More News, Rumors and Opinions Thursday PM 10-7-2021
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Samson: Dozens Of Lebanese Protest Against The Continued Seizure Of Their Money By Banks
6th October, 2021
Dozens of Lebanese bank depositors participated in a protest sit-in in front of the Central Bank in the capital, Beirut, to demand their money held by banks operating in the local market.
And press sources reported that dozens of protesters participated in a sit-down called by the “Lebanese Depositors Association” (non-governmental), in front of the Central Bank in the Hamra area, west of Beirut, in refusal to continue holding their money in banks.
The protesters expressed their rejection of the “Central” policy of giving them their dollars held in banks, based on the exchange rate of 3900 Lebanese pounds to one dollar, which is a low price compared to the actual price on the black market, which is today 18.1 thousand pounds.
Depositors criticized the adopted financial and monetary policies, and raised several slogans, including “Pandora shamed you,” and published pictures of Central Governor Riad Salameh and bank owners stained with blood. And the “Pandora Documents”, an investigation by the International Consortium of Investigative Journalists, accuses hundreds of politicians and their relatives around the world of committing financial irregularities, including Lebanese Prime Minister Najib Mikati, Central Bank Governor Riad Salameh, and former Prime Minister Hassan Diab.
During the sit-in, "Hassan Mughniyeh", one of the depositors, told reporters: "The protesters will continue the march until we get our money back, specifically from the prime minister." He added: Do not expect anything from these representatives, this is a corrupt system participating in the theft of our money, and the Discriminatory Public Prosecutor must hear us because we will not be afraid of anyone.
On Monday, October 4, the Association of Banks in Lebanon, in a statement, rejected what it considered the systematic “targeting” that banks have been subjected to for more than two years, explaining that it “does not constitute a regulatory authority, and it has no role in the decline in the exchange rate.”
For two years, Lebanon has been experiencing an unprecedented severe economic crisis that has led to the imposition of severe restrictions on depositors' funds in local banks, and an unprecedented collapse in the value of the local currency against the dollar. LINK
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Samson: The digital economy is a tributary to the economy
7th October, 2021 by Zaki Al-Saadi
We often hear the term digital economy, its indicators and its impact on the national economy.
Diving into the details of this topic requires writing volumes that talk about its applicability, benefits, and obstacles.
Leaving the paper economy and joining the digital economy requires first a national political will to achieve it and then scientific planning for its implementation and protection from penetration and work on its continuous updating and training of scientific and economic cadres for the purpose of its implementation. T
hat this development must take place because the world began this more than two decades ago.
Digital development makes human control much less, and thus makes it difficult to manipulate inputs and outputs, thus reducing opportunities for corruption and bribery, and adopting a solid economic system that ensures that resources go to the state treasury.
The process of digitalization in some administrative matters facilitates all civil service operations that suffer from deadly red tape and thus makes life easier for citizens.
One of the most important forms of the digital economy is the digital currency, the ease of trading, and its support as an alternative to the monetary currency.
One of the most important forms of the digital economy is the use of its techniques in taxes and financial resources, thus ensuring the flow of public money in the correct manner. Thus, we have added more than three billion dollars to the state treasury instead of the current amount, which is estimated at 650 million dollars in the best case.
Political will is the first step to building a solid digital economic system. LINK
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Courtesy of Dinar Guru
Vital Brad The rate if I had to guess - The Kuwaiti dinar is worth $3.32 . I think the Iraqi dinar is going going to come out at the rate that it was decommissioned at - $3.22. It's a guess. Everyone's got a guess. Not financial advice.
Pimpy Is the Iraqi exchange rate about to happen...on the 17th? ...You guys were bombarding me with this. CBI Document [Instructions for buying and selling foreign currency for the year 2021] ...All this is saying is there's new policies/procedures that are going to be implemented dealing with the exchange companies and it's going into effect on 10-17-2021...Nothing in there says they're going to make the rate change happen...look don't get me wrong. It's not that I don't want it to happen on 10-17. If it does I'll be thrilled to death...all this means is they're implementing new policies and procedures.
Peter Schiff - The Government Admitted to Running the World's Largest Ponzi Scheme
Silver Bullion TV: Oct 6, 2021
SBTV spoke with Peter Schiff, Chief Economist and Global Market Strategist at Euro Pacific Capital, about the absurdity of the US debt ceiling debacle and the government's public admission to running the world's largest Ponzi scheme!
Discussed in this interview:
00:00 Introduction
01:27 Can the Fed go through with the taper?
05:04 What's with the daily trillion-dollar reverse repos?
07:12 Insider trading at the Fed?
09:14 US debt ceiling debacle
12:21 Will the $1 trillion platinum coin ever materialize?
13:35 Evergrande contagion ahead?
15:42 When the Everything Bubble pops
17:03 When the world buys gold, it'll be too late.