More News, Rumors and Opinions Friday Afternoon 5-19-2023
TNT:
Tishwash: Deputy: Parliamentary insistence on passing the budget for three years during the current month
The leader of the Kurdistan Democratic Party, Representative Mahma Khalil, confirmed the determination of the deputies and the political blocs to pass the budget law for three years, and it is likely that it will be passed during this month.
And Khalil told (Baghdad Today) about setting yesterday, May 17, as a preliminary date for voting on the budget, that "we were ruling out passing the budget on this date from the beginning," noting that "the budget may start during the current month."
And he stressed that " the issue of passing the budget for three years is a popular and political demand for the purpose of giving more stability to the government financially," noting that "the political blocs are determined to pass the budget this month."
The State Administration Coalition had set last May 17 as a preliminary date for voting on the budget, but the date passed without the possibility of passing the budget, due to the presence of many controversial items and materials that have not been resolved within the Parliamentary Finance Committee. link
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Courtesy of Dinar Guru
Frank26 [Iraq boots-on-the-ground report] FIREFLY: All of our cards like MasterCard and Visa card and key cards...are suspended all of a sudden...they're saying due to changes in the CBI. Something is going on. And they say they'll be back up in a couple of days...This is all falling together nicely and it seems to be for this weekend. FRANK: If they have reached the budget...and they're going to come out this weekend with it, then it makes sense doesn't it that everything else now has to freeze for the budget to come out with a new exchange rate that will be calculated into your cards, loans, accounts, daily life, your new lower denominated notes...let's see what happens...
Breitling Question: "Have you seen the Iraqi Parliament take any more action steps that you thought would be required before they actually have an RV?" No. They've done everything they need to do. They did that about a year and a half ago. There is nothing, no laws they can pass, all their banking restricting, them being compliant to the IMF, they're 100% compliant. So it's whenever they want to do it. Literally someone can wake up and hit the switch. That's it. There is no more policy [needed].
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Greg Mannarino: 5-18-2023
Rafi Farber: Deal or No Deal, Banks Will Suffer Either Way And Pressure Will Mount On the Fed
Arcadia Economics: 5-19-2023
With the Treasury down to $68 billion and a debt ceiling deal just around the corner, few are considering what happens to banks when a deal finally is struck and the Treasury has to raise $1 trillion in short term cash in a matter of weeks.
That borrowing capacity has to come from somewhere, and it's going to come from bank deposits, which are already being vacuumed out of the banking system at rates that rival the Great Depression.
Deal or no deal, the banks are going to get clobbered, and when they do, the Fed will ultimately have to cut back down to zero.
And when that happens, we all know what happens to silver.