Early Friday Morning:
Milk Man > EXOGEN December 26, 2014 at 8:34am Good morning Mr. Exo, are any of these "CONFIRMED" exchanges verified by the UST?
EXOGEN > Milk Man December 26, 2014 at 8:50am NO IT IS VERIFIED BY ONE OF OUR MODERATORS ON THIS WEBSITE
Springs > EXOGEN December 26, 2014 at 8:25am It is confirmed by invitation only exchanging the VNN in Mexico
Cosmic Consciousness December 26, 2014 at 8:20am Good morning Exo. So, there is a confirmed first exchange of Dong in Mexico? Is there any info about Europe?
EXOGEN > Cosmic Consciousness December 26, 2014 at 8:21am 1 CONFIRMED YES
EXOGEN December 26, 2014 at 9:27am
China Steps In as World's New Bank
108 Dec 25, 2014 6:00 PM EST By William Pesek
Thanks to China, Christine Lagarde of the International Monetary Fund, Jim Yong Kim of the World Bank and Takehiko Nakao of the Asian Development Bank may no longer have much meaningful work to do.
Beijing's move to bail out Russia, on top of its recent aid for Venezuela and Argentina, signals the death of the post-war Bretton Woods world. It’s also marks the beginning of the end for America's linchpin role in the global economy and Japan's influence in Asia.
What is China's new Asian Infrastructure Investment Bank if not an ADB killer? If Japan, ADB's main benefactor, won't share the presidency with Asian peers, Beijing will just use its deep pockets to overpower it. Lagarde's and Kim’s shops also are looking at a future in which crisis-wracked governments call Beijing before Washington.
China stepping up its role as lender of last resort upends an economic development game that's been decades in the making. The IMF, World Bank and ADB are bloated, change-adverse institutions. When Ukraine received a $17 billion IMF-led bailout this year it was about shoring up a geopolitically important economy, not geopolitical blackmail.
Chinese President Xi Jinping's government doesn't care about upgrading economies, the health of tax regimes or central bank reserves. It cares about loyalty. The quid pro quo: For our generous assistance we expect your full support on everything from Taiwan to territorial disputes to deadening the West’s pesky focus on human rights.
This may sound hyperbolic; Russia, Argentina and Venezuela are already at odds with the U.S. and its allies. But what about Europe? In 2011 and 2012, it looked to Beijing to save euro bond markets through massive purchases. Expect more of this dynamic in 2015 should fresh turmoil hit the euro zone, at which time Beijing will expect European leaders to pull their diplomatic punches.
What happens if the Federal Reserve’s tapering slams economies from India to Indonesia and governments look to China for help? Why would Cambodia, Laos or Vietnam bother with the IMF’s conditions when China writes big checks with few strings attached?
Beijing’s $24 billion currency swap program to help Russia is a sign of things to come. Russia, it's often said, is too nuclear to fail. As Moscow weathers the worst crisis since the 1998 default, it’s tempting to view China as a good global citizen.
But Beijing is just enabling President Vladimir Putin, who’s now under zero pressure to diversify his economy away from oil. The same goes for China’s $2.3 billion currency swap with Argentina and its $4 billion loan to Venezuela. In the Chinese century, bad behavior has its rewards.
If ever there were a time for President Barack Obama to accelerate his "pivot" to Asia it's now. There's plenty to worry about as China tosses money at rogue governments like Sudan and Zimbabwe. But there’s also lots at stake for Asia's budding democracies.
The so-called Washington consensus on economic policies isn't perfect, but is Beijing's model of autocratic state capitalism with scant press freedom really a better option? With China becoming Asia's sugar daddy, the temptation in, say, Myanmar might be to avoid the difficult process of creating credible institutions to oversee the economy.
There could be a silver lining to China lavishing its nearly $4 trillion of currency reserves on crisis-plagued nations: It might force the IMF, World Bank and ADB to raise their games. Competition, as Lagarde, Kim and Nakao would agree, is a good thing. But more likely, China's largess will encourage bad policy habits and impede development in ways that leave the global economy worse off.
To contact the author on this story:
William Pesek at email@example.com
To contact the editor on this story:
Mary Duenwald at firstname.lastname@example.org
Ron Burgundy December 26, 2014 at 9:34am LOL - I hate to burst the bubble, but the IMF is not broke.
EXOGEN > Ron Burgundy December 26, 2014 at 9:36am
I HATE TO CORRECT YOU BUT YOU DON'T KNOW WHAT THE UNITED NATIONS JUST DID WITHIN THE LAST 7 DAYS IN REFERENCE TO THE IMF DUE TO IMF LIQUIDITY ISSUES
YOU HAVE TO FOLLOW THE STORY CLOSELY
EVEN IF LEGARDE HAD MONEY, SHE COULD NOT HELP RUSSIA, WHY BECAUSE THE USA HAS THE MAJORITY VOTING SHARE
SO WHAT CHINA JUST DID IS A SLAP IN THE FACE TO THE USA AND TO THE IMF
REMEMBER CHINA IS THE WORLDS LARGEST ECONOMY AND RISING TO GLOBAL RESERVE CURRENCY.
[have you seen anywhere what Abadi's huge announcement was about today?]
Wmawhite: the big announcement for the 25th was that for the first time the Prime Minister and his government (the GOI/CoM) sent to Parliament next year's budget prior to the next year.
What is important here is that PM Abadi has done exactly what he said he would do. Now, Parliament has met and had the first reading on the 2015 Budget while it is still 2014. In the meantime,...as their constitution calls for...Parliament's Finance Committee will do their part in reviewing what the CoM has sent to them. In fact, Parliament is still working.
Keep in mind,...whenever Parliament approves the 2015 Budget, 1/2 of it will be worthless (the Investment Part) unless the CBI changes the status of the IQD. ...the budget does not automatically bring with it a change in the value of the IQD...they can approve all the budgets they want...however, unless the CBI FIRST gives Iraq a currency that the world will deal with, all of those budget are WORTHLESS!
Late Thursday Night
OilRat December 25, 2014 at 11:06pm
DINAR IRAQ & DONG VIETNAM UPDATE, 25 DEC
Dinar Iraq and Dong Vietnam :Dr Shabibi is Back!
Sources have always said that Dr. Shabibi would be at the helm of the CBI to do the RV.
Reinstating Shabibi was at the request of the USA so he could see the RV through.
The window is good to see the RV announcement at the beginning of the new year.
Get your champagne bottles ready!
Only a few days left until 2015.
Sqwatchy December 25, 2014 at 7:02pm
"Abadi spoken to the presidency of the parliament and signed by the draft budget Vsotoa"
caught this headline scrolling on the latest breaking news ticker while digging, on Iraq news feeds. Not sure where the article is yet....no link for the feed......just a scroll!!
Just give it time. THE PARLIAMENT did not go on break, unless things are done. They spent weeks getting the COM approval on a draft....not to table it for a couple of weeks more while a committee reviews it now.
Remember....LIQUIDITY ISSUES.....They have projects that have been halted, contractors not paid, debts overdue, and Investors stacked up like Salmon in the fall in an Alaskan stream. if this doesn't start in 2014....there will be a lot of angry tier 2/3/4 banks................all Im saying...
Frank26 : Tink and I are surrounded by screaming grandchildren !
Engulfed in Family Love !!
Thank You Lord .......... Amen. KTFA, Frank
Aggiedad77: Ok....let's see if I can do this for everyone's benefit
"surrounded" refers to the Parliament circling wagons and uniting on the budget
"screaming" refers to all the beautiful noise that PM Abadi has been making
"grandchildren" references the good for generations to come
"Engulfed" represents how full...no not our bellies....but our bank accounts will soon be
"love" brings all that we can do together in the Lord
How is that Frank......not bad for kicked back after a huge meal…lol
Frank26: ........... Close .............. Enough ....lol
Dreammaker: CLOSER THAN THE NOSE ON YOUR FACE!
Frank26: To me ......... As close as my next ....... Breath exhaled.
But that's only my opinion and ........... Essence.
[Jester] HI EVERYONE... MERRY CHRISTMAS...
[LdyFaith] Jester,,, I wish no harm on anyone, ,, but have to admit ,,,, read the post about o's status,,, and was hopefully ecstatic, ,,
[tallpines] LdyFaith yes me to
[Hannah] LdyFaith I l o v e it ... hopefully ecstatic... lol
[Jester] LdyFaith WELL I KINDA LIKE JIM WILLIE... HE IS A SMART GUY... I DO NOT THINK HE IS PUTTING THINGS OUT FOR NO OBVIOUS REASON...
[LdyFaith] Jester,,, don't know him,,, but I know you wouldn't,,,, and that is enough for me
[Jester] LdyFaith I BEEN PUTTING SOME REALLY GOOD JW STUFF IN THE ROOM FROM TIME TO TIME... HE SPEAKS ABOUT GOLD AND WORLD ECONOMICS...
[pokerbrat] Jester I like JW as well I also like his no nonsense attitude and his passion.
[Hoosier Girl] I like him too
[LdyFaith] Jester,,, Yes,,, have read them all,,,,, and do not mistrust JW,,,,,at all,,,, and am only "hopeful" ,,, considering a "fluid" situation,,, thanks for posting him
[MotoXR] Jester JW spoke of Gold going to 18K I don't remember , but did he give a time frame?
[Jester] MotoXR DEPENDS ON WHEN THE CHINESE START RAMPING IN CONTROL OF THE GOLD EXCHANGE I WOULD SAY...
[MotoXR] Jester ok thanks Hope to get ahead start on getting some
[Jester] I HOPE THAT EVERYONE HAD A WONDERFUL CHRISTMAS... THANKS FOR COMING IN AND SAYING HI...
[Jester] TAKE IT EASY... NIGHT NIGHT...