Luxor4u

Some on our site may see this as a strange title, but those who study the real international world may understand more. Some of us will know that the I.M.F. have been in discussions with Egypt for a poxy loan of $3 Billion, and why it has taken so long?

On the 1st January this year, Egypt joined an internal organization called Brics, it is an agreement where two national fix a mutually agreed currency between the two said nations, and thus avoiding the international $ official rate for $ related commodities. Egypt felt confident joining this organisation, because simply being it controls the Suez, for which trade flows to the West, and therefore keeps price down.

Also at the same as requested by Egypt for a simpler loan from the I.M.F. was Argentina (now, that is the real basket case of all nations you would not extend credit too), however, suddenly that got an instant new credit of almost $7 Billion. Although world media did not pick up on this, Argentina also applied to join BRICS, but quickly withdraw before January deadline. Did the I.M.F. threatened to withdraw the loan ?

Like I wrote on here a few weeks ago, while the West is more bothered about silly little wars and conflicts that it cannot or will not be bothered to solve, the Pacific world is moving forward. BRICS organization includes Russia, China, India, South Africa, Brazil, Saudi Arabia, and other Gulf states, its aims are trade, and that is in Pacific region and not the Atlantic. These nations will use a common agreeable currency between two nations within the organization, and thus avoiding the $ rate, which I am sure most will agree today it is held up only by DEBT. What will be the future of the $ rate for a barrel of oil ?

So, what is the future of the $, in the short term nothing, but I believe things may move faster than expected. I still travel quite alot so can say, a certain I-phone in San Francisco cost $1,000, in the U.K. it was £1,000, in both India and China it was 20% cheaper than the San Francisco price. This whole thing reminds me of a conversation I had with a coke cola executive in Cairo years ago regarding its price fix in Europe opposed Egypt price, he simply told me what ever the market would accept, that's the price,.......perhaps this is the future also.

I'm just a minnow swimming in a goldfish bowl..

I just mentioned to Sim that The National Lottery had been sold.
She thought the government owned it. She's an ex commie only been here 15 years.

I told her about Branson's bid and found out who the last owners were, wait for it.....
The Ontario Teachers' Pension Plan of Canada..

Anyhow it's now owned by a Czech entreprenuer 700 ish on the rich list.
Karel Komarek.. "live and learn.........

Ps:Revenue Increase £5.5 Billion GBP

It would be interesting to know how how revenue Egypt is loosing while ships reroute via the Cape. Maybe the IMF want to know as well. I’m not sure what relationship Egypt has with the Houthi’s but surely they should sort something out.

I’ve answered my own question………

https://egyptianstreets.com/2024/02/04/ ... p-traffic/

Well yes crewmeal you are right, but after the Suez was enlarged it did increase capacity by 40%, so things are not to bad.

What I believe is dreadful, is the fact that back in 2015 Egyptian people were encouraged to change hard currency, being the $ at the rate of 7.5LE to buy bonds in the project. Within two days the government raised over $5 Billion, the total project cost $8 Billion. The dividend on bonds have been around 12% per annum. In truth those bonds are now worthless.

The U.S. press (CNN business) are reporting today that billions of $ worth of oil exported from Russia to India where it was refined, then exported, believe it or not then to the U.S. where it was paid for in $'s.

Are they, the American press saying here, that this is the first time they have heard of the BRICS system, that avoids the $ currency.

It seems that Western media are still not prepared to report on BRICS.

The international commodity of grain is priced in $, and the Ukraine is a major supplier, however this group of countries including Egypt, are no longer buying their grain. Therefore the only route left open to them is the E.U. which they are now selling to them, and that is why farmers within the E.U. are protesting about the fact that they are now not getting the real price for this commodity, though the B.B.C. are simply calling this 'cheap imports from abroad' though failing to report the true meaning.

The U.K. imports only 15% of its requirements, that will drastically be produced this year.