More News, Rumors and Opinions Thursday Evening 3-10-2022
KTFA:
Samson: Kurdistan suspends work for 5 days on the occasion of Nowruz holidays
9th March, 2022
Wednesday, the Kurdistan Regional Government announced the suspension of work for 5 days on the occasion of Nowruz holidays.
Kurdistan Regional Government spokesman, Jutiar Adel, said in a brief statement received by Mawazine News, that "on the occasion of the Nowruz holidays, from Sunday 20/3/2022 to Thursday 24/3/2022, there will be an official holiday in all institutions of the Kurdistan Regional Government. LINK
Samson: Oil prices are rising again
10th March, 2022
Oil prices recovered, Thursday, after the UAE said that it is committed to the OPEC + agreement to increase monthly supplies by 400,000 barrels per day.
US West Texas Intermediate crude contracts jumped more than three dollars a barrel shortly after the start of trading, and it was traded up 1.90% at 110.23 dollars a barrel at 110.77 dollars. Brent crude futures rose 3.17% to $114.66 a barrel.
Yesterday, global oil prices recorded their largest decline since the early days of the Corona virus pandemic about two years ago, and Brent crude futures fell by more than 17% during the session before declining 16.84 dollars, or 13.2%, to reach at the settlement of 111.14 dollars a barrel, which is its worst drop in 1 day since April 21, 2020.
US futures also fell $15.44, or 12.5%, at $108.70 a barrel, also their worst day since November. LINK
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Courtesy of Dinar Guru
Petra Article: "Iraq invites French companies to implement projects in Baghdad" Myriads of countries have "aligned" themselves with business opportunities in Iraq...yet, to my knowledge, nobody is jumping in with both feet...Why? Because Iraq...have not made the commitment...to establish full Article 8 compliance. Yes, they are using Article 8 tools, but until they formally adopt full and final efforts in being Article 8 all such discussions are cordial and friendly but no money is being ingested into the country. [Post 1 of 2....stay tuned]
Petra Because, Freedom of Capital Movement comes with full compliance and the currency, whether NEER or REER has yet to be established closing the loop on Full Article 8 compliance! Who would invest funds knowing they could "disappear"... NOBODY! So, Iraq, all the discussions are great, but...until investors and secondary market players KNOW their money is going exactly where it was intended and IMF protocols are followed to the law! Get your house in order and the countries you have met with will return....with the checkbook!!! [Post 2 of 2]
Europe On the brink of Economic & Political Meltdown !!
The Nomad Economist: Premiered Mar 9, 2022
The global economy is enthralled with the problems at the start of 2019 ; with another major economic crisis brewing in Europe .
The growth of the continent has slowed practically to a standstill, and two of its four biggest economies are on the brink of recession. The Eurozone Crisis has taken a significant toll – both economic and political – on EU member states, including the Union as a whole.
The EU, One of the world’s most extraordinary experiments in governance–a union throwing together what is now 28 countries with wildly different cultures, to fight around a negotiating table rather than on the battlefield–is under siege from within.
Europe is facing economic crisis, immigration crisis, Brexit Crisis, secession crisis, and Rise of nationalism and regionalisms.
And demographically, it doesn't look good. The debt crisis started in 2008 with the collapse of Iceland's banking system, then spread , primarily to Portugal, Italy, Ireland, Greece, and Spain in 2009.
It has resulted in a loss of confidence in European businesses and economies. The ECB is under fire from all sides for its incapacity to stimulate Europe's economies.
The European banks are facing a make or break moment. European banks are in crisis for structural and cyclical reasons.
Abraham Lincoln once had a very famous saying. He said a house divided could not stand. One must remember that the EU has initially been set up to mimic the U.S. in its structure. But that isn't working out. That should be taken as a hint that the U.S. isn't successful either.
It is evident that we are moving towards a Financial Armageddon that will shake the world to its core. The numbers simply don't lie.
Call it a "re-alignment" if you like, but in practical terms, it is the recognition that our path was an unsustainable illusion. We are but pawns in the giant game known as the global economy.
The situation has become dreadful, and the numbers do not work. Borrowing money to simply pay the interest on past debt and Negative Interest Rates is not a prescription that leads to economic nirvana and bliss.
BREXIT to the West, POLEXIT to the East, GREXIT to the South. Full speed ahead with Migration! What could be better than Business bringing energy Supply and Demand together at any cost with the added benefit of denying Russia a lucrative Natural Gas market. The only problem is nationalism, religion, and culture get in the way!
The EU passed laws to make it legal for bail-ins. So if you have under 100,000 Euros, you would lose 40% of your account. If you have over 100,000, you will lose 60%. The recession has left a legacy of non-performing loans on Italian banks’ balance sheets.
Policymakers in Italy understand well significance of correcting their banks’ problems to boost a healthy economic recovery. Reforming the judicial and extrajudicial processes for recovering collateral offers the potential of improving banks’ balance sheets and improving financial stability, not only by increasing loan collections directly, but also by enhancing borrowers’ incentive to service their existing debt.
A combination of market volatility caused by Brexit, questionable politicians, and a poorly managed financial system worsened the situation for Italian banks in mid-2016. A staggering 17% of Italian loans, approximately $400 billion-worth, were junk, and the banks needed a significant bailout.
A full collapse of the Italian banks is arguably a more significant risk to the European economy than a Greek, Spanish, or Portuguese collapse because Italy's economy is much larger.
Italy has frequently asked for help from the EU, but the EU recently introduced "bail-in" rules that prohibit countries from bailing out financial institutions with taxpayer money without investors taking the first loss. Germany has been clear that the EU will not bend these rules for Italy.