Archive for the International Monetary Fund Category

Marching For Science And Momma (April 24, 2017)

Posted in Environment, Gender, Global Climate Change, Global Warming, Greece, International Finance, International Monetary Fund, Journalism, Newspapers, Press/Media, Trumpi on April 24, 2017 by e-commentary.org

. . .

K          “What if as many folks had rallied in support of Galileo?”

J          “Signs intoning ‘No sides in science’ and ‘Science not silence’ and ‘Don’t let scientists go extinct’ floated amid and among the rising sea of concerned citizens.  ‘Free Galileo’ was raised toward the heavens.”

. . .

K          “In January, the pink pussy hats responded to the red Make America Great Again baseball caps.  On Saturday, a few white lab coats and many rain coats shielded the folks who marched peacefully on a gray rainy day.” 

J          “The women’s jaunt planned on the Mall in January gestated into an impromptu march from the foot of Capitol Hill to the White House and spawned the March for Science in April.  The March for Science and Earth Day Network started south of the White House and moved to the Capitol.  Going full circle.  And going forward.”

K          “The Women’s March was an emotional release and catharsis.  The March for Science was an intellectual rally and resurgence.”

J          “A walk is an antidote to insanity and irrationality.”

. . .

K          “At the same time the people were marching in the streets, the big money players were machinating in the suites.  The ‘green eye shade’ types at the International Monetary Fund (IMF) concluded that Greece has recovered slightly and thus needs to be burdened substantially.”

. . .

K          “The next public gig in Washington is the ‘(Former) Bikers for Trump Rally’ on October 14 to ride to the White House and Congress from all over the country.”

J          “The ‘What happened Donnie?  Ride and Rally’.  Everyone hates to be conned, yet so many of his supporters simply cannot repudiate him because he is their last hope.  By October, a few of his black leather and blue collar supporters may accept that they were bamboozled.”

K          “Sturgis runs from August 4 until 13 and Daytona from March 9 until 18, 2018.  October is a great time for the last long fall ride.”

J          “Somebody needs to inflame and inspire the national imagination.”

. . .

[See the e-commentary at “Happy Birthday Earth Day (April 23, 2012)”, “Women’s March On Washington (Woodstock With Conviction) / Coronation (January 23, 2017)” and the discussion of some of the underlying issues involving Greece and the IMF at “‘Grexit’, ‘GrexEUnt’, Percolating Problems:  PIIGS, BRICS, EU, EC, ECB, IMF, NATO, WTO, WTF, WAR (February 23, 2015)”.]

Bumper stickers of the week:

March on

“There is a cult of ignorance in the United States, and there always has been.  The strain of anti-intellectualism has been a constant thread winding its way through our political and cultural life, nurtured by the false notion that democracy means that ‘my ignorance is just as good as your knowledge.’”  Isaac Asimov, “A Cult of Ignorance”, Newsweek, January 21, 1980.  

Signs of the times on the Washington Mall:

Free Galileo

You must be smoking deGrasse if you de-Nye the facts

Science is good

Good science is better

Great science is best

Geology rocks

There is no PLANet B

This is not a moment, it is a movement

Make America 90   49   18 Again

Evidence based governance

What do you call a female scientist?  Scientist

4   28 58   To   1 68

Ignorance is a dish best served at absolute zero

Delusion is not the solution to pollution

Support 21   53   E   7   58

Factism Trumps Fascism

Facts are non-partisan

Make 95   68   53   20 Scientific Again

You can fool the voters but not the atmosphere

Repent the end is NIH

The elements of outraged disbelief  74   90   9

Science:  Because you can’t pray a rocket into space.

Free entropy

So bad that even introverts are here

Resistance is not futile:  It is voltage divided by current

Fact-based policy not policy-based alt.facts

In science we trust

Clinical research is healthy for children and other living things (on a yellow poster with a flower)

The Endangered Species Act is endangered

No science, no chance

This is what a scientist looks like

More mitosis, less division

Save our planet, plant a tree

Stem cells have potential and without them our children don’t

Science Trumps ignorance

Noah saved us once  Let NOAA save us now

They drowned the last climate deniers

Atoms and Trump both make up things

Science is not an opinion

Make America hypothesize again

It’s not rocket science, actually it is

Defiance for science

Extinction is forever  Animals need science

Don’t let science go extinct

Alternative facts are for quacks

Evolution:  Happened.  Climate change:  Happening.  Recognition:  Must happen

There are no jobs on a dead planet

I love science because God created it

I’m with her [arrow pointing to picture of the beautiful blue marble]

Make Earth great again

No science no beer

Dear future generations:  We’re sorry

Science is peer-reviewed not politician-reviewed

Not a sign type of person but geez

Let the forest be with you

Distinguish sense from nonsense

Science fights bad shit with evidence

I’ve reached my 100º C (212º F)

Your momma’s so hot

All the good chemistry jokes argon

Make America think again

Stop plate tectonics

Don’t frack with our future

Act like a proton; think positively

Keep calm and trust science

Resist [resistance symbol]

Veterans for science

_________________________________________________

“Proper press credentials”; “Are your papers in order?”:

From: e-commentator
Sent: Thursday, April 13, 2017 1:37 PM
To: International Monetary Fund SEC, Press <PRESS@imf.org>; IMF Media Relations <Media@imf.org>
Subject: IMF Meetings – Press Credentials

Dear sir or madam,

I am a journalist whose work appears weekly at www.e-commentary.org. and includes regular commentary on and about the IMF (e.g. https://e-commentary.org/category/international-monetary-fund/ and the AIIB, CFETS, NDB, CIPS and SWIFT.

I am interested in applying for press credentials for next week’s IMF meetings.

Thank you for your attention to this request.  Best wishes.

[e-commentator]

 

From: Elnagar, Randa Mohamed [mailto:RElnagar@imf.org]
Sent: Thursday, April 13, 2017 9:52 AM
To: [e-commentator]

Cc: COMMRAST
Subject: RE: IMF Meetings – Press Credentials

We will need proper press credentials issued by a US media organization and a letter of assignment from them to approve your accreditation.

Thank you.

 

From: e-commentator
Sent: Friday, April 14, 2017 2:40 PM

To: Elnagar, Randa Mohamed <RElnagar@imf.org>
Cc: COMMRAST <COMMRAST@imf.org>
Subject: RE: IMF Meetings – Press Credentials

Dear Mr. Elnagar,

The nature of news, news gathering and the media has changed and expanded in America.  www.e-commentary.org provides weekly electronic commentary that has been uploaded since the first week of January, 2005.  You can confirm this contention by reviewing the site.  This note authorizes [e-commentator] to attend the IMF public press conferences.  He can provide a passport and valid state driver’s license for identification.  This note suffices to obtain press credentials.

Thank you for your attention to this request.  Best wishes.

[e-commentator]

 

From: Elnagar, Randa Mohamed [mailto:RElnagar@imf.org]
Sent: Friday, April 14, 2017 10:51 AM
To: [e-commentator]
Cc: COMMRAST; Gaviria, Angela
Subject: RE: IMF Meetings – Press Credentials

Dear Mr. [e-commentator],

Unfortunately, the IMF does not issue register press/media without proper press credentials issues from either the country of origin (in case of non-U.S. nationals), or press credentials issues from the U.S. State Department, the White House, or the U.S. Treasury.

We apologize for the inconvenience.

Thank you.

Randa

 

USA + FRN/PD – – > IMF + SDR – – > NDB + UMU? The “Universal Monetary Unit” . . . Coming To a Planet Near You (January 2, 2017)

Posted in AIIB, Banks and Banking System, Book Reference, BRICS, CFETS, CIPS, Dollar - World's Reserve Currency, Gold, Gold Standard, Hyperdive Economic Collapse, International Finance, International Monetary Fund, Money, Petrodollar, SDR - Special Drawing Rights, Special Drawing Rights (SDR), Trade, Universal Monetary Unit, World's Reserve Currency on January 2, 2017 by e-commentary.org

. . .

K          “Remember way back on October 1 when the International Monetary Fund (IMF) implemented the modified composition of the Special Drawing Rights (SDR) that includes for the first time the Chinese Renminbi (RMB) along with the United States Dollar (FRN/PD), the Euro (€), the British Pound Sterling (£) and the Japanese Yen (¥) in the Great Valuation Basket?”

J          “Couldn’t forget.  To celebrate the transition, we got the entire day off.”

K          “The Federal Reserve Note/PetroDollar maintained its percentage share of the portfolio with the Euro, Pound and Yen yielding room for the new kid on the block.  The way I see it, the evolution of the SDR may be too slow for Brazil, Russia, India, China and South Africa (the BRICS countries) and other countries (the BRICS+ countries) and still leaves the FRN/PD as the world’s reserve currency.”

J          “They say more countries are getting cranky that the FRN/PD remains the mandatory currency peg for trade on the global market.  Last Thursday, the China Foreign Exchange Trade System (CFETS), the foreign exchange trading platform operator, announced that it is adjusting the way it calculates the CFETS Yuan Index which is a critical measure of the Yuan against a basket of currencies, starting yesterday.”

K          “And you got the entire day off.” 

J          “And today, for good measure.  They say that the USA will not allow the IMF to revisit the composition of the SDRs again for years.  The problem for the BRICS+ countries is that the United States has veto power over the composition of the SDR and will block any attempt to accelerate the transition to incorporate other currencies.”

K          “Think about this possible scenario.  The BRICS+ countries may make an end run and expand the mandate and activities of what is now known as the New Development Bank (NDB) and create a Universal Monetary Unit (UMU) constituted of the Chinese RMB, Russian Ruble, Indian Rupee, South African Rand, Brazilian Real, good old gold (Alpha uniform) and a smorgasbord of other currencies.”     

J          “While they are at it, the South African Kruggerand could supplant the Rand and serve as the gold component or part of the gold component.”

K          “Who knows, when they do that, you may get the week off of work.”

J          “Count me in and count me off.  And to provide for a smoother transition, include in the new generation UMU the current currencies in the SDR in diluted amounts.  A measured and gradual approach is prudent.  Interdependent economies and unintended consequences, you know.”

K          “While they are at it, they could go full in.  The Cross-Border Inter-Bank Payment System sometimes known as the China Interbank Payment System (CIPS) could develop into a comparable transnational multilateral payment system as a complement to and to compete with the Society for Worldwide Interbank Financial Telecommunication (SWIFT).”

J          “That’s exactly what I was going to suggest.  An economy needs a ‘thing’ to serve as money/currency/chits/script/wampum and a means to reconcile payments.  The BRICS+ countries have no reason to wait another half decade when they can do it themselves.”

. . .

J          “Or the BRICS+ countries may force the issue at the IMF meeting in Rome, District of Columbia on April 21 – 23.”

K          “And you will get at least two days off of work.”

J          “Can’t forget.  Stay tuned.”

. . .

K          “Someone surely has thought and wondered about these possible developments.”

J          “You think?  I wonder if anyone cares.  What’s on tv?”

. . .

[See the e-commentary at “The Mandibles, FRNs, SDRs, IMF, G20, WTD! (September 5, 2016)” and “Dollar – World’s Reserve Currency”.]

Bumper stickers of the week:

The “Universal Monetary Unit” . . . Coming To a Planet Near You

Paper [Money] Is Patriotic

Fight the War on Cash

 

The Mandibles, FRNs, SDRs, IMF, G20, WTD! (September 5, 2016)

Posted in Book Reference, Collapse, Courts, Debt/Deficits, Dollar - World's Reserve Currency, Federal Reserve, Gold, Gold Standard, Guns, INFORM Act, International Finance, International Monetary Fund, Journalism, Money, Newspapers, Petrodollar, Press/Media, SDR - Special Drawing Rights, Silver, Silver Standard, Special Drawing Rights (SDR), World's Reserve Currency on September 5, 2016 by e-commentary.org

. . .

X          “Some of the folks at the G20 Summit may kick around the future composition of the ‘Special Drawing Rights’ that is emerging as the new world’s reserve currency.  The International Monetary Fund formally sets the composition of the SDRs, yet the major players gathered in China yesterday to discuss such matters.  A thing is now being described as a right.”

Z          “Sounds like they are creating a right to reach first for your gun.”

X          “Or they are sketching a new picture of the economic future based on rights rather than on power and circumstance.”

Z          “Or someone special who has been allowed to have the only gun in the great currency gunfight now must play well with others who are suitably armed.”

X          “Or the one with the big gun is now being disarmed.”

. . .

X          “Felicitous publication really.”

Z          “Timely, even.  The times they are changin’ the way we will make change in the near future.”

X          “In The Mandibles, Lionel Shriver adopts Keynes’ term ‘Bancor’ rather than the new age term ‘SDR’ to describe supplementary foreign exchange reserve assets.  As the U.S. Petrodollar slips as the world’s reserve currency and then as the dominant component of the SDR/Bancor, the United States people will slip to second-world status in the world.”

Z          “The way I describe it, when the Petrodollar is no longer the big dog, the United States is no longer the leader of the pack.”

X          “Prices will increase and perhaps double in short order before more structural disorder devolves.  Our McMansions still will sport baroque brushed nickel bathroom fixtures in the multiple bathrooms, yet in due course the water coursing through the corroding pipes will be increasingly intermittent and decreasingly safe.”

Z          “Many of us have those problems now while everything appears to be dory hunky.”

. . .

X          “Her description of the human consequences is very plausible, yet her explanation for the underlying causes is only partially complete.  Contemporary economic doctrine is exposed as voodoo and a specious secular religion that rationalizes those in power acquiring and retaining wealth.  The entitlement Ponzi scheme receives appropriate blame.  The pernicious involvement of the Federal Reserve is alluded to obliquely, yet the entrenched corruption and incompetence in every quarter are not addressed.”

Z          “She does not describe the institutions that are failing systematically and simultaneously.  Congress, courts, executives and executive agencies, bureaucrats, universities, news outlets, parents, preachers, prophets, you name it.  At some time, a fragile, fractured, fissured and fundamentally weak system of manipulation and intervention will fail with consequence.”

X          “She does observe that the traditional news fashioners are defunct.”

. . .

X          “‘The Chip’ is first described in an e-commentary titled ‘Monitoring The Masses:  The Card And The Chip’ published on January 12, 2015.  She further develops the human impact of implanting ‘The Chip’ to control and corral the masses.  ‘The Chip’ is so much more efficient and effective than the corn chip and football at sating the populace.”

Z          “‘The Chip’ is an electronic lobotomy that is more powerful, pervasive and perverse than fear or drugs.  Technology saves us.  I think that is what one would conclude.  Surely.”

. . .

X          “An empire cannot continue to mimeograph a fiat currency and force it on the rest of the world at great cost and consequence to the rest of the world without the rest of the world demurring at some point.”

Z          “And the rest of the world is becoming restive.”

X          “They are issuing SDR-denominated bonds.”

Z          “And they are selling oil without even acknowledging the Petrodollar.”

. . .

X          “In her novel, the U.S. government confiscates gold and disregards even basic civil liberties while confiscating the yellow stuff.”

Z          “Survey the universe of commentary on the subject and you discover that no one has ever even questioned that the government will confiscate gold when the stuff competes with the fake stuff.”

X          “The people of the United State of Nevada who seceded from the dysfunctional disunion agree that it is ‘dumb’ and ‘arbitrary,’ but they base their currency the ‘Continental’ on the gold standard.”

Z          “She does not see that the government would have eliminated cash of any kind years or decades earlier.”

X          “That is one of the harbingers of great danger.  When the government outlaws or confiscates Au, Ag, Fe, Pb, or even worthless fiat cash, the end of civil rights and civil liberties is near.”

Z          “Or here.”

 . .

[See the e-commentary at “Monitoring The Masses:  The Card And The Chip (January 12, 2015)”, “Brave 1984 Farm:  The Best Of All Possible Worlds (March 19, 2012)” and the e-commentary on the institutional distractions in our society at “Foot Longs and Football (September 2, 2013).”]

Bumper stickers of the week:

G20 > G7; SDR > FRN; World > USA   

In the intermediate run, a Kleptocracy is unsustainable.