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#Lebanon ‘s Govt Reform Draft Document offers comprehensive repudiation of the existing economic order since currency peg was introduced in 1997

As will elaborate further in Thread

It argues that come summer of 2021, most of the banks you see today will no longer be around ==>
2-Document is an excellent blueprint. It is comprehensive & first semi-official admission of losses at the three levels of Govt, Banks & @BDL_Lebanon

Plan makes it clear #IMF is a prerequisite

CEDRE is assumed to follow

Also Note the Tough Internal Reform Assumptions
3-Bank restructuring is supposed to start with US$20.8 billion capital write-off of existing shareholders. After wiping out this number, US$62.4 billion of losses will be covered by contribution from "large depositors". Exact parameters of this contribution is yet to be defined
Read 4 tweets
1. In the German news they now claim that a "global government" response may be needed to fight the #COVID19-crisis.
Of course the #NWO-pushers are pushing for a World Government. They always have & the #UN, the #IMF. EU-Brussels and many more will do so too!
2. That a more centralized response brings little can be seen with:
- The UN & #WHO: They failed to alert the world to a new Killer-Virus! The WHO was alerted to #COVID19 back in December 2019!
The UN was still playing the virus down end January 2020!
#Covid_19 #GlobalGovernment
3. A more centralized response brings little:
- The #EU under #VonDerLeyen has failed completely in the #COVID19-crisis. They rather push more mass-#migration (which will help spread the virus) & Von der Leyen cries that she can't push her new #GreenDeal harder!
Read 15 tweets
Join me tonight at 7pm est. for #DiggingDeeper with @BWDeadcat and @PinataDrunk on @PatriotsSoapbox

Tonight's Show Prep:

ps247.link/PtK

"The Empire Strikes Back"

#WWG1WGA #FourthIndustrialRevolution #Technocracy #UBI #REDRED #IMF #DigitalDollar
Live now!

ICYMI:

Read 3 tweets
Lets talk about the initiatives by the #WorldBank - WB, #InternationalFinanceCorporation - IFC and #InternationalMonetaryFund - IMF in the fight against the spread of #COVID19...
The #WorldBank / #IFC US$14 billion package intended to #FastTrack financing to assist companies and countries in their efforts to prevent, detect and respond to the rapid spread of COVID-19. package aims to bolster national systems for public health preparedness...
The #IFC’s share of the US$14 billion-dollar package is US$8 billion. It will be used to support private companies and their employees adversely affected by the economic downturn caused by the #COVID19 outbreak...
Read 10 tweets
Some #EmergingMarkets thoughts. The shock is unprecedented. Q1 GDP likely contracted -15% (annualized). If #China indeed recovers, Q2 headline number may look better. But, X-China, the pain has only just started. 1/6
The nature of the shock is complicated. Domestic factors (lower consumption and investment) is combining with external shocks (collapsing exports; imploding commodity prices; lower remittances; & disappearing tourists). 2/6
To that, add the tightening of financial conditions including, most insidiously, the severe #USD liquidity shortage (exacerbated by portfolio outflows). Among others, the crunch will hurt a highly indebted corporate sector. 3/6
Read 6 tweets
Lets talk about #Global #CentralBanks and their #MonetaryPolicy stances given #COVID19. Specifically, lets ask ourselves: "Can Central Banks Help Fight COVID-19?"
The best place to start is to note that #Global #Growth was already facing considerable downside risks before the #COVID19 outbreak December 2019. The slow down in global growth came on the back of trade (china vs. us) and geopolitical (Brexit etc.) tensions...
To this end, institutions such as the #IMF & #WorldBank revised down their 2020 #Economic #Growth outlook & emphasised the need for a more coordinated #policy approach between #monetary & #fiscal policy around the globe to "rescue" growth from the doldrums...
Read 14 tweets
#BREAKING Spain's equality minister Irene Montero tests positive for #coronavirus: govt
#BREAKING Virus-hit Iran asks IMF for its first loan since 1962
#BREAKING Rome to shut Ciampino airport from Friday night, close terminal at Fiumicino from Tuesday: statement
Read 13 tweets
Altijd leuk als mensen een #thread maken over hun ideeën.
@PietLekkerkerk maakte een thread over de #EU-standpunten van #FvD omdat hij vindt dat deze standpunten onzinnig zijn.
Hier👇zijn thread en mijn antwoord.
#Draad!
1/31
Piet vraagt (tweet 3👇) naar de onderbouwing voor 2 beweringen van #FvD:

-dat de EU ons miljarden kost
-dat economieën in Zuid-Europa kapot gaan door de #EU

Eerst gaan we kijken naar de miljarden.
2/31
Piet stelt dat het ‘maar’ 1 miljard per jaar is.
Zijn linkje werkt niet meer, dus ik heb zelf even gegoogeld en kwam hier terecht.
Volgens de EU zelf👇 betaalde NL in 2017 bijna 2 miljard meer dan het ontving.
3/31
europa.eu/european-union…
Read 32 tweets
For Russia an external shock from oil is not unlike one from sanctions.

That’s why it is so hard to disentangle the 2014 effect. Both dry up external/budget funding.

A thread on Russia’s macro.

1/ it is one of the few counties with fiscal and current account surpluses.
Thanks to the massive fiscal adjustment after the 2014 shocks of sanctions and lower oil. Look at the consolidated expenditure on the chart below.
As a result Russia’s fiscal break even price for oil went from $113 in 2013 to $49 in 2019.
Read 20 tweets
MAR 5 #CoronavirusOutbreak MD THREAD 1: Latest ARGIS Map 3/5 6:53AM .. NOTE #China not supplying DEATHS update.FIRST SEE #IMF Report from yesterday.. AND Breaking #Boris suspends #British #Parliament .. IS #Iran totally sure that Vendor from #Wuhan had come to HolyDays before?
MAR 5 #CoronavirusOutbreak MD THREAD 2:
Yesterday's MD THREAD: tinyurl.com/ww2jk4h
by MD trained during #HIV #AIDS Epidemic When we had to fight YEARS for Research, and Treatment.
Still do @VP #Pence killed many in #Indiana in 2015 #maddow @seattletimes @sfchronicle
MAR 5 #CoronavirusOutbreak MD THREAD 3: WaPo Mapping LINK...tinyurl.com/qrsxkva as I note above I like ARGIS JohnsHopkins Map better but this is US alone... HEADS UP..SCARY folks...
While #ImpeachedForLife #IMPOTUS45 #Trump and @VP Pence are clueless @maddow @CNN @votevets
Read 36 tweets
MAR 4 #CoronaVirusUpdates MD THREAD 1: First see todays #ARGIS map .. US UP to 153 cases.. BUT Remember we can’t TEST! #China has FIVE Tests And TESTS over ONE MILLION per day.

tinyurl.com/uvclzl9 @maddow @CNN @PublicHealth @UCSF @StanfordMed @GavinNewsom @MelanieNathan1
MAR 4 #CoronaVirusUpdates MD THREAD 2: FIRST NOTE : #Princess #cruiseship #GrandPrincess RETURNING to SF wo stopping in #Ensenada. Passengers on a FEB cruise have #coronavirus SAW STORYbut just picking up WaPoUPDATES . Will add here when I find it #SanFrancisco #COVID19 @sfpelosi
MAR 4 #CoronaVirusUpdates MD THREAD 3: American #workers face increasing disruptions to their routines as #companies, #schools and #localgovts implement precautions with many firms restricting travel or weighing work-from-home arrangements. @business @Womenworking @SEIU @maddow
Read 17 tweets
THREAD: The #IMF’s offer to provide #Lebanon’s government with technical advice has been met with a resounding "NO THANK YOU!” from many protesters and economists. But others may wonder, why should we reject the IMF’s offer of help?imf.org/en/News/Articl…
1. Firstly, the IMF has not committed to any financial assistance yet, which is always conditioned on economic reforms. For now, it is offering non-binding technical support, advising Lebanon on its budget and austerity measures.
2. That sounds nice enough, so why are people hating? Well, the IMF is typically a proponent of uber-capitalist reforms that focus on numbers, not human lives. Widespread criticism of these tactics have pushed the IMF to work on its image and aim for a more balanced approach.
Read 12 tweets
Lets talk about the 1st meeting of #G20 #Finance Ministers and #CentralBank Governors. Specifically, lets talk about the short to medium term headwinds for global #Economic #Growth...
If you haven't been living under a rock, and you happen to be an avid scholar / practitioner in the world of #Global #Finance / #CentralBanking, then you know that the Group of 20 Finance Ministers & Central Bank Governors met on the 22-23 Feb 2020 in #Riyadh, #SaudiArabia...
The 2020 #g20 meeting of finance ministers & central bank governors in #Riyadh brought together key #Fiscal and #Monetary #Policy makers to discuss, inter alia, what #Global #Economic #Growth prospects look like in the short to medium term...
Read 12 tweets
"The Green New Deal" is going to take movement tactics. Bullshit. It's global - sitting in the wings. Your consent is being engineered. Spending billions to have you demand & "fight" for it. They play with you like a cat plays with a mouse before it decapitates it. For fun.
Who else is tasked with building the social license required to implement the Global Green New Deal?

Let's start with Alexandria Ocasio-Cortez, & May Boeve, Executive Director of 350-DOT-org.

The #NonProfitIndustrialComplex: an extension of the ruling class.

#UN #WEF #GND
January 23, 2020, World Economic Forum: "Striking a Green New Deal"

Note again, that the UN partnered with WEF on June 13, 2020.

#MarchingForCapital
#RebootingCapitalism
#SavingCapitalism
#C40Cities (founded by #Bloomberg & #Clinton)
#Davos
Read 29 tweets
🚨IMPORTANT UKRAINE TIMELINE 🚨

The #IMF that asked @realdonaldtrump to hold back #lethalaid to #Ukraine until they sent investigators into #PrivatBank to get all the important documents proving corruption. Once docs received, they told @POTUS to go ahead and release the aid.
@realDonaldTrump @POTUS So contrary to what the #impeachmenthoax Dems were saying, the President did not hold monies back without the #IMF telling him to as they were neck deep into their investigation of #PrivatBank which is also owned by the same person who owns #Burisma, Ukrainian Mykola Zlochevsky.
Read 3 tweets
Lets talk about #Argentina and the #IMF. Specifically, lets talk about the biggest IMF #Bailout in #History...
Before we start talking about #Argentina & how the #IMF has extended to them a #Bailout that is by far the biggest in the organisation's history, let us first appreciate what the functions of the IMF are...
The #IMF’s main goal is to ensure #stability of the #international #monetary & #financial #system. It helps resolve crises, and works with its 189 member countries to promote #growth & alleviate #poverty...
Read 12 tweets
1. Dear #WeThePeople of the LEFT

U have correctly identified the problem - that a 1% ELITE controls our government

But your solution of SOCIALISM is misguided

Let’s work TOGETHER to destroy this ELITE class

ONE ISSUE POLITICS - Destroy the Elite

#EndTheFed
2A. From @noamchomskyT
Requiem for the American Dream

“If u look at wealth distribution, the (income) inequality mostly comes from super-wealth -.. the top 1/10th of a %... If u check u find that over the course of these years the govt policy has been modified ...
2B. “.. AGAINST THE WILL OF THE POPULATION to provide enormous benefits to the very rich... Real incomes have stagnated for over 30 years. The MIDDLE CLASS in that sense.. is under severe attack. A significant part of the AMERICAN DREAM is class mobility... It’s all collapsed.”
Read 28 tweets
🇨🇳 #China (1) | The question is no longer if, but how hard, the #coronavirus will damage Chinese economy (and its trading partners) in 1Q20.
🇨🇳 #China (2) | A blockage of 16 cities (~50 million people) coupled with the extension of the Lunar New Year holiday and prohibition for Cos to return to work soon implies that 1Q will fall below 6% for the first time since QoQ figures are recorded.
🇨🇳 #China (3) | The impact will probably broaden from retail sales, tourism/transportation...

Read 93 tweets
Despite capital controls and the likely compression of imports, Lebanon’s external financing needs will remain high at $9-10bn per year. This assumes imports fall by 30%, LL at 2000, capital controls on FX deposits remain in place, no new inflows. That’s still around 18% of GDP.
At first glance, the BdL’s headline reserves figures seems sufficient to cover current account deficit financing and repayments of Eurobonds and BdL's USD CDs (principal and interest) coming due in 2020-21.
But chart also shows that none of those FX needs can be met once the banks’ negative net foreign asset position is taken into account. As @AndyKhalil1 eloquently puts it, #BdL cannot cover banks’ foreign liabilities using fake Lebanese dollars
Read 6 tweets
Thread on #Lebanon

HOW CAN DOLLAR DEPOSITS EVAPORATE?

$ deposits were spent/burnt over period of 22 y to prevent the dollar from rising against LBP (white) while regional currencies of say Turkey (L) & Egypt (R) lost significant value to the Dollar

More on #NERDS later ==>
2-If one were to pick date that led to this crisis, it would be 1997 when

@BDL_Lebanon pegged LBP to the dollar

By doing so, BdL thought it was following Article 70 of the Code of Money & Credit that entrusted it with

“General mission of safeguarding the national currency”
3-“Safeguarding the National Currency” is a noble cause.

Most countries would love to have a stable currency that helps lower risk premiums & offer citizens protection against losing their purchasing power

But, Why don’t most economies do that?

Because, it’s not easy ==>
Read 35 tweets
The banking sector, which is the core of the Lebanese economy, is in crisis, and so is the country. asiatimes.com/2019/10/articl… #LebanonProtests
The most truthful thing said about #LebanonProtests. They are not monolithic in their aims, they are a mosaic, like Lebanon itself.
Salame is not doing his job as he should, he is using the protests to shield himself from scrutiny & pressure the gov into resigning in order to implement IMF austerity measures. He might even have sparked the protests by limiting withdrawals & spreading panic. #Lebanonprotests
Read 60 tweets
The elephant in the room that prompted #Lebanon's protests. A Whatsapp tax? Who came with this silly idea? thenational.ae/business/econo… #IMF
You don't tax a population without first providing services. The Lebanese state doesn't provide basic services. However, the #IMF has one size fits all policy to make the state collect taxes when it lends money, and it doesn't care about other aspects of the economy.
Let's talk about services the Lebanese state provides to its citizens:
Water? Barely
Health care? A big No
Internet? Slowest in the world
Electricity? No
Infrastructure? No
Qs arise to where did international loan money go & why shld citizens pay taxes w/o receiving services?
Read 19 tweets
#Guardian #UK Seize On Opportunity (#Syria Op) to Bash #Turkey’s President #Erdogan & Advocate for Gov change. This types of meddling by the West has the exact opposite effect on Turks. Don’t they know by now?!- - - theguardian.com/commentisfree/…
When Western #MSM, #Soros Media & Neoliberal Think-Tanks come out overtly & meddle with #MiddleEast Countries governments they have the exact opposite effect on the people of these nations. Sometimes I wonder if they “intend” to use reverse psychology for the #Opposite outcome?!
... Because they can’t be that stupid- they surely know the perception that creates & the opposite effect it has. So is this their method to actually support who they say they oppose? Think about it.
Read 7 tweets
President Lenin #Moreno declares a ‘State of Exception” in #Ecuador. #ParoNacional
#PaquetazoDeMoreno
Lenín #Moreno declares a state of emergency in #Ecuador, mobilizes troops to repress protests.
Strikes and protests in #Ecuador against Lenín #Moreno's agressive neoliberal #IMF reforms. State of emergency declared.
Read 3 tweets

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