(Dinar Recaps Note: This post is for informational purposes only.  It is not legal, tax or investment advice.  Dinar Recaps advises that everyone should do their own due diligence and seek local Professional tax, legal and/or investment advisers.)

FrostyTheSnowman » April 1st, 2015, 1:21 am 

DESSERT IS SERVED KTFAlways STYLE

TUESDAY NIGHT CC NOTES 31 March 2015

** The comments made by Frank26, TopShelf and others are their sole OPINIONS and cannot and should not be used as any form of financial advice. **

TONIGHT’S BIBLE STUDY – “Investing Now Will Bring Future Rewards”

DESSERT playback link … https://www.freeconferencecallhd.com/playback.html?n=OTQCw/junQV
….

Frank: I want to talk to you about exchanging your currency.

We have some intel and we’ve asked TOPSHELF to share it with you.

I’ve given TOPSHELF full throttle … to say whatever he wants … obviously it is in HIS OPINION.

Yesterday I told you that Iraq only has about 2 or 3 trillion dollars … (which isn’t a lot). That could be consumed in 2 or 3 days. The salaries could eat that up … approximately 51 trillion dinars a month.

The LOI is being factored in now.(Letter of Intent)

I want you to start paying attention about how the US government will balance their budget. Make note of that, ok?

Let’s talking about exchanging our dinars.

Do you know that there are laws that have been passed in the last year that affect you and your ability to exchange?

I feel that the time has come for us to talk about that.

You need to know the sequence of the banks.

The very first bank that got involved … in 2002 was the Bank of America (it’s kinda like the piggy bank of the USA).

BOA [got involved] as the wholesaler of the IQD – just after the Executive Order 13303 from President Bush [was signed] … which allowed us to invest in the country [Iraq].

The mother of all banks in America (BOA) … is charged with the introduction of this IQD currency to you – American citizens. You are important. They needed for you to invest in it. It was an experiment (in the 90’s)

Unfortunately … they hit us on Sept. 11th … because they knew we were coming [to the middle-east]. Bin Ladin and Saddam got together and thought they could do something about it. That set us back.

De’ LaRue was commissioned by the IMF to print the new currency – because the Marshal Plan takes about 10 years … and we should have been there.

Last night you heard my anger towards the President of the United States of America – for putting us in the position what we’re in right now.

At least we’re getting it right. As much as they tried to get it wrong.

The US has a lot of citizens who hold dinar who are going to become … quite a windfall.

The US Treasury has a lot of dinars. How much? I don’t know. Even if I gave you my opinion … you’d say … “no way … absolutely not!”

Who commissioned the IMF to print the currency? The US

Who has the biggest seat and power in the IMF? The US

Did we back away from it? No

Did we give up our power? No

Did it anger the BRICS? Yea

Do we care? No

So … BOA becomes the wholesaler of the IQD.

I was asked to do a forum … so we started on December 1, 2008 … we started KTFMission … and I said that in a couple of weeks Chase Manhattan will stop selling the IQD at 12:01. Everyone said I was crazy. As it turns out .. on that date … and at that time … they stopped.

So people asked … “who are you? How do you know these things?” — I said … next question.

So you know that the BOA was the wholesaler.

Chase was the retailer … but they stopped.

It’s hard to get dinars – especially from Wells Fargo.

WF is going to be part of the biggest exchange … but right now … they (WF) don’t want to talk about it.

WF came up with some of the craziest stories … telling people it was a scam.

So we called the private bank of WF … AbbotDowning … they talked to us. Six months later … they dropped the ball on us completely … because WF told them not to get involved with the IQD. Why are you coming up with these stories? How come you’ve changed your tune? How was it possible that they went from DARK to LIGHT? So we decided to leave them alone. In the end … they will exchange you … because that will be their “profit” their “role.”

What about CitiBank? If you have any relationship with banks in Iraq – they will be able to help you.

Did you know that in the last year … there have been LAWS written … that have changed the condition in which you to go into a bank?

So … let’s say the rate just went up. LOL – Abbot Downing would like to talk to you?

Will the other banks talk to you?

There is a SEQUENCE! Every bank will have a piece of the pie.

Laws were just passed … recently … that you should find out about … that will limit you.

If you walked up to a bank with 5 million dinars … and say it came out at 1 to 1.

Are you seriously going to tell me you’re going into an environment … a bank parking lot … and walk in and exchange all of that? Millions of dinars for millions in USD [cash]? Seriously?

At one point I told you that I was going to represent a few offices to help you … (not a bank) … but there was so much confusion … I tried to explain this earlier … but due to confusion … I backed off. I was just trying to help.

You just can’t walk into a bank and say … “I’ve got a million dinars … and I want 1 million USD.” They don’t have a million USD on hand.

Should you carry this burden? Are you the steward of God’s money?

Get wealth management!!!

Sure the banks will offer “wealth management.” They’ll all want to help you. (wink, wink)

Get a hold of a lawyer.

If you don’t know one, go to your church and ask around. Talk to your minister in confidence and ask him/her if they know of someone you can trust that can give you some sound advice.

Tell your lawyer … you have “10 million dinar” … and I need you to help me exchange them.

With your lawyer, you can pick a bank.

Your attorney will call the bank … set up an appointment.

[Perhaps] you could have the bank officers come to your home and have your attorney witness the transaction.

I plan on filming the exchange.

Personally … I’m NOT going to do that [go into a US bank]. It’s my prerogative.

IMO … this currency belongs in its home. The Central Bank of Iraq.

I want to go over there with a legal international lawyer(s) and I will DEPOSIT them in a middle-eastern bank that recognizes this middle-eastern currency.

[You see] … if I exchange them all at once … then I have to pay all of those taxes all at once.

I want to be in control of when I pay my taxes to the government of the US – who is making it very hard to work with US banks … due to the laws our President has passed.

My dinars will stay dinars.

Yes … I plan on buying a house in Hawaii. When the time comes, I will have my legal team get a hold of my bank in the middle-east … and do a wire transfer … converting my IQD into USD … and then DEPOSIT them into an American bank. That will “register” as a capital windfall … which I will then pay my taxes … and pay for the house.

Keep control of your currency. Exchange when you want … pay your capital taxes. Instantly you can convert it.

Next Tuesday … we’ll continue this conversation.

TopShelf … you called earlier and told me about your Intel … and I trust you … and I posted that you have full throttle.

TOPSHELF
:  Thank you family and the whole team.

It’s a pleasure working with this family and helping out where I can.

Yesterday we talked about a few things that were going on and the next few days … you’ll see where this is headed.

Today … Jack Lew made an impromptu speech … (for some people it was impromptu) LOL
.

I’m glad to see that it was “timely.”

It’s interesting.

They have a version (video) where it is consolidated (condensed down) to talking-points.

It’s exactly what I expected.

It clearly shows … exactly the BRICS and AIIB is and that they are a part of the infrastructure of the globe.

The globe is growing (debt levels) by leaps and bounds. The highest levels ever. But the resources are also vast!

Today, what JL did was basically explained some very basic and important points.

For a long time he’s been working with people (and the USA has been working with others for 70 years – different organizations).

There is good in every structure … environment … every country, people, religion etc.

Yes, there are “bad apples” and they have an agenda. I’m not about labeling certain people as “bad” – they can do that on their own with their actions.

It took 5 years … (70 years ago) … for the Britain citizens to understand that they were no longer the reserve currency of the world.

They were not the #1 reserve currency anymore.

We’ve tried to teach everybody what’s going on.

Five years … 2010 … 2015 … the USA begins to realize they are not the #1 reserve currency.

If they (USA) didn’t do things better … someone could take over that position.

The UST Secretary said that today.

They are publically disclosing things to you … in small ways.

Northern California … cyber security meetings were held.

WF – the only bank able to do a “certain transaction” … that also has a special deal with the Federal Reserve

*** See POST #37 *** See press release   (Posted Below)

This is them disclosing … quietly … the RV.

This is a very important time. Interesting don’t you think?

There are a lot of nuggets in this speech.

Remember some of the things you’ve been taught by iTeam … by Frank … and other people out there.

*** SEE ARTICLE BELOW ***

“The Federal Reserve Board and the Office of the Comptroller of the Currency today announced that they have permitted Wells Fargo and its subsidiary national banks to begin using the “advanced approaches” capital framework starting in the second quarter of 2015”

TOPSHELF … well … (LOL) … that doesn’t sound very important, does it Frank? LOL

FRANK – It sounds as if Wells Fargo is starting to “position” themselves.

TOPSHELF
– This is like them publically disclosing this now! They wrote the book a long time ago.

FRANK – That’s why I started telling the family to start watch how the USA is starting to balance its budget.

TOPSHELF –
What’s done is the resources … the value … to take care of these things. Now they have to spend it.
They are not “arguing” so much about things anymore.

TOPSHELF ** We go to the next paragraph …

“Under this framework, firms must meet specific risk-measurement and risk-management criteria when calculating their risk-based capital requirements.”

Can you say “Basel”?

See … it’s in the next sentence!

“The framework implements standards developed by the Basel Committee on Banking Supervision and applies to large, internationally active banking organizations–generally those with at least $250 billion in total consolidated assets or at least $10 billion in total on-balance sheet foreign exposure–and includes the depository institution subsidiaries of those firms.”

FRANK – I’m going to stay up late studying all of this

TOPSHELF
– they continue …


“Before a banking organization may use the advanced approaches framework, it must conduct a satisfactory trial, or “parallel run,” using the framework. Under the supervision of its regulator, a firm must show it can comply with the framework during the parallel run period for at least four consecutive calendar quarters by using risk-measurement and risk-management systems that adhere to the advanced approaches framework.”

TOPSHELF – they are disclosing what they have done, done, done!

FRANK – this is all from today!

TOPSHELF – let’s go on with the last paragraph …

“Wells Fargo and Company and its subsidiary national banks (Wells Fargo Bank Northwest, National Association; Wells Fargo Bank South Central, National Association; Wells Fargo Bank, National Association; and Wells Fargo Financial National Bank) have each completed a parallel run. These firms will use the advanced approaches framework to calculate and publicly disclose their risk-based capital ratios beginning in the second quarter of 2015. The firms must meet the minimum risk-based capital ratios under both the advanced approaches and the generally applicable risk-based capital frameworks.”

FRANK – Holy Cow! No wonder you kept this quiet!

TOPSHELF – it’s a matter of them putting it in ink … and now it becomes history. It just had to work itself through so it could be done the right way. AMAZING stuff going on.

2 to 3 trillion dinars … that’s all they’ve got left? That’s fabulous!

It’s not what they’re saying … it’s what they’re NOT saying that matters.

If you were coming into the next quarter (2015) … and we were going to convert something … going into the next quarter … you wouldn’t want to have “left-over” or used up more … or lost more than you had too.

FRANK
– very encouraging. It’s the same engineer … the same quarterback as in the 1990’s … Jack Lew!

I’ll bet you that they’ll start letting go of the [notion] that the IQD is a scam or a farce.

It looks like WF got a green-light.

TOPSHELF
… Now … let’s go to Jack Lew’s speech …

*** SEE POST #16 *** or  http://www.dinarrecaps.com/our-blog/ktfa-tuesday-night-conference-call-replay-link-and-articles

(This is HISTORY … 70 years … Bretton Wood … this is what I’ve been teaching. That’s why I love it. It talks about “the twelve” – it’s loaded with info about them … not talking directly in that manner … but letting them know that they are growing it … growing it from them).

Like this statement where Jack Lew states …

“Both our nations have a strong stake in that architecture, and we welcome China as a partner in maintaining and advancing high standards in institutions as we work together to address the challenges of the 21st century.”

TOPSHELF – You see … we talked about the BRICS and the AIIB … they are a part of the system. Improving the system … giving credit where credit is due. That always needs to continue.

FRANK
– this is also good pressure for Iraq in regards to the MR … it pushes them to take a position on a global scale.

TOPSHELF – Remember … The World Bank and the Asian Development Bank have worked in partnership for 30 years. This speech is just loaded …

“As we engage with China about the right approach to high standards for the international financial system, neither the United States nor China can afford to walk away from the institutions that make up the international economic architecture.”

TOPSHELF – In other words … they are working together … just like BackDoc has explained. It’s the same people. The good people that are there … making it stronger … safer … more security!

FRANK – “security” – not military wise but for the currency … which we will be pegged to under this framework. And of all people … involved in all of this is the Federal Reserve.

TOPSHELF – since China de-pegged its exchange rate from the USD in 2005 … R & B has appreciated 33% … since 2010 … the R & B has appreciated approximately 20% on a trade weight basis. China is also enhancing their reserve data. What is their reserve? GOLD!
We need to know what the true value of what their currency is. It should be priced too low or too high. It has to be a fair market rate … including adopting the IMF’s standards for reporting.

THIS IS IMPORTANT!!!

“China and the U.S. reached a bilateral agreement on expanding the Information Technology Agreement and China’s commitment in the S&ED to negotiate a Bilateral Investment Treaty with the United States under which U.S. firms would be treated like Chinese firms and given non-discriminatory market access, subject only to a specified list of exceptions.”

TOPSHELF – REMEMBER that word … TREATY!

“Together, the United States and China account for a third of global GDP and more than 40 percent of global GDP growth in the last three years. And while we cannot take on all of the world’s challenges, as the world’s two largest economies, we each have a strong interest, as well as a joint responsibility, to pursue policies that support the global economy.”

TOPSHELF – It’s amazing what they are doing!

The value, the value, the value … is everything … it is what gives your money what it’s worth.

This is one of the best written articles to understand where they are at.

FRANK
– If Iraq is a part of this … they must disclose the color of their underwear. What I see here is … this puts pressure on the speed of the MR of the IQD.

TOPSHELF
– it continues …

“At the 2013 S&ED, the United States and China announced the start of substantive negotiations on a U.S.-China Bilateral Investment Treaty that incorporates all stages of investment, including the pre-establishment phase.”

TOPSHELF … so what about security, security, security?

“It is important that China and the United States work with others to establish and maintain clear rules in cyberspace. We both have a strong interest in making sure that intellectual property, including trade secrets, is protected and violations are prosecuted strictly and effectively. Cyber-enabled theft of commercial technology or trade secrets, a modern form of piracy, is unacceptable – particularly by state-enabled actors.”

TOPSHELF – They are looking out for each other. Each country can have bad apples in it … but we don’t have to pit country against country.

“The United States proposed the G-20 process at the Finance Minister level in 1999, chaired the first G-20 Leaders meeting in 2009, advocated forcefully and successfully for greater emerging market representation on the IMF’s Executive Board. Congressional approval of IMF reforms will send a clear message to our friends and foes that America is determined to maintain our leading role within the international financial system. And, if the United States does not continue to play its part, others, including China, will step forward to do so.

China’s role in international development has grown and will continue to grow with its economy.

Let me close by pointing out that, as President Obama has said, America and China have worked to integrate China into the global economy because it is good for China, it is good for America, and it is good for the world.

Together, the United States and China are the globe’s two largest economies, and the actions we take to build prosperity, promote stability, and protect the environment will shape the 21st century. That is why it is in everyone’s interests for China to be a strong international partner. The United States welcomes China’s growing involvement in the global economic architecture, as China assumes a more significant role on the international stage, it falls on China to assume more significant responsibilities. These responsibilities reach far beyond any single issue. They encompass sustainable growth, environmental and worker safeguards, market reforms, the free flow of commerce and access to markets, ideas, and innovation, and the rule of law.”

FRANK – this is good … I see a grouping of two powerhouses … that can only be good for the other little guys who are leaning on it.
Iraq is involved in this too … but I can’t see Iraq being involved at 1166.

I think it’s good for both sides. Both sides were going in a direction of suicide.

This will bring a closer relationship. [Think about it] … where do you keep your enemies? You keep them very close to you.

FRANK – give me your opinion … how does this impact the monetary reform of the IQD?

TOPSHELFdefinitely in a positive light. These are the things that make sure that everybody wealth is protected and secure. The CBI now knows that their money is secured even outside of the CBI.

The USA … CHINA … agreeing what they are going to do. They are headed in the same direction.

In order for Iraq to participate … that means they have to be international … with an international rate.

What are they intending to do? To be Article 8 compliant.

Why? Because they are going to have an International rate.

FRANK – in the coming days … maybe by the 3rd [of April].

TOPSHELF - I’ve told my family and friends to just watch … and it will grow in confidence.

Remember to talk to your professional and find out what’s best for you and your family.

FRANK – don’t be in such a hurry. Be careful how much money you put into a trust fund. You don’t need to hurry and put your dinars in some kind of trust fund and spend thousands of dollars to set that up right now. You don’t need any “vehicle” right now. When the time comes … then get professional help. Don’t just go with one [person].

TOPSHELF – my first person I’ll contact will be my tax attorney.

If you find the best avenue … it’s not about speed … be smart about it … it’s about what’s best for you based on what you’re plans are. Make your plans. You will have more … so you can help more people … which could go on for generations. It’s about protecting
LONGTERM what you’re going to have.

FRANK
–As far as this news … to summarize … IMO – we are seeing a unity of two powerhouses.

I see pressure in Iraq’s purse. They need to come aboard and raise their value.

We gave an approximation of when the LOI was sent out … it almost sound like a clone of the same thing.

Watch … the US government is about to tell you they balanced their budget. How did they do that?

It’s like watching a rerun of Kuwait.


Rumors will begin … US government has balanced their budget. There won’t be an explanation to the public.

Of course … we will understand. (wink, wink)

Our country is planning on you investing … that’s why EO 13303.

This little windfall (for our government) will probably only last thru this presidency. It allow them to “soften” your vote.

Thank you brother for what you did.

TOPSHELF
– IMO … we are again getting the confidence as to what is happening. Keep watch the CBI and the ISX. This currency that you hold … is the VALUE that will help these super powers to fund the global purses of the MR. Everything has been planned out. Just sit back and enjoy it. Don’t fear it. Be smart, but don’t fear it.

FRANK
– I don’t expect people to travel to the middle-east to exchange. You can do what you want to do.
I just shared what I’m going to do … in my opinion. I will control when I pay taxes … quarterly taxes … etc.

I have a great responsibility for many.

I plan to do a lot of work for God with this money.

I am going to use it all up before I leave this world.

I will use it to help the Lord’s kingdom.

Thank you TopShelf … you knocked my socks off!

TOPSHELF
– it’s just amazing! I’m excited … I can see the progress that it is going where it’s supposed to be going. Let it continue down the path that it’s supposed to go down.

I’m going to do my transaction different than my brother’s and Frank. We all have our different ways [tof exchange].

Don’t take it personally … we’re all different … with different circumstances. You have to decide what is best for YOU!

FRANK – get help … find the people who you can trust that can help you.

Thanks again brother! I’m just shocked! I did not expect this.

TOPSHELF – One more thing … that speech was done with an organization that my family is connected. There are only 413 people who viewed that [speech] live (on that channel) and the people in the room.

There are so many things that we haven’t had a chance to go over tonight.

Look at the words … read the speech … and you’ll be able to connect things together.

History is about to take place! Thanks!


FRANK
– remember … Jack Lew is directly involved with the Iraqi reform. How many times has he been over there [Iraq]. For him to be involved in this … wow … we’re going to learn more in the next few days.

TOPSHELF
(typed into Frank’s conference room) – “Remember … don’t give up your IQD to just anyone!”

FRANK – we’re going to look at this deeper … if we need to talk about it later we will.

CC ended with prayer.

************

KTFA Tuesday Night CC:  Approx. 135 minutes long.

The first part is Bible Study and the second part is Iraq/Dinar Intel.

PLAYBACK # : 760.569.7699 PIN: 156996#

https://www.freeconferencecallhd.com/playback/?n=OTQCw/junQV

FrostyTheSnowman » March 31st, 2015, *** FROM TOPSHELF ***

http://www.federalreserve.gov/newsevents/press/bcreg/20150331a.htm

Joint Release

Board of Governors of the Federal Reserve System

Office of the Comptroller of the Currency

NR 2015-47

FOR IMMEDIATE RELEASE

March 31, 2015

Agencies Permit Wells Fargo to Begin Using Advanced Approaches Framework to Determine Risk-Based Capital Requirements

The Federal Reserve Board and the Office of the Comptroller of the Currency today announced that they have permitted Wells Fargo and its subsidiary national banks to begin using the “advanced approaches” capital framework starting in the second quarter of 2015.

Under this framework, firms must meet specific risk-measurement and risk-management criteria when calculating their risk-based capital requirements. The framework implements standards developed by the Basel Committee on Banking Supervision and applies to large, internationally active banking organizations–generally those with at least $250 billion in total consolidated assets or at least $10 billion in total on-balance sheet foreign exposure–and includes the depository institution subsidiaries of those firms.

Before a banking organization may use the advanced approaches framework, it must conduct a satisfactory trial, or “parallel run,” using the framework. Under the supervision of its regulator, a firm must show it can comply with the framework during the parallel run period for at least four consecutive calendar quarters by using risk-measurement and risk-management systems that adhere to the advanced approaches framework.

Wells Fargo and Company and its subsidiary national banks (Wells Fargo Bank Northwest, National Association; Wells Fargo Bank South Central, National Association; Wells Fargo Bank, National Association; and Wells Fargo Financial National Bank) have each completed a parallel run.

These firms will use the advanced approaches framework to calculate and publicly disclose their risk-based capital ratios beginning in the second quarter of 2015. The firms must meet the minimum risk-based capital ratios under both the advanced approaches and the generally applicable risk-based capital frameworks.

The great Iraqi dinar scam, in which con artists peddle the false hope of a massive revaluation of the Iraqi dinar, seems to be finally dying out.

That makes the time right for one of the architects of the scheme to make some more money, this time writing a book about her road to riches.

Eve Dakota (not her real name) told Iraq Business News that while the tricks used to gull people out of money are as old as civilization, the Iraqi dinar presented an opportunity probably unique in the history of scams.

Many of our victims believe there someone or something mysterious is controlling everything that happens, and we were able to tap in to that,” she said.

It appeals to some strands of Christianity, who see some association with the Book of Revelations and a resurgent Babylon; it appeals to the sort of conspiracy theorists who think that the CIA, Goldman Sachs, the Illuminati and the Republican Party have a grand plan for what they call a ‘Global Currency Reset (GCR)'; there are even people who think that this is all being controlled by extraterrestrial life forms.

All these people want to be on the inside, to be part of the chosen few who will profit spectacularly.

On top of all that, people desperately want to believe, with many even believing that by thinking positively and having ‘faith’ they can change the course of world events … these are the people we target.

Eve’s new book, “How to Make Millions Selling Iraqi Dinars“, will be launched later today.

The great Iraqi dinar scam, in which con artists peddle the false hope of a massive revaluation of the Iraqi dinar, seems to be finally dying out.

That makes the time right for one of the architects of the scheme to make some more money, this time writing a book about her road to riches.

Eve Dakota (not her real name) told Iraq Business News that while the tricks used to gull people out of money are as old as civilization, the Iraqi dinar presented an opportunity probably unique in the history of scams.

Many of our victims believe there someone or something mysterious is controlling everything that happens, and we were able to tap in to that,” she said.

It appeals to some strands of Christianity, who see some association with the Book of Revelations and a resurgent Babylon; it appeals to the sort of conspiracy theorists who think that the CIA, Goldman Sachs, the Illuminati and the Republican Party have a grand plan for what they call a ‘Global Currency Reset (GCR)'; there are even people who think that this is all being controlled by extraterrestrial life forms.

All these people want to be on the inside, to be part of the chosen few who will profit spectacularly.

On top of all that, people desperately want to believe, with many even believing that by thinking positively and having ‘faith’ they can change the course of world events … these are the people we target.

Eve’s new book, “How to Make Millions Selling Iraqi Dinars“, will be launched later today.

Investing.com –

Investing.com – Gold and copper prices got a boost on Wednesday in Asia on data that showed a better than expected figure for China manufacturing in March and an overall solid tone from data and surveys in Australia and Japan.

On the Comex division of the New York Mercantile Exchange, gold for June delivery rose 0.30% to $1,186.80 a troy ounce.

Elsewhere, silver futures for May delivery rose 0.48% to $16.678 a troy ounce.

Copper futures for May delivery gained 0.53% to $2.753 a pound.

A busy start to the second quarter with Australia releasing the AI Group Manufacturing Index for March that showed a 0.9 point gain to 46.3. In February the index gave back 3.6 points just when it looked set to capture the 50.0 mark.

Manufacturing is getting a boost from a fall in the exchange rate, but headwinds continue from other directions preventing the index from rising into expansion.

In the latest month manufacturers noted the further drop in mining construction, the progressive closure of motor-vehicle assembly and subdued local business investment in equipment.

In Japan, the first quarter Tankan business survey showed plus-15, below the expected at plus-16, but, up from plus-12 in December for the first rise in two quarters.

Australia February building approvals fell 3.2% month-on-month, less than the 4.0% month-on-month fall expected after a 7.9% gain in January.

Later, the RBA’s March Commodity Price Index is due at 1630 (0530 GMT) which showed a 2.7% month-on-month fall in February and 20.6% in year-on-year terms.

In China, the March CFLP manufacturing and services PMI rose to 50.1, better than the dip to 49.7 expected and up from February’s 49.9.

The HSBC (LONDON:LONDON:LONDON:HSBA) final PMI for March clocked in at 49.6, better than the 49.3 expected. Investors were shaken by the flash reading showing a surprising fall to 49.2 from February’s final 50.7, with slack domestic demand taking the blame.

Overnight, gold futures edged lower on Tuesday amid a modest uptick in the U.S. dollar on the final day of trading in March, as the precious metal posted its second consecutive monthly loss.

Global investors also awaited a potential deal regarding the destabilization of Iran’s nuclear program. Iran and a group of six major world powers reportedly moved closer to a preliminary accord on Tuesday afternoon in Lausanne, Switzerland, but had yet to reach a deal ahead of a midnight deadline. There were indications that the most complex issues would be deferred for a final agreement in three months.

In a briefing with reporters on Tuesday afternoon, White House press secretary Josh Earnest said talks with Iran could extend into Wednesday. Earnest added that the White House is interested in continuing negotiations on Tuesday as “long as they are productive.”

Elsewhere, Greece failed to reach an initial deal with its troika of creditors deemed necessary to stave off bankruptcy. Describing Greece’s proposal of austerity measures as a “list of ideas,” rather than “a concrete plan,” officials from the European Union and the International Monetary Fund dismissed the Greek package of reforms measures that are required to unlock critical aid.

Greece’s inability to reach a deal with its creditors has stoked fears that it could leave the European Union and eventually default on its sovereign debt.

Investing.com
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Stage3Alpha:   
.
R.V./GCR:  March 31, 2015 at 10:14pm April fools symbiotic relationship between the United States of America and China begin on April Fools day… in the meantime the PlayBook will be opened up on April Fools Day for the currency guidelines and revaluations… pray harder… just a few more charlie brown attempts to kick the ball

R.V./GCR: March 31, 2015 This is Real And Right in front of US all day long

AJM0603 March 31, 2015 My close friend just told me his cousin in Spain was called by his banker in Deutshe Bank in Frankfort to ask him if he could be there any time from tomorrow onwards to exchange his Dinars. His cousin told him he could not travel this week but would be there next Tuesday!  Hoping this means RI/GCR goes thru tonight globally.
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G T
March 31, 2015 at 9:50pm  

UPDATE 1-China needs more currency reform to meet IMF standard-U.S. official
Rory Carroll 4 Hours Ago   Reuters

SAN FRANCISCO, March 31 (Reuters) – The United States feels China’s yuan does not yet meet the standards for inclusion in the International Monetary Fund’s basket of global currencies, Treasury Secretary Jack Lew said on Tuesday.

“The yuan is the world’s fifth most-used currency in trade, and Beijing has made almost weekly strides this year in introducing the infrastructure needed to float it freely on global capital markets” – Jack Lew

http://www.cnbc.com/id/102550987

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LindaR  March 31, 2015 IMO  The highlight of Jack Lew’s s speech is that we are not joining the AIIB.  And so the script that is supposed to run, is running. and that is the crash of the evil, fiat, USD. 

This is the way it is all supposed to run.  Get all the world on an asset-backed currency, but not the U.S., who refuses. 

The crash will flush out all the evil, fiat U.S. currency out of all the world’s money reserves, and will be done with fiat; cabal will be gone, ’cause they can’t play their games anymore with our fiat currency.  and those countries that have been held down so long will be put onto a more even playing field. 

As a bonus, I’m sure this must be the plan, all debt will be forgiven.  And we all can start over clean.

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TNT:


[Sallypuff] It is sort of like going to school when we were younger. At many steps in the grades we often thought we knew quite a bit until we discovered later there was a lot more to learn in the same subject.

 How many of us could have figured out the complexities of creating a new democracy in a short time as Tony pointed out again yesterday. Could we have figured out how to create a new monetary valuation system that would adjust the values in over 160 countries and see a few currencies make major changes.

 In addition, at some level gov’t agencies have had to deal with the change of the US losing it sole reserve currency status and new reserve currency countries being set up.

And the banking system has undergone multiple changes including compiance with Basil 3 and the Dodd-Frank Act. That is a lot. I am glad I didn’t have to figure it out or all of you would be in serious trouble and would never see a RV.

[chaseybear] Sallypuff i agree very complex but very smart individuals are involved i am sure with every resource available and in the early years the GCR was never involved as well. But the only thing that bugs me is why would the contacts supply info everyday that tomorrow should be the day just does not make sense to me but what can we do right just enjoy the ride and hope we are near the end

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Sallypuff] Ken Davis on his daily radio program says lighten up. A laugh a day keeps the doctor away, and cuts down on the apple bill. The following, however, was not from him. Raymond and Bubba (Alabama mechanical engineers) were standing at the base of a flagpole, looking up. A woman walked by and asked what they were doing. ‘We’re supposed to find the height of the flagpole,’ said Bubba, “but we don’t have a ladder.’ The woman said, ” hand me that wrench out of your toolbox.” She loosened a few bolts, and laid the pole down. Then she took a tape measure from their toolbox, took a measurement, and announced, ‘Eighteen feet, six inches,’ and walked away. Raymond shook his head and laughed. ‘Ain’t that just like a Miss know-it-all woman! We ask for the height and she gives us the length!’ Bubba and Ray are still working for the government.

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[hogs4life] 3-31-2015  tman23 Iraq has NO LIQUIDITY…To RV the currency they need it to be accepted at it’s RV’d value by countries they will trade with…MAINLY PARIS CLUB which is the Group 19…

BUT…We are on the EVE of a Iran deadline for a nuclear deal…we have Boehner in Israel and Saudi’s pounding the war drum against Iran…Maybe a RV…tightens the screws on Iran… But don’t put the cart before the horse…

This deal with Iran is a BIG DEAL…and lines are drawn in the sand… Lots going on…much more important then the price of a phone card in Iraq.

KTFA:

Robdel  » March 31st, 2015, Frank,  Can you tell me why John Boehner is talking with PM Abadi? Are we back under the “Republic Status”?


@HaiderAlAbadi: PM Al-Abadi met with US Speaker of the House John Boehner and discussed coordinated efforts to defeat Daesh   http://t.co/zolqo2F3MG/s/8u64


bulldogal 
» March 31st, 2015, 4:45 pm  something interesting:

I just got an email from a politician bragging about a proposed bill to ‘balance the budget’…..interesting timing.

Here are some of the highlights about the proposed budget.

Balances in less than 10 years without raising taxes
Repeals Obamacare and moves ahead with patient-centered reforms
Boosts funding for national defense
Calls for a simpler, easy to understand tax code
Gives more power and authority over food stamps and Medicaid to the states
Cuts waste and eliminates unnecessary programs
Strengthens Social Security and Medicare to put them on more stable paths

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chacha » March 31st, 2015,  

WHY GOD MADE MOMS

Answers given by 2nd grade school children to the following questions:

Why did God make mothers?

1. She’s the only one who knows where the scotch tape is.
2. Mostly to clean the house.
3. To help us out of there when we were getting born.

How did God make mothers?

1. He used dirt, just like for the rest of us.
2. Magic plus super powers and a lot of stirring.
3. God made my mom just the same like he made me. He just used bigger parts.

What ingredients are mothers made of?
1. God makes mothers out of clouds and angel hair and everything nice in the world and one dab of mean.
2. They had to get their start from men’s bones. Then they mostly use string, I think.

Why did God give you your mother and not some other mom?
1. We’re related.
2. God knew she likes me a lot more than other people’s mom like me.

What kind of a little girl was your mom?

1. My mom has always been my mom and none of that other stuff.
2. I don’t know because I wasn’t there, but my guess would be pretty bossy.
3. They say she used to be nice.

What did mom need to know about dad before she married him?
1. His last name.
2. She had to know his background. Like is he a crook? Does he get drunk on beer?
3. Does he make at least $800 a year? Did he say NO to drugs and YES to chores?

Why did your mom marry your dad?

1. My dad makes the best spaghetti in the world. And my mom eats a lot..
2. She got too old to do anything else with him.
3. My grandma says that mom didn’t have her thinking cap on.

Who’s the boss at your house?

1. Mom doesn’t want to be boss, but she has to because dad’s such a goof ball.
2. Mom. You can tell by room inspection. She sees the stuff under the bed.
3. I guess mom is, but only because she has a lot more to do than dad.

What’s the difference between moms and dads?
1. Moms work at work and work at home and dads just go to work at work..
2. Moms know how to talk to teachers without scaring them.
3. Dads are taller and stronger, but moms have all the real power cause that’s who you got to ask if you want to sleep over at your friends.
4. Moms have magic, they make you feel better without medicine.

What does your mom do in her spare time?
1. Mothers don’t do spare time.
2. To hear her tell it, she pays bills all day long.

What would it take to make your mom perfect?
1. On the inside she’s already perfect. Outside, I think some kind of plastic surgery.
2. Diet. You know, her hair. I’d diet, maybe blue.

If you could change one thing about your mom, what would it be?

1. She has this weird thing about me keeping my room clean. I’d get rid of that.
2. I’d make my mom smarter. Then she would know it was my sister who did it not me.
3 I would like for her to get rid of those invisible eyes on the back of her head.

WHEN YOU STOP LAUGHING — SEND IT ON TO OTHER MOTHERS, GRANDMOTHERS, AND AUNTS….and anyone else who has anything to do with kids or just needs a good laugh!!!!!!

Millionday News 3/31/15  

Welcome to dinarupdates.com for News Time with Millionday!!

Millionday: THIS IS VERY INTERESTING AS I WANT YOU TO READ EVERY EVERY EVERY WORD

Millionday: Parliamentary finance committee, said that the Governor of the Central Bank of Iraq, told her that the exchange rate of the Iraqi dinar against the dollar will return to normal in the coming weeks.

The record of the Iraqi dinar exchange rate against the dollar decline over the past few days and arrived in 1270 dinars a per dollar, while the Central Bank of Iraq depends to a fixed exchange rate to the dollar in 1166.

Millionday: NOTE — THE FIXED RATE OF 1166 WILL BE RETURNED IN THE COMING WEEKS — OR WHATEVER RATE THEY PLAN ON — SMILE
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Millionday: The committee member said Masood Haider’s ( IMN ), “The Governor of the Central Bank of Iraq was informed that the financial decline of the Iraqi dinar exchange rate due to the speculative traders in the market,

especially after the implementation of the central bank’s actions, which included control fully the phenomenon of money laundering.”

Millionday: Masood added that “the central bank governor of Bank experts assured the committee that the dinar exchange rate against the dollar will return to normal in the coming weeks.”

The government is seeking to compensate for the decline in the sale of oil prices in the international markets to pump more crude oil, due to the need for more cash to fund massive military campaign against Daash terrorist gangs.

Millionday: SO OF COURSE THE MOST EXCITING COMMENT IN THE REPORT IS THE “RETURN TO NORMAL IN THE COMING WEEKS” — I CAN TELL YOU WHY — 

YEARS AGO SALEH USED TO REFER TO THE ECONOMIC REALITY AS A RETURN TO “NORMAL” — SO INTERESTING INDEED

TimandJulie: So IF it comes back AT 1166, what will be the diagnosis

Millionday: I CAN GIVE YOU MY OPINION ON THE SUBJECT WITH NO INK ON IT AT THIS TIME BUT IT WAS IN INK IN THE PAST

TimandJulie: i guess i mean how long then till it really RV’s

Millionday: THERE WAS A REPORT ON CBI YEARS AGO THAT HAD A STATEMENT BY SHABIBI THAT WAS LISTED THERE FOR A LONG TIME — (not to be found now) AT LEAST BY ME –

AND IT HAD THE ENTIRE ECONOMIC REFORM POLICY LISTED AND ALSO APPEARED TO HAVE THE ECONOOMIC DEVELOPMENT STEPS AS WELL –

Millionday: THE FIRST HALF OF THE YEAR PER THE STATEMENT HAD 1166 (REFERRED TO THE PROGRAM RATE) LISTED AS THE RATE THAT WILL BEGIN TO BE USED AND THE SECOND HALF HAD NO FIGURE LISTED AT THAT TIME —

Millionday: IT HAS MANY SUBJECT MATTER LISTED AND WAS A HUGE REPORT WITH OVER 70 PAGES — TO NOT BE FOUND AGAIN BY MY EYES

Millionday: MAKE SENSE TIM?

TimandJulie: i hope so

ol lar: ol lar: Does anyone know if the United nations operational rates are posted first or the Central banks, Because the UN operational rates are always posted on the first day of any given month, http://treasury.un.org/operationalra…r&country=Iraq

http://treasury.un.org/operationalrates/Details.aspx?code=IQD&currency=Iraqi+Dinar&country=Iraq

Millionday: OL LAR — THE MOST ACCEPTABLE TIMING FOR A CURRENCY MARKET CHANGE FALLS GLOBALLY ON THE 1ST AND THE 15TH OF EVERY MONTH — IF IT IS NOT READY OR THE COUNTRY HAS OTHER PLANS BUT –

THE TWO DIFFERENT TIMES ARE THE BEST TIMES MARKET WISE — EVEN THOUGH SOMETIMES THEY MAY NOT LIST CHANGES MADE YET –

MATHMATICALLY — ECONOMICALLY ETC THE MARKET DICTATES THAT THE 1ST AND THE 15TH ARE THE BEST AND THE LESS NEGATIVELY IMPACTED BY CURRENCY CHANGES AND SOME OTHERS IMPACTS AS WE HAVE WITNESSED IN THE PAST

wvchsr19: if they come out at 1166 could this be the “float rate” some are talking about and they let the market run it from there

Millionday: NO THIS IS THE IMPOSED RATE THAT WAS PUT IN PLACE WHEN SANCTIONS WERE PLACED

LONG J: a week ago ro two we heard that abadi and the governor of the cbi were discussing foreign exchange rates. now they are talking about a float? what us your opinion. and why would they not make it a fixed rate for a while and then let its float?

Millionday: THE LISTING IN THE MARKET BY USING A FLOAT FOR THE CURRENCY GAIN OR LOSS IS STRICKLY TO DECIDE THE BEST FOR THE COUNTRY AS THEY EMERGE –

 MY OPINION WOULD BE THE HUGE IMPACT AND HOW IT WOULD AFFECT THE PRICING INDEX (GLOBAL) — STABILITY– AND CONFIDENCE IN THE COUNTRY AS IT RETURNS TO THE GLOBAL MARKET —-

Millionday: I WOULD WANT ALL INFO AND HOW IT ALL WOULD BE IMPACTED — IT WOULD TAKE THE MANY EXPERTS IT ALREADY HAD TO GET ANYWHERE CLOSE TO AN IDEA OF WHAT WOULD BE RIGHT FOR IRAQ — HUGE DECISION TO SAY THE LEAST IMO

LouieSlipps: your professional background

Millionday: I DO NOT RELEASE ANY PRIVATE INFO — I AM NOT ON SOCIAL MEDIA AND I SHARE AS LITTLE AS POSIBLE AS I HAVE BEEN TOLD BY MY FATHER BEFORE HE PASSED —

LouieSlipps: Sorry

Millionday: NO REASON TO BE SORRY HUN — I WILL SAY ONE MORE THING ON THE SUBJECT AND THEN MOVE ON — I WANT THE FLOOR

Millionday: THIS IS A HUGE EVENT — AND THE ODDS THAT SOMEONE IS HERE FOR ILLEGAL ACTIVITY ARE VERY LARGE — THEY ARE AS LARGE AS SOMEONE BESIDE YOU IN THE STORE WITH A POCKET FULL OF MONEY STEALING A CANDY BAR –

– DOESNT MAKE MUCH SENSE BUT IT IS THE WAY IT IS — DO NOT GIVE ANY INFO ABOUT YOU TO ANYONE AT ALL

Millionday: New: GCT announced, Sunday, that the new coordination mechanism approved by the central bank comes to regulate and tax verification procedures, and follow-up on the ground, pointing out that the tax itself existed in the past and changed collection procedures.

Millionday: NOTE — THEY HAVE THE TARIFF/TAXATION ORGANIZED AND READY TO GO ACCORDING TO THIS

Millionday: The general director of tax Kazem al-Moussawi In a press statement, said that «the existing coordination with the Central Bank and customs, and the Association of Banks», indicating that «the recent work on the empowerment of the private banks of these instructions».

He added that «the Commission in light of the recent proceedings relating Balastairadat conducted through private banks window move through the traditional mechanism to new again is quite different from the old,

to ensure the verification of goods and tax payment », adding that« mechanism court several measures, and several official bodies and private banks ».

Millionday: NOTE — LOL — IT ENSURES THAT … THE NEW ONE IS ALOT DIFFERENT THAN THE OLD AND ENSURES THAT THE TAXATION IS PAID –

Millionday: He pointed out that «coordination at the highest level between the Association of Banks and the relevant authorities to ensure the rights of all parties, and not impact on prices in the domestic market »,

pointing out that« the tax existed in the past and only verification of tax procedures and follow-up mechanism vary ».

It is noteworthy that the Iraqi Central Bank decided Thursday March 25, 2015 to approve the meet 8% of the taxes and customs import by private banks, while the Association of Iraqi banks suggested that this decision reflected positively on the Iraqi economy and the private sector.

The central bank imposed a special program for tax guarantees and customs of goods, while among banking and economic shown that this procedure was guided by Council of Ministers to determine the action traders and keep them away from illegal transactions in foreign currency smuggling.

Millionday: SO THIS IS TO ENSURE THE LEGAL PAYMENT SYSTEM OF TAXATION AND TO ENSURE IS SO INPORTANT IN BUSINESS THAT IT IS COMMONLY –

NOT RECORDED OR EVEN DONE CORRECTLY IN ALL ASPECTS DUE TO SIMPLE MISUNDERSTANDING SO OF COURSE THIS ADDS WITHOUT A DOUBT — HUGE CONFUSION

Millionday: . Praised the commander of the armed forces, Haider al-Abadi, on Tuesday, the courage of the Iraqi pilots, stressing that Tikrit’s successful experience will be repeated in other areas.

Ebadi said office said in a statement received by the agency / information / copy of it, “Prime Minister and Commander in Chief of the Armed Forces Haider Abadi accept it at the beginning of the regular session of the government,

which was held this morning, developments and field results in the liberation of Salahuddin province process.”

Millionday: NOTE — TIKRIT FORMAL SUCCESS

Millionday: The statement quoted Abadi say that the “liberation of Tikrit process are joint efforts of the army, the police and the crowd and popular sons of the tribes and the people of the city of Tikrit, and by air,

and the bombing of the center of the Iraqi Air Force and the Army Aviation gangs Daash criminal, praising the courage of the Iraqi pilots.”

He added that “Tikrit successful experience will be repeated in other areas of what the results of the field and on the human level and the protection of civilians to the fullest extent, along with a few losses in our security forces.”

Millionday: It is noteworthy that the security forces backed factions of the Islamic Resistance and the crowd and popular tribal members were able today to enter the city of Tikrit, the center of the control of the presidential palaces

and many government buildings, while the Hezbollah Brigades asserted control over the military leadership of the groups “Daash” criminal headquarters and the system of communication to Ha.

Millionday: SO THE ISSUED CONTROL AND ARE NOW MOVING FORWARD WITH COUNTRY SUCCESS — WHOOOPOW

Millionday: number of specialists affairs banking on the importance of the development of anti-money laundering law and make it consistent and supported in the developed world, and argued that all banks have units anti money laundering act professionally and in accordance with the Bank’s instructions Iraqi Central.

Executive Director of the Association of private banks in Iraq, Tariq pointed to the importance of the development of anti-money force laundering law,

pointing out that the central bank is currently being necessary amendments to the Act and make it more organized movement of Iraqi funds and away from all forms of violations that accompany the flow of the movement of cash inside and outside Iraq.

Millionday: NOTE — THE MONEY LAUNDERING LAW IS TO BE INTERNATIONALLY COMPLIANT TO PROTECT WHAT THEY HAVE DISCOVERED

Millionday: READ EVERYWORD>>>>He noted in a statement »Sabah» that the Association is following the development of modules anti-money laundering in Iraqi banks and in accordance with international standards, 

and this comes within the new directions for the work of the Association and aimed at the promotion of the private and make it compete with global banks in terms of Almentjat.obin Tariq banking work The Iraqi banking sector development is the most important pillars of sustainable development sought by Iraq, 

pointing out that the international effort evolving needs a banking sector is able to provide products to suit the size of the work done in the country, noting that most of the global companies considering work from all sides environment before entering to any country.

Millionday: NOTE — THIS LAW FOR FUND PROTECTION AND SECURITY IN PLACE IS BEING PUT IN SO INVESTORS HAVE CONFIDENCE TO BRING FUNDS IN TO THE COUNTRY AND IS ALL ABOUT THE SUCCESS OF THE GOAL OF A MARKET ECONOMOMY AND ITS FUNDING

Millionday: NOTE — THIS REPORT IS SO FULL OF INFORMATION — PLEASE READ EACH AND EVERYWORD — IT IS VERY IMPORTANT

Millionday: The banking advisor Dr. Essam Mahouelle has said that all operating in Iraq banks, whether civil or government has the units involved in the fight against money laundering and operating according to the approved, 

stressing international standards in a statement the “morning” that the central bank does his job professionally and should to preserve the independence and not subject to any pressure, 

pointing to the importance of Iraq for a credit rating, which plays a major role in the development of Iraq,

Millionday: NOTE — THIS IS ALL GOING TO IMPACT THE CREDIT RATING THAT IS SO VERY IMPORTANT NOT ONLY TO IRAQ BUT ALL COUNTRIES AS FAR AS THAT GOES

Millionday: including proportional and put the banking and financial economist at the order and peace of the rankings of these two Ganpin.wachar Mahouelle that there is a correlation between the phenomenon of money laundering 

and financial and administrative corruption must be discovered and resolved, and the elimination of organized crime and adjust operations bleaching money and establish laws to prevent the waste of public money and the elimination of administrative and financial corruption

Millionday: NOTE — THE FUNDS AND ALSO THE AUDITS ARE SO VERY IMPORTANT TO GET IRAQ IN THE DIRECTION THEY ARE HEADED WITH THEIR MARKET

Millionday: AND ALSO IT WOULD NOT SURPRISE ME FOR MANY REASONS

Millionday: HERE WE GO

Millionday: THIS IS WHOOOPOW

Millionday: Parliamentary Legal Committee announced Tuesday for the formation near the “body of national reconciliation” in the coming days, as shown that the body will differ from the National Reconciliation Commission. 

The committee member said Salim Shawki told / information /, “The Prime Minister Haider al-Abadi would be a new body as” the body of reconciliation and justice, “and calls her the moderates of all political parties participating in the government.”

Millionday: NOTE — AND HERE WE GO WITH THE MOVE FORWARD OF THE NATIONAL RECONCILIATION

jarhead: Well tikrit is not totally taken the flag is at the center but not over do u agree???

Bentley: Heard Sec of Treasury and J. Beahnor are over there…Confirmed? Wonder what they are doing there?

Millionday: I HAVE HEARD THAT A WHOLE DELEGATION IS OVER THERE RIGHT NOW

Millionday: I AM NOT SURE THAT THEY ARE THERE FOR MORE THAT MILITARY BUT THEY ARE THERE WITH EXPECTATIONS FOR TOMORROW

poppy3 Millionday: ALSO BAN KI MOON FROM UNITED NATIONS IS REPORTED THERE. AND A GROUP FROM THE UST. WORLD BANK. POPPY3

poppy3 Millionday: THEY ARN’T THERE TO EAT SHRIMP AND DRINK ? TIME WILL TELL VERY SOON. POPPY3

rudie: MILLIONDAY’S COMPUTER KEEPS FREEZING AND SHE’S CALLING IT A NIGHT. SEE EVERYONE AT ROUNDTABLE TOMORROW

http://www.dinarupdates.com/observer/

http://www.dinarupdates.com/blog/

http://www.dinarupdates.com/showthread.php?15296-Millionday-News-3-31-15

(Dinar Recaps Note: This post is for informational purposes only.  It is not legal, tax or investment advice.  Dinar Recaps advises that everyone should do their own due diligence and seek local Professional tax, legal and/or investment advisers.)

KTFA Tuesday Night CC:  Approx. 135 minutes long.

The first part is Bible Study and the second part is Iraq/Dinar Intel.

PLAYBACK # : 760.569.7699 PIN: 156996#

https://www.freeconferencecallhd.com/playback/?n=OTQCw/junQV
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Articles and Video Mentioned on Tonights KTFA CC:

FrostyTheSnoman» March 31st, 2015, SUBMITTED FROM TOPSHELF

WELLS FARGO gets U.S. approval to use internal models for capital.

WASHINGTON (Reuters) – Wells Fargo won regulatory approval on Tuesday from federal banking regulators to use its own tailored risk models for determining its capital requirements.
The sign-off by the Federal Reserve and the Office of the Comptroller of the Currency comes about one year after the regulators gave similar approvals to other big banks.

http://www.reuters.com/article/2015/03/31/fed-wellsfargo-capital-idUSL2N0WX1XA20150331

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FrostyTheSnowman » March 31st, 2015, *** FROM TOPSHELF ***

http://www.federalreserve.gov/newsevents/press/bcreg/20150331a.htm

Joint Release

Board of Governors of the Federal Reserve System

Office of the Comptroller of the Currency

NR 2015-47

FOR IMMEDIATE RELEASE

March 31, 2015

Agencies Permit Wells Fargo to Begin Using Advanced Approaches Framework to Determine Risk-Based Capital Requirements

The Federal Reserve Board and the Office of the Comptroller of the Currency today announced that they have permitted Wells Fargo and its subsidiary national banks to begin using the “advanced approaches” capital framework starting in the second quarter of 2015.

Under this framework, firms must meet specific risk-measurement and risk-management criteria when calculating their risk-based capital requirements. The framework implements standards developed by the Basel Committee on Banking Supervision and applies to large, internationally active banking organizations–generally those with at least $250 billion in total consolidated assets or at least $10 billion in total on-balance sheet foreign exposure–and includes the depository institution subsidiaries of those firms.

Before a banking organization may use the advanced approaches framework, it must conduct a satisfactory trial, or “parallel run,” using the framework. Under the supervision of its regulator, a firm must show it can comply with the framework during the parallel run period for at least four consecutive calendar quarters by using risk-measurement and risk-management systems that adhere to the advanced approaches framework.

Wells Fargo and Company and its subsidiary national banks (Wells Fargo Bank Northwest, National Association; Wells Fargo Bank South Central, National Association; Wells Fargo Bank, National Association; and Wells Fargo Financial National Bank) have each completed a parallel run.

These firms will use the advanced approaches framework to calculate and publicly disclose their risk-based capital ratios beginning in the second quarter of 2015. The firms must meet the minimum risk-based capital ratios under both the advanced approaches and the generally applicable risk-based capital frameworks.

FrostyTheSnowman » March 31st, 2015,  *** FROM TOPSHELF ***

This video of Jack Lew was CONDENSED DOWN to 2 min. 35 sec.

http://asiasociety.org/video

Excerpts from:

 
http://www.dinarrecaps.com/our-blog/remarks-from-ust-secretary-jack-lew-on-the-international-econimic-archetechture-and-importance-of-aiming-high

“We have made clear to China that the United States stands ready to welcome new additions to the international development architecture, including the Asian Infrastructure Investment Bank, provided that these institutions complement existing international financial institutions and that they share the international community’s strong commitment to genuine multilateral decision making and ever-improving lending standards and safeguards.

The standards and safeguards are designed to foster sustainable development by curbing corruption, preventing environmental damage, and ensuring protection of both laborers and affected communities.

I was encouraged by my conversations in Beijing in which China’s leaders made clear that they aspire to meet high standards and welcome partnership.

Our consistent focus on standards has already had an impact and, as lending begins, the test will be the character of the projects funded and their impact on the people and country they serve. Having the AIIB co-finance projects with existing institutions will help demonstrate a commitment to the highest standards of governance, environmental and social safeguards, and debt-sustainability.

The United States recognizes that it bears a special responsibility for the sound functioning of the international financial system given the significant impact of the U.S. economy on global economic conditions and the dollar’s role in international finance system. That responsibility begins at home, through sound fiscal, monetary, and regulatory policies. But our responsibility also extends abroad, including the need to embrace the increased role of emerging markets to reinforce multilateral rules of the road and international cooperation.

To be clear, China and other emerging markets deserve to have their voices heard. They will have an important role in setting rules and standards for the multilateral system in the future. But it is also true that the slate is not blank. There is accumulated experience and knowledge – developed multilaterally and internationally – that should be preserved and built upon. China is much more likely to succeed, and the rest of the world with it, by aiming high.

Let me close by pointing out that, as President Obama has said, America and China have worked to integrate China into the global economy because it is good for China, it is good for America, and it is good for the world.”

US Backs China-Led AIIB Ahead Of Joining Deadline

BEIJING: The US today hinted at joining the China-sponsored Asian Infrastructure Investment Bank (AIIB) before the deadline tomorrow saying it is looking forward to cooperating with the new bank which most US allies have joined disregarding its objections. 

US can cooperate with the bank as it welcomes and supports proposals that are helpful to infrastructure construction, US Treasury Secretary Jacob Lew said. 

Lew is here for talks with Chinese officials. The cooperation can be carried out through the China-US Strategic and Economic Dialogue (SED), the World Bank and the AIIB, and any other mechanisms accepted by the two countries, Lew said in his talks with Chinese Premier Li Keqiang earlier on, Chinese Vice Minister of Finance Zhu Guangyao quoted him as saying. 

Lew’s “surprise” visit here ahead of the last date for joining the bank has sparked speculation that the US is negotiating with China to join the bank which it opposed earlier stating that it lacked transparency.
~~~

Already India, along with 30 countries including staunch US allies UK, Germany and France have joined the bank making the Barack Obama administration rethink its concerns that it could become a competitor to the US-led World Bank, IMF and ADB, as it is set to start with USD 50 ..

http://economictimes.indiatimes.com/articleshow/46747901.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

Picture
Chinese Premier Urges U.S. To Approve IMF Quota Reform

Chinese Premier Li Keqiang (R) meets with Treasury Secretary of the United States Jacob Lew in Beijing, capital of China, March 30, 2015. (Xinhua/Huang Jingwen)

BEIJING, March 30 (Xinhua) — Chinese Premier Li Keqiang met with U.S. Treasury Secretary Jacob Lew on Monday, expressing hope that the United States can approve reform to the International Monetary Fund (IMF) that will give China more sway in the organization.

Li said when meeting Lew in the Great Hall of the People that China hopes the U.S. side will support the adoption of the RMB in the basket of special drawing rights, an exchange arrangement under the IMF.

Picture
The United States holds the largest stake in the IMF and has the sole power of veto on reform of the West-led international financial organization.

In a meeting that touched on many other aspects of global economic affairs, Li emphasized that China and the United States should jointly advance liberalization and facilitation of global trade and investment. He petitioned Lew over the United States relaxing limits on exports of high technology to China.

Li said negotiations that are about to start over establishing a list of banned practices under the two countries’ bilateral investment treaty (BIT) will be their focal point on in the coming months. He said the Chinese government will further open up service and manufacturing industries by slashing the number of foreign investment limits by half.

“China will open its door even wider to the outside world,” Li said.

“The China market will be even more open, transparent and predictable,” he vowed.

Lew expressed expectation that the BIT negotiation will make progress. He welcomed China playing a bigger role in the development of infrastructure in Asia and said the United States is ready to cooperate with China on both bilateral and multilateral levels.

President Xi Jinping’s upcoming state visit to the United States will strongly advance the development of China-U.S. relations, according to Lew.

He said the U.S. side expects Xi’s visit within this year.

Li and Lew agreed that said in the next stage, the two sides should jointly stage the new round of their Strategic and Economic Dialogue (SED) and high-level consultation on people to people exchanges so as to enhance mutual trust, deepen cooperation and conduct even closer communication and coordination on major regional and international issues.

Li said a sound China-U.S. relationship conforms with the interests of both sides and is conducive to peace, stability and prosperity in the Asia-Pacific region and the world as a whole. He pointed out that as the largest developing and developed countries in the world, China and the United States are highly complementary in their economies and share broad prospect of cooperation.

Lew said China’s growth, prosperity and deep involvement in the international system conforms with the interests of the United States.

Li and Lew also exchanged views on regional and international issues of common concern.

http://news.xinhuanet.com/english/2015-03/30/c_134110907.htm
U.S. Looking Forward To AIIB Cooperation: Jacob Lew

Editor: huaxia

BEIJING, March 30 (Xinhua) — U.S. Treasury Secretary Jacob Lew said on Monday that the United States is looking forward to cooperating with the Asian Infrastructure Investment Bank (AIIB), as it welcomes and supports proposals that are helpful to infrastructure construction.

The cooperation can be carried out through liaison between the China-U.S. Strategic and Economic Dialog (SED), the World Bank and the AIIB, and any other mechanisms accepted by the two countries, Lew said in his talks with Chinese Premier Li Keqiang earlier on Monday, according to Chinese Vice Minister of Finance Zhu Guangyao.

Zhu told Xinhua after the hour-long talks that Lew also welcomes China playing a bigger role in international economic affairs.

He added that Lew said the United States hopes the AIIB can formulate a quality management structure and that it is ready to discuss this with China.

The meeting came ahead of the March 31 deadline for countries to apply to become founding members of the AIIB, which will aim to support infrastructure projects in Asia.

Zhu said Lew came to China to prepare for the upcoming SED in June and President Xi Jinping’s state visit to the United States in September.

“The SED is also a working procedure to ensure the meeting between the two presidents is a success,” he said.

“I think the meeting we have today and the meeting we have in the SED will help up move U.S.-China relations forward,” Lew told Li.

Besides meeting with Li, Lew also held meeting with Chinese Vice Premier Wang Yang and heads of other government departments.

“The meeting with Premier Li was very fruitful. Both sides voiced hope for each other’s economic success,” Zhu said.

Facing the instability and uncertainty of world economic recovery, it is very important that China and the United States coordinate on economic policy and maintain economic growth, he noted.

Zhu said Li also asked Lew to feed back three points to the U.S. side:

— China will steadily abide by a peaceful way of development.

— China will endeavor to promote regional peace, stability, development and prosperity.

— China is ready to work with United States to expand their common interests and properly handle disputes. There are broad prospects for cooperation and the relationship between the two.

http://news.xinhuanet.com/english/2015-03/30/c_134110884.htm

Farid: Ringgit should trade at 3.30 to US dollar

The Star Online11 hours ago

SINGAPORE: The ringgit should be trading at 3.30 to the US dollar, if one were to take into account the country's reserves and the difference between the spot forward rates, said Malayan Banking Bhd (Maybank) group president and chief executive officer …
U S Department of Treasury : Remarks of Secretary Lew … on the International Economic Architecture and the Importance of Aiming High

SAN FRANCISCO – Let me begin by thanking George Shultz for the kind introduction, and I want to thank Jack and the members of the Asia Society for having me here today. I have had the honor to follow George at three of the finest agencies of the federal government, OMB, the State Department and now Treasury.

At each, after a generation, George is remembered and admired for his intellect, integrity and leadership, and one can only hope to leave behind the kind of lasting legacy that inspires others who follow. The Asia Society is dedicated to shared prosperity, and no issue is of deeper concern right now on the international stage.

In a world that is changing fast and getting smaller, the challenge for every nation is how to serve our national interests and also work together to make sure economic gains are broadly achieved.
….

Seventy years ago, as one of the darkest chapters in world history was coming to a close, President Franklin Roosevelt called for the creation of new international financial institutions.

Recognizing that rampant economic nationalism and protectionism deepened the Great Depression and the slide to war, he said these international institutions would make the difference between “a world caught again in the maelstrom of panic and economic warfare …and a world in which the members strive for a better life through mutual trust, cooperation and assistance.”

The international architecture began at Bretton Woods with the World Bank and the International Monetary Fund, and was followed with the predecessor to the World Trade Organization -creating the foundation for economic growth, free markets, and financial stability around the globe.

That architecture has made possible an extraordinary period of world-wide growth and prosperity that has lasted for generations. And with the help of these institutions, millions of people have been lifted out of poverty. Nowhere is this truer than in China.

In the almost four decades since it began market-oriented economic reform and turned to the global market, China’s per capita income has grown 19-fold, lifting 680 million Chinese out of poverty. China’s share of global GDP has increased from about 3 percent in 1990 to roughly 13 percent in 2014.

This transformation was certainly driven by Chinese policy choices but it was also fueled by the availability of open markets and a rules-based global trading system, along with the investments, advice and experience of the international financial institutions.

For instance, the World Bank and Asian Development Bank have worked together in partnership for more than 30 years, and over the course of that partnership, they have invested more than $70 billion to support China’s efforts to help the Chinese people climb the ladder of prosperity.

I returned today from meetings in Beijing, where I had frank and constructive conversations with Chinese leaders about the state of our two economies, the bilateral issues we face, and the implementation of China’s Third Plenum reforms.

In particular we discussed China’s goal of having the market play a “decisive role” in China’s economy, and I made clear that along with reforms, it is important to avoid new policies – including technology policies – that work counter to this goal.

I emphasized that the United States welcomes an emergent China that advances peace, prosperity, and stability. Continued strong growth in China, particularly growth based increasingly on consumer spending, supports global growth and prosperity.

We welcome China having a significant role in the global economic and financial architecture, along with a growing sense of responsibility for it.

Both our nations have a strong stake in that architecture, and we welcome China as a partner in maintaining and advancing high standards in institutions as we work together to address the challenges of the 21st century.

With China’s economic growth and emerging focus on driving international development, there is considerable interest in how China will integrate into the framework for international economic relations sustained since World War II, how it will use its new influence, and what ideas and ideals it will promote.

I believe that it is in China’s interest to continue embracing the international financial system, which provided the foundation for its four decades of growth and prosperity. But I also understand that China looks back at a history that was shaped while it was a developing economy.

There is a broad spectrum from totally embracing the legacy of Bretton Woods, to starting with a blank slate and writing new rules. The question is where on this spectrum China will land.

And while we begin any conversation based on the lessons we have learned since the Bretton Woods agreements about high standards in trade and investment, development, financial transparency, and macroeconomic and exchange rate policies, we also acknowledge that much has evolved as we learned from our experiences.

As we engage with China about the right approach to high standards for the international financial system, neither the United States nor China can afford to walk away from the institutions that make up the international economic architecture.

I am encouraged by my conversations with China’s leaders, which reflect a strong desire to remain deeply engaged in existing international institutions and a strong desire to benefit from the lessons learned over the past 70 years as new organizations are launched. China’s drive to reform and recognition of the need for high standards reflects the importance of our ongoing engagement.

I would like to discuss today why working together to maintain high standards is in our shared interest. Very early in the Obama Administration we decided to expand the U.S.-China Strategic & Economic Dialogue to serve as a platform to address the most important issues in our bilateral economic and strategic relationship.

From the beginning, a central goal was to strengthen our cooperation with China in the many areas where our interests overlap, to candidly seek resolution of issues on which we have differences, and to strengthen China’s stake and role in the global system. And over time, the S&ED and other high-level engagements have produced real results for the American people:

Since early 2009, U.S. exports of goods to China have roughly doubled, growing much faster than our exports to the rest of the world. Last year, the United States exported around $166 billion in goods and services to China.

Since China de-pegged its exchange rate from the dollar in 2005, the RMB has appreciated approximately 33 percent. Since 2010, the RMB has appreciated approximately 20 percent on a trade-weighted basis. China is also enhancing the transparency of its reserve data, including by adopting the IMF standards for data reporting.

China and the U.S. reached a bilateral agreement on expanding the Information Technology Agreement and China’s commitment in the S&ED to negotiate a Bilateral Investment Treaty with the United States under which U.S. firms would be treated like Chinese firms and given non-discriminatory market access, subject only to a specified list of exceptions.

Together, the United States and China account for a third of global GDP and more than 40 percent of global GDP growth in the last three years. And while we cannot take on all of the world’s challenges, as the world’s two largest economies, we each have a strong interest, as well as a joint responsibility, to pursue policies that support the global economy.

An open and increasingly liberalized global trading system – a system we helped to shape – remains crucial to China’s growth and prosperity, as well as to our own. America’s open economy has fueled growth and opportunity for our businesses, workers, and farmers: it gives us a large and growing market for U.S. goods and services, allows us to leverage our unique ability to specialize in high value-added, technologically intensive products, from agriculture to microprocessors, and supports high-paying export-driven jobs.

We have enjoyed tremendous benefits from the global economy, but our workers and firms suffer when there are unfair anti-competitive practices at play. This is why we remain so focused on ensuring high standards in trade agreements and on using the G-20, G-7, and intensive bilateral engagement to prevent countries from trying to grow exports based on persistently undervalued exchange rates.

In the Trans-Pacific Partnership, or TPP, the United States and its 11 negotiating partners are working intensively on an open platform that would set the standard for trade agreements in the Asia Pacific region and to which countries that are willing and able to meet the high standards could potentially accede.

China knows it can enhance its economic growth by opening its economy, but many barriers will need to be removed to achieve this goal. And I believe it is in our common interest to continue to break down barriers to trade and investment, maintain open markets, and protect our workers and the environment by setting high standards.

At the 2013 S&ED, the United States and China announced the start of substantive negotiations on a U.S.-China Bilateral Investment Treaty that incorporates all stages of investment, including the pre-establishment phase.

In what amounts to a sea-change in approach, China committed that the BIT would cover all sectors of the economy, opening all economic areas except for those set out in a negotiated “negative list.” China’s commitment to negotiate on the premise of non-discrimination, fairness, openness, and transparency offers a substantial opportunity to promote investment, and if achieved, will help level the playing field for American businesses to invest and compete in China.

But we have been clear – a successful BIT with China will need to have ambitious standards for investment and include real opportunities for our workers and firms.

For that reason, it is critical that the negative list be short, limited in scope and narrowly defined.

As all of you here in the Bay Area and Silicon Valley know well, strong economic growth thrives best in a business climate where incentives to innovate are protected.

The costs of developing a new technology can be enormous, and if goods, services, and technologies can be easily pirated and copied at little expense, there is a dampening effect on innovation. This is true for the United States.

It is also true for China, where the shift towards the development of domestic technology has already begun, and where future economic success will increasingly depend on the ability to generate new technologies.

Open and fair competition is critical to innovation. China cannot become a leader in innovation by mandating indigenous technology, either through the transfer of technology as a condition of investment, or by requiring the use of indigenous technology, as China proposes to do with its “secure and controllable” Information Communication Technology measures in the financial sector.

During my meetings in Beijing yesterday, I underscored that policies designed to block foreign technology by imposing unfair disclosure terms or outright bans would damage our bilateral economic relationship. It is important that China and the United States work with others to establish and maintain clear rules in cyberspace. We both have a strong interest in making sure that intellectual property, including trade secrets, is protected and violations are prosecuted strictly and effectively.

Cyber-enabled theft of commercial technology or trade secrets, a modern form of piracy, is unacceptable – particularly by state-enabled actors.

China faces enormously complex challenges in making the transition necessary to sustain its growth in the future. These challenges include shifting toward an economy more driven by consumer spending than investment and exports; more driven by services than energy-intensive heavy industry; more driven by innovation and technology than greater inputs of physical capital; and more driven by private businesses than state-owned enterprises.

China’s Third Plenum economic reforms – which promised a “decisive role” for the market in allocating resources – represent a credible and serious path for making the transition in each of these areas.

And while Chinese authorities formulated the Third Plenum to ensure their country’s own long-term prosperity, there is a striking overlap between where China wants to go and what we are urging them to do, such as increased market access, state-owned enterprise and administrative reform, factor price reform, and financial reform.

China moving towards a more market-determined exchange rate has been an important part of our agenda for years, and it remains at the top of our economic engagement with China today. It is important that China continue to move towards a market determined exchange rate. China’s failure to allow the market to play a decisive role in setting the exchange rate has adversely impacted the global economy.

While China has made progress on this front in recent years, its failure over time to allow the exchange rate to adjust has also exacerbated China’s external imbalances through its large trade surplus, and impeded its internal rebalancing by favoring resource allocation to investment, heavy industry, and exports, rather than to relatively employment-intensive economic sectors like services.

At last year’s S&ED, China committed to reduce its foreign exchange intervention as conditions permit. And intervention appears to have declined since. We expect China to continue to refrain from intervention across different market conditions, including in times of market pressure for a stronger RMB.

In a further step toward embracing international standards, at the November 2014 G-20 Summit, President Xi announced that China will subscribe to the IMF’s Special Data Dissemination Standard for reporting foreign exchange reserves. This will bring an important and welcome increase in the transparency of China’s foreign exchange reserves.

If China wants the RMB to increasingly be an international currency, a natural next step in the liberalization and reform of the Chinese economy, China will need to successfully complete difficult fundamental reforms, such as capital account liberalization, a more market-determined exchange rate, interest rate liberalization, as well as strengthening of financial regulation and supervision.

This will leave China’s economy more balanced internally and externally. Internally it would be less dependent on investment and artificially low interest rates. Externally it would be less dependent on exports and an undervalued exchange rate.

In sum, as China reforms and liberalizes in a prudent yet thorough manner, RMB internationalization can be constructive for China and the world. China has expressed interest in having the RMB qualify for inclusion in the Special Drawing Rights basket, the IMF’s international reserve asset currently composed of the dollar, euro, pound, and yen.

While further liberalization and reform are needed for the RMB to meet this standard, we encourage the process of completing these necessary reforms, and qualifying would reflect important progress.

The international financial institutions continue to provide the best framework for multilateral cooperation on international finance and development. China, the United States, and the world economy have benefitted enormously from the global financial architecture.

Both the U.S. and China have a strong interest in preserving and advancing these institutions. China rightly wants to play a greater role, not simply because its economy is large, but because it has a strong interest in, and a responsibility for, maintaining and advancing global stability and growth, and the financial institutions that support these goals.

Simply put, it is not in China’s interest to turn its back on the norms developed over the last 70 years that have been critical to China’s and America’s long-term economic prosperity. And this week’s conversations in Beijing confirmed that this is a shared view.

And the U.S. needs to demonstrate its ongoing leadership and commitment by approving the IMF quota reforms. As I have often said, a strong and well-resourced IMF is in America’s economic and strategic interest, and that is why the Administration strongly supports the 2010 IMF reforms and why Congress needs to pass legislation approving them as soon as possible.

This legislation is essential to modernizing the IMF’s governance and bolstering its ability to respond to urgent international crises – and will preserve the strong role of the United States in the institution without increasing our financial commitment. The IMF repeatedly serves as a first responder, a global economic firefighter aligned with our national security priorities. The IMF is lending to our allies in the Middle East, our largest trading partners, and providing Ukraine with the financial resources it needs to withstand Russian aggression. The IMF was one of the first responders to the Ebola crisis last year.

There is an unfortunate irony here.

The United States proposed the G-20 process at the Finance Minister level in 1999, chaired the first G-20 Leaders meeting in 2009, advocated forcefully and successfully for greater emerging market representation on the IMF’s Executive Board.

Congressional approval of IMF reforms will send a clear message to our friends and foes that America is determined to maintain our leading role within the international financial system. And, if the United States does not continue to play its part, others, including China, will step forward to do so.

China’s role in international development has grown and will continue to grow with its economy.

As a dynamic, expanding economy that has lifted millions of its own citizens out of poverty, it makes absolute sense that China now become a contributor to broader international efforts to alleviate poverty elsewhere, a new role for a nation that has long seen itself as the world’s largest developing country.

The World Bank and regional development banks do this with concessional windows that support the poorest and most vulnerable countries through grants and loans at below-market rate interest rates. We anticipate that China’s contributions to these concessional windows will increase given the size and growth of the Chinese economy.

During my trip, we discussed the need for America and China to continue our work to address climate change. The joint action on climate change that President Obama and President Xi announced in November injected momentum into the international climate talks and demonstrated that the world’s two largest economies are committed to limiting greenhouse gas emissions and expanding clean energy deployment.

We had good discussions about working together on international climate finance. There is more work to be done to fight climate change and the United States looks forward to continuing our close cooperation with China to shape high standards.

We have made clear to China that the United States stands ready to welcome new additions to the international development architecture, including the Asian Infrastructure Investment Bank, provided that these institutions complement existing international financial institutions and that they share the international community’s strong commitment to genuine multilateral decision making and ever-improving lending standards and safeguards.

The standards and safeguards are designed to foster sustainable development by curbing corruption, preventing environmental damage, and ensuring protection of both laborers and affected communities.

I was encouraged by my conversations in Beijing in which China’s leaders made clear that they aspire to meet high standards and welcome partnership. Our consistent focus on standards has already had an impact and, as lending begins, the test will be the character of the projects funded and their impact on the people and country they serve. Having the AIIB co-finance projects with existing institutions will help demonstrate a commitment to the highest standards of governance, environmental and social safeguards, and debt-sustainability.

The United States recognizes that it bears a special responsibility for the sound functioning of the international financial system given the significant impact of the U.S. economy on global economic conditions and the dollar’s role in international finance system.

That responsibility begins at home, through sound fiscal, monetary, and regulatory policies. But our responsibility also extends abroad, including the need to embrace the increased role of emerging markets to reinforce multilateral rules of the road and international cooperation.

To be clear, China and other emerging markets deserve to have their voices heard. They will have an important role in setting rules and standards for the multilateral system in the future. But it is also true that the slate is not blank. There is accumulated experience and knowledge – developed multilaterally and internationally – that should be preserved and built upon. China is much more likely to succeed, and the rest of the world with it, by aiming high.

Let me close by pointing out that, as President Obama has said, America and China have worked to integrate China into the global economy because it is good for China, it is good for America, and it is good for the world.

Together, the United States and China are the globe’s two largest economies, and the actions we take to build prosperity, promote stability, and protect the environment will shape the 21st century. That is why it is in everyone’s interests for China to be a strong international partner.

The United States welcomes China’s growing involvement in the global economic architecture, as China assumes a more significant role on the international stage, it falls on China to assume more significant responsibilities.

These responsibilities reach far beyond any single issue. They encompass sustainable growth, environmental and worker safeguards, market reforms, the free flow of commerce and access to markets, ideas, and innovation, and the rule of law.

China has important choices to make. These choices will affect the lives of millions today and determine the future for generations to come. The stakes are high. But let me be clear, whenever China works to advance economic opportunity, durable development, and human dignity, America will work with China.

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