More News, Rumors and Opinions Saturday PM 6-22-2024
TNT:
Tishwash: An economist talks about the mechanism for overcoming the budget deficit
Economist Osama Al-Tamimi described: “Today, the budget deficit is planning, not executive, but he stressed that the deficit is real when the government is able to implement all its programs and spend the budget completely.”
Al-Tamimi told the Iraq Observer Agency: “This has not been achieved in any year, and here the percentage of completion from the real budget remains the ruling in determining the deficit, and the lower the percentage of implementation, the lower the arithmetic percentage of the deficit.”
The economic expert explained: “Noting that the budget numbers on the analysis side are hypothetical, the deficit can also be avoided by making transfers in some sections and putting pressure on the operating budget as well as internal borrowing.” link
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Tishwash: Changes in the digital economy and their impact in Iraq
Researcher in finance and development affairs and academic Aqeel Jabr Ali Al-Muhammadawi
The beginning of the twenty-first century can be marked by the development of advanced digital technologies, a revolution in the information field, and the acceleration of the processes of economic globalization. Currently, the development of information technology plays an important role in society and the economy.
Individuals and society always seek to meet growing needs in a certain field of activity, while information technology expands the capabilities of all people, organizations and countries.
Information technology has not only changed the patterns of business and consumer behavior in the modern economy, but also laid the foundation for various processes: high-tech production and economic activity, development of financial services, changes in educational concepts and standards, digital transformation.
This infrastructure, formed on the basis of electronic interoperability, has become a new direction of global technology development in which economic activity depends on digital technologies.
The digital economy enhances competition and competitiveness not only within the country, but also at the global level. Therefore, any country, including Iraq, that seeks to compete and build competitive performance standards in the global market must properly exploit the potential of the digital economy and promote digital progress.
Iraq must catch up, accelerate the adoption of digital technologies, and ensure that everyone can access these technical benefits and modern information technology.
At the same time, fulfilling the promise of digital mainstreaming requires balancing risks and opportunities. As the world transitions to digital technology, preventive measures are critical to enhancing trust. Laws must be put in place to protect data, achieve cybersecurity, and create strong institutions to develop and enable robust, interconnected digital systems that can verify identity, transfer payments quickly and securely, and exchange data responsibly.
For Iraq to reap the benefits of technological and technical progress in digitization and artificial intelligence, and participate fully in the global digital economy?
In order to accelerate the pace of engagement in the digital economy community with deliberate and reliable steps, Iraq should adopt the methodology of the digital economy and modern financial digitization. My agencies:
1- Bridging the global digital divide: Despite the rapid spread of new technologies in various parts of the world, 37% of the population, each person, is still deprived of Internet services. In addition, a large percentage of Iraqis are not involved in advanced information technology applications.
2- Preparing for the jobs of the future: Innovation radically changes the nature of work: new jobs are emerging, and other jobs are developing. In order to compete and contribute to raising the level of competitive performance standards of the digital economy, Iraq will have to prioritize education, vocational education and training, and build the digital, technical and technological skills of its workforce.
3- The importance of developing safe and reliable digital systems: With the world’s shift to modern digital technology and technologies, strengthening capabilities in areas such as cybersecurity, data protection, and maintaining the modern digital financial and economic system has become more important than ever before.
4- More funding to provide Internet services and IT applications for all: Providing broadband services for all will require more than $100 billion by 2030, and the public and private sectors cannot do this alone. Governments must undertake bold reforms, and the private sector can reduce costs and risks and increase efficiency, innovation and leadership. link
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Mnt Goat Just look at all the progress made just since December 2022 when Iraq announced they were finally entirely out of Chapter VII. And now the spigot is wide open... the final issues preventing the reinstatement are being dealt with one by one...It is June already and this month is proving to be a very significant month again...my contact in the CBI told me there is a very high probability that we would see the currency swap out in this month of June and so we watch and wait.
Militia Man Iraq says they're opening a copper recycling plant. We talked about phosphates...sulfur...liquid natural gas and now we're talking about they're opening a recycling plant to do what? To help their infrastructure. Infrastructure is what's driving the...Development Road Project. They're going to need thousands of tons of copper rods annually. They're going to be able to produce that...They have so many raw materials... It's nothing but bullish for this country.
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Trifecta of Bubbles, All At Record Levels | Michael Pento
Liberty and Finance: 6-21-2024
There is a bubble trifecta: real estate, bonds, and stocks. And every one of these markets is at record levels by any measure. If these bubbles pop, this could be a “wipeout” for the markets, says portfolio manager Michael Pento
While the government has been able to prop up the economy when individual bubbles have popped in the past, “there’s not an easy out this time,” he says.
He discusses lies and distortions from the government and how to protect against financial crisis.
INTERVIEW TIMELINE:
0:00 Intro
1:20 Economy’s direction
4:50 Banking system
13:34 Debt levels
15:24 Government lies
19:40 AI & job destruction
22:30 Inflation