More News, Rumors and Opinions Sunday Night 8-15-2021

Holly Sunday Update:

Today is the 50th anniversary when Nixon took us off the gold standard.

To help combat the Great Depression. The U.S. continued to allow foreign governments to exchange dollars for gold until 1971, when President Richard Nixon abruptly ended the practice to stop dollar-flush foreigners from sapping U.S. gold reserves.

 Nixon directed Treasury Secretary Connally to suspend, with certain exceptions, the convertibility of the dollar into gold or other reserve assets, ordering the gold window to be closed such that foreign governments could no longer exchange their dollars for gold.

This breakdown is known as the end of Bretton Woods, marked by President Nixon's 1971 announcement that the US Treasury would be “closing the gold window”—ceasing the exchange of dollars for gold, immediately overturning the system of fixed exchange rates that had prevailed since 1945.

We know we have been living on the fiat system for 50 years which is money backed by nothing.

We are going back to a gold system and asset backed currency.

 Stay strong and keep the faith.  Holly

TNT:

Tishwash: Finance Committee: The dollar exchange rate will not change before five years

On Sunday, the Parliament’s Finance Committee suggested that the exchange rate would remain at its current position for five years, while indicating that raising the exchange rate aims to achieve three main factors.  

 Committee member Naji al-Saidi said in a statement to the official agency, followed by "Nass", (August 15, 2021), that "the exchange rate will remain in its position during the next period for the next five years, on the description that the real value of the Iraqi dinar is determined through the exchange of the dollar against the dinar in addition to strength." Purchasing the Iraqi dinar and the net goods and services produced during a certain period.  

He added that "the government is firm in achieving its goal by defining three main goals, the first is financial: which is to reduce the deficit in the public budget, the second goal is a monetary goal by increasing reserves, and the third goal is to increase the competitiveness currently produced within the country towards other goods exported from Neighboring countries, and this is the main goal that the government seeks by filling the budget deficit.”  

He pointed out that "the devaluation of the dinar has increased the competitiveness of the Iraqi price, describing that goods that come from abroad, especially Turkey, Iran, Syria, Saudi Arabia and Jordan, benefit from the strength of the Iraqi dinar against the dollar because the dollar is a global currency, and when the dollar exchange rate is raised, the competitiveness of goods will rise and fall." Because it reduces Iraqi exports from abroad."  

And the Central Bank of Iraq decided earlier to adjust the exchange rate of the dollar against the Iraqi dinar, as the purchase price of the dollar from the Ministry of Finance amounted to 1450 dinars, and the price of selling it to banks was set at 1460 dinars per dollar, while the selling price to the citizen is 1470 dinars per dollar. link

 VinterV:  KUWAIT PUT A FULL AD IN THE NEWS SAYING NO REVALUATION AND BOOM...SO, STAY TUNED!!!

Jambie67:  Vinterv you are correct! Kuwait sure did do that.

Time4RVNow:  Iraq posted this about devaluation of their currency. Kuwait did the same thing and RV'd days later. https://www.rudaw.net/english/middleeast/iraq/150820212

Skinman:  It makes me wonder how much miss direction and confusion are they going to do. The Minister of finance does an interview about changing the rate and that interview is repeated over and over on Iraqi television. In this article about how Iraq will not change the rate for five years?It’s confusing and frustrating and leaves me not knowing which way to look.

RVAlready:  This guy is not the finance minister. He is a parliament member who has no say in the RV.

Dutchie:  Propaganda, oldest trick in the book, used by all countries, they call it spin now

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Courtesy of Dinar Guru:

Frank26   Article:  "Tinder for supplying the Central Bank with paper money packages"   The more we read this and saw these are the three zero notes they're collecting.  When they raise the value they know the rest of the three zeros from the citizens are gonna come in.  They know [with] your three zeros you're going to run to a bank and exchange them.  But they really won't go to the Central Bank [of Iraq]...So we go to Chase Manhattan, Chase Manhattan will...send it to the U.S. Treasury...The crazy thing is Biden IMO is counting on the Iraqi dinar because he can control what's in the treasury...It's really going to blow up our treasury.  

KTFA:

Samson:  Dhi Qar, the official working hours will be closed tomorrow, Monday

15th August, 2021

Today, Sunday, Dhi Qar Governorate announced that the official working hours will be suspended next Monday.

The media office of the governor said in a statement that (Al-Oula News) received a copy of it, that "the governor of Dhi Qar Ahmed Ghani Al-Khafaji decided to suspend the official working hours for tomorrow, Monday, August 16, 2021, on the occasion of the seventh anniversary of Ashura."

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Samson:  Iraq is close to opening the most important border crossing with Saudi Arabia and Kuwait

15th August, 2021

An informed government source revealed on Sunday that Iraq will soon open a border crossing on the Gulf countries, which is the most important after 2003.

The source told Shafaq News Agency, "Iraq has reached advanced stages in the process of agreeing to open the (Awja Al-Batin) port in the border triangle that connects Iraq, Saudi Arabia and Kuwait in the desert of Muthanna Governorate within the borders of Busayyah district."

And he indicated that "the administration of the port will be national away from the authority of local governments, and it will serve the governorates of Dhi Qar, Muthanna, and Basra," noting that "the main route of the port will be through the city of Nasiriyah, being the closest to it in terms of the land road."  LINK

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Samson:  :  Planning announces the reasons for the high rate of inflation and reveals its natural limits

08/14/2021 11:13:24

  The Ministry of Planning announced today, Saturday, the reasons for the high rate of inflation in the country, revealing at the same time its natural limits.

Ministry spokesman Abdul-Zahra Al-Hindawi said in a statement to {Euphrates News}, that "inflation rates are rising in all countries and vary between one country and another, subject to the reality of development for countries."

He added, "In Iraq, after changing the exchange rate of the dollar, inflation rates increased more than it was before the exchange rate change," noting that "the rates began to witness stability during the recent period, and there is a cumulative increase between half to 1 percent." He explained that "the inflation rate has risen to 8, which is an average for a country like a sweat that is living in these conditions that are not alarming."

He pointed out that "if the rate rises to 10 or 12 percent, it is within the natural rates of rising inflation and is not unbridled. Rather, it is called a controlled natural rise that does not raise fears."   LINK