The Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group each year bring together central bankers, ministers of finance and development, private sector executives, and academics to discuss issues of global concern, including the world economic outlook, poverty eradication, economic development, and aid effectiveness. Also featured are seminars, regional briefings, press conferences, and many other events focused on the global economy, international development, and the world’s financial system. This year’s Annual Meetings events will take place in Tokyo, October 9-14, 2012.
Archive for the ‘US Economy’ Category
Tags: Annual Meetings, bank, Board of Governors, Central Bank Iraq, IMF, International Monetary Fund, Tokyo, World Bank Group
Tags: american airlines, Armed forces, Death of Osama bin Laden, economy, God, Osama bin Laden, September 11 2001, September 11 attacks, September 11th 2001, Terrorism, united airlines, United States
I hope this day brings a heavy heart to all who remember September 11th 2001. On this day thousands of ordinary American’s perished at the hands of terrorists.
Those who died needlessly were parents of children, sons and daughters, our coworkers, our friends, and our neighbors. Each life whisked away for a cause we may truly never comprehend.
Let us not forget the innocent crew members of American Airlines and United Airlines who perished serving and protecting us in the skies each and everyday – a thankless job that means so much to this economy.
Let each of us never forget the heroic police and fire officials who stared down uncertainty and fear to save his fellow man. Some survived, some perished but each should be given the highest of honors.
Let us thank those men and women who serve our nations military. Especially the brave who stood up and enlisted in the US Armed Forces after that tragic day. It is the hands, the skill, the might, and the heart of the American soldier that dismantled the root of terror and killed Osama bin Laden and his men.
While terrorism is dismantled it still exists and is very dangerous. The actions that took place September 11, 2001 could very well happen again. We should always remember why so many lives were lost that day and never become complacent in our surroundings.
September 11, 2001 opened the door to something American’s have never faced and within a blink our innocence was taken.
But I choose to believe the terrorists of 9/11 succeeded at only one thing…Making the spirit of America stronger. We are a resilient people that come back stronger than before.
Perhaps one day leaders will think twice before attacking the United States. Leaders such as the Emperor of Japan who declared war on the United States and attacked Pearl Harbor in 1941. Terrorist leaders such as Osama Bin Laden who sent his men to bring down the World Trade Center towers in 2001. These misguided men need to learn you may strike a blow to America and make us bleed but the men and women of the United States won’t go down without a fight and those who stand for liberty and freedom will not lose, but win.
May God be with the fallen and their families this day
And may God always Bless the United States
Iraq Committed To Solving Pending Issue With Kuwait; ‘Intensive Efforts Made To Locate Remains Of Missing Kuwaitis’Posted: July 21, 2012 in Iraq: Chapter VII, US Economy
Tags: Baghdad, Chapter VII of the United Nations Charter, Iraq, kuwait, Kuwaiti, Syria, UNAMI, United Nation
UNITED NATIONS, July 20, (KUNA): Iraqi Ambassador to the UN Hamed Al-Bayati late Thursday told the Security Council that his government is “committed” to solving the remaining issues with Kuwait within the framework of the relevant resolutions adopted on the situation between the two countries. “Solving these remaining issues through friendly relations and negotiations is a top priority for us in Iraq,” Al Bayati said in an open meeting by the Council.
“I assure this esteemed Council that there is a positive collaboration and exchange between the Governments of Iraq and Kuwait to settle all the unresolved issues between the two countries” resulting from the 1990 invasion of Kuwait, he said.
Hold a Board of Directors of the World Bank meeting in Washington on Monday to choose a president of this body that provide assistance for development in a vote likely to win the U.S. Candidate Jim Yong Kim in it.
Faces Kim (52 years), physician and anthropologist who heads the University of Dartmouth in New Hampshire (north east), Nigerian Finance Minister Ngozi Okonjo Aewala (57 years), who worked 25 years at the World Bank. (more…)
Tags: Beirut, Iraq, iraqi, kurdistan, Maliki, Nouri al-Maliki, Politics of Iraq, United States
Beirut, March 4 (Rn) – in a report on security events that is sweeping Iraq, it was considered the Washington Institute for Near East Policy, U.S. research that years after the U.S. withdrawal from Iraq will experience some negative reactions against the United States, this does not mean that the U.S. influence in Iraq has collapsed, but shows that it should be invested political capital wisely to influence the issues of greatest importance. (more…)
The 7 December 1941 Japanese raid on Pearl Harbor was one of the great defining moments in history.
- 2,388 Americans died in the attack
- 1,178 Americans were wounded
- 21 American ships were sunk or damaged
- 323 American aircraft were destroyed or damaged
- 1,177 Americans involved in the attack were serving on the USS Arizona
- 333 servicemen serving on the USS Arizona survived the attack
Tags: Barack Obama, China, Chuck Schumer, Democratic Party (United States), Republicans, reuters, Senate, United States
Schumer says believes currency bill will reach Obama
WASHINGTON (Reuters) – A top Democratic senator on Friday said he was confident the Senate would “overwhelmingly” pass a bill next week to crack down on China’s currency practices.
Senator Charles Schumer also told reporters he thought it would be difficult for Republican leaders in the House of Representatives to block the legislation, making it likely it would reach President Barack Obama’s desk.
Tags: Chief executive officer, Christine Lagarde, Dominique Strauss-Kahn, Economic, Federal Reserve System, International Monetary Fund, reuters, United States
(Reuters) – The new head of the IMF on Saturday urged global policymakers to pursue urgent coordinated action, including the mandatory recapitalization of European banks, or risk descent into renewed world recession.
“Developments this summer have indicated we are in a dangerous new phase,” International Monetary Fund Managing Director Christine Lagarde said on Saturday at an annual gathering of policymakers from around the world hosted by the Kansas City Federal Reserve Bank.
Tags: Australia, Ben Bernanke, Central bank, Chairman, Federal Reserve System, Jackson Hole, New Zealand, reuters
(Reuters) – Growth-linked currencies such as the Australian, New Zealand and Canadian dollars could see fresh selling if Federal Reserve Chairman Ben Bernanke disappoints investors banking on more monetary stimulus to support the slowing U.S. economy.
If the Fed chief does not unveil stimulus measures in his annual Jackson Hole speech on Friday, bets on risky assets, including these growth- or commodity-linked currencies, would unwind, pulling them even further from their historic highs.
Tags: Central bank, Cooperation Council for the Arab States of the Gulf, kuwait, Saudi Arabia, Standard & Poor's, U.S. Dollar (USD), United Arab Emirates, United States
Zawya Dow Jones/Dubai
Kuwait’s top banker said he remained content with the peg of the dinar to a basket of currencies as it has helped shield the local economy from US dollar fluctuations and increase stability, at a time of volatility in global currency markets.
Kuwait Central Bank governor Sheikh Salem Abdulaziz al-Sabah told Zawya Dow Jones in an emailed response to questions that the dinar’s peg to a currency basket “is assessed as having assisted in shielding Kuwait from the often volatile fluctuations in the values of other currencies, and in turn inducing a measure of stability to the local economy.”
Tags: Business Insider, China, Chinese language, Japan, Japanese garden, United States, United States public debt, Washington DC
By Tom Mucha, Global Post
Truth is elusive. But it’s a good thing we have math.
Our friends at Business Insider know this, and put those two principles to work today in this excellent and highly informative little slideshow, made even more timely by the ongoing talks in Washington, D.C. aimed at staving off a U.S. debt default.
Here’s the big idea:
Many people — politicians and pundits alike — prattle on that China and, to a lesser extent Japan, own most of America’s $14.3 trillion in government debt.
But there’s one little problem with that conventional wisdom: it’s just not true. While the Chinese, Japanese and plenty of other foreigners own
Tags: Federal Reserve System, Fiat money, Gold standard, Reserve currency, Richard Nixon, U.S. Dollar (USD), United State, United States public debt
Today, Monday, August 15, 2011, marks the 40th anniversary of the US default on the dollar’s convertibility into gold. It was the world’s de facto reserve currency and thus began an experiment with a reserve fiat currency that was doomed to failure before it began, because there has never been a successful fiat currency in all of history.
August 15, 1971 was just like any other day for most people, and President Nixon’s unprecedented decision to cut the US dollar’s gold international convertibility was largely ignored by the public. The majority of citizens didn’t understand the implications for their financial future. Contrast that to today, where a historic downgrade of US debt and a very public $2-trillion increase of the debt ceiling dominated headlines and the television news.
Tags: bank of england, Business, Central bank, European Central Bank, Federal Reserve, Federal Reserve System, Japan, Switzerland
Central bankers are racing to shield their economies from fiscal tightening and lopsided currency swings that threaten a new global recession.
In the 72 hours after a Group of Seven conference call on Aug. 7, theFederal Reserve pledged to keep interest rates near zero through at least mid-2013, the European Central Bank intervened in bond markets and the Bank of England indicated it’s ready to add more stimulus if needed. Japan signaled renewed concern about the yen and Switzerland yesterday stepped up its fight to curb an “overvalued” franc.
Impact On GCC Most Pronounced In Banking And Petchem Sectors;All Indices Plunge As Mkts Open After WeekendPosted: August 11, 2011 in GCC, Iraqi Dinar/Politics, US Economy
Tags: Business, European Union, OPEC, Standard & Poor's, U.S. Treasury, United States, United States Department of the Treasury, United States Treasury security
KUWAIT CITY, Aug 10: Previously what was thought unthinkable happened. On 5 August 11 evening, Standard & Poor’s lowered the U.S. long-term rating by one level to AA+, while keeping the outlook at “negative” as the agency becomes less confident that Congress will end Bush-era tax cuts or tackle entitlements. S&P also said the U.S. rating may be reduced to AA within two years if spending reductions are lower than agreed to, interest rates rise or “new fiscal pressures” result in higher general government debt.
GCC & World Indices – Day 1 Impact
All the GCC indices retreated as the markets opened after their respective weekend. While TASI had a 5.5% fall on Saturday, a similar story was repeated for other GCC indices on Sunday when they opened with DFMGI falling by 3.7%, ADSMI and DSM falling by 2.5% each, Oman 1.9%, Kuwait 1.6% and Bahrain 0.3%. Ditto was the case with Asia, Europe and US markets when they opened on Monday.
Tags: Bank of Japan, Bloomberg, Bloomberg L.P., Currency, Japan, London, Steve Barrow, Swiss National Bank
Aug. 8 (Bloomberg) — The pound is “slowly” becoming an alternative haven currency amid concern that the Bank of Japan and Swiss National Bank will sell their nations’ currencies to weaken them, according to Standard Bank Group Ltd.
Investors fleeing the euro and dollar may buy sterling, Steve Barrow, London-based head of research for Group-of-10 currencies, wrote in an e-mailed report today, citing the U.K.’s “swift” deficit reduction measures and low risk of a credit- rating downgrade.
Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2011/08/08/bloomberg1376-LPLR0T1A1I4H01-3K2UP6IDVDU0N8H0AK3K6ASGKT.DTL#ixzz1UWdJYyLS
Tags: Asia, China, Foreign exchange reserves, Hong Kong, MarketWatch, People's Bank of China, U.S. Dollar Index, Washington
U.S. debt turmoil may be “tilting” China toward letting the yuan move less in synch with the dollar, which would reduce central bank intervention and slow the growth of foreign reserves, according to Societe Generale SA.
The CHART OF THE DAY shows the People’s Bank of China yuan fixing rate and the U.S. Dollar Index, which tracks the greenback against a basket of currencies of the U.S.’s major trading partners. The relationship between the two “weakened” in the past several months as the debate in Washington about the debt ceiling heated up, said Yao Wei, an economist in Hong Kong at Societe Generale.
Tags: Abu Dhabi, Cooperation Council for the Arab States of the Gulf, kuwait, middle east, Oman, reuters, United Arab Emirates, United States
Gulf markets tumble as investors dump stocks over eurozone, us fears
Abu Dhabi: The Gulf Cooperation Council (GCC) states, except for Kuwait, which keep their currencies pegged to the US dollar and are major buyers of US government debt will likely maintain the status quo for the foreseeable future despite a downgrade of the world’s largest economy by credit ratings agency Standard & Poor’s (S&P) on Friday.
Officials from the UAE and Oman spoke in support of the US dollar yesterday.
A senior UAE Central Bank official reaffirmed the country’s stance on keeping the dirham’s peg to the dollar intact.
“We are pegged to the dollar and will keep it. We don’t see the dollar collapse. Because the problem is not in the US only, but also in the European markets,” Mohammad Al Tamimi, deputy executive director at the UAE Central Bank’s treasury department, told Reuters.
(Reuters) – Financial policymakers from the G7 leading industrial nations are expected to hold a teleconference later on Sunday to discuss the financial market turmoil after the U.S. debt downgrade and the worsening euro-zone debt crisis.
The G7 may release a statement. These generally contain broad pledges, such as countries agree to take the appropriate steps on fiscal consolidation to reduce their budget deficits and will coordinate to ensure smooth functioning of financial markets.
Tags: middle east, Oil Prices, Saudi Arabia, Saudi riyal, Standard & Poor's, United States, United States public debt, United States Treasury security
- Confirmed that the global economy threatened to collapse .. And the dollar is no longer a safe haven
- Experts call quickly revalue the riyal and the diversification of Saudi investments
August 7, 2011
World markets await record losses
Saudi economists emphasized that the world lost a dollar as a safe haven assuring dealt with over the decades as well as gold in the event of any economic turmoil, and after agencies cut credit ratings mark the public debt of the United States yesterday.
Economists said that the positive results achieved by the Saudi riyal and the national economy over the decades by its association with the dollar is no longer available today, calling for the rapid re-evaluation of the riyal exchange rate, and proceed immediately in the distribution of Saudi investments in more than a basket rather than in one basket is a basket of America “worn”.
Tags: Arab states of the Persian Gulf, Fixed exchange rate, kuwait, middle east, Oman, United Arab Emirates, United States, United States Treasury security
The United Arab Emirates will keep its currency peg to the US dollar even after Standard & Poor’s downgraded the world’s biggest economy, and Oman sees no risk in investing in US treasuries, officials said on Sunday.
Gulf central bankers were huddled in separate meetings on Sunday to discuss the downgrade, sources said.
All Gulf Arab states, except for Kuwait, peg their currencies to the greenback and their fortunes are closely tied to US developments. Gulf states are also major investors in US treasuries.
“We are pegged to the dollar and will keep it. We don’t see the dollar collapse. Because the problem is not in the US only, but also in the European markets,” said Mohamed Al Tamimi, deputy executive director at the UAE central bank’s treasury department.
Tags: Asia, Associations, Fixed exchange rate, Health, Hong Kong, Hong Kong dollar, MarketWatch, United States dollar
SYDNEY (MarketWatch) — Hong Kong has no plans to de-peg its currency from the U.S. dollar, the city’s finance minister said, but strategists believe the current pairing is outdated and decoupling is only a matter of time.
The depreciation of the U.S. unit is one factor contributing to mounting support to adjust the Hong Kong dollar’s 28-year currency peg. The city is battling high inflation on the back of the dwindling greenback.
But despite the heat, lawmakers have ruled out a shift away from the dollar for now.
Tags: IBM, Investor, Reserve currency, Treasury, United States, United States dollar, United States public debt, United States Treasury security
The practice of using the U.S. dollar as the world’s reserve currency has become well entrenched in the minds of global investors. In fact, the system has become so habitual that many now believe there is no alternative to owning U.S. debt and dollars, simply because they are about as common as dirt.
The reasoning for this is since the market for Treasuries and greenbacks is so large; there is no other parking place for that money, which makes a mass exodus from U.S. debt holdings virtually impossible. Therefore, investors can’t sell and values can never go down in a significant manner. Such sophomoric reasoning is akin to saying IBM stock can never fall precipitously unless most owners decided to sell their shares.
Tags: Currency, Economic, Japanese yen, Reserve currency, Swiss, Swiss franc, Switzerland, United States public debt
In times of uncertainty, nervous investors historically tend to gravitate towards the CHF and JPY. Today, the CHF printed an all time high against the dollar (0.7990) on the back of Euro-contagion concerns and the US debt ceiling impasse.
From a portfolio perspective, it’s expensive to have all your ‘eggs in one basket’. The Swiss fundamentally have their own issues. This week’s KOF Economic Barometer or leading indicators, came in softer than expected, which should have been negative for the currency, however, with the market being so nervous, the currency is unlikely to see much near term relief.
The market is also propping up the currency as the Swiss government is finding it difficult to recycle their current account surplus. The SNB are not even comfortable with the idea of being a reserve currency. They have proven that intervention has not worked.
Tags: Central bank, Chief executive officer, Christine Lagarde, Currency, International Monetary Fund, Reserve currency, Travel, United States dollar
International Monetary Fund Managing Director Christine Lagarde said the dollar’s standing as the world’s main reserve currency may be diminished as U.S. lawmakers fail to lift the nation’s debt limit.
The U.S. currency has had an “exorbitant privilege because it was the reserve currency that most central banks had,” Lagarde said in an interview on PBS’s “Newshour” yesterday. “If there was a dent in this exorbitant privilege and the confidence that most people have towards the dollar, it would probably entail a decline of the dollar relative to other currencies.”
Tags: Barack Obama, BlackRock, Bloomberg Television, Bob Doll, Franklin Templeton Investments, John Boehner, Loomis Sayles & Company, United States Department of the Treasury
BlackRock Inc., Loomis Sayles & Co. and Franklin Templeton Investments said the U.S. faces losing its top-level debt rating as officials struggle to raise the $14.3 trillion borrowing limit.
Investors are warning a cut is likely as President Barack Obama and House Speaker John Boehner argue over how to increase the debt ceiling, while also trying to curb borrowing. The government needs to boost the cap by Aug. 2 so it can keep paying its bills, according to the Treasury Department.
“Our guess is, when push comes to shove, the debt ceiling will be raised,” said Bob Doll, chief equity strategist at New York-based BlackRock, which manages $3.66 trillion. “What goes along with that is very difficult to tell, and that’s why the threat of a downgrade still exists,” Doll said in an interview today on Bloomberg Television’s “First Up.”
Tags: Arab Monetary Fund, Doha, FC Barcelona, International Monetary Fund, middle east, Qatar, Qatar Central Bank, United States
Depreciating dollar could pose challenge: QCB chief
DOHA: Qatar is closely following the developments in the US and hopes that a deal would eventually be done to raise the debt ceiling by the deadline of August 2.
The governor of the Qatar Central Bank (QCB), H E Sheikh Abdullah bin Saud Al Thani, said that inflation was currently under control in the country, but a depreciating dollar could pose a challenge.
The Qatari economy is immune to any adversity the US debt crisis might cause since being the largest economy of the world, many countries can be affected if the US fails to reach a deal on the debt ceiling by August 2.
Tags: Baghdad, Iraq, Jalal Talabani, Nouri al-Maliki, Prime Minister of Iraq, United Press International, United States, United States armed forces
BAGHDAD, July 22 (UPI) — Iraqi leaders likely will miss this weekend’s deadline to decide whether to ask U.S. military troops to stay beyond December, U.S. and Iraqi officials said.
President Jalal Talabani gave Prime Minister Nouri al-Maliki and others until Saturday to reach agreement on what, if any, U.S. military presence Iraq may need beyond Dec. 31, the date American troops are to withdraw from Iraq.
Read more: http://www.upi.com/Top_News/World-News/2011/07/22/Iraq-likely-to-miss-troop-request-deadline/UPI-95721311348492/#ixzz1SvBGjgGW
Tags: Balanced Budget Amendment, Barack Obama, GOP, Gross domestic product, Office of Management and Budget, Republican, United States, white house
The House of Representatives has approved the GOP’s ‘Cut, Cap and Balance’ plan with a vote of 234 to 190.
The bill imposes caps on federal spending as a percentage of GDP. It also allows for an increase in the debt ceiling by $2.4 trillion in exchange for both the Senate and House approving a balanced budget amendment.