More News, Rumors and Opinions Sunday Night 11-13-2022
TNT:
Tishwash: An American network determines the value of stolen Iraqi funds from 2003 to 2021
Today, Sunday, the American network MSN revealed what it described as the estimated outcome of the amount of money looted from the Iraqi .public treasury from 2003 until last year
The network stated, during a report it published on the rampant corruption in Iraq, and translated by (Baghdad Today), that "the official figures and statistics issued last year showed that Iraq has lost "400 billion euros from its public treasury only since 2003 until today"
In reference to The money that was stolen directly from the government treasury, and continued, "to this day, efforts to combat corruption are still unclear," citing the continuation of investigations into the theft of $2.5 billion from the tax credit fund so .far without "tangible results," as one example described it link
TNT:
Tishwash: An American network determines the value of stolen Iraqi funds from 2003 to 2021
Today, Sunday, the American network MSN revealed what it described as the estimated outcome of the amount of money looted from the Iraqi .public treasury from 2003 until last year
The network stated, during a report it published on the rampant corruption in Iraq, and translated by (Baghdad Today), that "the official figures and statistics issued last year showed that Iraq has lost "400 billion euros from its public treasury only since 2003 until today"
In reference to The money that was stolen directly from the government treasury, and continued, "to this day, efforts to combat corruption are still unclear," citing the continuation of investigations into the theft of $2.5 billion from the tax credit fund so .far without "tangible results," as one example described it link
Courtesy of Dinar Guru
Sandy Ingram The governor of the Central Bank of Iraq is participating in the Autumn Conference of the Iraqi British Business Council which opened...Thursday in Dubai. The governor made several statements however this one statement is akin to what we hope to hear and see in Iraq... [Post 1 of 2....stay tuned]
Sandy Ingram Quote: "Money is the lifeblood and the means of development and prosperity, and we calculate that our banking sector is qualified to play the roles that everyone aspires to." We rarely hear from the Central Bank of Iraq...but since the Saudi Wealth Fund is investing in Iraq we are learning more about the CBI in the news... [Post 2 of 2]
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KTFA:
Samson: More than 80 Japanese companies express their desire to invest in the Kurdistan Region
13th November, 2022
The Minister of Municipalities and Tourism in the Kurdistan Regional Government, Sasan Awni, announced on Sunday that dozens of Japanese companies wish to implement investment projects in the region.
Awni said in a statement he made to reporters from Erbil, that during the past two years, we have held meetings with more than 80 Japanese companies in the form of (online) and through the agency (JICA), indicating that these companies wish to come to the Kurdistan Region, invest and work in it.
He added that the Kurdistan Regional Government and the relevant ministries have informed their readiness to cooperate, coordinate and provide full support to those companies and other foreign companies wishing to implement investment projects in Kurdistan through partnership and cooperation with local companies. LINK
“The Fed & 3 Major U.S Banks Were Just Forced To Buy Back This ENTIRE US Asset” | Lyn Alden
Two Dollars Investing: 11-13-2022
Lyn Alden explains the grave danger the U.S economy is in when they bought this back
MARKETS A LOOK AHEAD: Expect The Global Money Supply To BALLOON!
By Gregory Mannarino 11-13-2022
How to Prepare For a Recession
How to Prepare For a Recession
Posted March 17, 2022 by Ben Carlson
A reader asks: What are some moves you’re making to prepare for the recession?
There seems to be a growing consensus among smart people I follow right now:
Inflation was already high and is only going to get worse because of the war. We could easily see a 10% inflation print this year.
The war is going to cause massive food shortages in the next year since so many agricultural commodities come from Ukraine and Russia.
Supply shocks were already bad and are only going to get worse. Tack on China’s Covid outbreak that’s shutting down entire cities and the supply chain is in trouble yet again.
Therefore, a recession is now inevitable.
How to Prepare For a Recession
Posted March 17, 2022 by Ben Carlson
A reader asks: What are some moves you’re making to prepare for the recession?
There seems to be a growing consensus among smart people I follow right now:
Inflation was already high and is only going to get worse because of the war. We could easily see a 10% inflation print this year.
The war is going to cause massive food shortages in the next year since so many agricultural commodities come from Ukraine and Russia.
Supply shocks were already bad and are only going to get worse. Tack on China’s Covid outbreak that’s shutting down entire cities and the supply chain is in trouble yet again.
Therefore, a recession is now inevitable.
Last week I even hopped on this bandwagon by showing how a recession is the only way we’ve seen high inflation fall in the past.
I do believe the probability of a recession is higher now than it was a month ago.
However, when dealing with probabilities, you have to look at both sides of the argument. Nothing is 100% certain in the markets or the economy.
Let’s look at the other side of this argument to show what could keep us out of a recession for a while longer.
There is a ton of pent-up demand.
Delta’s CEO said the airline just had its busiest two days in history in terms of sales. Travel spending is booming right now.
I was at Disney last month. The parks were packed every single day. My Disney insiders tell me they think sometime in March could see the busiest week ever for their theme parks. And I know from experience — Disney is not cheap. Inflation is not holding back spending at the parks.
The housing market remains scalding hot, even in the face of rising mortgage rates. Logan Motashami posted this picture of people lined up down the street waiting to see a new listing in California last weekend:
This is not exactly recessionary behavior.
To be fair, these are just anecdotes. How about some data?
Each quarter, the Federal Reserve releases a report on household wealth. Last year saw the largest increase in household net worth ever: LINK
U.S. household net worth surged almost $19 trillion in 2021. Real estate alone accounted for more than $5 trillion of gains.
Households have never been wealthier.
So on the one hand, rising prices could cause consumers to rein in their spending on certain products and services.
On the other hand, inflation has only been above trend since last April. Consumers have been saving and paying down debt for two years. It’s certainly possible U.S. households will complain about inflation but then go into debt and spend down their savings to make up for higher prices.
That could certainly extend the expansion.
Both arguments have their merits.
So we could go into a recession this year or next year or four years from now.
I honestly have no idea.
All I know is we will have a recession at some point.
Since World War II, we’ve had 13 recessions in the United States:
This means that over the past 80 years or so, a recession has occurred once every 5.9 years on average.
Now, recessions don’t run on a train schedule. Sometimes they happen in quick succession (like the 1950s or early-1980s) and sometimes they are few and far between (like the 1990s or 2010s).
The way I look at it is you’re not preparing for THE recession but a recession. There is a difference.
To continue reading, please go to the original article here:
https://awealthofcommonsense.com/2022/03/how-to-prepare-for-a-recession/
Game over! China & EU BRICS Partnership is Collapsing the US Economy
GAME OVER! China & EU BRICS Partnership Is Collapsing The US Economy? End Of Petrodollar OPEC Next?
Investing Future: 11-12-2022
Could BRICS & the EU working together cause the collapse of the US dollar?
BRICS make up around 31.5% of world GDP when adjusted on a purchasing power parity basis. With Iran and Argentina added, this rises to 33% of the world GDP. This is a huge potential trade bloc, and 33% of global GDP is certainly enough to justify a reserve currency.
But beyond this, the potential for synergies between the countries is enormous. Taken together, the expanded BRICS countries currently produce around 26% of global oil output and 50% of iron ore production used to make steel.
GAME OVER! China & EU BRICS Partnership Is Collapsing The US Economy? End Of Petrodollar OPEC Next?
Investing Future: 11-12-2022
Could BRICS & the EU working together cause the collapse of the US dollar?
BRICS make up around 31.5% of world GDP when adjusted on a purchasing power parity basis. With Iran and Argentina added, this rises to 33% of the world GDP. This is a huge potential trade bloc, and 33% of global GDP is certainly enough to justify a reserve currency.
But beyond this, the potential for synergies between the countries is enormous. Taken together, the expanded BRICS countries currently produce around 26% of global oil output and 50% of iron ore production used to make steel.
They produce around 40% of global corn production and 46% of global wheat production. If these were all traded in the new reserve currency, it would instantly become a cornerstone of the world economy.
The BRICS members have collectively attempted to disrupt the US dollar’s dominant position in the current global reserve currency structure through promoting the reform of the IMF’s SDR and supporting the renminbi’s inclusion into the SDR basket.
These initiatives are part of the BRICS’ broader efforts to reform the existing multilateral international financial institutions. Chinese officials had expressed China’s interest in restructuring the global reserves currency structure and advocated for giving the SDR a greater role several months before the first BRIC summit.
In March 2009, the PBoC Governor, Zhou Xiaochuan, called for making the SDR into a “super-sovereign reserve currency”. Later, the United Nations (UN) echoed Zhou’s idea and proposed establishing a new Global Reserve System based on the IMF’s SDR. The UN proposal stated: EU Opposes US Dollar.
French officials have for a long time advocated for strategic independence, the idea that the EU needs to be more independent from the US, for instance, by supporting its own industry. Last month, French President Emmanuel Macron suggested that the EU should also look at a “Buy European Act” to protect European carmakers. “We need a Buy European Act like the Americans, we need to reserve [our subsidies] for our European manufacturers,” Macron said in an interview with broadcaster France 2.
The US dollar’s supremacy and US global leadership have been increasingly questioned since the 2008 global financial crisis, The fact that this crisis originated in the United States raised concerns about the reliability of US leadership and the rationality of preserving the dollar’s hegemonic position in the global financial system.
Despite the breadth of the BRICS countries’ financial cooperation and their growing interconnectedness, BRICS’ activities in the monetary realm have been understudied, Yet the stakes of BRICS’ de-dollarization initiatives are particularly high, The US dollar is the dominant currency in the global financial and monetary system and affects various aspects of global affairs, however, more and more countries seem to be pushing the idea of de-dollarisation due to the loss of confidence in the US currency as a safe haven
One of the main causes of that is US monetary tightening which is playing havoc with the world’s economies, as the dollar is the main global currency, This has reignited a desire to end the dollar’s dominance in the world economy
A "strong BRICS" is poised to destroy the Petrodollar's hegemony; Brazil, Russia, India, China, and South Africa are the five main emerging economies that make up the influential group known as BRICS; The group accounts for roughly 16% of global trade, 24% of the global GDP, and 41% of the world's population;
Since the organization's founding in 2009, all of the member nations have held yearly meetings; The 14th BRICS annual summit was largely held in China this year
News, Rumors and Opinions Sunday Morning 11-13-2022
KTFA:
Samson: The countdown begins.. Parliament awaits the budget from the government before December 9
11/13/2022 14:54:59
The representative of the Kurdistan Democratic Party, Shirwan Al-Dobardani, called for the government to send the draft financial budget law for 2023 before the ninth of next December, that is, before the start of the legislative holiday after extending the work of Parliament for a whole month.
Al-Dobardani said in a press statement, "The federal government is scheduled to send the draft budget law to the House of Representatives soon," noting that "Prime Minister Muhammad Shia' al-Sudani formed a committee to prepare the budget as soon as possible and send it to the House of Representatives."
KTFA:
Samson: The countdown begins.. Parliament awaits the budget from the government before December 9
11/13/2022 14:54:59
The representative of the Kurdistan Democratic Party, Shirwan Al-Dobardani, called for the government to send the draft financial budget law for 2023 before the ninth of next December, that is, before the start of the legislative holiday after extending the work of Parliament for a whole month.
Al-Dobardani said in a press statement, "The federal government is scheduled to send the draft budget law to the House of Representatives soon," noting that "Prime Minister Muhammad Shia' al-Sudani formed a committee to prepare the budget as soon as possible and send it to the House of Representatives."
He explained, "It is possible that the budget will be sent in the month of December next," noting that "the ninth day of next December will witness the start of the second legislative recess, except in the event of an extraordinary session, so the budget should be sent before the holiday." He pointed out that "the Finance Committee begins with the first reading, and in the second the amendments, and then vote on the paragraphs of the budget."
It is noteworthy that the fiscal year covered by the general budget law ends on December 31 of the same year, and the financial management law, which requires the disbursement of a part of twelve parts of the actual spending in the previous year, is being implemented until the issuance of the new general budget law.
The size of the federal budget for the year 2021 was more than 101 trillion dinars, and the price of oil was estimated at $45 per barrel, but the price of oil has risen to nearly double that price.
It is noteworthy that the program of the new government headed by Muhammad Shia' al-Sudani made it a top priority to push the draft budget law for the year 2023 to parliament. In this regard, Finance Minister Taif Sami said in a statement, "The approval of the budget bill for next year will take place before the end of this year." LINK
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Courtesy of Dinar Guru
Mnt Goat Article: "PARLIAMENTARY FINANCE EXPECTS THE DATE FOR APPROVING THE 2023 BUDGET" ...I have to tell you don’t expect the budget until 2023...Yes, I certainly hope they will send it to parliament this month of Nov and quickly read it and pass it. But come’on folks, this is Iraq.
Nader From The Mid East From the beginning I said the exchange rate it's not under the budget and it's not going to be in a budget. The CBI who make the decision. It's not the government. The government can vote for it and push the CBI but if the CBI says no it's no. There's no choice.
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China’s Visit To Saudi Arabia Will Change The World Order
Sean Foo: 11-13-2022
President Xi is going to visit Saudi Arabia and this meeting could change the balance of power in the world. China is looking to secure their economic future with the help of MBS, while Saudi Arabia is pivoting to the East.
This could be the start of an economic alliance that could drive economic growth in Asia and drain power away from the West. Here's what you must know!
Wall Street panicked! Fed actions cause Japan to clear out US debt!
Deepin Moments: 11-13-2022
Did you know? It costs the Federal Reserve only 20 cents to print one hundred dollar denomination, leaving $99.8. Experts often say that because of the hegemony of the dollar, these become the minting tax of each country.
For every piece of "green paper" printed by the United States, the world has to pay for the U.S. government with ninety-nine.8 dollars of goods. However, such a situation may no longer exist in the future!
What BRICS Expansion Means For The Petrodollar, Inflation & Silver
Smart Silver Stacker: 11-13-2022
BRICS is expanding. According to Russian foreign minister Sergey Lavrov, 12 new countries have plans to join BRICS. Most notable, this list includes the world's largest exporter of crude oil, Saudi Arabia.
The expansion of BRICS threatens US hegemony on many fronts, but none more so than the risk posed to the petrodollar system, a fundamental underpinning of the US Dollar's status as the world's sole reserve currency.
At a time when US-Saudi relations are at an all time low, Saudi Arabia's pivot toward Asia is unmistakable.
More News, Rumors and Opinions Saturday Evening 11-12-2022
TNT:
Tishwash: In cooperation with the World Bank, movement in the context of poverty alleviation in Iraq
The Ministry of Planning announced, on Saturday, the continuation of its efforts as part of its preparations for the preparation of the third poverty alleviation strategy, for the years 2023-2027.
The ministry said in a statement that Nass received a copy of it (November 12, 2022), that "in this context, the work of the technical workshop for the preparation and preparation of the third strategy has begun, in line with what was stated in the government curriculum."
TNT:
Tishwash: In cooperation with the World Bank, movement in the context of poverty alleviation in Iraq
The Ministry of Planning announced, on Saturday, the continuation of its efforts as part of its preparations for the preparation of the third poverty alleviation strategy, for the years 2023-2027.
The ministry said in a statement that Nass received a copy of it (November 12, 2022), that "in this context, the work of the technical workshop for the preparation and preparation of the third strategy has begun, in line with what was stated in the government curriculum."
Sabah Jundi Mansour, Executive Director of the Poverty Reduction Strategy at the Ministry of Planning, said, according to the statement, "This workshop is part of a series of workshops and meetings held in cooperation with the World Bank, for the purpose of reviewing activities and outputs and presenting future visions for formulating the new strategy in light of the changes and circumstances that are going through. Iraq, with guidance from some international experiences and drawing lessons and challenges.
According to the statement, "the adviser to the United Nations organizations, Mahdi Al-Alaq, and the director of the Social Fund for Development in the Ministry of Planning, Naglaa Ali Murad, as well as representatives of the ministries and relevant authorities" participated in the workshop, according to the statement. link
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Tishwash: Economic circles welcome the opening of an Iraqi bank branch in Dubai
Economic circles have blessed the opening of a branch of the International Development Bank in Dubai, considering it a positive step on the path to developing the financial sector in Iraq.
A member of the Baghdad Economic Forum Jassem Al-Aradi described the opening of the Development Bank branch as an important step in being closely involved with international banks, given that Dubai hosts the best banks in the region and the world, pointing out that this friction adds something new to the performance of the Iraqi banking sector through the best representative of the Development Bank International
At the time, the Governor of the Central Bank of Iraq, Mustafa Ghaleb, praised the efforts of the International Development Bank, and blessed the opening of the bank's branch in Dubai
Ghaleb pointed out that it is an important step, as a private Iraqi bank occupies an important position within the UAE and Iraqi banking sector after obtaining the confidence of the Central Bank of the United Arab Emirates.
A ceremony was organized on this occasion, attended by the Governor of the Central Bank of Iraq, the Undersecretary of the UAE Ministry of Economy, the Dubai Chamber of Commerce, the Union of Arab Banks, the Association of Iraqi Private Banks, the ambassadors of countries accredited to the state, the Iraqi embassy, and a large number of Iraqi and foreign businessmen and investors at all levels. link
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Courtesy of Dinar Guru
Jeff Article: "Central Bank Governor: The current dollar price will be established for years and there is no intention to change it in any way" Remember guys do to insider trading laws Iraq cannot and will not tell you they plan to increase their exchange rate...they can't tell you an increase is coming it's a violation of insider trading laws...
Walkingstick [via Frank26] The goal of Iraq is to de-dollarize Iraq...the market...the CBI...and the GOI. That is the goal of the exchange rate right now.
Russia's Top Banks Have Just CORRUPTED THIS ENTIRE US Asset To Destroy The US Economy |
Peter Schiff / Two Dollars Investing /11-12-2022
Russia's Top Banks Have Just CORRUPTED THIS ENTIRE US Asset To Destroy The US Economy
Russia is about bring unthinkable pain to the US Economy
Withdrawals Frozen & Bank Runs Begin! The Crypto Industry Has Collapsed
Michael Cowan: 11-12-2022
Everybody will take a hit from this….
China Just Shocked the World with Thier Strategy to Crush the US
China JUST SHOCKED The World With Their Insane STRATEGY To CRUSH The ENTIRE US
Tech Revolutions: 11-12-2022
The current pattern of dollar domination in oil pricing and trading dates back to 1974. This was in the stormy aftermath of the Arab Oil Embargo, the 1973 oil crisis, and the 1971 abandonment of dollar linkage to gold and fixed exchange rates for many currencies to the dollar.
Saudi Arabia agreed to price oil in dollars and retain reserves partly in Treasury bonds, in exchange for US military and political security and purchases of its oil.
Other oil exporters quickly followed. The Saudis also kept their currency pegged to the US dollar. The Mideast Gulf oil states became wealthier as a result of those "petrodollar" arrangements.
China JUST SHOCKED The World With Their Insane STRATEGY To CRUSH The ENTIRE US
Tech Revolutions: 11-12-2022
The current pattern of dollar domination in oil pricing and trading dates back to 1974. This was in the stormy aftermath of the Arab Oil Embargo, the 1973 oil crisis, and the 1971 abandonment of dollar linkage to gold and fixed exchange rates for many currencies to the dollar.
Saudi Arabia agreed to price oil in dollars and retain reserves partly in Treasury bonds, in exchange for US military and political security and purchases of its oil.
Other oil exporters quickly followed. The Saudis also kept their currency pegged to the US dollar. The Mideast Gulf oil states became wealthier as a result of those "petrodollar" arrangements.
The US was able to finance large trade deficits with ease. A generally strong dollar encouraged the export of manufacturing from the US to China and other countries by making US goods relatively expensive.
Trading dollar-denominated oil and gas futures cemented the United States' position as the world's superpower
Members of the Shanghai Cooperation Group ,which is also known as the SCO; a key regional organization led by China and Russia, agreed on a road map for growing commerce in local currencies- at their recent summit in Uzbekistan.
For years, the SCO's economic plan has included a road map for using local currencies in commerce and creating alternative payment and settlement methods. This agenda is consistent with the group's most prominent members' individual policies, such as Russia's attempt to soften the blow of Western sanctions;
China's deteriorating relations with the US; India's use of nondollar currencies in its trade with Russia; and Iran's recent proposal for a single Shanghai Cooperation Group currency.
Chinese President Xi Jinping proposed addressing development deficits through regional integration. This was specifically by increasing the share of local currency settlements, strengthening the development of cross-border local-currency payment and settlement systems, and promoting the establishment of a Shanghai Cooperation Group Development Bank.
When speaking at the recent SCO summit, Xi avoided overtly discussing the geopolitical issue of US dollar dependence. His idea, however, underscored Chinese authorities' significant fears about the Chinese economy's vulnerability to US dollar dominance, as well as their determination to build other mechanisms to hedge against the risk of dollar domination.
According to a report in financial review; As the world's largest trading nation, China also believes the US printed so much pandemic-era money. These small changes in US Federal Reserve policy now have significant consequences for emerging markets, such as imported inflation, fiscal instability, and exchange rate volatility.
To limit its vulnerability to US sanctions; China would establish an economic sphere of influence anchored by the yuan and maybe its digital currency, the e-Chinese Yuan. Hard power and a military sphere of influence may follow eventually.
However, the global financial crisis of 2007 to 2008 reversed this movement of de-dollarization. Over the recent decade, no new breakthrough has emerged to challenge the dominance of the US dollar.
The currency is facing a fresh test as a rift between the United States and Saudi Arabia emerges.
Saudi Arabia is the world's largest crude oil exporter, accounting for 17.2% of worldwide exports. It was previously the largest supplier to the United States. Saudi Arabia emerged as a key US partner in the Middle East as a result of oil.
As you might be aware; OPEC is led by Saudi Arabia. Previously, this gave the US indirect control over world oil prices, which are denominated in dollars. This enabled successive American administrations to run massive trade deficits and take on cheap debt.
Since 1979, the Saudi Kingdom has served as a proxy for the United States against Iran. In recent years, the United States has increased shale oil output and increased its Strategic Petroleum Reserve. The United States imported an estimated 2 million barrels per day in the 1990s.
By 2021, this amount has decreased by 75% to just 500,000 barrels per day. Biden's most recent trip to the Middle East was a complete failure.
International Economic News from Deepin Moments and Peter Schiff 11-12-2022
Europe off the United States began! Macron spearheads defense alliance!
Deepin Moments: 111-12-2022
Did you know? It costs the Federal Reserve only 20 cents to print one hundred dollar denomination, leaving $99.8.
Experts often say that because of the hegemony of the dollar, these become the minting tax of each country.
For every piece of "green paper" printed by the United States, the world has to pay for the U.S. government with ninety-nine.8 dollars of goods. However, such a situation may no longer exist in the future!
Europe off the United States began! Macron spearheads defense alliance!
Deepin Moments: 111-12-2022
Did you know? It costs the Federal Reserve only 20 cents to print one hundred dollar denomination, leaving $99.8.
Experts often say that because of the hegemony of the dollar, these become the minting tax of each country.
For every piece of "green paper" printed by the United States, the world has to pay for the U.S. government with ninety-nine.8 dollars of goods. However, such a situation may no longer exist in the future!
Japan, Saudi Arabia & Europe's Secret Plan To 'Sanction' The Dollar At The Same Time | Peter Schiff
Two Dollar Investing: 11-12-2022
Peter Schiff explains the U.S Financial Crisis and the 'sanctioning' of the dollar
News, Rumors and Opinions Saturday Morning 11-12-2022
KTFA:
Samson: The United Nations warns: 50 countries will declare bankruptcy if the rich world does not help them
11th November, 2022
The head of the United Nations Development Program warned today, Friday, that about 50 of the poorest developing countries will stop paying their debts and de facto bankruptcy, unless the "rich world" provides them with urgent assistance.
The British newspaper, The Guardian, said, in a report published by Achim Steiner, Director of Global Development at the United Nations, and seen by Shafaq News Agency, "Inflation, the energy crisis and high interest rates create conditions in which an increasing number of countries are exposed to the risk of default, with possible repercussions." disastrous for its people.
KTFA:
Samson: The United Nations warns: 50 countries will declare bankruptcy if the rich world does not help them
11th November, 2022
The head of the United Nations Development Program warned today, Friday, that about 50 of the poorest developing countries will stop paying their debts and de facto bankruptcy, unless the "rich world" provides them with urgent assistance.
The British newspaper, The Guardian, said, in a report published by Achim Steiner, Director of Global Development at the United Nations, and seen by Shafaq News Agency, "Inflation, the energy crisis and high interest rates create conditions in which an increasing number of countries are exposed to the risk of default, with possible repercussions." disastrous for its people.
Steiner added, "There are currently 54 countries on our list of countries that are likely to default, and if we have more shocks - where prices go up more, the cost of borrowing, energy prices, food prices - it becomes almost inevitable that we will see a number of These economies are unable to pay." "This creates a catastrophic scenario - look at Sri Lanka - with all the social, economic and political implications that this has," Steiner continued.
Poor countries and climate
Speaking at the UN Climate Summit, Steiner said that "any such default will create more problems to solve the climate crisis," noting that "it certainly will not help climate action."
Steiner also warned that "without measures to help them with debt, poor countries will not be able to deal with the climate crisis," stressing that "the climate crisis compounds the problem, as countries face increasing impacts from bad weather." Steiner continued to warn that "some developing countries are at risk of abandoning the UN climate talks if developed country governments fail to deliver on a long-term promise to poor countries of $100 billion in annual aid, to help them reduce greenhouse gas emissions and adapt to the effects of extreme weather."
And the UN official stated, "If the United Nations climate summit does not provide a path close to $100 billion, I think that many developing countries will leave the Sharm el-Sheikh summit at least to reflect on their commitments to the global climate process... I say this deliberately, because this does not mean that they will stop." About doing things at home, which they already do."
He also warned that countries could slow down their efforts. "Part of accelerating our ability to deal with climate change is getting all countries to do something. So the biggest risk is that we slow things down again, some might say more," he said. But, he added, developing countries are already taking their own actions to tackle the climate crisis: “The developing world is already investing multiples of $100 billion to help speed up the energy transition. The way they look at taxpayers in London, Berlin or Paris is why we are being asked to pay for everything that happens.” Outside our country in the developing world?
Loss and Damage Fund
One of the most contentious issues in the climate summit talks is loss and damage, referring to the more devastating effects of severe weather, from which countries cannot protect themselves.
The issue is often misunderstood, Steiner said: “It is based on something that is well-established practice in many of our countries. When unusual floods happen, it's basically the taxpayer that gets involved, with the government paying homeowners for damages that insurance companies didn't reimburse."
Steiner added, "This is why the Loss and Damage Fund is needed, this is where the injustice of climate change becomes so egregious in the eyes of many developing countries. They weren't even a remote major causal factor in the climate crisis, they are now paying an extraordinary price." through the harm they suffer."
Steiner predicted there would be no final settlement at the climate summit of how the L&D mechanism would work, but said the countries that meet in Egypt, where talks are now about halfway there, should be able to make significant progress. LINK
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Courtesy of Dinar Guru
Frank26 Article: "Al-Sudani is preparing to launch a 'big reform project'..." [BOTH THE ECONOMIC & MONETARY REFORMS] "...for the economy". A PROGRAM RATE CANNOT DO THIS THAT'S WHY SUDANI TOLD THE IRAQI CITIZENS WE ARE ADDING VALUE TO YOUR
CURRENCY. Quote: "...this project works to...conduct banking reform that enables the agency to have correspondent banks abroad, adopt international standards in the field of banking reform..." THE INTERNATIONAL WORLD WILL NOT ACCEPT A PROGRAM RATE!
MilitiaMan Article: "Central Bank Governor: The current dollar price will be established for years and there is no intention to change it in any way" the CBI cleverly tells us they are to fix the exchange rate and it will be fixed for years...So in essence the CBI is telling us in my view that they have already changed the exchange rate and then they are going to fix the exchange rate and it will be fixed for years to come. We need them to do it and tell us.
Fed In Panic Mode; Inflation Out Of Control | James Wesley Rawles
Liberty and Finance: 11-12-2022
Survival Blog's James Wesley Rawles warns, "We are rapidly approaching a recession." Amid extreme inflation, the Fed is in "panic mode," he says. But Fed chairman Jerome Powell is not a Paul Volker, Rawles says. He expects a pivot from the Fed that will signal even higher inflation to come, putting the markets in turmoil.
The Era of Excess Liquidity 'Has Come to an End,' Prepare for Gold to Rebound
Stansberry Research: 11-12-2022
The Fed's chances of hiking rates by 75 basis points in December is, "significantly reduced" based on current trend forecasts, says Will Rhind, founder and CEO of GraniteShares. Housing is already in a recession here in the United States, "and there's still a long way to get inflation to 2%." [The Fed] can only look in the rearview mirror. The rally that is coming will be largely technical, end of year rally. and the economy will get worse from here not better. He concludes by stressing that if the dollar's rally is paused or continues downward there will be a rally in gold.
Based on a True Story
Based on a True Story
Notes From the Field By Simon Black November 11, 2022
More than 3,000 years ago, between the 12th and 13th centuries BC, the legendary king of Ithaca, Odysseus, set sail from the ancient city of Troy to begin the journey home.
The stories of the Trojan War, and of Odysseus’s voyage home, have been passed down to us in the form of epic poetry from Homer. Most of it is pure fiction. But like modern film, TV, and ‘true crime’ podcasts that abuse dramatic license to entertain their audiences, Homer’s epics may in fact be “based on a true story”.
Based on a True Story
Notes From the Field By Simon Black November 11, 2022
More than 3,000 years ago, between the 12th and 13th centuries BC, the legendary king of Ithaca, Odysseus, set sail from the ancient city of Troy to begin the journey home.
The stories of the Trojan War, and of Odysseus’s voyage home, have been passed down to us in the form of epic poetry from Homer. Most of it is pure fiction. But like modern film, TV, and ‘true crime’ podcasts that abuse dramatic license to entertain their audiences, Homer’s epics may in fact be “based on a true story”.
The Trojan War, for example, likely happened. The bit about the horse, on the other hand, probably didn’t.
It’s certainly possible (and even probably) that one of the key leaders in the war had an arduous journey back home to Greece, spurring ancient entertainers to weave elaborate tales of sirens and sea monsters.
One of the most important parables in Homer’s tale of the long journey home for Odysseus is the story of Scylla and Charybdis.
Odysseus’s journey took him through a particularly narrow stretch of sea; on one side of the strait was a small, rocky island where a six-headed monster named Scylla lay waiting to destroy any ship that dared to pass.
According to Homer, Scylla was such a dreadful monster that “no one-- not even a god-- could face her without being terror-struck.”
But on the other side of the narrow strait was the deadly whirlpool of Charybdis, which would swallow up the entire vessel and all the men on it.
Odysseus’s impossible task, of course, was to swiftly and stealthily sail right down the middle… to just barely avoid the whirlpool of Charybdis, while somehow managing to avoid the long grasp of Scylla.
For a while, Odysseus refused to believe the situation was hopeless; he was convinced that he would be able to sail, unscathed, between Scylla and Charybdis without a single loss.
After all, he was a king. And an unparalleled expert when it came to sailing. Surely he would be able to succeed.
And yet everyone who had ever come before Odysseus had believed the same thing. But no one had ever succeeded. Literally every ship that ever tried to sail between Scylla and Charybdis had been destroyed by one of the two evils.
Eventually reality set in, and Odysseus knew that had would have to choose between the lesser of the two evils.
He chose the monster Scylla.
Odyssesus realized that sailing too close to the whirlpool would mean losing his entire ship and everyone on it. Sailing too close to the 6-headed monster would mean losing, at most, six men.
Odysseus concluded that it was better to lose six men was than to lose everyone.
And that’s precisely what happened; as his ship sailed through the strait, just barely avoiding the whirlpool, “Scylla pounced down suddenly upon us and snatched up six of my best men.”
But the rest of the crew (and the ship) survived the challenge and passed through the strait.
This story is one of the best allegories of the state of the global economy today.
Central bankers and economic policymakers are like Odysseus. They have managed to sail the global economy into a very narrow strait.
On one side of today’s economic strait is the evil inflation monster. And this monster is guaranteed to chew up and spit out incalculable quantities of unsuspecting, unprepared people.
Yet on the other side of the economic strait is the full-blown collapse of the sovereign bond markets… and by extension, collapse of the global financial system.
Like Odysseus, central bankers were at first in denial. They didn’t want to believe they were even in such dire economic straits. They infamously rejected the notion that inflation existed at all. Then they claimed it was transitory.
Then they finally started trying to do something about it-- to turn the ship around. But it was too little, too late.
Now they find themselves squarely in the middle of these evils-- inflation, and collapse of the sovereign bond market. And they’ll be forced to choose between the lesser of the two evils.
Inflation is, by far, the lesser evil.
The US national debt has doubled in the past decade, to $31 trillion. It will almost certainly double in the next decade, especially considering the massive $15+ trillion Social Security bailout that will be necessary by 2032.
The US government already spent $680 billion last fiscal year just to pay interest. And that was with record low interest rates.
Central bankers have been raising rates rapidly this year. But continuing to do so will bankrupt the Treasury.
Remember that the US government has to refinance roughly 20% of its debt every year. Now that interest rates are so much higher, the government’s total interest payments will soon soar past $1 trillion, then $2 trillion annually.
This would be devastating to national finances and potentially force a default. Central bankers know this, which is why they prefer to let inflation reign rather than risk a sovereign default.
The government announced earlier this week that inflation had decreased to ‘only’ 7.7%. Don’t be fooled; inflation is still very much the major economic story of our time.
This is the story of our podcast today-- how central bankers find themselves between Scylla and Charybdis.
This podcast was actually a live recording, taken today at our Total Access event in Mexico City.
We’ll discuss why there are many forces that will continue to push prices higher for years to come, why the central banks are powerless to do anything about it, and how you can still take back control.
You can listen in here.
To your freedom, Simon Black, Founder Sovereign Research & Advisory
https://www.sovereignman.com/podcast/based-on-a-true-story-144241/
Economist Views on the USD, Gold, The EU and more 11-11-2022
Dollar off the shelf! Several US states declare gold as legal tender!
Deepin Moment: 11-11-2022
According to data released by the U.S. Mint on November 2, Americans purchased 1.38 million ounces of eagle gold coins in the first 10 months of this year
This is a 22% increase over the same period last year, which also indicates that it took only 10 months to surpass the 1.2 million ounces sold in all of 2020.
Dollar off the shelf! Several US states declare gold as legal tender!
Deepin Moment: 11-11-2022
According to data released by the U.S. Mint on November 2, Americans purchased 1.38 million ounces of eagle gold coins in the first 10 months of this year
This is a 22% increase over the same period last year, which also indicates that it took only 10 months to surpass the 1.2 million ounces sold in all of 2020.
Crazy Decision! Serbia Refused to Join the EU in Order to Support Russia.
Deepin Moments: 11-11-2022
Not long ago, the European Union wanted to force Serbia to choose whether to follow the EU sanctions against Russia or to join Russia completely and become an enemy of the Western world.
Obviously, after the unfavorable sanctions against Russia, which instead made the EU suffer, the EU wanted to take the piss out of Serbia! Who let the EU launch sanctions against Russia, Serbia, a candidate country for the EU, did not join the sanctions against Russia even if it did, and actually strengthened cooperation with Russia.
But the West wants to force Serbia to bow down, this is really thanks to the West to think out! Although Serbia wants to join the EU, but NATO is the enemy of Serbia, how can Serbia and NATO together. Therefore, it is impossible to bow down, after being forced to take a stand, Vucic directly said publicly that the Serbian army is "ready".
And Vucic's actions have shown that the West's tricks are seen through!
US Dollar FREEFALL Resumes. UPDATES: Markets, Gold, Silver, Crypto, Crude, MORE!
Greg Mannarino: 11-11-2022
Why Today’s Inflation is Not a Repeat of the 1970s
Why Today’s Inflation is Not a Repeat of the 1970s
Posted November 1, 2022 by Ben Carlson
I’m not a huge fan of the Federal Reserve’s current policy choices. LINK
They obviously had to do something about the persistently high inflation but I think they run the risk of overdoing it. The magnitude of their interest rate hikes increases the risk of something breaking in the financial system. LINK
The Fed is in a tough spot because they acted too late but also because they don’t want inflation to get so bad that it causes them to bring the hammer down even harder in the future.
Why Today’s Inflation is Not a Repeat of the 1970s
Posted November 1, 2022 by Ben Carlson
I’m not a huge fan of the Federal Reserve’s current policy choices. LINK
They obviously had to do something about the persistently high inflation but I think they run the risk of overdoing it. The magnitude of their interest rate hikes increases the risk of something breaking in the financial system. LINK
The Fed is in a tough spot because they acted too late but also because they don’t want inflation to get so bad that it causes them to bring the hammer down even harder in the future.
One of the biggest reasons the Fed is going so hard in the paint here is because they don’t want a repeat of the 1970s where inflation remained persistently high for the entire decade.
Jerome Powell said as much to the House Financial Services Committee when he commented that the 1970s situation is, “What we’re trying not to replicate.”
Treasury Secretary Janet Yellen said something similar: “I came of age and studied economics in the 1970s and I remember what that terrible period was like. No one wants to see that happen again.”
From 1970-1981, the average inflation rate in the United States was nearly 8% per year. In that period there were four recessions, with the final downturn providing the death blow to the inflationary beast.
I don’t agree with the idea that we are setting up for a repeat of the 1970s but there are some similarities.
Both periods saw loads of government spending and an increase in the money supply. Both periods experienced food and energy shortages. And both periods came with rapid wage growth.
The wage growth is probably the thing the Fed is most worried about. After all, one person’s income is another person’s spending.
If we compare the change in average hourly earnings to total inflation by decade you can see there is a strong relationship between wages and prices:
To continue reading, please go to the original article here:
https://awealthofcommonsense.com/2022/11/why-todays-inflation-is-not-a-repeat-of-the-1970s/