Bits and Pieces in Dinarland Sunday Afternoon 4-25-2021
TNT:
Tishwash: this was in Iraq's news
4 habits of millionaires can keep
It doesn't take long for wealth management experts to notice some commonalities among their clients, which often boil down to how they strategize and prioritize, and what they avoid doing.
In a report published by the American Business Insider website, financial planner Anna Naji Conti highlights 4 common habits that she noticed among her millionaires clients, regardless of age or social background that helped them build and preserve their wealth in the long term. .
A future vision
It is very easy for novice investors to fall into the spiral of market fluctuations, especially as the media specialized in economic affairs are constantly pushing to focus on current data, whether quarterly profits or short-term market predictions.
This may have some benefits in the short term, but most millionaires know that they need to focus on long-term investment opportunities, and this will spare them emotional thinking and being drawn into rising waves and following the behavior of the herd, which may cost them thousands or millions of dollars in the long run. .
Saving and investing according to a previously defined plan
Building wealth in its early stages relies on saving, investing and paying off debt. These steps ensure that you live within your potential and progress steadily toward larger financial goals.
The owners of wealth define their goals from the beginning, and they know very well how much money they need to save and invest in order to achieve their goals within the required timetable, and then they work to organize their lives according to the drawn plans; This helps them reduce the burden after retirement as well, because spending rates are lower than income.
Automate investments
One of the most important secrets of wealthy owners lies in their ignorance of temporary market fluctuations and their commitment to investing in good and difficult times. automatic.
By automating these transactions, they ensure that their investment decisions are separated from their feelings, and that their investments are avoided based on market developments.
Ignore market fluctuations
It may be difficult for some people to avoid being influenced by daily market fluctuations, and to maintain a outlook. The stock market crash of February 2020 is a recent example that proves that it is very difficult to keep investing when you focus on immediate earnings.
The author stresses that most of her clients may feel some concern about fluctuations, but generally they do not feel panic and do not make any immediate changes that would hamper their profits in the long run.
In fact, the experience of wealthy holders proves that the financial portfolio should not be reviewed or corrected in a volatile market, as long as it was developed according to a well thought out plan that includes the ability to bear risks. link
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Courtesy of Dinar Guru
Frank26 IMO the budget that...is now going to receive an official exchange rate from a sovereign country that...will be shown to be under Article VIII...you can see very clearly that the action of many countries, many companies...they're casting a shadow of the monetary reform. They're not going to come out and tell you, 'Hey guess what? They told us they're going to raise the value of their currency.' Because they can't. It's illegal to do that...a good forensic detective can walk into a room and tell you basically what's happened in the last 24 hours in that room by interpreting the signs, the clues, the patterns...the monetary reform itself is naked. It's visible...
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KTFA:
Don961: Iraq and the internal and external debt crisis
Sunday 25 April 2021 06:44 Asaad Abdullah Abd Ali
The external debt of Iraq continues to rise annually and in a frightening manner, which is a very dangerous indicator for the future of Iraq. The collapse of oil prices, and the cost of the war that Iraq is waging against ISIS, in addition to its debts inherited from the era of the Saddam regime.
In this article, we will try to clarify what the sovereign debt is, what is happening in Iraq, and what is the future of our country if it continues with this approach?
•Question: What is sovereign debt or public debt?
It is the money that the government borrows from individuals and institutions in order to face emergency situations, and to achieve various goals, when public revenues are not sufficient to cover the public expenditures required by these emergency situations, such as war and hyperinflation, and to finance development projects, and to face normal current expenses, until taxes are collected , As the collection dates may not completely coincide with the dates of current expenditures.
Also, they are debts owed by sovereign governments, and most of these debts take the form of non-negotiable bonds, treasury bills for about three months, or negotiable bonds.
The size of the state's public debt is determined by calculating the ratio of public debt as a percentage of the country's GDP.
•Sovereign debt crisis
When we ask about the sovereign debt crisis, it can be said: It is the government's failure to service its debts denominated in foreign currencies, due to its inability to procure the necessary currencies to pay its obligations under the sovereign debt, and most of the world's governments are keen not to fail to pay their obligations towards their sovereign debts, and that Keen to preserve its credit rating in the borrowing market from deteriorating, because the government stops paying, investors in international markets lose confidence in the government of this country, and they avoid participating in any tenders to buy its bonds in the future, more than that, the reaction of investors Not limited to those who hold state bonds, but also financial panic extends to the rest of foreign investors in this country who do not hold these bonds.
A kind of economic blockade takes place by major international companies and major investors, with the withdrawal of those present inside the country, which means a large case of foreign currency leakage outside the country, which means the collapse of the local currency, as everyone refrains from working in such an unreliable country.
•Iraq's debts to 2048
Member of the government program follow-up committee, Hazem Al-Khalidi, said in a press statement: "The draft budget in which the House of Representatives voted on a number of its paragraphs in which many foreign loans have been proven, which burden Iraq and rob the rights of future generations." Loans We will pay Iraq to pay off debts until 2048, the last payment if other loans are added. "It is clear that the future of Iraq is in great danger due to the failed administration of the country by the alliance of parties.
This means mortgaging the future of previous generations due to the recklessness and corruption of the political class, as its own interests precede the interests of the country, and this is the misfortune of Iraq since a class of thieves and corrupt people took control of the government.
•Domestic debt swelled after 2014
In a seminar in 2017 held by the Progress Institute for Development Policy, which was supervised by MP and former Minister of Planning Mahdi Al-Hafez, and it was attended by experts and specialists in financial and economic affairs, the financial advisor to the former Prime Minister, Dr. Mazhar Muhammad Salih, spoke about important details related to the Iraqi debt file, as he revealed Noting that Iraq "succeeded in 2004 in writing off about 100 billion dollars from its debts due to the signing of the Paris Club agreement." And Saleh indicated that the Paris Club agreement is "a standard agreement to resolve the sovereign debts owed by Iraq to 65 countries, including 19 countries within the Paris Club and 46 countries outside it."
But he says: "The internal debt after 2014 increased from 10 billion to 46 billion dollars, thus bringing the total debt, both internal and external, to about $ 110 billion, including the outstanding Gulf debt until the end of 2016.
Most of today's debts are the result of political action after 2004, and this indicates the successive failure of governments to manage the state.
The most important question: Who benefits from the internal debt? The answer: They are the same parties that plundered the treasury and caused an increase in the external debt. They are the ones who lend the government with great interest, as they eat from both sides, dispel the external debt and lend the government the internal debt!
Who pays the debts of the Kurdistan region?
We can ask about the loans of the Kurdistan region, and whether they will be included in the public debt of Iraq? The President of the Kurdistan Regional Government in northern Iraq, Masrour Barzani, announced at the end of 2020: "The region's debts amounted to 27 billion dollars." The negative effects of the outbreak of the Corona virus and the decline in oil prices globally. "
The relations between Baghdad and Erbil witness multiple political, security and economic disagreements, among them is how to manage the oil wealth, as the region exports oil separately, intersecting with its agreements with the Iraqi government.
The question here is who bears the region’s debts? Is it in the neck of the region, as for the Iraqi government?
•Bankruptcy of states
There are no specific regulations governing the state’s bankruptcy process, as is the case for companies, which are often forced to fill out a bankruptcy form, in order to then take the necessary legal measures to liquidate the company. As for countries that fall into a sovereign debt crisis, they often resort to trying to manage Foreign exchange through its own methods first, and if it fails, it will either resort to informal institutions such as the Paris Club, which is an informal institution representing a gathering of creditors from the rich countries of the world, which was established in 1956 as a result of the talks that took place in Paris between the Argentine government and its creditors. The club has the task of restructuring the sovereign debts of countries, easing the burden of some debts, or even canceling some of these sovereign debts, as happened when the club canceled all of Iraq’s debts in 2004.
Often the club’s decisions are based on a recommendation from the International Monetary Fund, but the country's political decision becomes dependent on the IMF.
•Asylum for the International Monetary Fund
The state turns to international official institutions such as the International Monetary Fund, requesting assistance in paying its debts, so the Fund evaluates the state’s conditions, and if the stoppage of payment is due to emergency circumstances, for example the decrease in the prices of this country's exports, then it concludes with it a so-called Standby Agreement, according to which The state shall grant cash facilities in foreign currencies in the form of a specified percentage of its quota with the fund, without imposing measures on the state to correct its economic and financial structure.
But if the stoppage of payment is due to a structural problem related to the weakness of the state's revenue structure, poor pricing of public goods and services, or the inadequacy of the process of evaluating the exchange rate of its local currency ... etc.
The fund, in this case, stipulates that the process of providing assistance to the state (including that which will be provided by the Paris Club of course) is linked to the need for the state to follow a structural reform program that includes a set of proposed measures that the state should follow, so that it can reform its general budget structure, reduce the deficit in its balance of payments, and improve Its ability to borrow and repay in the future.
That is, the country falls into the captivity of the International Monetary Fund, which imposes its will on governments, and its intervention becomes widespread. LINK
Iobey777: The last paragraph is Very Telling! “To follow a structural reform program” interesting! Just FINISH it CBI!
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$300 Silver Comes When The Currency Reset Is Complete | Gold & Silver - Steve Penny
I Love Prosperity: Apr 20, 2021