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View Full Version : MED Q and A CHAT ABOUT IMF 4/1/10 2AM PST



Foxyrodeo
04-01-2010, 04:53 AM
Med: I HAVE BEEN ON THE RV BAND WAGON FOR A VERY LONG TIME
Med: I HAVE THOUGHT SO MANY TIMES WE WERE STANDING ON THIS THING
Med: ONLY TO FIND OUT SOMETHING ELSE WAS TO CHANGE MY THINKING
Med: ONE THING NOTHING HAS COME OUT ABOUT THE PAYMENT SCHEDULE FOR
THE IMF
Med: ONLY THE WB
dudeman27: and what about the projected payment part of the imf site for iraq?
says may 1st
Med: IT SAYS MAY 1ST
Med: ON PROJECTED PAYMENT
dudeman27: what do you mean nothing has come out then?
Med: I SAID I HAVEN'T SEEN ANYTHING
dudeman27: i would assume that means the payment is due then?
Med: ASSUMPTIONS ARE WHAT?
Med: THE MOTHER OF ALL SCREW UPS
Med: IF IT STATES IT
Med: THEN GREAT
Med: ONE PROBLEM I HAVE WITH THE IMF SITE
Med: IT IS HARD TO NAV THROUGH
Med: DEF NOT USER FRIENDLY
Med: NOW ONE THING THAT IS TRUE
Med: AND I DON'T KNOW THE TIMELINE
Med: BUT A TRADEABLE CURRENCY MUST BE USED TO PAY BACK THE LOAN
Med: BUT A TRADEABLE ONE
Med: BUT
Med: THEY HAVE MADE EVERY EFFORT TO STOP ALL USE OF THE USD
Med: IT WOULD BE HYPOCRITICAL THEN TO HAVE TO SUBMIT THEMSELVES TO
USING IT
Med: IN FACT IN THE LETTER OF INTENT AND THE DO'S THAT THE IMF STATES
IN IT
dudeman27: i noticed on the imf site it said they can also use sdr's to pay. do you
know how many they have?
Med: OK THAT DOESN'T MAKE SENSE
Med: BECAUSE THE LOAN IS IN SDR'S
Med: WHY WOULD YOU USE SDR'S TO PAY BACK SDR'S
Med: THIS REMEMBER IS FOR FILLING THE BUDGET DEFICEIT
dudeman27: those were my thoughts too, but i was in the legal department
section where they define everything and it was saying they could use it so i was a
bit confused
Med: BUT YES YOU CAN
Med: BUT IT IS AGAINST THE GRAIN OF WHY THEY BORROWED
dudeman27: exactly my thoughts. i wasnt sure they had any so i figured why
would they pull out sdr's to pay back with sdr's
dudeman27: then i started going over section 2 (a) and the wording of it for 30
days before the payment is due seems a bit odd
dudeman27: was wondering if you would clarify for me?
Med: AND I AM SURE THAT THERE IS A DEFINAATE PAYMENT PLAN THAT WAS
AGREED TO
Med: OK LET ME LOOK AT IT
dudeman27: Each member shall notify the Fund, within thirty days after the date
of the second amendment of this Agreement, of the exchange arrangements it
intends to apply in fulfillment of its obligations under
dudeman27: Section 1 of this Article, and shall notify the Fund promptly of any
changes in its exchange arrangements."
dudeman27: its saying within thirty days AFTER the date of the second
amendment. im not clear as to how this equals 30 days before the payment date
Med: WHAT IS THE 2ND AMENDMENT
dudeman27: i believe its section 2, one sec and ill get a link to explain why
dudeman27:
http://www.imf.org/external/pubs/ft/sd/index.asp?decision=1034-%2860/27%29 (http://www.imf.org/external/pubs/ft/sd/index.asp?decision=1034-%2860/27%29)
dudeman27: look at number 2 and the foot note for section 3
dudeman27: Corresponds to Article XIV, Section 1 of the Articles of Agreement
after the Second Amendment.
dudeman27: it seems like they are calling each amendment sections
Med: THE 2ND AMENDMENT IS GOLD
Med: THAT GOLD CANNOT BE USED FOR PAYMENT
Med: BECAUSE OF THE VOLATILITY
Med: THAT IS THE 2ND AMENDMENT TO THE ARTICLES
dudeman27: where are you seeing this?
Med: IT IS THE DEMONETIZING OF GOLD
Med: BY THE IMF
dudeman27: (b) of section 2?
Med: NO YOU ACTUALLY HAVE TO LOOK IT UP
Med: I GOOGLED
Med: AND IT CAME UP
dudeman27: hmm, im trying to find a list of all of them with no luck. how would
you tie that into section 2 (a) for the 30 days?
Med: second in 1978, to give effect to
the partial reform of the international monetary system
Med: YOU ARE MISUNDERSTANDING THE WORDING OF AMENDMENT HERE
Med: THE IMF MEMBER ARTICLES HAVE BEEN AMENDED 3 X'S
Med: THAT IS WHAT IT MEANS
Med: 69,78,99
Med: THAT IS WHAT THE MEAN BY 1ST AMENDMENT, 2ND AMENDMENT AND 3RD
AMENDMENT
Med: WHAT YOU SEE AND READ AT THE MOMENT IS HOW THE FUNDS
GOVERNANCE IS RUN
dudeman27: so does that section not relate to the 30 days to have a trade able
currency before the payment is due?
Med: THE 30 DAYS POST IS THE VOTE
Med: THE VOTE BY THE 85%
Med: AND AFTER THAT THEY HAVE 30 DAYS
Med: THE VOTE WAS MARCH 16TH CORRECT
dudeman27: the vote for the imf loan?
Med: SO THEY HAVE 30 DAYS FROM THAT
Med: YES I BELIEVE THAT IS THE DATE
dudeman27: i thought they approved and voted on feb 24, this is another thing i
was confused about when i was going over it
Med: IT JUST TAKES ME A LITTLE BIT TO PUT IT TOGETHER
Med: BUT NOW I UNDERSTAND TOTALLY
Med: IT IS SIMPLE
dudeman27: in the country report at the end it says approved, date feb 24, then
on the imf iraq section it says-
Med: I DON'T THINK SO
Med: YOU NEED TO READ THE MARCH 16TH REPORT
dudeman27: march 4 - imf provides loan to iraq march 16th - staff report article iv
Consultation
Med: BUT WHAT WAS THE DATE OF THE ACTUAL VOTE
dudeman27: thats the one im talking about. ive gone over it several times. here i
will bring it up for reference
Med: WHEN THE 85% WAS
Med: IT IS MARCH 16TH
Med: AND BREITLING REALIZED IT
Med: THAT IS WHY HE SAID MID APRIL
Med: AND WHY THE APRIL 1 DEADLINE FOR THE COFE REPORT
dudeman27: its on page 86 of the country report PDF
dudeman27: "IMF Executive Board Approves US$3.6 Billion Stand-By Arrangement
for Iraq" dated february 24, 2010
dudeman27: and on the site it says march 16th. so its a bit confusing as to when
they really did it
Med: I THINK THAT YOU ARE JUST BEATING YOURSELF UP FOR NOTHING HERE
Med: YES THE EXECUTIVE BOARD VOTED
Med: BUT
Med: IT WAS NOT ALL FINALIZED
Med: AND SENT TO IRAQ UNTIL A LATER DATE
Med: THEN IRAQ HAD TO ALSO
Med: SEND BACK A LETTER OF INTENT
Med: THAT THEY ARE ACCEPTING THE STIPS
Med: AND THEN THAT WAS RETURNED TO THE IMF FOR PUBLICATION
dudeman27: ah that makes sense. once all the paperwork and voting for everyone
is done it was march 16th
Med: ACTUALLY WE ARE GIVE OR TAKE WITHIN 14DAYS
Med: THE ACTUAL TIME FRAME WAS NEVER 30 DAYS BEFORE PAYMENT DUE
Med: BUT 30 DAYS FROM ACCEPTANCE BY ALL
dudeman27: so april 13th, give or take?
Med: THAT WOULD SEEM ACCURATE
Med: GIVE OR TAKE
Med: BUT DUDEMAN ACTUALLY THIS WAS SOMETHING THAT NEEDED TO BE
RESOLVED
Med: IT WAS A GREAT ?
Med: THIS IS SOMETHING THAT SHOULD HAVE BEEN RESOLVED LONG AGO
Med: BUT I HAVE SO MUCH ON MY PLATE SOMETIMES
Med: I FORGET
Med: I KNEW THAT BREITLING WAS HANDLING IT
Med: BUT I AM GLAD I GOT TO RESOLVE IT
Med: THIS WAS VERY IMPORTANT
Med: NOW WE NEED IRAQ TO ACCEPT ARTICLE VIII
Med: AND THE DEAL IS SEALED
Med: THAT MY FRIENDS WILL BRING YOU THE RV
Med: BUT
Med: I THINK THAT THE REMOVAL FROM CHAPTER VII IS ALSO A PLUS HERE
Med: IT DOES ONE THING
Med: IT DOESN'T ALLOW AN RV
Med: BUT IT DOES WHAT AN RV IS FOR
Med: FREE TRADE
Med: TO PURCHASE GOODS AND PAY FOR THEM
Med: AND RIGHT NOW THEY CAN'T PAY FOR THEM AND CAN'T TRADE FREELY
Med: OH THEY GET SPECIFIC THINGS ALLOWED BY THE UN
Med: BUT NOT WHAT THEY REALLY COULD BE BRINGING IN
Med: UNDER NORMAL TRADING