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Adam Montana Weekly 7 February 2018


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America sets record in crude oil production and surpasses Saudi Arabia


09:21 - 08/02/2018  
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US crude oil production rose to 10.25 million bpd between January 27 and February 2, marking the highest ever record in history.

According to data from the US Energy Administration released on Wednesday, the country's crude oil production increased by 332 thousand barrels per day in the period compared to the week earlier, to replace Saudi Arabia, which ranks second in the world.

At this rate, America surpassed its record level in November 1970, with a daily production of 10.04 million barrels.

According to the latest report of the Organization of Petroleum Exporting Countries (OPEC) on the oil market, issued in January, the rate of Saudi Arabia's crude oil production during December was 9.92 million barrels per day.

In its monthly "Short-term Energy Outlook" released yesterday, the Energy Department predicted that US crude oil production would rise to 10.59 million bpd in 2018 and 11.2 million bpd in 2019.

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Trump seeks to change the status of the global economy through the dollar, trade and taxation

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8th February, 2018

The United States is working on a tax-competitive advantage, sending contradictory messages about the dollar and taking protective measures. A year after he came to power, Donald Trump is changing world economic data. 

"The dollar is our currency, and as of today it is your problem." In 1971, US Treasury Secretary John Conley told European finance ministers worried about US currency volatility. The sentence still resonates today. 

After 47 years, US Treasury Secretary Stephen Menuchin did not hesitate to say at the Davos Economic Forum in Switzerland that he favored a weak dollar that encouraged exports and reduced imports, in line with Trump's slogan "America First."

This led to the dollar's price cut, contradicting US commitments at the IMF's last annual meeting not to manipulate exchange rates to improve competitiveness. Trump tried to soften the situation by saying he preferred a "strong dollar". 

"The Trump government does not recognize what was called the global monetary system, in which the United States exports a currency used by the rest of the world to respect itself the laws governing it," economist Michel Agleta said. 

"It is therefore clear that when the dollar faces problems as a result of US monetary or fiscal policy ... the countries of the world face difficulties," he said. 

Since Trump took power, the US dollar has moved from around 1.05 to 1.25 dollars against the euro, helping to improve US growth, which is expected to reach 3 percent this year, according to Lazare Freer Gestion.

"Americans are at the moment satisfied with the situation," said William de Vilder, chief economist at France's BNP Paribas. The dollar's exchange rate has fallen, improving financial conditions and improving the situation of American exporters. " 

The weakening of the dollar has not yet affected the rest of the economies. For example, the European Commission has estimated growth in the eurozone this year to be 2.3 percent, but attention is still on Washington. 

But the Europeans "recalled that there was no salvation without commitment to pluralistic systems. If the United States is not keen to maintain this pluralistic role, the EU will take over, "says a monetary policy expert who asked not to be identified.

In the tax file, the rest of the world will have to adapt to corporate tax cuts to 21 percent approved by Congress in mid-December. "Obviously, when a country in the size of the United States cuts corporate taxes, other countries have to act on it to determine their rates," said Filder. 

But the tax reform has worried several European countries. Five of them, including France and Germany, expressed this during meetings with Menuchin. 

In addition to the expected reduction in income taxes, these measures will cost the US budget nearly $ 1,500 billion over 10 years, with serious risks of "increasing global imbalance," as the governor of the Bank of France, François Fillroy de Gallo, warned.

Protectionism, on the other hand, is provided by other countries, particularly under the consequences of Washington's decisions, such as the adoption of "protection fees" on solar panels imported from China, as well as large washing machines manufactured in China, South Korea, Mexico, Thailand and Vietnam . 

"He does not expect China to go beyond a sharp oral response," Louis Kuij, a senior economist at the Oxford Economic Institute in Asia, said in a statement. China knows its exports to the US are far more important than its imports. " 

On the other hand, even if these US decisions have done some damage, they will not undermine China's economy."
Edited by DinarThug
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Greetings from Afghanistan!  I've been holding on to my Dinar since 2004 I think.  Anyway, question I have all my notes are 50,000, did they do away with those, are they still good.  Also I gave up 8 or 9 years ago trying to open an acct with the CBI.  How are you guys stowing your Dinar?

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