More News, Rumors and Opinions Wednesday PM 9-4-2024
TNT:
Tishwash: Al-Sudani's advisor reveals the results of the discussions between the Central Bank of Iraq and the US Federal Reserve
The Prime Minister's Advisor for Financial Affairs, Dr. Mazhar Mohammed Salih, confirmed today, Wednesday, that the renewed understanding with the US Federal Reserve will allow the Monetary Authority to restore an internal banking market, while he indicated that the results of the discussions between the Central Bank and the Federal Reserve are good and consistent with the rules of work, and he pointed out that they will allow for the implementation of a precise path between Iraqi and international banks.
Saleh told the official agency, which was followed by "Al-Eqtisad News": "We note from the statement of the Central Bank of Iraq that there is optimism about the results of the discussions of its delegation with the Federal Reserve in the United States of America in particular and consultation with the parties of the main banking system in the United States, specifically (the large international banks concerned with international banking operations that cross the markets), and that an advanced model of understandings has been achieved at this stage."
He added, "This came to document the path of steps and banking mechanisms adopted in foreign transfers, especially those related to financing foreign trade for the benefit of the Iraqi market and ensuring a degree of fluidity and high flexibility within the scope of foreign transfer operations and through the effective role that will be played by global correspondent banking entities that enjoy high standards in terms of the strength of compliance, disclosure and governance."
He added, "Such correspondent banking entities across the world will undoubtedly be similar to the 13 private commercial banks referred to in the statement of talks issued by the Central Bank of Iraq, which dealt with the results of the talks between the monetary authorities of Iraq and the United States of America."
He stressed that "this will allow for the implementation of a clear and accurate path in accelerating payment and settlement operations between Iraqi banks and correspondent international banks, as well as the final beneficiary in the trade financing cycle in international trade and exchange areas that Iraq deals with by paying in different reserve currencies," noting that "in addition to the dollar as a payment and settlement currency, other international currencies such as the euro, the pound sterling, and the Chinese yuan will take over the task, down to important stable currencies such as the UAE dirham and the Indian rupee, and that the basis of this coordination with the monetary authorities in the United States comes from the fact that the source of the country's basic reserves before going to diversify with other international currencies is the US dollar itself, which is verified from the oil receipts deposited in the oil dollar currency at the Federal Reserve Bank."
He explained that, "Based on the above, such a renewed understanding according to the roadmap will provide the monetary authority in our country with a clear and highly flexible path to rebuild the domestic banking market on solid reform foundations that are consistent with the standard operating rules adopted in international banking, especially in the matter of building foreign banking relations and the safety of moving money through the global financial and banking systems." link
************
Tishwash: Al-Mandlawi discusses bilateral relations, economic and investment opportunities with the UAE ambassador
Acting Speaker of the Council of Representatives, Mohsen Al-Mandalawi, received today, Wednesday, in his private office, the new Ambassador of the United Arab Emirates to Iraq, Abdullah Matar Al-Mazrouei, and his accompanying delegation.
During the meeting, the future of bilateral relations between the two brotherly countries were discussed, and the promising opportunities to advance them in all fields, especially at the economic and investment levels, in a way that achieves the common interests of Iraq and the Emirates, and reflects on the growth and development of the two countries and the well-being of the two dear peoples.
The Acting Speaker of the Council of Representatives congratulated Abdullah Al-Mazrouei, wishing him success in his diplomatic missions on the land of Iraq, while stressing the depth of relations that bind the two brotherly governments and peoples, and the importance of strengthening them by signing bilateral agreements in aspects that concern the two countries. link
Courtesy of Dinar Guru: https://www.dinarguru.com/
Mnt Goat ...Iraq told us all about how they fully intend to get back the “glory days of dinar” and so...Yes, simply put, they are doing it... at this point the pieces are all aligning so nicely...it’s all about implementing the Financial Reforms and then comes the Project to Delete the Zeros followed by the Reinstatement. You can’t do one without the other... it certainly “is not all done”... the path to the reinstatement is crystal clear... you can see the writing is on the wall. I don’t say this lightly either. We are just about there...
Militia Man Article: "Away from the grey list" Article quote: "Due to the spread of this phenomenon means the Iraqi business environment has become compliant with international standards." They're ready to be Article VIII compliant...To be in compliance you're going to have to have an exchange rate...1310 isn't one of them... This reeks of Article VIII compliance with the IMF, knocking on the door. I think that is powerful.
************
Elite Hoarding Gold & Preparing For Debt Collapse | Gregory Mannarino
Liberty and Finance: 9-3-2024
Gregory Mannarino discusses the impending crisis in the debt markets, highlighting a looming correction exacerbated by the current hyperinflation of debt.
He warns that this cycle, where increasing debt demands more currency issuance, is unsustainable and destructive.
Mannarino notes that central banks and wealthy entities are hoarding gold, suggesting they anticipate a severe economic downturn that the public may not fully understand.
He also criticizes current monetary policies and political promises, arguing that they contribute to inflation and erode the financial stability of ordinary people.
Mannarino advocates for a return to constitutional money principles to address these systemic issues and calls for a major public demonstration against the Federal Reserve to raise awareness and push for change.
INTERVIEW TIMELINE:
0:00 Intro
1:58 Economic update
17:20 Inflation & policy inconsistencies