For
roughly the past 15 months we have talked about the Global Currency Reset.
Some folks have scoffed at the idea of an event of this magnitude. Most people have focused on the RV of the Iraqi Dinar as being a single event that would mostly affect those people only who held this currency.
In the past week, for the first time we have been seeing the national news media -- and more specifically, the financial news networks like Fox Business News, CNBC, Bloomberg, and even the lowly CNN, do interviews with economists who are speaking directly to the GCR and the immediacy of its release to the world.
Last Friday, January 24th, CNBC had a rather remarkable interview with economist, Art Cashin, who is the Director of Floor Operations for UBS (United Bank of Switzerland) at the NYSE.
For the first time in anyone's memory, we had an international banking figure come out and publicly state that nations would be revaluing their currencies on Sunday.
We subsequently saw Christine Lagarde give a speech on Saturday in which she spent not less than five minutes specifically referring to the coming "Reset," noting that this was an event of extreme importance to the global economic ills as a corrective measure.
On Monday, Fox Business News did a series of interviews throughout the day with different economists who were not bashful at all about referring specifically to "The Global Currency Reset."
Art Cashin was not wrong when he talked about currencies being revalued on Sunday, but he only mentioned four or five currencies in the interview.
What got left out of the interview was the fact that the GCR actually did begin its process on Sunday, a process specifically sanctioned and implemented with the cooperation and help of the IMF.
Two of the major currencies that we've been watching -- namely, the IQD and the VND -- were among the first to revalue.
I have been repeatedly advised by my contacts at the IMF and other agencies that they would NEVER just do the Dinar or the Dong, release those currencies to the world, and then follow up with other currencies behind them simply because of the massive amount of double-dipping that would take place.
Sure enough, even though we had seen a total of 104 currencies finish the revaluing process by Monday night, it was made abundantly clear that we would not get to see the new rates until the process completed. With 104 currencies having finished the process, that left 94 yet to go.
I do not know what time the actual process began, but what has been said is that the IMF gave a 72-hour window for all 198 currencies to undergo the process of change, after which the new rates would be released to the world.
The timing of this is interesting in view of the fact that the new UN Operational Rates of Exchange chart is due for initial release on the 29th with the final publication on the first of February.
In the last post I sent out, the comment was made about the cooperation taking place between China and Iraq. That continues to be the case and my understanding is that China is a driving force between the events unfolding. China has a real desire to be a financial and economic force to be reckoned with, and they've made no bones about their desire to make the Yuan Renmimbi the world's reserve currency.
While China lays claim to being the biggest producer of gold in the world, they ironically are doing everything in their power to slurp up as much gold from other countries as they can possibly buy. At the same time, they are buying up Dinar like there's no tomorrow!
How humorous and ironic, then, that Iraq with its burgeoning surplus of gold and the unbelievable amount they continue to mine are now publicly offering to sell their gold to the world. The humor in this is that the Dinar (and specifically, the RV'd Dinar) is easily the strongest and most gold-backed currency in the world.
They certainly are telling the world just how strong their new currency is with the offers that have been released in the past few days to sell gold.
Finally, without speculating here on all the discussions of the new rate for the IQD, I will remind you that before Dr. Sinan Shabibi was so rudely removed from his post as the Governor of the CBI, he made the point that when the Dinar was revalued and released for international trade, it would be critically important for that rate to be in effect for 24-36 months before allowing it to float.
His successor, Dr. Turki, has been quoted in the Iraqi news media as pretty much adhering to that position.
From reports we've received out of the IMF, we're told that the IQD will closely mirror (within a few pennies) the published rate of the Kuwaiti Dinar. At the close of markets today, the KWD was just over $3.54. That ought to give you some kind of guideline.
Does all this mean that we get to go to the banks this week for our exchange? Let me put it this way: it very much looks like we are at the finish line.
Barring some event none of us know anything about, I honestly expect this to be our week!
Blessings on you.
Eagle1
Some folks have scoffed at the idea of an event of this magnitude. Most people have focused on the RV of the Iraqi Dinar as being a single event that would mostly affect those people only who held this currency.
In the past week, for the first time we have been seeing the national news media -- and more specifically, the financial news networks like Fox Business News, CNBC, Bloomberg, and even the lowly CNN, do interviews with economists who are speaking directly to the GCR and the immediacy of its release to the world.
Last Friday, January 24th, CNBC had a rather remarkable interview with economist, Art Cashin, who is the Director of Floor Operations for UBS (United Bank of Switzerland) at the NYSE.
For the first time in anyone's memory, we had an international banking figure come out and publicly state that nations would be revaluing their currencies on Sunday.
We subsequently saw Christine Lagarde give a speech on Saturday in which she spent not less than five minutes specifically referring to the coming "Reset," noting that this was an event of extreme importance to the global economic ills as a corrective measure.
On Monday, Fox Business News did a series of interviews throughout the day with different economists who were not bashful at all about referring specifically to "The Global Currency Reset."
Art Cashin was not wrong when he talked about currencies being revalued on Sunday, but he only mentioned four or five currencies in the interview.
What got left out of the interview was the fact that the GCR actually did begin its process on Sunday, a process specifically sanctioned and implemented with the cooperation and help of the IMF.
Two of the major currencies that we've been watching -- namely, the IQD and the VND -- were among the first to revalue.
I have been repeatedly advised by my contacts at the IMF and other agencies that they would NEVER just do the Dinar or the Dong, release those currencies to the world, and then follow up with other currencies behind them simply because of the massive amount of double-dipping that would take place.
Sure enough, even though we had seen a total of 104 currencies finish the revaluing process by Monday night, it was made abundantly clear that we would not get to see the new rates until the process completed. With 104 currencies having finished the process, that left 94 yet to go.
I do not know what time the actual process began, but what has been said is that the IMF gave a 72-hour window for all 198 currencies to undergo the process of change, after which the new rates would be released to the world.
The timing of this is interesting in view of the fact that the new UN Operational Rates of Exchange chart is due for initial release on the 29th with the final publication on the first of February.
In the last post I sent out, the comment was made about the cooperation taking place between China and Iraq. That continues to be the case and my understanding is that China is a driving force between the events unfolding. China has a real desire to be a financial and economic force to be reckoned with, and they've made no bones about their desire to make the Yuan Renmimbi the world's reserve currency.
While China lays claim to being the biggest producer of gold in the world, they ironically are doing everything in their power to slurp up as much gold from other countries as they can possibly buy. At the same time, they are buying up Dinar like there's no tomorrow!
How humorous and ironic, then, that Iraq with its burgeoning surplus of gold and the unbelievable amount they continue to mine are now publicly offering to sell their gold to the world. The humor in this is that the Dinar (and specifically, the RV'd Dinar) is easily the strongest and most gold-backed currency in the world.
They certainly are telling the world just how strong their new currency is with the offers that have been released in the past few days to sell gold.
Finally, without speculating here on all the discussions of the new rate for the IQD, I will remind you that before Dr. Sinan Shabibi was so rudely removed from his post as the Governor of the CBI, he made the point that when the Dinar was revalued and released for international trade, it would be critically important for that rate to be in effect for 24-36 months before allowing it to float.
His successor, Dr. Turki, has been quoted in the Iraqi news media as pretty much adhering to that position.
From reports we've received out of the IMF, we're told that the IQD will closely mirror (within a few pennies) the published rate of the Kuwaiti Dinar. At the close of markets today, the KWD was just over $3.54. That ought to give you some kind of guideline.
Does all this mean that we get to go to the banks this week for our exchange? Let me put it this way: it very much looks like we are at the finish line.
Barring some event none of us know anything about, I honestly expect this to be our week!
Blessings on you.
Eagle1
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