News, Rumors and Opinions Tuesday Morning 8-11-2020
TNT:
Tishwash: Parliamentary Finance calls on the government to present its reform paper, and this August 24 deadline
Parliamentary Finance Committee explained that the government’s deadline to present its reform paper that it promised ends on the 24th of this month, and therefore it is bound by this date, and despite the absence of any indications from the government in this regard, the Parliament has prepared a reform paper to be added to the government’s paper to help it achieve Promote the country's economy.
The reporter of the Finance Committee, Ahmed Al-Saffar, confirmed that "the government is supposed to present its reform paper to parliament, and that an extraordinary session will be held within the next two weeks."
Al-Saffar said, "The Finance Committee is working on a reform paper, and it is assumed that there will be a meeting with the government to unify the two papers and come up with a reform paper that promotes the economy, maximizes revenues and guides expenditures to get rid of loans, as the state can properly control its resources." link
Tishwash: A series of explosions targeting the American army at the Jericho port, between Iraq and Kuwait
Media sources reported, on Tuesday, that the American forces had been targeting the border area between Iraq and Kuwait, indicating that the target point was intended for the passage of logistical materials for the American army.
The sources said, "A series of IEDs targeted a military residence site for the US army in the border area between Iraq and Kuwait, and
added that" the target point is for the passage of logistical materials for the US army. " link
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Courtesy of Dinar Guru
Scrappy keynote: US Dollar becoming asset backed is TIMED with the rate change. Because the dinar is one of the assets backing the USD (THAT'S HUGE). ...half of Iraq 's fiscal year start's 10/1...US's fiscal year starts 10/1...Iraq can only change their rate at the begging of a new fiscal period...That's why the (White Paper) reforms are linked to a budget (require funding). The HCL is a REFORM (oil payments to citizens) that requires budget funding. Iraq 's current constitution only goes to article 139, they have to amend the constitution and add both HCL & ARTICLE 140 to it. Both 140 & HCL have been approved since 2005 and cant be implemented until the rate changes. Those are some of the WHITE PAPER REFORMS waiting on the rate change budget approval for the 2nd half of their year... If Iraq doesn't Change their rate in September, then were waiting until March of next year.
Pimpy Article: "The second round of strategic dialogue between Ira and America will start soon, amid Suni-Kurdish support" Quote: "Kurdistan region of Iraq are awaiting the results of the second round of strategic dialogue negotiations between Iraq and the United States which is scheduled finally for August 20th..." If you think about this, this is towards the end of August...then they will have the rest of September, all of October and then elections the first couple of days in November. Man if I was Trump, if I wanted to make some people very very happy and you wanted to give some kind of boost to economies around the world, I could think of a way...how about we just reinstate that $3.22 right there. I would love to see that...
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Bank Runs Spreading Rapidly As Bankruptcy & Bad Loans Abound In The Worlds Largest Banking Sector
Silver Report Uncut: Aug.19, 2020
The Bank runs are spreading rapidly after fears rise of failing financial institutions. It's no secret that China's banking sector has already been a massive House of Cards. not only is it world's largest financial sector but it's also the world's largest collection of non-performing debt.
In 2019 there Central Bank performed a stress test and they found more than half of the banks would fail if the nation's GDP were to fall down to 4.19% GDP growth in the first quarter alone China was around negative 6.8%. so the official policy stance is whenever a bank run begins in China they are to refer to it and its causes as a rumor so clearly there's been a lot of rumors spreading recently.
Pretty much the only response they have is just to go and to arrest anyone who speaks about Bank runs beginning or any weakness in their financial sector. now we were warning about their banking sector long before this crisis came along and the thing is similar to the banks in the US loans are going bad at a record pace we also seen there has been a massive surge in bankruptcies.
Now the bank in question is a bank of Huludao and the bank run took place on August 3rd there's been 13 people that have been interrogated and so far two people have been brought into custody by security officials.
There was also the bank of Gansu in April and the number of other small rural lenders that have been showing so much weakness at their customers they've been fleeing with their deposits.
Another thing is China's banking sector is so large because of the amount of depositors a lot of their banking isn't like the United States they're very dependent on people keeping their money in the banks any sign of stress and people get nervous and begin to go and take their money out of the bank and that's what we're seeing happening at numerous institutions Across the Nation.
You know the interesting point is it these are not Rumours their banking sector is in serious trouble and it kind of reminds me of that saying if a tree falls in the woods and no one is around to hear the sound does it make a noise I think the answer is yes.