KTFA Members "News and Views" Friday Afternoon 2-19-2021

KTFA:

Samson:  To the executive branch to the Central Bank of Iraq

17th February, 2021

Proposing the need to amend the exchange rate of the Iraqi dinar towards the US dollar.

1. The devaluation of the national currency of the Iraqi dinar in favor of the US dollar and making the exchange rate of the dinar against the US dollar at 1450 is an unfair, ill-considered and urgent exchange rate, which is against the interest of the Iraqi people and economy, and that the first beneficiaries of that are regional and international countries and Arab and foreign companies and the ruling political elite ... as the wealth of the Iraqi people is bought cheaply according to the new exchange rate, and this means systematic plundering ((the law)) of the wealth of our Iraqi people, at a very low price, and he played in achieving this the failure of the Minister of Finance and the President of the Central Bank of Iraq according to Guidance from the International Monetary

2. That the ruling authority today represents and applies an extremist and brutal neoliberal approach according to the directives of the International Monetary Fund and the World Bank, and that today's exchange rate of 1450 is in the interest of the ruling political elite, in the interest of the leaders of the political parties, blocs and political currents influential today in government and in cooperation and coordination with the administrative and bureaucratic bourgeoisie, the shadow economy forces, and the mafia-brokers ... so they have seized the wealth of the Iraqi people and became millionaires and billionaires, in the American dollar and the Iraqi dinar, and with this stolen money, state institutions will be bought from factories and large factories, oil and gas, agricultural land, fuel and electricity stations, and other state assets at a very low price and without oversight, and the well-known popular proverb applies (((( He eats without supervision and calculation.

3. A new exchange rate is required for the Iraqi dinar towards the US dollar, which is one dinar equals one US dollar. This requires deleting the three zeros, for example, the 1000 dinars become Iraqi dinars, and the million dinars (1,000,000) a thousand Iraqi dinars (1000), and according to the new exchange rate 1000 dinars equals 1000 US dollars, and this is in the interest of the Iraqi citizen and economy as a first stage and work in the future to return a new exchange rate Each dinar equals $ 3, as it was

4. That this can be achieved because Iraq is rich in its natural wealth of oil, gas, gold and phosphates ... .. In addition to that, there is a realistic possibility to develop agricultural and industrial production ..., that is, to create material production in order not to import and this will be in the interest of the national economy by not buying goods Food, medicine, and durable goods in hard currency, and then Iraq can export goods and services abroad and obtain hard currency, as well as work to retrieve the stolen money and return it to the Iraqi people, which ranges between 850-trillion dollars. One dollar for one US dollar

5. The Iraqi people, public and professional organizations, national, progressive and left-wing personalities, and professors of Iraqi universities and institutes, must demand a new exchange rate adjustment in the interest of the national economy   LINK

Clare:  THANK YOU SAMSON!...THIS IS EXACTLY WHAT WALKINGSTICK & FRANK TOLD US TO EXPECT!! 
THIS IS AN AWESOME ARTICLE..SO IS WHAT FRANK SHARED LAST NIGHT...

Wil:  mic drop!

Sarge:  Ohhh Yeaaaaaaaa Babyyyyyyyyy!!!!!!

Jerry1971:  THANK YOU SIR FRANK AND SIR WALKING STICK  FOR THE GREAT CONFERENCE CALLS AND AS YOULL HAD INFORMED THE FAMILY ZERO DELETION ARTICLES ARE COMING OUT ONE AFTER THE OTHER IMO….. HOPEFULLY BY NEXT WEEK WE MAY SEE THE NEW EXCHANGE RATE AFTER THEY COMPLETE THE BUDGET …..EXCITING TIMES HERE IN DINARLAND

Clare:  THE 3 ZEROS WILL BE REMOVED FROM BOTH (NOTES & EXCHANGE RATE)- HENCE IN THE ARTICLE IT SAYS "and according to the new exchange rate 1000 dinars equals 1000 US dollars,"  THAT IS A 1 to 1 EXCHANGE RATE RIGHT THERE IN IRAQ... imo

Samson:  Video - Decades of plundering: Where has Iraq's oil wealth gone?

13th February, 2021

Ranked as the fourth-biggest oil producer in the world, many would assume that Iraq has the financial resources to weather the pandemic.

But that is not the case - its fragile economy is struggling to cope and it may turn to the International Monetary Fund for assistance.

It has already devalued its currency by almost a fifth, enabling it to eke out more dinars for dollars.  Ahmed Tabaqchali, the chief investment officer of AFC Iraq Fund, helps explain where all of Iraq's money goes:

VIDEO IS IN ENGLISH - 26 MINS LONG   LINK

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Samson:  Parliamentary Finance: To vote on the 2021 budget next Thursday

19th February, 2021

The Parliamentary Finance Committee has suggested, next Thursday, a date for voting on the 2021 budget after reaching a final government agreement on the region's oil exports.

A member of the Parliamentary Finance Committee, Sadiq Mudlul Al-Sultani, revealed, according to the official agency, that "the federal government and the regional delegation reached a semi-final agreement on the region's oil exports and its share in the budget."

Al-Sultani added, "The agreement is to deliver 250,000 in-kind barrels per day for the benefit of the National Oil Marketing Company (SOMO), and the remaining production will be paid in the form of production, marketing and domestic consumption costs in the region."

He continued, "It is likely that the budget will be presented to a vote next Thursday after the final agreement is drawn up between the parties in the draft budget."     LINK

Jerry1971:  AT LAST FINALLY I HOPE THEY GET THIS BUDGET DONE AND APPROVED SO AS FOR THE OTHER GREAT THINGS TO HAPPEN FOR THE IRAQI CITIZENS ….NAMELY THE WHITE PAPER REFORMS N NEW EXCHANGE RATE RELEASED ….IMO

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Don961:  A rare event for the US Central Bank .. What is it?

Economy  ,   2021/02/18 10:47   Baghdad - Iraq today:

Last month, US Federal Reserve officials discussed ways to prepare the ground for public opinion to accept expected inflation.

They also discussed the necessity to "watch out" for any indications of pressures in the rising asset market, in the face of an economy whose wounds have not yet healed, which may need a longer period to recover fully.

The job market is distressed

According to the minutes of the central bank meeting on 26 and 27 January, the discussions covered various issues, from popular views of inflation to the phenomenon of stock trading platforms for individual investors.

According to Reuters, Reserve Board officials expressed their willingness to maintain a policy of monetary easing in order to reform the distressed labor market.

In light of expected jumps in some prices during the spring, "many participants stressed the importance of differentiating between such infrequent changes in relative prices and changes in the basic general trend of inflation," according to the minutes of the meeting released today.

Financial system bubble

In an effort to explain the difference to the public opinion, "the participants stressed the importance of isolating the temporary factors affecting inflation," and others expressed concerns about the formation of a bubble in the financial system.

Some participants called for vigilance in order to maintain the strength and durability of the banking system, while others addressed the rise in asset values, "which may be a product of individual investors' trading via electronic platforms."

They agreed that "the economy is far from achieving the target of maximum employment, and that even with a rapid pace of improvement in the labor market, achieving this goal will take some time."

The Fed made only minor changes to the monetary policy statement issued at the January meeting, and did not release new economic forecasts.

Interest is close to zero

The US central bank has pledged to keep the key interest rate close to zero until inflation is “moderately high” from its 2% target and for the labor market to approach “maximum employment,” which means that interest rates are likely to remain low for years.

The Fed also pledged to continue buying $ 120 billion of government bonds per month until there is "more tangible progress" towards inflation and employment targets.

The trade deficit is wild

The US trade deficit increased to its highest level in 12 years in 2020, as the Covid-19 pandemic disrupted flows of goods and services.

The US Commerce Department said, at the beginning of this month, that the trade deficit jumped 17.7% to 678.7 billion dollars last year, the highest since 2008.

The decline in exports contributed to the economy contracting 3.5% last year, the largest decline in GDP since 1946. The

worst performance since 1946

The US economy contracted in 2020 at the most severe pace since World War II, as Covid-19 stormed services activities such as restaurants and airlines, causing millions of Americans to lose their jobs and fall into poverty.

The economy shrank 3.5% in 2020, its worst performance since 1946

This followed a 2.2% growth in 2019, the first annual decline in GDP since the Great Recession between 2007 and 2009.

The economy slipped into recession last February.

With the virus not yet contained, economists expect a further slowdown in the first quarter of 2021 before accelerating again by the summer with the adoption of additional stimulus and the vaccination of more Americans.   LINKLINK