Tag Archive | economics

The Arab Scholar Who Beat Adam Smith Economics by Half a Millennium*

The Arab Scholar Who Beat Adam Smith Economics by Half a Millennium*

By Dániel Oláh

In one of the most seminal works in the field of history of economic thought (History of Economic Analysis, 1954), Joseph Schumpeter argued that there is a “Great Gap” in the history of economics. The concept justifies the general ignorance in economics curricula towards economic thinking between early Christian and Scholastic times, emphasizing the lack of relevant positive (“scientific”) economic thinking in this period.

Statue of Ibn Khaldun in Tunis

 

Thanks to this self-created gap the most outstanding Islamic figure of the Middle Ages, the Andalusian scholar and politician Ibn Khaldun is neglected in mainstream textbooks (Screpanti and Zamagni 2005, Roncaglia 2005, Rothbard 2006, Blaug 1985). Several of these works often misleadingly start to identify the roots of modern theories with discussing the mercantilists or the Scottish Enlightenment.

The truth is that these weren’t the beginning of economic thinking at all.

Establishing social science in the 14th century

The biggest merit of Khaldun lies in his revolutionary methodological thinking. He completely rejected the methodology of his ancestors, which made him the first “social scientist […] in the strictest meaning of that term” (Fonseca, 1988). Before Khaldun, the role of islamic historians was limited to transmit knowledge without modifying, editing or adding any remarks to the tradition. They never questioned the validity of stories, but analyzed the credibility of the transmitter quite carefully instead.

Khaldun discarded the practice, stating the need for a new, scientific method which allows thinkers to separate true and fake historical information. But how to achieve that? According to him we should “investigate human social organization” to have “a sound yardstick” helping us to analyze society instead of accepting absurd stories of historians (Khaldun pp. 7-8).

Khaldun highlights that this is a completely new, original and independent science, which hadn’t existed before (Khaldun p. 8).

The stepfather of economics

Khaldunian thinking may be embarassingly familiar to today’s economists. He states that the division of labour serves as the basis for any civilized society and identifies division of labour not only on the factory level but also in a social and international context as well. Khaldun highlights on the example of obtaining grain that division of labour creates surplus value: “Thus, he cannot do without a combination of many powers from among his fellow beings, if he is to obtain food for himself and for them. Through cooperation, the needs of a number of persons, many times greater than their own (number), can be satisfied” (Khaldun p. 87).

His example of the division of production process is completely forgotten by economists and it’s not less expressive than the pin factory of Smith: “such include, for instance, the use of carvings for doors and chairs. Or one skillfully turns and shapes pieces of wood in a lathe, and then one puts these pieces together, so that they appear to the eye to be of one piece” (Khaldun p. 519). What is more: opposed to Smith, Khaldun doesn’t make any distinction between productive and unproductive work.

Based on this it’s easy to understand that Ibn Khaldun presented very similar ideas as Adam Smith, but hundreds of years before the Western philosopher. But Khaldun said even more about the economy.

He analyzed markets which arise based on the division of labor and examined market forces in a simple didactic way which is very similar to the attitude of Alfred Marshall. The invention of supply and demand analysis wasn’t invented in the 19th century: the Islamic scholar also described the relationship of demand and supply, and also took the role of inventories and merchandise trade into account. He divided the economy into three parts (production, trade and public sector) since the market prices in his theory include wages, profits and taxes (Boulakia 1971). At the same time he analyzed market for goods, labor and land as well. This structured approach led Khaldun to invent the labor theory of value, which makes the Islamic scholar a pre-marxian (or classical) thinker in this sense (Oweiss, 1988).

His idea, that the produced value is zero if the labor input is zero seems surprisingly classical, far ahead of his time.

How neoclassicals created a false story

In the dynamic Khaldunian model of economic development, the government plays a crucial role. Its policies, primarily taxation has a great effect on the development of a civilization. After the nomadic way of life tribes change to sedentary lifestyle, giving birth to urban civilization. The sedentary lifestyle demolishes the original group solidarity and creates a need for a new clientele. Creating a new group identity is costly and needs a new army as well.

So with the deepening of urban civilization, and thanks to the increasing luxurious needs of the dynasty, the ruler has to increase taxes. In the end, tax rates become so high that the economy collapses. “It should be known that at the beginning of the dynasty, taxation yields a large revenue from small assessments. At the end of the dynasty, taxation yields a small revenue from large assessments” (Khaldun p. 352) – writes Khaldun, describing the micro incentives behind taxation as well. On  the other hand, he rejects customs and government involvement in trade since the economic-political power of government is disproportionately large.

These ideas are so unique in the Middle Ages, that even Ronald Reagan quoted Khaldun’s work stating that they had some friends in common, referring to Arthur Laffer. The reason for this was that even Laffer himself regarded Khaldun as a forerunner of supply-side economics and the Laffer-curve, although Khaldunian ideas have not much in common with the Laffer-curve. The reason is that these should be interpreted in time dimension rather than as a policy rule of thumb.

So this narrative is not only false but illustrates how neoclassical economics forms economic history to justify its existence. These are unhistorical oversimplifications to create the story of a glorious and direct evolution towards neoclassicism as the most developed state of economic thinking.

In this process, scholars of the past are neglected, tried to be integrated into the context of neoclassical history – or both.

Keynesian ideas from the 14th century North-Africa

Finally, the ideas of the Muslim philosopher anticipate ideas of Keynesian economic theories as well. Khaldun’s words are telling: “dynasty and government serve as the world’s greatest market place, providing the substance of civilization. Now, if the ruler holds on to property and revenue, or they are lost or not properly used by him, then the property in the possession of the ruler’s entourage will be small. Thus (when they stop spending), business slumps and commercial profits decline because of the shortage of capital”. “ […] Furthermore, money circulates between subjects and ruler, moving back and forth. Now, if the ruler keeps it to himself, it is lost to the subjects” (Khaldun p. 365).

These are strong arguments for government spending in the context of 14th century North-Africa.

Adam Smith as a Khaldunian thinker?

Not only Khaldunian ideas, but the methodology behind them is also truly original, since it relies on abstraction and generalization. Khaldun gives us the economics of 14th century North-Africa and numerous relevant issues. He addresses questions for which we don’t have a single solution even in the 21th century. Khaldun helps us to bridge the gap in history of thought showing the importance of medieval Islamic culture. He also helps to understand the relationship between Islamic economics and other schools of thought being a theoretical common ancestor.

It’s not known for certain that Adam Smith or any other classical scholar hadn’t been inspired by Khaldun’s work when developing their own theories. Among others we have to uncover this information – which lost in the Great Gap – as well, in order to discover a new narrative which is closer to reality.

But why do we need a new narrative, rediscovering our past? The answer is simple: to avoid such superficial beliefs that Adam Smith (or Ibn Khaldun) is the father of economics, the development of economics started in the New Age to culminate in neoclassical thought, Khaldun already invented the Laffer-curve, the financial market effectively regulates itself or a big government is always bad for the economy – among others. Economists have to exercise self-reflection: the crisis of 2008 proved that gaps in the mainstream transform easily into policy mistakes.

With a new, more plural approach to history of thought the Alzheimer’s disease of mainstream economics can be cured which is badly needed in the 21th century.

Source*

Related Topics:

Dear Future Generations: Sorry

Usury – The Root of All Evil?*

Making the Most of What You’ve Got!

Personal Freedom, or My Freedom vs. Yours?*

One Economy, One Government, Your World!

Anti-Austerity and Living on the Edge

The Revolution Will Not Be Televised

Love for the Poor*

Muslim Cordoba Going for a Song

 

In the Move towards a Cashless Society India’s GDP Growth Slumps*

In the Move towards a Cashless Society India’s GDP Growth Slumps*

The GDP growth rate for the first quarter of 2017 came lower than most experts had expected [Xinhua]

 

India’s GDP growth in the first quarter of 2017 slumped dramatically to 6.1%– its lowest level in two and a half years, the federal Central Statistics Office (CSO) said late Wednesday.

The surprise drop in the growth rate pulled India from its status as the world’s fastest growing economy.

India’s Central Bank (RBI) is expected to maintain its December 2016 policy to keep interest rates at 6.25% despite the latest economic figures.

Most economic experts say the drop in GDP growth in the period between January and March is directly as a result of the government’s demonitization drive initiated by Prime Minister Nadrendra Modi.

There had been a public backlash against Modi’s “essential” move on November 8 to end the use of the 500 and 1,000 rupee currency notes in order to tackle graft in the country and crack down on unknown sources of income, what he called black [unaccounted for] money.

At the time, economist Subhanil Chowdhury wrote that the huge monetary shock from demonitization to the economy has both short-term and long-term effects.

The biggest impact of this demonetisation policy, however, has been on the informal sector and agriculture. India is an economy where around 45% of the GDP is produced in the informal sector providing employment to 80% of the workforce,” Chowdhury said.

In its annual report in January 2017, the World Bank warned that the immediate withdrawal of a large volume of currency in circulation brought upon by demonitization “and subsequent replacement with new notes announced by the government in November contributed to slowing growth in 2016”.

However, it classified India’s economy as “still robust” and forecast that GDP growth would bounce back in coming years.

“India is expected to regain its momentum, with growth rising to 7.6% in Fiscal Year(FY) 2018 and strengthening to 7.8 per cent in FY 2019-20,” the report went on to say.

Source*

Related Topics:

India’s Cashless Villages not Really There Yet, But the Nightmare Has Begun*

Monsanto Has Lost $11 Million As Indian Cotton Farmers Begin To Use Indigenous Seed*

Indian Economy Crashes As Modi’s ‘Black Money’ Theory Collapses*

India: Millions Rise Up Against New World Order Ban on Cash*

India’s PM Admits NWO Plan towards becoming “Cashless Society”*

IMF Issue Working Paper on Eliminating Cash*

E.U. Picks Up Speed in the War on Cash*

E.U. Desperate to Raises Taxes Starts Cashless Society Project November 2017*

A New Digital Cash System was Just Unveiled at a Secret Meeting for Bankers In New York*

Ban Cash to Help Central Banks stinks of Total Control – NWO’s Cashless Society*

Royal Mint Bullion Achieves Shari’ah Standard on Gold Compliance*

Royal Mint Bullion Achieves Shari’ah Standard on Gold Compliance*

The Royal Mint has become the first mint worldwide to achieve compliance with the Shari’ah Standard on Gold for retail sales of its gold and silver bullion coins and bars, enabling it to serve an even wider audience of investors via trading site http://www.royalmintbullion.com. The move is part of the organisation’s strategy to be seen as the ‘complete bullion solution’ – offering a comprehensive range of bullion products that are suitable for a variety of investors.

Chris Howard, Director of Bullion for The Royal Mint said:

“The recent introduction worldwide of the Shari’ah Standard on Gold has enabled The Royal Mint to take the next logical step in the expansion of its ‘complete bullion solution’. Shari’ah compliance allows us to make Royal Mint bullion accessible to a wider variety of investors at a time when Islamic investment is experiencing rapid growth in the U.K. and worldwide.”

Royal Mint bullion has been endorsed as Shari’ah-compliant by Shari’ah advisory organisation Amanie Advisors, in accordance with the Shari’ah Standard on Gold. This standard is set by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and has been developed in co-operation with the London-based World Gold Council (WGC).

In order to achieve the endorsement, The Royal Mint has undergone scrutiny of the ways in which it markets and charges for its bullion. There has been no need for any change to The Royal Mint’s bullion product range in order to accommodate the new Shari’ah-compliant status, however, which applies to Royal Mint gold and silver bullion coins and bars, as well as Signature Gold™ – the simple and cost-effective service that enables investors to own fractions of a 400oz gold bar based on value rather than weight.

“The growth in Islamic investment globally and the clarification of how gold and silver can be included within it could drive upwards of $20bn of investment in gold over the coming years. This is a great time for The Royal Mint to be playing its part in attracting Islamic investment to the UK, by securing Shari’ah-compliant status for its bullion products” said Chris Howard.

Shari’ah-compliant gold and silver bullion is now available on The Royal Mint’s trading website www.royalmintbullion.com. The site gives customers the opportunity of buying, storing and selling The Royal Mint’s bullion coins and bars quickly and securely, 24 hours a day, 365 days a year. The Vault™, The Royal Mint’s on-site storage facility has been welcomed by investors looking for a highly secure storage option.

Source*

Related Topics:

Gold-backed Currency Launched in Dubai*

David Cameron Takes on Sukuk*

Islamic Crypto-currency E-Dinar Coin Released*

India’s Cashless Villages not Really There Yet, But the Nightmare Has Begun*

Ban Cash to Help Central Banks stinks of Total Control – NWO’s Cashless Society*

E.U. Desperate to Raises Taxes Starts Cashless Society Project November 2017*

The Usury Based System. Towards A Worldwide Financial Disaster?*

Behind the Global Financial Reset*

Gold-backed Currency Launched in Dubai*

Gold-backed Currency Launched in Dubai*

By GoldCore

  • New gold-backed currency OneGram launched
  • Backed by one-gram of gold, uses blockchain technology
  • OneGram is first in wave of new Shariah, tech-savvy gold products
  • 2017 sees big changes for gold thanks to Shariah gold and blockchain
  • Gold investors should prepare for tightening in supply
  • Bitcoin and shariah gold demand suggest change in retail investor thinking

Technology, shariah gold and bitcoin point to changing views

Ramadhan Kareem rang out across Dubai and the rest of the Muslim World this weekend as the holiest month in the Islamic calendar began. For 29-30 days over a billion Muslims around the world practice sawm (fasting), charity (zakat) and salat (prayer). This period is a time of spiritual reflection, increased devotion and worship as well as a time to come together with loved ones for both the break fast meal (Iftar) and pre-fast meal (Suhur).

Ramadhan is obviously observed in different ways around the Muslim world. Here in Dubai a non-Muslim will experience a place full of both celebration and reflection, with events happening every evening that are there to welcome everybody. The month also sees a number of companies launching Ramadhan promotions ranging from bank accounts (free banking for six months, anyone?) to spa treatments (2-for-1 massage?) to huge packs of dates (the first food to break the fast).

As part of the celebrations, a new gold-backed currency has been launched, here in Dubai. It is a new currency known as OneGram (OGC) backed by one gram of gold and can be used for digital payments. There is a fixed number of OGCs and digital transaction fees (minus admin costs) will be reinvested to buy more gold. According to the managers, “the amount of gold backing each OGC will increase with time.”

OneGram has been launched by a private company of the same name. The company claims to offer a proof-of-stake blockchain that is ‘’further anonymized’ than Bitcoin. Reports state that ‘developers employ zero-knowledge dual-key stealth addresses and ring signature protocols toward ‘instant, untraceable, unlinkable, trustless transactions.’

Shariah Gold Standard

In December we witnessed the launch of the Shariah Gold Standard. Announced in Bahrain by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and the World Gold Council, the Standard is the first ever set of guidelines for the 2 billion Muslims looking to invest in gold-based financial products.

As we explained in December:

According to Islamic texts, gold is a ribawi item, which means that it must be sold on weight and measure, and cannot be traded for future value or for speculation. In order for a gold instrument to be Shariah-compliant, the precious metal must be the underlying asset in related transactions.

When the Shariah Gold Standard was launched, one of the world’s leading investors Mark Mobius labelled it as a “godsend” that was both “innovative and revolutionary”. Currently the Islamic Finance market accounts for 1% of the global GDP, and is growing at nearly 20% per year. The new AAOIFI issued guidelines are expected to propel demand for gold as more companies (such as GoldCore) launch Shariah-compliant gold investment products. The combined use of both innovative Shariah gold investment standards and new technology could boost demand by around 500-1000 tonnes per annum.

The launch of OneGram is part of the new wave of gold financial products that we are beginning to see as a result of the Shariah Gold Standard. Muslims have long looked for more gold products to be made available to them in the $2 trillion Islamic financial markets.

A gold-backed cryptocurrency is not just a positive sign for Muslim investors, it is also a positive sign for those who are looking to invest outside of the financial system. Of course, investing in physical gold has long been available for both Muslims and non-Muslims for many years, but this recent announcement says a lot more about the demands for safe-haven investing than previous changes in financial markets have.

A new safe-money standard?

Right now it seems the world is paying attention to a financial and geopolitical situation that is proving to have one too many cracks to fix and fill. But, in the background, there is a growing awareness of how we can protect ourselves when those cracks turn into canyons.

There is something in the air that suggests we might be seeing a turn in the way savers and investors are beginning to view their money. The launch of technologically advanced, shariah compliant gold-products is an early indication of this. But when one also considers the recent performance of bitcoin, then we see that the desire to hold money outside of the financial system with reduced counterparties is growing.

The size of the bitcoin market might be minuscule compared to gold, and gold’s market size minuscule compared to that of the dollar, but times are changing. The increased accessibility to these sound-money, safe-haven assets is a sign that the most powerful financial group in the world – the people on the street – are harnessing ways to gain control of their investment portfolios.

Ultimately we believe bitcoin is a complementary asset to gold, but time will tell. Whilst watching and waiting on bitcoin, gold investors should feel assured that launches of gold-backed products such as OneGram are not only validation of the modern approach to investing in gold, but also validation of their decision to invest in gold.

This is good news for gold investors who have chosen to invest in not only the ultimate form of financial insurance but also one that is finite and physical. As awareness and demand grow, it is not unreasonable to expect to see some tightening in the availability of physical gold, which will have a positive impact on the price.

Source*

Related Topics:

Islamic Crypto-currency E-Dinar Coin Released*

E.U. Desperate to Raises Taxes Starts Cashless Society Project November 2017*

E.U. Passed Tax ID Numbers for Everyone*

This Week the ‘Arch of Baal’ Was Displayed For the Third Time in Honour of ‘The World Government Summit’*

Goldman Sachs Financial Tricks to Prop Up “The Economy is Great!” Claim, Fund Syrian War*

Moscow and Beijing Establish BRICS Monetary Transactions Framework in Gold*

India’s Cashless Villages not Really There Yet, But the Nightmare Has Begun*

Behind the Global Financial Reset*

 

Russia and Iran Escape the Petro-dollar*

Russia and Iran Escape the Petro-dollar*

By Tyler Durden

Iran signed an agreement with Russia under which it has broken free from the petrodollar, and will “sell”, or rather barter crude oil to Russia in exchange for products. The announcement was made by Iran’s Oil Minister Bijan Zanganeh, as reported by Russia’s RIA and TASS news agencies.

“The deal has been concluded. We are just waiting for the implementation from the Russian side. We have no difficulties; we signed the contract, everything is coordinated between the parties. We are waiting for Russian oil companies to send tankers,” he said, as quoted by Russian news agencies.

While sanctions against Iran have been lifted, restrictions on trade in U.S. dollars for the country’s banks remain, making it difficult to sell oil on the open market.

As reported here just over three years ago, the $20 billion agreement was initially signed in April 2014 when Iran was under Western sanctions over its nuclear program. Russian traders were to participate in the selling of Iranian oil. In exchange, Iran wanted essential goods and technology from Russia.

This is what Reuters reported in April 2014 when the deal was first announced:

Iran and Russia have made progress towards an oil-for-goods deal sources said would be worth up to $20 billion, which would enable Tehran to boost vital energy exports in defiance of Western sanctions, people familiar with the negotiations told Reuters.

In January Reuters reported Moscow and Tehran were discussing a barter deal that would see Moscow buy up to 500,000 barrels a day of Iranian oil in exchange for Russian equipment and goods.

The White House has said such a deal would raise “serious concerns” and would be inconsistent with the nuclear talks between world powers and Iran.

Little did the U.S. know back in 2014 that less than three years later, Russia would also be running the U.S., courtesy of wholesale manipulation of tens of millions of Americans, whom it hacked and convinced to vote for Trump.

Sarcasm aside, when the sanctions against Tehran were lifted in 2016, Russian Energy Minister Alexander Novak said the deal was no longer necessary. However, Novak said in March 2017 that the plan was back on the table with Russia buying 100,000 barrels per day from Iran and selling the country $45 billion worth of goods, Russia Today reported.

Russia and Iran discussed energy, electricity, nuclear energy, gas and oil, as well as cooperation in the field of railways, industry, and agriculture.

Novak had announced in February that Russia’s state trading enterprise Promsirieimport has been authorized by the government to carry out the purchase of Iran’s oil through the oil-for-goods program under study by both countries. Meanwhile, Zanganeh had been quoted by the media as saying that Iran would be paid in cash for half of the oil that would be sold to Russia.  The due payments for the remaining half would be made in goods and services, the Iranian minister had said. 

A February report by the International Monetary Fund said that while Iran has been reconnected to SWIFT, significant challenges prevent Iranian banks fully-reconnecting to global banks still exist mostly due to remaining U.S. sanctions.

“U.S. primary sanctions apply to U.S. financial institutions and companies, including their non-U.S. branches (but not their subsidiaries). Moreover, with very limited exceptions, businesses and individuals related to the U.S. continue to be generally prohibited from dealing with Iran, including with the government,” the IMF said.

“U.S. dollar clearing restrictions have not been lifted and pose a significant challenge for non-U.S. banks who may do business with Iran, but may not be paid in U.S. dollars,” it added.

And since necessity is the mother of invention, what better way to bypass the world’s reserve currency than to go back to the way commerce was conducted before currencies were even created: through barter.

Source*

Related Topics:

Iran Finally Ditched the Dollar: Here’s Why It Matters*

Rothschild Billion Dollar Money Laundering Plot in Africa*

Bilderberg 2017 Meeting in U.S.*

Europe and U.S. Dodging Demands for Slavery Reparations*

Europe and U.S. Dodging Demands for Slavery Reparations*

Puerto Rico’s $123 Billion Bankruptcy Is the Cost of U.S. Colonialism*

Tensions on the Rise As U.S. Announces Military Drills Near Venezuela*

Trump’s First Budget Not Looking Good for Citizens*

Saudi Arabia Switching to BRICS in Response to U.S. Congress 9/11 Blackmail*

IMF Issue Working Paper on Eliminating Cash*

E.U. Desperate to Raises Taxes Starts Cashless Society Project November 2017*

IRS Hires Private Debt Collection Agencies to Collect Unpaid Taxes*

IRS Hires Private Debt Collection Agencies to Collect Unpaid Taxes*

By Andrew Moran

You won’t just be receiving a call from the Internal Revenue Service (IRS) moving forward, but also from debt collectors. The tax collection agency has contracted out the task of pursuing unpaid taxes.

The IRS announced earlier this month that it has hired four debt collection agencies to get their hands on outstanding payments from taxpayers. With the increasing backlog of unpaid taxes, the IRS employed private debt collection firms to contact taxpayers who still haven’t paid previous years’ taxes.

As part of the new debt collection program, a few hundred taxpayers will be receive phone calls and mailings. In the summertime, the number will grow by the thousands.

Ostensibly, the IRS will contact these people several times before they send their information to a private debt firm. Moreover, the IRS will not provide accounts to these agencies in regards to victims of tax-related identity theft, minors and those in combat zones.

“The IRS is taking steps throughout this effort to ensure that the private collection firms work responsibly and respect taxpayer rights,” said IRS Commissioner John Koskinen in a statement.

“The IRS also urges taxpayers to be on the lookout for scammers who might use this program as a cover to trick people.”

In addition, the private debt collectors must abide by the Fair Debt Collection Practices Act. But not everyone is satisfied.

Tony Reardon, president of the National Treasury Employees Union, thinks the collection agents will be getting paid to “harass taxpayers, many of whom need assistance…”

Chi Chi Wu, staff attorney with the National Consumer Law Center, says private debt collectors are the most complained about to the Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB).

“The collectors don’t have any incentive to do that because they get paid a commission for every dollar they bring in. Their main incentive is to collect money, come hell or high water,” Wu said

“We’re concerned that some of these vulnerable taxpayers will agree to pay more than they can afford and more than they should be paying given the availability of these programs.”

The private sector will now use the arm of government force to retrieve the fruits of your labour.

Source*

Related Topics:

Trump Wastes over $94mn in Taxpayer’s Money on Ineffective Syrian Airstrikes*

Americans aren’t Filling their Taxes this Year says IRS*

U.S. Taxation Deadline Looms for Trinidad and Tobago*

U.S. Taxpayers Funded Clinton’s Private Email Servers through ‘Former Presidents Act’*

Former Head of Morgan Stanley Indicted for Evading $45mn in Taxes*

U.S. Now Taxing Collection of Rainwater*

IRS Agent Admits Income Tax is Unconstitutional and Illegal*

Flint Tax Payers to foot Gov. Synder’s $500,000 Attorney’s Fee*

Rothschild Establishes Billionaire Tax Haven Inside America*

U.S. Sued over $280bn Tax-deductible Aid Sent to Israel*

1980 Interview: How the Tax Exempt Foundation has brought about the Destruction of U.S.*

U.S. Classifying Bitcoin as a Commodity So It can be Taxed and Regulated*

U.S. Taxpayers Now Alone in Financing Ukraine’s Ethnic Cleansing*

American and British Taxes Paying for Eugenics in India*

Congress Deliberating on Tax for Your Internet Access*

“Is This The Truth About Tax’s”

Tyranny of Taxation and Regulation without Representation*

Actor Wesley Snipes Freed After 3 Years for Refusing to be Taxed*

U.S Banks Avoid Taxes By Creating Foreign Subsidaries*

15 More Nations Ready to Sign onto the China’s AIIB*

15 More Nations Ready to Sign onto the China’s AIIB*

By Kenneth Schortgen

Last week saw the first new set of signatories join the Asian Infrastructure and Investment Bank (AIIB) since the original 57 nations joined on the institution’s inception back in 2015.  And with these 13 new countries buying into China’s alternative to the West’s International Monetary Fund (IMF) bank, a total of 70 countries have recognized the shift that is taking place from West to East in the global financial system.

However these new 13 members are not the only ones suddenly rushing into the AIIB, as an announcement on March 25 shows that 15 more governments have applied to join, which would make the number of countries joining the AIIB equal to nearly half the total number of countries currently recognized in the world.

Fifteen new members will soon join the Asian Infrastructure Investment Bank (AIIB), which will bring the total number of members to nearly 90, AIIB President Jin Liqun announced on Saturday.

The comment came after the bank expanded its membership to 70 last week by approving 13 countries and regions as new members.

Jin said the participation of new members from North and South America, Africa and Europe will bring positive changes to the AIIB’s operations, implying that the bank will expand investment outside of Asia. – China Daily

As of today there are 193 recognized nations in the world today, with 177 of them having an annual GDP of just over $1 billion, and only 61 having an annual GDP of over $100 billion.  This means that the majority of nations in the world are ripe for potential development, which China is already pursuing through its Belt and Road project meant to connect the world in both trade and development.

Original List of Founding AIIB Members:

  • Australia, Austria, Azerbaijan, Bangladesh, Brazil, Brunei, Cambodia, China, Denmark, Egypt, Finland, France, Georgia, Germany, Iceland, India, Indonesia, Iran, Israel, Italy, Jordan, Kazakhstan, Kuwait, Kyrgyzstan, Lao, Luxembourg, Malaysia, Maldives, Malta, Mongolia, Myanmar, Nepal, Netherlands, New Zealand, Norway, Oman, Pakistan, Philippines, Poland, Portugal, Qatar, Republic of Korea, Russia, Saudi Arabia, Singapore, South Africa, Spain, Sri Lanka, Sweden, Switzerland, Tajikistan, Thailand, Turkey, UAE, United Kingdom, Uzbekistan, Vietnam

List of New Additions to the AIIB on March 23, 2017:

  • Afghanistan, Armenia, Fiji, Hong Kong, and Timor Leste, Belgium, Canada, Ethiopia, Hungary, Ireland, Peru, Sudan and Venezuela.

13 New Members Awaiting Approval as of March 25, 2017 (TBA)

Source*

Related Topics:

The New Asian Bank a Launch-pad for NWO Economics?*

Defying the US with the China-Led Development Bank*

US Losing Financial Credibility‘ : Gerald Celente on China International Bank – AIIB!

132 Nations Want Out of the Cabal’s Global Banking System*

Russia Preparing for Potential Removal from International Banking System*

Iran Finally Ditched the Dollar: Here’s Why It Matters*

World Rushes to De-Dollarize Oil Trade Before U.S. Economy Crashes*

Rothschild Makes Dismal Admission — His Financial World Order Now “Threatened”*