Wednesday 30 March 2011

Rs 263 Billion notes printed 7+ months in Pakistan


Finance Minister of stooge regime of PPP, Dr Abdul Hafeez Shaikh on Tuesday told the Senate that Rs 263 billion currency notes were published from June 30, 2010 to February 15, 2011, showing a year-on-year growth of 19% ! The finance minister said that Rs 153.750 billion currency notes were printed during the fiscal year 2009-10 resulting in reduction of financial intermediation. He in a written reply informed the Upper House of the Parliament during the question hour that issuing of currency notes also resulted in increased currency in circulation.


He said that currency to deposit ratio had been increased to 33% from 29% on February 2011. The prime reason for this increase in currency in circulation is heavy govt borrowings from State Bank of Pakistan for budgetary support, he added. 

We are ringing the danger alarm at this point in time for each and every Pakistani because a tsunami like recession is about to hit Pakistan since we are still holding all our foreign exchange reserves in USZ Dollar. History testifies that every economy which had tried to bail itself out by printing more money, has ended up in catastrophe.

 

USZ drooling over Libya's oil reserves - Oil export sanctions lifted from Rebels


The United States of Zionism on Monday gave a green light to sales of Libyan crude oil from rebel-held territory, giving a potential boost to forces battling Muammar Gaddafi. A USZ Treasury Department official said Libyan rebels would not be subject to USZ sanctions if they avoid entities linked to Gaddafi's regime, which would allow them to sell oil under their control. "The rebels are not part of the government of Libya. They are not subject to the sanctions", the official said. But the rebels, who retook a number of oil fields and terminals in eastern Libya over the weekend and were advancing west toward Gaddafi's hometown of Sirte, must first establish clear lines of control and payment systems that do not involve Libya's National Oil Corp, its central bank nor any other government entity, the official said.


UN Terrorists in disguise of diplomats echoed these sentiments, helping further clarify the status of rebel-held oil, which could provide vital revenues to forces trying to topple Gaddafi. "There is no U.N. embargo on Libyan oil", a UN Terrorist Council diplomat told Reuters on condition of anonymity. "The rebels can sell oil. But they can't do it through the Libyan National Oil Corporation." No special permission would be needed from the UN Terrorist Council's Libya sanctions committee, which oversees compliance with the sanctions, for the rebels, backed by humanitarian vultures, to sell oil, envoys said. The Treasury on February 25 banned USZ transactions with Libya's state oil producer, the central bank and other state entities in an effort to cut off revenues to Gaddafi's regime, in line with sanctions imposed by the U.N. and European Union.

It later put another 14 subsidiaries of the National Oil Corp, or NOC, on its blacklist, which also seeks to freeze any Gaddafi regime assets under USZ jurisdiction. With the backing of Western air strikes, Libyan rebels have retaken the main oil terminal cities in eastern Libya, including Es Sider, Ras Lanuf, Brega, Zueitina and Tobruk. A senior Libyan rebel official said on Monday that rebels were in "active discussions" to have sanctions lifted on sales of oil from east Libyan fields. Ali Tarhouni, who is in charge of the rebels' economic, financial and oil matters in Benghazi said the fields were capable of pumping 100,000 to 130,000 barrels per day of crude, and most of this would be exported because of “low refining capacity” in eastern Libya. Before the crisis began, Libya was producing about 1.6 million barrels per day. "We hope they will be lifted for the liberated areas as quickly as possible", Tarhouni said of the sanctions. "Not with everybody, but with some countries".


Tarhouni said he hoped the first shipment associated with a plan to market rebel-held crude through Gulf oil producer Qatar(The hub of cheap oil for USZ) could happen within a week but some "technical details" need to be worked out.

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