Hi Pacmann
You probably aren't alone in wondering why this is a big deal and how it fits into us getting paid so I'll elaborate to the best I can. Others feel free to chime in. At it highest level this is about getting the Emerging Countries more say, support and development funding. Via this there are several side agendas that will also be completed such as:
1. Reducing the dependence on the USA Dollar
2. Cut Washington and the FED out of Sovereign Foreign Economic policy
3. Elevate the use of regional currencies in trade & transactions
4. Protecting Emerging Economies from another 2008
Straight from the IMF
www.imf.org/external/np/fin/quotas/pubs/On December 15, 2010, the Board of Governors of the International Monetary Fund (IMF) approved a package of far-reaching reforms of the Fund's quotas and governance. These reforms represent a major realignment in the ranking of quota shares that better reflects global economic realities, and a strengthening in the Fund’s legitimacy and effectiveness.
- This completes the 14th General Review of Quotas with an unprecedented doubling of quotas and a major realignment of quota shares—a shift of more than 6 percent from over-represented to under-represented members and a more than 6 percent quota shift to dynamic emerging market and developing countries.
- The reforms also protect the quota shares and voting power of the poorest members.
- The Board of Governors also supported an amendment to the Articles of Agreement that would facilitate a move to a more representative, all-elected Executive Board.
Members will make best efforts to complete their domestic approval processes of these reforms by the Annual Meeting of the Board of Governors in October 2012.
The 2010 reforms build on an earlier set of reforms that were approved by the Board of Governors in April 2008 and came into effect on March 3, 2011, with the acceptance of the ‘Voice and Participation’ amendment to the Articles of Agreement by 117 member countries representing 85 percent of the total voting power. (The requirement for amendments to the Articles to enter into force is acceptance of at least three-fifths of member, representing 85 percent of the total voting power.) The 2008 reforms strengthen the representation of dynamic economies, many of which are emerging market countries, through ad hoc quota increases for 54 member countries. They also enhance the voice and participation of low-income countries through (i) an almost tripling of basic votes—the first increase since the IMF's creation in 1945, (ii) a mechanism that, going forward, will keep constant the ratio of basic votes to total IMF voting power, and (iii) enabling Executive Directors representing 7 or more members to each appoint a second Alternate Executive Director following the 2012 regular elections of Executive Director.
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So lets take a deeper look at what this means to us. Much of points 1-4 have been discussed here at length so I'll take a step back as reference what has been posted however some bears repeating. For now lets stay with the IMF. When countries are in financial trouble, such as Ukraine recently, the reach out to lending institutions to bridge the gap to whatever shortfalls are needed. A member country may request IMF financial assistance if it has a balance of payments need (actual or potential)—that is, if it cannot find sufficient financing on affordable terms to meet its net international payments (e.g., imports, external debt redemptions) while maintaining adequate reserve buffers going forward. An IMF loan provides a cushion that eases the adjustment policies and reforms that a country must make to correct its balance of payments problem and restore conditions for strong economic growth.
The volume of loans provided by the IMF has fluctuated significantly over time. The oil shock of the 1970s and the debt crisis of the 1980s were both followed by sharp increases in IMF lending. In the 1990s, the transition process in Central and Eastern Europe and the crises in emerging market economies led to further surges of demand for IMF resources. Deep crises in Latin America and Turkey kept demand for IMF resources high in the early 2000s. IMF lending rose again in late 2008 in the wake of the global financial crisis.
So I keep hearing this thing called a "Quota"... what is it now?
www.imf.org/external/np/exr/facts/finfac.htmEach member of the IMF is assigned a quota, based broadly on its relative size in the world economy, which determines its maximum contribution to the IMF’s financial resources. Upon joining the IMF, a country normally pays up to one-quarter of its quota in the form of widely accepted foreign currencies (such as the U.S. dollar, euro, yen, or pound sterling) or Special Drawing Rights (SDRs). The remaining three-quarters are paid in the country’s own currency.
Quotas are reviewed at least every five years. In 2010, the 14th General Review of Quotas was completed, and the IMF’s members agreed that the Fund’s quota resources should be doubled to SDR 476.8 billion.
The Fourteenth General Review of Quotas was completed two years ahead of the original schedule in December 2010, with a decision to
double the IMF’s quota resources to SDR 477 billion.
Great, so lets tie this together. For years we've heard of power struggles between TPTB and others who wish to cut into that power. We've heard of the Global Currency Reset (GCR). Al has talked about the tiers, train metaphors and given updates as to us needing a different financial system, fair, asset-backed and protected in place for us to recieve payout. IMO the power struggle was over the quota shares and the move away from the dollar as the principal reserve. The IMF via the SDR's allocated by each countries quota share provides a direct mean by which a country can reduce their dollar holdings while maintaining value of their currency reserve holdings. This is why China fought tooth and nail to have their currency the Yuan added to the SDR basket so they may be that "option" of currency to select from when a country decides which of the currencies to select from in exchange. As we know now, they yuan has been approved however implementation will not take place until Oct 2016. What we are witnessing is a global change in how countries are doing business. We are seeing trade swap agreements in regional currencies. China with their Silk Road project will be one of the largest projects to date. Imagine this, the original silk road, way way back was already a big deal with horse and carriage. Imagine this with today's technology behind it. It the make the previous silk road look like a sidewalk. And because of the secondary lending institutions founded by China & BRICS they will NOT be funded using the US Dollar but the Yuan and others. This shift will allow will allow the USA to take a step back financially as it is not fiscally beneficial to be the
sole reserve currency of exchange. By diversity of currency use the dependency will allow the USA to stop running a constant ever growing deficit. There is an issue when the FED decided a couple months ago that they could not raise rates based on the global economy. They claimed the US economy was fine for an increase back then. So now bringing in CMKX, the 4 letter monster of a penny stock, delisted and drug through the mud yet still existing today. Our funds we held away so the financial system would not be able to borrow against it as we keep it in the bank. By keeping it in the bank as we all would do, we arm them with deposits giving them life to live again. I remember clearly one of ACCA's talks were he said we should all run up our credit cards because we are about to be paid. Imagine what would happen if collectively everyone did just that. By our actions we would break the bank. The banks know that we would never do this or even be able to pull it off. We were waiting on this transition for our cash in the simplistic terms. We have a mode of currency redistribution all developed countries can par take of where there is no arbitrage. This currency redistribution did in fact shift powers out of the USA's hands. With everything that has transpired in this Q4 we are at a place never before seen. Over the course of the world history we've seen powers rise, fall, rename, adjust and grow. The USA has now had their turn at the reins after we took the top spot from Britain and now the reins are being taken by China. The USA will not fall or go away or whatever. Britain did not...
If you believe that there was a trust, F&P was accessed, Al's testimonies in a court of law then my friends and journeymen/woman
Our Cash is Right around the Corner...
There is so much more to this than can really be talked about now. We aren't done seeing the rest of it however the framework has been put in place.
Hope this helps,