News, Rumors and Humor Saturday Afternoon 12-4-2021
RV Excerpts from the Restored Republic via a GCR: Update as of Sat. 4 Dec. 2021
Compiled Sat. 4 Dec. 2021 12:01 am EST by Judy Byington
Judy Note: No one really knew when liquidity for the Global Currency Reset would occur as it was a Military decision and they weren’t talking.
Since before Thanksgiving Paymasters have remained in place in order to be ready to pay out Bond Holders, Tier 3 and Tier 4 A, B (us, the Internet Group).
My feeling was that all Tiers would see liquidity sometime within this weekend, or if not, at least by Dec. 15th
Rumors: The Chinese Elders-owned HSBC would lead the process starting with Shanghai Banking Corp. in Hong Kong. In the US redemption/exchange appointments would start in Temple Texas, not Reno.
As of Fri. morning 3 Dec. the new rate of the Iraqi Dinar had yet to show up on the Forex, though that was not surprising since the IMF controlled the Forex and had prevented the new Dinar rate from being published on Mon. 29 Nov. when it went international.
http://www.xecom/currencyconverter/convert/?From=USD&To=CNY https://www.msn.com/en-us/money/tools/currencyconverter
Global Financial Crisis:
Chinese govt summons embattled Evergrande founder. The construction giant has warned there is “no guarantee” it can meet financial obligations in a filing to the Hong Kong Stock Exchange.
China’s Evergrande says it received a $260 million guarantee Friday – which it might not be able to pay
Repayment date on its $300 billion debt may be pulled forward if it’s unable to meet obligations
The company, formerly China’s top developer, failed to pay coupons totaling $82.5 million due on Nov 6
It’s highly likely Evergrande will default on its obligations, even taking into account the 30-day grace period which is about to end.
Read full post here: https://dinarchronicles.com/2021/12/04/restored-republic-via-a-gcr-update-as-of-december-4-2021/
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Courtesy of Dinar Guru
Frank26 [Firefly boots-on-the-ground Iraqi TV update] FIREFLY: We now see the special commercial. It's on TV. We're watching it right now. They're saying that the currency of Iraq is tomorrow's future...They say the special will run through the weekend. It's at 9pm Iraqi time. It's a 1 hour show... FRANK: IMO that means you are just a matter of moments away before they show you what they are talking to you about... FIREFLY: This morning they said all was complete and expected Iraq to be fully compliant sometime in early 2022. Then he said the time is now until we guide Iraq to the stage of the international acceptance of our country's currency... [Post 1 of 2...stay tuned]
Frank26 [Firefly boots-on-the-ground Iraqi TV continued] FRANK: ...IMO they have to show you what they're going to give you first and then give you the exchange rate either simultaneously or just shortly after they show you. They can't just give these new currency note in your hands because you guys will not fully understand. It must not fail with you. Once that step has been accomplished they will show a new exchange rate. IMO the new exchange rate will be more toward the end of the year closer to the beginning of next year or it will be given to you on the 1st... [Post 2 of 2]
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TNT:
Tishwash: IMF Staff Concludes Virtual Visit to Iraq
End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board.
The economy is recovering from last year’s sharp contraction, helped by higher oil prices and easing of the containment measures.
Non-oil real GDP is expected to rebound by 12 percent in 2021 while the fiscal and current account balances are expected to improve significantly.
Higher oil revenues present the opportunity to tackle Iraq’s significant vulnerabilities, strengthen resilience, and achieve durable and more inclusive growth. The IMF stands ready to support Iraq toward these ends.
Washington, DC: A staff team of the International Monetary Fund (IMF) led by Tokhir Mirzoev held a virtual mission with the Iraqi authorities during November 28 - December 2 to discuss recent economic developments and outlook as well as policy priorities in the period ahead.
At the end of the mission, Mr. Mirzoev issued the following statement:
“The Iraqi economy is recovering from last year’s sharp contraction, helped by the increase in oil revenues and easing of the COVID-19 containment measures. In recent weeks, new COVID-19 infections have declined significantly, and the vaccination rate has been gradually improving. Real non-oil GDP is expected to expand by 12 percent in 2021 and oil output is projected to gradually increase in line with the OPEC+ agreements. Inflation has reached 7.2 percent in September and is projected to ease in the coming months.
The fiscal and external current account balances are expected to improve significantly in 2021 from double-digit deficits in 2020, mainly due to higher oil prices. The recovery is expected to continue in the medium term albeit subject to considerable downside risks, most notably related to the oil market volatility and the COVID-19 pandemic.
“Higher oil revenues present an important opportunity to tackle Iraq’s significant underlying vulnerabilities, strengthen resilience to future climate and other challenges, and advance key socio-economic priorities. Achieving these goals will require strengthening public finances, while creating the fiscal space for much-needed investment and social safety nets and promoting private sector development.
To this end, key priorities include a civil service reform aimed at increasing public sector’s efficiency and containing the wage bill, reducing inefficient energy subsidies, diversifying fiscal revenues, stemming losses in the electricity sector, strengthening governance. Improving the coverage and targeting of social assistance will help better protect the most vulnerable.
And restructuring large state-owned banks and strengthening their governance will be critical to revitalizing the financial sector and ensuring private sector’s access to finance. The IMF stands ready to support Iraq in these endeavors.
“The IMF staff team would like to thank the authorities for candid and productive discussions during this mission.” ink
TNT:
Tishwash: Iranian currency records a new collapse
On Saturday, the Iranian "riyal" recorded a new collapse after reports of the failure of the nuclear talks that concluded Friday, its sessions between Iran and international powers regarding reviving the nuclear agreement.
Local news websites and centers concerned with foreign exchange affairs in the Tehran Free Market reported that the riyal recorded a collapse against foreign currencies.
The exchange rate of the US dollar against the Iranian riyal amounted to 301 thousand and 700 riyals, while the exchange rate of the euro against the riyal amounted to 342 thousand and 250 riyals, and the exchange rate of the British pound reached 400 thousand and 450 thousand Iranian riyals.
The failure of the nuclear talks between Iran and the "4+1" group in Vienna, which began last Monday, amid talk of Tehran and Washington's lack of optimism about this round, affected the price of coins in Iran.
"The dollar exchange rate in the market today hit a record high in 14 months," Mohammad Kesheti Arai, deputy head of the Tehran Gold Association, told the Iranian "Tijara News" website.
However, the Iranian government-run "IRNA" news agency wrote in response to the dollar's rise that pessimism about the outcome of the talks was "a line drawn by the enemies" and called for government intervention to balance the market.
It is not yet clear to what extent the dollar exchange rate in Iran will continue to rise, but in September of last year, the price of the dollar reached its peak at 320,000 riyals, after which the Central Bank was able, by injecting a huge dollar into the market, to reduce this figure to less than 210 thousand Iranian riyals.
The seventh round of talks to revive the nuclear deal concluded in Vienna on Friday. In this round of talks, Iran presented two drafts that Western countries described as exaggerated and unacceptable.
It was not clear when the eighth round of the Vienna talks would take place, but Western diplomats said: "If Iran does not show the necessary flexibility in the talks, the talks will fail."
It is expected that the dollar exchange rate will continue to rise and the Iranian currency will depreciate, while the country's inflation rate has exceeded 50%.
Last October, Iranian President Ibrahim Raisi called on the Central Bank and the Ministry of Economy to stop the growth of the exchange rate and devalue the riyal. link
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Mot: Red Skelton - Two Highway Patrolmen & Two Texans & Frogs.............