Mortymer Profile picture
May 11 10 tweets 4 min read
It is 1975 and oil oil exporters and importers try to find solution for broken monetary system.

An interesting history 🧵🧵🧵
How could oil producing countries keep their purchasing power in times of turbulent seventies?
#Gold #Oil #MonetaryAffairs #IMS
Few years before 16 January 1979 when the Shah had fled Iran...
The $ oil pricing curse aka when Saddam still played along:
How was the International Monetary system changed from gold to oil in an international agreement nobody spoke and very few knew about:
Bit later Italy which imported lots of oil could not foot the bill so they pawned their gold to Bundesbank:
Even bit later the Central Bank Monetary Gold was on a move:
The US did not like that a lot...
Many things were tried and used, this one is from 1974
Oh, you made it to here?

You must be either fascinated or bored.

Here is more about the evolution of the monetary system:
anotherfreegoldblog.blogspot.com/2017/06/1973-i…

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More from @mortymer001

May 11
Once Iraq´s Saddam Hussein said about oil management:
A small thread about oil politics:

🧵🧵🧵🧵🧵🧵🧵🧵

Is the US in the Gulf to "steal" the oil? -> NO!
All the oil ever consumed is LESS that 1/5 of Lake Tahoe: tinyurl.com/5n7fsc9e

Do this:
- Just zoom in and out.
- Think that all this burns at once and creates a cloud/blanket covering whole Earth.
- Tell me, would this little fart make ANY difference to #GlobalWarming ?
Read 10 tweets
May 11
About #Transnistria, #Moldova, #Nato and #Russia. A small🧵

But lets start with Georgia first!

During NATO's 2008 Bucharest summit in Bucharest, United States and Poland called for Georgia to be allowed to join the Membership Action Plan (MAP). A roadmap was set. (1/N)
The issue with accession articles and preambles is that implicitly no country without full control of its borders can join the alliance.

Let it sink.

Neither Georgia, Ukraine nor Moldova can join NATO without solving their territorial issues.

Internal conflicts matter. (2/N)
In Georgia it is #Abkhazia and South Ossetia.
In Ukraine it is #Crimea, #Donbas and #Lugansk regions.
In #Moldova it is #Transnitria.

Note that Russia has been for years working hard on their border issues.

Escalation in new member conflict zone would trigger art5. (3/10)
Read 15 tweets
May 9
FREEZING ASSETS OF FOREIGN CENTRAL BANKS IN INTERNATIONAL LAW: AGAIN IN THE SPOTLIGHT

monardlaw.be/en/stories/fre…
"Freezing the assets means that they are blocked and therefore can no longer be withdrawn, transferred, paid, etc.: in principle, it is essentially a temporary measure, that is not tantamount to a confiscation. "
In some cases, however, the sanctioning State goes one step further and allows the funds to be used to satisfy judgments against the targeted State (this is what happened with the assets held by Iran’s Central Bank in the U.S., thereby triggering litigation at the International
Read 6 tweets
Mar 31
@VictorTheClean3 @avoidingfolly @LukeGromen @SantiagoAuFund @imetatronink en.wikipedia.org/wiki/2020_Russ…

OPEC plus countries include Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, South Sudan and Sudan.
@VictorTheClean3 @avoidingfolly @LukeGromen @SantiagoAuFund @imetatronink So as you can see the US-KSA alliance fell apart and new alliance KSA-RU has been established. It is a win-win in long term and KSA has correctly realized that the USA would over-issue $ therefore devaluate all their inground reserves thus seriously lower their income.
Read 12 tweets
Mar 30
What I do not get is how the #Left, usually #AntiWar, is supporting #Ukrainian case and war efforts.
In #IraqWar the left played important role yet little was achieved.

The #WarInDonbas was a miss.

The Saudi Arabian–led intervention in #Yemen was totally ignored.

The #Palestine issue keeps going yet not many protests get publicity.

The Russo-Ukrainian conflict/war?
...1/2
Part 2/2
...First protests were massive. Now?

Two issues:

- The #AntiWar movement demands stop of military operations by RU forces.

- Not many voices speak for stopping all use of military force.

What happened to #Peace #Movements?
Read 6 tweets
Feb 17
@imetatronink Several notes:
1. Using gold in IMS (directly) as monetary payment is no go. It is forbiden by IMF rules. Even RF, its CB, is not gonna to walk that path.
@imetatronink 2. The Russia can not "announce" seling oil for gold. Semi independent private companies swll to market, long term contracts,...
3. Oil producers do coordinate their policies. Only KSA has the power to rump up/down the production to move markets.
@imetatronink 4. The IMS is changing (slooowly, hard to notice) from $ based to Multi-polar Multi-reserve Monetary system. There are 3 main assets / Mundel's ccy areas -$, €, ¥. Gold will play wider rule in future as more active nutral rsrv asset.
Read 12 tweets

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