News, Rumors and Opinions Wednesday Morning 12-2-2020
TNT:
Tishwash: Parliamentary Finance reveals details of the election financing law and 2021 budget developments
he Parliamentary Finance Committee revealed the details of the election financing law, while indicating that the 2021 budget will include the white paper.
Committee member, Majida Al-Tamimi, said in a statement reported by the official news agency WAI, which was reviewed by the information, that “the government has sent the draft election financing bill to Parliament for approval by voting on 329 billion dinars, of which 133 billion and 300 million dinars will be funded from the rounded balance of the 2019 budget to Account of the High Elections Commission ”.
Al-Tamimi added,
"The Federal Minister of Finance also authorizes internal and external borrowing by issuing treasury transfers, bonds and local loans to borrow from international financial institutions and foreign banks to finance the remaining amount of 195 billion and 700 million dinars."
And she continued, "The Finance Committee believes that the government can include these amounts in the 2021 budget, and there is no need to go to a new third borrowing," indicating that "the government will hold extraordinary sessions on the next Friday and Saturday to not complete the discussion of the 2021 budget."
Al-Tamimi indicated that "the budget will include the white paper," stressing that "the Finance Committee also prepared a paper as proposals for cooperation between Parliament and the government to overcome the financial crisis."
She explained, "The current crisis is caused by mismanagement and the lack of accountability of the corrupt, noting that it is impossible for Iraq to declare its bankruptcy," noting that "the budget, if it is prepared well, will set a path out of the current crisis."
Tishwash: With the participation of the House of Representatives and the Central Council. Seminar on Our Monetary Policy and Investment
An economic seminar focused on supporting monetary policy for investment and the private sector in light of the repercussions of the financial and economic crisis, in the presence of members of the House of Representatives, the Central Bank of Iraq and a number of economists and those interested in it.
Development initiatives
He said: "Iraq needs to encourage the economic sectors to rise again through development initiatives undertaken by the Central Bank and the banking sector, especially since the organ consists of 78 banks, including government banks, and the large monetary bloc that is crowded with citizens must have a role in the development process, especially since most citizens are moving towards government banks, because there is a crisis of confidence with private banks and not because government banks provide better services but because they are more secure."
"Some government banks, such as the Industrial Bank, although they finance large and good industrial projects, but their capital is small and does not meet the ambition, and we are seeking to increase its capital to contribute effectively to the central bank's initiatives and the development of the national economy in general," he said.
Real reforms
Dr. Haitham al-Jubouri, chairman of the parliamentary finance committee, stressed that "the economic and financial situation needs to be taken quickly and courageously to prevent economic collapse, as dependence on oil as a primary resource does not even cover the salaries of employees and this is a big problem, and the government issued the white paper as a reform paper, in which it did not specify clear timings and time limits for real reforms to get rid of the economic and financial crisis, and did not specify the parties, who will carry out the reforms and did not provide concrete and quick solutions to the financial crisis, for example including the paper. "Al-Bayda proposals to amend some legislation and laws, but they did not specify what these laws are."
Borrowing policy
"The government's borrowing policy is not correct, and it will get the country into huge problems, we need it if the problem is solved differently, there are other solutions that can be used through the government's general budget, but the government is resorting to easy solutions, and there are some proposals, which have been put forward by the Ministry of Finance to solve the crisis are sterile solutions, such as the reproduction of Jordan's experience in maximizing wills and this is not possible for Jordan to import its total imports (1 billion), while Iraq (75 billion) "We cannot control all the ports because there are multiple parties that control the ports, and the new software system costs a lot of money, it does not solve the problem, because the problem lies in who is working on the system and not in changing the system," he said.
Banking products
Mohammed Shaker al-Dulaimi, president of the Baghdad Center for Renewable Energy, addressed several important issues that contribute to the banking process, the most important of which is protecting small shareholders in private banks, as well as the methodology used by European central banks, and working to introduce new banking products, to encourage citizens to deposit their personal savings that exist outside the banking system, which constitutes nearly two-thirds of the money from the monetary bloc inside Iraq."
Economic development
"The Central Bank has already formed a committee with the participation of the Iraqi Economic Council and bank managers, with the aim of establishing mechanisms to value guarantees at fair value, and the committee came up with clear recommendations and a clear mechanism to value guarantees at fair value, including the establishment of a competent valuation company, and the recommendations we propose to activate because they will contribute to economic development, as well as the reactivation of the industrial initiative and the involvement of banks for the initiative, like the banks, has not done so. link
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Courtesy of Dinar Guru
Jeff Article: "An economist calls for deleting the three zeros from the dinar to strengthen the local currency" Another good article to share with you...talking talking about deleting the zeros to strengthen the dinar. Notice how they used the word "strengthen" the dinar. I don't have to tell you from my opinion it's strengthening. They're telling you it's strengthening...over the last 3 to 6 months they put a lot of articles out talking about devaluing the Iraq dinar. Now they're talking about strengthening the dinar...notice how they're doing this now and they've put an emphasis on it for the past week...this article straight up tells you strengthening the Iraq dinar...
Some Facts about Nesara/Gesara
NESARA / GESARA was the National / Global Economic Security & Reformation Act – the most ground breaking reformation to sweep not only the US, but the planet (thus GESARA).
The act does away with the Federal Reserve Bank, IRS, Shadow Government and more. NESARA implements the following changes:
-Zeros out all credit card, mortgage, and other bank debt due to illegal banking and government activities. This is the Federal Reserve’s worst nightmare, a “jubilee” or a forgiveness of debt.
-Abolishes the income tax.
-Abolishes the IRS. Employees of the IRS will be transferred into the US Treasury national sales tax area.
-Creates a14% flat rate non-essential new items only sales tax revenue for the government. In other words, food and medicine will not be taxed; nor will used items such as old homes.
-Increases benefits to senior citizens.
-Returns Constitutional Law to all courts and legal matters.
-Reinstates the original Title of Nobility amendment.
-Establishes new Presidential and Congressional elections within 120 days after NESARA's announcement. The interim government will cancel all National Emergencies and return us back to Constitutional Law.
-Monitors elections and prevents illegal election activities of special interest groups.
-Creates a new U.S. Treasury rainbow currency backed by gold, silver and platinum precious metals, ending the bankruptcy of the United States initiated by Franklin Roosevelt in 1933.
-Forbids the sale of American birth certificate records as chattel property bonds by the US Department of Transportation.
-Initiates new U.S. Treasury Bank System in alignment with Constitutional Law
-Eliminates the Federal Reserve System. During the transition period the Federal Reserve will be allowed to operate side by side of the U.S. Treasury for one year in order to remove all Federal
Reserve notes from the money supply.
-Restores financial privacy.
-Retrains all judges and attorneys in Constitutional Law.
-Ceases all aggressive, U.S. government military actions worldwide.
-Establishes peace throughout the world.
-Releases enormous sums of money for humanitarian purposes.
-Enables the release of over 6,000 patents of suppressed technologies that are being withheld from the public under the guise of national security, including free energy devices, antigravity, and sonic healing machines.