“Cebu is branded as Cebu and currently marketing as ” the island in the pacific” to Hongkong, Europe, Japan and China. It do not associate the word Philippines in terms of marketing its tourism industry.”

IIRC, ‘island in the Pacific’ was used by Cebu right after the Ninoy Aquino assasination. i doubt it if it is still used now

and later in the news-article, this paragraph:

Perhaps most important, the teachers get a shot at becoming Americans. If they perform well for three years, the county (Prince George’s County, Maryland) will sponsor them for a green card, or permanent residency. It can take years for them to actually get the card and, later, citizenship, because of the government backlog. But theirs is a much easier path to the United States than that of many other immigrants. They don’t have to come here illegally or win a visa lottery. They just have to do their jobs.

There is a few ounces of 24-karat gold in those degrees, work-experience and professional certification.

Which is the positive polarity?

Dollars priced in gold or gold priced in dollars.

“In the case of money, we are dealing with something which is handled in our generation by methods that are extremely different from those in vogue a century or half century ago….we have now reached a stage where something universally needed – namely money, or credit which does duty for money – has become in effect a monopoly…
“The private issue of new credit should be regarded in the modern world in just the same way in which the private minting of money was regarded in earlier times. The banks should be limited in their lending power to the amount deposited by their clients, while the issue of newer credit should be the function of public authority.
“This is not in any way to censure the banks or bankers. They have administered the system entrusted to them with singular uprightness and ability and public spirit. But the system has become anomalous, and, as so often happens when anomaly has persisted through a long period of time, the result is to make into the master what ought to be the servant.” Archbishop of Canterbury’s William Temple in 1942
When the Federal Government of the U.S. took over the direct management of the U.S. economy simply by taking over the banking system through rigid regulations. They in effect took over and monetized the credit system of the U.S. to facilitate trade and industry.

When Johnson and Nixon took the U.S. off the gold exchange standard they reneged on their debt in gold to countries that had wanted to exchange their dollars for gold at the price of $35 an ounce to $1,

That means there would be a physical transfer of the gold then to France that was wanting an exchange.

The dollar simply was a derivative representative of gold bullion.

Bretton Woods was based on gold or dollars backed by gold.

The U.S. was worried then that the other countries would start a run on the gold bullion of the U.S. by exchanging their dollars also for gold.

President Johnson had expanded deficit spending to pay for the war instead of increasing taxes. That was what started the inflationary wave.

You remove that limitations imposed by gold bullion then government can simply print money over and above their bullion.

Banking was entirely based on leveraging bullion assets.

At the least the leverage was based on physical volume of gold.

Without gold as the physical red line banks simply leverage the IOU’s of government which they keep as reserves.

Simply a faith based currency based on the political standard of the state.

That means the world is operating based on a faith based currency.

What is worse is the application of the dollar standard being used as a unit of account like kilos or tons. Dollar like all other currencies are only abstract ideas of value.

If it is not pegged to a physical good whose value is shared by the broad majority of the planet’s inhabitants then it is only a nominal representation of “value”

Anyone who has bought gold certificates that are sold by reputable gold bullion smelters and recognized by financial institutions worldwide know what I am talking about.

The Republic of the Philippines like other countries probably has gold deposits with the Fed which serves as the basis for some of the reserves of the BSP. The rest are IOU’s issued by the U.S. Treasury that form the bulk of the BSP’s reserves.

If anyone would have bothered to read what Rogoff had written. It is simply that it does not matter on whether it is the Euro or dollar that oil is priced in.

The world would be better off if the Saudi’s used their own currency to price their oil.

In essence junking the dollar and asking everyone to buy their oil in their currency.

Prices then would revert to actual production. That would mean that the Philippines then would be forced to produce goods good enough to be accepted for international trade apart from bananas, mangoes and people.

The rule is simple Never, never, never trust government with the power to create money out of thin air like now.

They create inflation which is the worst form of taxation.

Most people on the planet still do not know this.

Third item to remember —- how does it play in Peoria? The counterpart is “… can he defend it in Plaza Miranda?”

The other item is …. is it really relevant?

Repeat : is it really relevant?

Do what congressman I forgot-his-last-name already…. he may have read the blogposts, but he does not respond to them all. “Not relevant….”

THERE WILL BE BLOOD!