News, Rumors and Opinions Wednesday Morning 10-7-2020
TNT:
Tishwash: Under Al-Kazemi's directives, the financial system releases the salaries of employees and finalizes the "white paper" for economic reform
Based on the directives of the Council of Ministers, Mustafa Al-Kazemi .. The Ministry of Finance announced the launch of employees ’salaries, starting Wednesday
Finance said in a statement that it looks forward to cooperating with the House of Representatives and the relevant authorities in order to develop quick solutions to address the current economic and financial crisis, noting at the same time that the financial pressure in the country will continue in the foreseeable future.
The statement indicated that Iraq is facing an economic emergency that will be bypassed by national unity and cooperation between all parties, indicating that the task force led by the ministry has completed the "white paper" for economic reform, and is about to finalize the balance of two thousand twenty-one thousand and twenty-three.
The statement added that the Ministry of Finance is confident that the process of reform and change will lead to a more robust economy and contribute to raising the people's living standards. link
Tishwash: Deputy calls for opening a "file" of private banks and revealing the names of politicians "plundering the wealth of Iraq
A member of the Parliamentary Economic and Investment Committee, Abdul Salam Al-Maliki, called, on Wednesday, for the Anti-Corruption Committee, which was recently formed by Prime Minister Mustafa Al-Kazemi, to open the file of private banks and the nature of their work, and to reveal the names of politicians, who said that they "plunder the wealth of Iraq in legitimate ways."
Al-Maliki said in a statement that Alsumaria News received a copy of, that "the banking business in Iraq
It is still stagnating in place compared to other banks in other countries of the world, and most of the private banks have turned to places to drain hard currency instead of preserving it or contribute to reconstruction and investment, not to mention that some of these banks are fronts for ISIS and terrorist forces deal with them in transferring money inside and outside Iraq", Indicating that" the financial crisis that the country is experiencing and what was accompanied by the delay in paying the salaries of the employees are all related, directly or indirectly, to the delay in banking work, which is the jurisdiction of the Central Bank of Iraq.
He added, "The Central Bank of Iraq has spoken on many occasions about procedures that will be followed to regulate the work of banks, but without any application on the ground until the moment," pointing out that "most of the private banks have become a burden on the financial sector .IraqBecause of the chaos in it, it has turned into one of the doors of currency depletion and corruption.
Al-Maliki called on the Anti-Corruption Committee to“ open the file of private banks and the nature of their work, reveal the political or partisan parties behind them and announce the names of politicians or bank owners who plunder their wealth.Iraq "Legitimate ways under different headings, in order to end the depletion of the currency and put in place plans and laws that regulate the work of private banks, away from the partisan moods of the mafias of corruption
Al-Maliki added that he had previously addressed a parliamentary question to the Central Bank regarding “its procedures in dealing with the state of confusion with the work of private banks. The bank has promised to take measures to address the matter, which has not been achieved. Involved in it. " link
************
Courtesy of Dinar Guru
Delta The banking reforms...We all know...you have to come up with a true rate before you take your banking international. Here's the important part here. For the Central Bank of Iraq to start launching and implementing that...that gives us the conclusion that we are really close to them showing us the new rate. Because the rate is very important. All the stuff that we're waiting for does require the rate, including the white papers. This is very huge. For the Central Bank of Iraq to start doing this, the rate is about to come out...we are on the verge of seeing something from the Central Bank of Iraq.
Pimpy ...The Finance Minister just said since 2003 $203 billion dollars have have been stolen from the Iraqi people. Not dinars - dollars. That's a lot of money. The Finance minister went on to say that could rebuild several countries at that amount of money and rightfully so. Al-Kazemi's government is a lot different it appears. They're doing everything possible to make sure that they wean away the corruption. All this is good because the stronger the economy becomes...the more trust they have in the banks, the more stable they become, the more outsider investors that come in provide an opportunity for the Iraqi dinar to strengthen.
A New Monetary System? Defeat the Fed with Gold!
Life Growth Acadamy: Sep 17, 2020
Derided by mainstream media economists as "a disaster for any large advanced economy” or representing “macroeconomic illiteracy” it seems Donald Trump remains fond of a gold standard.
Today, we explore whether his reelection could lead to a gold standard and in what format that could take and could Trump actually wish to use gold to defeat the Fed?
Dramatic Early Return to Gold Standard? How it could happen.
Life Growth Acadamy: Sep 17, 2020
On October 12th the IMF & world bank convene for an annual conference to address the impact of the pandemic on the global economic outlook, the pathway to recovery and developments in the international financial system.
The conference seems likely to increase the role of SDRs - The IMFs Special Drawing Rights. Today, we consider how this could lead to a dramatic early return of a dollar gold exchange standard.