Eagle1 » June 25th, 2013, 7:19 pm •
Good Afternoon, Family:
Thought I would post a quick response to concerns that have been expressed to me over the delays of the release of the basket of currencies and answer some questions that have bugged some folks.
As noted last night on Frank's CC (I had to leave early to take care of family matters) we've been advised by a source within the IMF that both the first basket, the second basket, and 11 currencies out of the third basket -- a total of 66 in all -- were due to release immediately.
That release included the IQD/IQN, the VND, the IDR, the CAD, and, of course, a fistful of other currencies we haven't paid much attention to.
We were initially advised to watch for this release to take place Sunday Night/Monday Morning on FOREX, with a 24-hour delay before the currencies became tradable.
Obviously we saw nothing. We expected that the delay might have been pushed to Tuesday in order to comply with normal international banking policies, and in fact were told that might be the case.
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All of you have heard about the NSA leaker issue in the news, the fact that he fled to China, and that both China and Russia have cooperated in hiding him or preventing the US from finding the young man's whereabouts.
Not in our wildest thinking did anyone consider that this event might have a bearing or interfere in any way with the release of these currencies.
Turns out that because of the administration's demands on China for the return of this individual, they decided to throw a temper tantrum and provide a short delay in the release process by fussing over the revaluation of the Vietnamese Dong.
What many folks have not realized is that Vietnam has been operating under a program rate for their currency that has been in place since the Vietnam War. On FOREX, the VND is currently valued at $20.90/million. That's tantamount to the IQD's relationship.
For more than a year, the IMF has been ready to release the VND at its new asset-backed rate -- initially set at $.47. Several bloggers have talked about the immense debt burden that Vietnam is under and the fact that, in their opinion, this debt had to be dealt with before the currency could be revalued.
Vietnam has NOT been under Chapter VII sanctions, so that rule does not apply. What many people have missed is the fact that Vietnam's debt is mostly related to the fact that they have been forced to sell their entire output of oil at less than market rates to China, with the result that their annual revenue has been greatly diminished.
By raising the value of their currency to its relatively true worth against the nation's actual assets, its debt load becomes nothing more than a minor inconvenience and mostly just a pocket change issue.
The revaluing of the Dong becomes a way to free Vietnam from China's shackles -- an issue which China does not favor.
Despite the fact that China has known for more than a year that the VND was going to have real value, there hasn't been any real fuss over it until now. China obviously picked the NSA leaker case and the tension with the current administration to make the VND a sticking point with the IMF. It's just another example of the ridiculous politics that has gone on behind the scenes.
Suffice it to say that the issue has been quickly resolved, and we should see things begin to move along with the release of these first 66 currencies. We're coming up on the 27th, and I never thought we'd see that as an important issue with Iraq, but apparently things have been held up until the last nanosecond.
The point is, we're there!
All I can say to this whole thing is, Thank You Jesus!
By the way, I'm sorry that I can't be with you tonight on the CC. Have some ministry to take care of.
Blessings on you.
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