More News, Rumors and Opinions Sunday PM 7-21-2024
KTFA:
Clare: The Central Bank of Iraq imposes financial penalties on banks and exchange companies amounting to 43 billion dinars
7/21/2024
The Central Bank of Iraq announced on Sunday that fines imposed on banks and non-banking institutions (exchange companies) amounted to more than 43 billion Iraqi dinars during the past three months.
A table of the bank, which Shafaq News Agency reviewed, showed that the fines imposed on banks and financial companies during the past three months, starting from last April until the end of last June, amounted to 43 billion, 465 million, 532 thousand, and 931 dinars.
The table showed that “the fines also included 102 administrative penalties for these banks and non-banking institutions, distributed between warnings, alerts, and grace periods.”
The table showed that "May witnessed the highest fines on banks and non-financial institutions, as these fines reached 34 billion, 2 million, 141 thousand, and 100 dinars, with 42 administrative penalties, while June witnessed the lowest fines, reaching 2 billion, 829 million, 157 thousand, and 288 dinars, with 30 administrative penalties."
The table did not show the names of the banks that were fined and subjected to administrative penalties.
The Iraqi Stock Exchange Investors Association had criticised the Central Bank of Iraq’s increase in fines on banks, noting that it would affect the profitability of investors in the shares of these banks. LINK
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Clare: Iraq intends to connect its electricity with Kuwait and the Gulf at the end of the year, and then with Saudi Arabia
7/21/2024
Prime Minister Mohammed Shia al-Sudani confirmed on Sunday that his government intends to link Iraq's electricity with Kuwait and the Gulf Interconnection Authority at the end of 2024, and then move to link with Saudi Arabia to diversify energy sources when demand increases during peak times in the country.
Al-Sudani said in a speech during the opening of the Iraqi-Turkish electricity linkage project, "The value and importance of this project is that it had been suspended since 2004, and it had been planned since the nineties of the last century, and today it has been completed in coordination with the Turkish Ministry of Energy."
He added, "The value of this project is that for the first time we have an international connection with neighboring Turkey and then to the European Union, and this is an important and strategic factor for energy at the future level."
Al-Sudani added, "After we were able to connect with the Jordanian side, and today with Turkey, and hopefully at the end of this year with Kuwait and the Gulf Interconnection Authority, then we will head to complete our important project with Saudi Arabia so that Iraq can complete its communication with the regional energy system in a way that allows for diversity and exchange in various conditions of peak electrical loads." LINK
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Militia Man Article: "Removing the zeros from the Iraqi currency talks returns and possibility of implementation" How is that possible...without having value? ...When they talk about removing zeros from the Iraqi currency they're talking about returning to a previous era. They're talking about the glory days. I think everybody...knows in the country too, I just can't say we can prove it from a link in print. But the expectation is Iraq is going to bring value to their currency. We know that by Al-Sudan's comments...that the Iraq dinar would be 1 dollar...equal 1.32 dinar.
Frank26 [Iraq boots-on-the-ground report] FIREFLY:
My bank guy said when the zeros come off the exchange rate it's going to change the value of our currency and then your brother who is in the Untied States of America, they can exchange their notes with the 3-zeros after the RI takes action.
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"There's Nowhere Else To Kick The Can" | Lyn Alden
Liberty and Finance: 7-20-2024
Lyn Alden explores the diminishing impact of interest rate cuts on the U.S. economy
With interest rates now higher than in recent decades, Alden argues that the economy's insensitivity to rate changes stems from the high level of fixed-rate debt held by both consumers and businesses. She explains that, unlike past cycles, current rate cuts may have limited effects on economic activity and housing market dynamics.
She also touches on the broader implications for asset markets, including the potential impact on housing inventory and the comparative experience of Japan's long-term economic challenges.
Rick Rule: $100 Trillion Dollars in Liability; Why This is Far Worse Than Post Vietnam Dollar Crisis
Daniela Cambone: 7-20-2024
"The U.S. dollar will lose substantial purchasing power in the next 10 years," warns Rick Rule, founder and CEO of Rule Investment Media.
During this year's Rule Symposium in Florida, he explained to Daniela Cambone that exploding liabilities, including $100 billion in entitlements such as Medicare, Medicaid, and Social Security, are likely to greatly devalue the U.S. dollar. Rule also emphasized the importance of owning gold to hedge against future uncertainties.
“I own gold because I'm afraid it's going to go to $8,000 or $9,000 or $10,000. I really want to be wrong. And you own gold hoping you'll never have to sell it,” he concludes. Watch the powerful video to learn more about his thoughts.