Thanks My Ladies for letting us share from your private chatroom
Late Tuesday Night:
MY LADIES: DID WE SEE WHAT PRINCESS BROUGHT IN DURING OUR TALK OF THE USD???
Iraq also revived a long-delayed plan to redenominate the Iraqi dinar by knocking three zeroes off the nominal value of its banknotes, said Ihsan Shamran al-Yassiri, the head of Iraq Central Bank Issuing and Vaults Department
PrincessDD: : Another article on the bonds saying September
Iraq is getting ready to sell $6 billion in debt.
According to a report from Bloomberg on Tuesday, Iraq is preparing to offer bonds at some point this year in what would be its first debt sale in nearly 10 years.
Bloomberg, citing people familiar with the program, said Iraq plans to meet with investors as early as September.
Read more: http://www.businessinsider.com/iraq-issuing-6-billion-in-debt-2015-8#ixzz3jDDy1Of5
Princess DD: So we could be looking at another couple of weeks
MVL: Agreed. My understanding has been that the banknotes thing is a longer program. That said, the bond sale is different. And they have to have a rate for that, because it's different than the municipal bonds they can do now in-country.
I've read that the IMF gave them a few billion earlier this summer, but my guess is they're broke, and need to get this bond sale in the books.
JG: Okay, help me out here...this is the second article regarding the bond sales ...twice I read that the investors are meeting to discuss the sale as soon and September and that these bonds will be sold at some point this year...no where do I read that the sale will be "in September"....??????
MVL: I actually think it could happen at any time, and here's why: Proof of that, is what the Swiss did this past week with Iran. It's been said here that Iraq and Iran are mirrors of each other. The Iranian progress recently has been nothing short of amazing.
This, in my mind, is generating positive pressure for Iraq. We've also heard that the mechanisms are already in place for both sides of that street.
Proof for me in that, is that Iraq has stated publicly that they are even having an international bond sale. That alone screams volumes. The timelines in the headlines, I think, are simply there for context.
I maintain that for the Middle Eastern culture, at that level of finance, they'd never claim something unless the minion work was already done. Too much of a risk losing face otherwise. Their actions will trump any words the media throws our way is my take on it.
Early Wednesday Morning:
MY LADIES: Vietnam devalues dong to protect exports, offset China's yuan action http://www.reuters.com/article/2015/08/19/vietnam-economy-dong-idUSL3N10U1R620150819
3X THE DONG DEVALUED THIS YEAR ALONE. VIETNAM SETTLES IN THE DOLLAR, THEY CAN AFFORD TO CONTINUE DEVALUING THEIR CURRENCY AS THE MARKET CHANGES TO KEEP THEIR ECONOMY STABLE.
ANY THOUGHTS OF A PRICE INCREASE ARE JUST CRAZY. IF ONLY DINAR LAND UNDERSTOOD MATH!
IF ONLY DINAR LAND UNDERSTOOD MATH! INDONESIA RESET DOWN 2X SO FAR THIS YEAR TOO, THE YUAN IS SETTING THE PACE IN ASIA.
MY LADIES: RE: PrincessDD: The Fed Against the World Janet Yellen to raise rates in September http://www.bloomberg.com/news/videos/2015-08-18/jpm-s-amoroso-says-it-s-the-fed-against-the-world
YELLEN MAY BE ALONE AGAINST THE WORLD BUT SHE CAN TAKE IT.
THE LIKELY HOOD OF A RATE INCREASE HAPPENING IS VERY GOOD. I THINK THOSE DECISIONS ARE MADE ON WHAT’S BEST FOR US NOT WHAT’S BEST FOR EURASIA
MY LADIES: http://www.nytimes.com/2015/08/20/world/europe/angela-merkel-german-parliament-greek-bailout.html?_r=0
THE SAGA CONTINUES. THEY CAN VOTE AS OFTEN AS MAKES THEM FEEL GOOD. IN THE END THIS ALL DOES NOTHING. THERE IS ONE SOLUTION AND THE TIMEING MUST NOT BE QUITE RIGHT FOR IT.
THE SOLUTION IS FORGIVE THEM THEIR DEBT AND LET THEM LEAVE. ALL THIS VOTING AND BRUE HA HA IS IN AN EFFORT TO HOLD THE EUROZONE TOGETHER AND THAT’S NOT THE END GAME PLAN.
MY LADIES: THE IMF IS STILL NOT ON BOARD..AND HOW LONG WILL THIS DRAG OUT BEFORE THEY GET THE MONEY... I DON'T THINK THIS IS GOING TO FLY
Greek Bailout Moves Ahead After German Parliament Backs Program http://www.bloomberg.com/news/articles/2015-08-19/germany-set-to-approve-greek-aid-after-merkel-lobbies-lawmakers
Bailout opponents argue Greece is in a debt trap and that policy makers are bending euro-area rules to hold the currency union together. Bild, Germany’s most-read newspaper, said in an editorial opposing the program that “it doesn’t offer a rescue -- not for Greece, not for the euro and certainly not for Europe” after “five wasted years of rescue policies.”
“Greece won’t make it in the euro zone and we won’t succeed at keeping the euro zone together by force against the will of the people”
PrincessDD: Besides, Germany is profiting off of Greece.
PrincessDD: Chinese Stocks Continue to Collapse As World Economy Prepares for Nosedive http://www.armstrongeconomics.com/armstrong_economics_blog
MVL: Speaking of debt, Martin Armstrong has a post this morning discussing just that. His take is investing in U.S. government debt is ok up to two years out. He doesn't recommend any foreign government debt. My thinking is Silk Road infrastructure debt is different, and separate from sovereign debt. Or am I wrong? Silk Road investment certainly appears to be a great way of diversifying a portfolio. Iraqi and Iranian bonds, however, still intrigue me.
More Around the World News:
Princess DD: Emerging markets rocky, dollar dips before Fed minutes http://www.reuters.com/article/2015/08/19/us-markets-global-idUSKCN0QO01I20150819
Princess DD: How China's slowdown is affecting Africa
Over the past few decades, Africa's resource-rich nations have attracted massive investments from fuel-hungry China. But its recent slowdown has left Africa increasingly vulnerable, as economist Oliver White explains.
Princess DD: China's stock volatility rattles investors http://www.cbsnews.com/news/chinas-stock-volatility-rattles-investors/
Princess DD: Im seeing that bond article came out earlier this year in March
Iraq, banks in talks for $6bn bond issue http://www.gulf-times.com/eco.-bus.%20news/256/details/429314/iraq,-banks-in-talks-for-$6bn-bond-issue
Princess DD: I guess thats the first time they were thinking of doing it. Now they seem to be finally moving forward with it.
Princess DD: The first article about them getting their credit rating so they could sell those bonds came out in May. So it looks like all of that got done and they are finally ready for it.
Iraq seeks credit rating before jumbo bond issue http://www.gulf-times.com/eco.-bus.%20news/256/details/437480/iraq-seeks-credit-rating-before-jumbo-bond-issue
Princess DD: China's Stock Market Plunges 6.2% Today amid New Yuan Concerns
Princess DD: China devalues yuan (3.5%) - a threat or an opportunity for India markets?
Princess DD: Currency manipulation? Markets agree that Chinese yuan worth less https://www.reviewjournal.com/opinion/currency-manipulation-markets-agree-chinese-yuan-worth-less
Princess DD: UPDATE 2-Vietnam devalues dong to protect exports, offset China's yuan action http://www.reuters.com/article/2015/08/19/vietnam-economy-dong-idUSL3N10U1R620150819
Princess DD: Opinion: Good news: Devalued Chinese yuan may stop Fed rate hikes http://www.marketwatch.com/story/good-news-devalued-chinese-yuan-may-stop-fed-rate-hikes-2015-08-19
Princess DD: China's devaluation may be bad news for FX industry Read more: http://www.businessinsider.com/r-chinas-devaluation-may-be-bad-news-for-fx-industry-2015-8#ixzz3jGBRYKhU
Princess DD: I read yesterday that the YEN will be replaced by the YUAN In the SDR basket.
Princess DD: Has Greece Gone From Crisis to Market Opportunity? http://www.bloomberg.com/news/videos/2015-08-19/has-greece-gone-from-crisis-to-market-opportunity-
Princess DD: German Lawmakers Vote YES to Greek Bailout (5 min ago) http://www.bloomberg.com/news/videos/2015-08-19/german-lawmakers-vote-yes-to-greek-bailout
PrincessDD: Can Iran Be an ‘Upcoming Star’ for German Industry? http://www.bloomberg.com/news/videos/2015-08-17/energy-stocks-have-big-upside-potential-parker
Princess DD: What To Watch: China, Vietnam, Greece http://www.bloomberg.com/news/videos/2015-08-19/what-to-watch-china-vietnam-greece
Princess DD: Norway Oil Fund: Monetary Policy, China Are Main Issues http://www.bloomberg.com/news/videos/2015-08-19/norway-oil-fund-monetary-policy-china-are-main-issues
Princess DD: Russia & Iran reach agreement on S-300 air defense systems delivery – deputy foreign minister https://www.rt.com/news/312804-russia-iran-s300-delivery/
Princess DD: Japan and Iran are preparing for deals after nuclear sanctions end Read more: http://www.businessinsider.com/r-japan-iran-to-discuss-investment-pact-after-sanctions-end-nikkei-2015-8#ixzz3jGGOAQan
Princess DD: Iraq plans $6bn bond sale amid oil drop, civil unrest (2 hrs ago)http://www.gulf-times.com/eco.-bus.%20news/256/details/451692/-iraq-plans-$6bn-bond-sale-amid-oil-drop,-civil-unrest
Princess DD: European markets close lower after China plunge http://www.gulf-times.com/eco.-bus.%20news/256/details/451674/european-markets-close-lower-after-china-plunge
Singapore bankers rattled by Asian moves to chase undeclared wealth http://www.gulf-times.com/eco.-bus.%20news/256/details/451685/singapore-bankers-rattled-by-asian-moves-to-chase-undeclared-wealth