"Tidbits from TNT" Thursday Morning 3-4-2021

TNT:

Tishwash:  An expert reveals a "financial surplus" that Iraq will achieve ... and the reason is not related to oil prices!

Economic expert Nabil Al-Marsoumi revealed a financial surplus that Iraq will achieve during this year, while it is not just a matter of high oil prices.

Al-Marsoumi said that "Iraq will achieve a large financial surplus in 2021, not only because of high oil prices, but also because of the delay in approving the budget, which will lead to the inability to disburse most investment allocations to ministries and provinces and some allocations for operational expenditures."   link

Tishwash:  Iraqi Economic Relations

Economic theory recognizes the existence of two types of economic relations, the first type known as productive economic relations, the other type known as reciprocal economic relations, and the first type is more important than the second, although the second type is complementary to the movement of the first type.

Economic interests, business destinations, and priorities of legislation are determined by labour laws and the business environment on the basis of orientation and planning to establish stable packages of local productive economic relations, with the support of the international environment, the international community and related organizations.

The country's economy is defined by these economic relations, to shape the business environment and the quality of the economic activities invested.

Productive economic relations include the creation of goods and services, which in turn constitute aggregate domestic production, which is necessary to secure the national income of local families and institutions, public revenues and address the various economic problems. Addressing the problem of unemployment, poverty, deprivation, etc.

Therefore, the visions of economic policy makers are focused on researching mechanisms that deepen these relationships and increase their efficiency locally, in order to maximize returns and domestic surpluses. By extending the roots of joint cooperation with the foreign partner, ensuring the desired goal. It enhances the existing work environment and stimulates it with the requirements of stability and the ability to attract the attention of others, in the future to invest in specific trends that raise the quality of productive economic relations.

 The refore, the value added arises and increases through the other type of reciprocal economic relations or what is known as distributive economic relations, which are responsible for the dissemination of these goods and services in the domestic and international economy, in order to acquire the qualities of domestic production permeable, competitive and global.

In a world where economic relations, long-term agreements and a light-colored global climate are complicated, the Iraqi economy is still betting on the continued dominance of crude oil in the domestic food basket. Any volatility in oil production, its price or both, the alarm will knock on the door of the poor with more hunger and pain.

The economic relations that now prevail in the Iraqi economy are the second type of imported goods and services, even not homemade, which means that there is no share of any added value that stimulates the economy and revives productive activities, because economic relations include only the transfer of goods from one place to another, which means the transfer of wealth from one place to another, without accompanying any creation of new wealth or capital accumulation.  link

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Tishwash:  An international report talks about a threat to the Iraqi dinar ... and an economist "refutes"

An Arab report classified Iraq among 5 Arab countries whose national currencies are suffering from collapse, while an economist refuted the report.

According to a report by Sky News Arabia on Thursday, the population of Iraq, Syria, Lebanon, Yemen and Blacks is under the influence of a gradual deterioration of the local currency against the dollar, which contributes to high commodity prices and threatens hunger and crushing the poor classes.

The report indicated that Iraq is trying to control the exchange rate of the dollar without changing that from the poor living reality, which was naturally affected, according to the expression of the report, which indicated that the price of the dollar reached 1462.5 Iraqi dinars.

The report indicates that the federal government decided at the end of last year to raise the value of the dollar against the Iraqi dinar from 1200 dinars per dollar to 1450, to cover the deficit in the 2021 budget that has not yet been approved, pointing out that this decision contributed to high prices, especially food, as Iraq depends on import In securing his goods.

For his part, the economist Hammam Al-Shamaa considered the report political and not economic, stressing that the Iraqi currency is in a good position.

Al-Shamaa said in a press statement that the Iraqi currency is not subject to decline because the exchange rate is controlled, and the exchange system in Iraq is the fixed exchange system in dollars.

Al-Shamaa pointed out that the decision to reduce the price of the Iraqi dinar does not mean a change in the fixed exchange system, explaining that the fixed exchange system is based on very strong reserves amounting to $ 55 billion, which is equivalent to almost 100% of the volume of Iraq's foreign trade, indicating that the reserve is supposed to be a third of the volume

The country's foreign trade, i.e. what covers 4 or 5 months of the country's trade, but in Iraq the reserve covers a full year of the country's trade and therefore the currency is in good condition and is not vulnerable to collapse, stressing that the report is political and not an economic report.  link

Tishwash:  The Pentagon: An American contractor dies in the missile attack on Ain Al-Asad

The Pentagon announced the death of an American civilian contractor after suffering a heart attack.

It said in a statement that preliminary indications indicated that about ten rockets were fired at Ein Al-Asad base in Iraq.

She said: There are no current reports of casualties among American soldiers by the bombing of the base Ein al - Assad.

And she continued: We cannot accuse any party at the present time of targeting the Ain Al-Assad base, investigations are still ongoing, and C-RAM missile defense systems are working in the defense of our forces present in Iraq.

She indicated: Defense Minister Lloyd Austin was informed of the targeting of the Ain Al-Assad base while he is monitoring the situation closely.

And she assured that we stand ready when needed to assist our Iraqi partners during the investigation of the bombing of Ain Al-Assad base.    link

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Mot:  ~~~ Guard: 'Do you want me to get the cops in here?' ~~~

On my way home from work, I stopped at Taco Bell for a quick bite to eat. I have a $50 bill and a $2 bill. I figure with the $2 bill, I can get something to eat and not have to worry about irritating anyone for trying to break a $50 bill.

Me: 'Hi, I'd like one seven-layer burrito please, to go.'

Server: 'That'll be $1.04. Eat in?'

Me: 'No, it's to go.' At this point, I open my billfold and hand him the $2 bill. He looks at it kind of funny.

Server: 'Uh, hang on a sec, I'll be right back.'

He goes to talk to his manager, who is still within my earshot. The following conversation occurs between the two of them:

Server: 'Hey, you ever see a $2 bill?'

Manager: 'No. A what?'

Server: 'A $2 bill. This guy just gave it to me...'

Manager: 'Ask for something else. There's no such thing as a $2 bill.'

Server: 'Yeah, thought so.'

He comes back to me and says, 'We don't take these. Do you have anything else?'

Me: 'Just this fifty. You don't take $2 bills? Why?

Server: 'I don't know.'

Me: 'See here where it says legal tender?'

Server: 'Yeah.'

Me: 'So, why won't you take it?'

Server: 'Well, hang on a sec.'

He goes back to his manager, who has been watching me like I'm a shoplifter, and says to him, 'He says I have to take it.'

Manager: 'Doesn't he have anything else?'

Server: 'Yeah, a fifty. I'll get it and you can open the safe and get change.

Manager: 'I'm not opening the safe with him in here.'

Server: 'What should I do?'

Manager: 'Tell him to come back later when he has real money.'

Server: 'I can't tell him that! You tell him.'

Manager: 'Just tell him.'

Server: 'No way! This is weird. I'm going in back.

The manager approaches me and says,

'I'm sorry, but we don't take big bills this time of night.'

Me: 'It's only seven o'clock! Well then, here's a two dollar bill.'

Manager: 'We don't take those, either.'

Me: 'Why not?'

Manager: 'I think you know why.'

Me: 'No really, tell me why.'

Manager: 'Please leave before I call mall security.'

Me: 'Excuse me?'

Manager: 'Please leave before I call mall security.'

Me: 'What on earth for?'

Manager: 'Please, sir..'

Me: 'Uh, go ahead, call them.'

Manager: 'Would you please just leave?'

Me: 'No.'

Manager: 'Fine -- have it your way then.'

Me: 'Hey, that's Burger King, isn't it?'

At this point, he backs away from me and calls mall security on the phone around the corner. I have two people staring at me from the dining area and I begin laughing out loud, just for effect.

A few minutes later this 45-year-oldish guy comes in.

Guard: 'Yeah, Mike, what's up?'

Manager (whispering): 'This guy is trying to give me some (pause) funny money.'

Guard: 'No kidding! What?'

Manager: 'Get this. A two dollar bill.'

Guard (incredulous): 'Why would a guy fake a two dollar bill?'

Manager: 'I don't know. He's kinda weird. He says the only other thing he has is a fifty.'

Guard: 'Oh, so the fifty's fake!'

Manager: 'No, the two dollar bill is.'

Guard: 'Why would he fake a two dollar bill?'

Manager : 'I don't know! Can you talk to him, and get him out of here?'

Guard: 'Yeah.'

Security Guard walks over to me and......

Guard: 'Mike here tells me you have some fake bills you're trying to use.'

Me: 'Uh, no.'

Guard: 'Lemme see 'em.'

Me: 'Why?'

Guard: 'Do you want me to get the cops in here?'

At this point I'm ready to say, 'Sure, please!' but I want to eat, so I say, 'I'm just trying to buy a burrito and pay for it with this two dollar bill.

I put the bill up near his face, and he flinches like I'm taking a swing at him. He takes the bill, turns it over a few times in his hands, and he says, 'Hey, Mike, what's wrong with this bill?'

Manager: 'It's fake.'

Guard: 'It doesn't look fake to me.'

Manager: 'But it's a two dollar bill.'

Guard: 'Yeah? '

Manager: 'Well, there's no such thing, is there?'

The security guard and I both look at him like he's an idiot and it dawns on the guy that he has no clue and is an idiot.

So, it turns out that my burrito was free, and he threw in a small drink and some of those cinnamon thingies, too.

Made me want to get a whole stack of two dollar bills just to see what happens when I try to buy stuff.

Mot:  ~~~ and This is only First Grade!! ~~~~