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Keyword: reservecurrency

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  • Three Years On, China’s Yuan Still Can’t Touch the Dollar’s Reserve Currency Status

    10/02/2019 9:08:17 AM PDT · by SeekAndFind · 4 replies
    Fisher Investments ^ | 10/02/2019 | Fisher Investments Editorial Staff
    Three years ago today, the IMF added China’s yuan to the basket of currencies underpinning its Special Drawing Rights (SDR)—its proprietary reserve accounting unit and means of extending credit to countries in need. At the time, the IMF touted it as “an important milestone in the integration of the Chinese economy into the global financial system.” Many investors took a less benign view, seeing the IMF’s move as threatening to end the dollar’s status as the world’s leading reserve currency—sending interest rates spiking and rendering US debt unaffordable. That was always a false fear, in our view, as the...
  • Iran moves to strike 4 zeroes from its battered currency

    08/21/2019 4:55:37 AM PDT · by BeauBo · 27 replies
    The State (South Carolina) ^ | August 21, 2019 | AMIR VAHDAT
    Iran's president sent a bill to parliament Wednesday that would cut four zeroes from the value of the Islamic Republic's sanctions-battered currency, the rial, as tensions remain high between Tehran and Washington. By sending the bill to lawmakers, President Hassan Rouhani's government shows it is serious about an idea discussed for some time in Iran, where people discuss monetary transactions in both rials and informally, but more commonly, in tomans. A toman is worth 10 rials. If passed by parliament and approved by lawmakers, Iran's Central Bank would in effect devalue the rial and rename it as toman. The bank...
  • EU plan to enable non-dollar Iran trade, oil sales unraveling: diplomats

    11/14/2018 7:21:03 AM PST · by Java4Jay · 23 replies
    A special European Union initiative to protect trade with Iran against newly reimposed U.S. sanctions faces possible collapse with no EU country willing to host the operation for fear of provoking U.S. punishment.
  • Venezuela pegging its economic recovery to a cryptocurrency that’s widely considered a scam

    08/20/2018 10:09:35 AM PDT · by NRx · 65 replies
    CNBC ^ | 08-20-2018 | Kate Rooney
    Venezuela is doing something completely unprecedented. Some even say illegal. As part of an attempt to stop skyrocketing inflation, the country is issuing a new fiat currency called the "sovereign bolivar," which will be backed by a cryptocurrency. But that cryptocurrency, called the "petro," does not trade, and Venezuela's own parliament says it's being illegally used to mortgage the nation's cash-strapped oil reserves. "This is a smoke-and-mirrors operation typical of Venezuela — I'll believe it when I see it," said Steve Hanke, professor of applied economics at Johns Hopkins University and one of the world's leading experts on hyperinflation. "The...
  • Turkey’s Lira Currency Crumbles as Trump Turns the Screws After Erdogan Double-Cross

    08/13/2018 6:16:56 AM PDT · by Hojczyk · 34 replies
    Breitbart ^ | August 12,2018 | John J. Xenakis
    Trump met Erdogan at a Nato meeting early in June. Their discussions were very friendly, and after they ended, Trump thought they had made a deal: Trump would ask Israel’s prime minister Benjamin Netanyahu to release a Turkish citizen, Ebru Ozkan, arrested because of alleged terrorist links to Hamas, and then Turkey would release pastor Andrew Brunson, who was arrested in Turkey on October 2016 on charges of espionage, which the US considers are bogus charges. So on July 14, Trump called Netanyahu and requested that Ozkan be released, and she was released the next day. But Brunson was not...
  • Venezuela says it is refining gold in Turkey following sanctions

    07/29/2018 10:27:50 AM PDT · by ameribbean expat · 25 replies
    CARACAS, July 18 (Reuters) - Venezuela’s central bank this year began refining gold in Turkey following a wave of international sanctions that have left it unwilling to carry out such operations in Switzerland, the country’s mining minister said on Wednesday. The central bank for several years has been buying gold from small miners in the south of the country and refining it to be used as monetary gold to shore up its international reserves that have tumbled as the country’s socialist economy implodes. “This is an agreement established with Turkey and the Venezuelan central bank,” said Victor Cano in a...
  • Turkey’s Currency Meltdown

    05/24/2018 12:14:14 PM PDT · by BeauBo · 65 replies
    Wall Street Journal ^ | 23 May 2018 | WSJ Editorial Board
    Turkey’s lira fell as much as 5% on Wednesday (23 May '18), and it’s lost more than a fifth of its value this year... On Wednesday the (Turkish Central) bank lifted a key lending rate to 16.5% from 13.5%... Mr. Erdogan has wanted to keep interest rates low before the June 24 parliamentary and presidential elections when he hopes to consolidate even more power.
  • Iran and Russia Discuss Transacting in Crypto to Avoid International Sanctions

    05/18/2018 9:19:49 PM PDT · by TigerLikesRooster · 11 replies
    Coin Telegraph ^ | 2018-05-18 | Molly Jane Zuckerman
    Iran and Russia Discuss Transacting in Crypto to Avoid International Sanctions Molly Jane Zuckerman Iran and Russia could start using cryptocurrencies to avoid Western sanctions, Russian news portal RBC reported yesterday, May 17. Mohammad Reza Pourebrahimi, the head of the Iranian Parliamentary Commission for Economic Affairs, referred to cryptocurrencies as a promising way for both countries to avoid US dollar transactions, as well as a possible replacement of the SWIFT interbank payment system. At a meeting with Dmitry Mezentsev, the Chair of the Federation Council Committee on Economic Policy, Pourebrahimi said that they have “engaged the Central Bank of Iran...
  • Meet The Cabal That Are Framing Domestic American Activism As “Russian Influence” and “Fake News”

    02/19/2018 10:40:27 PM PST · by vannrox · 28 replies
    Disobedient Media ^ | January 29, 2018 | Adam Carter
    Can we trust the judgement of think-tanks who have labeled Twitter users as part of a ‘Russian influence campaign’ as sound when those same entities provide little evidence, and their high-level members include former Clinton supporters?At the beginning of 2017, an initiative was launched by a non-partisan think-tank called the German Marshall Fund US (GMFUS) under the name “The Alliance For Securing Democracy” (ASD).During the Summer, ASD started working on a project they called the “Hamilton 68 Dashboard“, an effort that was presented to the public as a means of monitoring Russian disinformation efforts on Twitter, apparently boosted by...
  • There Is Only One Business: SCAM

    01/11/2018 8:35:34 AM PST · by Wolfie · 28 replies
    Market Ticker ^ | O1/11/18 | Karl Denniger
    There Is Only One Business: SCAM You either steal, rob, lie, launder money and otherwise rip people off or you go out of business. The only exception? If you're small enough not to attract any of the so-called "great businesses" attention. You can run a bar. You can run a small restaurant (as long as it doesn't compete with any of those large firms.) You might be able to run a small consulting outfit. Otherwise, forget it. You can't emulate their game because you will get prosecuted. They will not. Investors will not care and thus the so-called "efficient market"...
  • President Obama Said Pallet of Cash to Iran Because “Wire Transfers Not Available”

    08/25/2016 9:02:39 AM PDT · by detective · 20 replies
    Conservative Treehouse ^ | August 25, 2016 | Sundance
    Truncated title. Full title: President Obama Said Pallet of Cash to Iran Because “Wire Transfers Not Available” – Records Indicate Wire Transfers Two Days Later When the discussion of possible ransom payments to Iran surfaced, everyone was wondering why the U.S. State Department sent pallets of assorted cash currency, totaling $400 million to Iran on January 17th 2016. The same day the hostages were released. On August 4th President Obama held a press conference to discuss the controversy and denied it was a “ransom payment” (see video). Specifically, to answer the question of “why cash“, President Obama said:
  • Game over for America:...after the crash, the US economy...but its self-confidence has not...

    09/15/2018 7:05:28 PM PDT · by familyop · 14 replies
    The Daily Mail (U.K.) ^ | September 15, 2018 | FREDDY GRAY DEPUTY EDITOR OF THE SPECTATOR FOR THE MAIL ON SUNDAY
    One of the funnier comedy Trump videos on YouTube is a montage, made before he became president, of all the times Trump said China. It’s about three minutes long and is mesmerisingly hilarious. As a candidate, he talked about China ‘raping’ America. Funnily enough, that was exactly what Americans wanted to hear...Maybe Trump isn’t as stupid as he seems – and maybe his supporters aren’t as stupid as smug liberals assume. Forty per cent of Americans never leave their country, but they can see how it is being eclipsed by China. And US voters know that China doesn’t play by...
  • Are Russia and China Trying to Kill The Dollar?

    08/14/2018 12:46:00 PM PDT · by SaveFerris · 34 replies
    Yahoo / Forbes ^ | August 14, 2018 | Forbes as found at Yahoo
    Russian Foreign Minister Sergei Lavrov suggested Tuesday that countries facing sanctions like Iran, Turkey and Russia may start doing business in their national currencies, suggesting that the days of the U.S. dollar as the international reserve currency may be numbered. Perhaps no one would be happier about that than President Donald Trump. Here’s why: As Yale economist Robert Tiffin explained in the 1950s, if a country’s currency is the international reserve currency, then it has no choice but to run a current account deficit. If a replacement is found, as the dollar replaced the British pound in the 1920s, it...
  • Turkey’s economic crisis has just begun

    06/14/2018 9:03:23 PM PDT · by Texas Fossil · 8 replies
    Asia Times ^ | June 12, 2018 11:29 PM | David P. Goldman
    What happens next may look like Greece during its financial collapse – meaning Turkey’s economy could shrink by 10%-20% The Turkish central bank managed to halt the free-fall of the country’s currency last week with a sharp rise in interest rates. But the move failed to stop the free-fall of Turkey’s equity market and – far more dangerous – the collapse of the credit quality of Turkey’s banks. Only last October, the euro-denominated 10-year bond of Turkey’s largest private lender, Garanti Bank, yielded just 3%. Now it yields more than 7%, and the dollar value of the bond has fallen...
  • Trump Needs a Return to King Dollar

    02/17/2018 7:12:01 AM PST · by Kaslin · 5 replies
    Townhall.com ^ | February 17, 2018 | Larry Kudlow
    By Lawrence Kudlow, Arthur B. Laffer, and Stephen MooreThe Trump Administration and the Republicans in Congress have passed one of the best pro-growth tax bills ever. The Tax Cuts and Jobs Act ranks in the all-time hall of fame along with Reagan's 1981 and 1986 Tax Acts and President Kennedy’s posthumous tax cuts of 1964. The announcements by Apple, FedEx, ATT, Fiat Chrysler and over 300 companies with multi-billion dollar investments in the United States are early lead indicators of good things to come from the tax rate cuts. When this is combined with Trump's deregulation agenda, we see no...
  • Remember? 3/30/17: Russia Preps for Split With Global Banking Cartel by Dumping US Dollar for Gold

    06/29/2017 9:27:00 AM PDT · by johnk · 24 replies
    thefreethoughtproject.com ^ | March 30, 2017 | By Claire Bernish
    ... As relations with the West continue to deteriorate — and the potential for crushing sanctions remains tangible — President Vladimir Putin has begun preparing to release Russia from the crushing grip of the international banking system completely, by moving to a nationalist model based and conducting transactions with allies in gold. In short, Russia has plans to abandon central banks and the dollar — if, indeed, shit hits the fan. Russia isn’t alone — the move away from the much-maligned, Western-centric international banking cartels toward a system less dependent on massive banks comprises a new plan for BRICS nations...
  • Venezuela Stops Accepting Dollars; The Beginning of the Collapse of the Dollar as Reserve Currency?

    09/14/2017 9:33:08 AM PDT · by PPSman · 47 replies
    EconomicPolicyjournal.com ^ | September 14, 2017 | Robert Wenzel
    In retrospect, this could be the most important economic event of 2017. The oil-rich country of Venezuela has stopped accepting the U.S. Dollar as payment for oil. Last week President Maduro warned that the country would this week ‘free’ itself from the US dollar. “Venezuela is going to implement a new system of international payments and will create a basket of currencies to free us from the dollar.” Yesterday Venezuela temporarily suspended the sale of U.S. dollars through its Dicom auction system. This (and other moves) was in response to U.S. sanctions put in place by the Trump administration.
  • Dollar to Gold Ratio According to U.S National Debt Clock

    09/25/2017 8:55:51 PM PDT · by WhatNot · 60 replies
    I wanted to post this just in case people missed it, a while back the U.S National Debt clock began publishing the real ratio for U.S dollars to gold. At this point it's up over 6,000 per ounce. Keep stacking!
  • Turkish lira weakens beyond 4 against dollar as economy worries weigh

    03/28/2018 2:32:59 PM PDT · by Texas Fossil · 8 replies
    Gulf Times ^ | March 28 2018 10:34 PM | none stated
    Turkey’s lira weakened beyond the psychologically important level of 4.0 to the US dollar yesterday, bringing it close to a record low, as concerns about double-digit inflation, and politics, continued to weigh on sentiment.
  • Last Ditch Efforts by Iran Lobby to Save Nuclear Deal Wasted

    04/21/2018 8:41:23 AM PDT · by Kaslin · 3 replies
    Townhall.com ^ | April 21, 2018 | James Lee
    The Iran lobby is digging deep in an effort to drum up support from anyone and anywhere to preserve the Iran nuclear deal including circulating a letter from members of the French, British and German parliaments addressed to the U.S. Congress.The letter is rife with the same common misperceptions that the Iran lobby has worked hard to foist on an unsuspecting world. None have done as much spadework in engineering this plethora of fake news than the National Iranian American Council.Among the common misperceptions in the letter are:“The only reason we were able to achieve this breakthrough is that we stood...