More News, Rumors and Opinions Wednesday Night 5-27-2020
KTFA:
Golfkdicke: Just got a call from a friend in NYC who works for an armored truck company. He told me yesterday at 5am he had to go to the Federal Reserve and picked up 500M USC. They took it to Newark Airport and had loaded onto a plane headed for Iraq.
Osmosis: party time for EID?
GodsServant: Short term loan maybe
Samson: Parliamentary Foreign Ministry intends to open the file to recover smuggled money abroad
15:23 - 05/27/2020
On Wednesday, a member of the Parliamentary Committee on Foreign Affairs of the Emirate of Al-Emara revealed the parliament’s intention to open the file for recovering smuggled money abroad, indicating that there are specialized committees within the cabinet seeking to recover the smuggled money.
And the emirate said in a statement to the "information" that "there are joint parliamentary movements with the committees formed within the cabinet to work to recover all the money smuggled outside the country."
She added that "her committee is ready to show any assistance in order to recover this money," noting that the coming months will witness a high-level movement on the file of smuggled funds. LINK
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Don961: The House of Representatives awaits the government's choice to tackle the economic crisis
05/27/2020 09:04:11 PM Baghdad / extent
The Finance Committee in the House of Representatives says that the government is studying several options to provide and secure the salaries of employees, retirees, and social welfare for the months of June and July, including the reduction of salaries of higher grades and internal and external borrowing, adding that it is awaiting the arrival of these decisions to the House of Representatives for discussion and review after the Eid holiday.
Sherwan Mirza, a member of the Parliamentary Finance Committee, talks to (Al-Mada) that "the parliament is waiting for the government to take the necessary measures to address the economic problem to build its opinions and ideas," stressing that "there are many proposals before the government to overcome the crisis of falling oil prices in global markets." .
Iraq, which is the second largest producer of OPEC, faces an acute economic crisis as a result of the drop in oil prices, and an agreement to cut production by more than one million barrels per day, which begins to run this month, as well as the pandemic of the Corona epidemic.
And stresses that "Iraq will go through an economic crisis in the months of June and July after the decline in oil prices and decline," noting that "the Parliamentary Finance Committee is awaiting the arrival of government decisions to address the economic crisis taking place in Parliament." And the government emergency cell responsible for providing financial liquidity is moving towards internal borrowing to pay the salaries of state employees, retirees, and social welfare for the coming month of June due to the lack of oil and non-oil revenues that do not exceed (2) trillion dinars per month.
The Emergency Financial Reform Cell developed a plan to confront the economic crisis, which is to address the higher salaries and work to reduce them during the next two months, as well as the possibility of issuing a national bond (borrowing from citizens) with high interest and many concessions.
The MP from the Kurdistan National Union bloc pointed out that "it is not possible to reduce the salaries of employees without legal cover. As for the allocations, it can be reduced by a government decision without consulting any party."
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, has confirmed in press statements that "urgent and structural reforms will be taken to confront the temporary economic crisis that will extend to the end of this year or to the first quarter of next year," noting that "there are emergency measures that the government will work on It is very difficult to take, in addition to a long-term reform process in dealing with the movement of the private sector. " The MP from the Sulaymaniyah Governorate continues his speech by saying that "among the proposals studied by the government are internal or external borrowing, changing the exchange rate of the Iraqi dinar, reducing the salaries of special grades, reducing allocations and selling bonds," stressing that "Parliament expects the government to adopt one of these options."
He believes that "the government will take its austerity decisions after the Eid holiday to face its economic crisis," noting that "our problem in the months of June and July is to pay the salaries of state employees, retirees, and social welfare."
The Minister of Planning, Khaled Battal Al-Najem, last week discussed with the World Bank mission ways to enhance national efforts to confront the Corona virus pandemic, and the current financial crisis in Iraq, due to low oil prices.
In turn, another member of the Parliamentary Finance Committee explains, saying, "The economic crisis is not a government crisis, but a people crisis because of the lack of oil revenues, which forced the state to study several options to overcome them, including internal and external borrowing and the strengthening of customs resources."
Representative of the Parliamentary Committee, Ahmed Mazhar, adds in a statement to Al-Mada that his committee "refuses to prejudice the salaries of employees," noting that "the government has several options to overcome this crisis, including reducing the salaries of higher grades from a general manager and above."
And he confirms that "the idea of resorting to compulsory saving is not on the table at the present time," noting that "the parliamentary finance is awaiting the government’s austerity decisions and sending it to parliament for review and discussion."
The head of the Parliamentary Finance Committee, Haitham al-Jubouri, had alluded, in a televised speech, to the government's inability to secure employee salaries during the coming months.
The MP shows the appearance that "the proposals for reducing the salaries of special grades will be fifty percent," noting that "all of these proposals will be discussed in the parliamentary finance after the holiday." LINK
Courtesy of Dinar Guru
Jeff ...There's really only 3 things in the news right now. The first would be Kurdistan and Baghdad to resolve their differences. The 2nd one would be the completing of the government - the last 7 remaining ministers and then the 3rd one is all the economic articles. That's it...so what they're telling you here is the two items - Kurdistan trying to resolve their differences with Baghdad and the 2nd one completing the formation of government...they're telling you what their delay is before they can launch their economy. It doesn't get any more cut and dry and simplified than that. They're telling you what the delay is. They're saying, 'hey Kurdistan has to reach an agreement with Baghdad and Baghdad has to get the last 7 ministers in there.' They're telling you what the delays are before they can launch the economy. That's why now they're talking about the economy around those items. That simple. That's what you're waiting on...
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Currency 365
"Sadr 72 hours"/Jim Willie "Global Reset" Part 1
May 27, 2020
National Economic Activity Worst Collapse In History, Promises Or Lies, We Never Recovered From 2008
Silver Report Uncut: May 27, 2020
First, we look at the Chicago Feds national economic activity indicator which reveals a shocking decline, in fact we have never experienced a worse collapse in economic activity in US history.
There's also the fact that economic policy seems to be stock market policy and a look at the consumer confidence index reveals that current business conditions have fallen to the lowest level in history yet the expectations for future business conditions have begun to rise so at least there's hope.
The heart of the matter is there is a fine line between hope and lies and sometimes hope in something that is unrealistic can lead to huge disappointments and critical investing errors.
Kudlow was saying the US could produce the largest GDP growth in history in Q3 and His boss was explaining the big push has already begun.
It's promises like these that convince 44,000 retail investors to buy into Hertz weeks before they file for bankruptcy and the stock plummets.
We covered how the stock had fallen to $1.83 yesterday in a stunning collapse well it continued and the stock fell to $0.60 yesterday plunging over 80%. It's unclear what the future holds for this company but the message is the story that we would see a V-shaped recovery was so captivating to many it leads to risky investments and many people have lost everything.
The top 5 stocks total market cap has reached the highest level in history comprising of more than 20% which is truly unprecedented and we find while they are up 10% the other 495 stocks in the S&P are still down over 13%.
To me it seems clear these people are willing to do and say anything it takes to pumps stock prices higher and the truth is the things they have been bragging about are not far off the usual path toward the end of a business cycle as unemployment typically trends down until it meets a trough or a low point then a slight tick up before the next recession, the tax cuts were funneled into the stock market rather than on increasing production and this means the things they were explaining were symptoms of the greatest economy ever were not much more than parlor tricks and natural occurrences and not the result of astute policy.
We will never have a real recovery if we devote all policy decisions around pretending we had one.