Last Friday, January 24th, CNBC had a rather remarkable interview with economist, Art Cashin, who is the Director of Floor Operations for UBS (United Bank of Switzerland) at the NYSE. For the first time in anyones memory, we had an international banking figure come out and publicly state that nations would be revaluing their currencies on Sunday. We subsequently saw Christine Lagarde give a speech on Saturday in which she spent not less than five minutes specifically referring to the coming Reset, noting that this was an event of extreme importance to the global economic ills as a corrective measure. On Monday, Fox Business News did a series of interviews throughout the day with different economists who were not bashful at all about referring specifically to The Global Currency Reset. Art Cashin was not wrong when he talked about currencies being revalued on Sunday, but he only mentioned four or five currencies in the interview. What got left out of the interview was the fact that the GCR actually did begin its process on Sunday, a process specifically sanctioned and implemented with the cooperation and help of the IMF. Two of the major currencies that weve been watching -- namely, the IQD and the VND -- were among the first to revalue. I have been repeatedly advised by my contacts at the IMF and other agencies that they would NEVER just do the Dinar or the Dong, release those currencies to the world, and then follow up with other currencies behind them simply because of the massive amount of double-dipping that would take place. Sure enough, even though we had seen a total of 104 currencies finish the revaluing process by Monday night, it was made abundantly clear that we would not get to see the new rates until the process completed. With 104 currencies having finished the process, that left 94 yet to go. I do not know what time the actual process began, but what has been said is that the IMF gave a 72-hour window for all 198 currencies to undergo the process of change, after which the new rates would be released to the world. The timing of this is interesting in view of the fact that the new UN Operational Rates of Exchange chart is due for initial release on the 29th with the final publication on the first of February.
Posted on: Wed, 29 Jan 2014 17:05:13 +0000
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