Update 1 added clairvoyance

Update 2 added Steinbrueck

Update 3 adds visions of increased signs of stabilisation

Whereas the invisible hand of FreeGold,
the marking to market of their freely floating gold reserves by individuals, corporations and guv’mints,
would provide for the adequate  propriety, integrity and transparency in the global economy,
our Masters are deeming it appropriate to achieve these objectives through force,

LECCE, Italy, June 13 (Reuters)
Following is a draft statement, obtained by Reuters, from the Group of Eight finance ministers’ meeting in southern Italy.
SNIP
While the stabilization of the economy over the short term is critical, we also discussed other challenges ahead of us. The crisis has revealed that there are some fundamental weaknesses in the global economy related to propriety, integrity and transparency. To address these issues in a comprehensive fashion, we have agreed on the need to develop the Lecce Framework – a set of common principles and standards governing the conduct of international business and finance – which builds on existing initiatives and lays the foundation for a stable growth path over the long term (1)

Those people think they will be clairvoyant.
At one moment, they say, they will know that recovery is certain.

The world’s rich nations have started to consider how they will unwind emergency steps to rescue their economies once recovery is certain, according to a draft statement from a meeting of Group of Eight finance ministers on Saturday. (2)

They have visions of increased signs of stabilisation

G8 finance ministers on Saturday agreed that their economies were showing “increased signs of stabilisation” and for the first time started to craft exit strategies to counter the inflationary impact of their stimulus measures. (3)

BUT
there is no reason yet for optimism, German Finance Minister Peer Steinbrueck said Saturday. (4)

Ivo Cerckel
honestmoney@maktoob.com

NOTES

(1)
Lecce G8 finance ministers’ draft statement
Reuters, Saturday June 13 2009
http://www.guardian.co.uk/business/feedarticle/8556726

(2)
G8 considers how to move out of crisis mode
Sat Jun 13, 2009 6:48am EDT
LECCE, Italy (Reuters) -
http://www.reuters.com/article/newsOne/idUSTRE55B4G420090613

(3)
G8 prepares for global recovery
By Guy Dinmore in Lecce, Italy
Published: June 13 2009 12:32 | Last updated: June 13 2009 12:32
http://www.ft.com/cms/s/0/24e2969a-5808-11de-8cbb-00144feabdc0.html

(4)
G8: German Fin Min: No Reason Yet For Optimistic View On Econ
JUNE 13, 2009, 7:33 A.M. ET
LECCE, Italy (Dow Jones)–
http://online.wsj.com/article/BT-CO-20090613-701201.html

Saudi Arabia is angry at the United Arab Emirates for not having joined Gulf Co-operation Council Monetary Union.

Saudi Arabia makes border crossing into Saudi Arabia by UAE truckers more difficult. (1)  (2)

Latvia is angry at central banksters who pegged the Latvian currency, the lat, to the euro and who are now in the process of de-pegging.

In Latvia, bartering is returning to some areas because cash is running out. (3)

Yes, (gold hiding in) oil is a good bartering tool for the GCC Monetary Union also.

Ivo Cerckel
honestmoney@maktoob.com

NOTES

(1)
End border mess, GCC urged
By Jumana Al Tamimi, Associate Editor
Published: June 11, 2009, 23:04
http://www.gulfnews.com/nation/General/10322088.html
Dubai: The UAE has officially requested that the GCC mediate to help solve the problem of trucks backing up at the UAE border with Saudi Arabia.
“On Wednesday we received an official request from the UAE Federal Customs Authority, asking the Secretariat to intervene to solve the problem of the long queues of trucks at the UAE border waiting for clearance before crossing into Saudi Arabia,” Mohammad Al Haif, Director of the Customs Union at the GCC Secretariat, told Gulf News.
+
The truck issue comes amid reports of tension between the UAE and Saudi Arabia over the choice of Saudi Arabia as the site of the future Gulf Central Bank, instead of the UAE.
The UAE has not joined Saudi Arabia, Kuwait, Bahrain and Qatar in their agreement on the common GCC currency.
Mohammad Al Mazroui, GCC Assistant Secretary General for Economic Affairs, told Gulf News: “I don’t believe there is any connection between the border issue and the UAE position with regard to the bank location.”
“The build-up of trucks happens every now and then,” he said. “There must be reasons for this and once we discover them, we will be able to solve the problem.”
Al Haif dismissed speculation that the truck issue has a political background. Referring to the dispute, he said: “We did not see tension during the official meeting that took place last week of the joint committee that is responsible for the Customs Union.”

(2)
Saudi bullying denied as border queue grows
Jun 13, 2009 at 06:35
http://business.maktoob.com/20090000005266/Saudi_bullying_denied_as_border_queue_grows/Article.htm
SNIP
A senior figure at the GCC customs secretariat has denied rumours that Saudi Arabia is reminding the UAE of its junior status to the Kingdom by ramping up border security between the two countries.

(3)
From The Times
June 11, 2009
Prime Minister of Latvia struggles to save country from bankruptcy
http://business.timesonline.co.uk/tol/business/economics/article6473253.ece

The Latvian crisis is a banking crisis. (1)

Banks used to have the right to issue receipts for the gold they held in reserve in warehouse.
This right was taken away from them by the institution of central banks. (2)

Central banksters are unable to perform that task.

Bartering is therefore returning in Latvia to some areas because cash is running out. (3)

People are returning to the status quo ante, before central banking appeared on the scene.

This will allow them to grasp what money stands for.

Economists know that money is defined by the functions it performs, as a means of exchange, a unit of account and a store of value. (4)

Slowly but surely, we may reach the right conclusions.

Ivo Cerckel
honestmoney@maktoob.com

(1)
G-8 Divided on Stimulus Exit Strategies, Bank Tests (Update1)
By Rainer Buergin and Flavia Krause-Jackson
http://www.bloomberg.com/apps/news?pid=20601087&sid=aftE0YOTjnYs
SNIP
June 13 (Bloomberg) — Group of Eight finance ministers meet today amid divisions over how soon to start unwinding their economic rescue packages and whether Europe should subject banks to tougher stress tests.

(2)
Roland Leuschel and Claus Vogt, “Das Greenspan Dossier, Wie die US-Notenbank das Weltwährungssystem gefährdet. Oder: Inflation um jeden Preis”, http://www.finanzbuchverlag.de, 2006, 3rd ed., p. 299

(3)
From The Times
June 11, 2009
Prime Minister of Latvia struggles to save country from bankruptcy
http://business.timesonline.co.uk/tol/business/economics/article6473253.ece

(4)
International Charlemagne Prize of Aachen for 2002
Acceptance speech by Dr. Willem F. Duisenberg, President of the European Central Bank, Aachen, 9 May 2002
http://www.ecb.eu/press/key/date/2002/html/sp020509.en.html