News, Rumors and Opinions Thursday 7-9-2020
TNT:
Briona: No bad news is good news.
Briona: The only news that matters is when we hear It's Go Time.
Ify: I read the venezuela bolivar might be in this first basket. any rumours about this or rates to go with it, if so?
Eccle519: ify: If you really want to go through again waiting for a broken country's currency (worse than Iraq) to come online? No thanks lol
Clintonya: If the fed keeps printing money none of this is gonna matter because the dollar will be worthless. Lol
Eccle519: IMO, we are going to a Gold backed system very soon and when we do all the currencies will be on that level playing field (fiat is on a ventilator rigth now lol
ManofHonor: The problem with the gold standard is that it is limited. Then only those that have the gold have the power. For quite some time the discussion has been to create a natural resource, industrial resource, labor resource backed system. Your country's currency value would be based on these areas.
Eccle519: Yes I know, it won't be gold alone but many involvements like crypto and resources and SDR's etc...it's being linked right now…...It's all going digital/crypto whether you believe it or not, CBDC's (Central Bank digital coins) etc
Eccle519: there is a whole new Ledger system being developed on the internet called DLT (distributive Ledger Technology) and ILP (Inter Ledger Technology) basically an internet of value that hasn't been possible till now! Those who purchase now the coins designed for those Ledgers will be millionaires…ILP (Inter Ledger Protocal) This new value system online will be as revolutionary and free as the email was back in the day
Eccle519: It is already being used for $Millions daily to Mexico, Phillippines, Japan... and many, many others right now….With this new value system any currency can be sent to any currency and instantly exchange in seconds
Ify: No News is Good News --- "The Sound of Silence" version sung by Disturbed - https://www.youtube.com/watch?v=Bk7RVw3I8eg
Smitty76: Wells Fargo to cut jobs https://www.foxbusiness.com/money/wells-fargo-job-cuts-report
Tishwash: Bank transfers under the hammer of checking the sources of financing and complex procedures after Iraq was included in the financial risk ist
Economic experts said, Thursday, July 9, 2020, that the European Commission’s decision to include Iraq in the list of countries that ,pose financial risks to the European Union, due to a deficiency in the fight against money laundering and terrorist financing
It will make the financial transfers to Iraq go through a series of checks and requests evidence of the legitimacy of the transfer and the source and .purpose of the funding, which hinders the process of the flow of funds necessary to develop investments in Iraq
And a report by an American website quoted specialists and economists said that the inclusion of Iraq in the European list will lead to the possibility of imposing more restrictions on financial transfers to and from Iraq, making it difficult for Iraqi and European investors to work in the countries that are .already suffering from a severe financial crisis
The Iraqi economist, Salam Al-Rubaie, said that the European regulation is not sanctions as much as restrictions, indicating that the issue of money .laundering and terrorist financing is a very sensitive issue in the global financial system
He added that the new restrictions mean that financial transfers to and from Iraq will go through a series of scrutiny and request evidence of the .legitimacy of the transfer and the source and purpose of the financing, which would disrupt the flow of funds necessary to develop investments in Iraq
The economic expert, Hassan Al-Asadi, said that financial transfers to Iraq will be subject to more severe and more bureaucratic conditions, which will raise the costs of the transfer and the costs of credit, adding that companies that want to invest in any country take financial and security information from their governments, and this means that investments in Iraq will be difficult and perhaps not Possible if the European Union governments will inform .their companies of the situation in Iraq
Al-Asadi explained that the issue of the currency auction may be another reason in the European classification, because the banks are involved in the currency auction and the transfer of large funds out of Iraq, and this is a large potential chapter for the topic of money laundering especially that the banks participating in the currency auction do not provide banking services to the Iraqis and their activity is limited to profiting From the currency .auction
He pointed out that the foreign minister should not express his surprise at Iraq’s position on this list because the Lebanese financial crisis has revealed the presence of billions of dollars of Iraqi oil money placed by the Kurdistan Regional Government in Lebanon’s banks without the knowledge of the Iraqi government, and this process may have thrown more of Question marks on the Iraq financial file, and the Minister of Finance was director of the .President's office
And the Central Bank of Iraq is auctioning to sell the US dollar at reduced prices in order to maintain the stability of the dollar price in the Iraqi market and reduce it, but this process is facing widespread and continuous criticism because it causes "the hard currency to bleed abroad", and encourages .import at the expense of local production Under European Union laws, banks, other financial companies, and tax companies are obligated to have more careful scrutiny of their customers who .have dealings with the countries on the list
And put Iraq on the list of countries that have weak financial systems towards combating money laundering and terrorist financing in February of 2019, and the Union confirmed its position in the same list last May, and according to the statement issued the list it aims to protect the financial system of the .European Union by improving the prevention of money laundering And the risks of financing terrorism
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Courtesy of Dinar Guru
Pimpy There's a major major announcement that happened today...What is going on? A message from the EU that takes us one step closer to what I was talking about. I do believe when Al-Kazemi comes over here I'm hoping we're gonna see a push by Trump to recognize the sovereignty of Iraq...look at this message - Article: "The Anti-Money Laundering Office issues a statement on the European decision: Iraq will be removed from the list of high-risk countries soon". This is great. This means you start removing restrictions off of Iraq and start recognizing them on the International scene. This is big news. I have a feeling they are waiting for this announcement. What announcement? ...I think we're waiting for the big dog himself to come out. Our president Trump to come out and make this announcement that hey we need the international community to once again recognize the sovereignty of Iraq. I believe that is coming as long as they continue to do what they're doing right now...this is super huge news.
Iraqi Dinar News 07/09/20 - Another big announcement
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