MilitiaMan Tuesday Afternoon "Other Intentions?" 3-8-2022

KTFA:

Samson:  Brent Crude Reaches $128 A Barrel

8th March, 2022

The price of Brent crude rose more than 4 dollars, today, to reach 127.86 dollars per barrel.

At the same time, US crude futures rose more than $3, and the price reached $122.79 a barrel, according to “Reuters”.

Analysts expected that oil prices will continue to rise more than they are now this week due to the delay in concluding the Iranian nuclear talks and thus the possibility of Iranian crude oil returning to the already turbulent global markets.

Amrita Sen, co-founder of the Energy Aspects Research Institute, said, “Iran was the only factor supporting the price drop that is hanging over the market, but if the Iranian agreement is delayed now, we may consume stocks more quickly,” according to “Reuters”.

Samson:  Russia: Oil prices may reach $300 a barrel

7th March, 2022

Russian Deputy Prime Minister Alexandernovak said on Monday that oil prices could jump above $300 a barrel, if the United States and Europe ban crude imports from Russia.  

“It is absolutely clear that the rejection of Russian oil will lead to catastrophic consequences for the global market,” Novak said in a video statement broadcast by Russian television.    

He continued, “The jump in prices will be unpredictable. It (the price) will reach $300 a barrel, if not more.”    LINK

MilitiaMan:  Banning just began today.. ~ MM

“The exodus continues as President Joe Biden announced a ban on the U.S. import of Russian energy, saying the U.S. is “targeting the main artery of Russia’s economy.””

https://www.yahoo.com/news/ukraine-skeptical-russian-plans-allow-082034771.html

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Samson:  The Federal Court summons the Minister of Finance and the Governor of the Central Bank

8th March, 2022

Local media reported, on Tuesday, that the Federal Court decided to summon the Minister of Finance and the Governor of the Central Bank, to appear before it in the next session, against the background of a lawsuit to raise the exchange rate of the dollar.

The Federal Court had held its session regarding the “32 federal” lawsuit regarding raising the exchange rate and establishing the Sovereign Wealth Fund.

The court decided to postpone the hearing to March 14, in a special session in which the Minister of Finance and the Governor of the Central Bank will attend, according to local media.   LINK

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The Federal Court postpones hearing the lawsuit to restore the dollar exchange rate to its predecessor until next Monday

8th March, 2022

The Federal Supreme Court decided to adjourn the hearing of the case No. (32/Federal/2022) regarding the re-exchange of the US dollar in relation to the Iraqi dinar to its previous amount of (120) thousand dinars per 100 US dollars until 3/14/2022.

The reporter explained that “the court decided to postpone for the purpose of Inform the Minister of Finance and the Governor of the Central Bank of Iraq to attend the next session.  LINK

Samson:  A session of the Federal Court regarding the lawsuit against the dollar exchange rate and the Sovereign Wealth Fund

8th March, 202

On Tuesday, the Federal Supreme Court held its session related to the “32 Federal” case regarding raising the exchange rate and establishing the Sovereign Wealth Fund.  

The court said in a brief statement that “Nass” received a copy of it (March 8, 2022), that it “has held its session regarding the (32 federal) lawsuit related to raising the exchange rate and establishing the sovereign wealth fund.”     LINK

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Samson:  A Deputy commends the reform paper submitted by the Minister of Finance and calls for its implementation

8th March, 2022

Today, Tuesday, Representative Alia Nassif stressed the need to ration resources in a way that prevents wasting them on thieves and the corrupt, while she welcomed the proposal to “support the poor, the weak and the vulnerable groups” presented by the Minister of Finance.

Nassif said in a statement received by the National News Center that “presenting this reform paper expresses a sense of responsibility towards our people, especially the fragile class, families without breadwinners, families of martyrs and wounded, today there are unfortunately thousands of families who do not find their daily strength.”

She pointed to “the necessity of rationing resources in a way that prevents wasting them on thieves and the corrupt, which will reflect positively on the income of the poor and provide food security and social security.”

Nassif called on the executive and legislative authorities to “direct implementation of the reform paper and not to make it a formal paper like its predecessors, while keeping it away from consuming political bidding.” LINK

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MilitiaMan:  The interesting issue is they postpone the court until next Monday to hear the case of the Dollar Exchange rate and a Sovereign Wealth Fund.

 The other interesting thing imo is they are suggesting that the case is to restore the Dinar back to 120,000 / 100 USD from it’s present 1460. Just barely back to where it was 12/19/2020, a 22-23% move..

Was that there goal to inflict pain and suffering from the devaluation on to the citizens and with the harshest effect to be on the poor? If so they did a good job of it.

Could there be more to the story that will unfold between now and the meeting on 03/14/2022. We know there were other reasons too, debt payments to kuwait, etc..

That raising of the exchange rate is nothing new, a reversion will be. The problem I see with the reversion back to 120,000 / 100USD is that it really doesn’t help they poor. The were per before the devaluation and still are and even more so.

Going from poor to poorer and back again to poor is a double slap in the face, imo. I am fairly sure the citizens will feel it too, on both sides. That will not be the purchase power they were promised prior to the devaluation nor the promises of late. 

Lets think about it though. They need the court to sort the exchange rate change out and then talk about the Sovereign Wealth Fund (SWF)?

Are we to believe since they didn’t have SWF before at 1,190 that one will be feasible with a reversion to only 1190 again?

Or could it be that they have other intentions, as in the project to delete the zeros. If so, then there would be the wealth from a real valuation of the countries assets that takes into consideration the automated taxes tariffs, customs, fees, liquid natural gas production, Sulphur, gold, reserves domestic and foreign, agriculture, tourism, etc.? Not far from now we will know the answers.

I do like the fact that they want the direct implementation of the reform paper to be direct and keeping it from the consuming political bidding powers. In other, words the politicians need to keep their hands off. It is to be for the good of the people.. imo ~ MM 

https://www.investopedia.com/terms/s/sovereign_wealth_fund.asp