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concerning the yuan...I don't see much of a movement to invest, just feel that it will move enough to need all Asian currency's to adjust.....IQD being one.
Asian Currencies Decline as Concern at Greece Talks Curb Appetite for Risk
by on March 27, 2010
By Yumi Teso and Bob Chen March 27 (Bloomberg) — Asian currencies declined this week, led by the Singapore dollar and South Korean won, as discord among leaders in European nations on how to solve Greece’s debt woes curbed investor appetite for emerging- market assets. The Bloomberg-JPMorgan Asia Dollar Index pared the week’s losses and the euro climbed from a 10-month low a day after European leaders endorsed a plan to assist Greece. Asian currencies and stocks weakened on March 25 after a Fitch Ratings downgrade of Portugal fanned concern Greece will not be alone in struggling to pay its debt. “We’ve seen a big move in the euro on concerns in Greece, that’s led to a pretty buoyant dollar against Asian currencies across the board,” said Bernard Yeung , Hong Kong- based head of currency trading for Asia at National Australia Bank Ltd. The won declined 0.5 percent for the week to 1,138.80 against the dollar in Seoul and yesterday touched 1,148.40, the lowest level since March 3. The Singapore dollar fell 0.6 percent to S$1.4043. Leaders of the 16-nation euro region agreed on a Franco- German proposal in Brussels on March 25 for a mix of bilateral and International Monetary Fund loans for Greece at market interest rates. European Central Bank President Jean- Claude Trichet said he was “happy” a solution had been found, toning down earlier criticism over the IMF’s involvement. Euro Gains The euro advanced 1 percent to $1.3410 at 5 p.m. in New York yesterday, from $1.3272 on March 25, its lowest level since May. The Asia Dollar Index , which tracks the region’s 10 most-traded currencies, trimmed the week’s loss to 0.2 percent. Central banks in Thailand and Taiwan this week stressed they will intervene in currency markets after their respective exchange rates reached the strongest levels in at least 18 months. Bank of Thailand Governor Tarisa Watanagase said on March 25 that the central bank will act if the baht is “too volatile.” The currency has weakened 0.5 percent from its highest in 22 months touched a week ago. The baht traded little changed yesterday at 32.43 against the dollar and dropped 0.4 percent from March 19, the first weekly slide in almost two months, according to data compiled by Bloomberg. “The risks in the euro zone increased demand for the dollar and that puts downward pressure on Asian currencies,” said Hideki Hayashi , a global economist at Mizuho Securities Co. in Tokyo. “There has also been intervention concern after the recent appreciation in the baht.” Taiwan Intervention Taiwan’s dollar traded unchanged yesterday at NT$31.88 against the greenback, and fell 0.3 percent during the five- day period, according to Taipei Forex Inc. It has dropped 0.7 percent from a September 2008 high of NT$31.667 on March 18. The Central Bank of the Republic of China (Taiwan) said on March 25 it will enter the currency market when necessary to “maintain order” if “irregular factors caused large fluctuations.” “The central bank will intervene if the Taiwan dollar rises too fast,” said Tommy Huang , a fixed-income securities trader at Taiwan International Securities Corp. in Taipei. “It will probably accept slow appreciation.” Indonesia’s rupiah posted its first weekly decline in almost two months on speculation Japanese manufacturers based in Indonesia were sending earnings home before the end of their fiscal year on March 31. Japanese Companies The currency reached a 19-month high on March 17 as overseas investors plowed funds into local stocks and bonds. The rupiah has since retreated 0.4 percent. The volatility is being “managed” by Bank Indonesia, according to Bambang Eko Joewono , head of the global-markets division at PT Bank UOB Buana. “There’s some dollar demand from Japanese companies,” Jakarta-based Joewono said. “BI has been matching the flows coming from offshore” with demand for the greenback from oil company PT Pertamina and other state-owned firms, he said. The rupiah fell 0.3 percent this week to 9,128 per dollar, while Malaysia’s ringgit lost 0.2 percent to 3.3070. The Philippine peso and China’s yuan were little changed at 45.507 and 6.8274, respectively. To contact the reporter on this story: Yumi Teso in Bangkok at at yteso1@bloomberg.net ; Bob Chen in Hong Kong at bchen45@bloomberg.net
last one before I leave for a bit.....
China, India central banks eager to buy more gold
Published on March 27, 2010 18:10:00 IST
By Dan Norcini
Gold is performing admirably given the extreme volatility in the currency markets. After yesterday’s drop lower in the Euro coming on the heels of Trichet’s comments about IMF involvement with Greece, gold held very steady as more and more it seems as if it has taken on a solid role as an alternative currency in the minds of Europeans. That cannot but help to steady it and provide a solid base of support beneath the market. As the Euro staged a sharp rally this morning, gold then shot higher recapturing the $1,100 level as startled bears ran for cover.
In terms of the Pound and the Euro, it is still holding above 700 and 800 respectively.
The Euro rally coming on a Friday after it has been lower all week and especially after breaking through a critical support level just under the 13500 level, is a bit difficult to read. It could be pre-weekend short covering as traders who were short book substantial profits or it could be the start of something more. Markets oftentimes tend to bottom when the bearish news seems to be the worst. We will need to see what occurs next week to get some additional insight.
I want to continue emphasizing that the rally in the Dollar has NOTHING to do with any set of bullish fundamental factors. Rather the greenback has been trading more as the "anti-Euro" or should I say a bit more accurately, "the anti-Europe" currency. The Dollar’s fundamentals remain abysmal with no end in sight to fiscal budget deficits of a magnitude that are terrifying in their implications. Bernanke’s testimony yesterday was more or less a regurtitation of low interest rates for some time which is what put the fire under the equity markets in the earlier part of the day. All the stock market knows is that it has a low interest rate environment and that is enough for the bulls to become giddy especially with the financials making all that money.
Here’s the problem – once it appears as if interest rates are headed higher, the equity markets are going to get much more concerned about such things as job growth and profits but not just profits that have come from cutting expenses but rather profits coming from increases in sales. That is going to be a tall order for expectations to be exceeded especially as richly as some of these stocks have become valued. Record home foreclosures, mortgage delinquencies, states’ budgetary woes, continued job losses and high levels of underemployment remain strong headwinds to any sustainable economic improvement especially if monetary accomodation were to abate.
Back to gold – the market has refused to break down even with the Dollar moving up through a tough resistance level signifying that the buying down near $1,088 – $1,090 has been substantial.
The push back above the $1,100 level and back into the former trading range between $1,130 on the top and $1,100 on the bottom is friendly as it indicates that bears were either unable or unwilling to press the market down much lower after it moved into the $1088 region. No doubt strong physical market buying thwarted their intentions. We will now have to watch to see if the bulls can keep price above this $1,100 level. As I write this and the Euro fades somewhat off its highs, gold is moving lower alongside of it surrendering its best levels of the session.
I still believe that the Central Banks of both China and India are interested in acquiring more physical gold for their reserve diversifcation process and will be active if they feel price is at an attractive level. Consider their plight – they were moving from Dollar denominated paper to increasing holdings in Euro denominated debt – what did that gain them with the collapse in the Euro? Move to British Pound denominated debt? Sure – why not if you are a glutton for punishment. Gold just keeps looking more and more attractive in this environment.
The HUI needs to get back above 405 and maintain that level to make me feel more comfortable. Support has emerged just above 390 near the 392 level indicating that the mining stocks are also attracting buying near current levels but there is not yet enough momentum to the upside to take the index baack above 420 which is where it needs to move to force out some shorts and attract additional allies to the bullish cause.
Those of you who have been watching or viewing the CFTC meetings on the metals markets will understand when I give a public heart-felt thank you to my friend Bill Murphy and his sidekick Chris Powell for all the hard work and dedication that they have provided to the cause. They and GATA have been ridiculed and pooh-poohed by many "analysts" in the metals markets and derogatorically dimissed as "tin-foiled hat" conspiracy theory advocates, and yet they have persisted and now, come what may, they have had a chance to make their case heard openly at the highest levels of enforcement within our futures markets. The CFTC does not invite ninnies to testify. Hats off to you both guys! Your critics owe you a deep apology but somehow I doubt you will see that based on the character of some of those who have condescendingly ridiculed you. Your facts and evidence were never disputed by these bomb-throwers – their entire case consisted of ad hominum attacks.
As I have said many times, I have traded the markets for a long, long time and have never seen any other markets trade as strangely, counterintuitively and even perversely as the metals. Traders are not particularly unbiased folks since we all must have a "view" in order to make money but even the most disinterested observer of long experience has to notice the odd behavior of the gold market especially on major report days. When one sits here day after day after day observing every single tick all day long, before long you get a "feel" for things and instinctively realize when something is out of whack.
A brief word on the long bond- if they take out this week’s low on strong volume, Katie bar the door especially if the yield on the 10 year rises into the 4.25% range. You can then kiss any recovery in the real estate market goodbye.
One last thing – the torpedoing of a South Korean Naval ship apparently by North Korea needs to be watched for signs of reprisals or an increasing of tensions in the region. Even the equity bulls could not ignore any escalations of conflict that might occur.
I WAS going to dig up the links....but since you chose to be silly about things I won't waste my time.
Just trying to broaden your sense of the world economy but it seems it was for naught....good luck with your investment!
Iraq Central Bank calls Lebanese banks to open branches in Baghdad
Friday, March 26, 2010 15:52 GMT Iraq Central Bank called Lebanese Banks: Byblos Bank and Intercontinental Bank who have branches in Kurdistan as well as Bank of Beirut and Arab World which has a branch in Al Najaf to open branches in Baghdad for the importance such a step has regarding boosting the participation of Lebanese Banks in increasing their activities in Baghdad. The Lebanese Banks intend to increase their banking efficiency in order to get the needed facilities and to talk over with the competent parties in order to fasten the pace of opening branches all over Iraq.
http://www.alsumaria.tv/en/Economics...n-Baghdad.html
seriously I typed them just to impress you LMAO.....I'll try to give you links in the future but the articles I posted are authentic....google works wonders.
maybe India's latest moves might shed some light?
Revaluation sees forex reserves fall by $1.51 billion
Mumbai, March 26
Foreign exchange reserves fell by $1.515 billion to $278.193 billion for the week ended March 19, according to figures released in the Reserve Bank of India's weekly statistical supplement. The fall in the reserves was mainly on account of revaluation of reserves.
The reserves have fallen after having risen for two consecutive weeks.
For the week ended March 12, foreign exchange reserves had increased by $1.277 billion to $279.708.
In the week under consideration, foreign currency assets fell by $1.476 billion to $253.845 billion as the dollar gained against other major currencies.
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies.
Gold reserves remained unchanged at $17.920 billion. SDRs fell by $30 million at $5.039 billion. The Reserve position in the IMF was down $9 million to $1.389 billion
prime example.....
Published March 27, 2010
Beijing could resume managed float of currency, says adviser
CHINA could adopt a more flexible exchange rate policy once the global economy is back on a sure footing, a central bank adviser said yesterday, as pressure intensifies on Beijing to let the yuan rise.
In an opinion piece titled 'Toying with yuan won't help US', Fan Gang warned that a revaluation of the currency would not by itself resolve economic problems in the US, such as high unemployment and a massive trade deficit.
Mr Fan, the only academic member of the People's Bank of China's monetary policy committee, also pointed out that Beijing has domestic factors to consider, such as the need to create jobs in the world's number three economy.
'China may resume a managed float of its exchange rate, particularly if the uncertainty of the overall post-crisis economic situation diminishes,' Mr Fan wrote in a commentary in the English-language China Daily.
'In choosing whether or not to do so, its policymakers may weigh factors ranging from China's international responsibilities to the potential damage of foreign protectionism or even a trade war.
'What is certain, however, is that China's politicians have a domestic agenda just like the Americans. The key element of that agenda is to maintain employment growth,' wrote Mr Fan, who is also an economics professor at Beijing University and director of China's National Economic Research Institute.
The China Daily newspaper targets foreign readers and is sometimes used by the Communist leadership when it wants to send a message to the West.
Mr Fan's remarks come as international pressure grows on China to let the yuan - effectively pegged at about 6.8 to the US dollar since mid-2008 - appreciate.
Critics of the policy say that the currency is undervalued by as much as 40 per cent against the US dollar, giving Chinese exporters an unfair advantage.
The growing clamour over the yuan has highlighted differences within China on exchange rate policy.
While the central bank has signalled a more flexible exchange rate could be in the offing, the commerce ministry has been strident in its defence of the current policy.
Central bank governor Zhou Xiaochuan said early this month that the policy was temporary and would be removed 'sooner or later' along with other stimulus measures put in place when the global crisis erupted.
But on Wednesday, during a visit to Washington, Vice-Commerce Minister Zhong Shan rejected US lawmakers' demands for a review of the yuan regime.
US lawmakers on both sides of the political aisle have blamed the allegedly undervalued yuan for the burgeoning trade deficit with China, which soared to nearly US$227 billion in 2009.
They have introduced legislation to punish China with trade sanctions and asked US Treasury Secretary Timothy Geithner to label Beijing a 'currency manipulator' in a report due in April that could trigger tougher action.
While Mr Fan acknowledged that most economists believed the yuan was too low, he warned that a sudden adjustment could hurt Chinese exporters and increase inflationary pressures in the US.
'New difficulties in the US and China . . . would have a negative impact on global investor confidence, hurting US employment even further,' he said.
Mr Fan accused US lawmakers of using China's yuan policy as a 'scapegoat' for their country's economic woes and urged both nations to take steps to address the imbalances in their trade relationship.
'Only when both sides make serious efforts to fix their domestic fundamentals will the imbalances be reduced in a serious and sustained way,' Mr Fan said.
'Short-run exchange rate adjustments cannot simply fix negative long-term trends.'
In another development, China's foreign minister warned against protectionism without mentioning the US yesterday as trade tensions between two of the world's biggest economies remain high.
'The business ties among countries today are so close that if any country attempts to resort to the old practice of protectionism, and erect trade barriers, it can only end up hurting the interests of not only others, but also its own,' Yang Jiechi said in a speech in Beijing.
The Obama administration is under increasing pressure from some in Congress and the business community to declare Beijing a currency manipulator in the report due out in April. That could set the stage for a complaint to the World Trade Organization and possible sanctions on Chinese goods.
The US is expected to make the currency issue a priority when US Secretary of State Hillary Rodham Clinton and Mr Geithner lead the US delegation to the latest version of the twice-yearly Strategic and Economic Dialogue in China in late May.
Mr Yang yesterday noted the tensions. 'The overall trading environment is more complicated, the protectionist sentiments are on the rise,' he said.
He urged cooperation among countries, including on the unresolved nuclear issues in North Korea and Iran, without mentioning specifics. -- AFP, AP
as stated before...this is from my personal research with a few friends.
I do not represent any government entity of any kind....I work for a living.
from what I'm reading China is getting pressure from everybody to reval the yuan (seriously undervalued)....this has been going on for several months in earnest but ask Ema myself and a few other have been watching this unfold over a couple of years.
As far as timeline.....I'm hoping fairly soon....tie this in with remaining sanctions against Iraq being removed and it's really getting interesting.
I'm waiting on China to do something.....the GCC is another situation all together.
from all my reading and research I believe all Asian currencys will need to adjust when China has to RV.....opportune time for Iraq to drop the program rate and get it's purchasing power back.
(Iraq would not have abided by IMF guidelines for over 5 years to just lop zero's at this time...they could have done that years ago)
Loans from the IMF give the IMF say so in Iraq's economical decisions (just like every other country the IMF loan's to)
IMO the IMF has a lot to do with Iraq's revaluation since it is a world economy situation.
Several things come into play looking at it from this aspect....also believe China could also be part of the holdup.
Iraqi Finance: International Monetary Fund sought to make Iraq in the ranks of capitalist countries
27/03/2010 12:58
. Sulaimaniya, 27 March (AKnews) - The Undersecretary of the Ministry of Finance of Iraq on Saturday, the International Monetary Fund in return for granting debt to Iraq, pressuring him to be in the ranks of capitalist countries.
". The Prophet told Fadel Kurdistan News (AKnews) announced today that "Iraq and the IMF agree on the granting of loans to Iraq," showing by saying "Some of us did not support the receipt of such loans, because Iraq can meet the shortfall in its budget, but it is clear that there is pressure from the Prime Minister in order of receipt of such loans. "
". He said the Prophet that "the purpose of receipt of such loans is to address the problems of housing, and the establishment of housing units in all regions of Iraq, this was the first reason for the approval to take over the loans."
?". The Undersecretary of the Ministry of Finance of Iraq that "pressure from the International Monetary Fund on Iraq are many, in order to make it in the ranks of the capitalist countries, and this is achieved in stages, not all at once," indicating that "the IMF gave its approval for this."
??". He was a member of the Finance Committee in the Iraqi Council of Representatives, outgoing, Sami Atrushi had said earlier that "the conditions previously imposed by the IMF on Iraq, such as increasing fuel prices, and reduce social customizations, determine the salaries of employees and retirees, the very strict conditions" .
". He added that "of the points that have impacts on the Iraqi economy, and we all afraid of those points, is to pay public administration and health education to the private sector."
1 %. It is noteworthy that the Iraqi Ministry of Finance signed an agreement on 17 March with the ongoing International Monetary Fund to borrow $ 250 million, to cover the shortfall in the Iraqi budget, and pay the loan over 15 years, and the value of interest rate of 1%.
http://translate.googleusercontent.c...1XvClw9yb2G5YQ
Exactly what I was referring to earlier....What does that have to do with anything relating to the investment?
Take your personal problem with Ema to PM's....nobody want's to read it!
For me I could care less what you do as far as the NID is concerned...and I will not argue to change your mind.
I've made my decisions based on my own research not from what someone thinks on a forum....would rather people here bring relevant articles about the investment rather than constantly arguing over the same things over and over.
Some are being replaced by lower denominations....14 was originally printed but only 9 released.
Saddam did not set the rate....he just kept the rate that was when he took over....the IQD has a long history of being valuable dating back to the 1940's.
Kuwait is not comparable either....they locked the borders and changed the currency because Saddam looted their banks of their currency.
no lop......lol
it's not going to ever be 1000 to 1 ratio....been held at 1170 for a year and a half, the next move will be a lot larger than a few pips.
when the IMF gives a country a loan part of the bargain is that the IMF does take control of some of their economic decisions.......
my point is...I don't believe a lop is coming, if they intended to lop they would not have went through all of IMF's guidelines and lopped it several years ago.
not necessarily.....most seem to forget that 14 denominations was originally printed, only nine have been used.
I highly doubt that they are larger than the 25k note so they MUST be lower denom's!!!!!
This is what I believe are fixing to be introduced........
Doubtful....if Iraq was to change the 25k note to a 25 they would be limiting future growth of the currency by three places.
http://translate.google.com/translate?js=y&prev=_t&hl=en&ie=UTF-8&layout=1&eotf=1&u=http%3A%2F%2Fwww.nmc.gov.iq%2Fpmmeet_answer.htm&sl=ar&tl=en
PM Maliki and the IQD
In a series of media to communicate with the Prime Minister through the window of the National Center for the Iraqi media, was sent several questions to the Prime Minister, Mr. al-Maliki.
.
.
.
Ward B Welch
Freelance Journalist
Question:
Do you expect an improvement or re-Tqkiim * value of the Iraqi dinar in the near future? Because it will lead to a significant improvement in the economic situation of the Iraqi people, when do you expect this to happen? With thanks
Response of the Prime Minister:
Our study is linked to the economic conditions that guarantee that the process of strengthening the Iraqi dinar, but it settled to the strengthening of the dinar to the presence of elements of strength increase revenue and economic development, but we will not rush and we will work to find all the guarantees for the measure to succeed, the central bank assigned to the study and will give his decision soon .
* revaluation
.
.
.
http://www.nmc.gov.iq/pmmeet_answer.htm
The M0 is the monetary Base, Its titled as such in the KFI's. It is the net addition of the FX assets plus the domestic assets. In Iraqs case it is also equal to the Currency in circulation plus the total bank reserves. It is also equal to the net assets. It also includes the M1 and M2. the M2 includes the M1. The M1 is the physical currency plus deposits. The currency in circulation is the M1 less physical deposits. The M2 is the money supply. The M1 and M2 is simply a breakdown of the M0. Some central banks have a break down of the M0 to M1, M2, M3, M4, M5, and M6.
Iraq has a simple breakdown of the MO as it is a small Central Bank. Until recently the M2 was the only defined component of the MO, They added the M1 component last year and both are calculated int he KFI's along with the Monetary base.
http://moneyterms.co.uk/m0/
Kuwait was a total different situation, not really comparable.
Kuwait dropped the value of their currency because Saddam looted their bank and made off with vast amounts of it.
To remedy this problem they dropped the value, locked the borders and changed the currency then reopened the borders leaving Saddam with a bunch of worthless currency.
Folks also must keep in mind when the NID was introduced the rates that was exchanged.....10 to 1 for Saddam dinar and 3 to 1 for the "swiss" dinar.......now we're expected to believe that the CBI managed inflation rates under IMF guidelines for almost 6 years for them to lop the currency again?......I don't believe that for a second.
Warka accounts have their own risk;
Uninsured....no FDIC insurance or anything comparable.
Limited withdrawals....several have stated they can withdraw a maximum of 10k per day (unless previously authorized)ie; a letter
from you requesting a large withdrawal for instance purchase of a home.
Service....several have had problems getting questions answered or long delays getting answers.
I can understand the appeal of doing this....but feel safer with cash in hand.
http://www.izdihar-iraq.com/resources/bankingconf07/bankconfagenda.html
9:30 - 10:00 Opening Address
Overview of Banking in Iraq: Developments and Challenges
Speaker: Dr. Mudher Qassim Saleh, Advisor, Central Bank of Iraq
this shows that this guy really does exist.....kinda wish you was right though.
concur to an extent.....several folks bought while following certain "every weekend pumpers" who claim an RV every weekend, but if they read news articles and kept up with the UN/IMF....those rumor mongers would have been shown false.
I believe in an RV.....just not the fantasy pumped by certain individuals on several forums.....if someone claims "secret sources"
there is your first clue......
nice.....lol!
Interesting wording .....the COMBAT Missions have been over with for a while now.....lol.
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just watched the UN meeting.....looks like protection of the DFI funds was approved along with lifting Art7.....great stuff!
New York, 17 December 2008 -
Secretary-General's remarks at Year-End Press Conference “The Responsibility to Deliver”
[Questions and Answers to follow]
Good morning, ladies and gentlemen. It's a great pleasure to meet you.
As you know, this will be my last official press conference for this year. Before going on, let me say a little bit more -- that you need to be prepared. I may speak a little bit longer than usual; it may go on 12 minutes or 13 minutes. But I want to also wish you a very enjoyable and happy holiday, and I really thank you for all your support and friendship. You have been spending so many days ? and nights ? covering the news and our work at the United Nations and in the world at large. Thank you very much again for your hard work and support.
This has been a difficult year for all of us. I have called it “the year of multiple crises.” The coming year promises to be no less difficult. Our commitments and good intentions will be tested as never before.
Ladies and gentlemen,
In the realm of human rights, we speak of the responsibility to protect. In the larger sphere of common international endeavor, we should speak of the responsibility to deliver. Looking back at 2008, I would say frankly that our record has been mixed.
I am pleased at the way the world has come together in the face of economic recession. Yet I fear we are only at the end of the beginning. This crisis will challenge the sense of global solidarity that is key to any solution.
I am pleased with our success in keeping climate change high on the global agenda. Yet the real test lies just ahead. I will speak more about that in a moment.
I am pleased at how we responded to natural disasters, like in Myanmar and Haiti and in many other places. Yet I am disappointed by the unwillingness of the government of Myanmar to deliver on its promises for democratic dialogue and the release of political prisoners.
UN forces have held the line in the Democratic Republic of Congo, with bravery under the difficult circumstances. Yet we have not been able to protect innocent people from violence.
Our record on human rights is on trial ? in many places, in many ways. In this 60th anniversary year, we must stand strong for the Universal Declaration of Human Rights.
Our deployment in Darfur has been slower than I wished, despite our best efforts. The joint UN-African Union force will be 60 percent deployed by year's end, and 85 percent by March of next year. Yet we still lack mission-critical assets, including helicopters. Meanwhile, renewed fighting and political rivalry makes a political solution difficult and does nothing to advance the security of Darfur's people.
More positively, we can take pride in the quiet diplomacy that has helped preserve the vital Comprehensive Peace Agreement between north and south Sudan. We oversaw successful democratic elections in Nepal and Sierra Leone. We can be cautiously optimistic about progress in Liberia, Bangladesh and Cote d'Ivoire.
We have managed the potentially explosive situation in Kosovo through quiet diplomacy. EULEX has deployed without incident, and I am confident that we can proceed to reconfigure the UN Mission in Kosovo (UNMIK) with full cooperation from all sides, in conformity with relevant Security Council resolutions.
We have coped particularly well with one of the year's most serious challenges. The food crisis no longer dominates news headlines, but it has not gone away. I am pleased at how the UN system has come together to tackle the problem in its fullest dimension: nutrition, agricultural production, trade and social protection. We are well on the way to changing decades-old policies in agriculture and public health?mainstays of our work in promoting the Millennium Development Goals and protecting those most vulnerable to climate change, poverty and economic crisis.
Ladies and gentlemen,
Further challenges lie immediately before us. 2009 will be the year of climate change. This weekend, I returned from Poznan, Poland, after having attended the UN Framework Convention on Climate Change Conference. We made progress. We agreed to a work plan and had a good exchange of views on a shared vision for long-term cooperation. We agreed to operationalize the Adaptation Fund. All recognized that climate change cannot await a resolution of the economic crisis. Most agreed on the need for what I call a “Green New Deal.”
We have only twelve short months to Copenhagen. We have no time to waste. We must reach a global climate change deal before the end of the year ? one that is balanced, comprehensive and ratifiable by all nations.
Success will require extraordinary leadership. The European Union's historic agreement on the climate change and energy package, reached last weekend, demonstrates its commitment. I salute President Nicolas Sarkozy of France and Jose Manuel Barroso of the European Commission for their strenuous leadership. The United States under its new President-elect, Barack Obama, also promises bold new leadership.
I myself will continue to push the pace and galvanize political will. I plan to convene a climate change summit at the beginning of the 64th General Assembly. But I expect that world leaders will need to meet before then ? perhaps often ? if we are to conclude 2009 in triumph. Working together, we can fulfill our responsibilities to the planet and its people, and our responsibility to deliver.
Before turning to your questions, let me briefly speak to several issues of peace and security for the coming year.
First, the Middle East. Below the radar, Israelis and Palestinians have engaged in direct, intensive negotiations. They have created trust where none existed and a framework for negotiation. Only they can reach agreement. But we must help. On Monday, the Quartet met to support a Security Council resolution to re-affirm basic principles and reinvigorate the Annapolis negotiations. Yesterday that resolution was adopted overwhelmingly by Council members. It is important to keep up this momentum so that, potentially, 2009 could be the year of peace in the Middle East.
Second, Iraq. Security has improved. Provincial elections are scheduled for January. I expect that Iraqis of all ethnic and political affiliations will participate. I urge Iraqi leaders to work together in a spirit of reconciliation as they assume full responsibility for their national affairs. All this requires strong UN support, and we shall give it.
Third, Zimbabwe. The humanitarian situation grows more alarming every day. Zimbabwe stands on the brink of economic, social and political collapse. I said so to President [Robert] Mugabe in Doha several weeks ago. I told him things needed to change, urgently, and that I and the UN stand ready to help. The president agreed to receive my envoy, Haile Menkerios. Now we are told that the timing is not right. If this is not the time, when is?
For the past eight months, the Southern African Development Community has insisted on leading international diplomatic efforts ? with little result. When the international community or a regional organization takes on a mission, it also takes on the responsibility to deliver. As I told the Security Council on Monday, we need a fair and sustainable political solution in Zimbabwe, as provided under previous agreements. And we need it fast.
Fourth, Somalia. The danger of anarchy in Somalia is clear and present. So is the need to act. I have spoken with the leaders of 50 countries and three international organizations about organizing a Multinational Force. Not one nation has volunteered to lead. Yesterday, therefore, I proposed to the Security Council a series of steps that 1) advance the Djibouti peace process, 2) deal with piracy and issues of humanitarian access and 3) reinforce the current African Union mission in Somalia (AMISOM) and set the stage for a possible UN peacekeeping operation.
The Council's decision to authorize international action against pirates on land in Somalia is therefore welcome. It is also timely. Just yesterday, pirates seized four ships in the Gulf of Aden.
Last, Afghanistan. I am gravely concerned by the worsening humanitarian situation. Insurgent attacks are increasing. A political “surge” and a clear change of direction are required. The United Nations remains committed to carrying out its mandate, focusing on strengthening Afghan institutions and better coordinating international civilian efforts. It is our responsibility to deliver, for we know only too well the consequences of failure.
Ladies and gentlemen,
During this year, the last 12 months, I have had more than 700 bilaterals, including around 350 meetings with presidents, prime ministers and foreign ministers. I spent 103 days on the road in 2008, visiting 35 countries and flying 254,128 miles; this becomes more than 400,000 kilometers, according to my over-worked travel office. Numbers do not equal results; I know that, of course. But they are a measure of our sincere engagement with all concerned parties.
Like you, I look forward to a holiday and the chance to read something other than briefing papers, as you recommended to me.
I thank you very much for your attention, and I am ready to answer your questions.
http://www.un.org/apps/sg/offthecuff.asp
Simple answer is because he can.....would you pay more for something than you had too?
Reassessment "The only reasonable choice"
By: Elisier Berrios
Since 2006 discussed the possibility of removing 3 zeros to the currency
Iraq turning into thousands of dinars in a Dinar, but nevertheless has previously been ruled out as a possibility. In recent months, has again emerged as a possibility but with contradictory elements. In this paper we analyze because the revaluation was "only reasonable choice"
1 - Iraq has more wealth than the other countries for oil together. In other words is the richest country in the region.
2 - They have a surplus of more than 80 billion.
3 - A sentences are selling Natural Gas and are the number 1 in the world. Just signed a multimillion-dollar contract with the Shell Company for these purposes. Once Iraq begins to sell natural gas to increase its revenues significantly.
4 - Iraq takes an average of 2.5 million barrels of oil per day and can raise that amount to more than 3 million a day in just one year. If you sign the law on oil greatly increases their chances.
5 - The same news remove 3 zeros are contradicted in a way that can catalog of Smoke Balls to eliminate speculation.
6 - These same reports indicate that removing 3 zeros will be done slowly without affecting the economy. Countries which have abolished the 3 zeros put exact date for this transaction because it does not change or affect the purchasing power of the people. A more recent example was in Venezuela announced that by January 1 of 2008 would produce a strong bolivar which would have the same value of the currencies of higher denomination, and people just changed their currencies by the strong bolivar but without any financial benefit for they. In other words they made a simple accounting. This mechanism is used in economies with high inflation and without other options such as re-evaluate its currency. The same thing happened recently in Zimbabwe where he had notes of up to 100 million and could only buy them with a pound of bread.
7 - In the news shows that the change that Iraq will bring high liquidity and strong this only be achieved with the reassessment and not with a LOP. "This would have positive effects on the economy and the banking and the daily lives of people and great comfort." Taken out of the news of Mr. Salih
8 - also the same story there is a very interesting ENTRELINEAS who spoke in the past 25 dinars were the equivalent of 75 dollars and 25 thousand dinars are now equivalent to 22 Dollars "and here it is worth noting the difference in the way of the future Country to stability and growth "also just get a reappraisal stability and growth.
9 - The Banks have taken mediated to withhold 25% of the deposits for a while because they said the measures taken and will promote the deposits to banks. Only a reappraisal promote deposits as it will bring high liquidity and strong, on the contrary a Lop not attract deposits because the currency has no value to penalties.
10 - To announce that there is a Lop Dates and set to make a reappraisal is done when they need to understand and without warning.
11 - The majority of the Iraqi people is poor and only a reassessment will give them an almost immediate prosperity.
12 - The World Bank said that he wanted the currency back to $ 3.20.
13 - The governor of the Central Bank of Iraq, Mr. Alshabibi I urge you to buy the Dinar from the store and that in the near future will return the value of the 70s and 80s. It was then when the Dinar achieving a $ 3.39 above the dollar.
14 - Putting money into the hands of the people would end up with 95% of the violence and that they will not be tempted by the insurgents to cooperate on money and even more encouraging to have a future and a life expectancy of reasons.
In my opinion the Dinar can be reassessed more anytime, even if Iraq should have less and an economy in progress and with some parameters unprecedented. Among the Rules of Leadership and there is a very important advantage is the right time and there will be a more opportune time for this to carry out a revaluation, the world is reeling in their economies and an eventuality as this will give a positive turn to these economies excluding the historical role that Iraq would have to assume this important leadership.
http://www.zawya.com/story.cfm/sidZW...ok044954080929
WASHINGTON -- The success of the pending rescue of the U.S. financial system probably depends as much on the central banks of China and the Middle East as on the U.S. Congress and Federal Reserve.
The U.S. is turning to foreign governments and other overseas investors to buy a good chunk of the as much as $700 billion in Treasury debt that would be sold to finance the bailout. Foreign investors are also needed to shore up the depleted capital of the nation's financial institutions, as evidenced by the plan of Japan's Mitsubishi UFJ Financial Group to buy a large stake in Morgan StanleyMorgan StanleyLoading..., which is weighed down by bad debt and market distrust.
This is a bittersweet moment in U.S. economic history. In one sense, the growing importance of foreign cash represents the triumph of a half-century of U.S. proselytizing for a global financial system in which money flows from those who have it to those who need it, regardless of borders. But it is also an unmistakable sign of U.S. economic decline. The global financial system the U.S. designed anticipated that American banks and financial firms would be the world's financial lifeguards; now those institutions are like exhausted swimmers a stroke or two away from drowning.
The financial crisis makes clear how much the interests of foreign lenders have become a top concern in Washington. A big reason the Fed and Treasury stepped in to rescue mortgage giants Fannie Mae and Freddie Mac, say U.S. financial officials, was to reassure China, which holds roughly $1 trillion in U.S. debt, that U.S. securities were safe. "Superpowers do not normally ask their diplomats to reassure other nations on questions of creditworthiness," says former U.S. Treasury Secretary Lawrence Summers.
Just 10 years after the U.S. oversaw the financial rescue of Asian nations, the U.S. now risks becoming the world's largest subprime borrower. This change of fortune has been hard to swallow politically. In his televised address Thursday, President George W. Bush blamed the current financial crisis on the "massive amount of money [that] flowed into the United States from investors abroad," rather than on greedy decisions by U.S. mortgage lenders and borrowers. In Friday's presidential debate, both candidates railed against U.S. economic dependence on China.
Powerful nations have been humbled before by an overdependence on foreign capital. Council on Foreign Relations economist Brad Setser notes that Britain was forced to end its seizure of the Suez Canal in 1956 because of U.S. opposition. Washington's main weapon: its threat to slash financial support for London, whose economy had been battered by World War II.
The U.S. isn't in remotely as bad shape as postwar Britain. It still is the world's sole military superpower, and the U.S. currency is still dominant. The latter is important because even if foreign holdings of U.S. debt grow, as is likely, the U.S. alone prints the dollars needed to pay those debts.
Even so, foreign lenders have a great deal of sway. If they were to dump U.S. government debt -- or be unwilling to buy more -- the interest rates needed to attract buyers of Treasurys would soar. The already fragile U.S. economy would absorb yet another hit.
China, Saudi Arabia and other big foreign holders are unlikely to take antidollar measures precisely because they own so much U.S. debt. To the extent the dollar declines, so does the value of those nations' holdings. Mr. Summers calls this situation "the financial balance of terror."
But it is naive to assume that this "balance" will protect U.S. interests indefinitely. Senior Chinese economists have voiced growing dismay about the outlook for the dollar, and the introduction of an additional $700 billion in debt might drive the currency's value down further, at least in the short term. "I think foreigners are being taken for a ride by the U.S. government," says Andy Xie, an independent economist in Shanghai.
Sovereign-wealth funds -- huge government investment funds -- have largely sat on their hands rather than buy additional stakes in U.S. financial firms. China Investment Corp., for instance, has been wary of increasing its investment in Morgan StanleyMorgan StanleyLoading... after it was criticized sharply at home for taking equity stakes in U.S. financial companies that have nose-dived.
In the Middle East, too, state investment funds in Kuwait, Qatar and Abu Dhabi say they have no plans to jump to the rescue of ailing Wall Street banks. In one hopeful sign for the U.S., some smaller state funds are looking for bargains in real estate, finance and insurance. "For investors that have the liquidity and have patient capital, I can see good opportunities," said Talal Al-Zain, chief executive of Bahrain's $10 billion fund, Mumtalakat.
The U.S. economy has managed to grow in recent years, even though Americans don't save much and the government has run huge deficits, because foreigners kept lending. The same was true in the 1980s. Now the U.S. needs foreign capitals to keep lending. Fred Bergsten, director of the Peterson Institute for International Economics, a Washington think tank, says the Treasury will have to stage a "road show" to explain the rescue plan to overseas lenders who may be considering euro investments instead.
Domestically, the reliance on foreign money means a loss of policy autonomy that Americans are simply going to have to get used to. Part of the accommodation is already occurring. The controversy over investments by sovereign-wealth funds has been reversed. Last year, lawmakers worried that the funds would gain political influence by investments in U.S. companies; now U.S. policy makers are worried that they won't buy new stakes. Efforts to erect restrictions against foreign trade may also lose momentum. The U.S. needs the world's money more than it thought it would and won't want to rile potential lenders.
NEW YORK, Sept. 27 (Xinhua) -- U.S. Secretary of State Condoleezza Rice and Iraqi Foreign Minister Hoshiyar Zebari said here on Saturday that the two countries are close to a security deal.
"We are very close. I have said many times that I think it is in the final stages and this would need the support of all the political leaders about this agreement," Zebari said before his meeting with Rice on the sidelines of the UN General Assembly.
"I hope there will be some good news for both of us and also to sustain and maintain the political and security gains that have been achieved in Iraq," he said.
Rice said there has been "good progress" in the talks of the security deal, although she said certain protections are needed to be agreed for the U.S. forces stationed in Iraq.
The two countries have been negotiating the security deal as the UN mandate in Iraq will expire at the end of this year. According to both sides, the deal will not include a clear timetable for U.S. forces to withdraw from Iraq and a U.S. pullout will depend on security conditions in Iraq.
Welcome to America...where people have the freedom to be as stupid as they want to be....unfortunately we have a society
of people who believe everything that the MSM spits out no matter how ridiculous it is.....