First Christian Church

How Final Expense Commissions Work}

Submitted by: David Duford

Would you like to know what kind of final expense commission level you are entitled to as a new final expense agent?

The answer, of course, is, “It depends!” And this article will set out to define what to expect regarding commission levels and also to further investigate what details final expense agents need to be concerned with that factor into what they will ultimately NET (which is different from what they will GROSS).

For the most part, there is an inverse relationship between your gross commission level and the level of support you receive as an agent. However, many agents will attest that this is not always the case, as there are plenty of low-brow final expense agencies that con agents into low gross commission contracts yet do not provide a high level of support in return. Hopefully, with the knowledge gained from this article on final expense commissions, you will be able to determine which outfits will provide the best balance of value and gross commission levels.

Another reason I have written this article is that most agents get involved in the final expense business through the first person they meet; they have no benchmark to judge an offer against. Simply put, new final expense agents don’t know what they don’t know.

The Benchmark – Street Level Contracts

[youtube]http://www.youtube.com/watch?v=MkVEQs9uSIs[/youtube]

Street level contracts are defined entry-level contracts any agent can get without requiring proof of production. These are the highest no-production proof contracts new agents can get. Normally, agents can anticipate gross commission levels in the 100 to 120 first year commission percentage rate ranges.

So why don’t all agents simply pick up street-level contracts? Because with the exchange in a higher gross, comes less involvement from the upline to train that agent. Additionally, there is rarely any support in the form of marketing for the street level agent, either. The agent is left up to his own abilities to find a marketing program, learn how to sell, and learn the nuances of the final expense business.

Most new final expense agents shack up with an agency on lower-than-street level contracts in exchange with the expectation of training, support, and access to a proven lead-generation system. Many of these organizations will require the new final expense agent to purchase his own leads, while others do all the lead management for the agent.

Agents that are responsible for purchasing leads usually have a better gross commission contract than those who have the agency manage the lead program to reflect the added investment on behalf of the agent purchasing the leads.

A good rule of thumb for new final expense agents is to work with a final expense agency that will provide training, support, and a lead program (optimally using your own money) and in return, you should have a gross first year commission level between 80 and 100 percent.

Smart final expense agents understand that there is a lot of training he’ll have to undertake, from product selection, lead selection, underwriting, to salesmanship. all of this factors into where your commission rate should be. Finding a final expense agency that will provide all of this to you, along with you getting a feel that you get along with the manager responsible for you, is a great way to get started in this business.

Blue Sky and Unfair Contracts

Beware! Always be suspicious of the agencies that sell you on “blue sky” – IE, they show you money, cars, material possessions, et cetera. Many times these agencies gloss over the extreme level of hard work and emotional discipline that it takes to succeed, and excite you with the possibilities of being rich and famous.

Also, beware of agencies with super-low first-year commission levels in the 50 percent to 70 percent range that actually require you to buy leads at full pricing.

These agencies are committing highway robbery; the truth of this business is not everything you sell will actually stick, and you are at some financial risk from business that falls off the books and any advanced commissions you receive have to be repaid out of new business placed. Couple that with a full price lead bill, mostly likely in the several thousands, you have a recipe for financial disaster.

Ultimately, if you value support and training, and understand that you don’t know what you don’t know, you want to find a final expense agency that will provide you the tools to succeed in exchange for a short-term commission level reduction to reflect the value the agency is giving you. Yes, you do want to be at a street-level contract down the line, and if the agency is intelligent, they will show you to plan on how to earn you way to a top commission contract. Because, as first mentioned, your success is determined not just by what you make (your gross first year commission), but what you keep, which can be dramatically altered in a positive way by controlling lead costs, and optimizing your skill level to see more people and sell more insurance.

About the Author: David Duford is the owner of Final Expense Agent Mentor, specializing in helping agents new to the final expense life insurance business master the business through intense mentorship and guidance. Visit

feagentmentor.com

for more information.

Source:

isnare.com

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US stock markets tumble on ‘Black Monday’ anniversary

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US stock markets tumble on ‘Black Monday’ anniversary

Saturday, October 20, 2007

This article features in a News Brief from Audio Wikinews:

Some say history tends to repeat itself. Today marked a day in history, when 20 years ago, the United States Dow Jones Industrial Average market crashed, on what is known as ‘Black Monday‘. The crash sent the market tumbling down 508 points, losing nearly 24%. On Friday, the Dow Jones nearly broke that record when the market closed at -366.94 points, down almost three percent.

Several factors could be to blame for the loss, one being Turkey’s government approving a measure on October 18 to send Turkish troops into Iraq in an attempt to take out militants of the Kurdistan Workers Party (PKK). This sent oil prices skyrocketing to the highest prices in history, with the highest record being just over US$89.00, which was set on October 18.

Fears that the housing market in the U.S. has come to a standstill has also lead Caterpillar Inc., which manufactures and sells construction equipment to issue a warning that the standstill would cause profits to drop, and the American economy to be severely hurt. On Friday their stocks lost nearly six percent to close at $73.57.

Investors and experts of the markets are disturbed by the losses calling the situation ugly.

“It’s pretty ugly. A company like Caterpillar should be a poster child for global growth and benefits of the weak dollar. It makes you question: Is global growth really that strong? Has the earnings kick from the weak dollar played itself out?” said Bell Curve Trading chief strategy expert, Bill Strazzullo.

Others believe that the losses were a way of emotionally responding to the events of ‘Black Monday.’

“Some of the earnings reports were a little disappointing but not that bad. I think we’re responding emotionally to the 20th anniversary of the October 1987 stock market crash. I’d like to laugh except it hurts,” said T Rowe Price Head trader, Andy Brooks.

The NASDAQ also took heavy losses to close down 74.15 points or -2.64%, closing at 2,725.16. The S&P 500 was also hit hard, losing 39.45 points, or -2.56%, closing at 1,500.63.

Retrieved from “https://en.wikinews.org/w/index.php?title=US_stock_markets_tumble_on_%27Black_Monday%27_anniversary&oldid=1691711”

Radja Nainggolan announces international retirement after being left out of Belgian football world cup squad

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Radja Nainggolan announces international retirement after being left out of Belgian football world cup squad

Wednesday, May 23, 2018

On Monday, Belgian midfielder Radja Nainggolan announced his retirement from international football after he was left out of the national team squad for the 2018 FIFA World Cup upcoming in June.

Radja Nainggolan, who plays for Italian club AS Roma, posted on Twitter saying, “Very reluctantly my international career comes to an end…I’ve always done everything I could to represent my country[…] Being yourself can be bothering …From this day on I will be the first fan” ((nl))Dutch language: ?Met veel pijn in het hart maak ik een einde aan men internationale carriere… ik heb er altijd alles aangedaan om er bij te zijn en belgie te vertegenwoordigen[…] spijtig genoeg is ECHT zijn niet goed voor SOMMIGE… En vanaf vandaag zal ik de eerste supporter zijn.

Nainggolan announced his decision soon after Roberto Martinez, Belgium team manager, shortlisted 28 players for the Russia World Cup. Martinez travelled to Rome to inform Nainggolan about his decision before announcing the shortlisted players. Nainggolan, who turned 30 earlier this month, scored two goals for AS Roma against English club Liverpool FC in the second leg of the UEFA Champions League semi-final. In 2017, Roma club supporters voted Nainggolan the club’s Player of the Season.

Explaining his decision to leave out Nainggolan, manager Martinez said, “It was a sad and difficult decision. He is a player with a lot of class and he was voted Roma’s best player, but I’ve made my decision for purely tactical reasons.” The Spaniard added, “We know that Radja has a very important role in his club and we cannot give him that role in our squad”.

Martinez is to finalise and submit a 23-man squad for the World Cup tournament on June 4, after his team plays against Portugal in a friendly scheduled for June 2 in the Belgian capital Brussels. After Nainggolan was left out of the squad, former Belgian international Philippe Albert said, “We must be the only country in the world to be making the trip without one of the best players in the world”.

Belgium is in Group G for the World Cup, along with England, Panama, and Tunisia. Belgium is currently world number three in the FIFA rankings.

Retrieved from “https://en.wikinews.org/w/index.php?title=Radja_Nainggolan_announces_international_retirement_after_being_left_out_of_Belgian_football_world_cup_squad&oldid=4556976”

Canada’s Scarborough-Agincourt (Ward 39) city council candidates speak

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Canada’s Scarborough-Agincourt (Ward 39) city council candidates speak
This exclusive interview features first-hand journalism by a Wikinews reporter. See the collaboration page for more details.

Friday, November 3, 2006

On November 13, Torontonians will be heading to the polls to vote for their ward’s councillor and for mayor. Among Toronto’s ridings is Scarborough-Agincourt (Ward 39). Two candidates responded to Wikinews’ requests for an interview. This ward’s candidates include Wayne Cook, Mike Del Grande (incumbent), Samuel Kung, Lushan Lu, Sunshine Smith, and John Wong.

For more information on the election, read Toronto municipal election, 2006.

Retrieved from “https://en.wikinews.org/w/index.php?title=Canada%27s_Scarborough-Agincourt_(Ward_39)_city_council_candidates_speak&oldid=435100”

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Unsecure Business Loans Free Assistive Guide}

Unsecure Business Loans Free Assistive Guide

by

himani

You see, we should be very thankful that we are born in this modern generation because of the existence of the Internet. With the Internet, every information (whether about unsecure business loans or any other such as fha loans, mortgage broker, interest rates for va loans or even va loans bad credit) can be found with ease on the Internet, with great articles like this.

Besides the regular bank loans, you need to consider the option of credit unions too. There are so many credit unions who will be able to help you. Since, these are not like the banks or other financial solutions, there are high chances of getting a loan approval easily.Instant decision unsecured personal loans for people with bad credit can provide fast cash relief, even if you have had a poor financial past.Mostly conventional loans consider various factors before approving the funds but with Cash Loans for Unemployed you are not obligeted to face various tedious formalities.Don’t forget that if this article hasn’t provided you with exact unsecure business loans information, you can use any of the main search engines on the Internet, like Ask dot com, to find the exact unsecure business loans information you need.Although there are many different places you can secure a personal loan from, such as your bank, or with one of your credit card companies. A solution many people find more comfortable with these days is online loan applications.These unions would only be helping the members and people who share a common bond. So the approval process would be easier and faster due to less incoming volume of applications. One other option of getting the unsecured loan is the private loans. There are many private lenders who offer all types of loans. Just a simple search in the internet would give you complete information about the available offers.These are the loans which have been designed basically to help the adverse credit people to have money without offering any collateral. These persons are so risky that the lenders have to think a number of times to offer money even with the security to them.We discovered that many people who were also searching for information related to unsecure business loans also searched online for related information such as va loan entitlement code, gi bill, and even mortgage rates va loans.

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Unsecure Business Loans Free Assistive Guide}

categories Accountants | November 11, 2022 | comments Comments (0)

Questions raised about McCain’s choice of Palin, aides insist “thorough vetting” process

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Questions raised about McCain’s choice of Palin, aides insist “thorough vetting” process

Wednesday, September 3, 2008

Various questions have been raised about the choice of Alaska Governor Sarah Palin as Senator John McCain’s choice for Republican vice presidential running mate. There have been doubts over how thoroughly McCain had examined Palin’s background before announcing that he had selected her to be his running mate on August 29. McCain’s advisers insist that Palin was “thoroughly vetted,” a process that would have included a review of all financial and legal records as well as a criminal background check.

Palin is the Republican Party’s first female candidate for Vice President. In 1984, Geraldine Ferraro was Walter Mondale’s running mate on the Democratic Party ticket.

Yesterday, Palin and her husband issued a statement saying that their 17-year-old unmarried daughter Bristol is five months pregnant and that she intends to marry the father of the baby. The statement came after media speculation and internet rumours that Palin’s 4-month-old son, Trig, was in fact her grandson, and that the mother is Bristol.

Senator Barack Obama, McCain’s opponent in the 2008 election, was asked to comment on Palin’s family situation:

“Let me be as clear as possible… I think people’s families are off-limits, and people’s children are especially off-limits. This shouldn’t be part of our politics. It has no relevance to Governor Palin’s performance as governor or her potential performance as a vice president,” said Obama.

Obama further told reporters to “back off these kinds of stories” and noted that he was born to an 18-year-old mother himself. Obama became annoyed when asked about a news report that quoted an unnamed senior McCain campaign aide saying that Obama’s name appears in liberal blogs speculating about Trig’s parentage. “I am offended by that statement… There is no evidence at all that any of this involved us.”

“We don’t go after people’s families; we don’t get them involved in the politics. It’s not appropriate, and it’s not relevant,” Obama added. “Our people were not involved in any way in this, and they will not be. And if I ever thought that there was somebody in my campaign that was involved in something like that, they’d be fired.”

The McCain campaign said that Senator McCain was aware of Bristol Palin’s pregnancy before he asked her mother to join him on the ticket. McCain reportedly did not see the pregnancy as a detriment to Governor Palin’s selection as the vice presidential candidate.

McCain told reporters that he was satisfied with his campaign’s vetting process: “The vetting process was completely thorough and I’m grateful for the results.”

Governor Palin has hired a private lawyer in a legislative ethics investigation in Alaska into whether she abused her power in dismissing the state’s public safety commissioner, Walter Monegan. The investigation is checking into whether Palin dismissed Monegan for his reluctance to fire Palin’s former brother-in-law, Mike Wooten.

There is no sign that Palin’s formal nomination this week at the Republican National Convention was in jeopardy. The controversy adds anxiety to Republicans who are worried that Democrats would use the selection of Palin to question McCain’s judgment. Republicans were quick to note that Palin has “more executive experience” in elected office than does Obama and have gone on the offensive.

McCain’s choice of Palin came as a shock to some, after it was expected that McCain would choose Joe Lieberman, Tim Pawlenty, or Tom Ridge for the vice presidential nomination. McCain had reportedly met Palin only twice before her selection, and had his first face-to-face interview with her on August 28. McCain offered Palin the vice presidential spot just moments after their meeting concluded. The two appeared at a campaign rally event the following morning in Dayton, Ohio.

Retrieved from “https://en.wikinews.org/w/index.php?title=Questions_raised_about_McCain%27s_choice_of_Palin,_aides_insist_%22thorough_vetting%22_process&oldid=1384001”

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Asbestos controversy aboard Scientology ship Freewinds

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Asbestos controversy aboard Scientology ship Freewinds

Friday, May 16, 2008

Controversy has arisen over the reported presence of blue asbestos on the MV Freewinds, a cruise ship owned by the Church of Scientology. According to the Saint Martin newspaper The Daily Herald and the shipping news journal Lloyd’s List, the Freewinds was sealed in April and local public health officials on the Caribbean island of Curaçao where the ship is docked began an investigation into the presence of asbestos dust on the ship. Former Scientologist Lawrence Woodcraft supervised work on the ship in 1987, and attested to the presence of blue asbestos on the Freewinds in an affidavit posted to the Internet in 2001. Woodcraft, a licensed architect by profession, gave a statement to Wikinews and commented on the recent events.

According to The Daily Herald, the Freewinds was in the process of being renovated by the Curaçao Drydock Company. The article states that samples taken from paneling in the ship were sent to the Netherlands, where an analysis revealed that they “contained significant levels of blue asbestos”. An employee of the Curaçao Drydock Company told Radar Online in an April 30 article that the Freewinds has been docked and sealed, and confirmed that an article about asbestos ran in the local paper.

Lloyd’s List reported that work on the interior of the Freewinds was suspended on April 27 after health inspectors found traces of blue asbestos on the ship. According to Lloyd’s List, Frank Esser, Curaçao Drydock Company’s interim director, joined Curaçao’s head of the department of labor affairs Christiene van der Biezen along with the head of the local health department Tico Ras and two inspectors in an April 25 inspection of the ship. “We are sending someone so that they can tell us what happened, where it came from, since when it has been there,” said Panama Maritime Authority’s director of merchant marine Alfonso Castillero in a statement to Lloyd’s List.

The Church of Scientology purchased the ship, then known as the Bohème, in 1987, through an organization called Flag Ship Trust. After being renovated and refitted, it was put into service in June 1988. The ship is used by the Church of Scientology for advanced Scientology training in “Operating Thetan” levels, as well as for spiritual retreats for its members. Curaçao has been the ship’s homeport since it was purchased by the Church of Scientology.

According to his 2001 statement, Lawrence Woodcraft had been an architect in London, England since 1975, and joined Scientology’s elite “Sea Organization” (Sea Org) in 1986. He wrote that he was asked by the Sea Org to work on the Freewinds in 1987, and during his work on the ship “noticed a powdery blue fibrous substance approximately 1 ½” thick between the paint and the steel wall,” which he believed to be asbestos. He also discovered what he thought was blue asbestos in other parts of the ship, and reported his findings to Church of Scientology executives. Woodcraft discussed his experiences in a 2001 interview published online by the Lisa McPherson Trust, a now-defunct organization which was critical of the Church of Scientology.

The Freewinds regularly inspects the air quality on board and always meets or exceeds US standards.

Church of Scientology spokeswoman Karin Pouw responded to Radar Online about the asbestos reports, in an email published in an article in Radar on May 1. “The Freewinds regularly inspects the air quality on board and always meets or exceeds US standards,” said Pouw. She stated that two inspections performed in April “confirmed that the air quality is safe,” and asserted that the inspections revealed the Freewinds satisfies standards set by the United States Occupational Safety and Health Administration and the U.S. Clean Air Act.

Pouw told Radar that “The Freewinds will be completing its refit on schedule.” The Church of Scientology-affiliated organization Citizens Commission on Human Rights (CCHR) had been planning a cruise aboard the Freewinds scheduled for May 8, but according to Radar an individual who called the booking number for the cruise received a message that the cruise had been delayed due to ongoing work on the ship. Citing an article in the Netherlands Antilles newspaper Amigoe, Radar reported on May 6 that a team from the United States and supervised by an independent bureau from the Netherlands traveled to Curaçao in order to remove asbestos from the Freewinds.

…if the Church of Scientology claims to have removed the blue asbestos, I just don’t see how, it’s everywhere. You would first have to remove all the pipes, plumbing, a/c ducts, electrical wiring etc. etc. just a maze of stuff.

“I stand by everything I wrote in my 2001 affidavit,” said Lawrence Woodcraft in an exclusive statement given to Wikinews. Woodcraft went on to state: “I would also comment that if the Church of Scientology claims to have removed the blue asbestos, I just don’t see how, it’s everywhere. You would first have to remove all the pipes, plumbing, a/c ducts, electrical wiring etc. etc. just a maze of stuff. Also panelling as well, basically strip the ship back to a steel hull. Also blue asbestos is sprayed onto the outer walls and then covered in paint. It’s in every nook and cranny.”

Many Scientologist celebrities have spent time aboard the Freewinds, including Tom Cruise, Katie Holmes, John Travolta, Kelly Preston, Chick Corea, Lisa Marie Presley, Catherine Bell, Kate Ceberano, and Juliette Lewis. Now magazine reported that Tom Cruise has been urged to seek medical attention regarding potential asbestos exposure, however a representative for Cruise stated he has “absolutely no knowledge” of the recent asbestos controversy. Cruise, Holmes, Travolta and Preston have celebrated birthdays and other events on the Freewinds.

There is not now and never has been a situation of asbestos exposure on the Freewinds.

In a May 15 statement to the United Kingdom daily newspaper Metro, a representative for the Church of Scientology said that “There is not now and never has been a situation of asbestos exposure on the Freewinds.” The Asbestos and Mesothelioma Center notes that agencies have recommended anyone who has spent time on the Freewinds consult with their physician to determine if possible asbestos exposure may have affected their health.

Raw blue asbestos is the most hazardous form of asbestos, and has been banned in the United Kingdom since 1970. Blue asbestos fibers are very narrow and thus easily inhaled, and are a major cause of mesothelioma. Mesothelioma is a form of cancer which can develop in the lining of the lungs and chest cavity, the lining of the abdominal cavity, or the pericardium sac surrounding the heart. The cancer is incurable, and can manifest over 40 years after the initial exposure to asbestos.

“This is the most dangerous type of asbestos because the fibres are smaller than the white asbestos and can penetrate the lung more easily,” said toxicologist Dr. Chris Coggins in a statement published in OK! Magazine. Dr. Coggins went on to note that “Once diagnosed with mesothelioma, the victim has six months to a year to live. It gradually reduces lung function until the victim is no longer able to breathe and dies.”

Retrieved from “https://en.wikinews.org/w/index.php?title=Asbestos_controversy_aboard_Scientology_ship_Freewinds&oldid=4647051”

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Hunting Supplies Required For Skeet Shooting}

Hunting Supplies Required for Skeet Shooting

by

David Albright

Hunting is considered to be a sport since a long time. Previously the kings would go hunting almost every month. This was not only their passion but it was also their hobby. These days the equipments for hunting have changed. The equipments these days are modern and they help you to set the target in the best possible way.

[youtube]http://www.youtube.com/watch?v=qWJlS04PYlE[/youtube]

There are various forms of hunting these days. You might be aware of the shotgun shooting at targets popular these days. If you are familiar with hunting then you might have heard about the term skeet shooting.This is one of the shotgun shooting types and this kind of shooting has even got a national recognition. If you love this sport then you might get excited whenever you heard about hunting. Before you go for hunting you need to arrange for the hunting supplies.The first thing that you require for skeet shooting is your uniform. You should consider certain things before choosing the uniform. Firstly you need to camouflage yourself. You just cannot wear anything for hunting.There are various hunting stores present in the market which can help you find the best uniform for your sport. Other than camouflaging you should also make sure that your uniform is warm and comfortable especially when you choose colder place for hunting. Jackets, pants and field clothes are essential for this sport.While choosing the clothes you also need to make sure that they are water proof and odor free. If you choose mountainous region for hunting then you should also get mountain shirts and sweat jackets. Shoes and socks are an important inclusion in your garment list.Other than this, you will also require caps, gloves as well as face masks. You should not miss any essential accessory while going for hunting. The other thing that you need to take care of is your hunting license. There are certain places where you usually cannot go for hunting without a proper license.If you fail to show the license to the forest officers then you might really fall into serious trouble. To avoid trouble you should always be prepared. There are various hunting tournaments which take place from time to time.If you are interested in these tournaments then get the right equipment for hunting other than the accessories. You can get your hunting equipment and supplies even from the internet. There are various websites which can provide you solid information regarding the equipment and the accessories.You might also get some discounts on the accessories if you buy them from the internet. People who go for this kind of hunting usually prefer to stay in camps. It is always better to carry pouches or shell belts or decoy bags to keep the bullets.Other than bullets these bags can also help you carry more essential things. Get the best hunting supplies to make your hunting special. You can check out the hunting videos to find out more about the hunting supplies.

Visit

skeetshootingtechniques.com

to learn

skeet shooting techniques

.

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Hunting Supplies Required for Skeet Shooting}

categories Clothing | November 10, 2022 | comments Comments (0)

Asian countries call for global currency

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Asian countries call for global currency

Monday, April 6, 2009

Leaders and central banks in Russia, China, Malaysia, Indonesia, Thailand, and Kazakhstan have called for an international currency system.

Speaking on April 1 in advance of the G-20 summit in London, Russian president Dmitry Medvedev argued that the international finance system needed a “new construction” including “new currency systems”, saying that such a new system could be the purpose of a revamped IMF and World Bank. The IMF was originally founded in 1946 as the overseer of the Bretton Woods system, which from its founding until the 1970s tied the western world’s currencies to the US Dollar, which was in turn backed by gold. Russia’s proposal was for the new currency to serve as a reserve currency, one which would take the place of the dollar, euro, and other heavily-traded currencies as an international standard of exchange.

Medvedev’s comments are a reversal of Russian position from a lukewarm response following a looser outline for a worldwide currency by Kazakhstani president Nursultan Nazarbayev. On March 11, Nazarbayev suggested the establishment of the “acmetal”, a portmanteau of “acme” and “capital“, as a reserve currency replacing the ruble in international transactions, first for Central Asia and then worldwide. 1999 Economics Nobel laureate Robert Mundell, speaking to the Daily Telegraph, endorsed the idea, saying “It would be a very good idea if the G-20 took that idea up in London”.

2001 Nobel economics prize winner Joseph Stiglitz, meanwhile, said the new currency could come about quickly if it was based on an expansion of the IMF’s already established system of Special Drawing Rights, units of exchange used by the IMF which already have some of the features of currency. Stiglitz argued that, as the US dollar has become the standard global reserve currency, it has inadvertently created a system which hurts the world economy. “It’s a net transfer, in a sense, to the United States of foreign aid,” he argued, reasoning that when other countries purchase US dollars in order to use them on international markets (such as for the buying and selling of petroleum), they effectively give the US a zero-interest loan — sometimes at times when they can least afford it. Stiglitz made his comments as head of a United Nations panel of economists giving recommendations to address the global financial crisis.

In the weeks leading up to the G-20 conference, the People’s Republic of China also began discussing a new system for reserve currencies. In a March 23 speech, Zhou Xiaochuan, governor of the People’s Bank of China, endorsed a new reserve currency, saying “the desirable goal of reforming the international monetary system, therefore, is to create an international reserve currency that is disconnected from individual nations and is able to remain stable in the long run, thus removing the inherent deficiencies caused by using credit-based national currencies.” Zhou went on to endorse the expansion of the SDR system in the long-term creation of a reserve currency government by the IMF. While Zhou did not mention the US dollar specifically, analysis by Qu Hongbin, chief China economist for HSBC, for the Financial Times said that the speech “is a clear sign that China, as the largest holder of US dollar financial assets, is concerned about the potential inflationary risk of the US Federal Reserve printing money”.

China holds $740 billion as assets; inflation in the US economy, which has been low in recent years, would directly cause those assets to lose value.

While the Chinese government has engaged in currency swaps with several other growing economies, such as South Korea, Argentina, Malaysia and Indonesia, the Chinese Yuan cannot be used itself as a reserve currency as it cannot be freely traded on the global market.

The Chinese-Russian proposal was not entered onto the agenda at the G-20 meeting itself. Nonetheless, British Prime Minister Gordon Brown said that the G-20 was open to considering the proposal if and when a detailed one is presented. United States President Barack Obama, meanwhile, endorsed the continuation of dollar supremacy, saying that the US dollar is “extraordinarily strong” and arguing that its strength was the result of the intrinsic stability of the United States economic and political system; US treasury secretary Timothy Geithner had, the week before, made comments that while he supported an expansion in the SDR mechanism he rejected the idea of a global currency. Rather than change the role of SDRs, the G-20 meeting instead added $250 billion in support to the fund backing SDRs.

After the G-20 conference ended on Thursday, Malaysia’s The Star BizWeek reported that the central banks of Indonesia, Malaysia and Thailand had endorsed the Chinese proposal. All three countries have close economic ties with China and suffered heavily from the collapse of their currencies in the 1997 Asian Financial Crisis; the sudden growth in the value of the US dollar relative to those countries’ native currencies sharply increased debt in Southeast Asia’s economies, leading to a wave of bankruptcies.

International reaction from other economies has been mixed and guarded. Luiz Inacio Lula da Silva, President of Brazil, said that the currency proposal was important to discuss but did not give extensive comment. And while UPI reports that India supported the SDR proposal at the G-20 conference, the Indian Press Trust quotes Indian Prime Minister Manmohan Singh as saying last month, “It is too early to talk about common currency.”

Calls for an independent global reserve currency are not new. In 1944, John Maynard Keynes proposed the “bancor“, a unit like the SDR supported by a basket of commodities. Keynes’ idea was rejected and the US dollar took the equivalent role under the Bretton Woods system. Keynes proposed that the bancor system would be reinforced by a tax on participating countries’ current accounts, the difference between their exports and their imports, in order to encourage balanced trade. Meanwhile, monetary unions have become more popular since the end of the gold standard, with most of the European Union now trading the euro, and several countries outside the EU using it as a de facto currency; five West African countries adopting the eco at the end of this year; and the African Union planning to introduce the afro in 2028. Proposals for a North American currency union based around the so-called “amero” have been frequently discussed as the focus of conspiracy theories in the United States, but none of the US, Canada or Mexico have actively pursued the establishment of any such monetary union, however the dollar is the currency of several Latin American countries.

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On the campaign trail in the USA, October 2016

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On the campaign trail in the USA, October 2016

Sunday, November 6, 2016

The following is the sixth and final edition of a monthly series chronicling the U.S. 2016 presidential election. It features original material compiled throughout the previous month after an overview of the month’s biggest stories.

In this month’s edition on the campaign trail: the Free & Equal Foundation holds a presidential debate with three little-known candidates; three additional candidates give their final pleas to voters; and past Wikinews interviewees provide their electoral predictions ahead of the November 8 election.

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categories Uncategorized | November 8, 2022 | comments Comments (0)