News, Rumors and Opinions Friday Morning 3-6-2020
TNT:
TNT: Update:
Iraqi TV and news stations reported that the budget needs to be recalculated due to the large deficit.
Baghdad news is suggesting that Iraq will receiving sanctions from the international world for its' actions against the protestors and its' failure to protect US interests and citizens.
US officials have announced that an employee at the US Embassy in Iraq is being charged with collaborating with Hezbollah and sharing secret information.
Thursday...
Political blocs from all three nationalities are demanding that Mahdi return to the Prime Minister position. Citizens in the streets are furious after hearing such demands
Tishwash: RBZ disputes printing money claim despite rapid M3 increase (ZIM)
THE Reserve Bank of Zimbabwe (RBZ) has denied reports of printing money despite the supply rate growing 250% last year to $35 billion, with a further 31,42% year to date increase expected by month end.
BY TATIRA ZWINOIRA
A report by The Financial Times alleged that secret money printing by the central bank was taking place.
It quoted the International Monetary Fund (IMF) saying they had recently discovered that the RBZ had revved up the printing press to revive the Zimbabwe dollar to provide State subsidies to gold producers.
RBZ governor John Mangudya claimed that the article was malicious, misleading and calculated to tarnish the image of the central bank.
“The bank notes, with concern, that the article seeks to fabricate an International Monetary Fund Executive Board’s Report on the Article IV Consultation for Zimbabwe which development is quite unfortunate and disrespectful of the IMF as an institution and the Republic of Zimbabwe as a member of the IMF,” Mangudya said in the statement.
“As stated in its Monetary Policy Statement of February 17, 2020, the bank reiterates that the growth in money supply, or more specifically reserve money in 2019, was as a result of subsidies on fuel, electricity and grain and government expenditure.
“The contribution of the gold sector incentive scheme was very minimal to the growth of reserve money. It is also mischievous to allude to ‘secret money printing’ as there is no secrecy in the payment of the gold incentive scheme by the State, through the bank.”
While the RBZ denies printing money, figures from the central bank seem to indicate otherwise.
In the RBZ’s December 2019 monthly economic report, annual broad money stood at $34,98 billion up from $31,82bn in the previous month.
“The growth in money supply reflected increased lending to both the public and private sectors, in support of economic activity,” part of the report read.
The reason behind the growth seemed to point to government needing to fund its expenditure, which was $63,6bn in the 2020 national budget, but has since deviated way off course due to increased subsidies and growing social needs.
The growing social needs are due to rising economic misfortunes from a failing local currency.
“The annual growth in net credit to government marginally declined to 62,71% during the month under review, from 62,86% in November 2019. On a monthly basis, net credit to government rose 2,69% from $15,81 billion in November 2019 to $16,24 billion in December 2019,” part of the report read.
Added to this, the 2020 monetary policy last month stated subsidies on fuel, electricity, grain and other essentials, particularly in the first half of 2019, increased reserve money, which rose to $8,8bn last year.
This increase was from a 2018 comparative of $3,3bn.
Further, the same document stated the need to support domestic cash transactions which also saw currency issued by the bank rising from $0,5bn in December 2018 to $1bn in December 2019. link
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Courtesy of Dinar Guru
Pimpy ...what the heck is going on in the dinar community? People running around panicking about all kinds of stuff. I've heard so much weird crap today...[Guru] Jeff is the only person who's still sticking to his guns. Jeff is saying that this thing is gonna happen between the end of March and sometime beginning of April...That's the way I felt about it [too] and there's no reason for me to change my mind...sometime between the end of March and the beginning of April...
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KTFA:
Gfulcher66: Its amazing to me how many people are still watching Iraq to see the timing of this, dont get me wrong its good to see the puppets acting right but the puppet masters control the timing, not the goi. They didnt take their currency away from themselves and they dont have the power to give it back to themselves. Thats a fact not an opinion
My opinion is we are waiting on the globe to transition into a sound money system with bilateral trade before the PTB/big4 etc allow Iraq to move fwd
Samson: Integrity: Imprisonment for a former government bank branch manager for embezzlement of 600 million dinars
09:28 - 05/03/2020
The Federal Integrity Commission revealed, on Thursday, the issuance of a decision in absentia to imprisonment against a director of a government bank - Ramadi branch, for having embezzled money.
In its statement on the ruling, the Authority indicated that the Director of the bank accused of embezzling financial sums by submitting a false instrument, in addition to buying three instruments at the bank’s branch in Abu Ghraib The beneficiary (one of the employees in the bank) and the team whose case withdrew the amounts of the sukuk, pointing out that these sukuk are forged and not edited by the account holders, and the payment notices are forged, which led to damage to the bank of (612,500,000) million dinars.
The statement added, “The Rusafa Criminal Court for integrity issues reached the full conviction of the accused’s exclusivity after reviewing the evidence obtained in the case represented by the statements of the legal representative of the government bank that requested the complaint against the accused, the administrative investigation and the report of the External Audit Division that recommended its shortcomings, as well as the defendant’s confession, In all the investigative roles and the separate statements of witnesses and accused, their cases.
He explained that “the criminal court issued a 10-year prison sentence in absentia for the conviction in the case that the commission investigated and referred to the judiciary.
He continued, "The decision of the ruling included the issuance of an arrest warrant and an investigation against the convict, and giving the right to the affected party the right to claim compensation before the civil courts after gaining the decision to the final degree." LINK
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26 Schools Closed In Seattle, 150K Hotel Cancellations In San Francisco, And 20 Large Banks Seized
Silver Report Uncut: Mar 6, 2020
So a full day we see the markets have continued their sell-off as investor's fears mount over the economic impact from the school closures in Seattle.
We also see there has already been 150,000 hotel bookings that have been canceled so far for the city of San Francisco.
The changes in shopping trends and tourism decline for California is going to sink many small and medium-sized businesses.
Jamie Dimon is out temporarily due to heart surgery and there are a couple new co-bosses controlling JP Morgan until he recovers. and Lebanon has just seized 20 large banks along with the personal assets of several large banks amid the countries economic collapse and upcoming debt payments..