Gimme Shelter Radio ~ 11:00 PM. EST., Wednesday, November 30, 2011 "Approaching The Finish Line" ...

Gimme Shelter Radio is the nightly live radio program of the private "Gimme Shelter" forum hosted by Phoenix. Show topics cover the global current events impacting us all.

The live show airs nightly at 11pm EST. All past shows are on-demand.

Gimme Shelter Radio @ http://www.blogtalkradio.com/phoenix3333

GOING GLOBAL HEADLINE NEWS FOR WEDNESDAY, NOVEMBER 30, 2011 .. WITH UPDATES ...

Going Global Headline News for Wednesday, November 30, 2011 .. Updated ...

Central Banks Currency Swaps/Foreign Currency Swaps ~ Central Banks Augment Currency Swap Capabilities ...

*Big News ~ Greece to get 8 billion Euro Aid Tranche Begining of December Once IMF Agrees to Pay its 2.2 Billion Share ...

China's Alibaba-Led Group Said to Prepare Yahoo Bid ...

Move by Central Banks Exhilarates Wall Street

Central Banks in Joint Action to Boost Liquidity to Markets

Bank for International Settlements’ Cecchetti Lays Out Case for Basel III, Calls for Greater Investor Vigilance

* Wow ~ Gold price rockets towards $1750 on coordinated central bank action ...

Banks are looking for new ways to settle transactions in different currencies in preparation of/if the Euro Collapses ...

Euro crash test re-voices the Greek currency market

Talabani praises the role of the U.S. and Maliki confirms the transition to state-building ...

Allawi and Mutlaq discuss with Kubler developments in the political

The President and his two Vice-Chairmen stress remedy differences between political parties and work towards module positions

In Iraq, Biden sees ‘new path’ after U.S. pullout

Senate Clears Way for Passage of Big Defense Bill ....

*Iraq, U.S. and Chapter 7 ~ Zebari Meets with U.S. Asst. Secretary Jeffrey Feltman to Discuss Iraq's Removal of Chapter VII ...

Biden to Talabani: phase following the withdrawal of diplomatic action and would cooperate in the areas of construction and development ...

Ann Curry to Interview VP Joe Biden in Iraq ~ To Air on Thursday, December 1st ...

Iraq ~ Biden: US pullout brings new relations with Iraq

Eurozone to bypass Brussels and rely on IMF ...

Sunday, December 4th ~ House completed questioning Secretary Baghdad lifted its to Sunday ...

Egypt ~ Muslim Brotherhood leads Egypt’s vote count ...

*Kuwait emir Appoints Former Defense Mininster as Prime Minister ...

Israel releases frozen Palestinian tax funds

GCC ~ Dec. 28th 2009 ~ GCC may opt first for dollar in currency union ~ The four members have help from IMF ...

Jordan and Morocco ~ No consensus on Morocco, Jordan joining GCC

Saudi riyal remains unaffected by dollar depreciation ...

UAE buys US Treasuries And The Oil-rich Gulf Nation is Committed to Keeping its Currency Pegged to the US dollar ..

Mexico's Central Bank to Back Peso .. Selling Dollars ...

Troops Prepare to Leave iraq ... Video

Going Global Headline News for Tuesday, November 29, 2011 ...

China's Alibaba-Led Group Said to Prepare Yahoo Bid ...

Jack Ma, Chairman and CEO of Alibaba Group, delivered the closing keynote address at the conference "China 2.0: Transforming Media and Commerce", hosted by the Stanford Program on Regions of Innovation and Entrepreneurship (SPRIE) at the Stanford Graduate School of Business, on Sept. 30, 2011.

November 30, 2011

Alibaba-Led Group Said to Prepare Yahoo Bid

Alibaba Group Holding Ltd. and Softbank Corp. (9984) are in advanced talks with Blackstone Group LP (BX) and Bain Capital LLC about making a bid for all of Yahoo! Inc., said three people with knowledge of the matter.

A bid may value Yahoo at more than $20 a share because of tax savings tied to the Internet company’s stakes in Alibaba and Yahoo Japan, said two of the people, who declined to be identified because the discussions are private. Yahoo shares advanced 6.9 percent to $16.79 in extended trading.

Yahoo’s board is meeting to discuss offers it received for a minority stake in the Sunnyvale, California-based company from bidders including TPG Capital and a group led by Silver Lake, people familiar with the matter said this week. Silver Lake’s bid valued Yahoo at about $16.60 a share, these people said. TPG Capital’s offer was higher, they said.

Some Yahoo investors say they would prefer the company be sold in its entirety, at a higher price. “It definitely has to be much higher than $16.60,” said Di Zhou, a Santa Fe, New Mexico-based analyst at Thornburg Investment Management, which oversees about $80 billion in assets, including Yahoo shares.

Continues ...read more ..

Move by Central Banks Exhilarates Wall Street

Snip ~ "It is a short-term solution," said Jack Ablin, chief investment officer at Harris Private Bank ..."The bottom line on any central bank action is that it papers over the problems, buys time and in some respects takes pressure from politicians .. If nothing's done in a week, this market gain will disappear" ...

November 30, 2011

Move by central banks exhilarates Wall Street

A move by the world's central banks to lower the cost of borrowing exhilarated investors Wednesday, sending the Dow Jones industrial average soaring 490 points and easing fears of a global credit crisis similar to the one that followed the 2008 collapse of Lehman Brothers.

It was the Dow's biggest gain since March 2009 and the seventh-largest of all time.

Large U.S. banks were among the top performers, jumping as much as 11 percent. Markets in Europe surged, too, with Germany's DAX index climbing 5 percent.

"The central banks of the world have resolved that there will not be a liquidity shortage," said David Kotok, chairman and chief investment officer of Cumberland Advisors. "And they have learned their lessons from 2008. They don't want to take small steps and do anything incrementally, but make a big bold move that is credible."

Wednesday's action by the banks of Europe, the U.S., Britain, Canada, Japan and Switzerland represented an extraordinary coordinated effort.

But amid the market's excitement, many doubts loomed. Some analysts cautioned that the banks did nothing to provide a permanent fix to the problems facing heavily indebted European nations such as Italy and Greece. It only buys time for political leaders.

"It is a short-term solution," said Jack Ablin, chief investment officer at Harris Private Bank. "The bottom line on any central bank action is that it papers over the problems, buys time and in some respects takes pressure from politicians. ... If nothing's done in a week, this market gain will disappear."

Continues ...read more ..

Bank for International Settlements’ Cecchetti Lays Out Case for Basel III, Calls for Greater Investor Vigilance

November 3, 2011

Bank for International Settlements’ Cecchetti Lays Out Case for Basel III, Calls for Greater Investor Vigilance

Mark Harrison, CFA

As G20 leaders met in Cannes to address Europe’s monetary and economic crisis, in Paris Stephen Cecchetti was calling for greater investor vigilance and tighter regulation of the shadow banking sector. Speaking at the fourth annual CFA Institute European Investment Conference, the Head of the Monetary and Economic Department at the Basel-based Bank for International Settlements defended new Basel III rules that tighten capital and liquidity requirements for banks against criticisms from bankers that the rules are curbing lending and holding back economic recovery.

Cecchetti began his talk by highlighting the imperfections of large banks. “While the financial pile-up had many causes, we must not overlook the critical role played by a number of very large global banks with insufficient capital, inadequate liquidity, and poor risk management practices,” Cecchetti said. “We are rewriting the rules of the road to prevent such an accident from recurring.”

On the subject of the much-maligned activities of financial regulators, Cecchetti told Conference delegates that “we know that the quality of regulation and supervision mattered, since the banking systems of some countries proved to be more resilient to the crisis than others.”

A new framework for regulating and supervising systemically important financial institutions is now being developed by the Financial Stability Board and the Basel Committee on Banking Supervision. The new framework, Cecchetti explained, comprises three complementary components: greater loss absorbency, more intense supervision, and stronger resolution.
Continues ...read more ..

* Wow ~ Gold price rockets towards $1750 on coordinated central bank action ...

Bumped ~ Article of the Day .. recent articles below ... This is all looking really good, check out the following links, kel ~ CURRENCY SWAPS 2008-2009-2010 LINKS ~
November 30, 2011

Gold price rockets towards $1750 on coordinated central bank action

Regular readers will be not surprised at all today by the news that central banks around the world are taking ‘coordinated action’. Coordinated action of course is euphemism for money printing and the news was good to spike gold all the way towards $1750 and £1110.

So what is this ‘coordinated action’? From the release by the BoE:

The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank are today announcing coordinated actions to enhance their capacity to provide liquidity support to the global financial system. The purpose of these actions is to ease strains in financial markets and thereby mitigate the effects of such strains on the supply of credit to households and businesses and so help foster economic activity.

Continues ...read more ..

Save the euro in 10 days or see the EU disintegrate, ministers are warned

November 30, 2011

Save the euro in 10 days or see the EU disintegrate, ministers are warned

Europe's leaders are faced with a stark deadline of 10 days to save the euro or face the disintegration of the European Union itself.

The warning from Olli Rehn, EU economic and monetary affairs commissioner, came after central banks intervened to prevent a complete freezing-over of the west's financial sector because of the politicians' continued failure to resolve the sovereign debt crisis.

EU finance ministers were told bluntly that, with eurozone unemployment at 16.3m or 10.3% – the highest level since the single currency was introduced – an unchecked debt and banking crisis would push Europe into a deep slump and drag the rest of the world with it.

link

Banks are looking for new ways to settle transactions in different currencies in preparation of/if the Euro Collapses ...

01/12/2011

Orientations of the euro currency to replace the old

Baghdad - and the agencies

Preparing European banks in this time-all and what will happen in the euro area, in anticipation of a possible collapse of the European Union.

Operating financial companies, which pumps about $4 trillion a day to the European market, to test systems that enable them to deal with the trading European currencies that were used before the imposition of the euro as the currency standard.

Corporation (ICAP) global function as a mediator for e-commerce and the provision of services trade in Britain, is preparing to use the systems, electronic trading in other currencies, in an attempt to forestall the exit of Greece, probably from the euro zone and return to the use of currency drachma.

Quoted newspaper, the Wall Street Journal informed sources that the banks are looking for new ways to settle the transactions in different currencies, and conduct stress tests in preparation for the disintegration of the euro area.

Continues ...read more ..

Euro crash test re-voices the Greek currency market

November 30th, 2011

Euro crash test re-voices the Greek currency market

Worsening debt crisis in Europe, the core euro area countries suffered the occasion of infection, the euro collapse of the voices, the foreign exchange market has already begun preparing for, the introduction of emergency measures to prevent the disintegration of the impact of the euro. Meanwhile, the foreign exchange market traders began to assume that Greece withdraw from the euro area, re-use currency drachma, foreign exchange trading system stress testing. The largest inter-bank foreign exchange broker Shang Yi has prepared a set of linked exchange electronic trading system, it may withdraw from the euro area of ??Greece, and restored using the original currency “drachmas” (drachma) to prepare for.

Continues ...read more ..

Talabani praises the role of the U.S. and Maliki confirms the transition to state-building ...

01/12/2011

Talabani praises the role of the U.S. and Maliki confirms the transition to state-building .. Met Biden in private

BAGHDAD - Al Sabah

Praised President Jalal Talabani, the U.S. role in helping the Iraqi people get rid of the most notorious dictator and destroy, and the establishment of a democratic and federal.

with Prime Minister Nuri al-Maliki that Iraq today has moved from the stage of security challenges to the stage of state building, and will contribute the strategic framework agreement in achieving this goal.

hailed Talabani during a meeting with U.S. Vice President Joe Biden, America's role in the process of rebuilding Iraq and its institutions and to assist in achieving stability.

And confirmed by a presidential statement received (morning) a copy of that Iraq aspires to strengthen relations and development at all levels between the two countries would serve the common interests of the peoples of Iraq and the United States, noting that the next stage is the stage to promote cooperation and joint action in all fields according to the agreement signed between the two countries.

on the other hand, said Biden, according to the statement that the phase following the complete withdrawal of troops is a stage vital work of diplomacy and cooperation in the fields of construction and development, especially in the economic, commercial, agricultural and education, in addition to training, stressing the desire of the United States to develop relations of friendship and cooperation with Iraq in the light of the signed agreement and the desire of both countries to improve the relationship and develop areas of joint action.

Continues ...read more ..

Allawi and Mutlaq discuss with Kubler developments in the political

01/12/2011

Allawi and Mutlaq discuss with Kubler developments in the political

BAGHDAD - Al Sabah

discussed the existing Iraqi President Iyad Allawi and Deputy Prime Minister, leader of the Iraqi List, Saleh al-Mutlaq with a representative of the Secretary-General of the United Nations in Iraq, Martin Kobler in Baghdad yesterday developments the political situation in Iraq with the imminent withdrawal of U.S. troops.

A press release said the Office of Mutlaq news agency reported »Nina» that the meeting discuss the political situation of Iraq in light of internal developments and regional with the imminent withdrawal of U.S. military forces from the country, he said, adding that the meeting which was held at the home of al-Mutlaq and the presence of the leaders and deputies of the Iraqi List addressed the importance of dealing with the file of Camp Ashraf to ensure the safety of population and preserves their dignity and according to norms and international laws and humanitarian, according to the statement.

As stressed al-Mutlaq, the importance to take the UN mission in Iraq, its role in various joint humanitarian and political, economic, and maintenance of the principles of human rights and to promote justice and to monitor violations of the dignity of the Iraqi citizen and undermine the security and safety of his property, has expressed Kubler for hope that they will bring Iraqi political parties to the agreements leading to the strengthening of the foundations of democracy and human rights in Iraq, calling for parliamentary blocs and political forces to show some flexibility with a view to the participants establish a system of stable and homogeneous.

link

The President and his two Vice-Chairmen stress remedy differences between political parties and work towards module positions

Wednesday, 30-11-2011

The President and his two Vice-Chairmen stress remedy differences between political parties and work towards module positions

Baghdad, The President and his two deputies held in Baghdad on Wednesday evening, a meeting devoted to remedy differences between political parties and strive to achieve unity of attitudes, policies and joint action, following the withdrawal of u.s. troops from Iraq.

According to a statement of the Presidency of the Republic received (News News Agency): the meeting unanimously "to appeal to all parties stop campaigns immediately refrain from rhetoric and abandonment justified in media discourse and cultural fraternity constructive language in addressing the problems and shortcomings and mistakes and within policy frameworks and parliamentary and ministerial and respect for agreements and ministerial solidarity and genuine participation in rights and duties".

Added: the meeting "urged all authorities to observe the Constitution and citizens ' rights in accordance with the laws and principles of democracy and human rights, recalled that the President of the Republic, in accordance with article 67 of the basic law, to ensure compliance with the Constitution, thus defending the citizens and their constitutional and legal".

He assembled to "proceed immediately to prepare for a bilateral summit meetings and triple and Quad and then invited to the meeting of representatives of various political parties to pave the way for broad national talks involving all political forces vives.

They expressed hope the response of all the parties to this appeal this call and work together to achieve the desired collaboration.

link

In Iraq, Biden sees ‘new path’ after U.S. pullout

Wednesday, November 30, 2011

In Iraq, Biden sees ‘new path’ after U.S. pullout

With just a month to go to complete a full U.S. troop pullout from Iraq, Vice President Joseph R. Biden Jr. sat down with Iraqi Prime Minister Nouri al-Maliki in Baghdad on Wednesday to help forge a new relationship between the two countries.

We are embarking on a new path together, a new phase in this relationship,” Mr. Biden said at the beginning of the talks.

Mr. Biden made an unannounced visit to Baghdad late Tuesday to mark the end of the Iraq war, which began with the 2003 U.S.-led invasion that toppled former dictator Saddam Hussein and stretched on for more than eight years as factions rose up to fight the U.S. presence and clashed with one another as they vied for control of regions of the country.

As streams of convoys and transport aircraft carried troops out of the country, Mr. Biden told Mr. Maliki that a complete U.S. troop withdrawal is in the best interest of the United States and Iraq and marks the beginning of their relationship as “two sovereign nations.”

Continues ...read more ..

Senate Clears Way for Passage of Big Defense Bill ....

November 30, 2011

Senate Clears Way for Passage of Big Defense Bill

Senate has cleared the way for passage of a $662 billion defense bill that has drawn a threat of a presidential veto over provisions on the treatment of captured terrorism suspects.

Continues ...read more ..

*Iraq, U.S. and Chapter 7 ~ Zebari Meets with U.S. Asst. Secretary Jeffrey Feltman to Discuss Iraq's Removal of Chapter VII ...

Bumped ...Wednesday, November 30, 2011

Zebari weviltman whereas Iraq output sound methods of item VII

Baghdad, Foreign Minister Hoshyar Zebari with us Assistant Secretary Jeffrey Feltman, who arrived with Vice President Biden yesterday to Baghdad, steps and methods of output sound from the Iraq item VII.

Foreign Ministry source said (News News Agency): Zebari on Wednesday discussed with Veltman political situation in Iraq and the region, they also discussed ways and correct steps for sound output from Iraq item VII permanently.

Continues ...read more ..

Biden to Talabani: phase following the withdrawal of diplomatic action and would cooperate in the areas of construction and development ...

Wednesday, 30-11-2011 06: 10 pm

Biden to Talabani: phase following the withdrawal of diplomatic action and would cooperate in the areas of construction and development

Baghdad, Commended President Jalal Talabani in Baghdad Wednesday, the American role in rebuilding Iraq and its institutions and help stabilize, came during a meeting with United States Vice President Joseph Biden, who confirmed that the track complete withdrawal of US forces is a vital stage of diplomatic action and cooperation in the fields of construction and development.

According to a statement by the Presidency of the Republic received (News News Agency) on Wednesday: President Talabani welcomed guest at the beginning of the meeting and his entourage, praising the US role in helping the Iraqi people get rid of the most notorious dictatorship and dropped a federal democratic system. He also praised the American role in rebuilding Iraq and its institutions and help stabilize.

Continues ...read more ..

Ann Curry to Interview VP Joe Biden in Iraq ~ To Air on Thursday, December 1st ...

Bumped .. Watch Video ... Click on World News Middle East Andrea Mitchell Reports .. V.P. Biden's surprise trip to Iraq ...

Visit msnbc.com for breaking news, world news, and news about the economy
November 29, 2011
Ann Curry to Interview VP Joe Biden in Iraq November 29, 2011 3:05 PMNBC “Today” anchor Ann Curry is currently in Iraq, where she will interview Vice President Joe Biden. The Biden interview will air on “Today” this Thursday.

In addition Curry will report for “Today” and “NBC Nightly News” from Iraq tomorrow.

Curry also called into MSNBC’s “Andrea Mitchell Reports” this afternoon:

Iraq ~ Biden: US pullout brings new relations with Iraq

November 30, 2011

Biden: US pullout brings new relations with Iraq

Baghdad, US Vice President Joe Biden said on Wednesday the US troop withdrawal from Iraq opened a new phase in relations between the two countries, including a robust security partnership.

The remaining 13,000 US troops in Iraq are scheduled to leave by the end of the year when a bilateral security pact expires, nearly nine years after the US invasion that ousted Sunni dictator Saddam Hussein.

“The United States of America keeps its promises,” Biden said at a meeting with Iraqi Prime Minster Nuri Al-Maliki during a visit to Baghdad.

“Our troops are leaving Iraq and we are entering on a new path together ... a relationship between two sovereign nations.”

Continues ...read more ..

Parliament completes two weeks after the interrogation of al-Issawi

01/12/2011

Parliament completes two weeks after the interrogation of al-Issawi

BAGHDAD - Al Sabah

Completed the House of Representatives hearings secretary of Baghdad, Sabir al-Issawi after two weeks, according to the source of parliamentary "morning."

and completed the House of Representatives yesterday in regular session VI of the second legislative term of the year the second legislative session was chaired by Osama Najafi, Chairman of the House of Representatives and the presence of 170 deputies, interrogation of al-Issawi.

At the outset of questioning Secretary of Baghdad asked the Attorney Shirwan Waeli for violations of the law on administrative issues on the nominations, particularly with regard to the Special Adviser to the Secretary of Baghdad, where the draw-Issawi to that of the right of the Secretary the appointment of advisers, but the prime minister and directed not to develop the degree of advisers while adjusting Law of the Secretariat, noting that it had decided to freeze the person concerned of his career while making sure the validity of his testimony that had them before assuming current Secretary of the office.

He noted that the Inspector-General of the Secretariat confirmed that the use of his testimony in the appointment of the Secretariat, as he has two certificates in the dossier, the first of insignificant by and the other is still in the process of audit. For his part, Waeli that based on the book of the Integrity Commission, the Special Adviser to the Secretary is accused of being involved the issue of employee Accessories stolen billions of dinars from the Municipality of Baghdad for two years, pointing out that the Secretary of Baghdad to prevent assignment of counsel to the courts for his involvement issues corruption.

In response, said al-Issawi said the information provided by Deputy Waili true, but incomplete, as there was no right of the Special Adviser to a warrant of arrest, denying involvement Adviser cause the employee's Accessories, as that document the school for the purpose of recruitment is still in the process of audit, noting doing by issuing dissemination of prevention to deal with the brother of the chancellor, who works contractor for many years. while the deputy wondered Shirwan Waeli on the efficiency of the administrative agent and professionalism in the performance of his work, has pointed Issawi that the administrative agent has the competence and courage, and integrity in the fight against the corrupt, but the Attorney-Waeli noted that the the person concerned was appointed Associate degree observed in 2005 and its title was changed career in 2007 until his appointment as the position of Under Secretary of Baghdad and the agency in 2009 at the behest of al-Issawi, despite rejection of the Prime Minister for this appointment.

link

Eurozone to bypass Brussels and rely on IMF ...

November 30, 2011

Eurozone to bypass Brussels and rely on IMF

On 29 November, the Eurogroup did not come up with any ground-breaking decisions on the Eurozone's debt problems, leaving this up to the European Council, namely the 27 EU leaders meeting on 9 December. Obviously in the meantime, Berlin and Paris will come up with their new plan for a definitive Eurozone solution.

Continues ...read more ..

Sunday, December 4th ~ House completed questioning Secretary Baghdad lifted its to Sunday ...

Wednesday, 30-11-2011 05: 15 pm

House completed questioning Secretary Baghdad lifted its to Sunday

Baghdad, The House was completed in the usual meeting of the sixth legislative term of the legislative year II second Osama alngivi, speaker of the House and in the presence of 170 deputies Wednesday, questioning Saber Al-Issawi, the Mayor of Baghdad.

The Council said in a statement received (News News Agency) on Wednesday: at the outset of the meeting, which began with any male Hakim said Osama alngivi, the President of the Council that the investigative Committee was formed on the bombing of the House of representatives, to submit a report within 72 hours and will be announcing results of the investigation on the House and the Iraqi public.

Attorney Khaled Al-Attiyah stressed-on: the terrorist attack targeted not only the House but the entire political process aimed at a historic moment, coinciding with the withdrawal of US troops, pointing out the existence of points attempt to create a gap between the political blocs to give security forces time to reach results.

Continues ...read more ..

Egypt ~ Muslim Brotherhood leads Egypt’s vote count ...

November 30, 2011

Muslim Brotherhood leads Egypt’s vote count

Cairo, The Muslim Brotherhood claimed to have a lead on Wednesday in the early vote count in Egypt’s first free election since army officers ousted the king in 1952.

No official results in the parliamentary vote were out and one rival party said they doubted the Brotherhood’s claim, but others provided estimates that appeared to back it.

Continues ...read more ..

*Kuwait emir Appoints Former Defense Mininster as Prime Minister ...

November 30, 2011

Kuwait emir appoints former defense mininster as PM

KUWAIT: Kuwait’s emir has appointed outgoing defense minister Sheikh Jaber Al-Mubarak Al-Sabah as prime minister, state TV and the national news agency said on Wednesday.

The move follows the resignation of the Kuwaiti government after protesters and opposition deputies stormed parliament to demand that Prime Minister Sheikh Nasser Al-Mohammad Al-Sabah step down over corruption allegations.

link

Israel releases frozen Palestinian tax funds

November 30, 2011

Israel releases frozen Palestinian tax funds

JERUSALEM: Israel decided on Wednesday to release tax money it had been withholding from the Palestinians since they won membership to the UN cultural agency UNESCO a month ago, a government official said.

Prime Minister Benjamin Netanyahu’s inner cabinet, facing international pressure, voted to unfreeze the funds, amounting to about $100 million a month, that Israel collects on behalf of the Palestinian Authority, the official said.

Continues ...read more ..

GCC ~ Dec. 28th 2009 ~ GCC may opt first for dollar in currency union ~ The four members have help from IMF ...

"The four members have already sought help from the International Monetary Fund on a possible revaluation of their currencies for the monetary union"

December 28, 2009

Gulf nations may opt first for dollar in currency union

Four Gulf nations entering the Middle East's first monetary union pact are expected to peg their single currency to the US dollar in the first phase of the historic project but might opt for a basket later, according to analysts.

Saudi Arabia, Kuwait, Qatar and Bahrain, members of the six-nation Gulf Co-operation Council (GCC), have kept the world guessing on what type of currency they would adopt for their monetary union, which was ratified by their heads of state at their annual summit in Kuwait in mid-December.

But there have been strong official signals that the four countries would not veer away from the US dollar in the first years of the monetary union.

And some of them have indicated that even if a basket of currencies is selected, the US dollar would be its dominant component.

"My feeling is that the Gulf currency would be pegged to the US dollar in the first stages of the monetary union because it is the official price of their oil exports, which account for the bulk of their exports… a large part of their foreign assets is also denominated in dollar," said Mohammed Al Asumi, a Gulf economist.

"A basket of currencies in the early stages of the union would create several technical difficulties for them in their currency and fiscal policy alignment… I believe that a basket could be chosen at a later stage but I am confident the dollar will have the lion's share, say at least 60 per cent of its components."

Continues ...read more ..

Jordan and Morocco ~ No consensus on Morocco, Jordan joining GCC

Related article ~ GCC considering requests by Jordan, Morocco to joint Arab Gulf bloc ~ Jordan welcomes Gulf countries' support for GCC membership bid

November 30, 2011

No consensus on Morocco, Jordan joining GCC

ABU DHABI: The United Arab Emirates said on Wednesday there was no consensus yet among Gulf Arab states on admitting Jordan and Morocco to the six-member Gulf Cooperation Council (GCC).

“We must learn from the experience of the European Union, which at some point accepted 10 countries to its membership and look now what happened with the euro,” Foreign Minister Sheikh Abdullah bin Zayed Al-Nahayan told reporters in Abu Dhabi, referring to the euro zone debt crisis.

“There is no consensus at the moment to include Morocco and Jordan,” he said.

GCC Secretary General Abdullatif Al-Zayani in May said Gulf Arab states were considering requests from Morocco and Jordan to join the Gulf Arab political bloc.

Zayani said GCC foreign ministers planned to meet with the foreign ministers of both countries to “complete required procedures,” but it was unclear what kind of membership they were considering for the two Arab, non-Gulf countries.

link

Saudi riyal remains unaffected by dollar depreciation ...

30 November, 2011

Saudi riyal 'remains unaffected by dollar depreciation'

Arab News - During a seminar hosted by Sidra Capital, leading Turkish Economist and Strategist Erda Gercek reiterated that the Saudi currency would not be affected by the depreciation of the US currency. He emphasized that the currency exchange prices in the Kingdom and the world will remain stable thanks to dollar reserves.

Gercek's made the statement at the seminar during which the demise of the dollar and its future as world's reserve currency was presented. Gercek gave an overview of the global financial and economic situation and provided further insight into the future of the dollar and its impact on the riyal.

Hani Baothman, CEO of Sidra Capital, said: "We hosted this seminar in order to shed light on the current volatility in the market as a result of the euro crisis which has ballooned with each passing day, in addition to the festering economic crisis in the United States as a result of its political indecision to tackle the mounting budget deficit and the swelling of its public debt."

He added: "Our aim is to connect with our shareholders and stakeholders in order to provide them with the most relevant and most objective information as it pertains to the persistent doubts about the ability of the US administration to face the challenges ahead and what it means to the position of the dollar as a reserve currency and how that might affect its position against the worlds' major currencies."

Continues ...read more ..

UAE buys US Treasuries And The Oil-rich Gulf Nation is Committed to Keeping its Currency Pegged to the US dollar ..

Tuesday, November 29, 2011

Europe not seeking UAE help, says Central Bank governor

UAE buys US Treasuries: Suwaidi

European leaders and the European Central Bank have not asked the UAE for aid to help contain the euro zone debt crisis, the country's central bank governor said on Tuesday.

Euro zone finance ministers are expected to agree on Tuesday on reforms of their bailout fund, the 440 billion euro European Financial Stability Facility, to expand its effective size through leverage. The EFSF will be able to attract cash from private and public investors to its co-investment funds.

European officials have raised the possibility of China and other cash-rich countries around the world investing, as a way to fight the crisis. But asked whether the UAE had been approached on this issue, central bank governor Sultan Nasser Al Suweidi said: "No, not at all."

"The Europeans need to organise themselves and they will solve their problems. These problems are of a sovereign debt nature and... can be handled over time, they need time," he told a news conference.

Continues ...read more ..

Gimme Shelter Radio ~ 11:00 PM EST., Tuesday, November 29, 2011 "Hang in There" ...

Gimme Shelter Radio is the nightly live radio program of the private "Gimme Shelter" forum hosted by Phoenix. Show topics cover the global current events impacting us all.

The live show airs nightly at 11pm EST. All past shows are on-demand.

Gimme Shelter Radio @ http://www.blogtalkradio.com/phoenix3333

Going Global Headline News for Tuesday, November 29, 2011 ...

Troops Prepare to Leave iraq ... Video

Visit msnbc.com for breaking news, world news, and news about the economy

Going Global Headline News for Tuesday, November 29, 2011 ...

...................__ Iraq Articles in Blue__

U.S. Senate Passed A Bill Today Allowing INDEFINITE Detention of American Citizens Living Within the U.S ...

Fed Faces New Scrutiny for Trillions in Assistance to Banks After Crisis

Wednesday ... Could We Be Waiting For One Relevant Law ~Wednesday, Parliament Continues to Question Rafie al-Issawi on Corruption, Iraqi Funds, etc ...

IMF to Help Myanmar Reform Exchange Rate

Firms See Myanmar as Next Frontier

Hillary Clinton's arrival in Myanmar is something many never expected to see ...

India's "Look East Policy" .. Myanmar - a half-built gateway ...

Biden in Baghdad, then off to Turkey and Greece

Ann Curry to Interview VP Joe Biden in Iraq ~ To Air on Thursday, December 1st ...

Article 140 ~ Kobler searches with Barzani and favour US withdrawal process and future of article 140 of the Constitution ...

December 1st ~ Iraq 2012 Budget Being Revised at IMF Request ~ Expected To Be Sent to the Council House of Representatives in Two Days, Dec. 1st?

Maliki agrees to host in Parliament To demonstrate the readiness of security forces after the withdrawal ...

The National Alliance meeting this evening to discuss the current political landscape update

U.S. Ambassador Jeffrey says that the success of a democratic Iraq is in his country ...

U.S. official has dismissed Iran’s threats against NATO missile defense installations in Turkey ahead of a visit by U.S. Vice President Joe Biden

Saudi Arabia Urges Citizens To Leave Syria, Turkey Could Use Iraq As Trade Route ...

Mexico's Central Bank to Back Peso ...

Euro zone finance ministers and officials Highlights

December 3-6-2011 ~ 2nd Global Entrepreneurship Summit ...

United States and Iraq is experiencing a new military cooperation to cooperation in education and health ...

Iraqi government launches tomorrow 2987 the degree of functional ...

Iraq Earthquakes ~ Three earthquakes hit Baghdad and Sulaymaniyah

Iraq Financial rewards for meeting disclosure of the money he stashed the former regime ...

UAE buys US Treasuries And The Oil-rich Gulf Nation is Committed to Keeping its Currency Pegged to the US dollar ..

U.S. News ~ Biden visits Iraq ahead of US troop departure ...

Fraud hits a third of companies, Cybercrime Explodes: report

Iraq ~ Honeywell Has $360 Mln Of Contracts In Iraq ..

Going Global Headline News for Monday, November 28, 2011 ...

U.S. Senate Passed A Bill Today Allowing INDEFINITE Detention of American Citizens Living Within the U.S ...

11/29/2011

The Senate passed a bill today allowing indefinite detention of American citizens living within the U.S.

While some have claimed that this is incorrect, and that American citizens would be exempted from the indefinite detention within U.S. borders authorized by the Act, the Committee chairman who co-sponsored the bill – Carl Levin – stated today in Senate debate that it could apply to American citizens.

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Turkey is considering the possibility of replacing Syria in Iraq as an outlet for their goods to Arab markets ...

November 29, 2011

Turkey is considering the possibility of replacing Syria in Iraq as an outlet for their goods to Arab markets

Said Turkish Transport Minister Ben Ali Yıldırım said that his country is considering the possibility of Iraq's use instead of the Syrian gateway to trade with the Middle East in the event of continuing deterioration of the situation in Syria.

Yıldırım said in a statement carried by the official Anatolia news agency reported on Tuesday that Ankara will increase the number of border crossings with Iraq in this case, in line with the economic sanctions imposed by the Arab League recently Syria.

The port is now Syria is the main pass through the Turkish goods to the Middle Eastern markets, in addition to the trade exchange between the two countries over a billion dollars a year.

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Fed Faces New Scrutiny for Trillions in Assistance to Banks After Crisis

Uploaded by PBSNewsHour on Nov 29, 2011 - A report published Monday raises new questions about money that the Federal Reserve provided to banks in the wake of the financial crisis. Judy Woodruff discusses the report with Bob Ivry of Bloomberg News.

IMF to Help Myanmar Reform Exchange Rate

Bumping this one up ...

August 31, 2011

IMF to help Myanmar reform exchange rate

IMF economists will visit Myanmar to help modernize its complicated exchange rate system, an official said Wednesday, in a sign that the country's new government is seeking economic reforms.

A technical team from the International Monetary Fund will visit the country also known as Burma in the second half of October, said Gita Bhatt, a spokeswoman for the Washington-based financial institution.

"We have received a request from the authorities in Myanmar to help them prepare to modernize their exchange rate system and lift restrictions on the making of payments and transfers for current international transactions," she said.

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Firms See Myanmar as Next Frontier

November 30, 2011

Firms See Myanmar as Next Frontier

Foreign businesses are ramping up interest in the long-isolated but potentially lucrative market of Myanmar, as signs of a thaw between its government and Western leaders raise hopes of a possible end to Western sanctions.

For now, the push is confined mainly to Asian companies that aren't covered by tough sanctions imposed by the U.S. and Europe since the late 1990s to punish Myanmar for its poor human-rights record. Some investors held back because of concerns about risks to their reputations, while others doubted the opportunities were worth pursuing and now are changing their minds.

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Hillary Clinton's arrival in Myanmar is something many never expected to see ...

November 29, 2011

What can Clinton achieve in Myanmar?

Hillary Clinton's arrival in Myanmar Wednesday marks a big step toward opening one of the world's last hermit kingdoms to the global economy, much to the delight of U.S. business.

It's been 50 years since a U.S. Secretary of State stepped foot in the country, now shattered and isolated after decades of military rule.

U.S. President Barack Obama announced Clinton's impending visit in late November, an unexpected move following a series of surprising concessions by Myanmar's new government.

At the time, Obama said the U.S. was seizing an opportunity to forge a new relationship with the country, which is also known as Burma.

"That possibility will depend upon the Burmese government taking more concrete action," Obama said.

Clinton added that she wanted to test Myanmar's commitment to both economic and political reform. "How real it is, how far it goes -- we will have to make sure we have a better understanding than we do right now," she said.

What they're expecting—maybe optimistically—is some indication that U.S. sanctions against Myanmar will eventually be lifted.

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India's "Look East Policy" .. Myanmar - a half-built gateway ...

November 30, 2011

Myanmar: a half-built gateway

IMPHAL, Manipur - When a group of Association of Southeast Asian Nations (ASEAN) ambassadors last year traveled the road from Imphal, in eastern India, to Moreh on the Myanmar border, the trip was officially arranged to show the diplomats India's emerging land bridge to Southeast Asia. Although the envoys enthused about the land link's trade possibilities, it was hard to determine how genuinely impressed they were after hours of bumping along on the 100-kilometer, pot-holed, windy road.

Yet the torturous road reaching to Myanmar is a vital link in India's business-driven "Look East" policy, a gambit aimed at expanding the South Asian country's trade, investment and influence to the east. For that policy to succeed, however, New Delhi needs not only to upgrade the way leading to its border, but also the highways to and from Assam in northeastern India, the country's geographical gateway to Southeast Asia. Roads and infrastructure on the Myanmar side are comparatively even more decrepit.

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Two million strike in Britain over pension changes

December 1, 2011

Two million strike in Britain over pension changes

London, Up to two million public sector workers in Britain went on strike Wednesday over changes to their pensions, after the government responded to slashed growth forecasts with fresh spending cuts.

In what unions said was the biggest walkout in decades, thousands of schools were shut, hospitals operated with minimum staffing levels and local authorities were paralysed.

Thousands of workers marched through central London and Manchester, northwest England, during the 24-hour strike.

However, fears of long delays at London's Heathrow airport, one of the world's busiest air passenger hubs, failed to materialise as most immigration officials turned up for work.

Ferry ports and cross-Channel rail services linking Britain to continental Europe, also operated largely as normal.

The strike is the biggest test so far of Prime Minister David Cameron's Conservative-Liberal Democrat government, which sparked the unions' fury by making public sector workers pay more into their pensions and work longer.

Anger rose further on Tuesday when finance minister George Osborne targeted the pay of teachers, nurses and soldiers and revealed plans to cut an extra 300,000 public sector jobs as he sharply reduced Britain's growth forecasts.

Osborne infuriated the unions by announcing a new two-year, one-percent cap on public sector pay rises.

Cameron was scathing about the strike, telling parliament it had been a "damp squib" and lambasting unions for calling the action while negotiations on pensions were ongoing.

The prime minister insisted that reforms to public sector pensions were "absolutely essential", and accused Ed Miliband, leader of the opposition Labour Party, of being "irresponsible, left-wing and weak" for refusing to condemn the strike.

The Unison union said two million workers had taken part in the stoppages, and claimed they had wider support.

Brendan Barber, general secretary of the Trades Union Congress (TUC), said the government had put the public sector "under attack" and the strike was fully justified.

"There comes a time when people really have to stand up and make a stand," he told ITV television.

"With the scale of change the government are trying to force through, making people work much, much longer and get much, much less, that's the call people have made."

In Salford, northwest England, around 30 refuse collectors manning a picket line outside their depot dismissed claims that their pensions were "gold-plated" compared to those in the private sector.

Neil Clarke, a union organiser with Unite, said: "The government is attacking our pension schemes -- they are looking for public sector workers to contribute more, work longer and receive less in pension benefits.

"The average public sector pension comes in at £3,000 ($4,650, 3,500 euros) a year. Could you live on £3,000 a year?"

BAA, the operator of Heathrow Airport, said queues at border control points were "normal", despite prior warnings that delays of up to three hours were likely.

"Due to the effective contingency plans we put in place with airlines and the UK Border Agency, immigration queues are currently running at normal levels for Heathrow," said BAA chief executive Colin Matthews.

A giant union rally took place in Birmingham, Britain's second city, and unions said 300,000 workers downed tools in Scotland.

British diplomats abroad were also involved in the strike, with the United Nations, Washington, Paris and all major capitals affected.

Under the government's proposals -- which form part of its efforts to slash the budget deficit -- public sector workers will have to work until they are 66 and increase the amount they pay into their pensions.

But staff face a lower pension payout, which will be based on their average salary as opposed to the final salary schemes to which they are currently tied.

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Biden in Baghdad, then off to Turkey and Greece

November 29, 2011

Biden in Baghdad, then off to Turkey and Greece

Vice President Joe Biden is in Baghdad right now on a surprise visit before he travels this weekend to Turkey and Greece.

Biden landed on Tuesday afternoon in Baghdad and is expected to hold meetings with top Iraqi officials about the future of the U.S.-Iraqi partnership. He will stay for two days, multiple news outlets reported.

"Vice President Biden has arrived in Baghdad, Iraq," his office said in a release. "While there, the Vice President will co-chair a meeting of the U.S.-Iraq Higher Coordinating Committee. He will also meet with Prime Minister Nouri al-Maliki, President Jalal Talabani, Speaker Osama al-Nujaifi, and other political leaders. The Vice President will also participate in, and give remarks at, an event to commemorate the sacrifices and accomplishments of U.S. and Iraqi troops."

On Friday, Dec. 2, Biden will arrive in Ankara, where he'll have meetings with Turkish President Abdullah Gul and Prime Minister Recep Tayyip Erdogan and lay a wreath at the Ataturk Mausoleum before continuing on to Istanbul. In Istanbul, Biden will attend a global entrepreneurship summit hosted by Erdogan.

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December 1st ~ Iraq 2012 Budget Being Revised at IMF Request ~ Expected To Be Sent to the Council House of Representatives in Two Days, Dec. 1st?

Snip ~ adding that the demands to discuss the budget of the ministries of interior and defense was the result of demand for real ..*the file of the U.S. withdrawal, but this is included in the folds of pressure on the government to accelerate the adoption of the budget and sent to the House of Representatives.

Snip ~ 2 days .. And intercept the International Monetary Fund said Jubouri: *There are negotiations with the IMF as the Ministry of Finance promised us in two days prompted the Council of Ministers session exceptional for the purpose of discussing the budget and sent to the Council House of Representatives

November 29, 2011

Parliamentary Finance Committee: late submission of the federal budget for 2012 was due to the objection of the International Monetary Fund and the political blocs involved in the delay

Baghdad, confirmed the Finance Committee representative to the International Monetary Fund objected to the federal budget for 2012, which led to a delay in submission to the House of Representatives, indicating that the objection was the result of Matkdmt by the budget deficit rate of large, which amounted to 30% of the value of the budget, noting they agreed in principle to reduce the investment budget by 15% in order to avoid fiscal deficits there.

He / member of the Finance Committee representative / MP Haitham Jubouri (of the Agency news) on Tuesday: it is both legal and economic may not be detailed budget, but must come to the House a boost one either come at the Ministry of Defense and each internal unit that is not reasonable where they want us to discuss the budget for a number of ministries and we do not know the whole ..adding that the demands to discuss the budget of the ministries of interior and defense was the result of demand for real, the file of the U.S. withdrawal, but this is included in the folds of pressure on the government to accelerate the adoption of the budget and sent to the House of Representatives.

And confirmed Aljbreue: the objection of the International Monetary Fund was due to the size of the deficit in the federal budget where there is a deficit of 30% of the total budget, indicating that the rate of (30%), half deficit financed with can be covered and the other half is funded can not be financed as Treasury operational, adding that Iraq is an individual income that is 92% of its revenues coming into the government of Iraq is oil and including the instability in the European market and Asian as well as a confusion in the global economy, It is possible to affect the oil and thus can affect the federal budget for Iraq, stressing that the Committee had agreed in principle to reduce the investment budget by $ 15% so that we can control in the case of falling oil prices on the budget and the economy.

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Article 140 ~ Kobler searches with Barzani and favour US withdrawal process and future of article 140 of the Constitution ...

Tuesday 29-11-2011

United nations Representative, Kobler, searches with Barzani and favour US withdrawal process and future of article 140 of the Constitution

Arbil, Had Martin Kobler, special representative of the Secretary-General of the United Nations in Iraq and his entourage, talks about the political situation in Iraq and Kurdistan region and the withdrawal of American forces and their implications and future of the United Nations regarding the implementation of article 140, with the President of Kurdistan region Massoud Barzani, head of the territorial Government, Dr. Barham Ahmad Saleh.

According to a statement by the Presidency of the territory received (News Agency news) Tuesday: President of Kurdistan region Massoud Barzani, discussed in Saladin, with Martin Kobler, special representative of the Secretary-General of the United Nations in Iraq and his Entourage in the range of issues concerning the question of the withdrawal of US troops in Iraq and its effects and the future of the United Nations regarding the implementation of article 140.

The Special Representative of the Secretary-General of the United Nations to his meetings with political parties in Kirkuk, declaring that the representatives of the United Nations will continue its endeavours to find an appropriate solution for the implementation of this article.

For his part wished President of Kurdistan region Massoud Barzani to result from the discussions yielded positive results, stressing that the solution contains the implementation of article 140, saying: in this regard we are waiting for practical steps by the United Nations.

President Barzani: we are happy to play this role and we stand ready to provide all forms of support, and hope that these steps produce positive results.

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Maliki agrees to host in Parliament To demonstrate the readiness of security forces after the withdrawal ...

"Parliament Next" would be tomorrow, Wednesday ...

30/11/2011

Maliki agrees to host in Parliament

To demonstrate the readiness of security forces after the withdrawal

BAGHDAD - Al Sabah

Announced the parliamentary source familiar with the Prime Minister, Commander in Chief of the Armed Forces Nouri al-Maliki's call the House to host to indicate the readiness of Iraqi forces after the U.S. withdrawal scheduled end of the year.

This comes at a time revealed by the Commission on Security representative about the existence of reports of high-level confirms the ability of forces and the Armed Services to confront any terrorist threats or external and response.

The source said Parliament "morning": "The prime minister has agreed to host a session of Parliament next to be devoted to explain the government's preparations for the post-withdrawal."

Source said "not to set a date for hearing, or the agenda, but he stressed that the approval of al-Maliki came after a letter presidency of the parliament which included an invitation to host."

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