More News, Rumors and Opinions Monday Night 9-30-2024
Thoughts From Ariel
Tomorrow LIBOR is slated to be replaced by SOFR, marking a significant change in financial benchmarks. America will potentially start the new fiscal year under a gold-backed US Note as phase out the current fiat USD over time. Because we ate going back to a real value based economy. And Basel 3 will be the standard way to accomplish this for all financial institutions.
Banks are now required to maintain higher capital reserves, which means they must hold more secure assets relative to their liabilities. This leads to a stronger and more stable banking system, which reduces the chances of another financial collapse. For the real estate industry, this means more responsible lending practices. Developers, homebuyers, and investors can be more confident that their loans are being issued by stable financial institutions with better safeguards in place.
Which is why I constantly tell you all to only do business with Basel 3 banks. I never told you all that all banks are evil and that we should avoid them and start bartering our way out of this mess. I do not know why people like to infer more than they like to understand and presume I was the one who told them things as if it was scripture. I have always stated Basel 3 is the way to go. So please understand if a bank goes under its more than likely they were not compliant with the new Basel protocol or policy.
We are entering a new phase of our lives and we have to understand we are at a point in history that will mark the official start of long waited changes we so desperately needed in our country and across the world. And we are at the doorstep ready to step in to this future will the confidence that everything will work itself out to our benefit in the short & long term on many levels that will be welcomed by everyone who have long sought a new way of doing things.
So I hope you all understand this and know that we will never be the same after this. Nothing will. And we deserve to live in a world where we are not solely focused on survival which is a very archaic low vibrational way of living that feeds the system we want to escape. Which is the irony of it all.
We have become corrupted by its ways and have foregone a more natural way to interact with our environment just for the sake of making another dollar that has put profits above fairness & equality. But most of all God and humanity had taken a back seat to which we have allowed ourselves to be exploited in school, church, job, and way of life. All of this will begin its realignment back to God hours from now.
Hope you all are ready. Things will speed up and we should have a very big October.
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KTFA:
Clare: Internal and external debts "exhaust" the Iraqi budget, and experts diagnose the reasons
9/30/2024
The Iraqi government took a series of measures to reduce the external public debt from the financial surpluses achieved as a result of the rise in oil prices, and succeeded in reducing it. However, in return, the internal debt rose to exceed 70 trillion dinars to bridge the gap in financial liquidity and operating expenses.
Iraq continued to borrow externally after 2003, especially during the oil price collapse that coincided with security operations against ISIS in 2014, in addition to internal borrowing to cover the country's general budget deficit.
The International Monetary Fund said that Iraq's internal imbalances were exacerbated by the large financial expansion and the decline in oil prices, noting that Iraq needs to gradually correct the public finances to achieve debt stability in the medium term and rebuild financial reserves.
"Dead" debts
Member of the Parliamentary Finance Committee, Jamal Kojer, said in an interview with Shafaq News Agency, "The external debt found in the reports available to us is a dead debt related to the Gulf War. These debts date back more than 30 years and countries do not demand them, so they are not real debts. If the Iraqi state demands their cancellation, they will be cancelled."
He points out that "the internal debt, which exceeds 70 trillion Iraqi dinars, is gradually increasing because the state's revenues are less than expenditures, and despite that, it is not a frightening debt."
According to official data, Iraq's internal debts amount to $50 billion, which are collected within the official and governmental financial apparatus, in addition to the existence of outstanding debts to eight countries, including Iran, Saudi Arabia, Qatar, the Emirates and Kuwait, amounting to $40 billion. These debts are questionable from Iraq's point of view and have not been written off, despite being subject to the Paris Club.
Low external debt
In turn, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, explained in an interview with Shafaq News Agency, that "Iraq is considered one of the countries with very little external debt, as the total debts due do not exceed 10 billion dollars, and these have annual allocations in the federal general budget to extinguish them, and they must be extinguished by 2028."
"The external debt is the remnants of the pre-1990 settlements," he added, noting that "Iraq is considered to have high creditworthiness according to the classification of international companies such as S&P Global Ratings and Fitch, and therefore the external debt does not exceed 5% of the gross domestic product compared to the international standard that accepts debts up to 60% of the gross domestic product."
Saleh points out that "there are internal debts amounting to 76 trillion dinars caused by two financial crises, the first of which was between 2014 and 2017, which was the war against ISIS terrorism and the decline in oil prices, and the second crisis was the Corona pandemic, which led to the closure of global markets and a significant decline in oil prices, and thus large borrowings occurred."
He stresses that "domestic debt generally does not exceed 30% of the gross domestic product and is a debt within the government and not between the government and individuals or the market, and there are mechanisms to extinguish it within the government's financial and banking system, and therefore there are no risks."
Debt is not the perfect solution.
However, the economic expert, Dhurgham Muhammad Ali, sees the opposite of what the financial advisor said, and says in an interview with Shafaq News Agency, "The internal debts also pose a danger because they must be paid and must not exceed 50% of the country's annual gross domestic product."
He added, "Expanding domestic borrowing is not the ideal solution to cover the budget deficit, but rather it is an easy way to cover the deficit using primitive but effective methods, as long as they do not exceed the required limit, especially in light of the decline in financial inclusion and the low rates of bank deposits for the Iraqi citizen compared to neighboring countries."
He explains that "combating corruption and following up on Iraq's money that has been swallowed by corruption over the past years is slow and ineffective and faces obstacles and challenges, and recovering this money could pay off many internal debts."
hard currency
For his part, economic expert Hilal Al-Taan confirmed, in an interview with Shafaq News Agency, that "the internal debts do not have a significant impact on the Iraqi economy, and most of them are in favor of the Ministry of Finance, the Central Bank, and other ministries."
He believes that "the major impact on the economy is on foreign debts because they are settled in hard currency, unlike domestic debts, which are settled in national currency. The state must first reduce foreign debts."
The largest part of the domestic debt is owed to the Central Bank of Iraq, the Rafidain and Rashid banks, and the Trade Bank of Iraq, which lent the government large sums of money to cover the federal budget deficit. LINK
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Militia Man In the last week or so...there's probably five or six articles specifically talking about removing zeros from the Iraqi dinar... Quote: "...this is done by removing a specific number of zeros from the nominal value of the currency." From the value of the currency not the currency notes but the value of the currency...
Frank26 They tell you [Iraqi citizens] there is an imminent change coming to your currency almost every day now. That is very exciting. These are the words we've only dreamed about in the last 5 years. To see them almost every day is rather shocking but very exciting right now...This is getting crazier and crazier every day with so much excitement and so much information about the monetary reform being sent directly pinpointed to you Iraqi citizens from Sudani.
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