outlawed the private ownership of the precious metal while eliminating gold redemption by banks for dollars. Ostensibly, the order was instituted as an emergency measure to combat the Depression, but in reality, it was done to allow the Federal Reserve greater “flexibility” in inflating the money supply.
While Roosevelt and Nixon’s decisions would backfire economically, their actions highlighted the totalitarian direction that the federal government and its executive branch were heading throughout the 20th century. Moreover, the lack of opposition or protest to blatant executive dictatorial decrees by either the legislative or judicial wings of the federal government demonstrates again the flawed and frankly naive argument put forth by Constitutionalists of every ideological persuasion on how the celebrated “separation of powers” theory checks tyranny.
Nixon’s final abandonment of the gold standard had far greater ramifications than simply bad economics. Without the discipline of hard money, central banks could, and did, create massive quantities of paper money and credit, which enriched the politically connected financial elites and the governments which they were aligned. Such power was used, in time, to control, spy on, and regulate the subject populations to a degree never seen before
The power of the state has swelled mostly through bank credit expansion without worry of gold redemption.
Despite what is taught in social science courses, a true gold standard is a greater protector of individuals’ economic well being and, ultimately, their political liberty than any legislation or “rights” document ever penned. Hard money limits state power!
While it is painful to quote from an ardent opponent of sound money, the international bankster Baron Rothschild said it best when he described the relationship of money and power: “Permit me to issue and control the money of a nation, and I care not who makes its laws.”
Richard Nixon’s elimination of the last remnant of the gold standard over four decades ago combined with FDR’s earlier decree has fulfilled to the detriment of the American and world economies Baron Rothschild’s adage to a tee. The return of prosperity and individual liberty will only come about when these two heinous acts are eradicated.
Samson: John Roughan: Central bankers have the world's big economies in a hole
5:00 AM Saturday Aug 27, 2016 Flooding a crisis with cash may avoid the immediate consequences but it doesn't restore an economy to robust health, and it doesn't cure the cause of the crisis. Photo / AP
This weekend in a little place called Jackson Hole, Wyoming, US, central bankers of the world are gathering for their annual contemplative retreat on the craft of monetarism and the state of the global economy. Deeply contemplative it may be, but it is too much to hope they will emerge from the Hole with a decision to stop digging.
For the best part of eight years since the global financial crisis they have been trying to produce sustainable growth with inflationary tools. They took their base interest rates as low as they could and when that didn't work, some took the rates below zero, effectively a charge for savings. When that didn't work, they started increasing the quantity of money in their economies. "Quantitative easing" hasn't worked either.
Lowering the cost of money might have prevented the GFC turning into the Great Depression, and increasing the quantity of cash might have avoided a "double-dip" recession, but it has become a tonic for every crisis.
When Europe was struggling with the euro its central bank promised to "do whatever it takes". The morning after Brexit the governor of the Bank of England spoke resolutely from a rostrum resembling a papal window.
Flooding a crisis with cash may avoid the immediate consequences but it doesn't restore an economy to robust health, and it doesn't cure the cause of the crisis. It makes it worse. Cheap loans in the United States, made worse by financial markets' confidence the Fed would underwrite anything they did, created the sub-prime mortgage bubble that led to the GFC. Despite closer supervision of bank lending since then, house prices have been rising faster than before.
Meanwhile, the US economy takes fright every time the Fed tries to raise interest rates and the European Union and Japan are still flatlining on the life support of quantitative easing.
Reviewing the state of the world in a speech this week, New Zealand's Reserve Bank Governor, Graeme Wheeler, said, "Global economic growth remains significantly below its long-term average despite unprecedented monetary accommodation." The volume of global merchandise trade had "drifted lower since the start of 2015" while "trade restrictions in G20 countries have been rising steadily and many governments are concerned about the strength of their exchange rates".
Wheeler is not at Jackson Hole this weekend, having sent Deputy Governor Grant Spencer in his place, but in that speech he listed the questions central banks are grappling with. One of them was: "Has monetary policy reached the limits of its effectiveness in central banks with negative policy rates and large programmes of quantitative easing?"
New Zealand and Australia, fortunately, have not touched these drugs. But we are suffering from the damage they are doing in house prices. Last week, for the second month in succession, the Reserve Bank lowered its base interest rate despite continuing strong growth, low inflation and rampant property prices. All these, especially the last, argued for a rise in interest rates but Wheeler has to avoid getting out of step with interest rates in other countries because that would push the dollar higher and hurt exporters.
Something interesting is happening here, though. Last month, and again last week, our trading banks have been reluctant to pass on the full cut to the official cash rate in their mortgage lending rates. It is as though the trading bankers have taken over the task of managing our monetary settings, aware that the Reserve Bank is obliged by conventional practice and its inflation target to follow this pointless international stimulus.
It is pointless because people know it is artificial. Monetary stimulants have not worked for the same reason Keynesian fiscal stimulants failed to work in the 1970s, and arguably didn't work in the 1930s either. If the GFC was 1929 we are now in 1937, when there was still fear of slipping back into recession and democracies were susceptible to bullies and demagogues who cast themselves as personally and uniquely strong by demonising minorities.
The stimulants don't generate sustained growth because business and personal investors are rational. They have not responded to low interest rates by investing in production and expansion, they have put their money into buying, or buying back, shares or into real estate. Rationally, they know monetary and fiscal life supports have to be withdrawn sooner or later, and that at some point central banks will need to start containing the inflation triggered by their excess money supply.
Since its adoption in the 1980s, monetarism has proven successful at combating inflation in growing economies, but recent experience has shown it is not capable of rekindling growth. Bankers might do better to take economies off the drip, turn their full attention to house prices, raise interest rates and convince business and investors they are about to see reality return.