Tag Archives: currency

China’s yuan gains IMF reserve status

The International Monetary Fund (IMF) has announced that China’s currency, the yuan, will join the fund’s basket of reserve currencies.

Currently just the US dollar, the euro, the yen and the pound are in the group.

The IMF said the yuan “met all existing criteria” and should become part of the basket in October 2016.

The yuan will now make up part of the IMF’s Special Drawing Rights (SDR) – an asset created by the IMF which serves almost as a currency.

It is used for transactions between central banks and the IMF, and is used to decide the currency mix that countries like Greece, for example, receive when the IMF provides financial aid.

The last change made to the basket was in 2000, when the euro replaced the German mark and the franc.

Read more » BBC
See more »  http://www.bbc.com/news/business-34957580

China’s Official Press Agency Calls For New Reserve Currency, And New World Order

by Tyler Durden

We assume it is a coincidence that on the day in which we demonstrate China’s relentless appetite for gold, driven by what we and many others believe is the country’s desire to have a call option on a gold-backed reserve currency when the time comes, just posted in China’s official press agency, Xinhua, is an op-ed by writer Liu Chang in which he decries the “US fiscal failure which warrants a de-Americanized world” and flatly states that the world should consider a new reserve currency “that is to be created to replace the dominant U.S. dollar, so that the international community could permanently stay away from the spillover of the intensifying domestic political turmoil in the United States.”

Of course, if China were serious, and if the world were to voluntarily engage in such a (r)evolutionary reserve currency transition ….

Read more » Zerohege,com
http://www.zerohedge.com/news/2013-10-13/chinas-official-press-agency-calls-new-reserve-currency

Bitcoin Boom? US fears digital currency may hit dollar demand

The US is becoming increasingly concerned over virtual currencies, launching broad investigations into Bitcoin and the likes. The online currency has won official recognition with a US federal judge ruling it is real money. A Texas man, being tried for laundering billions of dollars using the Bitcoin system, challenged the court by saying bitcoins were virtual and couldn’t be the basis for a fraud charge. He failed. RT’s Peter Oliver went to meet those who have no doubt bitcoin has real value.

Courtesy: – RT

Dinaar-Dirham conference in Lahore, Pakistan – Shariah currency (aka gold dinaars)

Shaykh Umar Vadillo’s Speech In The Islamic Economic System Conference In Lahore.

Destined for victory

By: Syed Hafiz

Despite the sweltering heat and an asthmatic aircon in the hall, at 1600 hours, drenched in sweat, the people were waiting for a person that the american congress deemed to be more dangerous than usama bin laden. Lahore’s Aiwan e Iqbal hall had never been so packed.

From Gilgit in the extreme north to Rahim yar khan in the middle, from Quetta in the west to Karachi in the southern coast ; people had gathered from all over the country to participate in this Dinar / Dirham conference. They all had the same thing to say : if its Allah and Prophet’s (pbuh) war against interest, then we are with Allah and Prophet.

Even in this stifling heat and sweat, the people’s patience was commendable. They were waiting for a person from that city, from where Muslims were expelled by the Chrisitan community.

They city that was the cultural center in Europe, and from where the sunshine of civilization illuminated the whole world – Qartaba  (Cordova, southern Spain) . The hall’s name is Aiwan e Iqbal, the great sufi poet Iqbal, and the speaker was standing in front of the picture of Iqbal on the wall. that Iqbal who imprisoned himself in the mosque of Cordoba, just to pray 2 rak’aat prayers.

Omar Ibrahim Vadilo who belonged to a strict Christian family, and who was trained to be a priest. He became the first European Muslim of the city of Cordoba. When he became a Muslim, there was no mosque in Cordoba, but now there are 4 mosques there.

He is the front man of the army of Allah, who has begun the mission to eradicate paper notes : the foundation of ‘interest’ from the world, and bring back the silver Dinar and Gold Coins system from the days of the Prophet(pbuh).

The weight and size of the coins have been kept the same as that standardized by Hazrat Umar (ra) . This enthusiastic crowd was eagerly listening to Omar Vadilo.

After starting with the name of Allah he said :

This secret is known to all the Western world that Capitalism has failed, it only remains to be officially announced. A majority in the US and Europe considers paper notes, Dollar and Pound to be a fraud.

Continue reading Dinaar-Dirham conference in Lahore, Pakistan – Shariah currency (aka gold dinaars)

Mercenaries for the Middle East – Dr Mohammad Taqi

The Saudis know that it is nearly impossible for any political uprising there to physically coalesce, due to the population centres being geographically far apart, to cause direct threat to Riyadh.

Foreign policy is everywhere and always a continuation of domestic policy, for it is conducted by the same ruling class and pursues the same historic goals”. — The Revolution Betrayed, Leon Trotsky

In his 1983 masterpiece, Can Pakistan survive? The death of a state, Tariq Ali opens the section on Pakistan’s foreign policy during the Z A Bhutto days with the above quote from Trotsky. After duly recognising the limitations of generalising this aphorism, Tariq Ali had noted that many third-world capitals pursue a foreign policy closely mirroring their domestic economic and political policies but perhaps none has done so more grotesquely than Islamabad. Tariq Ali had written:

One of the commodities exported was labour, and the remittances sent back by migrant workers provided nearly 20 percent of the country’s foreign exchange earnings. It was also reported that 10,000 Pakistani prostitutes had been dispatched to the Gulf states by the United Bank Limited (UBL), to strengthen its reserves of foreign currency. Soldiers and officers were also leased out as mercenaries to a number of states in that region. In some ways it was telling indictment of the Pakistani state that it can only survive by selling itself to the oil-rich sheikhs.”

The Pakistani military establishment’s cooperation with Arab dictators obviously dates back to the Ayub Khan era and the UK and US-sponsored Central Treaty Organisation (CENTO) or Baghdad Pact of 1955. However, the surge in the export of mercenaries that Tariq Ali was alluding to was not because of the western sponsorship of such legions but because Pakistan, in 1971, had declared a moratorium on repayment of its foreign debt and had to look for financial aid elsewhere while the IMF would again agree to a loan (which it eventually did). While one cannot confirm the veracity of the claim about the UBL’s venture, the events of the last several months show that somehow the grotesque mediocrity of the Pakistani establishment keeps repeating its antics, as far as the export of the mercenaries goes.

The Arab spring has created unique geopolitical scenarios where old alliances are falling apart — or at least are no longer trustworthy — while new realities are taking shape much to the discontent of regional autocrats. I have repeatedly stated that Barack Obama’s instinct is to side with the democratic movements in the Middle East and North Africa, without intervening directly, even though cliques within his administration have been able to drag him into the Libyan morass. Obama’s handling of Hosni Mubarak’s fall did not go well with Saudi king Abdullah and the bitter exchange between the two, during a phone conversation, is rather well known. The wily Saudi monarch subsequently concluded that if there were to be an uprising in his courtyard, the Americans would not come to his rescue. And unless a smoking gun can be traced to Tehran, Abdullah is right. With Obama getting re-elected — yes I said it — in 2012, the Saudis have chosen to exercise other options that they have heavily invested in, for decades, to protect their courtyard and backyard.

The Saudis know that it is nearly impossible for any political uprising there to physically coalesce, due to the population centres being geographically far apart, to cause direct threat to Riyadh. But they also know that the democratic contagion can spread at the periphery of the Kingdom, with the oil-rich Eastern province slipping out of control quickly or the disquiet at the Yemeni border keeping Riyadh distracted (the latter was tested by both Gamal Nasser and Iran). The Saudi plan, just as in the 1969 bombing of Yemen by Pakistani pilots flying Saudi planes, is to use the trusted Pakistani troops to bolster the defence of not only the Saudi regime but of its client states like Bahrain.

It is not a surprise then that before Saudi Arabia invaded Bahrain on March 13, 2011, the chief of Saudi Land Forces, General Abdul Rahman Murshid visited Pakistan and before that, on March 9, met General Ashfaq Pervez Kayani. Bahrain had already requested and received assurance for military help from Pakistan in late February 2011. In fact, a leading Urdu paper carried an advertisement from the Fauji Foundation Pakistan on February 25 and March 1, seeking men for recruitment to the Bahrain National Guard. The qualifications sought were the following: age 20-25, height of six-feet or taller and military/security service background especially in riot control, which suggest that enrolment was not exactly for the Manama Red Crescent Society.

After the Saudi army brutally crushed the uprising in Bahrain, the Foreign Minister of Bahrain, Sheikh Khalid bin Ahmed al-Khalifa, met with Prime Minister Yousuf Raza Gilani and the State Foreign Minister Hina Rabbani Khar. While the Bahraini media splashed pictures of the handshake between Ms Khar and Sheikh Khalid, announcing Pakistani support to Bahrain, the actual backing had been pledged by the Chief of General Staff, General Khalid Shamim Wayne, whom the Bahraini minster met on March 29.

In her article titled ‘Bahrain or bust?’, Miranda Husain writes: “Chomsky believes Pakistani presence in Bahrain can be seen as part of a US-backed alliance to safeguard western access to the region’s oil …The US has counted on Pakistan to help control the Arab world and safeguard Arab rulers from their own populations… Pakistan was one of the ‘cops on the beat’ that the Nixon administration had in mind when outlining their doctrine for controlling the Arab world.” Ms Husain and the American Baba-e-Socialism (Father of Socialism), Chomsky, conclude with the hope that Pakistan should not meddle in the Middle East.

I believe that Chomsky’s reading of the situation in the Persian Gulf is dead wrong. It is the divergence — not confluence — of US-Saudi-Pakistani interests that is the trigger for potential Pakistani involvement there. The Pakistani brass’ handling of the Raymond Davis affair and now its insistence — through bravado, not subtlety — on redefining the redlines with the US indicates that just like the 1971 situation, an alternative funding source to the IMF has been secured. The Pasha-Panetta meeting has raised more issues than it has solved. Pakistani-Saudi interests are at odds with the US and are confluent with each other.

From the Kerry-Lugar Bill to the Raymond Davis saga, the mullahs have been deployed swiftly to create an impression of public support for the establishment’s designs. Last Friday’s mobilisation of the religious parties in favour of the Saudis is the establishment’s standard drill and will be repeated as needed. The Pakistani deep state apparently has decided to keep selling itself to the oil-rich sheikhs. The domestic policy of coercion and chaos will be continued in foreign lands too.

Courtesy: Daily Times