Masters Of War

Come you masters of war You that build all the guns You that build the death planes You that build all the bombs You that hide behind walls You that hide behind desks I just want you to know I can see through your masks. You that never done nothin' But build to destroy You play with my world Like it's your little toy You put a gun in my hand And you hide from my eyes And you turn and run farther When the fast bullets fly. Like Judas of old You lie and deceive A world war can be won You want me to believe But I see through your eyes And I see through your brain Like I see through the water That runs down my drain. You fasten all the triggers For the others to fire Then you set back and watch When the death count gets higher You hide in your mansion' As young people's blood Flows out of their bodies And is buried in the mud. You've thrown the worst fear That can ever be hurled Fear to bring children Into the world For threatening my baby Unborn and unnamed You ain't worth the blood That runs in your veins. How much do I know To talk out of turn You might say that I'm young You might say I'm unlearned But there's one thing I know Though I'm younger than you That even Jesus would never Forgive what you do. Let me ask you one question Is your money that good Will it buy you forgiveness Do you think that it could I think you will find When your death takes its toll All the money you made Will never buy back your soul. And I hope that you die And your death'll come soon I will follow your casket In the pale afternoon And I'll watch while you're lowered Down to your deathbed And I'll stand over your grave 'Til I'm sure that you're dead.------- Bob Dylan 1963

Wednesday, February 25, 2015

Is It Time to Include the Yuan in IMF Basket?

By Qiao Yide, Ge Jiafei and Miriam Campanella
As the next five-year review of the International Monetary Fund's international reserve asset approaches, reviewers should strongly consider the case for including the yuan in the basket.
The Special Drawing Rights (SDR) is an international reserve asset used to supplement IMF member countries' official reserves. Its value is based on a basket consisting of four key international currencies, namely the U.S. dollar, euro, British pound and Japanese yen.
The IMF has two criteria for SDR basket currencies. The first is "major trading country." This applies to currencies whose exports of goods and services during the five-year period ending 12 months before the effective date of the revision had the largest value. Then there is the "freedom of use" criterion for currencies determined by the IMF to be widely used to make payments for international transactions and to be widely traded in the principal exchange markets.
In the 2010 review, the yuan was deemed to meet the first criterion, but it fell short on freedom of use. So what are its prospects in the review in 2015?
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