Fleming, Charles Ward, Currency365 and more Thursday Afternoon 12-17-2020
KTFA:
Samson: US accuses Vietnam of currency manipulation, adds India, Taiwan, Thailand to watch list
16th December, 2020
The US Treasury has labelled Vietnam and Switzerland as currency manipulators, and added three new names to a watch list of countries it suspects of taking measures to devalue their currencies against the dollar.
In what may be one of the last broadsides to international trading partners by the departing administration of President Donald Trump, the US Treasury said that in the year through June 2020 Switzerland and Vietnam had intervened heavily in currency markets to prevent effective balance of payments adjustments.
In response to the allegation by the US Treasury, the Swiss National Bank said it does not manipulate its currency and its monetary policy approach would be unchanged, adding that it “remains willing to intervene more strongly in the foreign exchange market”. Vietnam’s trade ministry declined to comment on the report and referred questions to the foreign ministry.
The Treasury also said its “monitoring list” of countries that meet some of the criteria has hit 10, with the additions of India, Taiwan and Thailand. Others on the list include China, Japan, Korea, Germany, Italy, Singapore and Malaysia.
The report also said that India and Singapore had also intervened in the foreign exchange market in a “sustained, asymmetric manner” but did not meet other requirements to warrant designation as manipulators.
The US agency’s semi-annual currency manipulation report said that at least part of Vietnam’s foreign exchange intervention was aimed at pushing down the dong for a trade advantage, while at least part of Switzerland’s action was aimed at pushing down the Swiss franc to prevent effective balance of payments adjustments.
A senior US Treasury official said both Vietnam and Switzerland had exceeded Treasury’s three measurement criteria by a “substantial margin”. The official said the findings of the Treasury report, which had been broadly anticipated by foreign exchange analysts, have not been discussed with the incoming administration of President-elect Joe Biden. US Treasury Secretary nominee Janet Yellen could alter the findings in her first currency report, which is due in April. “They are not implicated in this. This is a decision of the Trump administration,” the official said. The move to label Switzerland and Vietnam comes as the coronavirus pandemic skews trade flows and widens US deficits with trading partners, an irritant to Trump who won office four years ago partly on a promise to close the US trade gap.
To be labelled a manipulator by the US Treasury, countries must at least have a US$20 billion-plus bilateral trade surplus with the United States, foreign currency intervention exceeding 2 per cent of gross domestic product and a global current account surplus exceeding 2 per cent of GDP. The Treasury said Switzerland’s foreign exchange intervention totalled 14 per cent of GDP.
Vietnam, which has seen a rush of foreign investment by companies seeking to avoid US tariffs on Chinese goods, saw intervention of more than 5 per cent of its GDP, it added.
The Treasury official said the US wants to work cooperatively with both countries to bring them back below the manipulation thresholds and declined to speculate on whether the process could lead to US tariffs on their goods. Among remedies specified in US laws governing the currency report are limiting offending countries’ access to US government procurement contracts and to development finance.
Vietnam could be hit with tariffs under a separate investigation by the US Trade Representative’s office now under way into the causes of an undervalued dong. The Treasury findings could influence this probe and some in the business community fear that Trump may move quickly on it. LINK
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Courtesy of Dinar Guru
Jeff ...the rate is not going to change by the end of December. Here's the hard facts...The rate can only change at the beginning of Iraq's new budget fiscal period...Iraq is walking in Kuwaits footsteps. Kuwait changed the rate March 24th 1991. Iraq is going to most likely follow a similar pattern. Kuwait did it on March 24th of '91 simply because they were waiting on their new fiscal year budget period starting April 1st. I know for a fact that is also Iraq's fiscal year. I have confirmed it from a contact that works directly for the government of Iraq...
Footforward [Quick question. I saw this video from a "Dinar Investor" who insists that Iraq's Fiscal Year doesn't start until April 1st, and therefore we will probably have to wait until that time frame before we see anything. Is he right about an April 1st start to their Fiscal Year. He said he has "Proof" that is true. What do you know about this?] The fiscal year doesn't matter one iota in my opinion.
Fleming Thursday RV Update:
Our military intel contact said he’s really busy, will try to update later, said his info is similar to XXXXXXXXX’s on timing, it can kick off for T4B either Fri-Sat 18-19 Dec or Mon-Tue 21-22 Dec regardless of Elders leaving Fri 18 Dec, his info is it’s happening still BEFORE Christmas, not being kicked till after Fri 1 Jan; he will try to update later when he gets more time.
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Dr. Charlie Ward Weekly Update Q&A
12-16-2020
https://drcharlieward.com/dr-charlie-live-weekly-update-webinar-12-16-2020/
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PIR 12-16-20 Patriot Intel Report!~
December 16, 2020
https://rumble.com/vbxqhx-pir-12-16-20-patriot-intel-report.html
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Iraqi Dinar News 12/16/20
Pimpy’s Investment Chat: Dec 16, 2020
Iraq Central Bank Could Declare Bankruptcy Early 2021
Currency365: Dec 17, 2020