More News, Rumors and Opinions Thursday Afternoon 2-9-2023
TNT:
Tishwash: The end of the Iraqi delegation's meeting with the US Treasury Department in Washington
Today, Thursday, Foreign Ministry spokesman Ahmed Al-Sahhaf announced the end of the Iraqi delegation's meeting with the US Treasury Department in Washington, stressing that the Iraqi delegation's meetings with US officials aim to clarify the identity of Iraqi monetary policy.
Al-Sahaf said in a televised statement, followed by (Baghdad Today), that "the meetings of the Iraqi delegation in Washington aim to crystallize a vision with economic priorities and the importance of achieving fundamental approaches related to the identity of Iraqi monetary policy and clarifying this identity."
He added, "The visit of the Iraqi delegation looks in depth to the fact that there are joint procedures between the two sides related to the Iraqi monetary policy, and if we take participatory visions and go for ways to enhance coordination and cooperation, we will witness great support for the government's actions related to fixing a new exchange rate for the dollar and diversifying the sales gates, which is reflected in daily trading." .
He continued, "The meetings are consistent with the contents of the agreement between Baghdad and Washington, and will address the contents of partnership in the field of energy and supporting Iraq in various aspects, and the delegation stressed that Iraq desires multiple partnerships based on the idea of diversifying economic gates." link
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CandyKisses: Integrity: Arrest of the former director of the Trade Bank of Iraq in the UAE
{locality: Al-Furat News) The Federal Integrity Commission announced the arrest of the former Director General of the Trade Bank of Iraq (TBI), on the background of her conviction in a number of cases of administrative and financial corruption, coinciding with the visit of Prime Minister Mohammed Shiaa Al-Sudani to the United Arab Emirates on Thursday.
A statement of integrity received by {Euphrates News} a copy of it that "the recovery department in the authority indicated that it has already organized recovery files against the fugitive convict arrested in the United Arab Emirates, indicating that (17) recovery files were sent to the Presidency of Public Prosecutions; for the purpose of sending them to the UAE; in order to hand over the
The department added that "the conviction caused damage to public money during her tenure as Director General of the Trade Bank of Iraq (TBI) amounting to (1,116,024,788) billion US dollars and (90,786,020.500) billion Iraqi dinars, noting that these amounts were determined in the criminal decisions issued by the competent courts against the fugitive convict."
A source in Al-Zahah told Al-Furat News that "the intention of the announcement of arrest is the former director of the bank (Hamdiya Al-Jaf) required for the judiciary."
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Courtesy of Dinar Guru
Pimpy Article: "Governor of the Central Bank: We affirm that they have proceeded with the government to enhance confidence in the national currency" That's the other issue with Iraq. They prefer the US dollar per the dinar...You got to get people wanting to use their local currency more than the US dollar. And you do that by increasing the exchange rate a little more at a time, giving them more purchasing power and devaluing the dollar within Iraq...I think if everything goes smoothly we're most likely will see another small change in the exchange rate...
Walkingstick [via Frank26] The exchange rate of the Iraqi dinar is not done yet. It has a mission to leave the borders of Iraq. 1750 in the streets, to around 1500 to 1460 with the BI and then to yesterday 1300 to 1 as the official rate. This is what we taught you, the gradual change in the exchange rate...suffice it to say the exchange rate of the Iraqi dinar is going in the right direction and they're not done yet...
Phil Denniston: Free Markets, Education, and The Gold Standard
Palisades Gold Radio: 2-9-2023
Tom Welcomes author and economist Phil Denniston. Phil discusses the inadequacies of his economics education and how economic problems around the year 2000 caused him to question it.
The bursting of the housing bubble lead him to study and learn from a more rational school of economic thought. All the world's problems come back to the bubble-bust cycle and debt. Capitalism is a spectrum and our system has elements of free markets, but it's not truly free.
We set the price of money, and price fix many markets. All of which create distortions. We have cronyism, where markets are controlled by interests of the highest bidder. The types of people we need in government aren't likely to want the job.
A lot of economic activity occurs due to the price fixing of money. We blow up asset prices and create bubbles. This maintains zombie companies that shouldn't be around any longer. Capitalism requires failure, but that doesn't happen as often as it should.
The result is stagnation and eventually recession or depression. Every dollar today is created as a loan. Debt is principal plus interest, and more dollars will be needed to repay it. We have to have endless growth within a finite world.
A lot of conflict comes back to the money system. Our current system is the aberration, in normal economic times money is tied to something of value.
Free markets always choose a backed system.
Government intervention in the system can only make things worse.
A return to the gold standard will never occur until they are forced into this solution. When things blow up, there will be only one way to restore confidence, which is a backed currency.
Hopefully, we actually have the gold reserves the U.S. government claims. Collapse will bring short to medium term pain. Humans are herd animals, and we fear being cut-off from the rest of the tribe.
It's important to train yourself to think differently and apart from the propaganda. Group think can be dangerous, and it's key to stand up for what you believe in. Focus on what you can control.
Time Stamp References:
0:00 - Introduction
1:04 - Economics Journey
6:06 - Those In Charge
9:40 - Fed Distortions
13:42 - The Economic Endgame?
17:56 - Inherent Flaws
19:43 - Systems & Government
27:15 - Realigning Incentives
29:35 - Better Bedtime Stories
34:29 - Madness of Crowds
36:52 - Concluding Thoughts
38:49 - Wrap Up