News, Rumors and Opinions Sunday 2-16-2020
"Iraq, the IMF, and the World Bank" by TJ - 2.15.20
Entry Submitted by TJ at 9:07 PM EST on February 15, 2020
When a nation switches over to gold/asset-backed currency, the IMF and the World Bank would no longer be relevant to them as those institutions are part of the fiat world that they would no longer be part of.
Iraq is preparing to announce to the world how much gold their currency is worth, like Qatar and then Turkey did already, both with a rate of 1 gram. The current grumblings from the IMF and the World Bank mean diddley-squat to Iraq.
I expect within hours of Iraq going gold/asset-backed America would also go gold/asset-backed, and the dominoes would start to fall with other nations declaring gold/asset-backed currencies as quickly as they can, perhaps even all on the same day. Will this happen in what remains of this long weekend?
The above would immediately give us the relative exchange rates between the nations that switched to gold/asset-backed currencies. These rates would be what we should expect when we exchange, as to think that we deserve higher rates because we are "special" smacks of spoiled child syndrome. However, if we are offered higher rates by being members of the T4b (internet) group, I would not turn them down! TJ
https://inteldinarchronicles.blogspot.com/2020/02/iraq-imf-and-world-bank-by-tj-21520.html
KTFA:
Samson: China quarantines its money 14 days to stop the spread of "Corona"
19:44 - 02/15/2020
The Central Bank of China announced a decision to "cleanse" the circulated banknotes, by placing them in a "stone" to limit the spread of the Corona virus. "Banks use ultraviolet radiation or very high temperatures to sterilize banknotes, before isolating them for a period of 7 to 14 days," said Deputy Governor of the Central Bank of China, Fan Yifei.
He added: "We must maintain the safety and health of users of cash flow," referring to the suspension of financial transfers between Chinese provinces, stressing the possibility of returning the banknotes to circulation after the expiration of the "quarantine" period, which depends on the severity of the epidemic in the region concerned.
These measures come in parallel with the increasing hesitation of the Chinese to use the currency for fear of catching the infection, although most consumers have been using their smartphones to pay for their daily purchases for years. According to the World Health Organization, the virus mainly transmits through the respiratory system, by touching infected areas. LINK
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Samson: China: We will help companies to resume production as soon as possible
16th February, 2020
Liang Tao, deputy governor of the People's Bank of China, said his country will help companies resume production as soon as possible
He pointed out that it will accelerate the provision of loans and credit to major investment projects, as well as support small and private companies that have been affected by the spread of the Corona virus
Meanwhile, Vice President of the China Foreign Exchange Regulatory Authority, Juan Changning, said that his country is expected to maintain a slight surplus in the current account balance LINK
Half Of China's Banks At Risk Of Failure According to Stress Test's, Oil Tankers Stranded Everywhere
Silver Report Uncut: Feb 16, 2020
The economic impact from the production halts in China could cause more than half of China's largest banks to fail according to the last Central bank stress test.
At the time the test was written the worst-case scenario is that China would drop to a little more than 4% GDP growth 17 of China's largest 30 banks would be at risk of failure.
China performed it's first official bank takeover in 30 years last year and several other banks have been bailed out recently due to the economic slowdown.
Oil demand has been in freefall due to the production halts in China and now the sea is turning into a parking lot for oil tankers that were once destined for China.
They have declared force majuer in several cases meaning they can void contracts and cancel orders due to no capacity and existential circumstances.
So the Tankers are just waiting around until they have someone to buy the oil. This is sure to have a huge economic impact.
China Economy Grinds To A HALT! Important Indicators Prove Unprecedented STOP.
The Money GPS: Feb 16, 2020