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MCF761: TWEET 8-24-16 UPDATE: It has been reported that on Iraq TV, the finance minister is saying the Oil and Gas Law will be fully completed in the 2017 budget and the Kurds will get their 17%. Also reported was that PM Abadi was on TV and told the citizens the Amnesty Law was approved by him and is completed but Parliament needs to make it public. __ IdahoUSA
FullofHope: can someone please tell me what does the oil and gas law have to do with the RV? when does 2017 budget come out and what does the Amnesty law have to do with rv? thanks for your wisdom
Tishwash: the oil and gas also called HCL is very important to Iraq and has long been thought to be a key for RV. it covers among many other things what percentage of money the Kurds get and Baghdad gets of the oil profits. I have also heard it will determine how much the citizens get too
Fullofhope: hey tishwash....so, you are thinking this could be the trigger that releases it to us? when does the budget come out?
InfinitePower: fullofhope..... This is just a sign that our blessing is getting closer and closer... reguardless of what we hear; we can't go to the bank until the rate changes.... when--- no one really knows....
Demcoit: Good morning all sorry for the delay. The good news they didn't deny anything that this wasn't going to happen. The word they used "when it revalues we will be here for you and your group"! Currently they discussed all the benefits and how we will be revived once it goes. I will post more details in my original forum post.
Link to Original post: Bank story - DO YOU HAVE DINAR?
GJHHonor: demcoit thanks for getting back to us, they are saying the same here in Canada… when it happens we are ready…..please do not ask me what banks or any questions .
Samson: Parliament acknowledges fully the amnesty law
Parliament acknowledges fully the amnesty law House of Representatives voted in its meeting on Thursday to approve the full articles of the draft amnesty law. LINK
MBAGrad: Does this mean that the General Amnesty Law has passed (Already been voted on) or that parliament has no objection to anymore paragraphs in the law but has yet to vote on it?
Don961: Looks like Amnesty law was passed ...IMO
Samson: August 25, 2016
G20 summit will boost trade to revive global economy
The upcoming G20 summit will boost global trade and investment to reinvigorate lackluster economic growth, an expert in trade and economics told China.org.cn on Wednesday.
The world's 20 largest economies will gather in the eastern Chinese city of Hangzhou in early September to discuss ways to lead the world economy out of its stagnation. China has set one of the agenda items as "robust international trade and investment."
Commenting on the agenda, Ni Yueju, a researcher at the Institute of World Economics and Politics, Chinese Academy of Social Sciences, said that trade and investment is currently the most effective way to spur economic growth.
Trade and investment are traditional engines of economic growth, but they have been growing tepidly in recent years. Data from the World Trade Organization (WTO) shows that last year marked the fourth consecutive year that global trade growth slumped below 3 percent from an average of 7 percent between 1990 and 2008, and this year shows no signs of significant improvement. Global investment growth is also expected to be moderate -- sitting somewhere between 10 percent and 15 percent -- this year, reports say.
Setting trade and investment as priorities will help the global economy by further promoting trade facilitation and liberalization, boosting new types of trade (especially cross-border e-commerce), and reducing global trade costs, Ni said.
Moreover, as the major participants and stakeholders in the global value chain, G20 members can work together on reducing tariff barriers and expanding trade in services. If the G20 members, who represent 90 percent of the world's GDP and 80 percent of global trade, manage to ease tariff barriers and boost trade facilitation, they will set an example for and further promote regional and world economic cooperation.
Industrial overcapacity and rising protectionism
Industrial overcapacity has time and again made business headlines recently, especially with regards to the glut in the steel industry. Countries have been blaming each other for producing more than needed. The root cause of overcapacity, however, is the shrinking global demand and the slowing economy, Ni said, adding that the steel sector bears the brunt, as it involves various industries ranging from manufacturing and infrastructure building to real estate.
The Chinese government has been calling for countries to resolve overcapacity on various fronts instead of playing the blame game, and is also keen to handle its own problem by expanding domestic demands. However, the country is still blamed for excess capacity and has been involved in increasing trade frictions. But as a matter of fact, some countries are practicing trade protectionism under the pretense of steel glut and government subsidies, Ni said.
There has been a surge in trade protectionism in recent months. The WTO said in a June report that between mid-October of last year and mid-May this year the G20 economies had introduced 145 new protectionist measures -- the fastest pace seen since the organization began monitoring G20 economies in 2009.
Trade protection measures will only drag countries to the brink of trade wars and hurt the countries involved, Ni warned. As the world's leading economies, the G20 countries should ramp up their efforts in opposing trade protectionism and pull global trade out of its current slump.
Anticipating the outcomes
Trade ministers of the G20 economies met in Shanghai in July, where they issued the first trade ministers' joint statement in the history of G20 and several agreements concerning investment policy, investment guidance and multilateral trade system. Ni said that those outcomes are expected to be endorsed at the upcoming G20 leaders' summit, adding that they will effectively deal with slowing trade and investment, production overcapacity and trade protectionism.
But as the outcomes of the G20 summit are not legally binding, China should carry out talks with the next two host countries of the G20 summit -- namely, Germany in 2017 and India in 2018 -- to smooth the way and implement all the measures and consensuses reached in this year's summit, Ni emphasized. The summit should also promote measures related to regional trade agreements, multilateral negotiations and international investment to be carried over into WTO negotiations, she said.
Emailed to Recaps:
Four More Mega-Banks Join The Anti-Dollar Alliance
Submitted by Simon Black via SovereignMan.com,
That was fast.
Yesterday I told you how a consortium of 15 Japanese banks had just signed up to implement new financial technology to clear and settle international financial transactions.
This is a huge step.
Right now, most international financial transactions must pass through the US banking system’s network of correspondent accounts.
This gives the US government an incredible amount of power… power they haven’t been shy about using over the last several years.
2014 was one of the first major watershed moments when the Obama administration fined French bank BNP Paribas $9 billion for doing business with countries that the US doesn’t like– namely Cuba and Iran.
It didn’t matter that this French bank wasn’t violating any French laws.
Nor did it matter that only months later the President of the United States inked a sweetheart nuclear deal with Iran and flew down to Cuba to attend a baseball game with his new BFFs.
BNP had to pay up. A French bank paid $9 billion because they violated US law.
And if they didn’t pay, the US government threatened to kick them out of the US banking system.
$9 billion hurt. But being kicked out of the US banking system would have been totally crippling.
Big international banks in particular cannot function if they don’t have access to the US banking system.
As long as the US dollar remains the world’s dominant reserve currency, major banks must able to clear and settle US dollar transactions if they expect to remain in business.
This means having access to the US banking system… the gatekeeper of the US dollar.
But having watched BNP Paribas get blackmailed into paying an absurd $9 billion fine to the US government, the rest of the world’s mega-banks knew instantly that their heads could be next ones on the chopping block.
So they started working on contingency plans.
Blockchain technology provided an elegant solution.
Instead of passing funds through the US banking system’s costly and inefficient network of correspondent accounts, blockchain technology provides an easy way for banks to send payments directly to one another.
I cannot understate how important this technology is.
Blockchain may very well be what neutralizes the US government’s domination of the global financial system.
And while there’s been a lot of momentum in this direction (hence yesterday’s letter to you), even I’m surprised at how fast it’s moving.
Deutsche Bank from Germany, UBS from Switzerland, Santander from Spain, and Bank of New York Mellon have joined together to launch what they’re naming the very un-sexy “utility settlement coin”.
Like Ripple, Setl, Monetas, and several other competing technologies, Utility Settlement Coin has the potential to end the reliance on the US banking system for cross-border payments and financial transactions.
Banks will be able to send payments to one another directly without having to transit through the Wall Street financial toll plaza.
(Global consulting firm Oliver Wyman estimates that the cost of clearing and settling international financial transactions at up to $80 billion annually.)
This has enormous implications, especially for US banks.
The Federal Reserve, for example, has already warned that financial technology could pose stability risks to the US financial system.
And they’re right.
If foreign banks are able to transact directly with one another without having to go through the US banking system, then why would they need to park trillions of dollars in the United States?
Adoption of this technology could cause a gigantic vacuum of deposits out of the US banking system.
US banks would take a big hit. And the US government would have far fewer foreign buyers to sell its ever-expanding piles of debt.
Make no mistake, the adoption of this technology is a game-changing development with far-reaching implications. And it’s happening very quickly.
If these mega-banks can hit their milestones, they’ll launch commercially in eighteen months.
Mark it on your calendar– that may be the end of peak US financial dominance.
Global Stocks Decline Along With The Dollar, As Jackson Hole Begins
Global stocks declined broadly, led by European equities which fell for the first time this week while currency markets continued their subdued tone even as the recent 4-day rally in the USD appears to have topped out, as investors took to sidelines ahead of the Jackson Hole meeting which begins tonight. Japanese and Chinese stocks had suffered modest drops in Asia. S&P 500 Index futures slipped 0.2%, continuing yesterday's modest selloff.
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