KTFA:
BACKDOC: WELL THUNDER, IT SEEMS THERE IS NO END TO WHAT IS GOING DOWN PRIOR TO MONDAY!
THE IMF CLEARLY STATES THEY WANT THE GREECE DEAL DONE BEFORE THE EMERGENCY MEETING ON MONDAY! WOO HOO
WE ALSO EXPECT TO SEE VALIDATION OF FUNDS BEING MOVED FOR IRANS PAYMENTS BASED ON LAST NIGHTS ARTICLES!
NOW IT'S JUST POSSIBLE WE ARE ENTERING THE "OK JACK" PHASE FOR SEVERAL CURRENCIES!
I HOPE AND PRAY FOR ALL OF US!
WE KNOW THEY LIKE TO LAUNCH IMPORTANT THINGS ON THE 8TH!
....
BACKDOC: WELL THUNDER, IT SEEMS THERE IS NO END TO WHAT IS GOING DOWN PRIOR TO MONDAY!
THE IMF CLEARLY STATES THEY WANT THE GREECE DEAL DONE BEFORE THE EMERGENCY MEETING ON MONDAY! WOO HOO
WE ALSO EXPECT TO SEE VALIDATION OF FUNDS BEING MOVED FOR IRANS PAYMENTS BASED ON LAST NIGHTS ARTICLES!
NOW IT'S JUST POSSIBLE WE ARE ENTERING THE "OK JACK" PHASE FOR SEVERAL CURRENCIES!
I HOPE AND PRAY FOR ALL OF US!
WE KNOW THEY LIKE TO LAUNCH IMPORTANT THINGS ON THE 8TH!
....
DON'T FORGET THEY DID IT TO FORM IRAQS' GOVT. SEPT. 8TH 2014, AND WHEN THEY DROPPED THE ZEROS BEHIND THE CURTAIN TO MAKE REMITTANCES COUNTRY TO COUNTRY ON MARCH 8TH 2015!
THEY USED THE DOLLAR WITH CONTRACTS TO PROTECT THE NOTE COUNT ON THE DINAR FROM THAT POINT!
IS IRAQ READY TO PULL BACK ITS' CURTAIN AND TO PAY IN DINAR? MMMM
SUNDAY WOULD BE THE BEST TIME FOR BANKS TO SYNC A MULTIPLE CURRENCY RESET AS WELL.
BE ASSURED I'M PICKING NO DATES HERE BUT SIMPLY WATCHING THE PROCESS UNFOLD AND WATCHING THE LOGIC AND PATTERNS THAT THEY FOLLOW!
SEEMS THAT TOO MANY THINGS ARE HAPPENING THIS WEEKEND BY SUNDAY! DOC IMO
Mountainman: Will the GREECE SAGA Ever END......So Many MAJOR Catastrophes {CONVERGING} Globally and yet (ALL) in tension to A Coming Reality......Grease these Skids and Let's get Moving w/ the REAL GRAVY TRAIN......Sounds DELICIOUS doesn't it....???....LOL
Remember A STAGE is Set for Countries, Events, and the TIMING on {WHEN} they Happen.....the IMF is Laying Out (THEIR) Directives is ALL and GREECE will Follow Suit.........Beautifully.........This SUMMER will Be HOT One......Better WEAR Extra Sunscreenas this One UNWINDS......IMO
Blessings,Mountainman (8)=New Beginnings........to Prepare for......The HEAT is ON........
Thunderhawk: IMF tells eurozone to start Greek debt talks
The International Monetary Fund has told eurozone finance ministers they must immediately begin negotiations to grant debt relief for Greece despite German opposition, upending carefully orchestrated negotiations ahead of an emergency meeting on Monday.
In a letter to all 19 ministers sent on Thursday night and obtained by the Financial Times, Christine Lagarde, the IMF chief, said stalemated talks with Athens to find €3 billion in ‘contingency’ budget cuts, which have gone on for a month, had become fruitless and that debt relief must be put on the table immediately, or risk losing IMF participation in the program.
“We believe that specific economic reform measures, debt restructuring, and financing must now be discussed contemporaneously,” Lagarde wrote. “For us to support Greece with a new IMF arrangement, it is essential that the financing and debt relief from Greece’s European partners are based on fiscal targets that are realistic because they are supported by credible measures to reach them.”
The IMF has come under intense criticism in Greece, where senior officials in Alexis Tsipras’s government have blamed Poul Thomsen, the IMF’s European chief, for making excessive austerity demands and holding up an agreement on the €86 billion bailout’s first review.
But Lagarde’s letter makes clear the IMF wants less austerity, arguing that the budget surplus target agreed last year between the EU and Athens — a primary surplus of 3.5 percent of gross domestic target by 2018 — is unrealistic and should be drastically reduced.
A primary surplus is a country’s budget surplus when debt payments are not included.
“A clarification is needed to clear unfounded allegations that the IMF is being inflexible, calling for unnecessary new fiscal measures and — as a result — causing a delay in negotiations and the disbursement of urgently needed funds,” Lagarde wrote.
Originally, Monday’s eurogroup meeting, which was to be held last week but was rescheduled after negotiations stalled, was seen as a make-or-break session, with both sides needing to reach a deal before Britain’s EU referendum campaign intensifies next month before a June 23 vote.
Athens is facing €3.5 billion in debt payments in July that it needs bailout aid to pay, and EU officials have told Greek government officials they do not want messy negotiations to continue during the Brexit campaign — meaning if no agreement is reached this month, leaders will not begin discussions again until just weeks before a possible default.
Similar last-minute talks a year ago rattled the Greek economy and raised questions about whether Greece could be ejected from the eurozone.
Relations between the IMF and Athens, already strained after last year’s brinkmanship, have reached a new low in recent weeks following WikiLeaks’ publication of a transcript of a private teleconference between Thomsen and other IMF officials — a transcript Greek officials claimed showed the IMF was negotiating in bad faith.
Athanasios Papachristopoulos, a Greek MP from the junior coalition member in Tsipras’s Syriza-led government, on Thursday appeared to admit the recording was made by Greek authorities and given to WikiLeaks. Papachristopoulos told the Greek parliament the government had decided to ‘blurt out’ the transcript, though he later went on national television to insist he was misinterpreted.
In her letter, Lagarde wrote that all sides have nearly agreed on a core set of economic reforms that would cut the Greek budget by 2.5 percent of GDP by 2018. Some officials believe that list could be finalized at Monday’s eurogroup meeting.
But Lagarde stuck by the IMF’s assessment that such reforms would only produce a primary surplus of 1.5 percent in 2018 — not the 3.5 percent the EU has mandated. Instead, Lagarde urged the EU to change its target to 1.5 percent, a sign that she believes Brussels is demanding too much austerity of Athens.
http://ift.tt/1Wix1qz
************
BACKDOC: THERE SEEMS TO BE NO GOOD SOLUTION IN SITE! THERE SEEMS TO BE A DIFFERENCE OF OPINION AS TO WHO SHOULD TAKE THE LOSS IF THEY DEFAULT.
JUST ONE QUESTION, SINCE WHEN DO BOND HOLDERS NOT TAKE A HIT ON THEIR RISK?
SEEMS TO ME THE BOND HOLDERS SHOULD BE THE ONES AT RISK NOT THE U.S. TAX PAYER!
OHH AND WILL THIS PROBLEM HAVE AN AFFECT ON THE DOLLAR? MMMMM
I ALSO REMEMBER THE FED IS BASED THERE! MMMM DOC IMO
Thunderhawk: Backdoc Alert
How Puerto Rico’s $70 Billion Crisis Is About to Get Catastrophic
We consider the worst- and best-case scenarios
Every week, hosts Tori Stilwell, Dan Moss and Aki Ito bring you a jargon-free dive into the stories that drive the global economy.
Puerto Rico missed a $400 million debt payment on Sunday, and bigger, more consequential defaults could follow. But how did things get so bad in the first place?
Michelle Kaske, Bloomberg’s municipal bonds reporter, joins Dan and Aki to discuss the best- and worst-case scenarios for the U.S. Territory as its next payment deadline approaches. http://ift.tt/1SV5Pel
Backdoc Alert
Puerto Rico Says Economy to Contract for Fifth Straight Year
Puerto Rico’s economic recession is poised to worsen as residents continue to leave the island, threatening to deepen the fiscal crisis that’s pushing the island to default on a growing share of its $70 billion of debt.
The Planning Board, which calculates the island’s economic growth, released its fiscal 2017 forecast, estimating a 2 percent drop in gross national product for the fiscal year beginning July 1. The commonwealth agency revised its forecast for the fiscal year ending June 30 to a 1.2 percent drop. The earlier estimate was for a 1.3 percent decline.
The commonwealth’s economy last expanded in fiscal 2012, when it saw a 0.5 percent boost, according to the Planning Board. It’s shrunk by an estimated 16.5 percent since 2007. Puerto Rico and its agencies borrowed as the economy contracted to fill budget shortfalls and now owe $70 billion. Governor Alejandro Garcia Padilla in June 2015 said the commonwealth was unable to repay all of its debts and would seek to reduce those obligations by asking investors to accept losses on their holdings.
A record number of residents left the island last year for work on the U.S. mainland. Another 240,000 Puerto Ricans are forecast to leave by 2025, according to the Planning Board. Its 11.7 percent jobless rate is higher than any state and double the national average.
Estimates of the extent of the slowdown were also adjusted for prior years. Projections for fiscal 2015, which ended June 30, 2015, were revised to a drop of 0.6 percent, compared with a prior estimate of a 0.7 percent decline. The fiscal 2014 estimate was revised to a contraction of 1.7 percent, from one of 0.9 percent.
Puerto Rico’s Government Development Bank failed to pay bondholders nearly $400 million on May 2. The default is the largest such payment failure by a commonwealth entity, after two smaller agencies skipped principal and interest payments. The GDB is working under an emergency period that allows the governor to restrict withdrawals for programs that support health, safety and education.
The commonwealth and its agencies owe $2 billion in principal and interest on July 1. Garcia Padilla has warned of continued defaults unless Puerto Rico reaches a restructuring agreement with its creditors.
http://ift.tt/24C7HN7
************
BACKDOC: I THINK ITS INTERESTING THAT THE CLOSER WE GET TO THE END OF THE YELLOW BRICK ROAD WE SEE SAUDI ARABIA TAKING THE NUCLEAR OPTION I WOULD SAY!
IN ONE WEEKEND THEY CHANGE THE CENTRAL BANK GOVERNOR AND THE MOST POWERFUL OIL MINISTER IN THE WORLD! WOW!
THEY TALK ABOUT RESTRUCTURE AND YET THEY USE TEPID TALK ABOUT MAINTAINING THE DOLLAR PEG! MMMMM
IS THIS JUST THE BEGINNING OF A BIGGER CHANGE? MMMM I THINK SO! DOC IMO
Mountainman: As the OIL MARKET {TRANSITIONS} w/The RULES of CONTRACTS and TRADE.....OIL is Going to be Another Factor to Disrupt Global Markets and Economies......
Those Unaware will have KNEE JERK {Reactions} and The Ups and Downs will Ensue......TPP will Cover this Stabilization in the Future, but in this Interim TIME......
A Changing of the Guard so to Speak can Be A Good Thing w/ A Fresh Perspective and Positive Energy.......
The OLD WAY is Clearly being Drained AWAY and A New Path Paved W/ BLACK GOLD will Certainly Iron Out the New Laws of CONTROL/CONVERGENCE......IMO
Blessings,Mountainman (8)=New Beginnings.........for A Means to a COLLECTIVE ENDING......
Thunderhawk: Backdoc Alert
Here’s what the departure of Saudi Arabia’s al-Naimi means for oil prices
Oil prices could rise in the near term on volatility
He was known to some as the Alan Greenspan of the oil world.
That is Ali al-Naimi, Saudi Arabia’s powerful oil minister, who was fired from his post on Saturday. He will be replaced by Khalid-al Falih, the chairman of the country’s state oil company, Saudi Aramco.
“This is a historic one. [Al-Naimi] is the guy who for all intents and purposes has been the global oil market for the last 30 years,” said Phil Flynn, senior market analyst at Price Futures Group.
Al-Naimi gained global respect for turning the biggest oil cartel in the world, otherwise known as the Organization of the Petroleum Exporting Countries (OPEC), into a respectable organization, Flynn said in a telephone interview.
And just as former Fed Chairman Greenspan would lower or raise interest rates when he thought the market needed it, al-Naimi would add or hold back on oil depending on the energy market’s needs, he added.
The move has reminded some who is ultimately in charge. While al-Falih, the new oil minister, now has one of the most powerful posts in the world, Flynn said there is no doubt that 36-year old Deputy Crown Prince Mohammed bin Salman is running the show in Saudi Arabia. “This guy is the new power broker in that country,” he said. Read more at:
http://ift.tt/1ZrpNhs
************
BACKDOC: WE SEE THAT THEY GIVE LIP SERVICE TO THE DOLLAR PEG BUT IN REALITY THEY ARE TALKING A DIFFERENT STORY TO OTHER SOURCES!
LIKE I TOLD YOU WE DON'T KNOW HOW THIS WILL PLAY OUT EXACTLY BUT WE KNOW WHY AND WE KNOW THE EVENTUAL OUTCOME BECAUSE OF BLACK GOLD NOW TAKING THE SDR INTO THE RESERVE CURRENCY! DOC IMO
Mountainman: There's A Shake Down Happening here w/OIL and A New Perspective has Risen w/The Saudis......As A New Alignment is Happening between Countries Traditional Positions on How they have Relied on OIL REVENUES......
The SHIFT is Now in Play......
IRAN has Agreed to Halt On it's Production and Now the PATH is PAVED w/ the Privatization of ARAMCO......A New C.Bank Governor Who is Knowledgeable w/Experience on their Monetary Policy......Opens the Doors for Fresh Vision for A New Reality w/New Rules for {ALL} to Follow.......
Negotiations and Applications in this NEW OIL REALITY is Just the Start for How the Saudis will Lean Away from (DEPENDENCE) on the DOLLAR......for We Know WHERE that and The PETRO/DOLLAR are Heading w/the CURRENTS of the Markets........
The Tables of REVENUE are Turning towards NEW VALUES.......Keep A Watch on this One as it CONVERGES w/MANY. IMO
Blessings,Mountainman (8)=New Beginnings.......for the PRICE and DECISIONS w/OIL
Thunderhawk: DOUBLE PLAY!! HUGE ALERT!!
Backdoc Alert : Saudi Arabia Replaces Veteran Oil Minister in Government Revamp
Saudi Arabia replaced its veteran oil minister with a close ally of the king’s increasingly influential son, Deputy Crown Prince Mohammed bin Salman, as the world’s largest crude exporter embarks on an economic overhaul designed to make it less reliant on energy.
After more than two decades in the post, Ali Al-Naimi, who’s been the central player in scores of OPEC meetings and steered global crude markets through several boom-and-bust cycles, will be succeeded by Khalid Al-Falih, currently chairman of state oil company Saudi Arabian Oil Co., the official press agency reported on Saturday. The change was part of a wider government revamp that also saw a new central bank governor. Read more at:
http://ift.tt/1q60ANp
THEY USED THE DOLLAR WITH CONTRACTS TO PROTECT THE NOTE COUNT ON THE DINAR FROM THAT POINT!
IS IRAQ READY TO PULL BACK ITS' CURTAIN AND TO PAY IN DINAR? MMMM
SUNDAY WOULD BE THE BEST TIME FOR BANKS TO SYNC A MULTIPLE CURRENCY RESET AS WELL.
BE ASSURED I'M PICKING NO DATES HERE BUT SIMPLY WATCHING THE PROCESS UNFOLD AND WATCHING THE LOGIC AND PATTERNS THAT THEY FOLLOW!
SEEMS THAT TOO MANY THINGS ARE HAPPENING THIS WEEKEND BY SUNDAY! DOC IMO
Mountainman: Will the GREECE SAGA Ever END......So Many MAJOR Catastrophes {CONVERGING} Globally and yet (ALL) in tension to A Coming Reality......Grease these Skids and Let's get Moving w/ the REAL GRAVY TRAIN......Sounds DELICIOUS doesn't it....???....LOL
Remember A STAGE is Set for Countries, Events, and the TIMING on {WHEN} they Happen.....the IMF is Laying Out (THEIR) Directives is ALL and GREECE will Follow Suit.........Beautifully.........This SUMMER will Be HOT One......Better WEAR Extra Sunscreenas this One UNWINDS......IMO
Blessings,Mountainman (8)=New Beginnings........to Prepare for......The HEAT is ON........
Thunderhawk: IMF tells eurozone to start Greek debt talks
The International Monetary Fund has told eurozone finance ministers they must immediately begin negotiations to grant debt relief for Greece despite German opposition, upending carefully orchestrated negotiations ahead of an emergency meeting on Monday.
In a letter to all 19 ministers sent on Thursday night and obtained by the Financial Times, Christine Lagarde, the IMF chief, said stalemated talks with Athens to find €3 billion in ‘contingency’ budget cuts, which have gone on for a month, had become fruitless and that debt relief must be put on the table immediately, or risk losing IMF participation in the program.
“We believe that specific economic reform measures, debt restructuring, and financing must now be discussed contemporaneously,” Lagarde wrote. “For us to support Greece with a new IMF arrangement, it is essential that the financing and debt relief from Greece’s European partners are based on fiscal targets that are realistic because they are supported by credible measures to reach them.”
The IMF has come under intense criticism in Greece, where senior officials in Alexis Tsipras’s government have blamed Poul Thomsen, the IMF’s European chief, for making excessive austerity demands and holding up an agreement on the €86 billion bailout’s first review.
But Lagarde’s letter makes clear the IMF wants less austerity, arguing that the budget surplus target agreed last year between the EU and Athens — a primary surplus of 3.5 percent of gross domestic target by 2018 — is unrealistic and should be drastically reduced.
A primary surplus is a country’s budget surplus when debt payments are not included.
“A clarification is needed to clear unfounded allegations that the IMF is being inflexible, calling for unnecessary new fiscal measures and — as a result — causing a delay in negotiations and the disbursement of urgently needed funds,” Lagarde wrote.
Originally, Monday’s eurogroup meeting, which was to be held last week but was rescheduled after negotiations stalled, was seen as a make-or-break session, with both sides needing to reach a deal before Britain’s EU referendum campaign intensifies next month before a June 23 vote.
Athens is facing €3.5 billion in debt payments in July that it needs bailout aid to pay, and EU officials have told Greek government officials they do not want messy negotiations to continue during the Brexit campaign — meaning if no agreement is reached this month, leaders will not begin discussions again until just weeks before a possible default.
Similar last-minute talks a year ago rattled the Greek economy and raised questions about whether Greece could be ejected from the eurozone.
Relations between the IMF and Athens, already strained after last year’s brinkmanship, have reached a new low in recent weeks following WikiLeaks’ publication of a transcript of a private teleconference between Thomsen and other IMF officials — a transcript Greek officials claimed showed the IMF was negotiating in bad faith.
Athanasios Papachristopoulos, a Greek MP from the junior coalition member in Tsipras’s Syriza-led government, on Thursday appeared to admit the recording was made by Greek authorities and given to WikiLeaks. Papachristopoulos told the Greek parliament the government had decided to ‘blurt out’ the transcript, though he later went on national television to insist he was misinterpreted.
In her letter, Lagarde wrote that all sides have nearly agreed on a core set of economic reforms that would cut the Greek budget by 2.5 percent of GDP by 2018. Some officials believe that list could be finalized at Monday’s eurogroup meeting.
But Lagarde stuck by the IMF’s assessment that such reforms would only produce a primary surplus of 1.5 percent in 2018 — not the 3.5 percent the EU has mandated. Instead, Lagarde urged the EU to change its target to 1.5 percent, a sign that she believes Brussels is demanding too much austerity of Athens.
http://ift.tt/1Wix1qz
************
BACKDOC: THERE SEEMS TO BE NO GOOD SOLUTION IN SITE! THERE SEEMS TO BE A DIFFERENCE OF OPINION AS TO WHO SHOULD TAKE THE LOSS IF THEY DEFAULT.
JUST ONE QUESTION, SINCE WHEN DO BOND HOLDERS NOT TAKE A HIT ON THEIR RISK?
SEEMS TO ME THE BOND HOLDERS SHOULD BE THE ONES AT RISK NOT THE U.S. TAX PAYER!
OHH AND WILL THIS PROBLEM HAVE AN AFFECT ON THE DOLLAR? MMMMM
I ALSO REMEMBER THE FED IS BASED THERE! MMMM DOC IMO
Thunderhawk: Backdoc Alert
How Puerto Rico’s $70 Billion Crisis Is About to Get Catastrophic
We consider the worst- and best-case scenarios
Every week, hosts Tori Stilwell, Dan Moss and Aki Ito bring you a jargon-free dive into the stories that drive the global economy.
Puerto Rico missed a $400 million debt payment on Sunday, and bigger, more consequential defaults could follow. But how did things get so bad in the first place?
Michelle Kaske, Bloomberg’s municipal bonds reporter, joins Dan and Aki to discuss the best- and worst-case scenarios for the U.S. Territory as its next payment deadline approaches. http://ift.tt/1SV5Pel
Backdoc Alert
Puerto Rico Says Economy to Contract for Fifth Straight Year
Puerto Rico’s economic recession is poised to worsen as residents continue to leave the island, threatening to deepen the fiscal crisis that’s pushing the island to default on a growing share of its $70 billion of debt.
The Planning Board, which calculates the island’s economic growth, released its fiscal 2017 forecast, estimating a 2 percent drop in gross national product for the fiscal year beginning July 1. The commonwealth agency revised its forecast for the fiscal year ending June 30 to a 1.2 percent drop. The earlier estimate was for a 1.3 percent decline.
The commonwealth’s economy last expanded in fiscal 2012, when it saw a 0.5 percent boost, according to the Planning Board. It’s shrunk by an estimated 16.5 percent since 2007. Puerto Rico and its agencies borrowed as the economy contracted to fill budget shortfalls and now owe $70 billion. Governor Alejandro Garcia Padilla in June 2015 said the commonwealth was unable to repay all of its debts and would seek to reduce those obligations by asking investors to accept losses on their holdings.
A record number of residents left the island last year for work on the U.S. mainland. Another 240,000 Puerto Ricans are forecast to leave by 2025, according to the Planning Board. Its 11.7 percent jobless rate is higher than any state and double the national average.
Estimates of the extent of the slowdown were also adjusted for prior years. Projections for fiscal 2015, which ended June 30, 2015, were revised to a drop of 0.6 percent, compared with a prior estimate of a 0.7 percent decline. The fiscal 2014 estimate was revised to a contraction of 1.7 percent, from one of 0.9 percent.
Puerto Rico’s Government Development Bank failed to pay bondholders nearly $400 million on May 2. The default is the largest such payment failure by a commonwealth entity, after two smaller agencies skipped principal and interest payments. The GDB is working under an emergency period that allows the governor to restrict withdrawals for programs that support health, safety and education.
The commonwealth and its agencies owe $2 billion in principal and interest on July 1. Garcia Padilla has warned of continued defaults unless Puerto Rico reaches a restructuring agreement with its creditors.
http://ift.tt/24C7HN7
************
BACKDOC: I THINK ITS INTERESTING THAT THE CLOSER WE GET TO THE END OF THE YELLOW BRICK ROAD WE SEE SAUDI ARABIA TAKING THE NUCLEAR OPTION I WOULD SAY!
IN ONE WEEKEND THEY CHANGE THE CENTRAL BANK GOVERNOR AND THE MOST POWERFUL OIL MINISTER IN THE WORLD! WOW!
THEY TALK ABOUT RESTRUCTURE AND YET THEY USE TEPID TALK ABOUT MAINTAINING THE DOLLAR PEG! MMMMM
IS THIS JUST THE BEGINNING OF A BIGGER CHANGE? MMMM I THINK SO! DOC IMO
Mountainman: As the OIL MARKET {TRANSITIONS} w/The RULES of CONTRACTS and TRADE.....OIL is Going to be Another Factor to Disrupt Global Markets and Economies......
Those Unaware will have KNEE JERK {Reactions} and The Ups and Downs will Ensue......TPP will Cover this Stabilization in the Future, but in this Interim TIME......
A Changing of the Guard so to Speak can Be A Good Thing w/ A Fresh Perspective and Positive Energy.......
The OLD WAY is Clearly being Drained AWAY and A New Path Paved W/ BLACK GOLD will Certainly Iron Out the New Laws of CONTROL/CONVERGENCE......IMO
Blessings,Mountainman (8)=New Beginnings.........for A Means to a COLLECTIVE ENDING......
Thunderhawk: Backdoc Alert
Here’s what the departure of Saudi Arabia’s al-Naimi means for oil prices
Oil prices could rise in the near term on volatility
He was known to some as the Alan Greenspan of the oil world.
That is Ali al-Naimi, Saudi Arabia’s powerful oil minister, who was fired from his post on Saturday. He will be replaced by Khalid-al Falih, the chairman of the country’s state oil company, Saudi Aramco.
“This is a historic one. [Al-Naimi] is the guy who for all intents and purposes has been the global oil market for the last 30 years,” said Phil Flynn, senior market analyst at Price Futures Group.
Al-Naimi gained global respect for turning the biggest oil cartel in the world, otherwise known as the Organization of the Petroleum Exporting Countries (OPEC), into a respectable organization, Flynn said in a telephone interview.
And just as former Fed Chairman Greenspan would lower or raise interest rates when he thought the market needed it, al-Naimi would add or hold back on oil depending on the energy market’s needs, he added.
The move has reminded some who is ultimately in charge. While al-Falih, the new oil minister, now has one of the most powerful posts in the world, Flynn said there is no doubt that 36-year old Deputy Crown Prince Mohammed bin Salman is running the show in Saudi Arabia. “This guy is the new power broker in that country,” he said. Read more at:
http://ift.tt/1ZrpNhs
************
BACKDOC: WE SEE THAT THEY GIVE LIP SERVICE TO THE DOLLAR PEG BUT IN REALITY THEY ARE TALKING A DIFFERENT STORY TO OTHER SOURCES!
LIKE I TOLD YOU WE DON'T KNOW HOW THIS WILL PLAY OUT EXACTLY BUT WE KNOW WHY AND WE KNOW THE EVENTUAL OUTCOME BECAUSE OF BLACK GOLD NOW TAKING THE SDR INTO THE RESERVE CURRENCY! DOC IMO
Mountainman: There's A Shake Down Happening here w/OIL and A New Perspective has Risen w/The Saudis......As A New Alignment is Happening between Countries Traditional Positions on How they have Relied on OIL REVENUES......
The SHIFT is Now in Play......
IRAN has Agreed to Halt On it's Production and Now the PATH is PAVED w/ the Privatization of ARAMCO......A New C.Bank Governor Who is Knowledgeable w/Experience on their Monetary Policy......Opens the Doors for Fresh Vision for A New Reality w/New Rules for {ALL} to Follow.......
Negotiations and Applications in this NEW OIL REALITY is Just the Start for How the Saudis will Lean Away from (DEPENDENCE) on the DOLLAR......for We Know WHERE that and The PETRO/DOLLAR are Heading w/the CURRENTS of the Markets........
The Tables of REVENUE are Turning towards NEW VALUES.......Keep A Watch on this One as it CONVERGES w/MANY. IMO
Blessings,Mountainman (8)=New Beginnings.......for the PRICE and DECISIONS w/OIL
Thunderhawk: DOUBLE PLAY!! HUGE ALERT!!
Backdoc Alert : Saudi Arabia Replaces Veteran Oil Minister in Government Revamp
Saudi Arabia replaced its veteran oil minister with a close ally of the king’s increasingly influential son, Deputy Crown Prince Mohammed bin Salman, as the world’s largest crude exporter embarks on an economic overhaul designed to make it less reliant on energy.
After more than two decades in the post, Ali Al-Naimi, who’s been the central player in scores of OPEC meetings and steered global crude markets through several boom-and-bust cycles, will be succeeded by Khalid Al-Falih, currently chairman of state oil company Saudi Arabian Oil Co., the official press agency reported on Saturday. The change was part of a wider government revamp that also saw a new central bank governor. Read more at:
http://ift.tt/1q60ANp
Backdoc Alert
Saudi Replaces Central Bank Governor in Major Reorganization
Saudi Arabia appointed Ahmed AlKholifey as central bank governor, replacing Fahad Al Mubarak as part of a government reorganization, the official Saudi Press Agency reported.
AlKholifey, named to the role in a royal order from King Salman, was previously deputy governor for research and international affairs at the central bank, the Saudi Arabian Monetary Agency.
The announcement comes as the world’s biggest crude producer reorganizes ministries to “focus and clarify responsibilities and ease procedures to offer better services,” Saudi Press Agency reported. Changes include replacing longstanding oil minister Ali Al-Naimi, the architect of the 2014 switch in OPEC policy that’s since roiled crude markets, with Khalid Al-Falih, chairman of the Saudi Arabian Oil Co.
Read more at: http://ift.tt/1ZqHZrw
Saudi Replaces Central Bank Governor in Major Reorganization
Saudi Arabia appointed Ahmed AlKholifey as central bank governor, replacing Fahad Al Mubarak as part of a government reorganization, the official Saudi Press Agency reported.
AlKholifey, named to the role in a royal order from King Salman, was previously deputy governor for research and international affairs at the central bank, the Saudi Arabian Monetary Agency.
The announcement comes as the world’s biggest crude producer reorganizes ministries to “focus and clarify responsibilities and ease procedures to offer better services,” Saudi Press Agency reported. Changes include replacing longstanding oil minister Ali Al-Naimi, the architect of the 2014 switch in OPEC policy that’s since roiled crude markets, with Khalid Al-Falih, chairman of the Saudi Arabian Oil Co.
Read more at: http://ift.tt/1ZqHZrw
via Dinar Recaps - Our Blog http://ift.tt/1Wix2uD
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