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No, the British did not steal $45 trillion from India
This is an updated copy of the version on BadHistory. I plan to update it in accordance with the feedback I got. I'd like to thank two people who will remain anonymous for helping me greatly with this post (you know who you are) Three years ago a festschrift for Binay Bhushan Chaudhuri was published by Shubhra Chakrabarti, a history teacher at the University of Delhi and Utsa Patnaik, a Marxist economist who taught at JNU until 2010. One of the essays in the festschirt by Utsa Patnaik was an attempt to quantify the "drain" undergone by India during British Rule. Her conclusion? Britain robbed India of $45 trillion (or £9.2 trillion) during their 200 or so years of rule. This figure was immensely popular, and got republished in several major news outlets (here, here, here, here (they get the number wrong) and more recently here), got a mention from the Minister of External Affairs & returns 29,100 results on Google. There's also plenty of references to it here on Reddit. Patnaik is not the first to calculate such a figure. Angus Maddison thought it was £100 million, Simon Digby said £1 billion, Javier Estaban said £40 million see Roy (2019). The huge range of figures should set off some alarm bells. So how did Patnaik calculate this (shockingly large) figure? Well, even though I don't have access to the festschrift, she conveniently has written an article detailing her methodology here. Let's have a look.
How exactly did the British manage to diddle us and drain our wealth’ ? was the question that Basudev Chatterjee (later editor of a volume in the Towards Freedom project) had posed to me 50 years ago when we were fellow-students abroad.
This is begging the question.
After decades of research I find that using India’s commodity export surplus as the measure and applying an interest rate of 5%, the total drain from 1765 to 1938, compounded up to 2016, comes to £9.2 trillion; since $4.86 exchanged for £1 those days, this sum equals about $45 trillion.
This is completely meaningless. To understand why it's meaningless consider India's annual coconut exports. These are almost certainly a surplus but the surplus in trade is countered by the other country buying the product (indeed, by definition, trade surpluses contribute to the GDP of a nation which hardly plays into intuitive conceptualisations of drain). Furthermore, Dewey (2019) critiques the 5% interest rate.
She [Patnaik] consistently adopts statistical assumptions (such as compound interest at a rate of 5% per annum over centuries) that exaggerate the magnitude of the drain
The exact mechanism of drain, or transfers from India to Britain was quite simple.
Drain theory possessed the political merit of being easily grasped by a nation of peasants. [...] No other idea could arouse people than the thought that they were being taxed so that others in far off lands might live in comfort. [...] It was, therefore, inevitable that the drain theory became the main staple of nationalist political agitation during the Gandhian era.
The key factor was Britain’s control over our taxation revenues combined with control over India’s financial gold and forex earnings from its booming commodity export surplus with the world. Simply put, Britain used locally raised rupee tax revenues to pay for its net import of goods, a highly abnormal use of budgetary funds not seen in any sovereign country.
The issue with figures like these is they all make certain methodological assumptions that are impossible to prove. From Roy in Frankema et al. (2019):
the "drain theory" of Indian poverty cannot be tested with evidence, for several reasons. First, it rests on the counterfactual that any money saved on account of factor payments abroad would translate into domestic investment, which can never be proved. Second, it rests on "the primitive notion that all payments to foreigners are "drain"", that is, on the assumption that these payments did not contribute to domestic national income to the equivalent extent (Kumar 1985, 384; see also Chaudhuri 1968). Again, this cannot be tested. [...] Fourth, while British officers serving India did receive salaries that were many times that of the average income in India, a paper using cross-country data shows that colonies with better paid officers were governed better (Jones 2013).
Indeed, drain theory rests on some very weak foundations. This, in of itself, should be enough to dismiss any of the other figures that get thrown out. Nonetheless, I felt it would be a useful exercise to continue exploring Patnaik's take on drain theory.
The East India Company from 1765 onwards allocated every year up to one-third of Indian budgetary revenues net of collection costs, to buy a large volume of goods for direct import into Britain, far in excess of that country’s own needs.
So what's going on here? Well Roy (2019) explains it better:
Colonial India ran an export surplus, which, together with foreign investment, was used to pay for services purchased from Britain. These payments included interest on public debt, salaries, and pensions paid to government offcers who had come from Britain, salaries of managers and engineers, guaranteed profts paid to railway companies, and repatriated business profts. How do we know that any of these payments involved paying too much? The answer is we do not.
So what was really happening is the government was paying its workers for services (as well as guaranteeing profits - to promote investment - something the GoI does today Dalal (2019), and promoting business in India), and those workers were remitting some of that money to Britain. This is hardly a drain (unless, of course, Indian diaspora around the world today are "draining" it). In some cases, the remittances would take the form of goods (as described) see Chaudhuri (1983):
It is obvious that these debit items were financed through the export surplus on merchandise account, and later, when railway construction started on a large scale in India, through capital import. Until 1833 the East India Company followed a cumbersome method in remitting the annual home charges. This was to purchase export commodities in India out of revenue, which were then shipped to London and the proceeds from their sale handed over to the home treasury.
While Roy's earlier point argues better paid officers governed better, it is honestly impossible to say what part of the repatriated export surplus was a drain, and what was not. However calling all of it a drain is definitely misguided. It's worth noting that Patnaik seems to make no attempt to quantify the benefits of the Raj either, Dewey (2019)'s 2nd criticism:
she [Patnaik] consistently ignores research that would tend to cut the economic impact of the drain down to size, such as the work on the sources of investment during the industrial revolution (which shows that industrialisation was financed by the ploughed-back profits of industrialists) or the costs of empire school (which stresses the high price of imperial defence)
Since tropical goods were highly prized in other cold temperate countries which could never produce them, in effect these free goods represented international purchasing power for Britain which kept a part for its own use and re-exported the balance to other countries in Europe and North America against import of food grains, iron and other goods in which it was deficient.
Re-exports necessarily adds value to goods when the goods are processed and when the goods are transported. The country with the largest navy at the time would presumably be in very good stead to do the latter.
The British historians Phyllis Deane and WA Cole presented an incorrect estimate of Britain’s 18th-19th century trade volume, by leaving out re-exports completely. I found that by 1800 Britain’s total trade was 62% higher than their estimate, on applying the correct definition of trade including re-exports, that is used by the United Nations and by all other international organisations.
While interesting, and certainly expected for such an old book, re-exporting necessarily adds value to goods.
When the Crown took over from the Company, from 1861 a clever system was developed under which all of India’s financial gold and forex earnings from its fast-rising commodity export surplus with the world, was intercepted and appropriated by Britain. As before up to a third of India’s rising budgetary revenues was not spent domestically but was set aside as ‘expenditure abroad’.
So, what does this mean? Britain appropriated all of India's earnings, and then spent a third of it aboard? Not exactly. She is describing home charges see Roy (2019) again:
Some of the expenditures on defense and administration were made in sterling and went out of the country. This payment by the government was known as the Home Charges. For example, interest payment on loans raised to finance construction of railways and irrigation works, pensions paid to retired officers, and purchase of stores, were payments in sterling. [...] almost all money that the government paid abroad corresponded to the purchase of a service from abroad. [...] The balance of payments system that emerged after 1800 was based on standard business principles.India bought something and paid for it.State revenues were used to pay for wages of people hired abroad, pay for interest on loans raised abroad, and repatriation of profits on foreign investments coming into India. These were legitimate market transactions.
Indeed, if paying for what you buy is drain, then several billions of us are drained every day.
The Secretary of State for India in Council, based in London, invited foreign importers to deposit with him the payment (in gold, sterling and their own currencies) for their net imports from India, and these gold and forex payments disappeared into the yawning maw of the SoS’s account in the Bank of England.
It should be noted that India having two heads was beneficial, and encouraged investment per Roy (2019):
The fact that the India Office in London managed a part of the monetary system made India creditworthy, stabilized its currency, and encouraged foreign savers to put money into railways and private enterprise in India. Current research on the history of public debt shows that stable and large colonies found it easier to borrow abroad than independent economies because the investors trusted the guarantee of the colonist powers.
Against India’s net foreign earnings he issued bills, termed Council bills (CBs), to an equivalent rupee value. The rate (between gold-linked sterling and silver rupee) at which the bills were issued, was carefully adjusted to the last farthing, so that foreigners would never find it more profitable to ship financial gold as payment directly to Indians, compared to using the CB route. Foreign importers then sent the CBs by post or by telegraph to the export houses in India, that via the exchange banks were paid out of the budgeted provision of sums under ‘expenditure abroad’, and the exporters in turn paid the producers (peasants and artisans) from whom they sourced the goods.
Sunderland (2013) argues CBs had two main roles (and neither were part of a grand plot to keep gold out of India):
Council bills had two roles. They firstly promoted trade by handing the IO some control of the rate of exchange and allowing the exchange banks to remit funds to India and to hedge currency transaction risks. They also enabled the Indian government to transfer cash to England for the payment of its UK commitments.
The United Nations (1962) historical data for 1900 to 1960, show that for three decades up to 1928 (and very likely earlier too) India posted the second highest merchandise export surplus in the world, with USA in the first position. Not only were Indians deprived of every bit of the enormous international purchasing power they had earned over 175 years, even its rupee equivalent was not issued to them since not even the colonial government was credited with any part of India’s net gold and forex earnings against which it could issue rupees. The sleight-of-hand employed, namely ‘paying’ producers out of their own taxes, made India’s export surplus unrequited and constituted a tax-financed drain to the metropolis, as had been correctly pointed out by those highly insightful classical writers, Dadabhai Naoroji and RCDutt.
It doesn't appear that others appreciate their insight Roy (2019):
K. N. Chaudhuri rightly calls such practice ‘confused’ economics ‘coloured by political feelings’.
Surplus budgets to effect such heavy tax-financed transfers had a severe employment–reducing and income-deflating effect: mass consumption was squeezed in order to release export goods. Per capita annual foodgrains absorption in British India declined from 210 kg. during the period 1904-09, to 157 kg. during 1937-41, and to only 137 kg by 1946.
If even a part of its enormous foreign earnings had been credited to it and not entirely siphoned off, India could have imported modern technology to build up an industrial structure as Japan was doing.
This is, unfortunately, impossible to prove. Had the British not arrived in India, there is no clear indication that India would've united (this is arguably more plausible than the given counterfactual1). Had the British not arrived in India, there is no clear indication India would not have been nuked in WW2, much like Japan. Had the British not arrived in India, there is no clear indication India would not have been invaded by lizard people, much like Japan. The list continues eternally. Nevertheless, I will charitably examine the given counterfactual anyway. Did pre-colonial India have industrial potential? The answer is a resounding no. From Gupta (1980):
This article starts from the premise that while economic categories - the extent of commodity production, wage labour, monetarisation of the economy, etc - should be the basis for any analysis of the production relations of pre-British India, it is the nature of class struggles arising out of particular class alignments that finally gives the decisive twist to social change. Arguing on this premise, and analysing the available evidence, this article concludes that there was little potential for industrial revolution before the British arrived in India because, whatever might have been the character of economic categories of that period,the class relations had not sufficiently matured to develop productive forces and the required class struggle for a 'revolution' to take place.
Yet all of this did not amount to an economic situation comparable to that of western Europe on the eve of the industrial revolution. Her technology - in agriculture as well as manufacturers - had by and large been stagnant for centuries. [...] The weakness of the Indian economy in the mid-eighteenth century, as compared to pre-industrial Europe was not simply a matter of technology and commercial and industrial organization. No scientific or geographical revolution formed part of the eighteenth-century Indian's historical experience. [...] Spontaneous movement towards industrialisation is unlikely in such a situation.
So now we've established India did not have industrial potential, was India similar to Japan just before the Meiji era? The answer, yet again, unsurprisingly, is no. Japan's economic situation was not comparable to India's, which allowed for Japan to finance its revolution. From Yasuba (1986):
All in all, the Japanese standard of living may not have been much below the English standard of living before industrialization, and both of them may have been considerably higher than the Indian standard of living. We can no longer say that Japan started from a pathetically low economic level and achieved a rapid or even "miraculous" economic growth. Japan's per capita income was almost as high as in Western Europe before industrialization, and it was possible for Japan to produce surplus in the Meiji Period to finance private and public capital formation.
The circumstances that led to Meiji Japan were extremely unique. See Tomlinson (1985):
Most modern comparisons between India and Japan, written by either Indianists or Japanese specialists, stress instead that industrial growth in Meiji Japan was the product of unique features that were not reproducible elsewhere. [...] it is undoubtably true that Japan's progress to industrialization has been unique and unrepeatable
So there you have it. Unsubstantiated statistical assumptions, calling any number you can a drain & assuming a counterfactual for no good reason gets you this $45 trillion number. Hopefully that's enough to bury it in the ground. 1. Several authors have affirmed that Indian identity is a colonial artefact. For example seeRajan 1969:
Perhaps the single greatest and most enduring impact of British rule over India is that it created an Indian nation, in the modern political sense. After centuries of rule by different dynasties overparts of the Indian sub-continent, and after about 100 years of British rule, Indians ceased to be merely Bengalis, Maharashtrians,or Tamils, linguistically and culturally.
But then, it would be anachronistic to condemn eighteenth-century Indians, who served the British, as collaborators, when the notion of 'democratic' nationalism or of an Indian 'nation' did not then exist.[...]Indians who fought for them, differed from the Europeans in having a primary attachment to a non-belligerent religion, family and local chief, which was stronger than any identity they might have with a more remote prince or 'nation'.
Chakrabarti, Shubra & Patnaik, Utsa (2018). Agrarian and other histories: Essays for Binay Bhushan Chaudhuri. Colombia University Press Hickel, Jason (2018). How the British stole $45 trillion from India. The Guardian Bhuyan, Aroonim & Sharma, Krishan (2019). The Great Loot: How the British stole $45 trillion from India. Indiapost Monbiot, George (2020). English Landowners have stolen our rights. It is time to reclaim them. The Guardian Tsjeng, Zing (2020). How Britain Stole $45 trillion from India with trains | Empires of Dirt. Vice Chaudhury, Dipanjan (2019). British looted $45 trillion from India in today’s value: Jaishankar. The Economic Times Roy, Tirthankar (2019). How British rule changed India's economy: The Paradox of the Raj. Palgrave Macmillan Patnaik, Utsa (2018). How the British impoverished India. Hindustan Times Tuovila, Alicia (2019). Expenditure method. Investopedia Dewey, Clive (2019). Changing the guard: The dissolution of the nationalist–Marxist orthodoxy in the agrarian and agricultural history of India. The Indian Economic & Social History Review Chandra, Bipan et al. (1989). India's Struggle for Independence, 1857-1947. Penguin Books Frankema, Ewout & Booth, Anne (2019). Fiscal Capacity and the Colonial State in Asia and Africa, c. 1850-1960. Cambridge University Press Dalal, Sucheta (2019). IL&FS Controversy: Centre is Paying Up on Sovereign Guarantees to ADB, KfW for Group's Loan. TheWire Chaudhuri, K.N. (1983). X - Foreign Trade and Balance of Payments (1757–1947). Cambridge University Press Sunderland, David (2013). Financing the Raj: The City of London and Colonial India, 1858-1940. Boydell Press Dewey, Clive (1978). Patwari and Chaukidar: Subordinate officials and the reliability of India’s agricultural statistics. Athlone Press Smith, Lisa (2015). The great Indian calorie debate: Explaining rising undernourishment during India’s rapid economic growth. Food Policy Duh, Josephine & Spears, Dean (2016). Health and Hunger: Disease, Energy Needs, and the Indian Calorie Consumption Puzzle. The Economic Journal Vankatesh, P. et al. (2016). Relationship between Food Production and Consumption Diversity in India – Empirical Evidences from Cross Section Analysis. Agricultural Economics Research Review Gupta, Shaibal (1980). Potential of Industrial Revolution in Pre-British India. Economic and Political Weekly Raychaudhuri, Tapan (1983). I - The mid-eighteenth-century background. Cambridge University Press Yasuba, Yasukichi (1986). Standard of Living in Japan Before Industrialization: From what Level did Japan Begin? A Comment. The Journal of Economic History Tomblinson, B.R. (1985). Writing History Sideways: Lessons for Indian Economic Historians from Meiji Japan. Cambridge University Press Rajan, M.S. (1969). The Impact of British Rule in India. Journal of Contemporary History Bryant, G.J. (2000). Indigenous Mercenaries in the Service of European Imperialists: The Case of the Sepoys in the Early British Indian Army, 1750-1800. War in History
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Hello, Just wanted to share some of my legitimate concerns around decentralised finance with the broader community. To be quite clear - I am a huge fan of Ethereum and DeFi and believe this could lead to the future of finance. However, I do worry if there is a circle jerk within the community that could lead to a lack of adoption in the coming months. I will try and keep this as short as possible. By all means, do understand I am coming from the pov of sharing constructive criticism and not dissing on the efforts of those building. If you are solving for these problems in particular, please ping me and I'd love to talk further with you
On-ramps The largest problem for much of the developing world is the fact that while DAI can without doubt give dollar exposure, acquiring them is quite a difficult task. In fact if DAI demand goes up substantially in a region, it could have premiums of upto 25% which makes it a bad on-ramp tool without necessary liquidity in place. (check Wazir X p2p USDT rates in India for context). This problem is not endemic to DAI alone but is applicable to stable tokens of all kinds. With regional regulations in nations like Thailand, Vietnam, Indonesia, Phillipines, Malaysia and India not being clear on stable tokens in particular, it becomes an uphill task for developers to build on it. More importantly, it becomes less appealing for the average individual to use. Now typically this wouldnt matter if the point of DeFi was to be a niche project aimed at a small community. However, DeFi has the power to be the first mass market blockchain tool for the world. Consider it to be the "e-mail" or "napster" moment for blockchain based applications. IF we are to scale then on-ramps and off-ramps need to be solved for. This can happen only and if the community begins engaging with regional regulators and exchanges begin providing solutions. In an ideal world, acquiring stable tokens should be as easy as venmo'ing someone $10 dollar and receiving say $9.90 (1% fee) in Incento (incento.io seems interesting, not shilling but do check them out!)
Incumbent Efficiency In order for a system to scale past a certain point, the value add it brings needs to be considerably higher than the incumbent. Depending on the size of the remittance market, there exists multiple payments and wire transfer corridors set up by startups today to solve for quick transfers. In fact during times when a blockchain like those of Ethereum's or Bitcoin's are clogged - transferwise can prove to be a cheaper, better alternative than tokens. This is not to diss on the fact that decentralisation and immutability has a price attached to them, but for the average user today alternatives are far better than token based products. The challenge when it comes to scaling - especially towards L2 is whether products can be incrementally better than their incumbents in exchange for some trade offs (eg: relative centralisation in lightning for minimal fees and quicker confirmation). Today's DeFi apps have to make a call between being ideological and efficient because it seems there is a price attached to ideology and retail users aren't willing to pay that price.
Slippage Much props to Kyber and Uniswap for solving for this on most DeFi apps but there remains challenges in how settlements for defi instruments today happen. As the scale of volume on products like DyDx and Nuo increase and the expected accuracy at which trade settlements are anticipated to be limited to, there will come a point in time where traditional market-makers will have to enter the system. At $500 million the DeFi space's largest traders constantly reel from price slippages and a lack of liquidity. How can we scale to $10 billion or $1 trillion without the kind of liquidity that could instill confidence in large whales. In order to solve this, there will come a point in time where hedge funds and dark pool service providers from traditional markets begin targetting DeFi instruments. The community will likely see this as an all out assault on the principles DeFi has been built upon but to be honest, this will be a quintessential requirement for the space to grow. We are seeing an early variant of this already with the likes of Cred raising $50 million to re-issue as debt (yes, not entirely DeFi) or with MakerDAO having VC partners that come from traditional backgrounds. Even in the case of products like Dharma and compound, the market-makers are hedge funds. We will see a convergence of traditional market products and DeFi soon. That will be an exciting phase imo.
Product-Market Fit Debt is one of the oldest financial innovations in the markets. Quite literally. Some of the first ever tablets recorded debt obligations and as such have been quintessential to the growth of human civilisation. MakerDAO's proposition of issuing token backed debt is by all means revolutionary but in order to see true scale, DeFi has to grow beyond the individuals that can give assets as collateral. I reckon there will be a new layer of growth for DeFi soon that will be powered with open-data and AI. One where an individual's credit worthiness could be checked with the individual's permission on basis of on-chain tx activity and self sovereign identity. I also see a market for AI based lending rate predictions and forex management by central banks. Autonomous agents can realistically analyse tx's in and out of a country, account for macro-economic indicators and optimise internal lending rates and foreign currency reserves. Ofcourse it is too early for any of this to take place but within the next decade our markets will be far more (i) closer due to globalisation and (ii) automated due to improvements in AI. DeFi is all well and good but if we are going to beat the same old drums of economic instruments that were created thousands of years back, there may be no real value proposition here. LsDAI, rDAI, CDAI, DAI... are all interesting but the average user sees no value yet. Which makes me wonder if we are sitting around patting each other's back before we see something productive (a unicorn from the DeFi ecosystem perhaps?)
Scale 4.5 billion. That's the number of unbanked individuals that can be catered to with an L2 payments solution powered by Ethereum. Challenges? On-ramp, storage of private keys, user education and bloody hell - marketing and user education. Emphasis on the last 2 because I feel not much focus is given on it. We can no longer build and hope the markets come. We are in an era of Zombie startups where startups with north of $100 million+ valuations in Mcap, that raised north of $10million in 2017 from ICOs are sitting on ~1000 users a month. People think the alts blood seepage is done but it is likely that that bleeding wont stop until we find users. And when we do find users, we cant expect them to be using a gazillion tokens, each with weird token economics and even more complex functioning to be using them. Standardising of token interactions through wallets and interoperability will solve for these challenges but its time we asked what are the biggest problems DeFi can solve today? Here are some hints.. NFT based Income share agreements -Non collateralised debt for gig economy corporations that are registered as DAOs -DAO treasury management -Forex off-ramps for tourists (P2P) More on these later..
The proven oil reserves in Venezuela are recognized as the LARGEST in the world, totaling 297 billion barrels. While ignoring (and even supporting) the atrocities of authoritarian regimes in places like Saudi Arabia, Bahrain and Uzbekistan, US oligarchs have targeted Venezuela for “regime-change” in the name of “democracy”. Currently, the US is engaging in economic warfare against Venezuela to foment a coup and remove its democratically elected president Nicolás Maduro. Without providing solid evidence, our corporate-controlled government and mainstream media portray Maduro as a corrupt, repressive, and illegitimate leader with little to no support.
Why is the US Corporatocracy so Keen to Remove Maduro?
While Venezuela’s economy is not a strictly-state-run economy, its oil industry is nationalized and uses its revenues for the benefit of its citizens (especially the poor). After years of crippling US sanctions Maduro stepped over a crucial line in October when his government announced that Venezuela was abandoning the US dollar and would be make all future transactions on the Venezuelan exchange market in euro. Saddam Hussein also went off the dollar in favor of the euro in 2003 – we started dropping bombs on him the next month. A similar decision by the Gadhafi government in Libya (2011) was quickly followed by a devastating US-orchestrated conflict - culminating in Gadhafi's capture by radical Islamists who sodomized him with a bayonet before killing him. Since then, Libya has gone from Africa's wealthiest country to a truly failed-state complete with a slave trade! To make matters worse, after the collapse of the Libyan government, its military arms were smuggled out of that country and into the hands of ISIS fighters in Iraq and Syria - enabling US-orchestrated chaos in those countries.
Who cares what currency a country uses to trade petroleum?
Answer: US oligarchy
The US dollar is central to US world economic domination. Like all other modern currencies, it is a fiat currency – backed by no real assets to prop up its value. In lieu of a “gold standard” we know operate on a de-facto “oil-standard”: "After the collapse of the Bretton Woods gold standard in the early 1970s, the United States struck a deal with Saudi Arabia to standardize oil prices in dollar terms. Through this deal, the petrodollar system was born, along with a paradigm shift away from pegged exchanged rates and gold-backed currencies to non-backed, floating rate regimes. The petrodollar system elevated the U.S. dollar to the world's reserve currency and, through this status, the United States enjoys persistent trade deficits and is a global economic hegemony." Investopedia “The central banking Ponzi scheme requires an ever-increasing base of demand and the immediate silencing of those who would threaten its existence. Perhaps that is what the hurry [was] in removing Gaddafi in particular and those who might have been sympathetic to his monetary idea.” Anthony Wile
US Foreign Policy is about Oligarchy Not Democracy
Since World War II, the US has attempted to over-throw the 52 foreign governments. Aside from a handful of exceptions (China, Cuba, Vietnam, etc.), the US has been successful in the vast majority of these attempts. US foreign policy is not about democracy – it is about exploiting the world’s resources in the interests of a small, ultra-wealthy global elite. This exploitation benefits a small percentage of people at the top of the economic pyramid while the costs are born by those at the bottom.
US CIA Coup Playbook:
How to Plunder Resources from Foreign Countries While Pretending to Support Democracy
Find a country with resources you want.
Send in an “Economic Hitman” to offer bribes the country’s leader in the form of personally lucrative business deals. If he accepts the deal, the leader will amass a personal fortune in exchange for "privatizing” the resources you wish to extract.
If the leader will not accept your bribes, begin the regime-change process. 3) Engage in economic warfare by imposing crippling sanctions on the country and blame the ensuing shortages on the leader’s “socialist” policies. 4) Work with right-wing allies inside country to fund and organize an “astroturf” opposition group behind a corporate-friendly puppet. 5) Hire thugs inside country to incite unrest and violence against the government in coordination with your opposition group. Use corporate media to publicize the orchestrated outbursts as popular outrage and paint a picture of a “failed state” mired in corruption and chaos. 6) When the government arrests your thugs, decry the response as the brutal repression. Use corporate-owned media to demonize the target government as a despotic regime while praising your puppet opposition as champions of democracy. 7) Work with right-wing military leaders to organize the overthrow the government (offer them the same business deals the current leader refused). 8) If a military-led coup cannot be organized, create a mercenary army to carry out acts of terrorism against the government and its supporters. Portray the mercenaries as “freedom fighters” and their acts of terrorism as a “civil war”. 9) If the target government has popular and military support and is too well-defended for your mercenaries to over-throw: label the country a “rouge state” and wait for the right time to invade. Meanwhile, continue to wear the country’s government and populace down using steps 3 – 8. 10) Escalate the terror campaign within the country to provoke a military response from the country against the US. If they won’t take the bait , fabricate an attack or threat that you can sell to the US population as justification for an invasion. 11) Once the government is removed, set up your puppet regime to provide the illusion of sovereignty. The regime will facilitate and legitimize your appropriation of the country’s resources under the guise of "free" trade. 12) As you continue to extract the country’s resources, provide intelligence and military support to the puppet regime to suppress popular dissent within the country. 13) Use the demise of the former government as yet another example of the impracticality of “socialism.” What Can I Do? Call your senators and representatives to voice your opposition to US regime-change efforts in Venezuela. https://www.commoncause.org/find-your-representative/ Please share this message with others. Sources included at: https://link.medium.com/8DiA5xzx4T
ALAN MACLEOD FEBRUARY 8, 2019 A recent Gallup poll (8/13/18) found that a majority of millennials view socialism favorably, preferring it to capitalism. Democratic socialist Bernie Sanders is the most popular politician in the United States, while new leftist Rep. Alexandria Ocasio-Cortez’s (AOC) policies of higher taxes on the wealthy, free healthcare and public college tuition are highly popular—even among Republican voters (FAIR.org,1/23/19). Alarmed by the growing threat of progressive policies at home, the establishment has found a one-word weapon to deploy against the rising tide: Venezuela. The trick is to attack any political figure or movement even remotely on the left by claiming they wish to turn the country into a “socialist wasteland” (Fox News, 2/2/19) run by a corrupt dictatorship, leaving its people hungry and devastated. Leading the charge have been Fox News and other conservative outlets. One Fox opinion piece (1/25/19) claimed that Americans should be “absolutely disgusted” by the “fraud” of Bernie Sanders and Democrats like Alexandria Ocasio-Cortez, Elizabeth Warren and Cory Booker, as they “continue to promote a system that is causing mass starvation and the collapse of a country,” warning that is exactly what their failed socialist policies would bring to the US. (Back in the real world, while Sanders and Ocasio-Cortez identify as socialists, Warren is a self-described capitalist, and Booker is noted for his ties to Wall Street, whose support for his presidential bid he has reportedly been soliciting.) A second Fox Newsarticle (1/27/19) continues in the same vein, warning that, “At the heart of Venezuela’s collapse is a laundry list of socialist policies that have decimated its economy.” TheWall Street Journal(1/28/19) describes calls for negotiations in Venezuela as “siding with the dictator.” In an article entitled “Bernie Sanders, Jeremy Corbyn and the Starving Children of Venezuela,” the Washington Examiner (6/15/17) warned its readers to “beware the socialist utopia,” describing it as a dystopia where children go hungry thanks to socialism. The Wall Street Journal (1/28/19) recently condemned Sanders for his support of a “dictator,” despite the fact Bernie has strongly criticized Venezuelan President Nicolás Maduro, and dismissed Maduro’s predecessor, Hugo Chavez, as a “dead Communist dictator” (Reuters, 6/1/16). More supposedly centrist publications have continued this line of attack. The New York Times’ Bret Stephens (1/25/19) argued: “Venezuela is a socialist catastrophe. In the age of AOC, the lesson must be learned again”—namely, that “socialism never works,” as “20 years of socialism” has led to “the ruin of a nation.” The Miami Herald(2/1/19) cast shame on Sanders and AOC for arguing for socialism in the face of such overwhelming evidence against it, describing the left’s refusal to back self-appointed president Juan Guaidó, someone whomless than 20 percentof Venezuelans had even heard of, let alone voted for, as “morally repugnant.” This useful weapon to be used against the left can only be sustained by withholding a great number of key facts—chief among them, the US role in Venezuela’s devastation. US sanctions, according to the Venezuelan opposition’s economics czar, are responsible for a halving of the country’s oil output (FAIR.org, 12/17/18). The UN Human Rights Council has formally condemned the US and discussed reparations to be paid, with one UN special rapporteur describing Trump’s sanctions as a possible “crime against humanity” (London Independent, 1/26/19). This has not been reported by any the New York Times, Washington Post, CNN or any other national US “resistance” news outlet, which have been only too quick to support Trump’s regime change plans (FAIR.org, 1/25/19). Likewise, the local US-backed opposition’s role in the economic crisis is barely mentioned. The opposition, which controls much of the country’s food supply, has officially accepted responsibility for conducting an “economic war” by withholding food and other key goods. For example, the monolithic Empresas Polar controls the majority of the flour production and distribution crucial for making arepa cornbread, Venezuela’s staple food. Polar’s chair is Leopoldo Lopez, national coordinator of Juan Guaidó’s Popular Will party, while its president is Lorenzo Mendoza, who considered running for president against Maduro in the 2018 elections that caused pandemonium in the media (FAIR.org, 5/23/18). Conspicuously, it’s the products that Polar has a near-monopoly in that are often in shortest supply. This is hardly a secret, but never mentioned in the copious stories (CNN, 5/14/14, Bloomberg, 3/16/17, Washington Post, 5/22/17, NPR, 4/7/17) focusing on bread lines in the country. Also rarely commented on was the fact that multiple international election observer missions declared the 2018 elections free and fair, and that Venezuelan government spending as a proportion of GDP (often considered a barometer of socialism) is actually lower than the US’s, and far lower than most of Europe’s, according to the conservative Heritage Foundation. The LondonDaily Express(2/3/19) demonstrates that redbaiting works equally well on either side of the Atlantic. Regardless of these bothersome facts, the media has continued to present Venezuela’s supposedly socialist dictatorship as solely responsible for its crisis as a warning to any progressives who get the wrong idea. So useful is this tool that it is being used to attack progressive movements around the world. The Daily Express (2/3/19) and Daily Mail (2/3/19) condemned UK Labour Party leader Jeremy Corbyn for his “defense” of a “dictator,” while the Daily Telegraph(2/3/19) warned that the catastrophe of Venezuela is Labour’s blueprint for Britain. Meanwhile, the Greek leftist party Syriza’s support for Maduro (the official position of three-quarters of UN member states) was condemned as “shameful” (London Independent, 1/29/19). “Venezuela” is also used as a one-word response to shut down debate and counter any progressive idea or thought. While the panel on ABC’s The View (7/23/18) discussed progressive legislation like Medicare for All and immigration reform, conservative regular Meghan McCain responding by invoking Venezuela: “They’re starving to death” she explained, leaving the other panelists bemused. President Trump has also used it. In response to criticism from Senator Elizabeth Warren over his “Pocahontas” jibe, he replied that she would “make our country into Venezuela” (Reuters, 10/15/18). The weapon’s effectiveness can only be sustained through a media in lockstep with the government’s regime-change goals. That the media is fixated on the travails of a relatively small and unimportant country in America’s “backyard,” and that the picture of Venezuela is so shallow, is not a mistake. Rather, the simplistic narrative of a socialist dictatorship starving its own people provides great utility as a weapon for the establishment to beat back the domestic “threat” of socialism, by associating movements and figures such as Bernie Sanders, Alexandria Ocasio-Cortez and Jeremy Corbyn with an evil caricature they have carefully crafted.
Corporate Propaganda Blitz Against Venezuela’s Elected President: MSM Will Not Let Facts Interfere With Coup Agenda
Facts Don’t Interfere With Propaganda Blitz Against Venezuela’s Elected PresidentJoe Emersberger Guaidó, anointed by Trump and a new Iraq-style Coalition of the Willing, did not even run in Venezuela’s May 2018 presidential election. In fact, shortly before the election, Guaidó was not even mentioned by the opposition-aligned pollster Datanálisis when it published approval ratings of various prominent opposition leaders. Henri Falcón, who actually did run in the election (defying US threats against him) was claimed by the pollster to basically be in a statistical tie for most popular among them. It is remarkable to see the Western media dismiss this election as “fraudulent,” without even attempting to show that it was “stolen“ from Falcón. Perhaps that’s because it so clearly wasn’t stolen. Graph: Approval Ratings of Main Venezuelan Leaders Nov 2016 - July 2018 Data from the opposition-aligned pollsters in Venezuela (via Torino Capital) indicates that Henri Falcón was the most popular of the major opposition figures at the time of the May 2018 presidential election. Nicolás Maduro won the election due to widespread opposition boycotting and votes drawn by another opposition candidate, Javier Bertucci. The constitutional argument that Trump and his accomplices have used to “recognize” Guaidó rests on the preposterous claim that Maduro has “abandoned” the presidency by soundly beating Falcón in the election. Caracas-based journalist Lucas Koerner took apart that argument in more detail. What about the McClatchy-owned Miami Herald's claim that Maduro “continues to reject international aid”? In November 2018, following a public appeal by Maduro, the UN did authorize emergency aid for Venezuela. It was even reported by Reuters (11/26/18), whose headlines have often broadcast the news agency’s contempt for Maduro’s government. It’s not unusual for Western media to ignore facts they have themselves reported when a major “propaganda blitz” by Washington is underway against a government. For example, it was generally reported accurately in 1998 that UN weapons inspectors were withdrawn from Iraq ahead of air strikes ordered by Bill Clinton, not expelled by Iraq’s government. But by 2002, it became a staple of pro-war propaganda that Iraq had expelled weapons inspectors (Extra! Update, 10/02). And, incidentally, when a Venezuelan NGO requested aid from the UN-linked Global Fund in 2017, it was turned down. Setting aside how effective foreign aid is at all (the example of Haiti hardly makes a great case for it), it is supposed to be distributed based on relative need, not based on how badly the US government wants somebody overthrown. But the potential for “aid” to alleviate Venezuela’s crisis is negligible compared to the destructive impact of US economic sanctions. Near the end of the Miami Herald article, author Jim Wyss cited an estimate from the thoroughly demonized Venezuelan government that US sanctions have cost it $30 billion, with no time period specified for that estimate. Again, this calls to mind the run-up to the Iraq invasion, when completely factual statements that Iraq had no WMDs were attributed to the discredited Iraqi government. Quoting Iraqi denials supposedly balanced the lies spread in the media by US officials like John Bolton, who now leads the charge to overthrow Maduro. Wyss could have cited economists independent of the Maduro government on the impact of US sanctions—like US economist Mark Weisbrot, or the emphatically anti-Maduro Venezuelan economist Francisco Rodríguez. Illegal US sanctions were first imposed in 2015 under a fraudulent “state of emergency” declared by Obama, and subsequently extended by Trump. The revenue lost to Venezuela’s government due to US economic sanctions since August 2017, when the impact became very easy to quantify, is by nowwell over $6 billion. That’s enormous in an economy that was only able to import about $11 billion of goods in 2018, and needs about $2 billion per year in medicines. Trump’s “recognition” of Guaidó as “interim president” was the pretext for making the already devastating sanctions much worse. Last month, Francisco Rodríguez revised his projection for the change in Venezuela’s real GDP in 2019, from an 11 percent contraction to 26 percent, after the intensified sanctions were announced. The $20 million in US “aid” that Wyss is outraged Maduro won’t let in is a rounding error compared to the billions already lost from Trump’s sanctions. Former US Ambassador to Venezuela William Brownfield, who pressed for more sanctions on Venezuela, dispensed with the standard “humanitarian” cover that US officials have offered for them (Intercept, 2/10/19):
And if we can do something that will bring that end quicker, we probably should do it, but we should do it understanding that it’s going to have an impact on millions and millions of people who are already having great difficulty finding enough to eat, getting themselves cured when they get sick, or finding clothes to put on their children before they go off to school. We don’t get to do this and pretend as though it has no impact there. We have to make the hard decision—the desired outcome justifies this fairly severe punishment.
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Why is it a Good Idea to Exchange Canadian Dollar Online?
The Canadian dollar is the official currency of Canada and is represented as CAD. The currency notes of the Canadian dollar are available in denominations of 5, 10, 20, 50, and 100. Travelers who are traveling from India to Canada have to get their INR converted to CAD. The best way to do this would be to visit BookMyForex. You can get the best Canadian dollar rate on BookMyForex. The convenience of exchanging foreign currency online Although there are several ways in which you can get your INR converted to CAD, the currency exchange rates vary from one source to another. Out of all the available sources for currency exchange, the best forex rate is offered online by BookMyForex. BookMyForex is the largest and the first portal which offers foreign currency exchange online. You can check the live Canadian exchange rates here which are the same as what you would see on sites like Google, CNBC, etc. What BookMyForex does is, it compares the Canadian dollar rate today across several banks and financial centers and then displays the best Canadian exchange rate to you. The online conversion process makes currency exchange a simpler process without any hassle. All you have to do is buy the Canadian dollar at the best rate and we will deliver it to you within the minimum amount of time. The facility of freezing a forex rate online The Canadian dollar rate that is displayed on BookMyForex is transparent and live. These rates are almost 5% less than that of the forex rates offered by banks and money changers. BookMyForex gives you the facility of freezing rates online as well. This means that when you see a forex rate that seems suitable for you, you can freeze that particular rate and exchange currency at that rate within the next three days. Also, there are no hidden fees for exchanging currency via BookMyForex. If you want to get notified about the best dollar rate today, you can opt for the “Rate Alert” feature. This will notify you via email every time a good Canadian dollar rate is available. Wide range of product offering BookMyForex is undoubtedly the best source for exchanging currency online and it also provides multiple options for Canadian dollar products. When you use BookMyForex to exchange foreign currency, you can choose from a selected range of products like Canadian cash currency, Canadian traveler’s cheque, Canadian prepaid forex card, etc. These products can be greatly beneficial when you are traveling to Canada. Canadian forex cards are a much better option than carrying around cash as it is not only safer but it also provides other benefits as well. Apart from these products, BookMyForex also offers the service of money transfer of foreign currency. This can be done by either opting for a Canadian dollar demand draft or through Canadian dollar wire transfer. When you opt for this, the money transaction is carried out directly from an Indian bank to the bank in Canada.
There can be different reasons why you would need to exchange money. It could be for an abroad trip or for educational fees you have to pay. It could be for an emergency cash settlement to a relative who are living in an abroad. Many Banks offers you to exchange your money but with added costs and charges. So you can go to online Forex sites for best deals in currency exchange. If you are thinking where is money exchange near me, then don’t worry online forex sites offer you the best deals on currency exchange.An online site like Bookmyforex.com offers you the best features for Forex exchange. Get The Best Deals And Rates When you exchange your currency from forex sites like BookMyForex.com , you will get the live & best forex rates . As the live rates which is present on our websites updates after every three seconds and you can lock a rate that is feasible for three days. But you need to pay an upfront charge of 2% on the exchange. It likewise lets you set a notification for the exchange rate. If it match to your desired rate that you have set , then you will receive a notification email from our site. The Market Rate Fluctuations Forex rates and exchange rates are never be a constant. These rates changes according to economic situations. Banks and moneychangers charge extra for currency exchange. But, a site like Bookmyforex.com offers you a rate that is updated. Likewise, most banks and Forex dealers offer a high rate of margin for the exchange to maintain a strategic distance from any misfortune they bring about in the worldwide market. By picking a reasonable rate, make payment and get your currency exchanged at no additional cost. The site delivers the exchanged currency at your doorstep. The best decision for Money Exchange With digital transformation, everything can be done online today. From the booking of air tickets to making bill payments, digitalization has made life easier. So, why do you rely on traditional ways like Banks and Moneychangers for the exchange of currency? With advanced change, everything should be possible online today. From the booking of air passes to make bill payments, digitalization has made life simpler. Things being what they are, the reason do you depend on conventional ways like Banks and Moneychangers for the exchange of currency? Online Forex destinations offer you the best arrangements on trade with a reasonable rate advantage. An online website like Bookmyforex.com offers you complete expediency in terms of exchange and rates. You can also save a lot on other travel-related items like travel insurance and calling cards. With access to more than 650+ locations across over India, you can get your exchange delivered.. The procedure is simple and you'll get your money exchange home conveyed in 24 hours.
Are you planning a foreign trip? Do you want to send gift cash to your relative aboard? Now, it is an easier task with currency exchange options that are available. Banks offer you currency exchange for a fair price. Then Moneychangers also offer currency exchange but with a charge. The most feasible option in today's time is online Forex sites. You'll get a fair exchange deal for currency and the benefit of Forex card as well. If you want to try currency exchange online, then you can log on to Bookmyforex.com. The site offers amazing benefits for exchange with flexible rate options that change according to the market. Ways to exchange currency online Thinking about where is the best currency exchange near me, then you don't have to manually travel for exchange. It’s easier to exchange currency through an online site Bookmyforex.com. The site has partnered with more than 5000+ Banks and Moneychangers. It delivers Forex exchange in more than 650 locations across India. The process is easier and it takes about twenty-four hours to get your currency exchanged. Money exchange has never been such an easier task. The site also offers added features with currency exchange. The fair rate option Bookmyforex.com updates the Forex rates after every three seconds. It takes into account the fluctuations in rates giving you the option to choose the best possible rate. With this option, you can freeze the rates for three days. Upon paying an upfront fee of 2% lock the lowest possible rate. You can buy the currency at the same rate. It also gives you an option to set a notification alert. You need to set your desired rate alert on the site. If your desired rate matches the rate on-site, you'll get an instant notification. This will help to save your money and effort. The Forex card If you use a credit card on your foreign trips, then you need to change your option. Consider Forex card as it preloads the money of that place. Forex exchange is easier with a Forex card as you can load the exact amount of money you need. Also, you can reload the money if there is no balance on your card. Forex card is also known as a traveler's card or prepaid card. Then you also have an option of a traveler's cheque. It is issued in the currency of the place you are visiting. You can encash it or also use it for any purchase made. Forex card is the most flexible option if you are planning a holiday abroad. The best deal, “Wondering what would be the best option for foreign exchange near me.” Then it is best to try Bookmyforex.com. Apart from currency exchange deals, you also get customer support. If you are stuck with any issues, you can contact the team. Digital space is booming, so it is better to take advantage of it in the right way. Online Forex exchange is not only feasible but also cheap. You'll save on exchange charges and costs. Forex exchange is not a hassle anymore; you can do it in no time.
NRIs / People earning in foreign Currencies : Do you try to time your transfers and investments in India to get a better exchange rate?
Is it worthwhile or useful to try to time the forex market and wait for better exchange rates when transferring money ( say a lump-sum of >10L INR ) and investing in India?
How reliable are these currency exchange rate prediction websites
Why do I ask? I am a newbie at Investments ( took a intro to finance and economics course in college but theory is very different from real world ) and recently moved to Europe. I had thought of transferring my savings and starting to invest last year when the exchange rate was 10% higher than what it is today but couldn't do so then because I did not have an NRE account. Now that I have the account I am confused whether to do it now or 'wait' for better prices. I realise anchoring bias , analysis paralysis is at work here so want to get the wisdom of the crowds before I make a decision.
As Delhi is the National capital of India, its the city with most commercial and business centers. If you are looking for a Money exchange in Delhi, then you have many options available today. Some people still consider moneychangers for the exchange of currency in Delhi. Moneychangers offer you a constant rate and also charge you nominal fees for the exchange. Banks also offer you currency exchange in Delhi but again with fees that you have to pay. The easiest and perhaps the most convenient way to exchange currency is through online Forex sites. You'll save on your time and effort both. Online exchange sites A site like Bookmyforex.com has completely changed the currency exchange scene in Delhi. Whether its the first time you are going on a trip or you need to make emergency remittance, the site gives you a list of currency exchange rates in Delhi. You'll be able to choose a rate you need. With the live rate feature on the site, you can freeze the rate for up to three days by paying an upfront charge. The best part is Bookmyforex.com offers home delivery to major locations of Delhi including Connaught place, Delhi airport, Karol Baug, Paharganj and Nehru place. You'll be able to receive your exchange order at any location and time without any hassle. Best rate advantage Do you know with online Forex sites, you'll get the best rate advantage. As Forex rates keep changing and fluctuate with market conditions, an online site like Bookmyforex.com updates the rate after every three seconds. If you are wondering where is currency exchange in Delhi near me, then you need to log in to the site. Currency exchange rates in Delhi are fair and you'll get the best deal possible from Bookmyforex.com. There are no hidden charges and costs on an exchange, which helps you save some extra bucks. Banks do charge for exchange, unlike online sites that only charge once. Book your order online 'How to exchange currency in Delhi' is this question on your mind. You can head to Bookmyforex.com for booking your exchange order. You need to choose the location and exchange rate that is feasible for you. Enter the amount and provide all the relevant documents for exchange. Once the process is done, you can make the final payment. The site will deliver your order right at the comfort of your home. The process of exchange is transparent and comfortable. Money exchange in Delhi has never been this simple. The services on offer Apart from currency exchange, Bookmyforex.com also offers you a Forex card and traveler's cheque for exchange. You can book a Forex card and load in the currency to use it at the place you need to. Then there is a traveler's cheque that is issued in the currency of that place. With so many features, you'll also get the benefit of customer support. If you are stuck with any issue of money exchange in Delhi, you can contact the customer care team. Easy referral programs will also give you added advantage on booking orders online.
Forex card is also called as Travelcard or Prepaid card. It can be used to make a payment when you visit abroad. You can preload the currency of the place before traveling that enables you to access money for any purchase you make abroad. The best part is the Forex card in India is available without any added charges. You can buy a Forex card from online Forex sites. A site like Bookmyforex.com offers you a Forex card with added features. Forex card rates can fluctuate according to the market. But, you'll get easy access to the best rates from the site. Bookmyforex reloads card feature also lets you reload when there is no money left in the card, which can save your time. Bookmyforex Travel/Forex card Forex cards are accepted anywhere across the globe. Irrespective of your location, you can buy a Forex card online in India. The Forex card is acceptable in more than 30 million sites and 2 million ATMs. Its also accepted in more than 1 million eCommerce sites. You can load up to 16 currencies in your Travel or Forex card. It lets you use the same multi-currency card in multiple countries. You don't have to load individual currencies of the place in the Forex card. If you need to travel to two countries, this is the easiest option available. No hidden charges International Debit and Credit cards charge you extra for every spending you make on your trip. Unlike these cards that levy a charge of 2 to 3.5% on an exchange, Forex cards offer to exchange currency for free. You don't have to pay apart from the nominal charge for the card, there are no added exchange charges so that is the biggest advantage. Also, you don't have to pay to buy a Forex card. All the charges are made at exact interbank rates. Applying for a Forex card You can apply for a Forex card online from the site Bookmyforex.com. When you choose the option to buy Forex card, you need to provide relevant details of your valid passport, a valid visa of the country you are travailing to. You also need to provide a confirmed ticket with travel within 60 days along with your PAN card details. When all your documents are verified by the site, you'll have to make payment. You'll receive your Forex card as early as 24 hours from the site with the home delivery option available. The eligible age to apply for the Forex card is 14 years. It can also be handy for your children planning to study abroad. Reloading of the Forex card Bookmyforex reloads card option provides you with a simple reloading option. You need to ask for a reload form, fill in the form, scan and send the document via email. After you mail the document, you'll receive the payment link from the site. Make the payment and your card will be reloaded within 24 hours. Even if you are out of cash on your foreign trip, the reloading option is like a savior for you. You don't need to spend on your credit card anymore. The features of the Forex card Forex cards can be carried at a fixed rate so you don't have to worry about fluctuations in the rates. You don't have to pay extra every time you need to reload a Forex card. It is safe and expedient to use. The Forex Card can be reloaded at any time and from any place so you don't have to think about the location. You'll be given cash assistance from Bookmyforex.com when you lose your card or someone steals it. The balance amount can also be blocked if you lose your card and the remaining balance can be transferred to a new Forex card. There is an add on card facility available on the Forex card that makes your experience even better. Forex card has many names like Bookmyforex travel card, prepaid card, multicurrency card but it serves the same purpose of providing you with complete flexibility. You can access money in local currency abroad with the card. Log on to Bookmyforex.com to apply for a Forex card today. Make your travel experience fun with hassle-free money.
If you need to travel abroad or exchange currency for emergency remittance, you should know about currency exchange in India. Are you wondering, 'Where is foreign exchange near me', well there are banks, moneychangers and online sites that'll help you through the process. Banks and money changers charge extra for currency exchange, unlike online Forex sites. The exchange process Still worried and thinking "where is currency exchange near me'. You simply have to log into Bookmyforex.com. Choose your location, enter the rate, and amount. With uploading the relevant documents, you can book your order. The best part about online order is, the site will get it delivered at your doorstep. As Bookmyforex.com delivers to more than 650 cities across India, you can get Forex delivery anywhere in India. The exchange process is simple and your order can be delivered on the same day. You do not have to pay extra for Forex exchange in India as the site charges a nominal amount on exchange. Things have gone the digital way today and online payments have become common. Its time you use online Forex sites for currency exchange rather than moneychangers. The process is flexible and transparent and safety is guaranteed as well. Explore online options A site like Bookmyforex.com offers complete expediency in currency exchange. You'll get the best-updated rate options. The site updates the live feed of rates every three seconds. You'll be able to freeze the rate for three days by paying a normal upfront charge. With rate alert option, the site sends you a notification of your desired rate so that saves on your money as well. Bookmyforex.com offers you many features for currency exchange. You can also choose a Forex card or traveler's cheque for exchange. Forex card is a preloaded card with the currency of the place you are visiting. Traveler's cheque is issued in the currency of your preferred location. It is easy to make payments with preloaded Forex cards. You'll get the benefit of flexible Forex rates with the option of Forex cards. Get the best deal, Get your money exchanged in a hassle-free way with Bookmyforex.com. You can get the best deal with live rate advantage and fair prices. Log in today for Forex exchange and avail great offers.
Do You Know Dollar Rate in Delhi Today? - Read to Know!
Delhi being the capital of India has always been the hub for foreign exchange. Due to National and International tourism activity, the foreign exchange demand in Delhi is always high. Banks offer a rate that is constant on foreign exchange. But, online sites update the rates depending on market trends. Do you know the dollar rate today in Delhi? Well, its easier to check the rate from the site Bookmyforex.com. The dollar rate in Delhi is updated every three seconds on the site. In no time, you can freeze the rate of your choice and get your money exchanged. Dollar rates today in Delhi also depend on demand and supply. Though the demand for exchange is high, it also depends on the person who needs to exchange currency for a purpose. Why you should choose an online Forex site for exchange? Today dollar rate in Delhi may change depending on live market rate feed. If you need to exchange currency from INR to USD, then an online site like Bookmyforex.com offers you the best features. You'll get the lowest exchange rate guarantee from the site along with the rate alert feature. A rate alert feature sends you a notification when the rate is near your desired rate. You'll be able to book your exchange order according to the exact dollar rate in Delhi. The process is flexible and transparent. The online site also offers you a rate freeze feature option. Suppose you come across a low dollar rate today in Delhi. You'll be able to freeze the rate for three days. You'll be able to use the same rate you freeze for three days for an exchange. This ensures that you have a safe and secure transaction execution. For people who stay in Delhi, its actually time saving because the order is home delivered by Bookmyforex.com Get the best dollar rate in Delhi You can simply log on to Bookmyforex.com and enter your location to get the dollar rate today in Delhi. The exchange rates online will help you with your Forex transactions. But the rates do not remain constant. They fluctuate and the site updates it every three seconds. You need to make an early booking if you want to exchange your currency at a low rate possible. Irrespective of your location or place in Delhi, you can book a rate and order Forex online. This saves on your effort of manually finding the rate or going to moneychangers for rate and exchange. The many benefits to choosing an online Forex site Bookmyforex.com offers you the best rates that are better than banks and moneychangers. The live rates are transparent and competitive. With the same-day delivery feature, you'll be able to receive your order on the same day. Bookmyforex.com offers you best customer support, if you are stuck with any issue regarding Forex order online, you can contact the support team. On regular booking of exchange orders, the site provides loyalty ad referral benefits. You can earn money by referring your friends and family for an exchange order in Delhi. Buying exchange Forex rates are live on Bookmyforex.com. After checking today's dollar rate in Delhi, you can buy or sell USD on a similar live rate. The site features only authorized RBI vendors so it ensures complete quality check upon your booking. The site offers free home delivery orders above 50,000, so you can book your order from home or office and get it delivered in no time. Foreign exchange in Delhi is easier with online features offered by the site. You can also use a Forex card for exchange. A Forex card is a preloaded cash card with currency of the particular place you are visiting. It also reloads the card with no added fees. Get the best deal, The Dollar rate in Delhi is never constant and fluctuates according to the economy. Online sites provide you complete expediency so that you get a fair rate advantage on the exchange deal you choose. Get your exchange from the comfort of your home in Delhi, just log on to the site Bookmyforex.com.
Times have changed and how. You don't need to rely on traditional ways like Banks and Moneychangers to buy Forex today. In this digital era, everything can be done online. You can buy Forex online after comparing various rates. You'll get the benefit of the lowest rate and it'll save on your time as well. A site like Bookmyforex.com offers great features on Forex exchange. You have the convenience to buy Forex online with lock-in options. The best part is online sites do not charge extra on Forex exchange, unlike Banks that charge 2.5% to 6% on exchange. Get the best rate advantage with easy Forex delivery across many locations in India. Complete expediency and best rate advantage The online currency is updated according to market fluctuations. The live rate feed will help you get the best rate if you want to buy Forex online. Bookmyforex.com offers a rate alert feature on Forex exchange. It notifies you when the rate is set near your desired rate giving you a fair price advantage. With online booking of Forex, you can get it delivered at your home. Bookmyforex.com takes care of remittance, buying and selling needs that offer complete flexibility. It also offers Forex cards and money transfers if you want to carry or remit money abroad. How you can buy Forex online? Simple steps online can help you buy Forex. You need to login to the site that offers you Forex exchange. You need to select the location or the city you stay in. Then choose the currency that you need. Bookmyforex.com offers you more than 29 currencies so it lets you exchange according to your needs. You'll have an option of selecting from currency and Forex cards. Forex card offers preloaded currency of the place you are visiting. You'll also have the option of a traveler's cheque for exchange. Then choose the Forex amount and the rate on offer. You'll get the benefit of the preferred rate for exchange if you have frozen the rate. This can be done for three days by paying an upfront charge of 2%. Once you get the final amount, you can finally proceed to buy Forex from the site. Choose a delivery option to Buy my Forex available and you are sorted. Advantages of buying Forex online
Saves on effort
Why go to a Bank or Moneychanger when you can save on your time and effort. Forex exchange online offers complete ease of buying. You can get amazing customer support with door delivery with no added costs. All major foreign currencies are supported on online portals specially Bookmyforex.com.
Choose the best time and freeze the rates
With rate alert feature, choose the best time to buy Forex. The exchange rate can be frozen for three days so you'll get the advantage of rate if you buy Forex online. The live rates are updated after every three seconds. With the rate card feature, you'll get to choose from updated rates so it helps you get the best deal.
Simple modes of payment with no hidden charges
Buy Forex online with simple modes of payment offered by online sites. Most sites offer cards, cash and net banking facilities on exchange. It also depends on what kind of mode you choose. A site like Bookmyforex.com offers no hidden charges on Forex exchange. You need to pay the upfront fees and a nominal charge. Banks and Moneychangers charge anywhere between 6 to 12% on Forex exchange. Save on added costs and get the best option available. Buy with the app, People now prefer to make payments and buy through apps. It’s easier with Smartphones and it also saves time. If you wish to buy Forex online on the app, then there is Bookmyforex app that allows you to buy Forex in no time. You'll get complete features on the app as it is on the website. You need to download the app to select the process and book your order. Are you contemplating where to buy my Forex? Then head to online Forex exchange sites and apps. The process is simple and transparent. Within no time, you can get your Forex delivered at home.
11-04 14:33 - 'DIFFERENCE BETWEEN KRATSCOIN AND BITCOIN' (self.Bitcoin) by /u/xia112 removed from /r/Bitcoin within 3-13min
''' • The indivisible minimum KRATSCOIN unit is 0.00001 instead of 0.00000001 to denominate realistic currency rates in FOREX. Denomination cannot be determined or dictated by the value of a currency. If KRATSCOIN is valued at USD10,000.00 then the smallest unit of KRATSCOIN at 0.00001 = USD0.10 and nothing smaller than USD0.10 in KRATSCOIN. Example: If USD1.00 = THB30.00 and the smallest denomination of USD is USD0.10, then a USD0.10 which is THB3.00, is unable to buy a piece of candy at THB1.00. Thus the USD must be converted into a smaller currency of THB in order to buy the THB1.00 candy. • KRATSCOIN is in-line with standard International Foreign Currency Exchange Practice at indivisible minimum unit 0.00001. • Each KRATSCOIN is equipped with a 13 digit “SERIAL CODES AND NUMBERS” and there will be a total of 2,100,000,000,000 SERIAL CODES in total. Example1: 1st KRATSCOIN = AKDJFYRS.00000 Example2: 1st Fraction from 1st KRATSCOIN = AKDJFYRS.00001 Example3: 2nd Fraction from 2nd KRATSCOIN = AKDJFYRS.00002 Example4: Last KRATSCOIN = DLXVZKWR.00000 Example5: 1st Fraction from Last KRATSCOIN = DLXVZKWR.00001 Example6: 2nd Fraction from Last KRATSCOIN = DLXVZKWR.00002 • In Year 2015, Silk Road in DeepWeb utilization of Bitcoin in their transactions amounts to USD1.2billion spanning over 950,000 users. One may argue that Bitcoin is most utilized by the black market, which then maintains its value and worth among other factors. However, the USD1.2bil a year over 950,000 users are far fetch from the Legitimate Users in comparison. Bitcoin transactions runs into USD40.0bil in recent Legitimate Crypto Exchanges. In summary, legitimate transaction of crypto currencies is many times larger use in illegal transactions. DIFFERENCE BETWEEN FIAT AND CRYPTO: • Fiat Currency is backed by Governments/Countries itself. What determines the value of a currency is the economic health, demand, growth, political stability to name a few, of the respective country. Before 1930, most fiat currencies were backed by gold and silver. • Since 1971, U.S. citizens have been able to utilize Federal Reserve Notes as the only form of money that for the first time had no currency with any gold or silver backing. This is where you get the saying that U.S. dollars are backed by the “full faith and credit” of the U.S. Government - quoted in google.com. • What backs crypto value is purely supply and demand. The demand creation of a crypto is its sole objective. To create demand, the crypto has to have a purpose. And most purpose commonly promoted is utility. The number of ways you can utilize the said crypto. The more utilization factors the more demand there is for it. • There are other ways to substantiate value of a crypto and that is to back the crypto with a 1 to 1 ratio in assets or in USD. Then the question is, how 3,000 crypto currencies in circulation be monetary eco sustainable? Can anyone imagine walking into McDonald and view a chart of 3,000 different pricing? Which also means the crypto is a payment gateway pegging against USD instead of bearing any true characteristic of a currency. • A country’s currency is in its own legit form of legal tender, the only currency acceptable under financial sovereigns of a country. People in the world must be made to understand that. Retailers in Thailand cannot put up products price tags in EUROS/USD, it is illegal. It has to be in Thai Baht. • It is hardly imaginable for everyone in the world to retail with a Crypto-Currencies at a rate of 7 transactions per second. When mining nodes are reduced due to non-performing mining ratio, mining blocks in the Blockchain will significantly be limited too, rendering delays in transactions while usage increases. • In time to come, as trends of crypto picks up, Thailand can issue BAHT COIN or UK the STERLING COIN, exactly what China wishes to do. Digital RMB, but would such crypto currencies be fully decentralized? We all have our answers. Absurd to even think of producing Thai Baht, Pound Sterling or Chinese Yuan at the cost of electricity. It is currencies in digital forms. KRATSCOIN is not meant for that purpose. In some opinion, apart from utilization, a crypto can be for safekeeping, an entity for keeping money while allowing easy liquidation, at a click of a mobile button, not to mention sending or transferring without the trouble of going to banks, which was the original purpose of Bitcoin to begin with. Therefore, KRATSCOIN would be better termed as Crypto Commodity, sharing similarities as Metal Commodities. An individual cannot use gold to make a purchase, neither can one eat gold. It can only be kept or invest in for appreciative value over time. Gold is being exampled for its scarcity which reasons for its higher value over its cousin, silver or bronze. Who or what determines the value of gold? Just like any other crypto, demand by humanity. As in all other commodities, it must also be placed in checks by governments. To put in checks, serial numbers are introduced to protect a country’s commodities outflows or illegal exports. Humanity made Bitcoin a reality. Acceptance by the majority members of the public made Bitcoin to what is it today with the trust they entrusted it with, or is the majority public hopping on the band wagon to make a few quick extra bucks? Whatever the reasons are, the characteristics of Crypto Currencies are only matched by the behavior of Commodities. SERIALIZED COINS - WHAT IT MEANS FOR THE PUBLIC: Every currency has its own remarkable name, design and colors. Dollars, Euros, Pound, Tugrik, Peso, Rupee, Rupiah, Dina, Ringgit, Baht and the list carries on. One thing every currency have in common - Serial Numbers. In any crime, investigators will firstly establish motives and mode of operation, both of which are very likely related to money. So following the money trial is a natural thing to do for investigators/authorities and it has become a common practice. Crimes require funding ie robbers need money to buy guns to carry out its robbing activities. Cutting off financing will reduce criminal activities. That’s the approach governments of the WORLD have adopted for crime fighting. Perhaps people do not realize this while most do not feel the pinch. Humanity tends to take life for granted until apocalypse happens. Take a minute to visualize the tallest tower in your homeland collapse into a pile of dust with thousands of casualties effecting everything else that comes to mind. Imagine a family member, just 1 is enough, is among those casualties. • Imagine if monetary system is not in place and drug dealers, among many, roam the earth freely distributing what can be death threatening substance to your kids. What if you are mugged of your inheritance [items left to you by your father] that is beyond retrieval? As for crypto enthusiast, what if your wallet gets hacked as even the mighty Pentagon gets hacked. All the above can go away if the crypto system leaves a trail for hound dogs to sniff out. Money Trail or Serial Codes Trail to be exact. • Citizens rely on governments and their countries to do what is best for them to lead their daily lives, flourish, advance, improve and strive but at the same time, citizens want to take away the single most important thing deemed crucial in the hierarchy of humanity from governments with additional boastful remarks such as “I transferred $400 million from one corner of the earth to another corner in a single transaction and no governments can do anything about it”. • In-short, to boast unregulated financial movement is to arrogantly promote crime without realizing it while challenging the world’s monetary authority. Oldest advice in the book teaches us never to pick a fight we can’t win. • Serial Coded Coins does not take away the financial movement freedom nor does it take away your privacy. It merely provides Authorities the necessary means needed for crime prevention and fighting. It only re-inforce security and safety. SERIALIZED COINS - WHAT IT MEANS FOR GOVERNMENTS: • Governments are relentlessly trying to find new ways to keep track of crypto transactions. Crypto Currency Exchanges, just like all other Financial Institutions and Banks, are required to practice the most stringent Know Your Customer (widely known as KYC) process. The KYC is designed to provide governing agencies and authorities with information pertaining to crypto ownerships. • But no governments can have information on Peer-to-Peer (also known as P2P) transactions unless the government in question launch a full scale Federal Investigation on certain suspected individuals seeking Wallet Developers to unveil the ownership of certain wallet addresses. Do not forget, National and Global Security trumps Privacy Act. Refusal to co-operate under the pretext of Global or National Security will only result in an out-right ban, which is exactly what happened to Blackberry. • Questions to Governments – What if Wallet Developers or Crypto Exchanges shuts down which can happen for various reasons be it foul-play, sinister or forcefully under threat? What if servers are damaged and ruined? An EMP strike or a simple magnet can make it happen. Information/identities of suspected customers of such addresses shall be lost forever and along with it the Money Trial. • The most probable way of evading Authorities with crypto assets are developing an e-wallet for own illicit purpose. Since the cost of developing an e-wallet is relatively low in considerable cost to hiding, what can governments do to flush out these ants from the vast networks of tunnels? • With Serialized Coded Crypto Assets, it doesn’t matter if servers of Exchanges or Wallets are destroyed. The Serial Codes of each token/coin enables governments of every participating country to track both origin and destination by identifying records of each token/coin in wallet address. It can disappear into a cold wallet but emerging some place later yet Authorities can still detail which particular token/coin has at one moment of time been into which wallet, on what day and date. • If the battle of financial crimes can be resolved with a simple Serialize Coded Crypto Asset, the eradication of corruptions, money laundering, unlawful proceeds and terrorism financing will be made possible. Criminals can no longer exploit the genius creation of Sathoshi – Blockchain and Crypto-Currencies. • Global Security, Anti-Terrorism Financing and Money Laundering could just be excuses granting government agencies the need to have access to financial information in the Monetary System. Nonetheless, it is in the interest of every nation that capital outflow is controlled. Capital Outflow is most frequent when the economy of a country is deteriorating. In the face of an economy meltdown, monetary flow is most needed and yet citizens tend to transfer monies further away illegally from their own country in an act of selfishness. This would not be tolerated by any country. Serial Coded Coin shall prove this attempt futile. • In most part of Asian Countries, many crypto-currency mining operations are carried out illegally. The legality sits on thin fine line where Authorities can pin only stealing of electricity as a major concern to the respective country. Since most Power Companies belongs to the Country in one way or another, it is financially damaging to Power Producers and Utility Suppliers. Serial Codes can determine if the KRATSCOIN is mined legally or illegally making it difficult for miners or mining farms to mine crypto while avoiding making electricity payments. Will this deterrent disrupt the chain of KRATSCOIN supply? That’s not how Blockchain Tech works. TAXATIONS - WHAT IT MEANS FOR PUBLIC AND GOVERNMENTS: • Taxation cannot be imposed on “Illegal & Unlawful Proceeds” instead confiscation is enforced in many countries. Origins or proceeds of Serialized Coded Crypto Assets can be easily identified by the Serial Codes in-conjunction with the Blockchain. This exercise can evidently proof the legitimacy of the aforesaid token/coin. By “Illegal & Unlawful Proceeds” also refers to crypto coins obtained via illegal mining operations. • Taxation on Crypto Assets are calculated on profits deriving from the sale/disposal of the crypto Assets. If we are small crypto believers, the amount of taxation rendered by Inland Revenue will be insignificant. Why risk Freedom of Life over Freedom of Small Monies. If we are big crypto believers, taxation on Serialized Coded Coins can be considered added security to your assets protection. • By adopting Serialized Crypto Assets, declaration is made easily possible via proof of token/coin origin via the Blockchain. If the Authorities can know where our crypto assets come from, the Authorities will know where it will disappear to. It is taxation cum insurance in one tiny sum. This added security with freedom feature will encourage self-declarations of crypto assets to Authorities and Agencies. PRIVACY & ANONIMITY: • Many may be skeptical of their wealth being tracked and monitored. But in this era of technological advance society, everything we touches has our signature. Banks, iPhones, Samsung Mobiles, Google, Facebook, Whatsapp, WeChat, LINE, Viber, Facebook, Properties, Utilities. Almost everything. It is to this fact that there is a need for Privacy Protection Act. • As explained before, Crypto Currency Exchange KYC procedures is designed to expose the identity of Crypto Assets ownership. The Blockchain is supposed to serve as a transparent information platform. The question of privacy over Serialized Coded Coins does not exist, it does not make Serialized Coded Coins ownership any less private. • Ownership of wallet addresses shall always remain anonymous while the only way Authorities can get to it is through Wallet Developers by virtue of Global/National Security Threats or by a Court Order as per the Privacy Protection Act. SAFETY & SECURITY (CODED CRYPTO VS FIAT + COMMODITIES): • No human mind can memorize the millions of serial numbers printed on fiat currencies. The records of Serialized Coded Coins will forever be in the Blockchain embedded within each transaction from wallet to wallet. • Serialized Commodities such as gold can be melted down. Diamonds recrafted. Fiat double printed. But not Serialized Coded Crypto Assets. • Should an accessory system be added into the KRATSCOIN Blockchain, allowing reports on criminal activity be made within the Blockchain, notifying all ledgers of certain stolen Serial Coded Coins, enabling WARNINGS and forbidding next transaction of that particular Serial Coded Coin, wouldn’t this function enhance protection. A theft deterrent function which can never be achieved with physical gold, diamonds or fiat. KRATSCOIN SUMMARY: • Most crypto currencies have not reach a level of security alert for governments. This could be the only reason why a possible ban has not been discussed. China and India has begun efforts to control or ban crypto currencies in their quest to combat capital outflow, writer’s personal opinion. The EU has stopped Libra from implementation. “A company cannot be allowed Authoring Power for issuance of currencies” quoted the governments. KRATSCOIN is fully decentralized with no ownership nor control by any country, company or individual. Once again, the beauty of Bitcoin decentralization concept prevails. • “There is no such thing as a world currency. However, since World War II, the dominant or reserve currency of the world has been the U.S. dollar” quoted in google.com. • Most countries have “Foreign Reserves” as backing to a country’s fiat currency. It is a mean of “back up” attempt should all factors above mentioned leading to the value of their currencies collapse. Then what will happen if the Country of the Foreign Reserves collapse? • Serial Coded KRATSCOIN belongs to no one, no country, no company and therefore theoretically shall not be effected by politics, war or global economy meltdown yet everyone, every country and every government is able to benefit from KRATSCOIN. "Quoted by" [[link]6 [[link]7 [[link]8 [[link]9 [[link]10 ''' DIFFERENCE BETWEEN KRATSCOIN AND BITCOIN Go1dfish undelete link unreddit undelete link Author: xia112 1: lintangnews.c*m/ada*kr**s*o*n-*ni-be*a*ya-d*ngan-bi***in* 2: 0xzx**o***019101*124431*902.*tml 3: ne*s.*oko**y*to.com/*ag/**atsco*n-kt*/ 4: bbs.**anya.cn/p**t-l*ok*u*-836*0*-*.shtml 5: z*uanlan.z*i*u.*om*p/*4*44615 6: l*nta*g*ews.*o*/ada*kr*ts*o*n-*ni-***a*ya-d*ngan-bitcoin/]^^1 7: 0x*x*com/2019101**24*312*02*ht**]^^2 8: news*t**ocr*p*o***m/tag/kr*tscoin-ktc/]*^3 9: bbs.*i*n*a.cn/p**t-loo*ou*-8*61*5-1.sht*l*^^4 10: zhuanl*n.zh*hu.co*/**84**461*]^^5 Unknown links are censored to prevent spreading illicit content.
Press Conference with the Governor of the People's Bank of China 任中国人民银行行长 Yi Gang 易纲 on current monetary and regulatory matters in the People's Republic of China for the year 2022
Dear Ladies and Gentlemen The People's Bank of China (PBOC) is gladdened to announce that the efforts made by the Bank to consolidate financial markets and reign in unproductive credit and the misappropriation in debt lending are seeing bountiful returns. For the 2022 year forecast, we are thus heartened to state that the economy has exponentially preformed to bring growth above 7 percent, beating negative analysis on efforts on the PBOC and government's meaningful reforms to address core structural issues that have threatened the Chinese and global economy. While we have identified specific measures in relation to consumer demand and business growth, in conjunction with the improving regulatory framework, we foresee promising inflationary movement and are pleased to see an adaptive labour market take hold in overall trends for key benchmarks. In regards to the current developments in the Banks's stimulus efforts, we shall maintain the current level of market guidance and capital assistance. While we continue this approach, we are constantly assessing the Mainland's capital markets liquidity and should concerns be spotted that identify general overheating, the PBOC is ready to address those concerns and enforce targeted measures. Now, onto the main elements of the year's statement: the current status on the internationalisation of the Renminbi and policy responses to optimise a favourable environment as well as new guidelines on capital market The following discussion shall be complimented with the following handout:
The Renminbi - The People's Currency, and Soon the World's?
The Continued Dollar Dominance
First, a blunt fact: while multiple reserve currencies have co-existed before, and of course dominance today does not guarantee dominance in the future, with the British pound's fall as a gentle reminder of this, the PBOC is pragmatic in stating that dollar's demise looks a long ways off. Part of this is the on-the-ground data indicating that the drive to internationalisation has indeed lost much of its momentum as a reserve currency.
There is no better reminder that the US dollar is dominant than the rout across emerging market economies sine 2016-2020. The worst-performing currencies of 2019 shared a disproportionate reliance on the greenback. In 2015, 62 per cent of countries anchored their currencies to the dollar and about the same percentage of developing countries borrow in the currency.
On the other hand, less than 30 per cent of countries use the euro as an anchor for their exchange rates and only 13 per cent of external debt for developing countries is euro-denominated. The pound and the yen barely show up in the data.
When it comes to global currency reserves held by central banks, the dollar is unrivalled. While its share of global foreign-exchange reserves has fallen for five consecutive quarters, global central banks have more or less held some 60 per cent or more of their reserves in the greenback since 1996. Even with a loss of confidence in US markets, forex holdings in the Renminbi have been somewhat insignificant.
Chinese Efforts to Open Up the Renminbi - An Uneven Effort
In March 2019, China introduced its first renminbi-denominated oil futures contract, an attempt to have an alternative for domestic and international investors and traders to the petro-dollar order. However until the central government creates bilateral agreement with major oil-producing (OPEC) states to accept payment in Renminbi, this will continue to see sub-optimal results.
Since gaining a spot in the IMF's Special Drawing Rights basket of reserve currencies in 2015, China has also extended local currency swaps with various countries, including those along its landmark Belt and Road initiative, as well as took steps to open up its local bond market to foreign investors. Though given the sputtering results in BRI agreements and the concerns on excessive lending to questionable projects/governments, the BRI as a route to internationalisation has taken a backseat for policy makers.
Of concern to the PBOC and MOF policy analysts is that internationalisation of China's currency has stalled, and by some measures even reversed. As in 2016, the Renminbi was the fifth most actively used currency for domestic and international payments, with a roughly 2 per cent share, according to SWIFT. That's a drop from 2014 and 2015 when the use of China's currency doubled — in a year — to 2.8 per cent.
When only international payments are considered, the Renminbi drops to eighth place behind: the dollar, which comprises nearly 45 per cent; the euro with 32 per cent; followed by the Japanese yen, British pound, Swiss franc, Canadian dollar and Australian dollar, which all have a share of 5 per cent or less.
Allowing market forces to play a larger role in determining the Renminbi's value and opening up the capital account would require a complete overhaul of the country's financial system. While we realise that such a policy shift would bring some expected gains, the PBOC sees little reason to make a great pivot towards liberalisation, but instead a concerted series of smaller policies - or to put it more traditionally, 'Crossing the river by grasping the stones on the riverbed.'
Making The Cross Across the Riverbed Towards A More Global Renminbi The PBOC has issued the following in its Guiding Measures to the Chinese Mainland and SAR financial markets:
A new rule shall be instituted on cross-border Renminbi FDI which stipulates that, in principle, all the foreign enterprises are allowed to raise Renminbi funds in offshore Renminbi markets and repatriate them back to the mainland in the form of FDI. Previously, the foreign firms’ behaviours of remitting Renminbi back into Mainland were subjected to the PBOC’s approval on a case-by-case basis.
These transactions are to be settled in Hong Kong accounts, thus increasing the amount of Yuan in circulation offshore; these offshore Renminbi will be distinctly referred to as CNH rather than the onshore CNY. Furthermore, this allows the PBOC to act should the policy be abused by market speculators looking for an easy entry into China's domestic capital markets.
This new rule will further buoy the offshore Renminbi (“Dim Sum”) bond market and accelerate the pace of Renminbi internationalisation.
The Ministry of Finance and the Ministry of Foreign Affairs shall begin to broker with OPEC states an agreement on settlement of trade in crude oil and its derivatives be conducted in Renminbi, in a further boost to the Shanghai International Energy Exchange and Shanghai crude oil futures market.
The extension of the “mini-QFII” scheme to India, Pakistan, ASEAN, the Republic of Korea and Japan which will allow some foreign central banks, beyond only a handful of smaller nearby Asian countries, to start building a limited amount of currency reserves even before anything like full currency convertibility will be authorised and conducted. QFII stands for Qualified Foreign Institutional Investor, a designation that allows a company to invest in Chinese bonds and equities — though again, within guiding limits issued by the PBOC on a case-by-case basis.
Regulators will begin a similar pilot scheme - RQFII - that would allow financial institutions with a physical mainland presence to remit currency from their Hong Kong subsidiaries back to the mainland — and, potentially, foreign central banks to invest small amounts of Renminbi in the Chinese interbank bond market.
The Hong Kong Monetary Authority already has QFII status, and the Monetary Authority of Singapore has applied, with the PBOC accepting further applications.
Foreign institutions will be given a capped access of no more than $100 million in Hong Kong accounts to derivatives, including financial futures, commodity futures and options in testing the markets' reaction to foreign operators.
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Public sector banks will embark on second round of 2-day bottom-up ideation exercise beginning Thursday for further streamlining the banking sector to help the nation become a USD 5 trillion economy in 5 years. The second leg of the month-long campaign will be inter-bank and will be held at state-level as per the direction of Department of Financial Services, Ministry of Finance. The first round was focussed at branch level and suggestions and ideas received from there will now be discussed at the state level from tomorrow, official sources said. -Economic Times Members of the RBI's Monetary Policy Committee at its rate review held on 7 August have agreed that supporting growth will remain their top priority in the midst of inflation remaining stable within the next 1 year, according to the minutes of the meeting released on today. -Livemint The Banks Board Bureau has invited applications for the post of MD & CEO in 4 leading PSBs — Bank of India, Bank of Baroda, Punjab National Bank and Canara Bank. -Moneycontrol.com The IL&FS had not disclosed any NPAs for the last 4 years, the RBI has said in a report. The report is based on inspection of IL&FS and IFIN and this has been conveyed by the new board of the IL&FS to the NCLT. -Economic Times SBI is planning to establish nearly 10 lakh YONO Cash Points in the country over 18 months, said its Chairman Rajnish Kumar today. The platform is secure and will eliminate the requirement of using debit cards, Kumar said. -Business Line BookMyForex.com, a marketplace for foreign exchange and remittances, has partnered with YES Bank to launch a co-branded multi-currency forex travel card for Indian overseas travellers. BookMyForex will offer zero margin or exact inter-bank rates 24x7 on forex card sales. -Business Line SEBI today provided more teeth to rating agencies by allowing them to obtain details of borrowings and defaults by companies. It also announced rewards for whistle blowers and approved changes in norms prohibiting insider trading. -Economic Times SBI Cards and Payment Services Pvt. Ltd, the credit card subsidiary of SBI, invited investment banks and lawyers to act as advisers for its proposed IPO. -Moneycontrol.com The finance ministry has initiated a review of India’s free trade agreement framework to assess the impact of such pacts on the overall economy. The view has been gaining ground among policymakers and industry that these free trade agreements (FTAs) brought little tangible benefit to India, while helping the partner country. -Economic Times IL&FS has informed NCLT that in contravention of a NCLAT order, banks have debited about Rs 759 crore in the last 8 months for repayment on their dues which amounts to coercive creditor action. -Economic Times Parle Products Pvt Ltd, a leading biscuit maker, might layoff up to 10,000 workers as slowing economic growth and falling demand in the rural heartland could cause production cuts, a Co executive said today. -Business Line The probe by the Enforcment Directorate in the money laundering case, involving former finance minister P Chidambaram, has been enlarged. It suspects his role in granting alleged illegal Foreign Investment Promotion Board clearances to at least four more business deals, apart from INX Media and Aircel-Maxis, and receiving multi-crore kickbacks through multiple shell firms, official sources said today. The CBI has issued a Look Out Circular P Chidambaram to prevent him from leaving the country, officials said. -Business Line USD/INR 71.55 SENSEX 37060.37(-267.64) NIFTY50 10918.70 (-98.30)
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