KTFA Members "News and Views" Thursday Afternoon 6-25-2020

KTFA:

Samson:  Deputy: Al-Kazimi's visit to Washington will be a formal one and will not touch on the Americans' exit schedule

19:42 - 24/06/2020

On Wednesday, the independent deputy, Bassem Khashan, described the upcoming visit of Prime Minister Mustafa Al-Kazemi to the United States of America as a formal one, while noting that the visit would not touch on scheduling the departure of American forces from Iraq.

Khashan said in a statement to "Information", that "Al-Kazemi agreed with Washington that US forces will remain before assuming the functions of prime minister," noting that "his upcoming visit to Washington will be a formal and a blessing for him to assume the position of prime minister only."

He added that "Al-Kazemi will refrain from touching on the scheduling of the exit of American forces from Iraq during his visit to Washington," noting that "the discussions that started between the Iraqi and American government have no value and merely highlighting political muscles."

Yesterday, Tuesday, Foreign Minister Fouad Hussein confirmed that Prime Minister Mustafa Al-Kazemi will visit Washington next month.   LINK

Dan:  Must be humiliating to still have a worthless currency.
1 USD is = to  576.125 in Somalia

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Goldenboy:  Asking you all questions you should ask yourself!

How are you going to keep your blessing?
Do you have an attorney and CPA?
Do you know what a trust is and how it can save your assets?
Did you know you can buy a single premium whole life insurance plan that can grow into another nest egg in case you do exhaust your other assets?
Do you plan on investing your blessing?
Do you know how much you can gift to your loved ones and not pay taxes on?

We have had so many Conference calls on many of these topics here to address it.
Many advisors like myself want you to keep what God saw fit for you to receive!

IMO, do the following,  Make a check list of everything mentioned above and follow it. Don’t have regrets, have plans. People don’t plan to fail, they fail to plan!

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Samson:  Al-Rafidain Bank announces the harnessing of all capabilities to provide banking services to citizens

25th June 2020

The Rafidain Bank announced that its branches in Baghdad and the provinces have harnessed all their capabilities to provide banking services to citizens.

The bank’s media office said in a statement that “due to the circumstances that the country is going through as a result of the outbreak of the Coruna virus, the bank has taken all capabilities and efforts to provide banking services to its customers on a daily basis.”

He pointed out that "the bank directed its branches to implement the instructions and procedures of the Ministry of Health to prevent corona virus."   LINK

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Samson:  Saleh stresses the need to support the government's reforms and implement its program

4/26/2020 23:55:31

 Today, Wednesday at the Baghdad Palace, President of the Republic Barham Salih received a delegation of the Islamic Virtue Party headed by Secretary-General Abdul-Hussein Al-Mousawi.

During the meeting, according to the statement of the Information Office of the Presidency of the Republic, from which the Euphrates News received a copy, "they discussed the developments of the political and security conditions in the country, and the implications of the Corona pandemic on the decline in oil imports and their impact on the living conditions in the country."

It was stressed, "The necessity of supporting the government's reforms and implementing its program to achieve the aspirations of citizens in a free and dignified life."    LINK

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Ryan1216:  Iraq keeps dragging their feet. We're now halfway through the year. I pray Kazemi comes through now on his word  

MilitiaMan:  Don't be discouraged. As they are not stopping the progress on the reforms..

Samson:  Oil prices continue their losses due to the increase in US stocks and Corona fears

25th June, 2020

Oil prices continued to decline on Thursday after tumbling more than five percent in the previous session, as the record increase in US crude inventories and the rapid spread of Covid-19 cases cast doubt on the recovery of fuel demand

US West Texas Intermediate crude futures fell 22 cents, or 0.6 percent, to $ 37.79 a barrel by 0532 GMT, after falling $ 2.36 on Wednesday

Brent crude futures fell 30 cents, or 0.7 percent, to $ 40.01 a barrel, after falling $ 2.32 on Wednesday. On Tuesday, Brent contracts were traded at their highest levels since early March, before the public isolation measures due to the Corona pandemic and the Saudi-Russian price war in markets hit

"Prices fell after the EIA data showed that stocks increased by a lot more than expected," said Avtar Sandu, commodities director at Singapore-based Philip Futures Corporation but analysts say the 1.4 million barrel increase was due to a series of Saudi shipments that were booked by US refiners when prices fell in March. Those shipments are slated to decline soon

Analysts said that concern about a second wave of cases of Covid-19 was expected to keep in many US states where general isolation measures and the rapid spread of disease in South America and South Asia have been reduced, fuel demand is limited

In an additional reminder of the problems facing a recovery in demand, Australian airline Qantas said on Thursday that it did not expect a significant recovery in international travel before at least July 2021, while reducing its fifth workforce and stopping 100 aircraft   LINK

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Samson:  Parliamentary Finance: The Borrowing Law passed by Parliament allowed the government to borrow until the end of this year

25th June, 2020

Member of the Parliamentary Finance Committee, Abdul Hadi Al-Saadawi, confirmed on Thursday that the borrowing law passed by Parliament yesterday allowed the government to borrow until the end of the current year (for six months only and cannot after that).

Al-Saadawi said in a radio interview followed by "The Economy News", "The borrowing law passed by Parliament allowed the government to borrow until the end of this year (for six months only and cannot after that), and with amounts confined by $ 5 billion for external loans and $ 15 billion for internal loans", considering it "the worst move the government has made, but it is embarrassing because of the financial crisis."
 
He added, "These loans will address several topics, the first of which are the salaries of state employees, retirees, and the social protection network, so that they will be safe (without deduction) until the end of the year. In addition to them, those appointed to permanent owners within the owners' movement in the past year will be added to them, as their salaries will be secured because many of them did not receive them Despite the issuance of orders to appoint them since 2019." He pointed out that "contracts will be contracted by the Ministry of Health with graduates of the past year who have not yet begun their work, for the purpose of benefiting from those energies in light of the need for health cadres as a result of the outbreak of the epidemic, in addition to supporting the health sector by providing the required liquidity and authority to the Minister of Finance to face any emergency that passes The country is in the midst of a pandemic."

Noting that "the loans will include addressing the ongoing development projects in the regions so that they do not disappear."

Al-Saadawi warned, "From a personal point of view, I believe that the government is unable (after the approval of the borrowing law) to send the budget in 2020 to Parliament, in which case the Ministry of Finance and the concerned authorities will prepare to prepare the budget for the next year."

A member of the Finance Committee said, "The worst step the government committed is the borrowing process - but it is embarrassing because of the financial crisis that is ravaging the country - because the World Bank announced in the Kuwait Conference clearly and explicitly that the continuation of the government of Iraq in external borrowing will lead the country to the collapse of the currency and the financial market alike

The Finance Committee has stopped foreign borrowing completely in last year's budget, "indicating that Iraq will go through its worst stages as these loans will have profits and benefits and the country must sell oil to meet those benefits and profits."   LINK

Edna:  So does this mean what I hope it Doesn't mean, That Iraq just bought or more appropriately  (borrowed)....more time?  

PattyCakes77:  I really don't think so. To much going on. Stay positive. We are there.

Popeye7:  There it is!... Ensured the signing of this happened expediently... Awesome!...

Today is supposed to be payday for Iraq.. Are they paid the last Thursday of every month?... They mentioned in an article last week I believe that there would be a delay in payment this month? IMO.. Please correct me if I am wrong!.. Did they happen to mention just how long it would be before being paid?...

Anyway, as Frank, and his teams declared... This borrowing law would not be happening were it not for agreement already having been made in order to ensure that the monetary reform is completed, and Iraq's currency is given a rate that is fair...imo.

Samson:  Putin calls for a summit of leaders of the five nuclear powers .. and reveals its agenda

25th June 2020

Russian President Vladimir Putin called the leaders of the five nuclear powers have a summit meeting.

In his speech during the 75th anniversary of the victory over Nazism in World War II, which was held yesterday in the Red Square in the Kremlin after a major military parade, Putin said: “Our colleagues - Messrs Xi Jinping {Chinese President}, {Emmanuel} Macron, And Donald Trump {US President}, {Boris} Johnson {British Prime Minister} - support the Russian initiative for a meeting of the leaders of the five nuclear powers - permanent members of the Security Council, we thank them for that and expect this personal meeting to take place at the earliest opportunity.

"What is the agenda for the upcoming summit? First, in our opinion, it is desirable to discuss steps to develop collective principles in world affairs, speak out about peacekeeping, enhance global and regional security, define strategic weapons, and joint efforts in countering terrorism, extremism, and other Urgent challenges and threats." He pointed to "a separate topic on the agenda of the meeting is the situation in the global economy, and to overcome in the first place the economic crisis caused by the epidemic of coronavirus."

"Our countries are taking unprecedented measures to protect people's health and lives, to support citizens who have found themselves in difficult living conditions. But the seriousness of the consequences of this epidemic, and how quickly the global economy emerges from the recession, depends on our ability to work together and together, like real partners," Putin said.  "Moreover, it is unacceptable to turn the economy into a tool of pressure and confrontation, among the topics required to protect the environment and combat climate change, in addition to ensuring the security of the global information space," he said.

Putin noted that "the agenda of the next summit of the five" proposed by Russia is very important and relevant to our country and the world at large, and in any case, we have specific ideas and initiatives.

He stressed that "there can be no doubt that the Summit of Russia, China, France, the United States and Great Britain will play an important role in finding common answers to modern challenges and threats and showing a shared commitment to the spirit of the alliance, to those high human values ​​and values ​​that fathers fought for forefathers." "And based on a shared historical memory, we can and must trust each other.

This will serve as a solid foundation for successful negotiations and concerted actions to enhance stability and security on this planet, for the prosperity and well-being of all countries. Without exaggeration, this is our duty and responsibility," he said. Common to the whole world, for present and future generations.”   LINK

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Samson:  China begins the steps to dispense with the US dollar

25th June, 2020

A Russian website that specializes in economic affairs has monitored Chinese steps that pave the way to stop dealing in the American currency, pointing out that Beijing is storing gold for strategic purposes.

In this context, the "expert" website mentioned that the Chinese gold mining companies carry out large-scale activities in the field of gold mining, and accepts the purchase of other mining mining industries around the world with remarkable activity. 

The report monitored the latest Chinese deals in this field, noting that the Chinese company “Zijin Mining Group” bought in early June the “Guyana Goldfields” Corporation, a medium-level gold producer mainly engaged in exploring, developing and exploiting deposits in Guyana, located in South America, in exchange for 323 million Canadian dollars.

This company last year produced about 150,000 ounces of gold, and the China Mining Company insisted on taking it, despite its high price of 35% due to competition from another company. And the Chinese company itself acquired last March the mining company "Continental Gold Inc", which owns "Puerto Rica", which is one of the largest projects of gold production in the world with high-quality reserves estimated at 3.7 million ounces, and paid for it 1.3 billion Canadian dollars.

The report concluded that now that China has acquired these new foreign assets, it is the largest producer of "yellow metal" in the world, noting that this behavior indicates that Beijing is storing gold for strategic purposes. The competent website stated that China has been sending signals to the world that the dollar's dominance must end, and this trend has gained new strength in light of the confrontation with the United States, and Washington's threat to impose sanctions on Beijing.

Statements by Chinese officials warning that the United States will soon be able to impose severe and real sanctions have increased recently, and perhaps this is what prompted Fang Haixing, vice chairman of the China Securities Regulatory Commission, to say that China's dependence on the international financial system based on the dollar makes it vulnerable At risk.

The report said that China appears to have plans to change the global financial system to another based on the gold standard, which will allow the implementation of the main geopolitical goal of China, which is to get rid of the system of settlement of transactions in dollars.

China expects that in the future gold will become a reserve currency, and on its base in particular, the global financial system will be built, which will take the place of the current system.   LINK