News, Rumors and Opinions Sunday AM 11-19-2023
KTFA:
Clare: The Ongoing Dollar Crisis
11-18-2023
Written by: Baqir Jabr Al-Zubaidi - former Minister of Finance
The dollar continues to rise, causing prices to rise and further loss of the value of the dinar, without real solutions.
The dollar crisis is a policy crisis of the continued American threat of sanctions, accompanied by the continued bleeding of the currency by private banks that are protected by some influential people, and this conflict is paid for by the citizen.
A change must be made in the Central Bank of Iraq system because all the solutions developed by the Central Bank during the last period did not achieve any results, which means that there is a deficiency in vision, a lack of understanding of the nature of the problem, and a lack of experience.
Monetary and financial policies are confused and unclear, and a balanced policy must be followed and close cooperation and coordination between the financial and monetary policies must be restored, away from uncalculated interventions and political influences, which will contribute to maintaining the stability of the Iraqi currency exchange rate, controlling inflation, and stabilizing price rates to maintain a stable standard of living for the citizen.
The external or internal investor will not risk any project in light of the fluctuation of currency exchange rates. All monetary, financial and economic tools must be used to control the money supply in the Iraqi market and direct the monetary mass towards financing investment projects and keeping it away from speculation.
Solutions exist, and during our tenure at the Ministry of Finance (2006-2010), we succeeded in increasing the value of the dinar from (1,500 dinars to the dollar to 1,170 dinars to the dollar).
We were planning to reach (1,000 dinars to the dollar) and then raise the zeros so that the dinar was equal to the dollar.
The greatest fear is the rise in the inflation rate, which was our main concern and we succeeded in reducing it from 67% to about 4% in 2010, a rate that has not been achieved throughout Iraq’s financial history. LINK
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Clare: Source: Iraqi banks will begin strengthening their accounts in the UAE dirham next week
11/18/2023
The Central Bank of Iraq has completed the final arrangements for the agreement with the UAE’s First Abu Dhabi Bank, according to what a banking source said today, Saturday.
The source told Shafaq News Agency that it is hoped that the actual implementation of the enhancement operations for Iraqi bank accounts in the UAE dirham will begin during the next week, indicating that the first phase of the enhancement will include five Iraqi private banks.
According to the source, the number of banks is expected to double after evaluating the first phase of implementation, which may last for a few weeks.
On Saturday, November 11, Iraqi official sources revealed extensive meetings held by the Central Bank with the American side in the Emirates, which resulted in important decisions regarding foreign transfers and strengthening bank balances in dollars. LINK
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Courtesy of Dinar Guru https://www.dinarguru.com/
Mnt Goat Wednesday intel call to my contact at the CBI: I was told there was a TV media output broadcast that told the citizens the official rate of the dinar would be over $1 in the coming days. They used the PM Al-Sudani in a speech like format to explain most of it...This is part of the education process. So, it did begin...I was told that the process of the revaluation is now in motion and they expect to begin issuing the newer lower denominations to the banks in exchange for the larger 3 zero notes...when they do distribute the lower denominations to the public for circulation, they will start at the airports first...they are only going to use dinars exclusively as of January 1st, 2024 in Iraq. This is also why they needed and allowed to let the banks now hold other foreign currencies besides dollars. [Post 1 of 2....stay tuned]
Mnt Goat ...Iraq is just moving now to standard protocol in money exchanging. This is such fantastic news. As of January 2024 there will be no more program rate...There will be no more dollars taken by any merchant in Iraq...But what is the timing of the switchover, I asked? First let me say it is not going to be a sudden switchover all at once, as many of us anticipated. I was told it would be more gradual and has already begun. So, there is no turning back...Based on this latest conversation with my CBI contact, it could be said that they might be planning to RV prior to January...I will tell you I have never received such good information before... [Post 2 of 2]
Meltdown Coming: Warning Signs Abound | Todd "Bubba" Horwitz
Liberty and Finance: 11-19-2023
“The banks are in big, big trouble,” says market trader Todd “Bubba” Horwitz noting the unprecedented amount of emergency lending the Fed is engaged in.
He is forecasting a 50-70% stock market crash. He also expects new highs for gold and silver over $30/oz.
INTERVIEW TIMELINE:
0:00 Intro
1:00 US Debt outlook
2:19 Interest rates
3:26 Banking system
4:36 Stock market
6:10 Gold & silver
8:46 Oil prices
10:28 Inflation
12:00 Financial freedom
16:30 Market collapse
17:38 Bubba Trading
17:54 Last thoughts