Posted on 09/03/2022 2:03:54 AM PDT by Cathi
Russia won’t immediately resume exports of natural gas to Europe through its Nord Stream 1 pipeline, worsening a shortage that threatens to tip the continent into an energy crisis this winter.
On Friday, Russian state energy giant Gazprom said it would not resume flows through the pipeline on Saturday as planned because it had detected an oil leak at its Portovaya compressor station. The pipeline has been shut since Wednesday for maintenance.
It didn’t give a timeline of when exports might resume.
(Excerpt) Read more at cnn.com ...
Show me where the “official” govt-set conversion rate of North Korean money is reflected at that same rate on the free market.
It’s not. When you fly to Cuba or N.K. you have to buy their money at their rate, which is wildly different from the free-market rates in S.K. or Miami.
“The KPW is a blocked currency and is not convertible, which means it cannot be freely converted into other currencies on the foreign exchange market. The North Korean government, which keeps it under strict control, uses a special convertible won that can be used by foreign visitors who travel to and within the country.”
https://www.investopedia.com/terms/forex/k/kpw-north-korean-won.asp
Understanding the Cuban Peso
As noted above, CUP is the official national currency of Cuba. It was used in conjunction with the convertible peso in a dual currency system for commerce in the local economy, including the payment of employee salaries by employers. The convertible peso was primarily meant for international transactions and forex purposes until the government decided to discontinue its use in 2021.
Cuban Peso (CUP) vs. Cuban Convertible Peso (CUC)
Cuba established a dual currency system when it began circulating the Cuban convertible peso in 1994. This currency was abbreviated as CUC and was also represented with the symbols $ and $MN. Denominations in CUC were the same as in CUP for both banknotes and coins.
While the peso was used for local commerce—namely, to purchase staples and non-luxury goods—the CUC was used for luxury goods and tourism, which is why it was called the tourism dollar. The convertible peso was tied to the U.S. dollar and was generally traded and used by Americans in Cuba. It was pegged at par with the greenback.
6
The council of ministers in Cuba approved a plan in 2013 to unify the two currencies. Plans were officially announced in 2020 to begin the process in 2021. The process got stretched out into 2021 because of the global COVID-19 pandemic. As of July 1, 2021, convertible pesos were no longer accepted by retailers and other commercial merchants.
https://www.investopedia.com/terms/c/cup.asp
The South Korean Won, like the Brazilian Real, Indian Rupee and Chinese Renminbi; all fall into the so-called non-convertible status, in that they are not traded on the main FOREX exchanges. There is still a. high volume of conversions taking place on trade transactions, as with the ruble, for oil and gas purchases.
The official exchange rate for the ruble is no longer what people pay to buy and sell rubles, the actual free market (street) rate to sell rubles and buy dollars, euro or yen; has increasingly diverged from the official exchange rate since the war started.
And you ain’t seen nothing yet. The way that they have been printing rubles, the way that foreign denominated imported goods (everything nice in Russia) are drying up, the way that talent and capital are fleeing Russia, and the way that gas sales have plummeted, and oil sales seem likely to; the real exchange rate for rubles will almost certainly continue to deteriorate.
In the 1980s, the Soviet Union touted their (official) currency exchange rate as proof of their economic strength against the West. This is the same old propaganda playbook being used, as their economy and finances circle the drain.
But they have the seething NEOCONS and LEFTISTS of the USA via NATO.
Remember leftists want blood always.
https://chroniclesmagazine.org/recent-features/warren-harding-and-fdr/
Well worth the read.
Travis McIvan on 3rd September 2022
https://freerepublic.com/focus/chat/4090520/posts?page=106#106
“s. But the “leaders” of Europe would rather their people literally freeze to death, and half of their businesses go out of business, than to grasp reality. IOW, at this point, it’s pure vanity and face-saving. At the cost of their own peoples’ lives”
Nope, Ivan - what’s the change in propaganda since the trip to Moscow? Talking about bioweapons labs again? Jewish Nazis? Zombie drug-fueled cyborgs?
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