Economist’s “News and Views” Thursday 6-20-2024

BRICS Announces Massive Trade Agreement to Ditch the US Dollar

GeoPolitical Analyst:  6-19-2024

The BRICS economic alliance has announced an extensive trade agreement that will effectively ditch the US dollar.

The collective settled on an agreement with a plethora of outside nations to settle trade dealings in their national currencies, circumventing the use of the greenback. The agreement includes all BRICS nations as well as Thailand, Laos, Sri Lanka, Kazakhstan, Venezuela, and Bolivia.

Moreover, it becomes one of the bloc’s most extensive de-dollarization policies in its history. Its presence should only be magnified by the impending arrival of the bloc’s independent payment system.

Over the last two years, the BRICS economic alliance has grown tremendously. The grouping has sought to increase its relevance on a global scale and introduce an increasingly multipolar world. A massive part of those efforts are connected to the introduction of landmark economic policies.

Now, the alliance has announced a monumental development that could have immense ramifications for global finance.

 Specifically, BRICS announced a massive trade agreement at this week’s Foreign Ministers Meeting that would ditch the US dollar for all alliance trade settlements.

The nations included will opt to settle all trade with national currencies as opposed to Western alternatives.

https://www.youtube.com/watch?v=4xLVTTslaJU

Fixed Prices? Price Controls? Shortages? Rationing? ITS ALL COMING...

Greg Mannarino:  6-20-2024

https://www.youtube.com/watch?v=_2QvMJciA80

‘The End Of Fiat Currencies As We Know It’ | Gary Wagner

David Lin:  6-19-2024

Gary Wagner, Editor of TheGoldForecast.com, discusses his outlook for inflation, gold, monetary policy, and the impact of AI on our economy.

0:00 - Intro

0:55 – Inflation

 9:44 - Consumer sentiment

12:00 - Fed monetary policy

15:32 - Stocks

20:25 - Gold and fiat

https://www.youtube.com/watch?v=85d-2YUYaxM

Goldilocks' Comments and Global Economic News Thursday Afternoon 6-20-24

Goldilocks' Comments and Global Economic News Thursday Afternoon 6-20-24

Good Morning Dinar Recaps,

"Almost two-thirds of countries in the Middle East and Central Asia are exploring adopting a central bank digital currency as a way to promote financial inclusion and improve the efficiency of cross-border payments.

Adopting a CBDC, however, requires careful consideration. Countries across these regions, spanning a diverse group of economies stretching from Morocco and Egypt to Pakistan and Kazakhstan, each must weigh their own unique set of circumstances.

Many of the 19 countries currently exploring a CBDC are at the research stage. Bahrain, Georgia, Saudi Arabia, and the United Arab Emirates have moved to the more advanced “proof-of-concept” stage. Kazakhstan is the most advanced after two pilot programs for the digital tenge."   IMF

Per conversations Dee, Sam, and I have had with our CBI contact, Iraq will be using CBDC for Cross-Border Trading.

© Goldilocks

👆 Iraq is not ready yet.
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Iraq to repatriate all its citizens from al-Hol refugee camp in Syria

BAGHDAD, June 18 (Xinhua) -- The Iraqi government on Tuesday has decided to return all Iraqis from the al-Hol refugee camp in Syria, the official Iraqi News Agency (INA) reported.

Karim al-Nouri, deputy minister of the Ministry of Migration and Displaced, told the INA that the "total number of refugees in the al-Hol camp is more than 50,000 people from different countries, including 20,000 people from Iraq."

He said that the Iraqi government had established a high-level committee to scrutinize the security situation of the refugees.

Al-Nuri also said that those returning from the al-Hol camp would go through community rehabilitation programs at the al-Jada'a camp in Iraq's northern province of Nineveh, stressing that about 3,000 people so far have returned to their homes in Iraq, according to INA.

The al-Hol camp is known to be housing refugees, with a significant number of them being family members of IS militants. ■    English News

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READ PDF HERE

ESMA75-453128700-949_Final_Report_MiCA_cooperation_technical_standards.pdf

Final MICA Standards Announcement:

The European Banking Authority (EBA) delivers their final group of MiCA Technical Standards just before the June 30th, 2024 deadline for their digital regulations to become law.

Reference
ESMA75-453128700-949
Section
Digital Finance and Innovation
Guidelines and Technical standards
Type
Final Report
Main Document
ESMA75-453128700-949 Final Report on MiCA cooperation technical standards
(EN)
Style
ESMA document

There were 14 technical standards and 3 guidelines finalized and published. This completes EBA's delivery of their technical standards under MiCA.   Esma Europa

© Goldilocks

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https://x.com/DROPZXRP/status/1803739866741522574

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"As China dumps Treasury securities, the Euro Area, Canada, and financial centers load up with immense appetite."

The division of money flows has been taking place for some time, but we are beginning to clearly notice a new Economic Continental Divide.

Trading routes have been rerouted these last few years, and bilateral free trade agreements have been signed.

The emergence of a multi-polar Global Economy is beginning to be realized through countries supporting their own payment systems with the use of their own local currencies over the World Reserve Dollar.

With a new Digital Monetary System coming into play with Real World Assets backed by commodities and easy access to a fractionalized monetary trading policy, the expectation of a world with solid currency (Gold) through tokenized asset values is becoming a reality.  WolfStreet   Investopedia

© Goldilocks

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ISSA survey shows rising strategic importance of DLT adoption - Ledger Insights - blockchain for enterprise

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Bank of America finds younger investors prefer crypto, alternatives to stocks - Ledger Insights - blockchain for enterprise

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Ripple CEO Predicts End of XRP Lawsuit This Summer | Crypto News Flash

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Investors around the world are dealing with new trading mechanisms that are beginning to reroute money flows through a new digital asset-based trading system.

The movement of money is not the same. New digital accounting regiments are changing the direction of money based upon new re-entrances of local currencies being traded abroad.

At the end of this month, we're going to have guidelines, regulations, and new laws to change the way we do business.

Don't blink, it is happening right before your eyes.

© Goldilocks

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Nomura’s Laser Digital to Offer Crypto Trading, Asset Management in Abu Dhabi | Finance Magnates

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“Tidbits From TNT” Thursday 6-20-2024

TNT:

CandyKisses: Demand to prevent the new American ambassador from entering Iraq

Information / Baghdad.

A member of the popular legal movement, Ahmed Shahid al-Shammari, called for preventing the new US ambassador Tracy Jacobson from entering Iraq because of what he described as her blatant interventions.

Al-Shammari said in an interview with the Information Agency that "the new US ambassador Tracy Jacobson is undesirable popularly, indicating that the blatant US interventions are aimed at destabilizing Iraq."

He added that "the US administration is still continuing its interference in the internal affairs of Iraq in various security, political and even economic fields, and is trying to use the file of terrorists again to provoke the Iraqi street," calling on the government to Prevent the entry of the new ambassador to Iraq and accept her as ambassador to her country in Baghdad.

Calls began to be made to the Iraqi Government and the Presidency not to accept Jacobson as the United States ambassador to Iraq because of her statements, which are blatant interference in the internal affairs of Iraq. 

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Tishwash:  An “extraordinary” meeting of the armed factions in Iraq regarding the American presence.. What about the truce?

The "Iraqi Resistance Coordination Committee", which includes a number of armed factions allied with Iran, announced the holding of a meeting, which it described as "extraordinary", to discuss the issue of the American presence in Iraq, as it confirmed its ability to end it "by all means" during the first meeting of its kind since the cessation of bombing operations and targeting of interests. The US has been in Iraq for more than five months, as the Iraqi arena is witnessing a calm state of security.

Since the beginning of last February, the "Iraqi Resistance" factions have entered into a truth with the American side following their assassination of the leader of the Iraqi Hezbollah Brigades, Abu Baqir al-Saadi , and no operation has been carried out against American interests Since that period, despite the continued activity of American aviation. Flying in Iraqi airspace, especially in Baghdad, Anbar, and the Kurdistan region of Iraq.

The Iraqi Al-Nujaba Movement, which is part of those factions, confirmed at the time that “societal, political and religious pressures” pushed for what it called “calm” with Washington, to pave the way “for the Iraqi government to take the initiative towards developing solutions to end the presence of the coalition.” international in the country. The leaders of the armed factions are awaiting the results of the work of the Iraqi-American Military Committee, which is responsible for assessing the field situation in Iraq and the threat of the terrorist organization ISIS, and setting a date for ending the presence of the international coalition.

In a statement, the first of its kind since the armistice, the coordination stated, last night, Wednesday, that it “held an extraordinary meeting to discuss events in the region in general and in Iraq in particular,” indicating that it discussed what it called “the opportunity that it gave the government - more than four months ago.” “Including scheduling the withdrawal of the American presence from Iraq.”

Criticism of the American presence in Iraq

She explained, "The attendees stressed the need to continue moving forward to achieve the country's autonomy, after the enemy's procrastination and stubbornness, so that it remains occupying our land, despising our skies, controlling the security and economic decisions, and interfering in Iraqi affairs with all reccklessness and arrogance, as if he does not know what awaits him after this opportunity," stressing that "The Iraqi people, their proud resistance, and loyal politicians, tribesmen, and people's representatives are able and determined to end this file and close it, using all available means, to restore security and stability, and achieve full autonomy.”

The “Coordination Committee” did not reveal a clear position regarding the truth or whether it was considering ending it, but a government source confirmed that “an agreement was made with the factions to stop all attacks until the file of the American presence in Iraq is resolved, which is the file that the Iraqi government and the American side are working on,” indicating. He told Al-Arabi Al-Jadeed, on the condition that his name not be mentioned, that “the facts had previously provided guarantees to the government not to violate the truth until the issue was officially resolved.”

The source confirmed that “to date, no notification has reached the government from the facts of their intention to carry out specific attacks, which means that the guarantees are still in place,” noting that “the government is following up on the file and will soon hold subsequent meetings with the American side in light of anticipated reports of the American-Iraqi Committee.” .

Iraq is an arena of conflict

The candidate to assume the position of US Ambassador to Baghdad, Tracy Ann Jacobson, said that “the militias allied with Iran are the main threat to Iraq,” as she stressed, in her opening speech before the Senate Committee on Foreign Relations, several days ago, the importance of enhancing stability, security, and independence. Iraq, considering that ISIS still poses a threat in the region, and that the US Army is still providing support to the Iraqi security forces.

Anne Jacobson also stressed the importance of Iraq strengthening its relations with its neighbors, and that “the presence of economic development, and a government capable of providing services to its people, reduces the attraction of terrorism” and also reduces the influence of militias allied with Iran, which she said “pose a great danger to the future of the country,” considering “Iran is a malicious actor in Iraq and destabilizes the region,” she added, adding: “We realize that the main threat to Iraq is the militias allied with Iran.”

Talks between Baghdad and Washington began last January, less than 24 hours after three American soldiers were killed in an attack in Jordan. The United States said that it was carried out by extremist groups allied with Iran in Syria and Iraq, which prompted Washington to carry out retaliatory strikes in Iraq that resulted in the assassination of prominent leaders in the armed factions, which prompted them (the factions) and the political parties associated with them to escalate their demands to remove the coalition forces from... The country.

The first round of bilateral dialogue between Baghdad and Washington, which was held in Baghdad, on January 27, led to an agreement to form a joint military committee to review and end the coalition mission and move to bilateral security relations, in light of the widespread criticism against the American presence in Iraq.   link

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Tishwash: IBBC Conference: Much To Celebrate In Iraq As Energy Takes Centre Stage

IBBC's ( Iraq Britain Business Council) 15th Anniversary Conference. Much to celebrate in Iraq as energy takes centre stage.

IBBC is celebrating 15 years in Iraq at a time when Iraq is moving into a new prosperous and stable era. IBBC Spring conference at the Mansion House on 2nd July will reflect our members diversity and the modernisation that Iraq is currently experiencing.

With an expanding stable Economy and a service sector growing at 6% pa, Iraq is diversifying beyond its core energy sector and opportunities to invest have rarely been so healthy.

Of note is the presence of key delegates: H.E. Hayan Abdul Ghani Al-Sawad, Deputy Prime Minister & Minister of Oil, Ministry of Oil, H.E. Mr. Ali Mohsin Ismail Al Alaq, Governor of the Central Bank of Iraq, H.E. Mr Asaad Al Eidani, Governor of Basrah, Dr Fareed Yasseen, Iraqi Climate Envoy, Eng Adil Karim , Deputy Minister of Electricity, KRG ministers and keynote address from The Rt Hon Lord Howell of Guildford.

The Iraqi economy is quietly diversifying, with the evolution of services, travel, tech, and retail sectors, but the dominant energy sector is also evolving, with new players technologies and climate reduction activities. Oil and Gas are still at the centre of this conference and Iraq's economy, with the IBBC Energy Panel, which see the big players in energy policy and practice including Dr Luay Al Khateeb , Centre on Global Energy Policy - Columbia University , Ms Dunia Chalabi, TotalEnergies, Mr Zaid Elyaseri from BP, Mr Andrew Wiper from Basra Gas Company, Mr Hasan Hashmat from Hydro-C and Mr Ellis Renforth from Wood Plc

IBBC as champions of best practice and the private sector publish special reports and white papers for reform, and this conference ' Insights and Opportunities' will launch our latest reports from Professor Frank Gunter, IBBC Advisory Council, on Foreign exchange, banking reforms and de-dollarisation: 'Two Cheers for Iraq: The Dinar - Dollar Exchange Rate Challenges' and a new report on emergent agricultural initiatives through IBBC's Agritech committee with the Agriculture Minister.

Ministers will also address the procurement opportunities across $400bn Government investment in key sectors, agriculture, transport, infrastructure, and you will hear about regional development at special roundtables with KRG Ministers and the Governor of Basra.

Special education and skills sessions will follow two GOI MOU's with IBBC and last year's focus on integrating and adapting education skills and curriculum to the business requirements of a modern economy.

Transport too is booming, through the ports, where electronic trade has seen a 128% increase, and the dry canal project linking Basra to Turkey and the Mediterranean, silk road and European markets. The project will have profound impact on cities along the route and for both import and export trade. IBBC members CJ-ICM and Sardar Group will inform us of activities and the evolution of electronic and port management systems already in place (see our '23 report on ports ).

Opening the conference the President of the Confederation of British Industry (CBI) Rupert Soames OBE gives a keynote speech from the British industrial perspective, and as a previous member of IBBC is well placed to comment of UK's business relationship and opportunities with Iraq.

Delegates will always find significant networking opportunities and the reception on 1st at the Mansion House celebrates IBBC's 15 years with a special exhibition on Gertrude Bell and our members activities, it's also the best informal networking opportunity among delegates, speakers and founder members and the chance to forge new friendships.

Iraq now enjoys a stable and focused government intent of reconnecting with the region, fiscal surpluses that are converting into new infrastructure projects, and a growing more prosperous population, keen for modernisation and the benefits of a consumer economy.

IBBCs membership matches this diversity, and the lineup of speakers and topics reflects today's Iraq. View the agenda here , and to register to attend the conference. We are certain there will be big demand for tickets register now to avoid missing out.

Join with us and share the insights and opportunities that a modern and stable Iraq now offers. link

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Mot: Siiiiiiiiiiiggggggggghhhhhhhhhhhhhhh!!!!!

Mot:  . And -- Just Like That!!!! Pooooooooooooooooof!!! 

Iraq News Highlights and Points To Ponder Thursday AM 6-20-24

Iraq News Highlights and Points To Ponder Thursday AM 6-20-24

Kurdistan Federation: Legislating The Oil And Gas Law Will Resolve The Disputes Between Baghdad And Erbil

June 19 16:58  Information / private..  The spokesperson for the Patriotic Union of Kurdistan parliamentary bloc, Suzanne Mansour, said on Wednesday that legislating the oil and gas law would be sufficient to resolve the disputes and outstanding issues between Baghdad and Erbil. 

 Mansour said in an interview with the Maalouma Agency that the oil and gas issue has been stuck between Baghdad and Erbil for many years, noting that “recourse to the constitution lies in legislating the oil and gas law.”

She added, "The draft oil and gas law is still with the government and we are waiting for the law to be enacted in the House of Representatives," noting that "approving the law would regulate the relationship between Baghdad, Erbil, and the oil-producing provinces."

She continued, "There is a committee formed by both sides in Baghdad and Erbil to solve all problems, including the oil and gas law." LINK

An Employee At The Agricultural Bank In Maysan Was Arrested And Seized 131 Million Dinars

Posted On 06-20-2024 By Sotaliraq   The Federal Integrity Commission announced the implementation of an operation during which an employee at a government bank in Maysan Governorate was arrested for seizing an amount of 131 million dinars from one of the bank’s customers.

The Authority said in a statement that “the Authority’s Maysan Investigation Office formed a working team from its staff,” explaining that “the team that moved to the Agricultural Cooperative Bank / Maysan Branch was able to execute an arrest warrant for one of the employees because he, in collaboration with other employees of the bank, seized more than From (131) million dinars from a customer’s account in the bank.”

The authority added in its statement that “the process of withdrawing the amount from the customer’s current account at the bank took place without his knowledge, after forging his signatures and seizing his funds deposited for the accused’s account, in conjunction with other employees,” noting that “the process was carried out in accordance with the provisions of Article (316).” of the Penal Code.”

She confirmed that “a formal arrest report was prepared for the operation, and it was presented with the accused to the judge of the investigative court competent to look into integrity issues in Maysan to issue the appropriate decision.”  LINK

A Reality That Cannot Be Hidden Behind... Everything About The Secrets Of Electricity And Its “Chronic Disease” In Iraq

Baghdad today - Baghdad   Every summer season, Iraqis get used to facing the deterioration and failure of the electrical sector in Iraq, and while the matter was often justified by the lack of fuel and the interruption of Iranian gas, the deterioration of supply this season compared to the previous season increased the “puzzle” about the secret behind the deterioration of electricity, especially since gas Iranian production continues and current production is greater than last year's production, but the level of processing has declined.

"Baghdad Today" interviewed the current Undersecretary of the Ministry of Electricity and the former Acting Minister of Electricity, Adel Karim, about the secrets behind the deterioration of electrical equipment, and his speech was not devoid of "pessimism", and the reality imposed by the language of numbers that cannot be escaped or hidden behind.

Karim said in an interview with "Baghdad Today", "There are many reasons behind the poor quality of electricity supply, the most prominent of which is our inability to keep up with the increasing demand," noting that "the improvement in the living conditions in Iraq has caused the demand to increase annually by two thousand megawatts."

He explains, "In the past, the Iraqis relied on refrigerants, which at best did not draw more than 3 to 4 amps, while currently, due to the improvement in the living condition, they rely on splitters and refrigeration devices that consume about 12 amps."

Karim adds, “Iraq’s current production amounts to more than 25,000 megawatts, while the demand this year amounts to 50,000 megawatts to provide Iraqis with electricity for 24 hours,” noting that “the shortage amounts to 25,000 megawatts, meaning that the demand is twice the production.” currently".

He talks about starting a very ambitious program represented by building thermal, combined and gas stations and repairing the stations that were damaged in the battles of the terrorist ISIS.

While all of these problems are not new, but rather old, Karim adds, regarding the direct cause behind the latest crisis during this summer, by saying: “It came because of the distribution networks, as the feeders began to operate beyond their capacity, as the feeder previously had a load of 5 megawatts. But due to urban development, expansion, and building construction, nutrients began to be unable to keep up with this expansion, and we now have major problems with these nutrients.”

In addition, he points out that “at the beginning of summer, many units and lines were disconnected due to high temperatures, and we had many of these problems.”

Regarding the impact of summer, Karim explains, “In the times of the spring and autumn equinox, our need ranges between 11 and 14 thousand megawatts only, but in the summer it jumps to 50 thousand megawatts.”

Karim does not blame the citizen alone for using “splits,” noting that “climate change plays a major role in the expansion of the use of air conditioning devices, as Iraq is the fifth country most affected by climate change around the world.”

The Undersecretary of the Ministry points out that the delay and non-approval of budgets in 2020 and 2022, and the absence of investment budgets, led to a delay in the Ministry’s plans to keep pace with demand and stopped many projects to increase production, in addition to the ISIS war, as the terrorist organization caused Iraq to lose approximately 6 thousand megabytes. Watts of production, but now work is underway in Baiji, Anbar, and the thermal stations in Mosul, Akkaz, and Kirkuk.”

Regarding the crisis of the fuel needed to operate the stations, which is gas, Karim explains that Iraq is a country rich in liquid fuel, so the trend is now towards building thermal stations, not gas, and in the coming years they will enter service, which contributes to production not being affected if the imported gas stops.  LINK

Jacobson, “Professor” Romanowski... A Clear Expression Of A “New American Strategy” In Iraq - Urgent

Baghdad today – Baghdad  Today, Wednesday (June 19, 2024), political affairs researcher Muhammad Ali Al-Hakim revealed the most prominent tasks of the new American ambassador to Iraq, Tracy Jacobson, during the next phase, confirming the existence of a new strategy for the American administration in the country .

Al-Hakim said in an interview with “Baghdad Today” that “the tension and attraction between the new American Ambassador Extraordinary in Iraq, Tracy Jacobson, on the one hand, and the factions, on the other hand, confirms the existence of a new strategy for the American administration in Iraq, and Jacobson is of higher rank and experience than Romanowski (the current ambassador) and will be.”

Ambassador extraordinaire, meaning she has the freedom to make decisions without referring to Washington, and she also has the right to conclude agreements in the name of the state.

Specifically, Jacobson served in the White House and also contributed to drawing important strategies related to American national security and the president’s decisions. She is considered a mentor to former American Ambassador Romanski in terms of Work, experience and powers assigned to it.”

He explained that "Washington's goal to appoint such an ambassador, in this sensitive circumstance, carries with it many hidden and encrypted messages and connotations that will become clear little by little in the Independent, the most prominent of which is targeting armed factions and curbing the parties that stood in opposition to the Iraqi governments and that targeted American interests and to limit their activities in the region." Specifically in Iraq."

He added, "Washington also wants to limit the activity of armed factions externally, which have become a source of nuisance to the Israeli entity, as well as target Iranian interests in Iraq, the real supporter of the factions, and completely stop Iranian activity and target Iran's allies in order to be a card for US President Biden to maneuver with during the US elections."

 After the normalization card between Saudi Arabia and Israel, as well as the peace process and the two-state solution (Israel and Palestine) in the near future, have disappeared.”

The speech of US Ambassador Tracy Jacobson, who will soon be appointed to Iraq, sparked a governmental and political reaction because of its “determination” to overthrow Iranian interests in the country, starting with energy and ending with support for armed factions.  LINK

Provoking Thoughts and Points To Ponder On Adversity:

I think my biggest achievement is that after going through a rather difficult time, I consider myself comparatively sane. I'm proud of that.  - Jacqueline Kennedy Onassis

To be tested is good. The challenged life may be the best therapist.  - Gail Sheehy

I think hearts are very much like glasses - if they do not break with the first ring, they usually last a considerable time.  - L. E. Landon

Your first big trouble can be a bonanza if you live through it. Get through the first trouble, and you'll probably make it through the next one.  - Ruth Gordon

Calamity is the test of integrity.  - Richardson

The secret of a leader lies in the tests he has faced over the whole course of his life and the habit of action he develops in meeting those tests.  - Gail Sheehy

http://famousquotesandauthors.com/topics/adversity_quotes.html

http://famousquotesandauthors.com/quotes_by_topic.htm

Iraq Economic News and Points To Ponder Wednesday Evening 6-19-24

Iraq Economic News and Points To Ponder Wednesday Evening 6-19-24

Parliamentary Finance: Iraq Needs To Be Liberated From Oil Power In The Field Of Revenues

 June 12, 2024  Baghdad/Iraq Observer   Member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, confirmed that although Iraq possesses all the elements that enable it to  advance its economy and   liberate itself from oil power in the field of revenues,  it lacks unity of decision and vision in the field of directing the economy to its correct destination.

Al-Kadhimi told Iraq Observer,  “There is a major imbalance in the Iraqi economy.

If we continue to rely on oil as the country’s sole resource, as approximately 90% of the country’s revenues are derived from it, then this dependence is not guaranteed, given that the oil wealth is not stable in price in global markets, in addition to “The wise countries are moving towards non-oil revenues.” He added,   “There are already steps taken by the government,  but they are not at the level of ambition to increase revenues, including encouraging internal industry and agriculture.

 Also, the fact that the border crossings remain without control, especially those in the Kurdistan region, is one of the most prominent reasons behind the faltering of the internal industry, as the national product remains without protection from the government.”. He continued,

"The increase in non-oil revenues, customs, border crossings, taxes, and all services provided by the Ministry of Electricity and other service ministries must be offset by these huge amounts spent on the ministries, revenues that strengthen the state's balance and treasury in light of the annual budget, in addition to initiatives to support the private sector and investment that... “It would attract and absorb large numbers of labor.” He pointed out that

  “Iraq has the qualifications to start with non-oil revenues,

 but the system that the economy has followed since 2003 and

     what was imposed by the occupation and the

     destruction of the infrastructure of most factories and the

     failure to solve the problem of electrical energy until now

is considered the main obstacle to the launch of the private sector in the various fields that support The Iraqi economy is important and essential revenues.” He concluded by saying,

 “An example of this is what happened currently in self-sufficiency in wheat, and

the wheat crop has now reached 6 million tons of production for this year, but

in return it cost the government approximately more than a trillion dinars, considering that the government took the initiative to buy a ton at a rate of 150 thousand dinars in support of farmers, while in   If it is imported, it reaches the governorates at a price of 400 thousand dinars.

 Therefore, the issue of reforming the Iraqi economy requires a

      government decision,

     parliamentary support, and

     support from the political blocs, in addition to

     understanding from the popular bases.  

https://observeriraq.net/المالية-النيابية-العراق-بحاجة-الى-الت/    

International Finance: Economic Reform In Iraq Is Witnessing An Increasing Pace, And We Have Invested About Two Billion Dollars

Money  and business  Economy News _ Baghdad   The representative of the International Finance Corporation in Iraq, Bilal Zaghir, confirmed today, Tuesday, that the institution’s investment in Iraq has reached nearly two billion dollars since 2005, while indicating that economic reform is witnessing an increasing pace.

Zaghir said in an interview with the Iraqi News Agency, followed by “Al-Iqtisad News,” that “the work of the International Finance Corporation dates back to the year 2005, and over the years we have been able to invest nearly two billion dollars in a wide range of sectors,” indicating that “our work in Iraq will extend out of our belief in future prospects.”

"For Iraq, the pace of economic reform will accelerate, and this will reflect positively in creating other investment opportunities in all sectors, whether industrial, infrastructure, or in the financial and banking sector."

He added, “The International Finance Corporation is the arm of the World Bank that is concerned with developing the private sector by providing the necessary financing for private sector projects in addition to providing advisory services. Therefore, the framework of the institution’s work expands to include a wide range of financial services to all companies operating in Iraq in addition to providing consulting services".

Zaghir continued, “The IFC’s thinking relates to a group of sectors whose importance we believe and whose importance we share with the Iraqi government, whether investing in the Iraqi industrial sectors, where they are productive and an alternative to imports, and the second part relates to the financial sector, both its banking and non-banking parts, in addition to the importance of investing in infrastructure and improving the services provided.”

For Iraqis throughout the country,” pointing out that “the main point is our work and encouraging the private sector and working with it.” 240 views  Added 06/18/2024 - https://economy-news.net/content.php?id=44398

Iraq Is Second In The Arab World To Produce Hydroelectric Power

Hydropower   Energy Economy News – Baghdad  Iraq ranked second among the largest Arab countries with the largest hydropower capacity in operation, according to recent data issued by the Global Energy Monitor platform.

The total hydropower capacity in operation in 7 Arab countries (Egypt, Iraq, Sudan, Syria, Morocco, Lebanon, and Algeria) is more than 10.2 gigawatts.

Egypt topped the list of Arab countries with the most operational hydroelectric capacity, reaching 2,778 gigawatts, and in second place on the list was Iraq, with a capacity that stabilized at 2,436 gigawatts, followed in third place by Sudan, with a hydroelectric capacity of 1.85 gigawatts.

Fourth, Syria ranked on the list of Arab countries with the most hydroelectric power capacity, with an operating capacity of 1,585 gigawatts, and Morocco came in fifth place, with a capacity of 1,395 gigawatts.

Lebanon also came on the list with an operational hydroelectric capacity of 0.108 gigawatts, and finally Algeria ranked on the list of Arab countries with the most hydroelectric capacity, with a capacity of 0.100 gigawatts.   Views 95  06/19/2024 - https://economy-news.net/content.php?id=44424

Stability In Dollar Exchange Rates In Baghdad, Basra And Erbil

Wednesday 19, June 2024 12:24 | Economical Number of readings: 327   Baghdad / NINA / The exchange rates of the dollar against the Iraqi dinar witnessed stability today, Wednesday, in Baghdad, Basra, and Erbil.   Below is a list of dollar selling prices:

$100 = 147,000 dinars in Baghdad

$100 = 146,800 dinars in Basra

$100 = 147,000 dinars in Erbil./End 9

https://ninanews.com/Website/News/Details?key=1133156

To read more current and reliable Iraqi news please visit :  https://www.bondladyscorner.com/

Provoking Thoughts and Points To Ponder On Adversity:

As there is no worldly gain without some loss, so there is no worldly loss without some gain.... Set the allowance against the loss, and thou shalt find no loss great.  - Francis Quarles

Never complain about your troubles; they are responsible for more than half of your income. - Robert R. Updegraff

A problem is a chance for you to do your best.  - Duke Ellington

Emergencies have always been necessary to progress. It was darkness which produced the lamp. It was fog that produced the compass. It was hunger that drove us to exploration. And it took a depression to teach us the real value of a job.  - Victor Hugo

Many men owe the grandeur of their lives to their tremendous difficulties.  - Charles Haddon Spurgeon

It is often hard to distinguish between the hard knocks in life and those of opportunity. - Frederick Phillips

Fire is the test of gold, adversity of strong men.  - Marcus Annaeus Seneca

http://famousquotesandauthors.com/topics/adversity_quotes.html

http://famousquotesandauthors.com/quotes_by_topic.htm

Danielle DiMartino Booth: Fed Doesn't Have a Snowball's Chance in Hell of Achieving a Soft Landing

Danielle DiMartino Booth: Fed Doesn't Have a Snowball's Chance in Hell of Achieving a Soft Landing

Palisades Gold Radio:  6-19-2024

Tom welcomes back Danielle DiMartino Booth to the show to discuss de-dollarization and its implications for the US economy.

Danielle argues that while concerns over countries moving away from the US dollar system have been ongoing for a long time, the US dollar remains dominant in global transactions due to its vast liquidity pool and lack of competition.

She advises investors to diversify during financial crises instead of doubling down on dollars. The conversation touches upon the Federal Reserve's actions, with Danielle expressing concerns about potential policy errors regarding inflation and outdated data usage.

Danielle discusses employment statistics, mentioning that hard data from the Quarterly Census of Employment and Wages (QCEW) plays a significant role in revisions to non-farm payrolls and Gross Domestic Product (GDP).

 She expresses concern over the Fed's reliance on outdated data and potential late action.

The conversation also covers concerns about risks for regional banks, rising bankruptcy rates, and imminent student loan delinquencies. She also discusses signs of a potential recession, including slowdown in credit card spending, increasing charge offs, and decreasing employment levels.

 Despite some optimistic predictions, she express skepticism due to the weak economic foundation and the Fed's role in combatting inflation with varying opinions on its likelihood.

Time Stamp References:

 0:00 - Introduction

0:45 - Dedollarization Trends

2:47 - Global Dollar Trade

5:49 - Reserves and Data

 8:57 - Fed & Global C.B. Cuts

10:49 - Fed & 2024 Elections

12:55 - Consumer 'Health'

 13:58 - Fed Revisions & Data Lag

 19:44 - Bankruptcies & Inflation

23:44 - Problems Not Priced-In

25:27 - Regional Banking Risk

28:47 - Bigger Banks & Losses

 32:52 - Credit Card Spending

 34:52 - Deep Long Recession

 37:40 - Fed - Hard Landing

38:55 - Inflation Targeting

41:09 - Wrap Up

Talking Points From This Episode

- The US dollar's dominance in global transactions is due to its vast liquidity pool and lack of competition.

- Investors are advised to diversify during financial crises instead of relying on dollars. - Concerns over the Fed's policy errors, outdated data usage, and potential late action in addressing economic issues.

https://www.youtube.com/watch?v=RyDMGo3eUT8

Goldilocks' Comments and Global Economic News Wednesday Afternoon 6-19-24

Goldilocks' Comments and Global Economic News Wednesday Afternoon 6-19-24

Good Afternoon Dinar Recaps,

Vietnam transitions to a cashless society

Visa’s Consumer Payment Attitudes Study 2023 indicates a significant rise in cashless payments, especially mobile wallet transactions, among Vietnam’s merchants.

A remarkable 79% of food and dining establishments and 74% of retailers and convenience stores now accept cashless payments.

Meanwhile, Visa’s Asia Pacific Small and Medium-sized Business (SMB) Research 2023 further indicates that over 40% of SMBs in Vietnam now accept card payments, acknowledging their critical role in business operations.   VOV World    Twitter

~~~~~~~~~

mBridge EVM compatible…

(Ethereum Virtual Machine)

Presentation from BIS

Innovation Hub showcase….

(Circa May 2024)

#XRP #XRPCommunity

~~~~~~~~~

Issue Date: June 14, 2024     File Number: S7-13-22 

Rulemaking: Special Purpose Acquisition Companies, Shell Companies, and Projections Corporation Finance
 
Status: Final Rule: Special Purpose Acquisition Companies, Shell Companies, and Projections; Correction

Today, the SEC registers the Final SPAC Rules. SPAC stands for Special Purpose Acquisition Company. SPAC is a company that raises money in an Initial Public Offering (IPO) to acquire a private company and take it public.

SPACs are also known as blank-check companies that provide money for startup companies preparing to offer new technologies (digital assets) on the QFS.   The registering of this final rule will enable many technological advances to begin and be placed on the QFS.

Here comes liquidity for our new tokenized assets.  SEC    KPMG

© Goldilocks

~~~~~~~~~

What is a SPAC? | Barrons

~~~~~~~~~

Today the Independent Evaluation Office (IEO) of the International Monetary Fund (IMF) concluded that newer IMF policy areas such as governance, social spending, digital money, climate change, and gender are leading to “serious” challenges, including overburdening staff. That’s because the expansion of activities beyond its traditional areas has happened with “limited resources and expertise”, including a more or less flat budget in real terms. However, the Board approved each of the expansion areas.   Ledger Insights   IEO   IMF

👆 Do you see an urgency here?

~~~~~~~~~

Putin arrives in North Korea, vows to boost cooperation and fight sanctions — Radio Free Asia

~~~~~~~~~

This direct trade in local currencies was not only aimed at expanding bilateral trade to $100 billion under their free trade pact but also meant to develop a mechanism and ecosystem of directly dealing in two currencies. It was presumed to cover around 20-25 per cent of trade in local currency initially. However, the first deal that happened in Indian rupee-UAE dirham was an oil deal. | RFA

~~~~~~~~~

Indonesia Stock Exchange Partners with Nasdaq to Upgrade Market Infrastructure

Sunandar, Director of Information Technology and Risk Management at IDX said: “With this trading system and technology infrastructure upgrade, we envisage becoming more competitive and staying attractive for both domestic and international investors. We believe this partnership will speed up the modernization advancement of the Indonesia capital market while supporting sustainable economic growth.” | Financial Post

~~~~~~~~~

As we approach the elections, the markets are going to start showing their true colors. Bank mergers will increase as we leave behind the old Financial System and move into a new Digital Economy.

China and Russia have sold most of their US bonds. Now, we are witnessing the beginning stages of Japan doing the same. China and Japan have been huge Bond holders of the US debt instrument. And now, Japan wants to begin selling their bonds for Bitcoin. I bet you didn't see that coming. 😂


Many of the US Banks are holding a significant amount of unrealized debts that will go against their banking net worth. Our Government has been attempting to swap out many of these maturing bonds with new bonds holding a higher rate of return.

This still doesn't look like it is enough so far to balance the unrealized debt holdings our banking system currently has on their books.

This will create a downward pressure on the US dollar going forward. It will begin the process of leveling the playing field with other currencies around the world.

The banks that survive into the next economy will be those who are Basel 3 compliant. The road ahead will be bumpy as we activate new digital mechanisms through tokenized assets that will form a bridge to the new economy.

Europe is further along than the rest of the countries in the completion of their MICA regulations. Look for them to transition through the sale of their own bonds into digital assets and gold.

The US may not be far behind. And the BRICS system, let's just say the Global South is about to rise. Bitcoin Magazine

© Goldilocks

"Japan's Norinchukin Bank to sell US$63b of US, European govt bonds to stem losses" | The Edge Malaysia

~~~~~~~~~

U.S. SEC HAS PERMANENTLY
SUSPENDED ITS INVESTIGATION
INTO ETHEREUM.

ETH ETF trading will start within next
3 weeks.
 
This will be the beginning of the biggest crypto Altseason. 
 
Here's how you could make millions from it:
 
(Bookmark it)
Twitter

👆  Goldilocks pointed to this article

~~~~~~~~~

BREAKING NEWS - OPEC Power Alliance in Trouble? | Youtube

~~~~~~~~~

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Petrodollar Deal Expires; Why this Could Trigger ‘Collapse of Everything’ – Andy Schectman

Petrodollar Deal Expires; Why this Could Trigger ‘Collapse of Everything’ – Andy Schectman

Kitco News:  6-19-2024

Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, interviews Andy Schectman, President and Owner of Miles Franklin Precious Metals, who breaks down reports of Saudi Arabia letting the 50-year long Petrodollar agreement with the U.S. expire and what this means for the future of the U.S. dollar as the global reserve currency.

Schectman believes that this marks the end of the era of fiat currency, as commodity backed money will return.

He also weighs in on the latest geopolitical developments, including the latest sanctions against China and Russia, continued weaponization of the U.S. dollar, the accelerating de-dollarization trend, BRICS Plus Foreign Ministers meeting, G7 meeting, BRICS new currency, and more.

Schectman points out how gold fits into the picture, laying out what a new world monetary order – or the Bretton Woods 3 – could look like.

https://www.youtube.com/watch?v=pjtKeewv7pY

Some “BRICS and De-Dollarization” News Wednesday 6-19-2024

BRICS Financial System Accelerates As Malaysia Plans To Join BRICS & De-Dollarize Asia

Sean Foo:  6-19-2024

In another shocking update, another Asian country wants to join BRICS. Malaysia, an ASEAN nation, wants to join the bloc.

The agenda is all about de-dollarizing their economy to make it more resilient against big moves in the reserve currency.

Here's why Malaysia's making this big leap and why the West must pay attention.

Timestamps & Chapters:

0:00 Malaysia's Sudden Membership Bid

2:33 Breaking Away From The US Dollar

5:46 China Brings Economic Windfall

9:00 BRICS Financial System Accelerates

12:19 BRICS Is Winning Big

https://www.youtube.com/watch?v=QPnum1Qk-DI

China Ditch US Bonds: How it impact the Global Economy?

Fastepo:  6-19-2024

China has recently sold approximately $50 billion in US Treasury bonds, reducing its holdings to the lowest level in 14 years.

This move is part of China's strategy to decrease its dependence on US financial instruments amidst ongoing geopolitical tensions with the United States.

As of March 2024, China's holdings have dropped to $767 billion, down from $816 billion in December 2023.

China's actions reflect a broader trend of "dedollarization," where the country aims to reduce the dominance of the US dollar in international trade and finance.

This strategic shift has significant implications for global financial markets, particularly in the context of rising US interest rates and the increasing yield spreads between different types of US debt instruments.

https://www.youtube.com/watch?v=nk-RR-w5G8E

BRICS Makes Major De-Dollarization Announcement

Geopolitical Analyst:  6-19-2024

At a meeting Tuesday in Russia, BRICS announced that it is in the final stages of its de-dollarization mission.

According to BRICS representatives at the meeting, their new payment system was confirmed, and it will become a competitor for the current global reserve US dollar.

 Economic ministers of leading BRICS member countries have announced that they are in the final stages of completing complete de-dollarization.

The bloc’s goal is for its multipolar international monetary system to mark the end of the US dollar as the sole global reserve currency.

A new payment system has been rumored and discussed for a significant time, but now the BRICS alliance has officially confirmed its development and first target: the US Dollar.

The BRICS economic alliance has sought to challenge the global economic status quo for the last two years. The bloc has sought increased resistance from the Western-dominated financial order. Those efforts have come in the form of increased de-dollarization practices and the promotion of the bloc’s own local currencies.

 Furthermore, the BRICS alliance initiated this two-day meeting with 20 countries in attendance to discuss expansion and economic cooperation.

Foreign Ministers of countries belonging to the bloc are currently in the Russian city of Nizhny Novgorod.

Topics at hand included the upcoming expansion of the BRICS+, de-dollarization efforts, and building further economic and trade relations with one another.

Now, its work in developing its BRICS currency has also been discussed. BRICS aims to cut ties with the US dollar and use local currencies for all cross-border transactions among member nations.

The move is attracting other developing countries to join BRICS in 2024.

 The idea of ditching the US Dollar for local currencies and a new global reserve has become more popular.

The alliance’s gold-backed currency concept and CBDCs are considered worthy alternatives.

https://www.youtube.com/watch?v=4IBJr5Liunw

Goldilocks' Comments and Global Economic News Wednesday AM 6-19-24

Goldilocks' Comments and Global Economic News Wednesday AM 6-19-24

Good Morning Dinar Recaps,

Putin visits Vietnam. Why? “The main issues relate to shoring up economic and commercial ties, including arms sales.”

Putin and Vietnam's leaders were said to have been working on an agreement regarding ruble-dong currency transactions through the banking system. This meeting is expected to enable payment for goods and services.

Currently, Vietnam is expanding the value of its currency through the expansion of its elderly population through healthcare, commercial trade, and military arms expansion.

Proper military spending over GDP stabilizes and promotes currency values of a country. Why? Money spent on the military ends up in the private sector as payment for goods and services the military requires.

Each of these are indicators of a growing economy that justifies a higher value through demand on their currency inside a Market Economy.    Vision Times   Education CFR   Nature

© Goldilocks
~~~~~~~~~

Nervous about the market? Here’s one thing you could do if shares start sinking fast

Jack Janasiewicz: The bottom line … is that there’s a disinflationary impulse coming. I think [Fed Chair Jerome] Powell was right to sort of look at [hotter-than-expected] January, February, March inflation data as maybe a little bit of an anomaly or a pause but not a reversal of that trend that’s going to continue to head to that 2% target.

So, again, heading in the right direction, it may be slower than people would like. But we’re going to 2%.

And then the other thing I would point to as well — the labor side of their mandate is becoming a little more focused. [The Fed] is one of the only central banks that has the dual mandate with price stability and full employment. It feels like the price stability side is coming into better focus.

As the economy slows a little bit here, and you start to see the unemployment rate tick a little bit higher … the Fed [could start] to focus on making sure that the unemployment rate doesn’t start to rise.

That could be the trigger for rate cuts. So we’re not ruling out rate cuts by September. We could easily have a cut. The data will tell us that, but I think the big takeaway for us is [inflation] going in the right direction.   CNN  

~~~~~~~~~

Liquidity risk surged 41.4% at LCH’s Paris-based clearing house in the first quarter, reaching a level not seen in almost five years. | Risk Net

~~~~~~~~~

OPEC sees no peak oil demand long term, secretary general says | Gulf Business

~~~~~~~~~

The 2024 U.S. Presidential race sees cryptocurrency policy as a key issue, with both parties engaging in debates.

Paul Ryan urges lawmakers to create a regulatory framework for stablecoins to boost U.S. debt attractiveness.

Ryan highlights China's digital currency advances, stressing the need for U.S. adoption of dollar-backed stablecoins.    Read Write

~~~~~~~~~

Guaranteed basic income programs spread across the country: Is it coming to your city? | Fox News

~~~~~~~~~

Bank-to-bank payment messaging network Swift is working to facilitate interoperability of Verifcation of Payee schemes across Europe as new research shows that 83% of SMEs across France, Germany, Italy and Spain rank upfront beneficiary checks as important to them in trading across borders.

Swift bids to connect VoP schemes across Europe   FinExtra

~~~~~~~~~

 Polls will be posted in the Goldilocks' Q & A Classroom Link  

~~~~~~~~~

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Iraq News Highlights and Points To Ponder Wednesday AM 6-19-24

Iraq News Highlights and Points To Ponder Wednesday AM 6-19-24

International Finance: Economic Reform In Iraq Is Witnessing An Increasing Pace And We Have Invested About Two Billion Dollars

Money  and business  Economy News _ Baghdad  The representative of the International Finance Corporation in Iraq, Bilal Zaghir, confirmed today, Tuesday, that the institution’s investment in Iraq has reached nearly two billion dollars since 2005, while indicating that economic reform is witnessing an increasing pace.

Zaghir said in an interview with the Iraqi News Agency, followed by “Al-Iqtisad News,” that “the work of the International Finance Corporation dates back to the year 2005, and over the years we have been able to invest nearly two billion dollars in a wide range of sectors,” indicating that “our work in Iraq will extend out of our belief in future prospects.”  

"For Iraq, the pace of economic reform will accelerate, and this will reflect positively in creating other investment opportunities in all sectors, whether industrial, infrastructure, or in the financial and banking sector."

He added, “The International Finance Corporation is the arm of the World Bank that is concerned with developing the private sector by providing the necessary financing for private sector projects in addition to providing advisory services.

Therefore, the framework of the institution’s work expands to include a wide range of financial services to all companies operating in Iraq in addition to providing consulting services".

Zaghir continued, “The IFC’s thinking relates to a group of sectors whose importance we believe and whose importance we share with the Iraqi government, whether investing in the Iraqi industrial sectors, where they are productive and an alternative to imports, and the second part relates to the financial sector, both its banking and non-banking parts, in addition to the importance of investing in infrastructure and improving the services provided.

” For Iraqis throughout the country,” pointing out that “the main point is our work and encouraging the private sector and working with it.” Views 172  06/18/2024 - https://economy-news.net/content.php?id=44398

Al-Sudani: Iraq Is On The Right Path

Political | 07:21 - 06/18/2024   Al-Sudani: Iraq is on the right path 161862024_IMG_9871

Baghdad - Mawazine News   Today, Tuesday, Prime Minister Muhammad Shiaa Al-Sudani affirmed the government’s support for all arts, while indicating that Iraq is on the right path.

This came during Al-Sudani’s reception this afternoon with a group of Iraqi plastic artists and sculptors on the occasion of Eid Al-Adha, according to a statement received by Mawazine News Agency.

Al-Sudani offered congratulations to those present on the occasion of the blessed Eid, stressing that art has historically flourished in Iraq since ancient civilizations, and the cultural connection of plastic art has not been cut off in subsequent eras, which was embodied in the important drawings left by the Iraqi artist.

He explained that Iraqi plastic art is an Arab pioneer, and this size and artistic cultural weight makes the task of plastic artists and sculptors double. Because they are the heirs of all the creators of civilizations in this land, pointing to the necessity of establishing a museum for Iraqi plastic art in Baghdad.

He also stressed that Iraq went through stages in which the treasures of contemporary Iraqi art were looted, and we have worked to restore many of them.

He pointed to the government’s interest in culture and arts in general, and allocated for the first time more than 13 billion for various types of arts, stressing the importance of holding conferences and cultural activities, due to the cultural sector’s need for them and in order to introduce the reality of Iraq, and the government will take care of them, and His Excellency stated that, at the request of the university president Arabic: The Iraqi pavilion at the Arab League was awarded 15 paintings by Iraqi artists.

The Prime Minister explained, “Iraq is on the right path at all levels, and the national service government has a clear image based on a thoughtful government program that represents an essential step for building confidence between the political system and the people.”

Al-Sudani confirmed, during the meeting, his approval of a set of proposals presented by the delegation of plastic artists. And artists, concerned with the interest in fine art, and its support by ministries and government institutions, and promised to form a committee to follow up on the requirements of the proposals and work to implement them.    https://www.mawazin.net/Details.aspx?jimare=249907

The Sudanese Advisor Reassures: Iraq Is Safe From Any Financial Risks

Economy | 07:23 - 06/17/2024   Baghdad - Mawazine News  Advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Monday, that Iraq ranked distinguished among international groups that follow the best banking compliance systems, which makes it safe from any international financial risks, noting that the international community also praised the solidity of the financial and banking system.

Saleh said, “Cash issuance mechanisms are one of the exclusive powers of the Central Bank of Iraq as it is the issuing bank based on its Law No. 56 of 2004,” indicating that “what is published here and there about problems in cash liquidity is far from the solid institutional basis of the monetary authority in Iraq, which It is considered one of the most important authorities concerned with the issues of the availability of cash liquidity and the stability of the payments system, which contributes to the sustainability of the stability of transactions in the national economy.”

He added, "Managing cash liquidity, building the monetary foundation, and controlling liquidity levels in the country are subject to the principle of a long-term plan that is consistent with achieving the operational objectives of monetary policy in order to achieve the intermediate goals of stability and sustainable economic growth and determine the stability of long-term cash flows."

He stated that "Iraq occupies a distinguished rank among the international financial groups that follow the best international banking compliance systems, which makes our country safe from any international financial risks," pointing out that "Iraq is a cornerstone of regional and international financial cooperation institutions in the scope of combating money laundering and money laundering crimes." Crime and terrorism."

He stated that "Iraq recently received clear, positive praise for its strong anti-money laundering policies at the Financial Action Organization conference for the Middle East and North Africa region, which was held in the Kingdom of Bahrain, and it is a testimony from the international financial community that confirms the solidity of the financial and banking system in Iraq with the principles of compliance and the integrity of financial and banking operations."   https://www.mawazin.net/Details.aspx?jimare=249866

Accumulated Since 2011.. Basra Sends An Invitation To Baghdad Regarding 45 Trillion Dinars It Owes

Baghdad today – Basra  Today, Tuesday (June 18, 2024), the head of the Services Committee in the Basra Governorate Council, Imad Al-Mutawri, revealed that there are large sums of money owed by the federal government to Basra Governorate, indicating that for 13 years after 2011, the Ministry of Finance was late in disbursing the full allocations to the governorate.

Al-Mutawri told “Baghdad Today” that “Basra has ambitious service plans, and although the funds allocated to it in the 2024 budget do not match the size of the need to implement important and large projects, the governorate is asking Baghdad for an amount amounting to 45 trillion, which has been owed by the government since 2011.”

He added, "The Ministry of Finance must spend these amounts for the purpose of completing ongoing projects or implementing new projects for the current year."

It is noteworthy that the House of Representatives voted to allocate an amount exceeding 850 billion dinars to Basra Governorate in the 2024 budget, which led to a series of local and federal objections to these allocations.

It is worth noting that the Iraqi Parliament voted on Monday (June 3, 2024) on the schedules of the Federal General Budget Law No. 2024.

A statement by the Council's Media Department, received by "Baghdad Today", stated that "the House of Representatives voted on the schedules of the Federal General Budget Law No. 2024 amended 13 for the year and its annexes, Schedules (A/B/C/D/E and F)."  LINK

Provoking Thoughts and Points To Ponder On Adversity:

Woman's discontent increases in exact proportion to her development.  - Elizabeth Cady Stanton

Restlessness is discontent, and discontent is the first necessity of progress.  - Thomas A. Edison

Noble discontent is the path to heaven.  - Thomas W. Higginson

No pain, no palm; no thorns, no throne; no gall, no glory; no cross, no crown.  - William Penn

Times of stress and difficulty are seasons of opportunity when the seeds of progress are sown.  - Thomas F. Woodlock

The gem cannot be polished without friction, nor man perfected without trials.  - Confucius

http://famousquotesandauthors.com/topics/adversity_quotes.html

http://famousquotesandauthors.com/quotes_by_topic.html

“Tidbits From TNT” Wednesday Morning 6-19-2024

TNT:

CandyKisses:  Iraq talks again about electrical interconnection with Saudi Arabia

Baghdad - Iraq Today:

Prime Minister Mohammed Shia Al-Sudani discussed with the Minister of Trade in the Kingdom of Saudi Arabia Majid Al-Qasabi and his accompanying delegation several files, including the completion of the electrical interconnection between the two countries.

A government statement said that it "received Prime Minister Mohamed Shia Al-Sudani, Minister of Trade in Saudi Arabia Majid Al-Qasabi and his accompanying delegation."

During the meeting, according to the statement, they "discussed bilateral relations between the two countries, ways to enhance joint cooperation, and stressed the importance of concerted efforts to reduce tension and crises facing the region, and the need to continue joint efforts to stop the war on Gaza as soon as possible, and open humanitarian corridors for the delivery of humanitarian and relief aid."

He added, "The meeting witnessed a discussion of coordination procedures between Iraq and Saudi Arabia to hold the sixth session of the Iraqi-Saudi Coordination Council, and follow-up the implementation of the outputs of the previous session in accordance with the competence of each subcommittee, including the political, security and military committee during the coming period, and determine the date of its convening in coordination between the ministries of foreign affairs of the two countries, as well as discuss the completion of electrical interconnection according to the memorandum of understanding signed between the two countries, and follow up the executive minutes of the principles of electrical interconnection through the relevant technical committee. "

Al-Sudani praised "the efforts of the Kingdom of Saudi Arabia for the success of the Hajj ceremonies, and praised the level of services provided to Iraqi pilgrims," and stressed "the importance of reviewing Iraq's share next year, based on the population percentage approved in United Nations statistics."

For his part, Al-Qasabi conveyed "the greetings of Saudi King Salman bin Abdulaziz Al Saud and Saudi Crown Prince Mohammed bin Salman Al Saud to the Prime Minister," stressing "his government's aspiration to expand the horizons of constructive cooperation, in various fields, in a way that contributes to strengthening relations between Baghdad and Riyadh, and achieving the interests of the peoples of the two countries."

**************

CandyKisses:  The government announces monitoring. 13 billion dinars to support culture and arts

Baghdad - Iraq Today:

Prime Minister Mohamed Shia al-Sudani confirmed that his government has allocated more than 13 billion dinars to support culture and arts.

The Prime Minister's Media Office said in a statement that "Al-Sudani received a group of Iraqi plastic artists and sculptors on the occasion of Eid al-Adha."

Al-Sudani pointed out that "art has flourished historically in Iraq since ancient civilizations, and the cultural connection of plastic art has not been interrupted in subsequent eras, which is embodied in the important drawings left by the Iraqi artist," noting that "Iraqi plastic art is a pioneer in the Arab world, and this size and weight of artistic civilization makes the task of plastic artists and sculptors doubled, because they are the heirs of all civilizations makers in this land."

"The importance of establishing a museum of Iraqi plastic art in Baghdad," he said, noting that "Iraq has gone through stages in which the treasures of contemporary Iraqi art were looted, and we have worked to restore many of them."

He pointed out that "the government allocated 13 billion for various types of arts," stressing "the importance of holding conferences and cultural activities, because of the need of the cultural sector and in order to introduce the reality of Iraq, and the government will take care of them."

"At the request of the president of the Arab League, the Iraqi pavilion in the Arab League was awarded 15 paintings by Iraqi artists," he said

The Prime Minister explained that "Iraq is on the right track at all levels, and the national service government has a clear picture based on a well-thought-out government program that represents an essential step to build trust between the political system and the people," stressing his approval of "a set of proposals submitted by the delegation of plastic artists and artists, regarding interest in plastic art, and its support by ministries and government institutions, and promised to form a committee to follow up on the requirements of the proposals and work to implement them."

*************

Tishwash: Behind the scenes of an exciting session of merchants and restaurant owners who “invested” in the exchange rate difference in Iraq

A lengthy report by the American newspaper “The National” reviewed the scenes of investing in the exchange rate difference in Iraq, where businessmen, merchants, and restaurant owners benefited by operating their money in this trade, by withdrawing the dollar from the central bank and selling it on the black market, which achieved huge and rapid profits in this way, However, the recent actions of the Central Bank caused problems between these partners due to losses.

The report, translated by “Baghdad Today,” says, “Despite recent efforts for reforms, challenges remain, and well-connected businessmen are still exploiting loopholes in the foreign currency sales window managed by the Central Bank of Iraq to make obscene amounts of money.” From the margin between the official exchange rate and the black market rate.

The National spoke to dozens of businessmen who said the strict measures had helped simplify the import process and forced many to formalize their transactions, but they said there was still room for manipulation.

One of the businessmen said: “There are still ways to circumvent the procedures,” adding that  “falsifying invoices and arrangements at border crossings and manipulating the prices of goods by setting inflated prices by exporters are among the common methods.”

In a room decorated with intricate tapestries and ornate tapestries, The National attended a tense meeting of businessmen, their faces etched with a mixture of frustration and resignation.

They have banded together to resolve a months-long financial crisis that has escalated beyond the bounds of legality, plunging them into the murky waters of clan diplomacy.

By accessing a government-run platform offering US dollars at the official rate, a businessman lured other traders with a deal promising them huge profits from the spread between official and black market rates, sources involved told The National.

With hundreds of millions of Iraqi dinars in circulation, traders received unexpected cash gains. But as the days and months passed, the businessman found himself unable to pay his debts, leaving the merchants in a precarious situation.

No official complaint was filed against him, and the businessman did not face any trial.

“It is clear that we have reached an impasse,” a representative of the businessman who lives in a neighboring country told the audience, who exchanged wary glances. "We can't continue down this path. It's time to cut our losses."

His proposal hung in the air, and was met with hesitant votes of approval.

Giving up half of the two billion Iraqi dinars was a bitter pill to swallow, but it seemed the only viable option in the face of mounting losses and uncertainty.

The owner of a famous restaurant chain in Baghdad told The National newspaper after the meeting: “We say that whoever loses half his money is not a loser.”

“At least I have half my capital in my hands – better than nothing,” he said.

“There is no business that allows you to hit the jackpot like taking advantage of the exchange rate margin in a short period of time, which is why we invested heavily with him.

He added: "Over the past months, he has been paying us on time, but it seems that he has been having problems recently."  link

*************

Mot .... Finally  

Mot.... Dang ! -- Beeeeee Careful out dare!!! 

Iraq Economic News and Points To Ponder Tuesday Evening 6-18-24

Iraq Economic News and Points To Ponder Tuesday Evening 6-18-24

International Finance: Economic Reform In Iraq Is Witnessing An Increasing Pace And We Have Invested About Two Billion Dollars

 Economy    Today, 17:24  Baghdad - IA - Wissam Al-Mulla     The representative of the International Finance Corporation in Iraq, Bilal Zaghir, confirmed today, Tuesday, that   the institution’s investment in Iraq has reached nearly two billion dollars since 2005, while indicating that  economic reform is witnessing an increasing pace.

 Zaghir told the Iraqi News Agency (INA):  “The work of the International Finance Corporation dates back to the year 2005, and over the years we have been able to invest approximately two billion dollars in a wide range of sectors,” noting that “our work in Iraq will extend our belief in the future prospects of Iraq and the acceleration of the pace of reform.”

"This will be reflected positively in creating other investment opportunities in all sectors, whether industrial, infrastructure, or in the financial and banking sectors."

He added,   “The International Finance Corporation is the arm of the World Bank that is concerned with developing the private sector by

     providing the necessary financing for private sector projects in addition to

     providing advisory services.

 Therefore, the framework of the institution’s work expands to include a wide range of financial services to all companies operating in Iraq, in addition to providing consulting services".  Zaghir continued,

  “The IFC’s thinking relates to a group of sectors whose importance we believe and whose importance we share with the Iraqi government, whether

     investing in the Iraqi industrial sectors, where they are productive and an alternative to imports, and the second part relates to the

      financial sector, both its banking and non-banking parts, in addition to the importance of investing in infrastructure and improving the services provided.” For Iraqis throughout the country,” pointing out that   “the main point is our work and encouraging the private sector and working with it.”  

 https://www.ina.iq/211005--.html    

A list of dollar prices in 3 governorates, including Baghdad

Economy | 02:39 - 06/18/2024  Baghdad - Mawazine News  publishes a list of exchange rates for the dollar against the Iraqi dinar in 3 governorates, including the capital, Baghdad.

Baghdad:  Selling prices: 147,000   Purchasing prices: 145,500

Erbil:  Selling prices: 147,000   Purchasing prices: 146,000

Basra:  Selling prices: 146,500   Purchasing prices: 145,500

https://www.mawazin.net/Details.aspx?jimare=249889

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Provoking Thoughts and Points To Ponder On Adversity:

 I think these difficult times have helped me to understand better than before how infinitely rich and beautiful life is in every way that so many things that one goes around worrying about are of no importance whatsoever.  - Isak Dinesen

Problems are the price of progress. Don't bring me anything but trouble.  - Charles F. Kettering

Trouble is the thing that strong men grow by. Met in the right way, it is a sure-fire means of putting iron into the victim's will and making him a tougher man to down forever after.  - H. Bertram Lewis

Every time you meet a situation, though you think at the time it is an impossibility and you go through the torture of the damned, once you have met it and lived through it, you find that forever after you are freer than you were before.  - Eleanor Roosevelt

I have always fought for ideas - until I learned that it isn't ideas but grief, struggle, and flashes of vision which enlighten.  - Margaret Anderson

I have learned in the great University of Hard Knocks a philosophy that no woman who has had an easy life ever acquires. I have learned to live each day as it comes, and not to borrow trouble by dreading tomorrow. It is the dark menace of the future that makes cowards of us.  - Dorothy Dix

Discontent and disorder were signs of energy and hope, not of despair.  - C. V. Wedgwood

We say: mad with joy. We should say: wise with grief.  - Marguerite Yourcenar

There are some things you learn best in calm, and some in storm.  - Willa Cather

Discontent is the first step in the progress of a man or a nation.  - Oscar Wilde

Were there none who were discontented with what they have, the world would never reach anything better.  - Florence Nightingale

http://famousquotesandauthors.com/topics/adversity_quotes.html

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