Delta, MilitiaMan and more Friday Night 3-27--2020
KTFA:
Samson: Follow-up cell: The government may resort to borrowing and printing currency to provide salaries
27th March, 2020
The Follow-up Cell in the Prime Minister's Office revealed today, Friday, that the government will be able to distribute the salaries of the current month of March, while it will resort to some solutions to ensure the provision of salaries next month.
The head of the government follow-up cell, Mustafa Sanad, said in a radio statement followed by Mawazine News, that "Iraq's monthly income from oil is currently estimated at one billion dollars only (after the price of a barrel drops to 18 dollars)."
Sanad said, "The salaries of employees amount to 3 and a half billion per month, which may push Iraq to borrow or to print the currency as a last option," as the state of the state will be affected starting from next month. LINK
Don961: Head of the government follow-up cell: Iraq may resort to printing currency to secure employee salaries .. The crisis will begin early next month
Localities 27/2020 17:59 4836 Editor: gf Baghdad today - follow up
The Follow-up Cell revealed in the Prime Minister's Office on Friday that the government will be able to distribute the salaries of the current month of March, while it will resort to some solutions to ensure the provision of salaries next month, while it indicated that Iraq’s monthly income from oil is currently estimated at one billion dollars only (after the price of a barrel drops to 18 dollars), she explained that the salaries of employees amount to 3 billion and a half per month, which could prompt Iraq to print the currency as a last option, "as the state of the state will be affected starting next month."
The cell leader Mustafa Jabbar Sanad said in a press interview that "the crisis of the Corona virus caused the disruption of the economy in general and the oil sector in particular, as the global demand for oil decreased by 10 million barrels per day, while it will decrease during the next month by 9 million barrels." "The drop in the world oil price by one dollar means the loss of Iraq's annual budget of one billion dollars."
And that "the price of a barrel of Iraqi oil fell from 58 dollars in the month of February to 18 - 19 dollars in the current month. This has led to a loss of the budget about 40 billion dollars after it was previously estimated at 90 billion dollars."
He continued, "The country imports at this price ($ 18), which amounts to two billion dollars per month, of which one billion dollars goes to licensing tour companies (at a rate of 12 billion during the year), so the state treasury remains only one billion dollars, while the salaries of employees amount to 3 and a half billion dollars."
Sanad added, "Iraq receives its sold oil money after 40 days of selling, which means that the salaries of this month are insured from the amounts of oil sold last month before its prices drop in the markets, while the state will resort to other solutions to secure the salaries of the coming months, including selling bonds on banks or borrowing." From foreign or domestic banks. "
He pointed out that "other sectors, such as customs, taxes, etc., which were entering about 6 billion dollars during the year, were also stopped due to the spread of the Corona virus."
The head of the cell lamented that "there is an offer currently from the World Bank worth $ 3 billion, in which the latter stipulates that it should not be spent on the operational budget (salaries), explaining that among the solutions that the country’s government may be heading is to print the currency," noting that "that is not possible Without a cover of gold and hard currency, however, this option is on the table as a last resort, as things can go for a month or two. "
Sanad cited his talk about currency printing that "the United States decided today, through a decision by the Congress, to print the currency with a value of two trillion dollars, which is the first country in the world, but it did not adhere to the issue of currency printing, so how about other countries that depend on the US dollar (referring to Iraq)."
And he added, "The stability of the American economy reflects positively on the stability of the global economy and vice versa, whereas the US economy has experienced major collapses in the last 20 days as the most famous indicator in the world (Dow Jones) has fallen to levels that throughout history have only reached in the Great Depression that It happened in 1929, which then affected all countries of the world. "
He continued, "The American economy has returned to recovery following the request of the US President and the agreement of Republicans and Democrats in Congress to print 2 trillion dollars from the US federal fed as bonds of interest to the American government, after they found that their country's already indebted economy was 20 trillion dollars, 6 trillion dollars of which to China has become The test. "
He added that "the Congressional decision led to historic jumps in market indicators, which led to the revival of the European and Japanese market, as the oil market revived by 3 dollars, which returned to the end of the week as a natural state of oil." LINK
Doedee: among the solutions that the country’s government may be heading is to print the currency," noting that "that is not possible Without a cover of gold and hard currency...
FAMILY THIS IS HUGE NEWS PLEASE DON'T WALK PASS THIS WONDERFUL ARTICLE!!!! WE'RE SOOOOOO CLOSE TO OUR BLESSING!!! THANKS SAMSON AND DON961!!!!!
DELTA: Our valued customers, We would like to inform you that we will be there from Saturday, March 28, 2020, so that you can receive the salaries of the kia card in addition to other services only in the branches listed below.
MilitiaMan: 3-14-2020 ~ MilitiaMan Article: “Reducing the Iraqi dinar exchange rate – determinants and alternatives” This is effectively the opposite of the plan. The why and why not to devalue. …the CBI has explained they are not going to devalue for many reasons. The thing I like is that they use the reasons that support the opposite to occur. They haven’t come this far with the reforms to devalue. They are not of the mind at this juncture to hurt the citizens. That imo would be suicide. They clearly see that revenues are in a pinch with oil down. Therefore, imo with out them saying as much they are saying with out saying they are going to raise the value. The negative side of the equation, is devaluation, the positive side is revaluation, imo.. They have the money printed and ready to go, they have the tools in place to facilitate the transition…imo…
MilitiaMan: I spoke the above about a week ago now.. Now we see additional data that tells us that an option is on the table to print money? More money to depreciate the value of the IQD? Lol! I think not!! They are not going to use an option like that at this stage.
The FACT is Alak told us point blank they were not going to devalue the IQD.. By him saying that we can safely deduce that he meant it. CBs are not in the business to lie to the world. They do need to abide by rules and openly lying is not one of them. They have to be trusted.
Just like the failure of our REPO markets of the WORLD today.. No trust between banks begets rot.. Hence the massive injections into that realm of late by the US FED. Massive injections. The amount of money that will be needed to pay for those injections is now on everyone's minds. The markets know where the money is coming from. The average Joe and Janet on the street corner haven't a clue, yet. Nor can they absorb the totality of just how much 1 trillion USD is worth and what it represents let alone the 2-6 trillion for a band aid only.. The probably need 100s of trillion from past and more present failures....
The markets have reset like no other time in my history of watching the markets of over 20 + years. The last time it was reset imo was around 12/2008. There was a reset of sort with the Commodity Channel Index. It was re weighted heavily to oil form other commodities int the CCI basket and no one knew that it was done until months later.
Oil dropped similarly to what we see today, as did gold and other commodities of the time, like we see now.. I am not saying they underhandedly did it again like imo they did back then, as the proof is out that is what they did though back then. This time is some what different and at a far higher level than ever before.. But, the patterns seem to line up.. imo.
So, now what we know is that Alak is not going to devalue the currency, they have no option now but to revalue the IQD and with a powerful international rate..
As they will be using valuable reserves that will effect their future ability to do things. We know they already printed the NSCNs, they most likely minted coins too.
The CBI is again, not in the business to lose money. They are in it for profit. Now that we see the CBI setting date limits for Salaries when it is the job of the Financial Minister, we can see that a pattern has changed.. They are in a hurry and from the articles of late about paying them and even with respect to BONDS, should have everyone bug-eyed! imo
This fresher article above from Delta, and the way they will get the money via the Kia cards this weekend.??. Is openly in our faces now.. imo I am liken this and big time.. ~ MM
7-FA: The King's Highway
Once a king had a great highway built for the members of his kingdom. After it was completed but before it was opened to the public, the king decided to have a contest. He invited as many as desired to participate. Their challenge was to see who could travel the highway the best.
On the day of the contest, the people came. Some of them had fine chariots. Some had fine clothing, fine hairdos, or great food. Some young men came in their track clothes and ran along the highway. People traveled the highway all day, but each one, when he arrived at the end, complained to the king that there was a large pile of rocks and debris left on the road at one spot and that this got in their way and hindered their travel.
At the end of the day, a lone traveler crossed the finish line warily and walked over to the king. He was tired and dirty, but he addressed the king with great respect and handed him a bag of gold.
He explained, "I stopped along the way to clear a pile of rocks and debris that was blocking the road. This bag of gold was under it all. I want you to return it to its rightful owner."
The king replied, "You are the rightful owner."
The traveler replied, "Oh no, this is not mine. I've never known such money."
"Oh yes," said the king, "you've earned this gold, for you won my contest. He who travels the road best is he who makes the road smoother for those who will follow."