Tishwash: Asia tends to abandon the dollar and establish an alternative Asian monetary fund to the World Bank
The Malaysian Prime Minister stated that China is open to the project of establishing an “Asian Monetary Fund” to reduce dependence on the dollar.
Malaysian Prime Minister Anwar Ibrahim said that China is open to talks with Malaysia on the establishment of this fund, stressing the need to reduce dependence on the dollar or the International Monetary Fund.
“When I met President Xi Jinping, he immediately said, I refer to Anwar’s proposal on the Asian Monetary Fund, and I welcome the discussions,” Anwar told the Malaysian Parliament. Anwar went to China on an official visit last week.
He added that there is no reason for Malaysia to continue to rely on the dollar, and that the Malaysian central bank is already working to enable the two countries to negotiate trade matters using the ringgit and the renminbi, according to what was reported by “Bloomberg” agency.
The Malaysian prime minister’s comments come just months after former Singapore officials discussed what economies in the region should do to mitigate the risk of the still-strong dollar weakening local currencies and becoming a tool for economic sanctions. link
Mnt Goat …I believe we are on the very cusp of the reinstatement. We are closer to this event than ever before. In these recent months I have presented so much information pointing in the direction that we may see this event very soon. I am not going to over speculate…I am just presenting the evidence, then making sound conclusions based off it.
Frank26 [Iraq boots-on-the-ground report] FIREFLY: The television is showing United Nations welcome Iraq to the International Transport Highway. Now Iraq has joined international trade with all neighboring countries…they keep saying we are international ascension. FRANK: International ascension for an International currency.
Clare: The President of the Kurdistan Region hopes that the oil agreement between Erbil and Baghdad will enter into force as soon as possible
The President of the Kurdistan Region of Iraq, Nechirvan Barzani, expressed, on Friday, his hope that the temporary agreement reached by Erbil and Baghdad regarding the resumption of exporting Kurdistan’s oil will enter into force as soon as possible.
Barzani said in a statement to reporters today in Erbil that this agreement is very important and is in the interest of all of Iraq, adding, “We have emphasized from day one that there must be an Iraqi solution.”
He stressed that the Kurdistan Region was ready for the agreement in the past as well, but the federal government in Baghdad was not ready, and fortunately the government in Baghdad is ready at the present time, and we hope that this agreement will enter into force as soon as possible.
Last Tuesday, the federal government and the regional government signed a temporary agreement between the Federal Ministry of Oil and the Ministry of Natural Resources in the regional government, according to which the export of crude oil abroad from Kurdistan and Kirkuk Governorate will resume after it was suspended by the International Arbitration Tribunal in Paris. LINK
Market Facing the Mother of All Bubbles, This Will End in Tears in 3-6 Months
Stansberry Research: 4-7-2023
“Regional bank stocks are breaking down to new cycle lows,” asserts Keith McCullough, founder and CEO of Hedgeye Risk Management.
“This started with a liquidity crisis at the banks and it’s going to end with a lack of liquidity,” he tells Daniela Cambone. “The market cycle and economic cycle peaked back in 2021, and from that point on it’s been a market crash and a bear market, which we are in phase 3 of,” McCullough argues.
“[Hedgeye] shorted gold throughout 2021, and then went full-blown gold bull in November of last year… I’m in no hurry to get off this gold run,” he says. “The supply side of gold and production side has arguably not been this good since 2001.
You have a very good supply picture and fundamentally I believe it will become a scarce asset,” McCullough states. “To me, if gold is ever going to work, it should work big-time now,” he continues.
“We view bitcoin as a commodity, but for now we are bearish on crypto dating back to Q4 of 2021, it’s important to contextualize why crypto crashed and why you should’nt chase it at the top end of the range here,” he says.
“The biggest problem with bitcoin is that it has uninvestable volatility. The level of volatility even at this price is nauseating,” McCullough states.
“The way that bulls are behaving right now epitomizes the ‘mother of all bubble’ behavior. I think this ends in tears in the next three to six months… not enough people learned their lesson from the bear market in 2022,” he concludes.