Post From Dinar Updates
Chat Room Excerpts & Highlights
RCookie News Time With Q & A 6-17-16 Part 2 of 3
wmawhite says():watson1 had a comment about Article 8?
Baxter says():So when the IMF said back in December that Iraq WILL enter the global market in the first Half of 2016.. they are fully expecting Iraq to be in Article 8 by the end of June?
wmawhite says to Baxter():All 189 members of the IMF are "in Article 8".
Hutch says():WELCOME IN MR WHITE !!!!
rcookie says to Nomad():NO
wmawhite says to Baxter():All members of the IMF, all 189 members, upon joining the IMF accept the obligations of the IMF.
wmawhite says to Baxter():Whether they pertain/affect, them or not.
wmawhite says to Baxter():The questions is, how compliant is each member state with the obligations. That is the question.
wmawhite says to Baxter():finished
wmawhite says to Hutch():thank you
Baxter says():no thx
~~~
Chat Room Excerpts & Highlights
RCookie News Time With Q & A 6-17-16 Part 2 of 3
wmawhite says():watson1 had a comment about Article 8?
Baxter says():So when the IMF said back in December that Iraq WILL enter the global market in the first Half of 2016.. they are fully expecting Iraq to be in Article 8 by the end of June?
wmawhite says to Baxter():All 189 members of the IMF are "in Article 8".
Hutch says():WELCOME IN MR WHITE !!!!
rcookie says to Nomad():NO
wmawhite says to Baxter():All members of the IMF, all 189 members, upon joining the IMF accept the obligations of the IMF.
wmawhite says to Baxter():Whether they pertain/affect, them or not.
wmawhite says to Baxter():The questions is, how compliant is each member state with the obligations. That is the question.
wmawhite says to Baxter():finished
wmawhite says to Hutch():thank you
Baxter says():no thx
~~~
oldmechanic says():So back to Baxter's question, this could go longer past the end of june? sadley I have been hitched on that date of something to happen or a few weeks after.
wmawhite says to oldmechanic():did you read my comments to baxter?
oldmechanic says():you said no
wmawhite says to oldmechanic():no about what?
oldmechanic says():no it can go past it!
wmawhite says to oldmechanic():he asked about article 8.
rcookie says():BAX THE POINT IS MANY HAVE BEEN CONDITIONED INTO THINKING THAT EXCHANGE RESTRICTIONS AND MCP'S ARE OBSTACLES...
NO BLOCKAGES...TO A COUNTRIES ABILITY TO ACCEPT ART VIII...AND IT IS NOT SO...
Baxter says():ok thx
Dr dave says():did they not require a Reality Rate to gain acceptance with the WTO with the tariffs/customs fully on
wmawhite says():did any of you listen to the call from last night?
Nomad says():Comment: So, Iraq is in Art 8 and if they don't mess up they won't have to check that box again!? Yes on the call!
wmawhite says to Nomad():Every member of the IMF upon entering the IMF accepts the obligation of the article of the IMF.
wmawhite says to Nomad():obligations
wmawhite says to Nomad():the question is for each member is how compliant are they.
rcookie says to Dr dave():DR DAVE....GOING TO COVER THE WTO STATUS AND PROCESS AS BEFORE JUST LIKE WE ARE DOING WITH ARTICLE VIII...
.
BUT THE VARIOUS STAGES THEY HAVE COMPLETED FOR WTO ACCESION LIKE FORMATION OF THEIR WORKING PARTY...QUESTIONS & REPLIES...AGRICULTURAL QUESTIONS...
rcookie says to Dr dave():AND THESE...
(a) Additional Questions & Replies 8 December 2008(b) Information on agriculture (WT/ACC/4) 24 March 2010 (c) Information on services (WT/ACC/5)(d) SPS/TBT
checklists (WT/ACC/8) 8 October 2010(e) TRIPS checklist (WT/ACC/9) 8 February 2008(f) Legislative Action Plan 24 March 2010
rcookie says to Dr dave():DO NOT REQUIRE...
wmawhite says to Nomad():The island of Nevus or St. Kitts may be unaffected by the requirements of Article 8 and be compliant........but some other country may be very affected and be non-compliant.
Nomad says():wmawhite: 10-4
rcookie says():AND BRINGING SOME INFORMATION THAT EXPLAINS THEEXCHANGE RESTRICTIONS AND MCP'S
rcookie says):IV. ELIMINATION OF RESTRICTIONS AND MULTIPLE CURRENCY PRACTICES
A. Macroeconomic Implications
rcookie says():PLEASE READ THESE CAREFULLY TO UNDERSTAND..
rcookie says():25. The negative economic effects of these exchange measures are historically well- recognized. The trade stifling effects of such measures were particularly acute when it became common practice for many countries in the 1930s to introduce multiple exchange rates to stimulate exports and discourage imports and to engage in bilateral trade and payments agreements.18
rcookie says():26. Such exchange measures introduce discernible economic distortions. Exchange restrictions cause undue delays in obtaining foreign exchange, and result in transactions being shifted to parallel markets where premiums can change rapidly, eaching hundredsof percentage points in extreme cases.
Such disparities between parallel market rates distort decisions on consumption, production, and investment and impose heavy welfare costs by distorting import and export prices and introducing implicit taxes and subsidies that vary by type of transaction.19
Moreover, studies have shown that countries with high parallel exchange rate volatility also exhibit greater price volatility
rcookie says():27. Other possible distortions are more inconspicuous. Exchange restrictions could encourage rent-seeking behavior and impose government losses associated with enforcement costs and the inability to collect implicit taxes.
They could lead to disintermediation and prevent the proper development of financial institutions and markets. They could encourage illegal activity and erode political capital both domestically and abroad.
rcookie says():28. Correspondingly, the elimination of such exchange measures, often in the context of a member’s acceptance of Article VIII obligations, could bring economic benefits. The removal of restrictions on payments and transfers for current international transactions could reduce parallel market spreads and facilitate trade.
The elimination of MCPs could usher in the unification of official exchange markets and introduce a more market-based pricing of foreign exchange. Exchange rates may also exhibit more stability as the foreign exchange market deepens and develops with more transactions being conducted in the official market.
The elimination of exchange restrictions could also lead to an increase in the volume of transactions through the banking system, thereby increasing the amount of intermediated funds and providing more accurate information to the authorities about the nature and volume of the flows.21
Notably, the acceptance of Article VIII obligations is often seen as a positive signal that commits members’ authorities to refrain from resorting to distortionary restrictions in the future. This in turn, could help build overall investor confidence and encourage capital flows.
rcookie says():ACCEPTING ARTICLE VIII BRINGS ECONOMIC BENEFITS CAN REDUCE THE PARALLEL MARKET SPREADS..
subgirl says():http://d.pr/a/1d6vE
subgirl says():Link to last night's call :) http://d.pr/a/1d6vE
Hutch says():LINK TO LAST NIGHTS CALL
Hutch says to rcookie():I LIKE THE LAST PART
Notably, the acceptance of Article VIII obligations is often seen as a positive signal that commits members’ authorities to refrain from resorting to distortionary restrictions in the future. This in turn, could help build overall investor confidence and encourage capital flows.
rcookie says():29. In practice, it is difficult to establish causality between the acceptance of Article VIII obligations and improved macroeconomic outturns. On one hand, a country’s decision to accept these obligations may be taken long after the elimination of the exchange measures.
On the other hand, a member may accept these obligations without having eliminated all outstanding measures or may impose new ones after acceptance. Lack of data on the timing of the removal of exchange measures prevents the use of econometric techniques to estimate the impact of this removal on macroeconomic outturns.
Moreover, in some cases exchange measures may be replaced with current account controls that have an equivalent economic impact but may not be subject to Fund approval.22 Finally, removal of exchange measures and acceptance of Article VIII obligations may be accompanied by sound macroeconomic policies in general that contribute to the often observed favorable macroeconomic outcomes after acceptance.
rcookie says():THATS IS WHAT WE WERE TALKING ABOUT EARLIER AS TO BENEFITS...
rcookie says():THIS IS A BIGGIE!!!!.....READ CAREFULLY...
rcookie says():30. Subject to these qualifications, observed trends in selected macroeconomic variables seem to suggest that Article VIII acceptance has been associated with positive economic developments, particularly with respect to parallel market spreads.
There has been a notable decline in parallel market spreads in the process of countries’ acceptance of Article VIII obligations. This observation holds across all regions, across time, and regardless of the exchange rate regime of a country at the time of such acceptance (Figure 2).
Moreover, countries that accepted Article VIII obligations after removing all outstanding exchange measures seem to have experienced significantly lower parallel market spreads than countries that retained the measures.
This indicates that beneficial outcomes are likely to be related to the elimination of restrictions. On average, the volatility of exchange rates with respect to the U.S. dollar has declined with the acceptance of Article VIII obligations. Similarly, inflation and interest rates have been lower and more stable, although there seems to be no clear correlation with the member’s acceptance of Article VIII obligations.23
rcookie says():ANYONE THINK THATS A GOOD REASON AND OUTCOME FOR ACCEPTING ARTICLE VIII OBLIGATIONS....GIVEN THEIR EXISTING MARKET CHALLENGES....
jimplants says():yep
Nomad says():rcookie:
Hutch says():WOW !!! WE ARE IN A GREAT SPOT
Nomad says():It is the only way to go!
Hutch says():ANY QUESTIONS OR COMMENTS ABOUT ANY OF THIS?
Dr dave says():HEHE
Hutch says():AT THIS POINT.... LETS OPEN UP FOR ANY QUESTIONS OR COMMENTS WITH OUR Q&A SESSION
Hutch says():BRING THEM ON !
Dr dave says():IN English?
Hutch says():HERES YOUR CHANCE !!
Hutch says to Dr dave():PREFERABLY HEHEHE
wmawhite says to oldmechanic():did you read my comments to baxter?
oldmechanic says():you said no
wmawhite says to oldmechanic():no about what?
oldmechanic says():no it can go past it!
wmawhite says to oldmechanic():he asked about article 8.
rcookie says():BAX THE POINT IS MANY HAVE BEEN CONDITIONED INTO THINKING THAT EXCHANGE RESTRICTIONS AND MCP'S ARE OBSTACLES...
NO BLOCKAGES...TO A COUNTRIES ABILITY TO ACCEPT ART VIII...AND IT IS NOT SO...
Baxter says():ok thx
Dr dave says():did they not require a Reality Rate to gain acceptance with the WTO with the tariffs/customs fully on
wmawhite says():did any of you listen to the call from last night?
Nomad says():Comment: So, Iraq is in Art 8 and if they don't mess up they won't have to check that box again!? Yes on the call!
wmawhite says to Nomad():Every member of the IMF upon entering the IMF accepts the obligation of the article of the IMF.
wmawhite says to Nomad():obligations
wmawhite says to Nomad():the question is for each member is how compliant are they.
rcookie says to Dr dave():DR DAVE....GOING TO COVER THE WTO STATUS AND PROCESS AS BEFORE JUST LIKE WE ARE DOING WITH ARTICLE VIII...
.
BUT THE VARIOUS STAGES THEY HAVE COMPLETED FOR WTO ACCESION LIKE FORMATION OF THEIR WORKING PARTY...QUESTIONS & REPLIES...AGRICULTURAL QUESTIONS...
rcookie says to Dr dave():AND THESE...
(a) Additional Questions & Replies 8 December 2008(b) Information on agriculture (WT/ACC/4) 24 March 2010 (c) Information on services (WT/ACC/5)(d) SPS/TBT
checklists (WT/ACC/8) 8 October 2010(e) TRIPS checklist (WT/ACC/9) 8 February 2008(f) Legislative Action Plan 24 March 2010
rcookie says to Dr dave():DO NOT REQUIRE...
wmawhite says to Nomad():The island of Nevus or St. Kitts may be unaffected by the requirements of Article 8 and be compliant........but some other country may be very affected and be non-compliant.
Nomad says():wmawhite: 10-4
rcookie says():AND BRINGING SOME INFORMATION THAT EXPLAINS THEEXCHANGE RESTRICTIONS AND MCP'S
rcookie says):IV. ELIMINATION OF RESTRICTIONS AND MULTIPLE CURRENCY PRACTICES
A. Macroeconomic Implications
rcookie says():PLEASE READ THESE CAREFULLY TO UNDERSTAND..
rcookie says():25. The negative economic effects of these exchange measures are historically well- recognized. The trade stifling effects of such measures were particularly acute when it became common practice for many countries in the 1930s to introduce multiple exchange rates to stimulate exports and discourage imports and to engage in bilateral trade and payments agreements.18
rcookie says():26. Such exchange measures introduce discernible economic distortions. Exchange restrictions cause undue delays in obtaining foreign exchange, and result in transactions being shifted to parallel markets where premiums can change rapidly, eaching hundredsof percentage points in extreme cases.
Such disparities between parallel market rates distort decisions on consumption, production, and investment and impose heavy welfare costs by distorting import and export prices and introducing implicit taxes and subsidies that vary by type of transaction.19
Moreover, studies have shown that countries with high parallel exchange rate volatility also exhibit greater price volatility
rcookie says():27. Other possible distortions are more inconspicuous. Exchange restrictions could encourage rent-seeking behavior and impose government losses associated with enforcement costs and the inability to collect implicit taxes.
They could lead to disintermediation and prevent the proper development of financial institutions and markets. They could encourage illegal activity and erode political capital both domestically and abroad.
rcookie says():28. Correspondingly, the elimination of such exchange measures, often in the context of a member’s acceptance of Article VIII obligations, could bring economic benefits. The removal of restrictions on payments and transfers for current international transactions could reduce parallel market spreads and facilitate trade.
The elimination of MCPs could usher in the unification of official exchange markets and introduce a more market-based pricing of foreign exchange. Exchange rates may also exhibit more stability as the foreign exchange market deepens and develops with more transactions being conducted in the official market.
The elimination of exchange restrictions could also lead to an increase in the volume of transactions through the banking system, thereby increasing the amount of intermediated funds and providing more accurate information to the authorities about the nature and volume of the flows.21
Notably, the acceptance of Article VIII obligations is often seen as a positive signal that commits members’ authorities to refrain from resorting to distortionary restrictions in the future. This in turn, could help build overall investor confidence and encourage capital flows.
rcookie says():ACCEPTING ARTICLE VIII BRINGS ECONOMIC BENEFITS CAN REDUCE THE PARALLEL MARKET SPREADS..
subgirl says():http://d.pr/a/1d6vE
subgirl says():Link to last night's call :) http://d.pr/a/1d6vE
Hutch says():LINK TO LAST NIGHTS CALL
Hutch says to rcookie():I LIKE THE LAST PART
Notably, the acceptance of Article VIII obligations is often seen as a positive signal that commits members’ authorities to refrain from resorting to distortionary restrictions in the future. This in turn, could help build overall investor confidence and encourage capital flows.
rcookie says():29. In practice, it is difficult to establish causality between the acceptance of Article VIII obligations and improved macroeconomic outturns. On one hand, a country’s decision to accept these obligations may be taken long after the elimination of the exchange measures.
On the other hand, a member may accept these obligations without having eliminated all outstanding measures or may impose new ones after acceptance. Lack of data on the timing of the removal of exchange measures prevents the use of econometric techniques to estimate the impact of this removal on macroeconomic outturns.
Moreover, in some cases exchange measures may be replaced with current account controls that have an equivalent economic impact but may not be subject to Fund approval.22 Finally, removal of exchange measures and acceptance of Article VIII obligations may be accompanied by sound macroeconomic policies in general that contribute to the often observed favorable macroeconomic outcomes after acceptance.
rcookie says():THATS IS WHAT WE WERE TALKING ABOUT EARLIER AS TO BENEFITS...
rcookie says():THIS IS A BIGGIE!!!!.....READ CAREFULLY...
rcookie says():30. Subject to these qualifications, observed trends in selected macroeconomic variables seem to suggest that Article VIII acceptance has been associated with positive economic developments, particularly with respect to parallel market spreads.
There has been a notable decline in parallel market spreads in the process of countries’ acceptance of Article VIII obligations. This observation holds across all regions, across time, and regardless of the exchange rate regime of a country at the time of such acceptance (Figure 2).
Moreover, countries that accepted Article VIII obligations after removing all outstanding exchange measures seem to have experienced significantly lower parallel market spreads than countries that retained the measures.
This indicates that beneficial outcomes are likely to be related to the elimination of restrictions. On average, the volatility of exchange rates with respect to the U.S. dollar has declined with the acceptance of Article VIII obligations. Similarly, inflation and interest rates have been lower and more stable, although there seems to be no clear correlation with the member’s acceptance of Article VIII obligations.23
rcookie says():ANYONE THINK THATS A GOOD REASON AND OUTCOME FOR ACCEPTING ARTICLE VIII OBLIGATIONS....GIVEN THEIR EXISTING MARKET CHALLENGES....
jimplants says():yep
Nomad says():rcookie:
Hutch says():WOW !!! WE ARE IN A GREAT SPOT
Nomad says():It is the only way to go!
Hutch says():ANY QUESTIONS OR COMMENTS ABOUT ANY OF THIS?
Dr dave says():HEHE
Hutch says():AT THIS POINT.... LETS OPEN UP FOR ANY QUESTIONS OR COMMENTS WITH OUR Q&A SESSION
Hutch says():BRING THEM ON !
Dr dave says():IN English?
Hutch says():HERES YOUR CHANCE !!
Hutch says to Dr dave():PREFERABLY HEHEHE
rcookie says():DOES THIS INFORMATION HELP TO CLEAR UP THE RUMORS GURUISM SPECULATIVE "CLASSIC CONDITIONING" TO ARTICLE VIII?.....
subgirl says to rcookie():yes :) thank you!
Idahojon says():Crystal
rcookie says():NO ONE HAS QUESTIONS...
Dr dave says():so we are there just need to get signed off with the WTO?
Nomad says):rcookie: Yes...and I have developed an eye tick!
rcookie says to Dr dave():AND.......HERE YOU GO....
wmawhite says to Dr dave():IMO,.......we will see the true value o fthe IQD before Iraq ascends to the WTO.
rcookie says to Dr dave():THIS IS WHAT THEY HAVE LEFT TO DO...Market Access Negotiations Goods Offer(a) initial(b) latestServices Offer (a) initial(b) latest8 Factual Summary
rcookie says to Dr dave():CHAT BUTCHERS THAT PDF....SORRY
rcookie says to Dr dave():9 Draft Working Party Report
rcookie says to Dr dave():THAT IS WHAT THEY HAVE LEFT TO DO FOR FULL WTO ACCESSION...
Hutch says():WOW DOESNT LOOK LIKE A LOT.... OR IS IT?
rcookie says to Dr dave():NOT A LOT OF MEAT ON THE BONE...
Dr dave says():Yeppers...Thanx....
subgirl says to rcookie():yes :) thank you!
Idahojon says():Crystal
rcookie says():NO ONE HAS QUESTIONS...
Dr dave says():so we are there just need to get signed off with the WTO?
Nomad says):rcookie: Yes...and I have developed an eye tick!
rcookie says to Dr dave():AND.......HERE YOU GO....
wmawhite says to Dr dave():IMO,.......we will see the true value o fthe IQD before Iraq ascends to the WTO.
rcookie says to Dr dave():THIS IS WHAT THEY HAVE LEFT TO DO...Market Access Negotiations Goods Offer(a) initial(b) latestServices Offer (a) initial(b) latest8 Factual Summary
rcookie says to Dr dave():CHAT BUTCHERS THAT PDF....SORRY
rcookie says to Dr dave():9 Draft Working Party Report
rcookie says to Dr dave():THAT IS WHAT THEY HAVE LEFT TO DO FOR FULL WTO ACCESSION...
Hutch says():WOW DOESNT LOOK LIKE A LOT.... OR IS IT?
rcookie says to Dr dave():NOT A LOT OF MEAT ON THE BONE...
Dr dave says():Yeppers...Thanx....
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