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	<title>Mulays welcome you...</title> 
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			 <![CDATA[ IMF sells gold ]]> 
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			<![CDATA[ 
Today there is news about International
Monitory Fund (IMF) selling about 12% of its gold reserves (403.3 tonns i.e.
4,03,300 Kg ). Some details I gathered from net.
 
 
Bits from www.imf.org  (information is gathered from various
pages of website and rearranged to create a flow )–
 
The
IMF is an international organization of 185 member countries.
It was established to promote international monetary cooperation,
exchange stability, and orderly exchange arrangements; to foster economic
growth and high levels of employment; and to provide temporary
financial assistance to countries to help ease balance of payments
adjustment.
The
IMF holds 103.4 million ounces (3,217 metric tons) of gold at
designated depositories.
As
of February 20, 2008, the IMF's holdings amounted to $95.2
billion (at then current market prices).
 
The
IMF acquired the majority of its gold holdings through four main
types of transactions.
First,
it was then prescribed that 25 percent of initial quota subscriptions and
subsequent quota-increases were to be paid in gold. This represented the
largest source of the IMF's gold. Each member country of the IMF is assigned a
quota, based broadly on its relative size in the world economy. A member's
quota subscription determines the maximum amount of financial
resources the member is obliged to provide to the IMF. A member's
quota determines its maximum financial commitment to the IMF and its voting
power, and has a bearing on its access to IMF financing. Quota subscriptions
generate most of the IMF's financial resources.
Second,
all payments of charges (i.e., interest on members' use of IMF credit) were
normally made in gold.
Third,
a member wishing to purchase the currency of another member could acquire it by
selling gold to the IMF. The major use of this provision was sales of gold to
the IMF by South Africa in 1970–71.
And
finally,
members could use gold to repay the IMF for credit previously
extended.
 
However,
the IMF's Articles of Agreement strictly limit its use. Under some
circumstances, the IMF may sell gold or may accept gold as payment by member
countries; but the IMF is prohibited from buying gold or engaging in other gold
transactions.
 
Then why sell now? ( Collected from
stated web pages. See bold lines for actual reasons. Other lines are
supplementary)
 
From http://edition.cnn.com/2008/BUSINESS/04/07/imf.gold.ap/index.html
The International Monetary
Fund's executive board has approved a broad financial overhaul plan that could
lead to the eventual sale of a little over 400 tons of its substantial gold
supplies.
IMF Managing Director
Dominique Strauss-Kahn welcomed the board's decision Monday to propose a new
framework for the fund, designed to close a projected $400 million budget
deficit over the next few years.
The budget proposal includes
sharp spending cuts of $100 million over the next three years that will include
up to 100 staff dismissals.
The IMF said the board
agreed to revamp the fund's income model from one that primarily relies on
lending to one that generates money from various sources.
During the 1990s, the IMF
lent billions to countries in Asia and Latin America that were facing financial
crises and financed its operations on interest from those loans. In recent
years, IMF lending has dried up as many of those countries have built up
reserves to prevent them from having to borrow again from the IMF, which often
puts severe restrictions and conditions on its loans. The declining interest
payments led to the IMF's budget gap.
Actual sale of the gold
cannot start immediately because the U.S. member on the IMF board cannot vote
for it until Congress approves. Congress has made approval
conditional on a broad range of operational changes that Strauss-Khan has
pledged to carry out to preserve the relevancy of the 64-year-old organization,
whose mission is to promote global financial stability.
Under the plan, the IMF
would sell the 403 tons, or nearly 13 million ounces, of gold for about $11
billion over several years. The IMF would keep $4.4 billion on its books, and
the remaining $6.6 billion would go into an investment
account.
The IMF, which has sold gold
before, said it would coordinate the sales with central banks in an effort to
prevent market disruptions.
Strauss-Khan, who took over
last November as head of the IMF, said the financial overhaul was another major
step in the organization's reform process. It followed a decision last month to
slightly increase the voting power of rapidly developing countries such as
China, India and Brazil, who are playing a growing role in the world economy.
Since its founding, the United States and European nations have dominated IMF
decision-making.
Besides using the gold sales
to produce an income stream, the fund's narrow investment authority will be
broadened.
 
 
 
From 
http://www.marketwatch.com/news/story/imf-sell-125-gold-stake/story.aspx?guid=%7B193AB663-768C-49EB-A5E0-A944F35661AB%7D&amp;amp;dist=msr_1
The International Monetary
Fund said it would sell more than 14.2 million ounces of gold, currently valued
at more than $13 billion, and cut substantial costs as part of an efficiency
drive.
The news helped pressure
the price of gold Tuesday on the New York Mercantile Exchange. The benchmark
futures contract for gold finished at $918 an ounce, down $8.80, or
1%
Some gold analysts say the
IMF sale, if approved, should be readily absorbed by the market.
In a statement Monday,
Managing Director Dominique Strauss-Kahn said the IMF had made &quot;difficult but
necessary choices&quot; to close an income shortfall pegged at about $400 million by
fiscal 2010 and to make the multilateral agency more efficient through a &quot;new
and sustainable income and expenditure framework.&quot;
The proposal to sell gold
faces at least two key hurdles. One is that the U.S. Congress must approve the
proposal, and most member countries also will have to enact legislation to
expand the IMF's investment authority.
Assuming the changes win
approval and are implemented, the IMF's income model would be based largely on
generating funds from various sources rather than relying on lending, the
agency said.
 
Its holdings make the IMF
the third-biggest official holder of the precious metal.
 ]]> 
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		<link>
			http://mulays.atwiki.com/page/IMF%20sells%20gold
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		<pubDate>Wed, 09 Apr 2008 11:56:47 +0000</pubDate>
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			 <![CDATA[ Scribblings ]]> 
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		<description>
			<![CDATA[ 
Amit's
Marriage
 ]]> 
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		<link>
			http://mulays.atwiki.com/page/Scribblings
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		<pubDate>Wed, 09 Apr 2008 11:46:06 +0000</pubDate>
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			 <![CDATA[ LeftMenu ]]> 
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			<![CDATA[ 
Albums
Search
 ]]> 
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		<link>
			http://mulays.atwiki.com/page/LeftMenu
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		<pubDate>Fri, 04 Apr 2008 09:44:18 +0000</pubDate>
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		<title>
			 <![CDATA[ Get famous and awarded ]]> 
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			<![CDATA[ 
Get awarded and famous
Some people may think it is a work of frustration ( as we call 'work of
fiction' etc ) by a man who never received any award, or to be more specific,
who is not worth any reward. Whatever the people say, this is a plan to get
yourself and some more like you a good amount of fame. And as money attracts
money, fame also attracts fame. So when you follow this plan, you will achieve
more and more fame.
Some people may thing it is work of a jobless man who has ample of time. But
let me tell you, fame doesnt come for free. You must pay in some form to get
it. Here we are to pay in terms of time. It is slow but steady apporach and as
the turtle wins, we will also win.
The plan needs around 22-25 like-minded people, ready to play it patiently for
20-25 years. Getting fame-seeking people should not be difficult. Little
difficult may be to get like-minded and still more difficult could be to make
them wait for 20-25 years. But let me assure you, the wait would be worth it.
Everyone would be famous by end of 25 years. Some would achieve it early, some
late.
This is how the plan executes. Make a group of 22-25 people as above. Decide
name of a award. It can be anything. Decide on purpose of award. This also can
be anything, everyone is going to get this award irrespective of whether there
is any relevance. Deciding both of above things would not be difficult, all of
them are like-minded, remember? Then make a commette of around 20-22 people
from it. Those who would be left out of the commette would be rewarded first.
The commette would be a Panel of Judges (PJ). They would declare award to the
ones outside the commette. Publicize the award in newspapers and television.
Many will be ready to publish it as 'Breaking News'. Do a grand 'Award
Ceremony'. Everyone from the group would contribute towards funds for publicity
and function whether awardee or judge. Remember, fame comes only at a price.
And since everyone is like-minded they wont fight on who-should-pay-how-much.
Awardees would of course pay more so that they dont leave the group after
getting award.
Once the award function is over, everyone of the group does there normal work
for a year. Most of them do nothing, as thats what they were doing before the
formation of group. But it doesnt matter. Everyone has got some fame. Some as
respected memeber of PJ, some as respected reciepents of the award.
Next year, form the commette again. This time last year's awardee(s) are part
of the PJ and someone from old PJ is now out of the PJ. Reason for being out of
PJ can be anything - he was out of town when PJ formed, he wanted be rewarded
this year, he was out for a job interview, busy witn own marriage...
anything... absolutely anything.
The PJ declares award to the out-of-PJ person(s) this year. Again same
publicity. This year you can mention the name of previous esteemed awardees.
More fotos, more breaking news.
Cycle continues for 20-25 years, till everyone has got the award. The award and
awardees are now famous. Everyone has contributed to the fund equally and
received same awad. No one had to do any special thing for achieving the award
( only the group knows this insideer information) other than some monetory
expences. Moreover, if someone from the awardees really achieves something in
this period, you can always boast that we had seen the potential of the person
long before he achieved this thing.
The trick lies in keeping the group together for 20-25 years, but then, u see,
they were all like-minded. They will remain in the group.
Now everyone is happy, satisfied and famous.
 ]]> 
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		<link>
			http://mulays.atwiki.com/page/Get%20famous%20and%20awarded
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		<pubDate>Thu, 07 Feb 2008 08:14:15 +0000</pubDate>
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			 <![CDATA[ Search ]]> 
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			<![CDATA[ ==search plugin test with wiki-mode==

**search plugin** is __creating search-form with wiki.__
Example) **@@search()@@** is
-------

@@search()@@

 ]]> 
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		<link>
			http://mulays.atwiki.com/page/Search
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		<pubDate>Fri, 25 Jan 2008 06:57:09 +0000</pubDate>
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		<title>
			 <![CDATA[ Home ]]> 
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		<description>
			<![CDATA[  ]]> 
		</description>
		<link>
			http://mulays.atwiki.com/page/Home
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		<pubDate>Fri, 25 Jan 2008 06:44:17 +0000</pubDate>
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		<title>
			 <![CDATA[ albums ]]> 
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		<description>
			<![CDATA[  ]]> 
		</description>
		<link>
			http://mulays.atwiki.com/page/albums
		</link>
		<pubDate>Thu, 24 Jan 2008 10:34:38 +0000</pubDate>
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		<title>
			 <![CDATA[ Menu ]]> 
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		<description>
			<![CDATA[  ]]> 
		</description>
		<link>
			http://mulays.atwiki.com/page/Menu
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		<pubDate>Thu, 24 Jan 2008 10:32:00 +0000</pubDate>
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			 <![CDATA[ Amit&#039;s Marriage ]]> 
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			<![CDATA[ 
Amit’s marriage has been coool.. nothing to complain about. I assume that u
r interested in full story and here I go..
 
We ( me, A and K ) reached Abad by car on 16thJan ( M was on 20th). Only a
few relatives were present.
I assumed role of a good father and looked only after K.
who-would-wear-what-on-which-day’s decision was left to ss. That is the best
bet, ( I know it after 5 years of marriage )to avoid any confusion during
ceremonies. So I had no work at all related to M. A was left to do everything
that a sister would want to do in bro’s M. Thus past 16th, 17thand 18th. On
16thitself we ( me, Amit, ssr and two more brother’s of Amit ) been to
Raymond’s shop to select dresses/suits for Amit. I played a full role of
selecting/rejecting for him… I never do it for myself, neither I have any
interest…. But here was a special case… maza paisa pan jaat navata, mala to
dress ghalayacha pan navata ani I had whole world’s time to pass…
 
On 19thafternoon we left in a bus to A’nagar where shaadii. Aai baba came to
abad just before we left and then they joined us in bus. In bus also I played
part of looking after K. it is lot better than ‘naav ghyaa’, ‘gaaNa mhanaa’
that was going on in the rear seats… :). In further text I m not going to write
that I was only looking after K. Assume that, that was what I did whole time
unless mentioned otherwise.. :D
 
We had dinner in the kaaryaalaya. Nice food. But this made sure that the
ceremony started only at 10pm and lasted till sometime 2 in the morning… Kapil
slept at 1030 and me at 1am..
 
Next day, we had a unforeseen problem… the karyalaya was very near to the
area of ppl who celebrate moharram and it was moharram’s day… boy… the road was
going to be blocked for vehicles after 2pm. So all prorammes were fast-tracked,
pangatii were done while bride and groom still undergoing marriage rituals. All
went fine. I danced when groom went to maaruutii…
 
We left to abad shortly after 2. been to DeogaD, a religious place which
hosts Datta… spent some time there. Bhaktas took darshan. And some enthu ppl
took a ride in boat. Then we stopped in a hotel ( this was planned) and had
dinner. And then bck to Abad, where all of the ppl were booked in a hotel. This
hotel was more of a bunch of rooms, normally given on rent to school-trips or
sport-persons for districh/state level events. A room capable of  holding 5
people with attached wc/bath. But it was goo and clean. And being whole
building occupied by one varhaaD, it was nice. No one else but only marriage
party.  There was arrangement of baasundii before bed-time.
 
Next day, all satyanarayan etc were planned ( i do not mention this in
details, u know it. And I need not mention what part I was playing… :D) . and
then reception in nite. There was an orchestra who sung hindi/marathi songs. I
ws wearing full suit as planned by ss, so I did not dance. Ppl would have
called me to dance, but I was dining when time came to dance. So I m saved. I
cant imagine dancing in trouser, blazer and tie… phew.... reception went on
till 1am. Then bed-time.
 
Next day at 1130am we left abad to be back to pune.
 ]]> 
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			http://mulays.atwiki.com/page/Amit%27s%20Marriage
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		<pubDate>Thu, 24 Jan 2008 10:14:03 +0000</pubDate>
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			 <![CDATA[ Google tool box ]]> 
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			<![CDATA[ 
Indian Express button
for Google Toolbar
 ]]> 
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		<link>
			http://mulays.atwiki.com/page/Google%20tool%20box
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		<pubDate>Mon, 08 Oct 2007 06:32:47 +0000</pubDate>
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