KTFA's
Aggiedad77 News Summaries
02/11/2014
Post From KTFA By aggiedad77 » February 11th, 2014, 5:44
pm • [Post 228]
Here come the Tuesday afternoon news summaries:
Kazakh currency devaluation rattles population
Kazakhstan's central bank devalued their national currency on Tuesday, the tenge, by 19% against the USD.....some foreign exchange bureau's closed when they ran out of hard cash, and some business's have been forced to close as well as they wait on new supplies of cash.
Their government is trying to quell any panic by telling citizens that things should stabilize in a few days. As of Feb 11, 2014 the National Bank of Kazakhstan will cease to support the tenge.
This is said to be a rebound effect coming from a gradual decrease of the US Fed Res stimulus program that has led to a capital outflow from emerging economies to developed ones.....this in turn puts pressure on emerging market currencies.
...
Read More Link On Right
Here come the Tuesday afternoon news summaries:
Kazakh currency devaluation rattles population
Kazakhstan's central bank devalued their national currency on Tuesday, the tenge, by 19% against the USD.....some foreign exchange bureau's closed when they ran out of hard cash, and some business's have been forced to close as well as they wait on new supplies of cash.
Their government is trying to quell any panic by telling citizens that things should stabilize in a few days. As of Feb 11, 2014 the National Bank of Kazakhstan will cease to support the tenge.
This is said to be a rebound effect coming from a gradual decrease of the US Fed Res stimulus program that has led to a capital outflow from emerging economies to developed ones.....this in turn puts pressure on emerging market currencies.
...
Read More Link On Right
The federal government decides to send the salaries of the
month of February to Kurdistan
So it appears that the Fed Government is going to pay salaries for the month of February to Kurdistan employees....pull back those USD's Kurds...save them for a rainy day..... I can understand that wanting to keep money in the bank would or could delay paying salaries.....but what has that got to do with them opening a US bank account in Iraq.....what problem does that serve for Iraq?
BoE denies allegations it condoned forex rigging
So does this mean that the Bank of England is out of the woods on any investigation of forex rigging....hardly....read what they are saying....very slowly.....they are not "aware" of any manipulation of the reference rates of the forex market....
and the bank has no evidence that it "condoned" manipulation of the rate setting process. They haven't turned up anything in their own search....but I'm sure that others will also be searching.
Just because they can say they don't "condone" such activities....does not mean that it wasn't going on. Give the investigation some time to breathe and grow.
Kurdistan region proceed to apply the tariff law
Well a month and a half late, the Kurds set up procedures last week to put the new tariff law into play at their border ports....the Kurds see revenues of 300 to 400 billion dinars cross their borders annually.....the Kurds are working on an electronic system to track tariffs that will eliminate possibilities for corruption.
Parliament warns of bankruptcy of the government during the four months if you do not pass the budget
Financial and Economic Committee has stated that the government would be threatened with bankruptcy in 4 months if they do not pass a budget....
this is based on a warning from the IMF of continuing to increase spending...and the potential impact this could have on monetary reserves.....there are claims that the 2014 budget did not take into consideration regional or global developments.
There is additional talk from the IMF about the Iraq budget of $90/barrel of oil.....why is this so hard to live with....the price of oil today is around $103/barrel.....is the IMF magically predicting a serious tumble in oil prices.....I don't buy that....
nor do I buy that the Oil Ministry would miss an annual budget target to the point of being fearful of creating problems for the budget......
they have not had an issue with that in the past...and they have other experts to lean on for these numbers besides their own.....now the idea of the Iraqi's over budgeting on their spending...
that could be a very real problem....but it also comes with a very logical fix.....prioritize what you need to do project-wise and only do those things that are absolutely necessary....
from what the IMF appears to be saying....this will be a "lean" year...in lean years very little gets done....most projects get postponed...it is not the end of the world...but instead is a business cyclic thing and to be expected....
now if they did not factor in the Iranians maybe being able to sell oil on the open market again...that could present a problem....but model it...make the changes you need and go on.....
I just do not see a meltdown of the government, the budget or the currency as things stand now.....
if they are in such dire straits.....someone royally screwed up the whole budgeting process...ROYALLY....and I just can't believe that the Iraqi's would allow that to knowingly happen.
Family I am experiencing some problems with my laptop and need to cut the news summaries short at this time so I can reboot...will try to add a bit more later Randy
http://www.dinarrecaps.com/1/post/2014/02/ktfas-aggiedad77-news-summaries1.html
So it appears that the Fed Government is going to pay salaries for the month of February to Kurdistan employees....pull back those USD's Kurds...save them for a rainy day..... I can understand that wanting to keep money in the bank would or could delay paying salaries.....but what has that got to do with them opening a US bank account in Iraq.....what problem does that serve for Iraq?
BoE denies allegations it condoned forex rigging
So does this mean that the Bank of England is out of the woods on any investigation of forex rigging....hardly....read what they are saying....very slowly.....they are not "aware" of any manipulation of the reference rates of the forex market....
and the bank has no evidence that it "condoned" manipulation of the rate setting process. They haven't turned up anything in their own search....but I'm sure that others will also be searching.
Just because they can say they don't "condone" such activities....does not mean that it wasn't going on. Give the investigation some time to breathe and grow.
Kurdistan region proceed to apply the tariff law
Well a month and a half late, the Kurds set up procedures last week to put the new tariff law into play at their border ports....the Kurds see revenues of 300 to 400 billion dinars cross their borders annually.....the Kurds are working on an electronic system to track tariffs that will eliminate possibilities for corruption.
Parliament warns of bankruptcy of the government during the four months if you do not pass the budget
Financial and Economic Committee has stated that the government would be threatened with bankruptcy in 4 months if they do not pass a budget....
this is based on a warning from the IMF of continuing to increase spending...and the potential impact this could have on monetary reserves.....there are claims that the 2014 budget did not take into consideration regional or global developments.
There is additional talk from the IMF about the Iraq budget of $90/barrel of oil.....why is this so hard to live with....the price of oil today is around $103/barrel.....is the IMF magically predicting a serious tumble in oil prices.....I don't buy that....
nor do I buy that the Oil Ministry would miss an annual budget target to the point of being fearful of creating problems for the budget......
they have not had an issue with that in the past...and they have other experts to lean on for these numbers besides their own.....now the idea of the Iraqi's over budgeting on their spending...
that could be a very real problem....but it also comes with a very logical fix.....prioritize what you need to do project-wise and only do those things that are absolutely necessary....
from what the IMF appears to be saying....this will be a "lean" year...in lean years very little gets done....most projects get postponed...it is not the end of the world...but instead is a business cyclic thing and to be expected....
now if they did not factor in the Iranians maybe being able to sell oil on the open market again...that could present a problem....but model it...make the changes you need and go on.....
I just do not see a meltdown of the government, the budget or the currency as things stand now.....
if they are in such dire straits.....someone royally screwed up the whole budgeting process...ROYALLY....and I just can't believe that the Iraqi's would allow that to knowingly happen.
Family I am experiencing some problems with my laptop and need to cut the news summaries short at this time so I can reboot...will try to add a bit more later Randy
http://www.dinarrecaps.com/1/post/2014/02/ktfas-aggiedad77-news-summaries1.html
2 comments:
So where's the RV? TonyTNT said it would absolutely happen today. I thought Tony was the guru of all gurus.
The Chinese elders have been arrested and sent packing back to China. The Fed Reserve and IRS are back in total control by the cabal. The debt ceiling has been raised by congress and Kerry is no longer begging. The stock market is on the rise. There will be no RV now or ever. False flag for this weekend has been cancelled. The banker whistle blowers have been taken care of. The White dragons and ETs have given up. The bad guys win again. Now get back to being a slave!
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