Since this is the 3rd time that I received this silly propaganda called the "Shocking News From The World BANK - MUST read by all Filipinos" might as well expose it for its fraud.
Yes, google search reveals of 7,900+ related post, which means many have thought this as pertinent to unfortunately publish it (how nonsense can be so pervasive).
Yes, google search reveals of 7,900+ related post, which means many have thought this as pertinent to unfortunately publish it (how nonsense can be so pervasive).
The message goes:
The Financial Analyst of World Bank would like to inform each and everyone of you that the present currency exchange rate of US Dollar to Peso is actually $1 = P52. Your government is manipulating the exchange rate for some years now. It is very much improbable and impossible that the Philippine Peso is appreciating compare to Euro, British Pound, Rials, and any other foreign currency. Even your ASEAN neighboring countries are suffering from the Global Crisis. Singapore , a developed country is affected by depreciation of their currency what more of your country?
We admire you for your hard work but we also pity you for having such a very corrupt government that is taking advantage of your hard earned money.
The ARROYO ADMINISTRATION is blatantly milking each and every OFW's all over the world of billions of pesos for its own greedy, selfish ends. Investigations reveal that this milked money from OFWs will be spent to BRIBE not only PGMA's pet CROCODILES in CONGRESS but some in the SENATE as well for her to PERPETUATE IN POWER BEYOND 2010. The rest would be deposited to the family's SECRET ACCOUNT in Switzerland .
Another money-making scheme is the LOTTERY DRAWS. Filipinos should be aware that all LOTTO DRAWS are orchestrated, and big money goes to the two sons of the lady president. Recent example is the SUPER LOTTO 6/49 draw, where supposedly two individuals from Luzon won. Do you know WHO these individuals are? It's Mikey and Datu, who else? One might ask how can the draw be rigged when it is being televised in front of millions of viewers. The answer is simple. As you all know, all bet combinations are being entered into PCSO's main data base as it is on-line, therefore, it is easy to determine which combinations were NOT betted upon. If they want to raise big money, no winners will be declared until the JACKPOT reaches sky-high because they could dictate the outcome at will. When it's "HARVEST TIME", viola, there would be "winner or winners" and the process repeats all over again. One might ask how this is being done. One insider told our investigators that actually the "DRAWN BALLS", six balls to be exact, are the only set which could fit into the transparent tube which sucks the balls up. All others are slightly bigger than the diameter of the tube which could not be distinguished by the viewers, therefore, there's no way they could be drawn! You Filipinos are being skinned alive, fried in your own fat and lard by your own government.
Outside the toxicity of personality based politics (or the vile focus on the past administration), the disinformation campaign represents a menagerie of fallacies.
We will just deal with the allegation of the Peso and Lotto.
1. like all markets, currency pricing is subject to demand and supply
2. all governments have been "intervening" in the currency markets (directly or indirectly-e.g. fiscal policies). Remember supply or currency issuance is monopolized by governments.
3. on intervention: currencies are being manipulated to "depreciate" and NOT to appreciate.
Around the world, mainstream thinking and politicians abhor 'strong' currencies. The main reasons are that weak currencies reflect on the continued financing of political activities, unsupported by the laws of economics (inflationism), by the political leaders.
Second, but of lesser importance is "export competitiveness"-the mistaken notion that the only way to grow an economy is by exports. We call this "mercantilism".
Around the world, mainstream thinking and politicians abhor 'strong' currencies. The main reasons are that weak currencies reflect on the continued financing of political activities, unsupported by the laws of economics (inflationism), by the political leaders.
Second, but of lesser importance is "export competitiveness"-the mistaken notion that the only way to grow an economy is by exports. We call this "mercantilism".
4. By appreciation, you'll have to unduly restrict supply of money in the markets. And this would create artificial mayhem or what is known as deflation (confiscatory deflation or government confiscating private property to collapse money supply). By doing so, such translates to a deliberate restriction in government expenditures, which ironically, would only cause an uproar among politicians and their cohorts.
Hence what is improbable and impossible is not for the Peso to appreciate, instead it is for politicians to refrain from inordinate spending!
5. Meanwhile, a currency is depreciated by means of printing money or increasing government financial liabilities relative to goods and services.
6. Peso appreciation is largely a global phenomenon-as the US dollar, the world's currency standard, is being debased- from quantitative easing, massive bailouts and deficit spending.
7. Since currencies are valued in pairs, or in terms of the other currencies, the strengthening of the Peso vis-a-vis the US dollar, suggest that the US government is manipulating their currency more than the Peso, by engaging in more printing money (inflationism).
8. For the paper money system, as history would show, is a race to oblivion. And we go by what I would call the Voltaire rule: Paper money eventually returns to its intrinsic value-ZERO.
9. Lotto has little (or insignificant) relevance to the strengthening of the Peso. Pagcor earns about $29 million a year a smidgen compared to the Philippine economy is $324 billion (PPP) or $160 billion (official exchange rate) according to the CIA.
Therefore, Pagcor is a "state" business, whose income is derived from monopolistic revenues of gambling and gambling related activities less liabilities due to the winners (minus other related charges) --regardless of the personality/ies involved.
If there has been any shenanigans in the operations they are too minute to influence the Peso's activities.
10. Obviously, such unintelligent highly disoriented message isn't from a qualified financial analyst or importantly from the World Bank.
Beware of misleading mendacious politically colored missives like this.
